Investments

6 Months Ended

Oct. 27, 2012

Investments [Abstract]

Investments

 

Note 5: Investments

Our consolidated balance sheet at October 27, 2012, included $8.6 million of available-for-sale investments in other current assets and $27.0 million of available-for-sale and other investments in other long-term assets.  Available-for sale investments of $10.2 million and trading securities of $1.0 million were included in other long-term assets in our consolidated balance sheet at April 28, 2012.  At October 27, 2012, $24.8 million of these investments were to enhance returns on our cash.  The remaining investments at October 27, 2012, and our fiscal 2012 investments were designated to fund future obligations of our non-qualified defined benefit retirement plan and our executive qualified deferred compensation plan.  All unrealized gains and losses in the tables below relate to available-for-sale investments and were included in accumulated other comprehensive loss within our consolidated statement of changes in equity because none of them were considered other-than-temporary during fiscal 2013 or fiscal 2012.  If there were a decline in the fair value of an investment below its cost and the decline was considered other-than-temporary, the amount of decline below cost would be charged against earnings.

The following is a summary of investments at October 27, 2012, and April 28, 2012:

As of October 27, 2012
(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	1,993	$	(134	)	$	6,489
Fixed income		124		(10	)		27,515
Mutual funds		—		—			1,071
Other		—		—			539
Total securities	$	2,117	$	(144	)	$	35,614
As of April 28, 2012
(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	2,806	$	(83	)	$	7,237
Fixed income		102		(7	)		2,850
Mutual funds		—		—			950
Other		—		—			163
Total securities	$	2,908	$	(90	)	$	11,200

The following table summarizes sales of available-for-sale securities:

	Second Quarter Ended						Six Months Ended
(Unaudited, amounts in thousands)	10/27/12			10/29/11			10/27/12			10/29/11
Proceeds from sales	$	3,480		$	1,050		$	4,908		$	3,210
Gross realized gains		621			52			845			447
Gross realized losses		(10	)		(24	)		(36	)		(27	)

The fair value of fixed income available-for-sale securities by contractual maturity was $8.6 million within one year, $17.5 million within two to five years, $0.8 million within six to ten years and $0.6 million thereafter.