Investments

Fixed Income Securities

The Company's portfolio of fixed income securities consists of commercial paper notes and term bank certificates of deposit. All of the Company's investments in fixed income securities have original maturity (maturity at the purchase date) of less than 12 months. Investments with original maturities of three months or less are classified as cash equivalents. All of the Company's investments in fixed income securities are classified as held-to-maturity since the Company has the positive intent and ability to hold these investments until maturity. These investments are carried at amortized cost.

The Company's investments in fixed income securities as of May 3, 2015 and April 27, 2014 were as follows:



	May 3, 2015								April 27, 2014
			Gross Unrealized								Gross Unrealized
(in thousands)	Amortized Cost		Gains		Losses		Fair Value		Amortized Cost		Gains		Losses		Fair Value
Commercial paper	$	—	$	—	$	—	$	—	$	89,922	$	—	$	—	$	89,922
Certificates of deposit	292,748		—		—		292,748		120,000		—		—		120,000
Total	$	292,748	$	—	$	—	$	292,748	$	209,922	$	—	$	—	$	209,922
Reported as:
Short-term investments	$	292,748	$	—	$	—	$	292,748	$	209,922	$	—	$	—	$	209,922

The Company monitors its investment portfolio for impairment on a periodic basis. In order to determine whether a decline in fair value is other-than-temporary, the Company evaluates, among other factors: the duration and extent to which the fair value has been less than the carrying value; the Company's financial condition and business outlook, including key operational and cash flow metrics, current market conditions and future trends in its industry; the Company's relative competitive position within the industry; and the Company's intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in fair value. A decline in the fair value of the security below amortized cost that is deemed other-than-temporary is charged to earnings, resulting in the establishment of a new cost basis for the affected securities. During fiscal 2015, 2014 and 2013 there were no realized gains or losses, and the Company did not recognize any other-than-temporary impairments.

Minority Investments

Included in minority investments at both May 3, 2015 and April 27, 2014 was $884,000 representing the carrying value of the Company's minority investment in one privately held company accounted for under the cost method. Additionally, included in minority investments is $2.0 million and $1.2 million at May 3, 2015 and April 27, 2014, respectively, representing the carrying value of the Company's minority investment in one privately held company accounted for under the equity method. At May 3, 2015, the Company had a 19.9% ownership interest in this company. For the year ended May 3, 2015, the Company recorded income of $730,000 representing its share of the net income of this minority investee, which was included in other income (expense), net in the consolidated statements of operations.

The Company’s investments in these early stage companies were primarily motivated by its desire to gain early access to new technology. The Company’s investments are passive in nature in that the Company generally does not obtain representation on the board of directors of the companies in which it invests.