Investments

9 Months Ended

Oct. 27, 2019

Investments [Abstract]

Investments

Investments

The following table summarizes the values of the Company’s available-for-sale securities:

	October 27, 2019						January 27, 2019
(in thousands)	Market Value		Adjusted Cost		Gross Unrealized Gain		Market Value		Adjusted Cost		Gross Unrealized Gain
Convertible debt	$	7,847	$	7,652	$	195	$	3,105	$	3,105	$	—
Total available-for-sale securities	$	7,847	$	7,652	$	195	$	3,105	$	3,105	$	—

The following table summarizes the maturities of the Company’s available-for-sale securities:

	October 27, 2019				January 27, 2019
(in thousands)	Market Value		Adjusted Cost		Market Value		Adjusted Cost
Within 1 year	$	2,027	$	1,993	$	3,105	$	3,105
After 1 year through 5 years	5,820		5,659		—		—
Total available-for-sale securities	$	7,847	$	7,652	$	3,105	$	3,105

The Company's available-for-sale securities consist of investments in convertible debt instruments issued by privately-held companies. The available-for-sale securities with maturities within one year were included in "Other current assets" and with maturities greater than one year were included in "Other assets" in the Balance Sheets. Additions to the Company's investments in available-for-sale securities during the nine months ended October 27, 2019 included a $3.2 million convertible note that has a maturity date of December 15, 2020 and an interest rate of 12%.

During the third quarter of fiscal year 2019, the Company reduced its expectation of Multiphy Ltd.'s future operating performance due to new information that became available during the quarter. The Company concluded that the competitive landscape had evolved and that product release and broad market adoption of 400G PAM4 digital signal processing (DSP) technology was delayed. As a result of these indicators of impairment, the Company tested the investment for an other-than-temporary impairment using a discounted cash flow model. The results of its analysis indicated that the investment was other than temporarily impaired by $30.0 million, representing the entire carrying value of the investment.