Available-For-Sale Securities

9 Months Ended

Mar. 01, 2014

Available-For-Sale Securities [Abstract]

Available-For-Sale Securities

10.   Available-for-Sale Securities

The following represents the Company’s available-for-sale securities as of March 1, 2014 and June 1, 2013 (in thousands):

	March 1, 2014
	Amortized Cost		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income		Estimated Fair Value
State municipal bonds	$	69,328	$	160	$	-	$	69,488
US government obligations		4,057		3		-		4,060
Corporate bonds		82,255		103		-		82,358
Commercial paper		9,696		1		-		9,697
Certificates of deposit		1,837		1		-		1,838
Government agency bonds		5,814		6		-		5,820
Variable rate demand notes		2,000		-		-		2,000
Total available-for-sale securities	$	174,987	$	274	$	-	$	175,261
Mutual Funds*		993		413		-		1,406
Total noncurrent available-for-sale securities	$	993	$	413	$	-	$	1,406

*The mutual funds are classified as long term and are a part of “other investments” in the Condensed Consolidated Balance Sheet.

	June 1, 2013
	Amortized Cost		Gains in Accumulated Other Comprehensive Income		Losses in Accumulated Other Comprehensive Income		Estimated Fair Value
State municipal bonds	$	61,124	$	71	$	-	$	61,195
US government obligations		12,378		-		1		12,377
Corporate bonds		64,406		-		23		64,383
Certificates of deposit		12,280		5		-		12,285
Government agency bonds		7,659		5		-		7,664
Total current available-for-sale securities	$	157,847	$	81	$	24	$	157,904
Mutual Funds*		721		305		-		1,026
Total noncurrent available-for-sale securities	$	721	$	305	$	-	$	1,026

*The mutual funds are classified as long term and are a part of “other investments” in the Condensed Consolidated Balance Sheet.

Proceeds from the sales of available-for-sale securities were $91.4 millionand  $177.4 million during the thirty-nine weeks endedMarch 1, 2014 and March 2, 2013, respectively. Gross realized gains on those sales during the thirty-nine weeks endedMarch 1, 2014and March 2, 2013 were $7,000 and zero, respectively.  Gross realized losses on those sales during the thirty-nine weeks endedMarch 1, 2014 andMarch 2, 2013were $2,000 and $31,000, 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 net of tax on available-for-sale securities were $199,000 and  $233,000 for the thirty-nine weeks endedMarch 1, 2014 and March 2, 2013, respectively.  The unrealized holding gains net of tax have been included in accumulated other comprehensive income.

Contractual maturities of available-for-sale debt securities at March 1, 2014, are as follows (in thousands):

		Estimated Fair Value
Within one year	$	102,724
After 1-5 years		72,537
After 5-10 years		-
Total	$	175,261

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.