Available-For-Sale Securities

3 Months Ended

Aug. 30, 2014

Available-For-Sale Securities [Abstract]

Available-For-Sale Securities

9.   Available-for-Sale Securities

The following represents the Company’s available-for-sale securities as of August 30, 2014 and May 31, 2014 (in thousands):

	August 30, 2014
	Amortized Cost		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income		Estimated Fair Value
State municipal bonds	$	73,363	$	201	$	-	$	73,564
US government obligations		3,755		2		-		3,757
Corporate bonds		107,327		1		-		107,328
Commercial paper		3,246		-		-		3,246
Certificates of deposit		250		-		-		250
Foreign government obligations		1,059		1		-		1,060
Government agency bonds		4,218		4		-		4,222
Variable rate demand notes		3,000		-		-		3,000
Total available-for-sale securities	$	196,218	$	209	$	-	$	196,427
Mutual Funds*		952		529		-		1,481
Total noncurrent available-for-sale securities	$	952	$	529	$	-	$	1,481

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

	May 31, 2014
	Amortized Cost		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income		Estimated Fair Value
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
Foreign government obligations		1,064		2		-		1,066
Government agency bonds		4,791		7		-		4,798
Variable rate demand notes		2,000		-		-		2,000
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 Condensed Consolidated Balance Sheet.

Proceeds from the sales of available-for-sale securities were $41.9 millionand $29.2 million during the thirteen weeks endedAugust 30, 2014 and August 31, 2013, respectively. Gross realized gains on those sales during the thirteen weeks endedAugust 30, 2014 and August 31, 2013 were $34,000 and zero, respectively.  Gross realized losses on those sales during the thirteen weeks endedAugust 30, 2014 and August 31, 2013 were $4,000 and $2,000, respectively. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method. Unrealized holding losses net of tax on available-for-sale securities were $10,000 and $46,000 for the thirteen weeks endedAugust 30, 2014 and August 31, 2013, respectively.  The unrealized holding gains net of tax have been included in accumulated other comprehensive income.

Contractual maturities of available-for-sale debt securities at August 30, 2014, are as follows (in thousands):

		Estimated Fair Value
Within one year	$	78,014
After 1-5 years		118,413
After 5-10 years		-
Total	$	196,427

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.