XML 81 R12.htm IDEA: XBRL DOCUMENT v2.4.0.8
Marketable Securities
 12 Months Ended
Apr. 30, 2014
Marketable Securities

5. Marketable Securities

As of April 30, 2014, marketable securities consisted of the following:

 

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

Mutual funds

   $ 116,207      $ —        $ 116,207   

Corporate bonds

     —          18,352        18,352   
 

 

 

    

 

 

    

 

 

  

Total

     116,207        18,352        134,559   

Less: current portion of marketable securities

     (4,510 )      (5,056 )      (9,566 ) 
 

 

 

    

 

 

    

 

 

  

Non-current marketable securities

   $ 111,697      $ 13,296      $ 124,993   
 

 

 

    

 

 

    

 

 

  

 

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

 

    Trading
(1)(2)		     Available-for-
Sale (2)		     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 $117.6 million and $99.2 million as of April 30, 2014 and 2013, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). During fiscal 2014, 2013 and 2012, the fair value of the investments increased; therefore, the Company recognized income of $9.5 million, $7.6 million and $1.0 million, respectively, which are recorded in other income (loss).

 

(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 April 30, 2014 and 2013, the Company had no investments classified as Level 3.

The amortized cost and fair values of marketable securities classified as available-for-sale investments were as follows:

 

     April 30, 2014  
     Amortized
Cost		      Gross
Unrealized
Gains		      Gross
Unrealized
Losses (1)		     Estimated
Fair Value		  
     (in thousands)  

Corporate bonds

    $ 18,325       $ 31       $ (4 )    $ 18,352   
  

 

 

     

 

 

     

 

 

    

 

 

  

 

     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.

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, 2014 and 2013, marketable securities classified as available-for-sale consist of corporate bonds and as of April 30, 2013 also includes U.S. Treasury and agency securities, all for which market prices for similar assets are readily available. As of April 30, 2014, available-for-sale marketable securities have remaining maturities ranging from one month to 1.7 years. During the year ended April 30, 2014 and 2013, the Company received $33.3 million and $38.1 million, respectively, in proceeds from sales/maturities of available-for-sale marketable securities. 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 invests in marketable securities to mirror these elections. As of April 30, 2014 and 2013, 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, 2014 and 2013, the Company’s marketable securities classified as trading were $116.2 million (net of gross unrealized gains of $9.2 million and $0.7 million of gross unrealized losses) and $98.0 million (net of gross unrealized gains of $3.1 million and no gross unrealized losses), respectively.