Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

v3.3.1.900
Marketable Securities
 6 Months Ended
Oct. 31, 2015
Marketable Securities

5. Marketable Securities

As of October 31, 2015, marketable securities consisted of the following:

 

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

Mutual funds

    $ 144,905      $ —        $ 144,905   

Corporate bonds

      —          2,003        2,003   
  

 

 

    

 

 

    

 

 

  

Total

      144,905        2,003        146,908   

Less: current portion of marketable securities

      (10,106 )      (2,003 )      (12,109 ) 
  

 

 

    

 

 

    

 

 

  

Non-current marketable securities

    $ 134,799      $ —        $ 134,799   
  

 

 

    

 

 

    

 

 

  

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 $140.9 million and $129.1 million as of October 31, 2015 and April 30, 2015, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans). 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. 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 (loss) 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, 2015 and April 30, 2015, 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, 2015  
     Amortized
Cost		      Gross
Unrealized
Gains		      Gross
Unrealized
Losses (1)		      Estimated
Fair Value		  
     (in thousands)  

Corporate bonds

    $ 2,003       $         —         $         —         $ 2,003   
  

 

 

     

 

 

     

 

 

     

 

 

  
     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 October 31, 2015 and April 30, 2015, 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, 2015, available-for-sale marketable securities have remaining maturities ranging from one to two months. 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. During the six months ended October 31, 2014, the Company received $2.0 million in proceeds from 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. 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, 2015 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 October 31, 2015 and April 30, 2015, the Company’s marketable securities classified as trading were $144.9 million (net of gross unrealized gains of $5.3 million and $0.9 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.