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Marketable Securities (Tables)
 3 Months Ended
Jul. 31, 2013
Summary of Marketable Securities

As of July 31, 2013, marketable securities consisted of the following:

 

     Trading
(1)(2)		     Available-for-
Sale (2)(3)		     Total  
     (in thousands)  

Mutual funds

    $ 111,651      $ —        $ 111,651   

Corporate bonds

      —          18,322        18,322   
  

 

 

    

 

 

    

 

 

  

Total

      111,651        18,322        129,973   

Less: current portion of marketable securities

      (3,649 )      (6,071 )      (9,720 ) 
  

 

 

    

 

 

    

 

 

  

Non-current marketable securities

    $ 108,002      $ 12,251      $ 120,253   
  

 

 

    

 

 

    

 

 

  

As of April 30, 2013, marketable securities consisted of the following:

 

     Trading
(1)(2)		     Available-for-
Sale (2)(3)		     Total  
     (in thousands)  

Mutual funds

    $ 98,001      $ —        $ 98,001   

Corporate bonds

      —          42,111        42,111   

U.S. Treasury and agency securities

      —          1,804        1,804   
  

 

 

    

 

 

    

 

 

  

Total

      98,001        43,915        141,916   

Less: current portion of marketable securities

      (4,537 )      (15,810 )      (20,347 ) 
  

 

 

    

 

 

    

 

 

  

Non-current marketable securities

    $ 93,464      $ 28,105      $ 121,569   
  

 

 

    

 

 

    

 

 

  

 

(1) These investments are held in trust for settlement of the Company’s vested and unvested obligations of $115.4 million and $99.2 million as of July 31, 2013 and April 30, 2013, respectively, under the ECAP (see Note 6 – Deferred Compensation and Retirement Plans).

 

(2) 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 July 31, 2013 and April 30, 2013, the Company had cash equivalents of $45.8 million and $93.6 million, respectively, classified as Level 1. As of April 30, 2013, the Company had restricted cash of $2.9 million, classified as Level 1. As of July 31, 2013, the Company had no restricted cash balance. As of July 31, 2013 and April 30, 2013, the Company had no investments classified as Level 3.

 

(3) These securities represent excess cash available for general corporate purposes invested, under our investment policy, with a professional money manager.
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:

 

     July 31, 2013  
     Amortized
Cost		      Gross
Unrealized
Gains		      Gross
Unrealized
Losses (1)		     Estimated
Fair Value		  
     (in thousands)  

Corporate bonds

    $ 18,337       $ 13       $ (28 )    $ 18,322   
  

 

 

     

 

 

     

 

 

    

 

 

  

 

     April 30, 2013  
     Amortized
Cost		      Gross
Unrealized
Gains		      Gross
Unrealized
Losses (1)		     Estimated
Fair Value		  
     (in thousands)  

Corporate bonds

    $ 42,033       $ 92       $ (14 )    $ 42,111   

U.S. Treasury and agency securities

      1,802         2         —          1,804   
  

 

 

     

 

 

     

 

 

    

 

 

  

Total

    $ 43,835       $ 94       $ (14 )    $ 43,915   
  

 

 

     

 

 

     

 

 

    

 

 

  

 

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