Investments

12 Months Ended

Jan. 26, 2020

Investments [Abstract]

Investments

Available-for-sale securities

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

	January 26, 2020						January 27, 2019
(in thousands)	Market Value		Adjusted Cost		Gross Unrealized Gain		Market Value		Adjusted Cost		Gross Unrealized Gain
Convertible debt	$	10,700	$	7,544	$	3,156	$	3,105	$	3,105	$	—
Total available-for-sale securities	$	10,700	$	7,544	$	3,156	$	3,105	$	3,105	$	—

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

	January 26, 2020
(in thousands)	Market Value		Adjusted Cost
Within 1 year	$	10,200	$	7,044
After 1 year through 5 years	500		500
Total available-for-sale securities	$	10,700	$	7,544

The Company's available-for-sale ("AFS") securities consist of investments in convertible debt instruments issued by privately-held companies. The AFS investments 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 AFS investments during the fiscal year ended January 26, 2020 included a $3.2 million convertible note that has a maturity date of December 15, 2020 and an interest rate of 12%.

The Company records its investments in AFS securities at fair market value, which also reflects expected credit losses. During fiscal year 2020, the gross unrealized gain primarily reflects an increase in fair market value on two of our AFS securities based on Level 3 inputs. In addition, the cost of an AFS security was reduced by $0.7 million, reflecting a decrease in fair market value driven by an increase in expected credit losses.