Investments

12 Months Ended

Apr. 27, 2024

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. We also hold investments of two privately-held companies consisting of non-marketable preferred shares, warrants to purchase common shares, and convertible notes. In the fourth quarter of fiscal 2023, we recognized an impairment of $10.3 million, consisting of $7.6 million in cost-basis investments and $2.7 million in convertible notes, which in total represented 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.

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.

The following summarizes our investments:


(Amounts in thousands)	4/27/2024		4/29/2023
Short-term investments:
Marketable securities	$	5,553	$	5,043
Held-to-maturity investments	1,259		1,351
Total short-term investments	6,812		6,394
Long-term investments:
Marketable securities	12,690		18,509


Total investments	$	19,502	$	24,903

Investments to enhance returns on cash	$	6,754	$	11,617
Investments to fund compensation/retirement plans	12,748		13,286

Total investments	$	19,502	$	24,903

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


	4/27/2024						4/29/2023
(Amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Equity securities	$	476	$	—	$	3,728	$	1,338	$	(103)	$	6,853
Fixed income	15		(72)		12,015		42		(620)		14,039
Other	707		(14)		3,759		1,171		—		4,011
Total securities	$	1,198	$	(86)	$	19,502	$	2,551	$	(723)	$	24,903

The following table summarizes sales of marketable securities:


	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(53 weeks)
(Amounts in thousands)	4/27/2024		4/29/2023		4/30/2022
Proceeds from sales	$	23,328	$	24,483	$	35,116
Gross realized gains	1,967		94		879
Gross realized losses	(768)		(242)		(402)

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)	4/27/2024
Within one year	$	5,495



Securities not due at a single maturity date	6,520
Total	$	12,015