INVESTMENTS

9 Months Ended

Feb. 27, 2016

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

6.  INVESTMENTS

As of February 27, 2016, we had approximately $10.8 million invested in time deposits and certificates of deposit (“CD”). Of these, $3.5 million mature in less than twelve months and $7.3 million mature in more than twelve months. The fair value of these investments is equal to the face value of each time deposit and CD.

As of May 30, 2015, we had approximately $34.7 million invested in time deposits and CD’s. Of this, $23.7 million mature in less than twelve months and $10.9 million mature in more than twelve months. The fair value of these investments is equal to the face value of each time deposit and CD. 

We also have investments in equity securities, all of which are classified as available-for-sale and are carried at their fair value based on quoted market prices. Our investments, which are included in non-current assets, had a carrying amount of $0.5 million at February 27, 2016, and $0.6 million at May 30, 2015. Proceeds from the sale of securities were $0.1 million during the third quarter of fiscal 2016 and fiscal 2015. We reinvested proceeds from the sale of securities, and the cost of the equity securities sold was based on a specific identification method. Gross realized gains and losses on those sales were less than $0.1 million during the third quarter of fiscal 2016 and fiscal 2015. Net unrealized holding gains and losses of less than $0.1 million during the third quarter of fiscal 2016 and fiscal 2015, have been included in accumulated other comprehensive loss.