Note 2 - Marketable Securities

12 Months Ended

Mar. 01, 2020

Notes to Financial Statements

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

2. MArketable Securities

In the

2019

fiscal year, The Company recorded losses on the sales of marketable securities of

$1,498

in connection with the funding of a special cash dividend of

$4.25

per share paid in

February 2019.

The change in the U.S. tax code, as provided by the Tax Cuts and Jobs Act (“Tax Act”), has allowed the Company to repatriate its foreign accumulated income at a lower effective tax rate. In response to the Tax Act, the Company liquidated certain marketable securities and repatriated cash held by foreign subsidiaries during the

fourth

quarter of the

2018

fiscal year. As a result, the Company recorded losses on the sales of marketable securities of

$1,342

in connection with the repatriation of cash, the prepayment of all outstanding debt under the Credit Agreement, dated as of

January 15, 2016,

between the Company and HSBC Bank USA, in the amount of approximately

$68,500

of principal and the funding of a special cash dividend of

$3.00

per share paid in

February 2018.

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

	March 1, 2020
	Total		Level 1		Level 2		Level 3
U.S. Treasury and other government securities	$	101,390	$	101,390	$	-	$	-
U.S. corporate debt securities		15,555		15,555		-		-
Total marketable securities	$	116,945	$	116,945	$	-	$	-

	March 3, 2019
	Total		Level 1		Level 2		Level 3
U.S. Treasury and other government securities	$	68,718	$	68,718	$	-	$	-
U.S. corporate debt securities		11,899		11,899		-		-
Total marketable securities	$	80,617	$	80,617	$	-	$	-

The following tables show the amortized cost basis, gross unrealized gains and losses and gross realized gains and losses on the Company’s available-for-sale securities:

	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses
March 1, 2020:
U.S. Treasury and other government securities	$	100,626	$	764	$	-
U.S. corporate debt securities		15,473		82		-
Total marketable securities	$	116,099	$	846	$	-
March 3, 2019:
U.S. Treasury and other government securities	$	68,727	$	44	$	53
U.S. corporate debt securities		11,924		7		32
Total marketable securities	$	80,651	$	51	$	85

	Fiscal Year
	2020		2019		2018
Gross realized gains on sale	$	90	$	-	$	-
Gross realized losses on sale	$	75	$	1,498	$	1,342

The estimated fair values of such securities at

March 1, 2020,

by contractual maturity, are shown below:

Due in one year or less	$	43,498
Due after one year through five years		73,447
	$	116,945