Investment Securities

9 Months Ended

Feb. 26, 2022

Investments Securities [Abstract]

Investment Securities

Note 3 - Investment

Securities

The following represents the Company’s investment securities as of February 26, 2022 and May 29, 2021 (in thousands):

February 26, 2022

Amortized

Cost

Unrealized 

Gains

Unrealized

Losses

Estimated 

Fair Value

Municipal bonds

$

514

$

—

$

3

$

511

Commercial paper

9,980

—

23

9,957

Corporate bonds

61,634

—

344

61,290

Certificates of deposits

1,268

—

12

1,256

Asset backed securities

8,205

—

94

8,111

Total current investment securities

$

81,601

$

—

$

476

$

81,125

Mutual funds

$

2,967

$

—

$

53

$

2,914

Total noncurrent investment securities

$

2,967

$

—

$

53

$

2,914

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 $

76.4

 million and $

85.2

 million during the

thirty-nine weeks ended February 26, 2022 and February 27, 2021, respectively. Gross realized gains for the thirty-nine weeks

ended February 26, 2022 and February 27, 2021 were $

181

 thousand and $

116

 thousand, respectively. Gross realized losses for

the thirty-nine weeks ended February 26, 2022 and February 27, 2021 were $

67

 thousand and $

17

 thousand, respectively. There

were

no

 allowances for credit losses at February 26, 2022 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 February 26, 2022 are as follows (in thousands):

Estimated Fair Value

Within one year

$

52,391

1-5 years

28,734

Total

$

81,125

Noncurrent 

Proceeds from sales and maturities of noncurrent investment securities were $

4.9

 million during the thirty-nine weeks

ended February 26, 2022. Gross realized gains for the thirty-nine weeks ended February 26, 2022 were $

2.2

 million. There

were no realized losses for the thirty-nine weeks ended February 26, 2022. There were

no

 sales of noncurrent investment

securities during the thirty-nine weeks ended February 27, 2021.