Investments

9 Months Ended

Jan. 25, 2020

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

We have current and long-term investments intended to enhance returns on our cash as well as to fund future obligations of our non-qualified defined benefit retirement plan, our executive deferred compensation plan, and our performance compensation retirement plan. Our short-term investments are included in other current assets and our long-term investments are included in other long-term assets on our consolidated balance sheet.

We also hold other investments consisting of cost-basis preferred shares of two privately held start-up companies. In the third quarter of fiscal year 2020, we recognized an other-than-temporary impairment of $6.0 million, which represents the full cost-basis value of the investment in one of these privately held start-up companies. The impairment loss is recognized in Other income (expense), net on the consolidated statement of income. Refer to Note 16, Fair Value Measurements for further information.

The following summarizes our investments:

(Unaudited, amounts in thousands)	1/25/20		4/27/19
Short-term investments:
Marketable securities	$	18,891	$	18,016
Held-to-maturity investments	3,542		3,341
Total short-term investments	22,433		21,357
Long-term investments:
Marketable securities	21,902		24,085
Cost basis investments	6,479		11,979
Total long-term investments	28,381		36,064
Total investments	$	50,814	$	57,421
Investments to enhance returns on cash	$	30,109	$	31,470
Investments to fund compensation/retirement plans	14,226		13,972
Other investments	6,479		11,979
Total investments	$	50,814	$	57,421

The following is a summary of the unrealized gains, unrealized losses, and fair value by investment type:

	1/25/20							4/27/19
(Unaudited, amounts in thousands)	Gross Unrealized  Gains		Gross Unrealized  Losses			Fair Value		Gross Unrealized  Gains		Gross Unrealized  Losses			Fair Value
Equity securities	$	1,922	$	(6,000	)	$	13,600	$	1,841	$	—		$	19,535
Fixed income	199		(8		)	31,962		75		(111		)	33,217
Other	376		—			5,252		258		(13		)	4,669
Total securities	$	2,497	$	(6,008	)	$	50,814	$	2,174	$	(124	)	$	57,421

The following table summarizes sales of marketable securities:

	Quarter Ended						Nine Months Ended
(Unaudited, amounts in thousands)	1/25/20			1/26/19			1/25/20			1/26/19
Proceeds from sales	$	11,517		$	6,550		$	23,887		$	14,304
Gross realized gains	431			726			618			811
Gross realized losses	(62		)	(261		)	(150		)	(327		)

The following is a summary of the fair value of fixed income marketable securities, classified as available-for-sale securities, by contractual maturity:

(Unaudited, amounts in thousands)	1/25/20
Within one year	$	19,041
Within two to five years	10,000
Within six to ten years	1,639
Thereafter	1,282
Total	$	31,962