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Marketable Securities
 6 Months Ended
Oct. 31, 2014
Marketable Securities
5. Marketable Securities

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

 

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

Mutual funds

    $ 135,603      $ —        $ 135,603   

Corporate bonds

      —          16,262        16,262   
  

 

 

    

 

 

    

 

 

  

Total

      135,603        16,262        151,865   

Less: current portion of marketable securities

      (11,747 )      (14,226 )      (25,973 ) 
  

 

 

    

 

 

    

 

 

  

Non-current marketable securities

    $ 123,856      $ 2,036      $ 125,892   
  

 

 

    

 

 

    

 

 

  

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   
  

 

 

    

 

 

    

 

 

  

 

(1) These investments are held in trust for settlement of the Company’s vested and unvested obligations of $135.9 million and $117.6 million as of October 31, 2014 and April 30, 2014, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). During the three and six months ended October 31, 2014, the fair value of the investments increased; therefore, the Company recognized income of $2.5 million and $4.5 million, respectively, which was recorded in other income, net. During the three and six months ended October 31, 2013, the fair value of the investments increased; therefore, the Company recognized income of $4.4 million and $6.4 million, respectively, which was recorded in other income, net.
(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 October 31, 2014 and April 30, 2014, 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:

 

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

Corporate bonds

    $ 16,237       $ 27       $ (2 )    $ 16,262   
  

 

 

     

 

 

     

 

 

    

 

 

  

 

     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   
  

 

 

     

 

 

     

 

 

    

 

 

  

 

(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, 2014 and April 30, 2014, marketable securities classified as available-for-sale consist of corporate bonds for which market prices for similar assets are readily available. As of October 31, 2014, available-for-sale marketable securities have remaining maturities ranging from two months to 1.2 years. During the six months ended October 31, 2014, the Company received $2.0 million in proceeds from sales/maturities of available-for-sale marketable securities. During the three months ended October 31, 2014, there were no sales/maturities of available-for-sale marketable securities. During the three and six months ended October 31, 2013, the Company received $4.0 million and $33.3 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 October 31, 2014 and April 30, 2014, 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, 2014 and April 30, 2014, the Company’s marketable securities classified as trading were $135.6 million (gross unrealized gains of $8.8 million and gross unrealized losses of $0.5 million) and $116.2 million (gross unrealized gains of $9.2 million and $0.7 million of gross unrealized losses), respectively.