XML 49 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Marketable Securities
 9 Months Ended
Jan. 31, 2014
Marketable Securities

5. Marketable Securities

As of January 31, 2014, marketable securities consisted of the following:

 

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

Mutual funds

    $ 115,123      $ —        $ 115,123   

Corporate bonds

      —          14,297        14,297   
  

 

 

    

 

 

    

 

 

  

Total

      115,123        14,297        129,420   

Less: current portion of marketable securities

      (4,310 )      (2,027 )      (6,337 ) 
  

 

 

    

 

 

    

 

 

  

Non-current marketable securities

    $ 110,813      $ 12,270      $ 123,083   
  

 

 

    

 

 

    

 

 

  

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 $116.4 million and $99.2 million as of January 31, 2014 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 January 31, 2014 and April 30, 2013, the Company had cash equivalents of $129.2 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 January 31, 2014, the Company had no restricted cash balance. As of January 31, 2014 and April 30, 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:

 

     January 31, 2014  
     Amortized
Cost		      Gross
Unrealized
Gains		      Gross
Unrealized
Losses (1)		      Estimated
Fair
Value		  
     (in thousands)  

Corporate bonds

    $ 14,262       $ 35       $ —         $ 14,297   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

     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 January 31, 2014 and April 30, 2013, the Company’s investments associated with cash equivalents, consist of money market funds for which market prices are readily available and as of April 30, 2013 includes restricted cash. As of January 31, 2014 and April 30, 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 January 31, 2014, available-for-sale marketable securities have remaining maturities ranging from four months to 1.8 years. During the nine months ended January 31, 2014 and 2013, the Company received $33.3 million and $34.9 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 January 31, 2014 and April 30, 2013, 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, 2014 and April 30, 2013, the Company’s marketable securities classified as trading were $115.1 million (net of gross unrealized gains of $8.0 million and gross unrealized losses of $0.9 million) and $98.0 million (net of gross unrealized gains of $3.1 million and no gross unrealized losses), respectively.