Marketable Securities

12 Months Ended

Apr. 28, 2018

Note 3. 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 ASC 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 on the balance sheet. As it relates to fixed income marketable securities, it is not likely we will be required to sell any of these investments before recovery of the entire amortized cost basis. In addition, as of April 28, 2018, we anticipate we will recover the entire amortized cost basis of such fixed income securities, and we have determined no other-than-temporary impairments associated with credit losses were required to be recognized. 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 traded in the market to estimate fair value.

As of April 28, 2018 and April 29, 2017, our available-for-sale securities consisted of the following:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Balance as of April 28, 2018:
Certificates of deposit	$	8,669	$	—	$	—		$	8,669
U.S. Government securities	999		—		(7		)	992
U.S. Government sponsored entities	20,072		—		(123		)	19,949
Municipal bonds	4,936		—		(24		)	4,912
	$	34,676	$	—	$	(154	)	$	34,522
Balance as of April 29, 2017:
Certificates of deposit	$	12,487	$	—	$	—		$	12,487
U.S. Government securities	400		—		—			400
U.S. Government sponsored entities	12,260		—		(22		)	12,238
Municipal bonds	7,574		14		—			7,588
	$	32,721	$	14	$	(22	)	$	32,713

Realized gains or losses on investments are recorded in our consolidated statements of operations as Other (expense) income, 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 into earnings based on the specific identification method. In the fiscal years ended April 28, 2018 and April 29, 2017, the reclassifications from accumulated other comprehensive loss to net earnings were immaterial.

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 April 28, 2018 were as follows:



	Less than 12 months		1-5 Years		Total
Certificates of deposit	$	5,205	$	3,464	$	8,669
U.S. Government securities	—		992		992
U.S. Government sponsored entities	11,355		8,594		19,949
Municipal bonds	3,248		1,664		4,912
	$	19,808	$	14,714	$	34,522