Marketable Securities (Tables)

3 Months Ended

Jul. 31, 2014

Summary of Marketable Securities

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

	Trading (1)(2)			Available-for- Sale (2)			Total
	(in thousands)
Mutual funds	$	116,719		$	—		$	116,719
Corporate bonds		—			16,296			16,296
Total		116,719			16,296			133,015
Less: current portion of marketable securities		(11,581	)		(6,052	)		(17,633	)
Non-current marketable securities	$	105,138		$	10,244		$	115,382

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 $118.2 million and $117.6 million as of July 31, 2014 and April 30, 2014, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). During both the three months ended July 31, 2014 and 2013, the fair value of the investments increased; therefore, the Company recognized income of $2.0 million, 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 July 31, 2014 and April 30, 2014, the Company had no investments classified as Level 3.

Amortized Cost and Fair Values of Marketable Securities Classified as Available-For-Sale Investments

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

	July 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Estimated Fair Value
	(in thousands)
Corporate bonds	$	16,278	$	23	$	(5	)	$	16,296

	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.