Investment Securities

9 Months Ended

Mar. 02, 2019

Investments, Debt and Equity Securities [Abstract]

The following represents the Company’s investment securities as of March 2, 2019 and June 2, 2018 (in thousands):



March 2, 2019	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
US government and agency obligations	$	30,834	$	—	$	64	$	30,770
Municipal bonds	47,866		41		—		47,907
Commercial paper	3,238		—		15		3,223
Corporate bonds	156,040		—		469		155,571
Certificates of deposits	3,025		—		5		3,020
Asset backed securities	3,990		1		—		3,991
Total current investment securities	$	244,993	$	42	$	553	$	244,482

Mutual funds	$	2,312	$	1,091	$	—	$	3,403
Total noncurrent investment securities	$	2,312	$	1,091	$	—	$	3,403



June 2, 2018	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
US government and agency obligations	$	23,991	$	—	$	174	$	23,817
Municipal bonds	20,697		—		31		20,666
Certificates of deposits	2,510		—		3		2,507
Commercial paper	17,926		—		6		17,920
Corporate bonds	215,273		—		1,190		214,083
Variable rate demand notes	600		—		—		600
Asset backed securities	3,010		—		17		2,993
Total current investment securities	$	284,007	$	—	$	1,421	$	282,586

Mutual funds	$	2,037	$	1,034	$	—	$	3,071
Total noncurrent investment securities	$	2,037	$	1,034	$	—	$	3,071

The mutual funds are classified as “Other long-lived assets” in the Company’s Condensed Consolidated Balance Sheets. Proceeds from sales and maturities of investment securities were $160.2 million and $95.3 million during the thirty-nine weeks ended March 2, 2019 and March 3, 2018, respectively. Gross realized gains for the thirty-nine weeks ended March 2, 2019 and March 3, 2018 were approximately $55,000 and $25,000, respectively. Gross realized losses for the thirty-nine weeks ended March 2, 2019 and March 3, 2018 were approximately $35,000 and $5,000, respectively. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method.

Unrealized holding gains (losses), net of taxes, for the thirty-nine weeks ended March 2, 2019 and March 3, 2018 were as follows (in thousands):



	39 Weeks Ended
	March 2, 2019		March 3, 2018
Current investments	$	689	$	(975	)
Noncurrent investments	43		311
Total unrealized holding gains (losses)	$	732	$	(664	)

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 March 2, 2019, are as follows (in thousands):



	Estimated Fair Value
Within one year	$	140,391
1-5 years	104,091
Total	$	244,482