Investment Securities

6 Months Ended

Nov. 26, 2016

Investments, Debt and Equity Securities [Abstract]

Investment Securities

InvestmentSecurities

The following represents the Company’s investment securities as of November 26, 2016 and May 28, 2016 (in thousands):

November 26, 2016	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
US government and agency obligations	$	17,296	$	—	$	48	$	17,248
Municipal bonds	56,960		90		—		57,050
Corporate bonds	98,318		—		67		98,251
Foreign government obligations	2,021		—		2		2,019
Asset backed securities	5,841		1		—		5,842
Total current investment securities	$	180,436	$	91	$	117	$	180,410
Mutual funds	1,448		580		—		2,028
Total noncurrent investment securities	$	1,448	$	580			$	2,028

May 28, 2016	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
US government and agency obligations	$	18,809	$	5	$	—	$	18,814
Municipal bonds	79,481		162		—		79,643
Corporate bonds	240,593		—		56		240,537
Foreign government obligations	2,044		2		—		2,046
Asset backed securities	15,908		—		15		15,893
Mutual funds	3,565		1		—		3,566
Total current investment securities	$	360,400	$	170	$	71	$	360,499
Mutual funds	1,448		489		—		1,937
Total noncurrent investment securities	$	1,448	$	489			$	1,937

Proceeds from sales of available-for-sale securities were $193.3 million and $104.5 million during the twenty-six weeks endedNovember 26, 2016 and November 28, 2015, respectively. Gross realized gains on those sales during the twenty-six weeks ended ended November 26, 2016 and November 28, 2015 were $221,000 and $18,000, respectively.  Gross realized losses on those sales during the twenty-six weeks endedNovember 26, 2016 and November 28, 2015 were $6,000 and $36,000, respectively. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method.

Unrealized holding losses, net of tax, on current investment securities in the amount of  $78,000  were recorded for the twenty-six weeks endedNovember 26, 2016 compared with unrealized holding losses, net of tax, of $267,000 for the same period of fiscal 2016. Unrealized holding gains, net of tax, on noncurrent investment securities of $57,000 were recorded for the twenty-six weeks endedNovember 26, 2016 compared with unrealized holding losses, net of tax, of $11,000 for the same period of fiscal 2016.

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 at November 26, 2016, are as follows (in thousands):

	Estimated Fair Value
Within one year	$	91,976
1-5 years	88,434
Total	$	180,410