CASH, CASH EQUIVALENTS AND INVESTMENTS

3 Months Ended

May 31, 2017

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND INVESTMENTS

NOTE 2 – CASH, CASH EQUIVALENTS AND INVESTMENTS

The following tables summarize the Company’s financial instrument assets as of May 31, 2017 and February 28, 2017 using the hierarchy described in Note 1 under the heading “Fair Value Measurements” (in thousands):

	As of May 31, 2017
								Balance Sheet Classification
								of Fair Value
			Unrealized					Cash and		Short-Term
	Adjusted		Gains			Fair		Cash		Marketable		Other
	Cost		(Losses)			Value		Equivalents		Securities		Assets
Cash	$	41,914	$	-		$	41,914	$	41,914	$	-	$	-
Level 1:
Money market funds		266		-			266		266		-		-
Mutual funds (1)		4,689		413			5,102		-		-		5,102
Equity investment in French licensee (2)		296		15			311		-		-		311
Level 2:
Repurchase agreements		43,500		-			43,500		43,500		-		-
Corporate bonds		23,559		(3	)		23,556		23,010		546		-
Total	$	114,224	$	425		$	114,649	$	108,690	$	546	$	5,413
	As of February 28, 2017
								Balance Sheet Classification
								of Fair Value
			Unrealized					Cash and		Short-Term
	Adjusted		Gains			Fair		Cash		Marketable		Other
	Cost		(Losses)			Value		Equivalents		Securities		Assets
Cash	$	39,322	$	-		$	39,322	$	39,322	$	-	$	-
Level 1:
Money market funds		3,406		-			3,406		3,406		-		-
Mutual funds (1)		5,429		372			5,801		-		-		5,801
Equity investment in French licensee (2)		296		(54	)		242		-		-		242
Level 2:
Repurchase agreements		24,000		-			24,000		24,000		-		-
Corporate bonds		33,708		(8	)		33,700		26,978		6,722		-
Total	$	106,161	$	310		$	106,471	$	93,706	$	6,722	$	6,043

(1)

The Company has a non-qualified deferred compensation plan in which certain members of management and all non-employee directors are eligible to participate. The Company informally funds 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 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 Loss in the Stockholders’ Equity section of the consolidated balance sheets.