Investments

6 Months Ended

Oct. 26, 2013

Investments [Abstract]

Investments

Note 4:  Investments

Our consolidated balance sheet at October 26, 2013, included $9.6 million of available-for-sale investments and $1.4 million of trading securities in other current assets and $35.1 million of available-for-sale investments in other long-term assets.  Available-for-sale investments of $10.8 million and trading securities of $1.1 million were included in other current assets and available-for-sale investments of $29.2 million were included in other long-term assets in our consolidated balance sheet at April 27, 2013.  At October 26, 2013, and April 27, 2013, $30.1 million and $29.9 million, respectively, of these investments were to enhance returns on our cash.  The remaining investments were designated to fund future obligations of our non-qualified defined benefit retirement plan and our executive deferred compensation plan.  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 26, 2013, and April 27, 2013:

As of October 26, 2013
(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	1,303	$	(67	)	$	8,975
Fixed income		155		(35	)		35,396
Mutual funds		—		—			1,439
Other		1		(8	)		293
Total securities	$	1,459	$	(110	)	$	46,103

As of April 27, 2013
(Unaudited, amounts in thousands)	Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Equity securities	$	296	$	(152	)	$	6,668
Fixed income		159		(1	)		33,076
Mutual funds		—		—			1,126
Other		1		(3	)		220
Total securities	$	456	$	(156	)	$	41,090

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

	Second Quarter Ended						Six Months Ended
(Unaudited, amounts in thousands)	10/26/13			10/27/12			10/26/13			10/27/12
Proceeds from sales	$	9,636		$	3,480		$	18,196		$	4,908
Gross realized gains		32			621			45			845
Gross realized losses		(29	)		(10	)		(65	)		(36	)

The fair value of fixed income available-for-sale securities by contractual maturity was $9.6 million within one year, $23.5 million within two to five years, $1.8 million within six to ten years and $0.5 million thereafter.