Marketable Securities |
As of April 30, 2013,
marketable securities consisted of the
following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading
(1)(3) |
|
|
Available-for-
Sale(2)(3)
|
|
|
Total |
|
|
|
(in thousands) |
|
Mutual funds
|
|
$ |
98,001 |
|
|
$ |
— |
|
|
$ |
98,001 |
|
Corporate
bonds
|
|
|
— |
|
|
|
42,111 |
|
|
|
42,111 |
|
U.S. Treasury and agency
securities
|
|
|
— |
|
|
|
1,804 |
|
|
|
1,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
98,001 |
|
|
|
43,915 |
|
|
|
141,916 |
|
Less: current portion of
marketable securities
|
|
|
(4,537 |
) |
|
|
(15,810 |
) |
|
|
(20,347 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current marketable
securities
|
|
$ |
93,464 |
|
|
$ |
28,105 |
|
|
$ |
121,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
$99.2 million and $82.6 million as of April 30, 2013 and
2012, respectively, under the Executive Capital Accumulation Plan
(see Note 6 — Deferred Compensation and
Retirement Plans). |
(2) |
These securities
represent excess cash available for general corporate purposes
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
April 30, 2013 and 2012, the Company had cash equivalents of
$93.6 million and $60.5 million, and restricted cash of $2.9
million and $10.0 million, respectively, classified as Level 1. As
of April 30, 2013 and 2012, 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30,
2013 |
|
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses(1) |
|
|
Estimated
Fair
Value |
|
|
|
(in thousands) |
|
Corporate
bonds
|
|
$ |
42,033 |
|
|
$ |
92 |
|
|
$ |
(14 |
) |
|
$ |
42,111 |
|
U.S. Treasury and agency
securities
|
|
|
1,802 |
|
|
|
2 |
|
|
|
— |
|
|
|
1,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
43,835 |
|
|
$ |
94 |
|
|
$ |
(14 |
) |
|
$ |
43,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 April 30, 2013
and 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
April 30, 2013 and 2012, marketable securities classified as
available-for-sale consist of corporate bonds and U.S. Treasury and
agency securities and as of April 30, 2012 also includes
commercial paper, all for which market prices for similar assets
are readily available. As of April 30, 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 April 30, 2013 and 2012, 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, 2013
and 2012, the Company’s marketable securities were $98.0
million (net of gross unrealized gains of $3.1 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.
|