XML 25 R11.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Marketable Securities | 6 Months Ended
--- | ---
Nov. 30, 2015
Investments Debt And Equity Securities [Abstract] |
Marketable Securities | NOTE 4 — MARKETABLE SECURITIES The following tables summarize marketable securities held at November 30, 2015 and May 31, 2015 by asset type:
|  | Available-For-Sale Securities |
(In thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value (Net Carrying Amount) |
November 30, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stocks - foreign |  | $ | 4,282 |  |  | $ | 415 |  |  | $ | (248 | ) |  | $ | 4,449 |
Stocks - domestic |  |  | 32,032 |  |  |  | 3,991 |  |  |  | (955 | ) |  |  | 35,068 |
Mutual funds - foreign |  |  | 33,605 |  |  |  | 948 |  |  |  | (2,398 | ) |  |  | 32,155 |
Mutual funds - domestic |  |  | 57,862 |  |  |  | 124 |  |  |  | (4,030 | ) |  |  | 53,956 |
Total equity securities |  |  | 127,781 |  |  |  | 5,478 |  |  |  | (7,631 | ) |  |  | 125,628 |
Fixed maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury and other government |  |  | 21,714 |  |  |  | 85 |  |  |  | (258 | ) |  |  | 21,541 |
Corporate bonds |  |  | 1,032 |  |  |  | 135 |  |  |  | - |  |  |  | 1,167 |
Foreign bonds |  |  | 36 |  |  |  | 2 |  |  |  | - |  |  |  | 38 |
Mortgage-backed securities |  |  | 18 |  |  |  | 23 |  |  |  | - |  |  |  | 41 |
Total fixed maturity securities |  |  | 22,800 |  |  |  | 245 |  |  |  | (258 | ) |  |  | 22,787 |
Total |  | $ | 150,581 |  |  | $ | 5,723 |  |  | $ | (7,889 | ) |  | $ | 148,415 |
|  | Available-For-Sale Securities |
(In thousands) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value (Net Carrying Amount) |
May 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stocks - foreign |  | $ | 3,722 |  |  | $ | 339 |  |  | $ | (85 | ) |  | $ | 3,976 |
Stocks - domestic |  |  | 34,368 |  |  |  | 5,649 |  |  |  | (559 | ) |  |  | 39,458 |
Mutual funds - foreign |  |  | 32,657 |  |  |  | 2,114 |  |  |  | (230 | ) |  |  | 34,541 |
Mutual funds - domestic |  |  | 56,442 |  |  |  | 228 |  |  |  | (2,779 | ) |  |  | 53,891 |
Total equity securities |  |  | 127,189 |  |  |  | 8,330 |  |  |  | (3,653 | ) |  |  | 131,866 |
Fixed maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury and other government |  |  | 21,340 |  |  |  | 171 |  |  |  | (162 | ) |  |  | 21,349 |
Corporate bonds |  |  | 1,218 |  |  |  | 171 |  |  |  | - |  |  |  | 1,389 |
Foreign bonds |  |  | 36 |  |  |  | 2 |  |  |  | - |  |  |  | 38 |
Mortgage-backed securities |  |  | 81 |  |  |  | 47 |  |  |  | - |  |  |  | 128 |
Total fixed maturity securities |  |  | 22,675 |  |  |  | 391 |  |  |  | (162 | ) |  |  | 22,904 |
Total |  | $ | 149,864 |  |  | $ | 8,721 |  |  | $ | (3,815 | ) |  | $ | 154,770 |
Marketable securities, included in other current and long-term assets totaling $72.8 million and $75.6 million at November 30, 2015, respectively, and included in other current and long-term assets totaling $69.3 million and $85.5 million at May 31, 2015, respectively, are composed of available-for-sale securities and are reported at fair value. We carry a portion of our marketable securities portfolio in long-term assets since they are generally held for the settlement of our general and product liability insurance claims processed through our wholly owned captive insurance subsidiaries. Marketable securities are composed of available-for-sale securities and are reported at fair value. Realized gains and losses on sales of investments are recognized in net income on the specific identification basis. Changes in the fair values of securities that are considered temporary are recorded as unrealized gains and losses, net of applicable taxes, in accumulated other comprehensive income (loss) within stockholders’ equity. Other-than-temporary declines in market value from original cost are reflected in operating income in the period in which the unrealized losses are deemed other than temporary. In order to determine whether other-than-temporary declines in market value have occurred, the duration of the decline in value and our ability to hold the investment are considered in conjunction with an evaluation of