Investment Securities

12 Months Ended

May 28, 2022

Investments Securities [Abstract]

Investment Securities

Note 3 - Investment Securities

The following presents the Company’s investment securities as of May 28, 2022 and May 29, 2021 (in thousands):

May 28, 2022

Amortized 

Cost

Unrealized 

Gains

Unrealized

Losses

Estimated Fair

Value

Municipal bonds

$

10,136

$

—

$

32

$

10,104

Commercial paper

14,940

—

72

14,868

Corporate bonds

74,167

—

483

73,684

Certificates of deposits

1,263

—

18

1,245

US government and agency obligations

2,205

4

—

2,209

Asset backed securities

13,456

—

137

13,319

Total current investment securities

$

116,167

$

4

$

742

$

115,429

Mutual funds

$

3,826

$

—

$

74

$

3,752

Total noncurrent investment securities

$

3,826

$

—

$

74

$

3,752

May 29, 2021

Amortized

Cost

Unrealized 

Gains

Unrealized 

Losses

Estimated Fair

Value

Municipal bonds

$

16,424

$

56

$

—

$

16,480

Commercial paper

1,998

—

—

1,998

Corporate bonds

80,092

608

—

80,700

Certificates of deposits

1,077

—

1

1,076

Asset backed securities

11,914

—

10

11,904

Total current investment securities

$

111,505

$

664

$

11

$

112,158

Mutual funds

$

2,306

$

1,810

$

—

$

4,116

Total noncurrent investment securities

$

2,306

$

1,810

$

—

$

4,116

Available-for-sale

Proceeds from the sales and maturities of available-for-sale securities were $

92.7

 million, $

129.1

 million, and $

204.3

 million

during fiscal 2022, 2021, and 2020, respectively. Gross realized gains for fiscal 2022, 2021, and 2020 were $

181

 thousand, $

456

thousand, and $

278

 thousand, respectively. Gross realized losses for fiscal 2022, 2021, and 2020 were $

76

 thousand, $

19

thousand, and $

6

 thousand, respectively. There was

no

 allowance for credit losses at May 28, 2022 and May 29, 2021.

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 May 28, 2022 are as follows (in

thousands):

Estimated Fair Value

Within one year

$

58,970

1-5 years

56,459

Total

$

115,429

Noncurrent 

Proceeds from sales and maturities of noncurrent investment securities were $

4.9

 million, $

54

 thousand, and $

1.2

 million, during

fiscal 2022, 2021 and 2020, respectively. Gross realized gains on those sales and maturities during fiscal 2022 and 2021 were

$

2.2

 million and $

611

 thousand, respectively. There were

no

 realized losses for fiscal 2022, 2021, and 2020.