Investment Securities

6 Months Ended

Nov. 26, 2022

Investments Securities [Abstract]

Investment Securities

Note 2 - Investment

Securities

The following represents the Company’s investment securities as of November 26, 2022 and May 28, 2022 (in thousands):

November 26, 2022

Amortized

Cost

Unrealized 

Gains

Unrealized

Losses

Estimated 

Fair Value

Municipal bonds

$

15,956

$

—

$

276

$

15,680

Commercial paper

33,058

—

53

33,005

Corporate bonds

81,218

—

1,709

79,509

US government and agency obligations

19,111

—

205

18,906

Asset backed securities

13,403

—

340

13,063

Treasury bills

40,644

—

93

40,551

Total current investment securities

$

203,390

$

—

$

2,676

$

200,714

Mutual funds

$

3,472

$

—

$

114

$

3,358

Total noncurrent investment securities

$

3,472

$

—

$

114

$

3,358

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 $

65.3

 million and $

67.9

 million during the

twenty-six weeks ended November 26, 2022 and November 27, 2021, respectively. Gross realized gains for the twenty-six

weeks ended November 26, 2022 and November 27, 2021 were $

2

 thousand and $

165

 thousand, respectively. Gross realized

losses for the twenty-six weeks ended November 26, 2022 and November 27, 2021 were $

63

 thousand and $

67

 thousand,

respectively. There were

no

 allowances for credit losses at November 26, 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 November 26, 2022 are as follows (in thousands):

Estimated Fair Value

Within one year

$

133,867

1-5 years

66,847

Total

$

200,714

Noncurrent 

There were

no

 sales of noncurrent investment securities during the twenty-six weeks ended November 26, 2022. Proceeds from

sales and maturities of noncurrent investment securities were $

453

 thousand during the twenty-six weeks ended November 27,

2021. Gross realized gains for the twenty-six weeks ended November 27, 2021 were $

165

 thousand. There were

no

 realized

losses for the twenty-six weeks ended November 27, 2021.