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Marketable Securities
 9 Months Ended
Jan. 26, 2019
Marketable Securities [Abstract]  
Marketable Securities
Note 6. 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 condensed consolidated balance sheets.  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 January 26, 2019, 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 January 26, 2019 and April 28, 2018, our available-for-sale securities consisted of the following:
 
Amortized Cost
 
Unrealized Losses
 
Fair Value
Balance as of January 26, 2019
 
 
 
 
 
Certificates of deposit
$
3,959

 
$
—

 
$
3,959

U.S. Government securities
15,493

 
(11
)
 
15,482

U.S. Government sponsored entities
14,929

 
(65
)
 
14,864

Municipal bonds
3,297

 
(6
)
 
3,291

 
$
37,678

 
$
(82
)
 
$
37,596

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



Realized gains or losses on investments are recorded in our condensed 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 nine months ended January 26, 2019 and January 27, 2018, 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 January 26, 2019 were as follows:
 
Less than 12 months
 
1-5 Years
 
Total
Certificates of deposit
$
1,985

 
$
1,974

 
$
3,959

U.S. Government securities
14,488

 
994

 
15,482

U.S. Government sponsored entities
11,646

 
3,218

 
14,864

Municipal bonds
3,134

 
157

 
3,291

 
$
31,253

 
$
6,343

 
$
37,596