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Marketable Securities (Tables)
 12 Months Ended
Apr. 30, 2012
Summary Of 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.
Amortized Cost And Fair Values Of Marketable Securities Classified As Available-For-Sale Investments

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.
Assets Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs

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

    $ —       $ —