Investment Securities

12 Months Ended

Jun. 01, 2019

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

Investment securities consisted of the following (in thousands):

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	June 1, 2019
			Gains in		Losses in
			Accumulated		Accumulated
			Other		Other		Estimated
	Amortized		Comprehensive		Comprehensive		Fair
	Cost		Income		Income		Value
US government and agency obligations	$	30,896	$	78	$	—	$	30,974
Municipal bonds	50,220		133		—		50,353
Certificates of deposit	6,149		—		1		6,148
Commercial paper	9,953		—		8		9,945
Corporate bonds	147,068		94		—		147,162
Variable rate demand notes	—		—		—		—
Asset backed securities	5,589		10		—		5,599
Total current investment securities	$	249,875	$	315	$	9	$	250,181
Mutual funds	2,331		1,026		—		3,357
Total noncurrent investment securities	$	2,331	$	1,026	—		$	3,357

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	June 2, 2018
			Gains in		Losses in
			Accumulated		Accumulated
			Other		Other		Estimated
	Amortized		Comprehensive		Comprehensive		Fair
	Cost		Income		Income		Value
US government and agency obligations	$	23,991	$	—	$	174	$	23,817
Municipal bonds	20,697		—		31		20,666
Certificates of deposit	2,510		—		3		2,507
Commercial paper	17,926		—		6		17,920
Corporate bonds	215,273		—		1,190		214,083
Variable rate demand notes	600		—		—		600
Asset backed securities	3,010		—		17		2,993
Total current investment securities	$	284,007	$	—	$	1,421	$	282,586
Mutual funds	2,037		1,034		—		3,071
Total noncurrent investment securities	$	2,037	$	1,034	—		$	3,071

Proceeds from the sales and maturities of available-for-sale securities were $209.8 million, $127.7 million, and $248.2 million during fiscal 2019, 2018, and 2017, respectively. Gross realized gains on those sales and maturities during fiscal 2019,  2018, and 2017 were $13,000, $25,000, and $231,000, respectively. Gross realized losses on those sales and maturities during fiscal 2019,  2018,  and 2017 were $36,000, $83,000, and $7,000, 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 fiscal 2019, 2018, and 2017 were as follows (in thousands):

	June 1, 2019			June 2, 2018			June 3, 2017
Current Investments	$	1,307		$	(1,083	)	$	(54	)
Noncurrent Investments	(7		)	316			164
Total unrealized holding gains (losses)	$	1,300		$	(767	)	$	110

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 of investment securities at June 1, 2019, are as follows (in thousands):

	Estimated Fair Value
Within one year	$	135,941
1-3 years	114,240
	$	250,181

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