Investment Securities

6 Months Ended

Nov. 28, 2020

Investments, Debt and Equity Securities [Abstract]

The following represents the Company’s investment securities as of November 28, 2020 and May 30, 2020 (in thousands):


November 28, 2020	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value

Municipal bonds	$	16,378	$	84	$	—	$	16,462
Commercial paper	3,743		—		7		3,736
Corporate bonds	98,355		1,387		—		99,742
Certificates of deposits	1,001		1		—		1,002
Asset backed securities	3,656		23		—		3,679
Total current investment securities	$	123,133	$	1,495	$	7	$	124,621

Mutual funds	$	2,032	$	1,281	$	—	$	3,313
Total noncurrent investment securities	$	2,032	$	1,281	$	—	$	3,313


May 30, 2020	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Municipal bonds	$	16,093	$	86	$	—	$	16,179

Commercial paper	6,965		17		—		6,982
Corporate bonds	125,594		1,274		—		126,868
Certificates of deposits	1,492		—		—		1,492
Asset backed securities	2,629		13		—		2,642
Total current investment securities	$	152,773	$	1,390	$	—	$	154,163

Mutual funds	$	2,005	$	744	$	—	$	2,749
Total noncurrent investment securities	$	2,005	$	744	$	—	$	2,749

Available-for-sale

Proceeds from sales and maturities of investment securities available-for-sale were $59.1 million and $136.0 million during the twenty-six weeks ended November 28, 2020 and November 30, 2019, respectively. Gross realized gains for the twenty-six weeks ended November 28, 2020 and November 30, 2019 were $57 thousand and $162 thousand, respectively. There were no gross realized losses for the twenty-six weeks ended November 28, 2020 and $6 thousand gross realized losses for the twenty-six weeks ended November 30, 2019. There were no allowance for credit losses at November 28, 2020 and May 30, 2020.

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 28, 2020 are as follows (in thousands):


	Estimated Fair Value
Within one year	$	53,445
1-5 years	71,176
Total	$	124,621

Noncurrent

There were no sales of noncurrent investment securities during the twenty-six weeks ended November 28, 2020. Proceeds from sales and maturities of noncurrent investment securities were $1.2 million during the twenty-six weeks ended November 30, 2019. Gross realized gains for the twenty-six weeks ended November 30, 2019 were $611 thousand. There were no realized losses for the twenty-six weeks ended November 28, 2020 and November 30, 2019.