10.Investments

Short-term investments typically consist of certificates of deposit and are carried at cost, which approximates fair value. There were no short-term investments as of May 1, 2021 and January 30, 2021. Short-term investments were $110,000 as of May 2, 2020.

Investments in renewable energy projects are accounted for under the equity method of accounting. The balance of these investments was $3,247, $3,174, and $6,437 as of May 1, 2021, January 30, 2021, and May 2, 2020, respectively, and is included in other long-term assets on the consolidated balance sheets. The Company did not contribute capital or receive investment tax credits during the 13 weeks ended May 1, 2021. The Company contributed capital of $5,386 and received distributions including $1,250 of investment tax credits during the 13 weeks ended May 2, 2020.