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Marketable Securities | 12 Months Ended
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Apr. 30, 2011
Marketable Securities [Abstract] |
Marketable Securities |
5. | Marketable Securities
As of April 30, 2011 marketable securities consisted of the following:
|  |  |  |  | Available-for- |  |  |  |
|  | Trading |  |  | Sale(2) |  |  | Total |
|  | (In thousands) |
Mutual funds(1) |  | $ | 71,363 |  |  | $ | — |  |  | $ | 71,363 |
Corporate bonds |  |  | — |  |  |  | 40,444 |  |  |  | 40,444 |
U.S. Treasury and agency securities |  |  | — |  |  |  | 9,424 |  |  |  | 9,424 |
Commercial paper |  |  | — |  |  |  | 1,000 |  |  |  | 1,000 |
Total |  |  | 71,363 |  |  |  | 50,868 |  |  |  | 122,231 |
Less: current portion of marketable securities |  |  | (5,081 | ) |  |  | (15,787 | ) |  |  | (20,868 | )
Non-current marketable securities |  | $ | 66,282 |  |  | $ | 35,081 |  |  | $ | 101,363 |
As of April 30, 2010 marketable securities consisted of the following:
|  |  |  |  | Available-for- |  |  |  |
|  | Trading |  |  | Sale |  |  | Total |
|  | (In thousands) |
Mutual funds(1) |  | $ | 69,019 |  |  | $ | — |  |  | $ | 69,019 |
Auction rate securities |  |  | 7,455 |  |  |  | — |  |  |  | 7,455 |
Auction rate securities put option |  |  | 745 |  |  |  | — |  |  |  | 745 |
Total |  |  | 77,219 |  |  |  | — |  |  |  | 77,219 |
Less: current portion of marketable securities |  |  | (4,114 | ) |  |  | — |  |  |  | (4,114 | )
Non-current marketable securities |  | $ | 73,105 |  |  | $ | — |  |  | $ | 73,105 |
(1) |  | These investments are held in trust for settlement of the Company’s obligations under certain of its deferred compensation plans with $5.1 million and $4.1 million classified as current assets as of April 30, 2011 and 2010, respectively (see Note 7).
(2) |  | These securities represent excess cash invested, under our investment policy, with a professional money manager.
As of April 30, 2011, amortized cost and fair values of marketable securities classified as available-for-sale investments were as follows:
|  | April 30, 2011 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
|  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
|  | (In thousands) |
Corporate bonds |  | $ | 40,369 |  |  | $ | 107 |  |  | $ | (32 | ) |  | $ | 40,444 |
U.S. Treasury and agency securities |  |  | 9,427 |  |  |  | 10 |  |  |  | (13 | ) |  |  | 9,424 |
Commercial paper |  |  | 1,000 |  |  |  | — |  |  |  | — |  |  |  | 1,000 |
Total |  | $ | 50,796 |  |  | $ | 117 |  |  | $ | (45 | ) |  | $ | 50,868 |
Investments in marketable securities are made based on the Company’s investment policy, which restricts the types of investments that can be made. As of April 30, 2011 and 2010, the Company’s investments associated with cash equivalents, including restricted cash consist of money market funds for which market prices are readily available. As of April 30, 2011 and 2010, the Company’s investments in marketable securities, consisting of mutual funds, were classified as trading, for which market prices are readily available. As of April 30, 2011, marketable securities classified as available-for-sale consist of corporate bonds, U.S. Treasury and agency securities and commercial paper, with maturities ranging from one month to three years, for which market prices for similar assets are readily available. Also classified as trading were ARS, reflected at fair value, as of April 30, 2010, which were redeemed at full value during fiscal 2011. As of April 30, 2011 and 2010, the Company’s marketable securities included $71.4 million (net of gross unrealized gains and losses of $6.8 million and $0.1 million, respectively) and $69.0 million (net of gross unrealized gains and losses of $3.5 million and $1.5 million, respectively), respectively, held in trust for settlement of the Company’s obligations under certain of its deferred compensation plans, of which $66.3 million and $64.9 million, respectively, are classified as non-current. The Company’s obligations for which these assets were held in trust totaled $72.1 million and $69.0 million as of April 30, 2011 and 2010, respectively. The following table represents the Company’s fair value hierarchy for financial assets measured at fair value on a recurring basis:
|  | April 30, 2011 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (In thousands) |
Cash equivalents, including restricted cash |  | $ | 120,840 |  |  | $ | 120,840 |  |  | $ | — |  |  | $ | — |
Mutual funds |  |  | 71,363 |  |  |  | 71,363 |  |  |  | — |  |  |  | — |
Corporate bonds |  |  | 40,444 |  |  |  | — |  |  |  | 40,444 |  |  |  | — |
U.S. Treasury and agency securities |  |  | 9,424 |  |  |  | — |  |  |  | 9,424 |  |  |  | — |
Commercial paper |  |  | 1,000 |  |  |  | — |  |  |  | 1,000 |  |  |  | — |
Total |  | $ | 243,071 |  |  | $ | 192,203 |  |  | $ | 50,868 |  |  | $ | — |
|  | April 30, 2010 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (In thousands) |
Cash equivalents |  | $ | 148,238 |  |  | $ | 148,238 |  |  | $ | — |  |  | $ | — |
Mutual funds |  |  | 69,019 |  |  |  | 69,019 |  |  |  | — |  |  |  | — |
Auction rate securities |  |  | 7,455 |  |  |  | — |  |  |  | — |  |  |  | 7,455 |
Auction rate securities put option |  |  | 745 |  |  |  | — |  |  |  | — |  |  |  | 745 |
Total |  | $ | 225,457 |  |  | $ | 217,257 |  |  | $ | — |  |  | $ | 8,200 |
The following table presents the Company’s assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the periods indicated:
|  | April 30, |
Auction Rate Securities |  | 2011 |  |  | 2010 |
|  | (In thousands) |
Balance, beginning of year |  | $ | 8,200 |  |  | $ | 12,425 |
Auction rate securities put option |  |  | (745 | ) |  |  | (351 | )
Realized gain included in operations |  |  | 745 |  |  |  | — |
Unrealized gain included in operations |  |  | — |  |  |  | 351 |
Sale of securities |  |  | (8,200 | ) |  |  | (4,225 | )
Balance, end of year |  | $ | — |  |  | $ | 8,200 |

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