Marketable Securities

9 Months Ended

Jan. 31, 2013

Marketable Securities

5. Marketable Securities

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

	Trading (1)(3)			Available-for- Sale (2)(3)			Total
	(in thousands)
Mutual funds	$	95,807		$	—		$	95,807
Corporate bonds		—			41,304			41,304
Total		95,807			41,304			137,111
Less: current portion of marketable securities		(4,255	)		(19,063	)		(23,318	)
Non-current marketable securities	$	91,552		$	22,241		$	113,793

As of April 30, 2012, marketable securities consisted of the following:

	Trading (1)(3)			Available-for- Sale (2)(3)			Total
	(in thousands)
Mutual funds	$	82,176		$	—		$	82,176
Corporate bonds		—			44,563			44,563
Commercial paper		—			5,989			5,989
U.S. Treasury and agency securities		—			3,006			3,006
Total		82,176			53,558			135,734
Less: current portion of marketable securities		(7,613	)		(33,323	)		(40,936	)
Non-current marketable securities	$	74,563		$	20,235		$	94,798

(1) These investments are held in trust for settlement of the Company’s obligations of $96.5 million and $82.6 million as of January 31, 2013 and April 30, 2012, respectively, under the Executive Capital Accumulation Plan (“ECAP”) (see Note 6 – Deferred Compensation and Retirement Plans). The fair value of marketable securities classified as trading (held in trust to satisfy obligations under the ECAP) increased by $4.6 million and decreased by $2.3 million during the nine months ended January 31, 2013 and 2012, respectively, recorded in other income (loss), net on the consolidated statements of income. The remaining activity is comprised primarily of Company and employee contributions made of $20.0 million and $1.9 million, respectively, offset by distributions of $12.9 million for the nine months ended January 31, 2013.

(2) These securities represent excess cash invested, under our investment policy, with a professional money manager.

(3) 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, 2013 and April 30, 2012, the Company had cash equivalents of $58.5 million and $60.5 million and restricted cash of $2.9 million and $10.0 million, respectively, classified as Level 1.

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

	January 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Estimated Fair Value
	(in thousands)
Corporate bonds	$	41,259	$	89	$	(44	)	$	41,304

	April 30, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Estimated Fair Value
	(in thousands)
Corporate bonds	$	44,498	$	81	$	(16	)	$	44,563
Commercial paper		5,993		1		(5	)		5,989
U.S. Treasury and agency securities		3,006		—		—			3,006
Total	$	53,497	$	82	$	(21	)	$	53,558

(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, 2013 and April 30, 2012, the Company’s investments associated with cash equivalents, including restricted cash, consist of money market funds for which market prices are readily available. As of January 31, 2013 and April 30, 2012, marketable securities classified as available-for-sale consist of corporate bonds and as of April 30, 2012 also includes commercial paper and U.S. Treasury and agency securities, all for which market prices for similar assets are readily available. As of January 31, 2013, available for sale marketable securities have remaining maturities ranging from one month to 3.0 years. 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 mirrors these elections. As of January 31, 2013 and April 30, 2012, 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, 2013 and April 30, 2012, the Company’s marketable securities classified as trading were $95.8 million (net of gross unrealized gains of $5.1 million and no gross unrealized losses) and $82.2 million (net of gross unrealized gains of $3.5 million and gross unrealized losses of $0.4 million), respectively.