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Fair Value Measurement (Tables)

12 Months Ended

Apr. 30, 2013

Fair Value Measurements, Recurring and Nonrecurring

The carrying amounts and estimated fair values of our financial instruments are as follows:



(in 000s)
As of April 30,	2013				2012
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Fair Value Hierarchy
Assets:
Cash and cash equivalents	$	1,747,584	$	1,747,584	$	1,944,334	$	1,944,334	Level 1
Cash and cash equivalents – restricted	117,837		117,837		48,100		48,100		Level 1
Receivables, net – short–term	206,835		206,810		193,858		193,858		Level 1 and 3
Mortgage loans held for investment, net	338,789		210,858		406,201		248,535		Level 3
Investments in available–for–sale securities	486,876		486,876		372,352		372,352		Level 2
Receivables, net – long–term	125,048		134,283		127,468		127,468		Level 1 and 3
Note receivable (including interest)	60,352		69,472		55,444		55,444		Level 3
Liabilities:
Deposits	938,331		934,019		833,047		831,251		Level 1 and 3
Long–term borrowings	906,680		964,630		1,040,549		1,077,223		Level 3
Contingent consideration payments	11,277		11,277		6,838		6,838		Level 3

Assets Remeasured At Fair Value On Recurring Basis

The following table presents the assets that were remeasured at fair value on a recurring basis during the fiscal years ended April 30, 2013 and 2012 and the gains on those remeasurements:



(dollars in 000s)
	Total			Level 1		Level 2			Level 3		Gains
As of April 30, 2013:
Mortgage–backed securities	$	482,378		$	—	$	482,378		$	—	$	5,928
Municipal bonds	4,498			—		4,498			—		320
	$	486,876		$	—	$	486,876		$	—	$	6,248
As a percentage of total assets	10.7		%	—		10.7		%	—
As of April 30, 2012:
Mortgage–backed securities	$	366,683		$	—	$	366,683		$	—	$	5,499
Municipal bonds	5,669			—		5,669			—		425
	$	372,352		$	—	$	372,352		$	—	$	5,924
As a percentage of total assets	8.0		%	—		8.0		%	—

Assets Remeasured At Fair Value On Non-Recurring Basis

The following table presents the assets that were remeasured at fair value on a non-recurring basis during the fiscal years ended April 30, 2013 and 2012 and the losses on those remeasurements:



(dollars in 000s)
	Total			Level 1		Level 2		Level 3			Losses
As of April 30, 2013:
REO	$	14,806		$	—	$	—	$	14,806		$	(431	)
Impaired mortgage loans held for investment	84,708			—		—		84,708			(10,663		)
	$	99,514		$	—	$	—	$	99,514		$	(11,094	)
As a percentage of total assets	2.2		%	—		—		2.2		%
As of April 30, 2012:
REO	$	15,870		$	—	$	—	$	15,870		$	(693	)
Impaired mortgage loans held for investment	99,974			—		—		99,974			(10,235		)
	$	115,844		$	—	$	—	$	115,844		$	(10,928	)
As a percentage of total assets	2.5		%	—		—		2.5		%

Quantitative Information About Level 3 Fair Value Measurements

The following table presents the quantitative information about our Level 3 fair value measurements:



(in 000s)
	Fair Value at April 30, 2013		Valuation Technique	Unobservable Input	Range (Weighted Average)
REO	$	13,968	Third party pricing	Cost to list/sell Loss severity	5% – 57%(6%) 0% – 100%(49%)
Impaired mortgage loans held for investment – non TDRs	$	84,093	Collateral- based	Cost to list/sell Time to sell (months) Collateral depreciation Loss severity	0% – 45%(7%) 24(24) (24%) – 100%(47%) 0% – 100%(58%)
Impaired mortgage loans held for investment – TDRs	$	50,137	Discounted cash flow	Aged default performance Loss severity	29% – 50%(39%) 0% – 21%(5%)

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a,b,bb)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2C

-URI http://asc.fasb.org/extlink&oid=7578670&loc=SL7498348-110258

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References+ Details

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details