Available-For-Sale Securities

9 Months Ended

Feb. 28, 2015

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 February 28, 2015 and May 31, 2014:

	February 28, 2015
(Amounts in thousands)	Amortized Cost		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income		Estimated Fair Value
State municipal bonds	$	78,433	$	169	$	-	$	78,602
US government obligations		4,454		5		-		4,459
Corporate bonds		119,970		-		84		119,886
Commercial paper		6,992		-		-		6,992
Foreign government obligations		1,048		-		-		1,048
Government agency bonds		4,633		4		-		4,637
Asset Backed Securities		9,182		-		2		9,180
Total available-for-sale securities	$	224,712	$	178	$	86	$	224,804
Mutual Funds*		1,190		546		-		1,736
Total noncurrent available-for-sale securities	$	1,190	$	546	$	-	$	1,736

*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 $109.5 millionand $91.4 million during the thirty-nine weeks endedFebruary 28, 2015 and March 1, 2014, respectively. Gross realized gains on those sales during the thirty-nine weeks endedFebruary 28, 2015 and March 1, 2014 were $68,000 and $7,000, respectively.  Gross realized losses on those sales during the thirty-nine weeks endedFebruary 28, 2015 and March 1, 2014 were $6,000 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 $70,000 for the thirty-nine weeks ended February 28, 2015, compared to unrealized holding gains of $199,000 for the thirty-nine weeks ended March 1, 2014. 

Unrealized holding gains, net of tax, of $390,000 and $460,000 are included in Accumulated Other Comprehensive Income, as of February 28, 2015 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 February 28, 2015, are as follows (in thousands):

		Estimated Fair Value
Within one year	$	115,120
After 1-5 years		109,684
After 5-10 years		-
Total	$	224,804