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Marketable Securities | 12 Months Ended
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Apr. 30, 2012
Marketable Securities |
5. | Marketable Securities
As of April 30, 2012 marketable securities consisted of the following:
|  | Trading (1)(3) |  |  | Available-for- Sale(2)(3) |  |  | Total |
|  | (in thousands) |
Mutual funds |  | $ | 82,176 |  |  | $ | — |  |  | $ | 82,176 |
Corporate bonds |  |  | — |  |  |  | 44,563 |  |  |  | 44,563 |
Commercial paper |  |  | — |  |  |  | 5,989 |  |  |  | 5,989 |
U.S. Treasury and agency securities |  |  | — |  |  |  | 3,006 |  |  |  | 3,006 |
Total |  |  | 82,176 |  |  |  | 53,558 |  |  |  | 135,734 |
Less: current portion of marketable securities |  |  | (7,613 | ) |  |  | (33,323 | ) |  |  | (40,936 | )
Non-current marketable securities |  | $ | 74,563 |  |  | $ | 20,235 |  |  | $ | 94,798 |
As of April 30, 2011 marketable securities consisted of the following:
|  | Trading (1)(3) |  |  | Available-for- Sale(2)(3) |  |  | Total |
|  | (in thousands) |
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 |  |  | 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 of $82.6 million and $72.1 million as of April 30, 2012 and 2011, respectively, under the Executive Capital Accumulation Plan (see Note 6 — Deferred Compensation and Retirement Plans). The fair value of marketable securities classified as trading (held in trust to satisfy obligations under the ECAP) increased by $1.1 million and $7.6 million during fiscal 2012 and fiscal 2011, respectively, recorded in other (loss) income, net on the consolidated statements of income.
(2) | These securities represent excess cash invested, under our investment policy, with a professional money manager.
(3) | The Company’s financial assets measured at fair value on a recurring basis include, trading securities classified as Level 1 and available-for-sale securities classified as Level 2. As of April 30, 2012 and 2011, the Company had cash equivalents, including restricted cash of $70.6 million and $120.8 million, respectively, also classified as Level 1.
The amortized cost and fair values of marketable securities classified as available-for-sale investments were as follows:
|  | April 30, 2012 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses(1) |  |  | Estimated Fair Value |
|  | (in thousands) |
Corporate bonds |  | $ | 44,498 |  |  | $ | 81 |  |  | $ | (16 | ) |  | $ | 44,563 |
Commercial paper |  |  | 5,993 |  |  |  | 1 |  |  |  | (5 | ) |  |  | 5,989 |
U.S. Treasury and agency securities |  |  | 3,006 |  |  |  | — |  |  |  | — |  |  |  | 3,006 |
Total |  | $ | 53,497 |  |  | $ | 82 |  |  | $ | (21 | ) |  | $ | 53,558 |
|  | 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 classified as available-for-sale securities are made based on the Company’s investment policy, which restricts the types of investments that can be made. As of April 30, 2012 and 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 April 30, 2012 and 2011, marketable securities classified as available-for-sale consist of corporate bonds, commercial paper and U.S. Treasury and agency securities, all for which market prices for similar assets are readily available. As of April 30, 2012, available-for-sale marketable securities have remaining maturities ranging from one month to 2.8 years. Investments in marketable securities classified as trading are based upon investment selections the employee elects from a pre-determined set of securities in the ECAP and the Company mirrors these elections. As of April 30, 2012 and 2011, the Company’s investments in marketable securities classified as trading consist of mutual funds for which market prices are readily available. As of April 30, 2012 and 2011, the Company’s marketable securities were $82.2 million (net of gross unrealized gains of $3.5 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. 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 |  | 2012 |  |  | 2011 |
|  | (in thousands) |
Balance, beginning of year |  | $ | — |  |  | $ | 8,200 |
Auction rate securities put option |  |  | — |  |  |  | (745 | )
Realized gain included in operations |  |  | — |  |  |  | 745 |
Sale of securities |  |  | — |  |  |  | (8,200 | )
Balance, end of year |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.4) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26626-111562 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.2,12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26610-111562 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 + Details
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