Fair Value (Tables)

3 Months Ended

Jul. 31, 2014

Assets Remeasured At Fair Value On Non-Recurring Basis

the three months ended July 31, 2014 and 2013 and the losses on those remeasurements:



(dollars in 000s)
	Total			Level 1			Level 2			Level 3			Losses
As of July 31, 2014:
Impaired mortgage loans held for investment	$	59,635		$	—		$	—		$	59,635		$	(842	)
As a percentage of total assets	1.5		%	—		%	—		%	1.5		%

As of July 31, 2013:
Impaired mortgage loans held for investment	$	76,699		$	—		$	—		$	76,699		$	(1,390	)
As a percentage of total assets	2.0		%	—		%	—		%	2.0		%

Quantitative Information About Level 3 Fair Value Measurements



(in 000s)
	Fair Value as of July 31, 2014		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired mortgage loans held for investment – non TDRs	$	71,762	Collateral- based	Cost to list/sell Time to sell (months) Collateral depreciation Loss severity	0% – 188%(9%) 24 - 26 (24) (166%) – 100%(38%) 0% – 100%(61%)
Impaired mortgage loans held for investment – TDRs	$	37,579	Discounted cash flow	Aged default performance Loss severity	25% – 40%(33%) 0% – 22%(6%)

Fair Value Measurements, Recurring and Nonrecurring

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



(in 000s)
As of	July 31, 2014				July 31, 2013				April 30, 2014
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and cash equivalents	$	1,429,489	$	1,429,489	$	1,163,876	$	1,163,876	$	2,185,307	$	2,185,307
Cash and cash equivalents - restricted	71,917		71,917		55,477		55,477		115,319		115,319
Receivables, net - short-term	122,315		122,315		121,309		124,218		191,618		191,618
Mortgage loans held for investment, net	259,732		193,920		309,681		194,882		268,428		192,281
Investments in AFS securities	408,063		408,063		487,033		487,033		427,824		427,824
Receivables, net - long-term	101,146		101,146		198,088		210,234		111,795		111,795
Liabilities:
Customer banking deposits	483,477		480,729		759,745		760,449		770,288		765,376
Long-term debt	906,419		965,650		906,632		931,300		906,474		955,050
Contingent consideration payments	9,168		9,168		10,766		10,766		9,206		9,206

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- 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.

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