Investment Securities

6 Months Ended

Nov. 27, 2021

Investments Securities [Abstract]

Investment Securities

Note 3 - Investment

Securities

The following represents the Company’s investment securities as of November 27, 2021 and May 29, 2021 (in thousands):

November 27, 2021

Amortized

Cost

Unrealized 

Gains

Unrealized

Losses

Estimated 

Fair Value

Municipal bonds

$

917

$

4

$

—

$

921

Commercial paper

5,983

—

2

5,981

Corporate bonds

54,457

110

—

54,567

Asset backed securities

8,239

—

36

8,203

Total current investment securities

$

69,596

$

114

$

38

$

69,672

Mutual funds

$

2,105

$

1,951

$

—

$

4,056

Total noncurrent investment securities

$

2,105

$

1,951

$

—

$

4,056

May 29, 2021

Amortized 

Cost

Unrealized 

Gains

Unrealized

Losses

Estimated 

Fair Value

Municipal bonds

$

16,424

$

56

$

—

$

16,480

Commercial paper

1,998

—

—

1,998

Corporate bonds

80,092

608

—

80,700

Certificates of deposits

1,077

—

1

1,076

Asset backed securities

11,914

—

10

11,904

Total current investment securities

$

111,505

$

664

$

11

$

112,158

Mutual funds

$

2,306

$

1,810

$

—

$

4,116

Total noncurrent investment securities

$

2,306

$

1,810

$

—

$

4,116

Available-for-sale

Proceeds from sales and maturities of investment securities available-for-sale were $

67.9

 million and $

59.1

 million during the

twenty-six weeks ended November 27, 2021 and November 28, 2020, respectively. Gross realized gains for the twenty-six

weeks ended November 27, 2021 and November 28, 2020 were $

165

 thousand and $

57

 thousand, respectively. Gross realized

losses for the twenty-six weeks ended November 27, 2021 were $

67

 thousand. There were

no

 gross realized losses for the

twenty-six weeks ended November 28, 2020. There were

no

 allowances for credit losses at November 27, 2021 and May 29,

2021.

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 27, 2021 are as follows (in thousands):

Estimated Fair Value

Within one year

$

41,326

1-5 years

28,346

Total

$

69,672

Noncurrent 

Proceeds from sales and maturities of noncurrent investment securities were $

453

 thousand during the twenty-six weeks

ended November 27, 2021. Gross realized gains for the twenty-six weeks ended November 27, 2021 were $

165

thousand. There were

no

 realized losses for the twenty-six weeks ended November 27, 2021. There were

no

 sales of noncurrent

investment securities during the twenty-six weeks ended November 28, 2020.