NOTE 3 – CASH, CASH EQUIVALENTS AND INVESTMENTS

The following table summarizes the Company's financial instrument assets using the hierarchy described in Note 1 under the heading “Fair Value Measurements” (in thousands):

	As of May 31, 2016
								Balance Sheet Classification
										of Fair Value
			Unrealized					Cash and		Short-Term
	Adjusted		Gains			Fair		Cash		Marketable		Other
	Cost		(Losses)			Value		Equivalents		Securities		Assets
Cash	$	32,517	$	-		$	32,517	$	32,517	$	-	$	-

Level 1:
Commercial paper		73		-			73		73		-		-
Mutual funds (1)		4,781		(83	)		4,698		-		-		4,698
Equity investment in
French licensee (2)		296		14			310		-		-		310

Level 2:
Repurchase agreements		34,900		-			34,900		34,900		-		-
Corporate bonds		50,148		(8	)		50,140		-		50,140		-
Total	$	122,715	$	(77	)	$	122,638	$	67,490	$	50,140	$	5,008

	As of February 29, 2016
								Balance Sheet Classification
								of Fair Value
			Unrealized					Cash and		Short-Term
	Adjusted		Gains			Fair		Cash		Marketable		Other
	Cost		(Losses)			Value		Equivalents		Securities		Assets
Cash	$	6,890	$	-		$	6,890	$	6,890	$	-	$	-

Level 1:
Mutual funds (1)		3,753		(383	)		3,370		-		-		3,370
LoJack common stock (3)		4,050		1,416			5,466		-		-		5,466

Level 2:
Repurchase agreements		130,900		-			130,900		130,900		-		-
Corporate bonds		82,300		(16	)		82,284		1,556		80,728
Commercial paper		8,032		-			8,032		42		7,990		-
Total	$	235,925	$	1,017		$	236,942	$	139,388	$	88,718	$	8,836

(1)	The Company has established a non-qualified deferred compensation plan for certain members of management and all non-employee directors. The Company is informally funding its obligations under the deferred compensation plan by purchasing shares in various equity, bond and money market mutual funds that are held in a “Rabbi Trust” and are restricted for payment of obligations to plan participants. The deferred compensation plan liability is included in Other Non-current Liabilities in the accompanying consolidated balance sheets.

(2)	The equity investment in a French licensee, in the form of a publicly-traded common stock, is accounted for as an available-for-sale security and is valued at the quoted closing price on its market exchange. The related unrealized gains or losses are included in accumulated other comprehensive income (loss) in the stockholders' equity section of the consolidated balance sheet.

(3)	The Company purchased 850,100 shares of LoJack common stock in the open market in November and December 2015, prior to entering into a definitive agreement to acquire 100% of LoJack's common stock. These shares were considered trading securities and were recorded at fair value as of February 29, 2016.