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Marketable Securities

3 Months Ended

Jul. 31, 2011

5. Marketable Securities

As of July 31, 2011, marketable securities consisted of the following:


	Trading			Available-for- Sale (2)			Total
	(in thousands)
Mutual funds (1)	$	79,177		$	—		$	79,177
Corporate bonds		—			42,681			42,681
U.S. Treasury and agency securities		—			2,417			2,417

Total		79,177			45,098			124,275
Less: current portion of marketable securities		(5,689	)		(15,543	)		(21,232	)

Non-current marketable securities	$	73,488		$	29,555		$	103,043

As of April 30, 2011, marketable securities consisted of the following:


	Trading			Available-for- 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

(1)	These investments are held in trust for settlement of the Company's obligations under certain of its deferred compensation plans with $5.7 million and $5.1 million classified as current assets as of July 31, 2011 and April 30, 2011, respectively (see Note 7).

(2)	These securities represent excess cash invested, under our investment policy, with a professional money manager.

The amortized cost and fair values of marketable securities classified as available-for-sale investments were as follows:


	July 31, 2011
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Estimated Fair Value
	(in thousands)
Corporate bonds	$	42,596	$	118	$	(33	)	$	42,681
U.S. Treasury and agency securities		2,411		6		—			2,417

Total	$	45,007	$	124	$	(33	)	$	45,098


	April 30, 2011
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Estimated 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

(1)	There are no marketable securities that have been in a continuous unrealized loss position for 12 months or more.

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 July 31, 2011 and April 30, 2011, 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 July 31, 2011 and April 30, 2011, the Company's investments in marketable securities classified as trading consist of mutual funds for which market prices are readily available. As of July 31, 2011 and April 30, 2011, marketable securities classified as available-for-sale consist of corporate bonds and U.S. Treasury and agency securities and as of April 30, 2011 also includes commercial paper, all for which market prices for similar assets are readily available. As of July 31, 2011, available for sale marketable securities have maturities ranging from two months to less than three years.

As of July 31, 2011 and April 30, 2011, the Company's marketable securities included $79.2 million (net of gross unrealized gains of $2.6 million and gross unrealized losses of $0.4 million) and $71.4 million (net of gross unrealized gains of $6.8 million and gross unrealized losses of $0.1 million), respectively, held in trust for settlement of the Company's obligations under certain of its deferred compensation plans, of which $73.5 million and $66.3 million, respectively, are classified as non-current. The Company's obligations for which these assets were held in trust totaled $80.1 million and $72.1 million as of July 31, 2011 and April 30, 2011, respectively.

The following table represents the Company's fair value hierarchy for financial assets measured at fair value on a recurring basis:

July 31, 2011

Total

Level 1

Level 2

Level 3

(in thousands)

Cash equivalents, including restricted cash

49,252

—

Mutual funds

79,177

—

Corporate bonds

42,681

—

42,681

—

U.S. Treasury and agency securities

2,417

—

2,417

—

Total

173,527

128,429

45,098

—

April 30, 2011

Total

Level 1

Level 2

Level 3

(in thousands)

Cash equivalents, including restricted cash

120,840

—

Mutual funds

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

—

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:


	July 31,
Auction Rate Securities	2011		2010
	(in thousands)
Balance, beginning of period	$	—	$	8,200
Auction rate securities put option		—		(745	)
Realized gain included in operations		—		745
Sale of securities		—		(8,200	)

Balance, end of period	$	—	$	—

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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