6. Financial Instruments

The following tables show the Company’s cash, trading securities and foreign currency forward contracts’ cost, gross unrealized gains, gross unrealized losses and fair value by significant category recorded as cash and cash equivalents, current portion of current marketable securities, non-current marketable securities, or other accrued liabilities as of October 31, 2016 and April 30, 2016:


	October 31, 2016
	Fair Value Measurement										Balance Sheet Classification
	Cost		Unrealized Gains		Unrealized Losses			Fair Value			Cash and Cash Equivalents		Marketable Securities, Current		Marketable Securities, Non-current		Income Taxes & Other Receivables
	(in thousands)
Level 1:
Cash	$	119,276	$	—	$	—		$	119,276		$	119,276	$	—	$	—	$	—
Money market funds		130,757		—		—			130,757			130,757		—		—		—
Mutual funds (1)		138,531		2,431		(979	)		139,983			—		29,766		110,217		—

Total	$	388,564	$	2,431	$	(979	)	$	390,016		$	250,033	$	29,766	$	110,217	$	—

Level 2:
Foreign currency forward contracts	$	—	$	551	$	(93	)	$	458		$	—	$	—	$	—	$	458


	April 30, 2016
	Fair Value Measurement										Balance Sheet Classification
	Cost		Unrealized Gains		Unrealized Losses			Fair Value			Cash and Cash Equivalents		Marketable Securities, Current		Marketable Securities, Non-current		Other Accrued Liabilities
	(in thousands)
Level 1:
Cash	$	155,702	$	—	$	—		$	155,702		$	155,702	$	—	$	—	$	—
Money market funds		117,550		—		—			117,550			117,550		—		—		—
Mutual funds (1)		142,588		1,395		(2,553	)		141,430			—		11,338		130,092		—

Total	$	415,840	$	1,395	$	(2,553	)	$	414,682		$	273,252	$	11,338	$	130,092	$	—

Level 2:
Foreign currency forward contracts	$	—	$	324	$	(1,041	)	$	(717	)	$	—	$	—	$	—	$	(717	)

(1)

These investments are held in trust for settlement of the Company’s vested and unvested obligations of $133.7 million and $138.8 million as of October 31, 2016 and April 30, 2016, respectively, under the ECAP (see Note 7 — Deferred Compensation and Retirement Plans). During the three months ended October 31, 2016, the fair value of the investments decreased; therefore, the Company recognized a loss of $0.7 million, which was recorded in other (loss) income, net. During the six months ended October 31, 2016, the fair value of the investments increased; therefore, the Company recognized income of $3.2 million, which was recorded in other (loss) income, net. During the three and six months ended October 31, 2015, the fair value of the investments decreased; therefore, the Company recognized a loss of $2.5 million and $1.8 million, respectively, which was recorded in other (loss) income, net.

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, 2016 and April 30, 2016, the Company’s investments in marketable securities classified as trading consist of mutual funds for which market prices are readily available. 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, 2016 and April 30, 2016, the Company does not hold marketable securities classified as available-for-sale. During the three and six months ended October 31, 2015, the Company received $8.1 million and $11.1 million, respectively, in proceeds from maturities of available-for-sale marketable securities.

Non-Designated Derivatives

The fair value of derivatives not designated as hedge instruments are as follows:


	October 31, 2016		April 30, 2016
	(in thousands)
Derivative assets:
Foreign currency forward contracts	$	551	$	324
Derivative liabilities:
Foreign currency forward contracts	$	93	$	1,041

As of October 31, 2016, the total notional amounts of the forward contracts purchased and sold were $2.9 million and $73.0 million, respectively. As of April 30, 2016, the total notional amounts of the forward contracts purchased and sold were $14.5 million and $44.3 million, respectively. The Company recognizes forward contracts as a net asset or net liability on the consolidated balance sheets as such contracts are covered by master netting agreements. During the three and six months ended October 31, 2016, the Company incurred gains of $0.2 million for both periods, related to forward contracts, which is recorded in general and administrative expenses in the accompanying consolidated statements of income. The cash flows related to foreign currency forward contracts are included in net cash used in operating activities.