Available-For-Sale Securities

6 Months Ended

Nov. 29, 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 November 29, 2014 and May 31, 2014:

	November 29, 2014
(Amounts in thousands)	Amortized Cost		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income		Estimated Fair Value
State municipal bonds	$	74,779	$	175	$	-	$	74,954
US government obligations		3,755		10		-		3,765
Corporate bonds		103,641		-		19		103,622
Commercial paper		2,496		1		-		2,497
Foreign government obligations		1,053		2		-		1,055
Government agency bonds		4,638		3		-		4,641
Variable rate demand notes		1,000		-		-		1,000
Total available-for-sale securities	$	191,362	$	191	$	19	$	191,534
Mutual Funds*		942		508		-		1,450
Total noncurrent available-for-sale securities	$	942	$	508	$	-	$	1,450

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

	May 31, 2014
(Amounts in thousands)	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 $72.2 millionand $52.4 million during the twenty-six weeks endedNovember 29, 2014 and November 30, 2013, respectively. Gross realized gains on those sales during the twenty-six weeks endedNovember 29, 2014 and November 30, 2013 were $60,000 and $4,000, respectively.  Gross realized losses on those sales during the twenty-six weeks endedNovember 29, 2014 and November 30, 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 reflected in Other Comprehensive Loss, net of tax, on available-for-sale securities were $45,000 for the twenty-six weeks endedNovember 29, 2014, compared to unrealized holding gains of$139,000for the twenty-six weeks endedNovember 30, 2013. 

Unrealized holding gains, net of tax, of $516,000 and $561,000 are included in Accumulated Other Comprehensive Income, as of November 29, 2014 and May 31, 2014, respectively.

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.Contractual maturities at November 29, 2014, are as follows (in thousands):

		Estimated Fair Value
Within one year	$	86,948
After 1-5 years		104,586
After 5-10 years		-
Total	$	191,534