Investments

3 Months Ended

Jul. 30, 2022

Investments

Investments

3. Investments

Investments consist of the following (in thousands):

	July 30,		April 30,
	2022		2022
Short-term investments:
Available-for-sale securities:
Municipal securities		7,664		19,725
U.S. government securities		4,991		4,991
Total short-term investments	$	12,655	$	24,716
Equity method investments
Investments in limited partnership funds		17,707		15,433
Total equity method investments		17,707		15,433
Total long-term investments	$	17,707	$	15,433

Available-For-Sale Securities

As of July 30, 2022 and April 30, 2022, the balance of available-for-sale securities consisted of state and local government municipal securities, U.S. government securities and U.S. government agency securities. Interest earned from these investments is recorded in interest expense, net. Realized gains on sales of these investments on the basis of specific identification are recorded in interest expense, net.

The following table is a summary of the activity related to the available-for-sale investments recorded in short-term and long-term investments as of July 30, 2022 and April 30, 2022, respectively (in thousands):

	July 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Municipal securities	$	7,668	$	1	$	(5)	$	7,664
U.S. government securities		4,995		—		(4)		4,991
Total available-for-sale investments	$	12,663	$	1	$	(9)	$	12,655

	April 30, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Municipal securities	$	19,756	$	—	$	(31)	$	19,725
U.S. government securities		4,995		—		(4)		4,991
Total available-for-sale investments	$	24,751	$	—	$	(35)	$	24,716

The amortized cost and fair value of the available-for-sale debt securities by contractual maturity at July 30, 2022 were as follows (in thousands):

	Cost		Fair Value
Due within one year	$	12,663	$	12,655
Due after one year through five years		—		—
Total	$	12,663	$	12,655