INVESTMENTS

3 Months Ended

Aug. 27, 2016

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

6.  INVESTMENTS

As of August 27, 2016, we had approximately $8.2 million invested in time deposits and certificates of deposit (“CD”). Of these, $6.4 million mature in less than twelve months and $1.8 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 28, 2016, we have invested in time deposits and certificates of deposit (“CD”) in the amount of $9.5 million. Of this, $2.3 million mature in less than twelve months and $7.2 million mature in greater than twelve months. The fair value of these investments is 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 $0.6 million as of August 27, 2016, and May 28, 2016. Proceeds from the sale of securities were $0.1 million during the first quarter of fiscal 2017 and fiscal 2016. 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 on those sales were less than $0.1 million during the first quarter of fiscal 2017 and fiscal 2016. Net unrealized holding gains of less than $0.1 million during the first quarter of fiscal 2017 and loss of $0.1 million during the first quarter of fiscal 2016, have been included in accumulated other comprehensive income.