Investment Securities

3 Months Ended

Aug. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

The following represents the Company’s investment securities as of August 31, 2019 and June 1, 2019 (in thousands):

August 31, 2019	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
US government and agency obligations	$	30,943	$	173	$	—	$	31,116
Municipal bonds	34,632		200		—		34,832
Commercial paper	2,990		1		—		2,991
Corporate bonds	116,061		359		—		116,420
Certificates of deposits	1,004		—		—		1,004
Asset backed securities	3,323		14		—		3,337
Total current investment securities	$	188,953	$	747	$	—	$	189,700
Mutual funds	$	1,899	$	713	$	—	$	2,612
Total noncurrent investment securities	$	1,899	$	713	$	—	$	2,612

June 1, 2019	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
US government and agency obligations	$	30,896	$	78	$	—	$	30,974
Municipal bonds	50,220		133		—		50,353
Certificates of deposits	6,149		—		1		6,148
Commercial paper	9,953		—		8		9,945
Corporate bonds	147,068		94		—		147,162
Asset backed securities	5,589		10		—		5,599
Total current investment securities	$	249,875	$	315	$	9	$	250,181
Mutual funds	$	2,331	$	1,026	$	—	$	3,357
Total noncurrent investment securities	$	2,331	$	1,026	$	—	$	3,357

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 $69.9 million and $53.0 million during the thirteen weeks ended August 31, 2019 and September 1, 2018, respectively. Gross realized gains for the thirteen weeks ended August 31, 2019 and September 1, 2018 were $558,000 and $1,000, respectively.  Gross realized losses for the thirteen weeks ended August 31, 2019 and September 1, 2018 were $0 and $8,000, respectively. For purposes of determining gross realized gains and losses, the cost of securities sold is based on the specific identification method.

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 31, 2019, are as follows (in thousands):

	Estimated Fair Value
Within one year	$	127,143
1-5 years	62,557
Total	$	189,700