Available-For-Sale Securities - Classified As Current Assets

12 Months Ended

May 31, 2014

Available-For-Sale Securities - Classified As Current Assets [Abstract]

Available-For-Sale Securities

17.   Available-for-Sale Securities - Classified as Current Assets

Available-for-sale securities classified as current assets consisted of the following (in thousands):

	May 31, 2014
		Gains in	Losses in
		Accumulated	Accumulated	Estimated
	Amortized	Other	Other	Fair
	Cost	Comprehensive	Comprehensive	Value
		Income	Income
State municipal bonds	$              75,659	$                   188	$                       -	$              75,847
US government obligations	4,056	5	-	4,061
Corporate bonds	102,587	98	-	102,685
Commercial paper	3,927	3	-	3,930
Certificates of deposit	350	1	-	351
Variable rate demand notes	2,000	-	-	2,000
Government agency bonds	4,791	7	-	4,798
Foreign government obligations	1,064	2	-	1,066
Total current available-for-sale securities	$            194,434	$                   304	$                       -	$            194,738
Mutual funds*	999	452	-	1,451
Total noncurrent available-for-sale securities	$                   999	$                   452	$                       -	$                1,451

*The mutual funds are classified as long term and are a part of “other investments” in the Consolidated Balance Sheet.

	June 1, 2013
		Gains in	Losses in
		Accumulated	Accumulated	Estimated
	Amortized	Other	Other	Fair
	Cost	Comprehensive	Comprehensive	Value
		Income	Income
State municipal bonds	$ 61,124	$                    71	$                      -	$             61,195
US government obligations	12,378	-	1	12,377
Corporate bonds	64,406	-	23	64,383
Certificates of deposit	12,280	5	-	12,285
Government agency bonds	7,659	5	-	7,664
Total current available-for-sale securities	$           157,847	$                    81	$                    24	$           157,904
Mutual funds*	721	305	-	1,026
Total noncurrent available-for-sale securities	$                  721	$                  305	$                      -	$               1,026

*The mutual funds are classified as long term and are a part of “other investments”in the Consolidated Balance Sheet.

Proceeds from the sales of available-for-sale securities were $108.1 million, $188.1 million, and $115.8 million during fiscal 2014, 2013, and 2012, respectively. Gross realized gains on those sales during fiscal 2014, 2013, and 2012 were $8,000, $24,000, and $24,000, respectively. Gross realized losses on those sales during fiscal 2014, 2013, and 2012 were $2,000, $676,000, and $825,000, respectively. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method. Unrealized holding gains (losses) net of tax on available-for-sale securities classified as current in the amount of $149,000, $256,000, and $98,000 for the years ended May 31, 2014, June 1, 2013, and June 2, 2012, respectively, have been included in accumulated other comprehensive income (loss).  Unrealized holding gains net of tax on long term available-for-sale securities in the amount of $90,000 and $186,000 for the years ended May 31, 2014 and June 1, 2013 have been included in other comprehensive income (loss).

Contractual maturities of available-for-sale debt securities at May 31, 2014, are as follows (in thousands):

	Estimated Fair Value
Within one year	$                   88,944
After 1-5 years	105,794
After 5-10 years	-
	$                 194,738

Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties.