Fair Value Measurements (Tables)

6 Months Ended

Nov. 26, 2016

Schedule Of Fair Value And Carrying Value Of Borrowings Under Long-Term Debt

The fair value and carrying value of the Company’s borrowings under its long-term debt were as follows (in thousands):



	November 26, 2016				May 28, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
5.4% – 6.4% Notes payable	$	22,510	$	22,568	$	25,570	$	25,824
	$	22,510	$	22,568	$	25,570	$	25,824

Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

In accordance with the fair value hierarchy described above, the following table shows the fair value of financial assets and liabilities measured at fair value on a recurring basis as of November 26, 2016 and May 28, 2016 (in thousands):

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						Total
November 26, 2016	Level 1		Level 2		Level 3	Balance
Assets
US government and agency obligations	—		$	17,248	—	$	17,248
Municipal bonds	—		57,050		—	57,050
Corporate bonds	—		98,251		—	98,251
Foreign government obligations	—		2,019		—	2,019
Asset backed securities	—		5,842		—	5,842
Mutual funds	2,028		—		—	2,028
Total assets measured at fair value	$	2,028	$	180,410	—	$	182,438

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							Total
May 28, 2016	Level 1		Level 2		Level 3		Balance
Assets
US government and agency obligations	$	—	$	18,814	$	—	$	18,814
Municipal bonds	—		79,643		—		79,643
Corporate bonds	—		240,537		—		240,537
Foreign government obligations	—		2,046		—		2,046
Asset backed securities	—		15,893		—		15,893
Mutual funds	5,503		—		—		5,503
Total assets measured at fair value	$	5,503	$	356,933	$	—	$	362,436