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Marketable Securities | 6 Months Ended
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Oct. 31, 2012
Marketable Securities | 5. Marketable Securities As of October 31, 2012, marketable securities consisted of the following:
|  | Trading (1)(3) |  |  | Available-for- Sale (2)(3) |  |  | Total |
|  | (in thousands) |
Mutual funds |  | $ | 93,852 |  |  | $ | — |  |  | $ | 93,852 |
Corporate bonds |  |  | — |  |  |  | 41,079 |  |  |  | 41,079 |
U.S. Treasury and agency securities |  |  | — |  |  |  | 2,004 |  |  |  | 2,004 |
Commercial paper |  |  | — |  |  |  | 1,999 |  |  |  | 1,999 |
Total |  |  | 93,852 |  |  |  | 45,082 |  |  |  | 138,934 |
Less: current portion of marketable securities |  |  | (4,474 | ) |  |  | (25,768 | ) |  |  | (30,242 | )
Non-current marketable securities |  | $ | 89,378 |  |  | $ | 19,314 |  |  | $ | 108,692 |
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 |
(1) | These investments are held in trust for settlement of the Company’s obligations of $93.9 million and $82.6 million as of October 31, 2012 and April 30, 2012, respectively, under the Executive Capital Accumulation Plan (“ECAP”) (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 decreased by $4.1 million during the six months ended October 31, 2012 and 2011, respectively, recorded in other income (loss), net on the consolidated statements of income. The remaining activity is comprised primarily of Company and employee contributions made of $19.3 million and $1.7 million, respectively, offset by distributions of $10.4 million for the six months ended October 31, 2012.
(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 October 31, 2012 and April 30, 2012, the Company had cash equivalents of $74.1 million and $60.5 million, respectively, and restricted cash in both periods of $10.1 million classified as Level 1.
The amortized cost and fair values of marketable securities classified as available-for-sale investments were as follows:
|  | October 31, 2012 |
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses (1) |  |  | Estimated Fair Value |
|  | (in thousands) |
Corporate bonds |  | $ | 40,989 |  |  | $ | 109 |  |  | $ | (19 | ) |  | $ | 41,079 |
U.S. Treasury and agency securities |  |  | 2,004 |  |  |  | — |  |  |  | — |  |  |  | 2,004 |
Commercial paper |  |  | 1,999 |  |  |  | — |  |  |  | — |  |  |  | 1,999 |
Total |  | $ | 44,992 |  |  | $ | 109 |  |  | $ | (19 | ) |  | $ | 45,082 |
|  | 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 |
(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 October 31, 2012 and April 30, 2012, 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 October 31, 2012 and April 30, 2012, 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 October 31, 2012, available for sale marketable securities have remaining maturities ranging from one month to 3.0 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 October 31, 2012 and April 30, 2012, the Company’s investments in marketable securities classified as trading consist of mutual funds for which market prices are readily available. As of October 31, 2012 and April 30, 2012, the Company’s marketable securities classified as trading were $93.9 million (net of gross unrealized gains of $3.3 million and gross unrealized losses of $0.2 million) and $82.2 million (net of gross unrealized gains of $3.5 million and gross unrealized losses of $0.4 million), respectively.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563 + Details
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