Note 3 - Marketable Securities

3 Months Ended

May. 31, 2015

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

3

.     MARKETABLE SECURITIES

All marketable securities are classified as available-for-sale and are carried at fair value, with the unrealized gains and losses, net of tax, included in comprehensive earnings. Realized gains and losses, amortization of premiums and discounts, and interest and dividend income are included in interest and other income in the Consolidated Statements of Operations. The costs of securities sold are based on the specific identification method.

The following is a summary of available-for-sale securities:

	May 31, 2015
	Total		Level 1		Level 2		Level 3
U.S. Treasury and other government securities	$	135,577	$	135,577	$	-	$	-
U.S. corporate debt securities		31,882		27,880		4,002		-
Total marketable securities	$	167,459	$	163,457	$	4,002	$	-

	March 1, 2015
	Total		Level 1		Level 2		Level 3
U.S. Treasury and other government securities	$	119,493	$	119,493	$	-	$	-
U.S. corporate debt securities		11,102		7,084		4,018		-
Total marketable securities	$	130,595	$	126,577	$	4,018	$	-

At May 31, 2015 and March 1, 2015, the Company’s level 2 investments consisted of commercial paper which was not traded on a regular basis or in an active market and for which the Company was unable to obtain pricing information on an ongoing basis. Therefore, these investments were measured using quoted market prices for similar assets currently trading in an active market or using model-derived valuations in which all significant inputs are observable for substantially the full term of the asset.

The following table shows the amortized cost basis and gross unrealized gains and losses on the Company’s available-for-sale securities:

	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses
May 31, 2015:
U.S. Treasury and other government securities	$	135,131	$	471	$	26
U.S. corporate debt securities		31,914		1		32
Total marketable securities	$	167,045	$	472	$	58
March 1, 2015:
U.S. Treasury and other government securities	$	119,191	$	314	$	12
U.S. corporate debt securities		11,097		5		-
Total marketable securities	$	130,288	$	319	$	12

The estimated fair values of such securities at May 31, 2015 by contractual maturity are shown below:

Due in one year or less	$	90,008
Due after one year through five years		77,451
	$	167,459