Quarterly report pursuant to Section 13 or 15(d)

Marketable Securities

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Marketable Securities
9 Months Ended
Jan. 31, 2012
Marketable Securities [Abstract]  
Marketable Securities
5. Marketable Securities

 

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

 

Investments in marketable securities are made based on the Company's investment policy, which restricts the types of investments that can be made. As of January 31, 2012 and April 30, 2011, 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, 2012 and April 30, 2011, 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, 2012 and April 30, 2011, marketable securities classified as available-for-sale consist of corporate bonds, commercial paper and U.S. Treasury and agency securities, all for which market prices for similar assets are readily available. As of January 31, 2012, available for sale marketable securities have maturities ranging from one month to 2.3 years.

As of January 31, 2012 and April 30, 2011, the Company's marketable securities included $80.5 million (net of gross unrealized gains of $1.7 million and gross unrealized losses of $1.1 million) and $71.4 million (net of gross unrealized gains of $6.8 million and gross unrealized losses of $0.1 million), respectively, held in trust for settlement of the Company's obligations under certain of its deferred compensation plans, of which $72.9 million and $66.3 million, respectively, are classified as non-current. The Company's obligations for which these assets were held in trust totaled $80.7 million and $72.1 million as of January 31, 2012 and April 30, 2011, respectively.

The following table represents the Company's fair value hierarchy for financial assets measured at fair value on a recurring basis:

 

The following table presents the Company's assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the periods indicated:

 

     Three Months Ended
January 31,
     Nine Months Ended
January 31,
 

Auction Rate Securities

   2012      2011      2012      2011  
     (in thousands)  

Balance, beginning of period

   $ —         $ —         $ —         $ 8,200   

Auction rate securities put option

     —           —           —           (745

Realized gain included in operations

     —           —           —           745   

Sale of securities

     —           —           —           (8,200
  

 

 

    

 

 

    

 

 

    

 

 

 

Balance, end of period

   $ —         $ —         $ —         $ —