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Investment Securities
 3 Months Ended
Aug. 27, 2016
Investment Securities [Abstract]  
Investment Securities

8.   Investment Securities



The following represents the Company’s investment securities as of August 27, 2016 and May 28, 2016 (in thousands):





 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

August 27, 2016

Amortized Cost

 

Unrealized Gains

 

Unrealized Losses

 

Estimated Fair Value

US government and agency obligations

$

 18,583 

 

$

 13 

 

$

 -

 

$

 18,596 

Municipal bonds

 

 67,806 

 

 

 243 

 

 

 -

 

 

 68,049 

Corporate bonds

 

 168,145 

 

 

 276 

 

 

 -

 

 

 168,421 

Foreign government obligations

 

 2,032 

 

 

 3 

 

 

 -

 

 

 2,035 

Asset backed securities

 

 12,099 

 

 

 2 

 

 

 -

 

 

 12,101 

Total current investment securities

$

 268,665 

 

$

 537 

 

$

 -

 

$

 269,202 



 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 1,458 

 

 

 553 

 

 

 -

 

 

 2,011 

Total noncurrent investment securities

$

 1,458 

 

$

 553 

 

$

 -

 

$

 2,011 







 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

May 28, 2016

Amortized Cost

 

Unrealized Gains

 

Unrealized Losses

 

Estimated Fair Value

US government and agency obligations

$

 18,809 

 

$

 5 

 

$

 -

 

$

 18,814 

Municipal bonds

 

 79,481 

 

 

 162 

 

 

 -

 

 

 79,643 

Corporate bonds

 

 240,593 

 

 

 -

 

 

 56 

 

 

 240,537 

Foreign government obligations

 

 2,044 

 

 

 2 

 

 

 -

 

 

 2,046 

Asset backed securities

 

 15,908 

 

 

 -

 

 

 15 

 

 

 15,893 

Mutual funds

 

 3,565 

 

 

 1 

 

 

 -

 

 

 3,566 

Total current investment securities

$

 360,400 

 

$

 170 

 

$

 71 

 

$

 360,499 



 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 1,448 

 

 

 489 

 

 

 -

 

 

 1,937 

Total noncurrent investment securities

$

 1,448 

 

$

 489 

 

$

 -

 

$

 1,937 



Proceeds from sales of available-for-sale securities were $92.8 million and $43.9 million during the thirteen weeks ended August 27, 2016 and August 29, 2015, respectively. Gross realized gains on those sales during the thirteen weeks ended August 27, 2016 and August 29, 2015 were $108,000 and $4,000, respectively.  Gross realized losses on those sales during the thirteen weeks ended August 27, 2016 and August 29, 2015 were zero and $28,000, 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, net of tax, on available-for-sale securities classified as current in the amount of $271,000 for the thirteen weeks ended August 27, 2016 compared with unrealized holding losses, net of tax, of $125,000 for the same period of fiscal 2016.  Unrealized holding gains, net of tax, on long-term available-for-sale securities of $40,000 were recorded for the thirteen weeks ended August 27, 2016 compared with unrealized holding losses, net of tax, on long-term available-for-sale securities of $55,000 for the same period of fiscal 2016.



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 August 27, 2016, are as follows (in thousands):



 

 



 

 



 

Estimated Fair Value

Within one year       

$

 133,357 

1-5 years

 

 135,845 

Total

$

 269,202