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Investment Securities
3 Months Ended
Aug. 27, 2022
Investments Securities [Abstract]  
Investment Securities
Note 2 - Investment
Securities
The following represents the Company’s
 
investment securities as of August 27, 2022 and May 28, 2022 (in
 
thousands):
August 27, 2022
Amortized
Cost
Unrealized
 
Gains
Unrealized
Losses
Estimated
 
Fair Value
Municipal bonds
$
15,032
$
$
155
$
14,877
Commercial paper
15,936
53
15,883
Corporate bonds
81,711
1,237
80,474
Certificates of deposits
3,263
48
3,215
US government and agency obligations
8,190
87
8,103
Asset backed securities
15,620
227
15,393
Treasury bills
7,870
31
7,839
Total current
 
investment securities
$
147,622
$
$
1,838
$
145,784
Mutual funds
$
3,467
$
$
130
$
3,337
Total noncurrent
 
investment securities
$
3,467
$
$
130
$
3,337
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
Available-for-sale
Proceeds from
 
sales and
 
maturities of
 
investment securities
 
available-for-sale
 
were $
20.3
 
million and
 
$
39.4
 
million during
 
the
thirteen
 
weeks
 
ended August
 
27,
 
2022
 
and
 
August
 
28,
 
2021,
 
respectively.
 
Gross
 
realized
 
gains
 
for
 
the
 
thirteen
 
weeks
 
ended
August 27, 2022
 
and August 28,
 
2021 were $
2
 
thousand and $
127
 
thousand, respectively.
 
Gross realized
 
losses for the thirteen
weeks
 
ended
 
August
 
27,
 
2022
 
and
 
August
 
28,
 
2021
 
were
 
$
27
 
thousand
 
and
 
$
60
 
thousand,
 
respectively.
 
There
 
were
no
allowances
 
for credit losses at August 27, 2022 and May 28, 2022.
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
 
27, 2022 are as follows (in thousands):
Estimated Fair Value
Within one year
$
64,148
1-5 years
81,636
Total
$
145,784
Noncurrent
 
There were
no
 
sales of noncurrent
 
investment securities during
 
the thirteen weeks
 
ended August 27,
 
2022. Proceeds from
 
sales
and maturities of noncurrent
 
investment securities were $
385
 
thousand during the thirteen
 
weeks ended August 28, 2021.
 
Gross
realized gains for
 
the thirteen weeks
 
ended August 28, 2021
 
were $
130
 
thousand. There were
no
 
realized losses for
 
the thirteen
weeks ended August 28, 2021.