Marketable Securities

12 Months Ended

Apr. 30, 2016

Marketable Securities

5. Marketable Securities

As of April 30, 2016, marketable securities consisted of the following:

	Trading (1)(2)			Available- for-Sale (2)		Total
	(in thousands)
Mutual funds	$	141,430		$	—	$	141,430
Less: current portion of marketable securities		(11,338	)		—		(11,338	)
Non-current marketable securities	$	130,092		$	—	$	130,092

As of April 30, 2015, marketable securities consisted of the following:

	Trading (1)(2)			Available-for- Sale (2)			Total
	(in thousands)
Mutual funds	$	131,399		$	—		$	131,399
Corporate bonds		—			13,177			13,177
Total		131,399			13,177			144,576
Less: current portion of marketable securities		(12,580	)		(13,177	)		(25,757	)
Non-current marketable securities	$	118,819		$	—		$	118,819

(1) These investments are held in trust for settlement of the Company’s vested and unvested obligations of $138.8 million and $129.1 million as of April 30, 2016 and 2015, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). During fiscal 2016, the fair value of investments decreased; therefore, the Company recognized a loss of $3.3 million, which was recorded in other income (loss), net. During fiscal 2015 and 2014, the fair value of the investments increased; therefore, the Company recognized income of $8.8 million and $9.5 million, respectively, which was recorded in other income (loss), 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 April 30, 2016 and 2015, the Company had no investments classified as Level 3.

As of April 30, 2016, the Company did not hold marketable securities classified as available-for-sale. As of April 30, 2015, the amortized cost and fair values of marketable securities classified as available-for-sale investments were as follows:

	April 30, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Estimated Fair Value
	(in thousands)
Corporate bonds	$	13,167	$	11	$	(1	)	$	13,177

(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 April 30, 2016, the Company does not hold marketable securities classified as available-for-sale. As of April 30, 2015, marketable securities classified as available-for-sale consist of corporate bonds for which market prices for similar assets are readily available. During fiscal 2016 and 2015, the Company received $13.1 million and $5.0 million, respectively, in proceeds from 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 April 30, 2016 and April 30, 2015, the Company’s investments in marketable securities classified as trading consist of mutual funds for which market prices are readily available.

As of April 30, 2016 and 2015, the Company’s marketable securities classified as trading were $141.4 million (net of gross unrealized gains of $1.4 million and $2.6 million of gross unrealized losses) and $131.4 million (net of gross unrealized gains of $8.3 million and $0.2 million of gross unrealized losses), respectively.