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Investment Securities
 3 Months Ended
Sep. 02, 2017
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
Investment Securities

The following represents the Company’s investment securities as of September 2, 2017 and June 3, 2017 (in thousands):
September 2, 2017
 
Amortized Cost
 
Unrealized Gains
 
Unrealized Losses
 
Estimated Fair Value
US government and agency obligations
 
$
20,906

 
$
—

 
$
34

 
$
20,872

Municipal bonds
 
29,069

 
31

 
—

 
29,100

Corporate bonds
 
53,948

 
28

 
—

 
53,976

Asset backed securities
 
3,081

 
—

 
1

 
3,080

Total current investment securities
 
$
107,004

 
$
59

 
$
35

 
$
107,028

 
 
 

 
 

 
 

 
 

Mutual funds
 
$
1,717

 
$
792

 
$
—

 
$
2,509

Total noncurrent investment securities
 
$
1,717

 
$
792

 
$
—

 
$
2,509

June 3, 2017
 
Amortized Cost
 
Unrealized Gains
 
Unrealized Losses
 
Estimated Fair Value
US government and agency obligations
 
$
20,259

 
$
—

 
$
43

 
$
20,216

Municipal bonds
 
36,839

 
34

 
—

 
36,873

Corporate bonds
 
75,769

 
21

 
—

 
75,790

Asset backed securities
 
5,583

 
—

 
—

 
5,583

Total current investment securities
 
$
138,450

 
$
55

 
$
43

 
$
138,462

 
 
 

 
 

 
 

 
 

Mutual funds
 
$
1,706

 
$
753

 
$
—

 
$
2,459

Total noncurrent investment securities
 
$
1,706

 
$
753

 
$
—

 
$
2,459



Proceeds from sales of available-for-sale securities were $34.1 million and $92.8 million during the thirteen weeks ended September 2, 2017 and August 27, 2016, respectively. Gross realized gains during the thirteen weeks ended ended September 2, 2017 and August 27, 2016 were $16,000 and $231,000, respectively.  Gross realized losses during the thirteen weeks ended September 2, 2017 and August 27, 2016 were zero 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 gains and (losses), net of taxes, for the thirteen weeks ended September 2, 2017 and August 27, 2016 were as follows (in thousands):
 
 
13 Weeks Ended
 
 
September 2, 2017
 
August 27, 2016
Current investments
 
$
8

 
$
271

Noncurrent investments
 
24

 
40

Total unrealized holding gains
 
$
32

 
$
311



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 September 2, 2017, are as follows (in thousands):
 
 
Estimated Fair Value
Within one year       
 
$
73,204

1-5 years
 
33,824

Total
 
$
107,028