Investment Securities

9 Months Ended

Dec. 01, 2018

Investments, Debt and Equity Securities [Abstract]

The Company's investment securities as of December 1, 2018 and March 3, 2018 are as follows:



(in millions)	December 1, 2018		March 3, 2018
Available-for-sale securities:
Long term	$	19.7	$	19.4

Trading securities:
Short term	84.7		86.3

Held-to-maturity securities:
Short term	153.6		291.7
Total investment securities	$	258.0	$	397.4

Auction Rate Securities

As of December 1, 2018 and March 3, 2018, the Company's long term available-for-sale investment securities represented approximately $20.3 million par value of auction rate securities consisting of preferred shares of closed end municipal bond funds, less temporary valuation adjustments of approximately $0.6 million and $0.9 million, respectively. Since these valuation adjustments are deemed to be temporary, they are recorded in accumulated other comprehensive loss, net of a related tax benefit, and did not affect the Company's net earnings.

U.S. Treasury Securities

As of December 1, 2018 and March 3, 2018, the Company’s short term held-to-maturity securities included approximately $153.6 million and $291.7 million of U.S. Treasury Bills with remaining maturities of less than one year, respectively. These securities are stated at their amortized cost which approximates fair value, which is based on quoted prices in active markets for identical instruments (i.e., Level 1 valuation).

Trading Investment Securities

The Company's trading investment securities, which are provided as investment options to the participants of the nonqualified deferred compensation plan (“NQDC”), are stated at fair market value. The values of these trading investment securities included in the table above are approximately $84.7 million and $86.3 million as of December 1, 2018 and March 3, 2018, respectively.

On December 27, 2017, the Company terminated its NQDC. After December 27, 2017, no participant deferrals will be accepted and all balances will be liquidated more than 12 months but less than 24 months after December 27, 2017. Until the final payment date, the NQDC will continue to operate in the ordinary course, except that no new participant deferrals will be credited to participant accounts under the NQDC.