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Investment Securities
 3 Months Ended
Aug. 29, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The following represents the Company’s investment securities as of August 29, 2020 and May 30, 2020 (in thousands):
August 29, 2020Amortized CostUnrealized GainsUnrealized LossesEstimated Fair Value
Municipal bonds$16,255 $131 $— $16,386 
Commercial paper7,735 2 — 7,737 
Corporate bonds121,037 1,704 — 122,741 
Certificates of deposits1,002 1 — 1,003 
Asset backed securities2,636 21 — 2,657 
Total current investment securities$148,665 $1,859 $— $150,524 
Mutual funds$2,019 $1,229 $— $3,248 
Total noncurrent investment securities$2,019 $1,229 $— $3,248 

May 30, 2020Amortized CostUnrealized GainsUnrealized LossesEstimated Fair Value
Municipal bonds$16,093 $86 $— $16,179 
Commercial paper6,965 17 — 6,982 
Corporate bonds125,594 1,274 — 126,868 
Certificates of deposits1,492 — — 1,492 
Asset backed securities2,629 13 — 2,642 
Total current investment securities$152,773 $1,390 $— $154,163 
Mutual funds$2,005 $744 $— $2,749 
Total noncurrent investment securities$2,005 $744 $— $2,749 

Available-for-sale
Proceeds from sales and maturities of investment securities available-for-sale were $28.2 million and $68.9 million during the thirteen weeks ended August 29, 2020 and August 31, 2019, respectively. Gross realized gains for the thirteen weeks ended August 29, 2020 and August 31, 2019 were $28,000 and $9,000, respectively.  There were no gross realized losses for the thirteen weeks ended August 29, 2020 and August 31, 2019. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method.

Actual maturities may differ from contractual maturities as some borrowers have the right to call or prepay obligations with or without penalties.  Contractual maturities of current investments at August 29, 2020 are as follows (in thousands):
Estimated Fair Value
Within one year$79,533 
1-5 years70,991 
Total$150,524 

Noncurrent
The mutual funds are classified as “Other long-term assets” in the Company’s Condensed Consolidated Balance Sheets. Gains and losses are recognized in Other income (expenses) as Other, net in the Condensed Consolidated Statements of Operations.

There were no sales of noncurrent investment securities during the thirteen weeks ended August 29, 2020. Proceeds from sales and maturities of noncurrent investment securities were $1.0 million during the thirteen weeks ended August 31, 2019. Gross realized gains for the thirteen weeks ended August 31, 2019 were $549,000.  There were no realized losses for the thirteen weeks ended August 29, 2020 and August 31, 2019. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method.