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Marketable Securities
 6 Months Ended
Oct. 27, 2012
Marketable Securities [Abstract]  
Marketable Securities
Marketable Securities

We have a cash management program which provides for the investment of cash balances not used in current operations.  We classify our investments in marketable securities as available-for-sale in accordance with the provisions of ASU 320, Investments – Debt and Equity Securities.  Marketable securities classified as available-for-sale are reported at fair value with unrealized gains or losses, net of tax, reported in accumulated other comprehensive (loss) income.  As it relates to fixed income marketable securities we do not intend to sell any of these investments and it is not more likely than not that we will be required to sell any of these investments before recovery of the entire amortized cost basis. The cost of securities sold is based on the specific identification method. Where quoted market prices are not available, we use the market price of similar types of securities that are traded in the market to estimate fair value.  

As of October 27, 2012 and April 28, 2012, our available-for-sale securities consisted of the following:
 
Amortized Cost
 
Unrealized Gains
 
Unrealized Losses
 
Fair Value
Balance as of October 27, 2012:
 
 
 
 
 
 
 
Certificates of deposit
$
7,403

 
$
2

 
$
—

 
$
7,405

U.S. Government securities
5,998

 
30

 
—

 
6,028

U.S. Government sponsored entities
4,701

 
1

 
—

 
4,702

Municipal obligations
7,817

 
17

 
—

 
7,834

 
$
25,919

 
$
50

 
$
—

 
$
25,969

Balance as of April 28, 2012:
 

 
 

 
 

 
 

Certificates of deposit
$
7,657

 
$
—

 
$
—

 
$
7,657

U.S. Government securities
7,507

 
49

 
—

 
7,556

U.S. Government sponsored entities
4,503

 
2

 
—

 
4,505

Municipal obligations
5,517

 
23

 
—

 
5,540

 
$
25,184

 
$
74

 
$
—

 
$
25,258



Realized gains or losses on investments are recorded in our consolidated statements of operations within other expense, net. Upon the sale of a security classified as available-for-sale, the security’s specific unrealized gain (loss) is reclassified out of "accumulated other comprehensive (loss) income” into earnings based on the specific identification method. In the six months ended October 27, 2012 and October 29, 2011, the reclassifications from accumulated other comprehensive (loss) income to net assets were immaterial. Realized gains and losses on sales and maturities of investments were immaterial in the six months ended October 27, 2012 and October 29, 2011.

All available-for-sale securities are classified as current assets, as they are readily available to support our current operating needs. The contractual maturities of available-for-sale debt securities as of October 27, 2012 were as follows:
 
Less than 12 months
 
Greater than 12 months
 
Total
Certificates of deposit
$
4,691

 
$
2,714

 
$
7,405

U.S. Government securities
3,004

 
3,024

 
6,028

U.S. Government sponsored entities
—

 
4,702

 
4,702

Municipal obligations
2,696

 
5,138

 
7,834

 
$
10,391

 
$
15,578

 
$
25,969