Fair Value Measurements (Tables)

9 Months Ended

Feb. 25, 2017

Schedule Of Fair Value And Carrying Value Of Borrowings Under Long-Term Debt

The fair value and carrying value of the Company’s borrowings under its long-term debt were as follows (in thousands):



	February 25, 2017				May 28, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
5.4% – 6.4% Notes payable	$	20,980	$	21,028	$	25,570	$	25,824
4.9% – 5.97% Capital leases payable	1,771		1,589		—		—
	$	22,751	$	22,617	$	25,570	$	25,824

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

In accordance with the fair value hierarchy described above, the following table shows the fair value of financial assets and liabilities measured at fair value on a recurring basis as of February 25, 2017 and May 28, 2016 (in thousands):

໿



						Total
February 25, 2017	Level 1		Level 2		Level 3	Balance
Assets
US government and agency obligations	—		$	17,062	—	$	17,062
Municipal bonds	—		47,011		—	47,011
Corporate bonds	—		85,752		—	85,752
Foreign government obligations	—		2,008		—	2,008
Asset backed securities	—		5,837		—	5,837
Mutual funds	2,487		—		—	2,487
Total assets measured at fair value	$	2,487	$	157,670	—	$	160,157

໿



							Total
May 28, 2016	Level 1		Level 2		Level 3		Balance
Assets
US government and agency obligations	$	—	$	18,814	$	—	$	18,814
Municipal bonds	—		79,643		—		79,643
Corporate bonds	—		240,537		—		240,537
Foreign government obligations	—		2,046		—		2,046
Asset backed securities	—		15,893		—		15,893
Mutual funds	5,503		—		—		5,503
Total assets measured at fair value	$	5,503	$	356,933	$	—	$	362,436