Investments

12 Months Ended

Apr. 25, 2020

Investments, Debt and Equity Securities [Abstract]

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 2020, we recognized an 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 expense, net on the consolidated statement of income. Refer to Note 20, Fair Value Measurements for further information.

The following summarizes our investments:



(Amounts in thousands)	4/25/20		4/27/19
Short-term investments:
Marketable securities	$	18,634	$	18,016
Held-to-maturity investments	3,337		3,341
Total short-term investments	21,971		21,357
Long-term investments:
Marketable securities	19,572		24,085
Cost basis investments	6,479		11,979
Total long-term investments	26,051		36,064
Total investments	$	48,022	$	57,421

Investments to enhance returns on cash	$	28,622	$	31,470
Investments to fund compensation/retirement plans	12,921		13,972
Other investments	6,479		11,979
Total investments	$	48,022	$	57,421

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



	4/25/20							4/27/19
(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	1,011	$	(6,390	)	$	12,692	$	1,841	$	—		$	19,535
Fixed income	268		(56		)	30,213		75		(111		)	33,217
Other	372		—			5,117		258		(13		)	4,669
Total securities	$	1,651	$	(6,446	)	$	48,022	$	2,174	$	(124	)	$	57,421

The following table summarizes sales of marketable securities:



	(52 weeks)			(52 weeks)			(52 weeks)
(Amounts in thousands)	4/25/20			4/27/19			4/28/18
Proceeds from sales	$	36,443		$	20,944		$	22,674
Gross realized gains	852			1,152			1,302
Gross realized losses	(159		)	(496		)	(532		)

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



(Amounts in thousands)	4/25/20
Within one year	$	18,684
Within two to five years	8,070
Within six to ten years	1,256
Thereafter	2,203
Total	$	30,213