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Investments | 9 Months Ended
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Jan. 25, 2020
Investments |
Investments | 3. Investments ​ Investments consist of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | January 25, | ​ | April 30, | ​
​ |  | 2020 |  | 2019 |
​ | ​ | ​ | ​
Short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-maturity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | $ | 7,565 | ​ | $ | 5,332 | ​
U.S. government securities | ​ | ​ | 45,439 | ​ | ​ | 63,205 | ​
Corporate bonds | ​ | ​ | 82,298 | ​ | ​ | 81,950 | ​
Total held-to-maturity investments | ​ | ​ | 135,302 | ​ | ​ | 150,487 | ​
Available-for-sale securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Variable rate demand notes | ​ | ​ | 13,200 | ​ | ​ | — | ​
Total available-for-sale investments | ​ | ​ | 13,200 | ​ | ​ | — | ​
Total short-term investments | ​ | $ | 148,502 | ​ | $ | 150,487 | ​
Long-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Held-to-maturity securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Municipal securities | ​ | ​ | 15,887 | ​ | ​ | — | ​
U.S. government securities | ​ | ​ | — | ​ | ​ | 7,404 | ​
Corporate bonds | ​ | ​ | 4,558 | ​ | ​ | 1,982 | ​
Certificates of deposit | ​ | ​ | 1,017 | ​ | ​ | — | ​
Total held-to-maturity investments | ​ |  | 21,462 | ​ |  | 9,386 | ​
Available-for-sale securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in limited partnership fund | ​ |  | 4,947 | ​ |  | — | ​
Total available-for-sale investments | ​ |  | 4,947 | ​ |  | — | ​
Total long-term investments | ​ | $ | 26,409 | ​ | $ | 9,386 | ​
​ Held-To-Maturity Securities ​ As of January 25, 2020 and April 30, 2019, the balance of held-to-maturity securities consisted of state and local government municipal securities, U.S. government securities, U.S. government agency securities, highly rated corporate bonds, and certificates of deposit. Interest earned from these investments is recorded in interest income. ​ The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of January 25, 2020 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | January 25, 2020 | ​
​ |  | ​ | ​ |  | Gross |  | Gross |  | ​ | ​ |
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair | ​
​ | ​ | Cost | ​ | Gains | ​ | Losses | ​ | Value | ​
Municipal securities | ​ | $ | 23,452 | ​ | $ | 12 | ​ | $ | (4) |  | $ | 23,460 | ​
U.S. government securities | ​ | ​ | 45,439 | ​ | ​ | 63 | ​ | ​ | — | ​ |  | 45,502 | ​
Corporate bonds | ​ | ​ | 86,856 | ​ | ​ | 57 | ​ | ​ | — | ​ |  | 86,913 | ​
Certificates of deposit | ​ | ​ | 1,017 | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | 1,021 | ​
Total held-to-maturity investments | ​ | $ | 156,764 | ​ | $ | 136 | ​ | $ | (4) | ​ | $ | 156,896 | ​
​ The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of April 30, 2019 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | April 30, 2019 |
​ | ​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | Amortized | ​ | Unrealized | ​ | Unrealized | ​ | Fair |
​ | ​ | Cost |  | Gains |  | Losses |  | Value |
Municipal securities |  | $ | 5,332 | ​ | $ | 2 | ​ | $ | (1) | ​ | $ | 5,333 | ​
U.S. government securities | ​ |  | 70,609 | ​ | ​ | 78 | ​ | ​ | (52) | ​ | ​ | 70,635 | ​
Corporate bonds | ​ |  | 83,932 | ​ | ​ | 20 | ​ | ​ | (5) | ​ | ​ | 83,947 | ​
Total held-to-maturity investments |  | $ | 159,873 |  | $ | 100 |  | $ | (58) |  | $ | 159,915 | ​
​ The amortized cost and fair value of the held-to-maturity securities by contractual maturity at January 25, 2020 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Cost |  | Fair Value |
Due within one year | ​ | $ | 135,302 | ​ | $ | 135,418 | ​
Due after one year through five years | ​ |  | 21,462 | ​ |  | 21,478 | ​
Total | ​ | $ | 156,764 | ​ | $ | 156,896 | ​
​ Available-For-Sale Securities ​ Variable Rate Demand Notes ​ Variable rate demand notes (“VRDNs”) are floating rate municipal instruments usually with long maturities (commonly 20 or 30 years), and carry a coupon that resets periodically. VRDNs are classified as short-term based on their highly liquid nature and because they represent the investment of cash that is available for current operations. Despite the long-term nature of their stated contractual maturities, VRDNs typically have either a one- or seven-day put option which allows investors to put the security back to the remarketing agent at par value plus accrued interest in the event the Company decides to liquidate its investment in a particular VRDN. ​ The amortized cost and fair value of the available-for-sale debt securities by contractual maturity at January 25, 2020 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Cost |  | Fair Value |
Due after 20 years | ​ | $ | 13,200 | ​ | $ | 13,200 | ​
Total | ​ | $ | 13,200 | ​ | $ | 13,200 | ​
​ Investment in Limited Partnership Fund ​ During the three months ended July 27, 2019, the Company made its initial capital contribution to a limited partnership fund focusing on highly relevant technologies and start-up companies serving defense and industrial markets. This investment does not have readily determinable fair values. The Company has elected to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. ​ The following table is a summary of the activity related to the available-for-sale investments recorded in short-term and long-term investments (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | April 30, 2019 |  | Changes in |  | ​ |  | January 25, 2020 |
​ | ​ | Carrying | ​ | Fair Value | ​ | Sales or | ​ | Carrying |
​ | ​ | Value | ​ | Reflected in Net Income | ​ | Purchases | ​ | Value |
Variable rate demand notes | ​ | $ | — | ​ | $ | — | ​ | $ | 13,200 | ​ | $ | 13,200 |
Investment in limited partnership | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,947 | ​ | ​ | 4,947 |
Total available-for-sale investments |  | $ | — |  | $ | — |  | $ | 18,147 | ​ | $ | 18,147 | ​
​ Auction Rate Securities ​ As of April 30, 2018, the balance of available-for-sale auction rate securities consisted of two investment grade auction rate municipal bonds with maturities ranging from 1 to 16 years. These investments have characteristics similar to short term investments. During the three months ended July 28, 2018, the remaining investment grade auction rate municipal bonds were redeemed at par value.

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