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Marketable Securities | 9 Months Ended
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Jan. 31, 2012
Marketable Securities [Abstract] |
Marketable Securities |
5. | Marketable Securities
As of January 31, 2012, marketable securities consisted of the following:
|  | Trading |  |  | Available-for- Sale (2) |  |  | Total |
|  | (in thousands) |
Mutual funds (1) |  | $ | 80,500 |  |  | $ | — |  |  | $ | 80,500 |
Corporate bonds |  |  | — |  |  |  | 45,725 |  |  |  | 45,725 |
Commercial paper |  |  | — |  |  |  | 5,981 |  |  |  | 5,981 |
U.S. Treasury and agency securities |  |  | — |  |  |  | 2,002 |  |  |  | 2,002 |
Total |  |  | 80,500 |  |  |  | 53,708 |  |  |  | 134,208 |
Less: current portion of marketable securities |  |  | (7,566 | ) |  |  | (34,513 | ) |  |  | (42,079 | )
Non-current marketable securities |  | $ | 72,934 |  |  | $ | 19,195 |  |  | $ | 92,129 |
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 $7.6 million and $5.1 million classified as current assets as of January 31, 2012 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:
|  | January 31, 2012 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses (1) |  |  | Estimated Fair Value |
|  | (in thousands) |
Corporate bonds |  | $ | 45,730 |  |  | $ | 85 |  |  | $ | (90 | ) |  | $ | 45,725 |
Commercial paper |  |  | 5,988 |  |  |  | — |  |  |  | (7 | ) |  |  | 5,981 |
U.S. Treasury and agency securities |  |  | 2,003 |  |  |  | — |  |  |  | (1 | ) |  |  | 2,002 |
Total |  | $ | 53,721 |  |  | $ | 85 |  |  | $ | (98 | ) |  | $ | 53,708 |
|  | 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 January 31, 2012 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 January 31, 2012 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 January 31, 2012 and April 30, 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 January 31, 2012, available for sale marketable securities have maturities ranging from one month to 2.3 years. As of January 31, 2012 and April 30, 2011, the Company's marketable securities included $80.5 million (net of gross unrealized gains of $1.7 million and gross unrealized losses of $1.1 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 $72.9 million and $66.3 million, respectively, are classified as non-current. The Company's obligations for which these assets were held in trust totaled $80.7 million and $72.1 million as of January 31, 2012 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:
|  | January 31, 2012 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Cash equivalents, including restricted cash |  | $ | 71,630 |  |  | $ | 71,630 |  |  | $ | — |  |  | $ | — |
Mutual funds |  |  | 80,500 |  |  |  | 80,500 |  |  |  | — |  |  |  | — |
Corporate bonds |  |  | 45,725 |  |  |  | — |  |  |  | 45,725 |  |  |  | — |
Commercial paper |  |  | 5,981 |  |  |  | — |  |  |  | 5,981 |  |  |  | — |
U.S. Treasury and agency securities |  |  | 2,002 |  |  |  | — |  |  |  | 2,002 |  |  |  | — |
Total |  | $ | 205,838 |  |  | $ | 152,130 |  |  | $ | 53,708 |  |  | $ | — |
|  | 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 |  |  | $ | — |
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:
|  | Three Months Ended January 31, |  |  | Nine Months Ended January 31, |
Auction Rate Securities |  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
|  | (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 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |

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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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