Fair Value (Tables)

9 Months Ended

Jan. 31, 2015

Assets Remeasured At Fair Value On Non-Recurring Basis

the nine months ended January 31, 2015 and 2014 and the losses on those remeasurements:



(dollars in 000s)
	Total			Level 1			Level 2			Level 3			Losses
As of January 31, 2015:
Impaired mortgage loans held for investment	$	57,314		$	—		$	—		$	57,314		$	(1,756	)
As a percentage of total assets	1.3		%	—		%	—		%	1.3		%

As of January 31, 2014:
Impaired mortgage loans held for investment	$	71,053		$	—		$	—		$	71,053		$	(4,022	)
As a percentage of total assets	2.0		%	—		%	—		%	2.0		%

Quantitative Information About Level 3 Fair Value Measurements



(in 000s)
	Fair Value as of January 31, 2015		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired mortgage loans held for investment – non TDRs	$	68,376	Collateral- based	Cost to list/sell Time to sell (months) Collateral depreciation Loss severity	0% – 193%(10%) 24 (24) (166%) – 100%(38%) 0% – 100%(61%)
Impaired mortgage loans held for investment – TDRs	$	34,699	Discounted cash flow	Aged default performance Loss severity	23% – 37%(30%) 0% – 23%(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	January 31, 2015				January 31, 2014				April 30, 2014
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and cash equivalents	$	1,321,134	$	1,321,134	$	437,404	$	437,404	$	2,185,307	$	2,185,307
Cash and cash equivalents - restricted	51,085		51,085		44,855		44,855		115,319		115,319
Receivables, net - short-term	777,453		777,453		677,221		679,590		191,618		191,618
Mortgage loans held for investment, net	245,663		190,422		282,149		195,282		268,428		192,281
Investments in AFS securities	375,728		375,728		443,770		443,770		427,824		427,824
Receivables, net - long-term	102,428		102,428		141,084		140,661		111,795		111,795
Liabilities:
Customer banking deposits	1,286,582		1,273,283		808,008		810,486		770,288		765,376
Long-term debt	506,241		558,693		906,529		953,944		906,474		955,050
Contingent consideration payments	12,848		12,848		10,523		10,523		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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