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Investment Securities
 9 Months Ended
Feb. 27, 2016
Investment Securities [Abstract]  
Investment Securities

8.   Investment Securities

 

The following represents the Company’s investment securities as of February 27, 2016 and May 30, 2015 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

February 27, 2016

Amortized Cost

 

Unrealized Gains

 

Unrealized Losses

 

Estimated Fair Value

US government and agency obligations

$

 10,989 

 

$

 2 

 

$

 -

 

$

 10,991 

Municipal bonds

 

 79,951 

 

 

 226 

 

 

 -

 

 

 80,177 

Commercial paper

 

 2,992 

 

 

 -

 

 

 3 

 

 

 2,989 

Corporate bonds

 

 267,802 

 

 

 -

 

 

 1,327 

 

 

 266,475 

Foreign government obligations

 

 2,056 

 

 

 -

 

 

 -

 

 

 2,056 

Asset backed securities

 

 12,687 

 

 

 -

 

 

 1 

 

 

 12,686 

Mutual funds

 

 3,561 

 

 

 -

 

 

 25 

 

 

 3,536 

Total current investment securities

$

 380,038 

 

$

 228 

 

$

 1,356 

 

$

 378,910 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 1,493 

 

 

 386 

 

 

 -

 

 

 1,879 

Total noncurrent investment securities

$

 1,493 

 

$

 386 

 

$

 -

 

$

 1,879 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May 30, 2015

Amortized Cost

 

Unrealized Gains

 

Unrealized Losses

 

Estimated Fair Value

US government and agency obligations

$

 9,609 

 

$

 21 

 

$

 -

 

$

 9,630 

Municipal bonds

 

 76,228 

 

 

 83 

 

 

 -

 

 

 76,311 

Certificates of deposit

 

 2,001 

 

 

 1 

 

 

 -

 

 

 2,002 

Commercial paper

 

 7,491 

 

 

 5 

 

 

 -

 

 

 7,496 

Corporate bonds

 

 136,411 

 

 

 -

 

 

 47 

 

 

 136,364 

Foreign government obligations

 

 1,042 

 

 

 3 

 

 

 -

 

 

 1,045 

Asset backed securities

 

 14,356 

 

 

 -

 

 

 4 

 

 

 14,352 

Mutual funds

 

 2,758 

 

 

 3 

 

 

 -

 

 

 2,761 

Total current investment securities

$

 249,896 

 

$

 116 

 

$

 51 

 

$

 249,961 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 1,199 

 

 

 548 

 

 

 -

 

 

 1,747 

Total noncurrent investment securities

$

 1,199 

 

$

 548 

 

$

 -

 

$

 1,747 

 

Proceeds from sales of available-for-sale securities were $221.9 million and $109.5 million during the thirty-nine weeks ended February 27, 2016 and February 28, 2015, respectively. Gross realized gains on those sales during the thirty-nine weeks ended February 27, 2016 and February 28, 2015 were $100,000 and $68,000, respectively.  Gross realized losses on those sales during the thirty-nine weeks ended February 27, 2016 and February 28, 2015 were $102,000 and $6,000, 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 classified as current in the amount of $740,000 and $128,000 were recorded in other comprehensive income (loss) for the thirty-nine weeks ended February 27, 2016 and February 28, 2015, respectively.  Unrealized holding gains (losses), net of tax, on long-term available-for-sale securities of $(94,000) and $58,000 were recorded in other comprehensive income (loss) for the thirty-nine weeks ended February 27, 2016 and February 28, 2015, 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 27, 2016, are as follows (in thousands):

 

 

 

 

 

 

 

 

Estimated Fair Value

Within one year       

$

 206,189 

1-5 years

 

 169,185 

Total

$

 375,374