the strength of the underlying collateral and the extent to which the investment’s amortized cost or cost, as appropriate, exceeds its related market value. Gross gains realized on sales of investments were $2.1 million and $3.2 million for the quarters ended November 30, 2015 and 2014, respectively. During the three months ended November 30, 2015, we recognized gross realized losses on sales of investments of $0.1 million, while we recognized no such losses during the three months ended November 30, 2014. During the three months ended November 30, 2015, we recognized losses of approximately $2.5 million for securities deemed to have other-than-temporary impairments, while we recognized no such losses during the second quarter of fiscal 2015. These amounts are included in investment (income), net in the Consolidated Statements of Income. Gross gains realized on sales of investments were $4.6 million and $5.3 million for the six months ended November 30, 2015 and 2014, respectively. During the first six months of fiscal 2016, we recognized gross realized losses on sales of investments of $0.2 million, while we recognized no such losses during the first six months of fiscal 2015. During the six months ended November 30, 2015, we recognized losses of approximately $2.5 million for securities deemed to have other-than-temporary impairments, while we recognized no such losses during the first half of fiscal 2015. Summarized below are the securities we held at November 30, 2015 and May 31, 2015 that were in an unrealized loss position and that were included in accumulated other comprehensive income (loss), aggregated by the length of time the investments had been in that position:
|  | November 30, 2015 |  |  | May 31, 2015 |
(In thousands) |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
Total investments with unrealized losses |  | $ | 97,059 |  |  | $ | (7,889 | ) |  | $ | 58,978 |  |  | $ | (3,815 | )
Unrealized losses with a loss position for less than 12 months |  |  | 55,461 |  |  |  | (4,872 | ) |  |  | 32,693 |  |  |  | (1,441 | )
Unrealized losses with a loss position for more than 12 months |  |  | 41,598 |  |  |  | (3,017 | ) |  |  | 26,285 |  |  |  | (2,374 | )
We have reviewed all of the securities included in the table above and have concluded that we have the ability and intent to hold these investments until their cost can be recovered, based upon the severity and duration of the decline. Therefore, we did not recognize any other-than-temporary impairment losses on these investments. The unrealized losses generally relate to investments whose fair values at November 30, 2015 were less than 15% below their original cost. From time to time, we may experience significant volatility in general economic and market conditions. If we were to experience unrealized losses that were to continue for longer periods of time, or arise to more significant levels of unrealized losses within our portfolio of investments in marketable securities in the future, we may recognize additional other-than-temporary impairment losses. Such potential losses could have a material impact on our results of operations in any given reporting period. As such, we continue to closely evaluate the status of our investments and our ability and intent to hold these investments. The net carrying values of debt securities at November 30, 2015, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.
(In thousands) |  | Amortized Cost |  |  | Fair Value |
Due: |  |  |  |  |  |  |  |
Less than one year |  | $ | 3,738 |  |  | $ | 3,706 |
One year through five years |  |  | 15,818 |  |  |  | 15,683 |
Six years through ten years |  |  | 2,135 |  |  |  | 2,150 |
After ten years |  |  | 1,109 |  |  |  | 1,248 |
|  | $ | 22,800 |  |  | $ | 22,787 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=49167202&loc=d3e26626-111562 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.4) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27232-111563 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49167202&loc=d3e26610-111562 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.2,12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration