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Marketable Securities

3 Months Ended

Jun. 02, 2012

Marketable Securities [Abstract]

Marketable Securities

6.	Marketable Securities

At June 2, 2012, the Company has investments in municipal bonds of $31.2 million; $20.9 million is current and $10.3 million is non-current. The Company’s wholly owned insurance subsidiary, Prism Assurance, Ltd. (Prism), holds $10.5 million of the municipal bonds. Prism insures a portion of the Company’s workers’ compensation, general liability and automobile liability risks using reinsurance agreements to meet statutory requirements. The reinsurance carrier requires Prism to maintain fixed-maturity investments, which are generally high-quality municipal bonds, for the purpose of providing collateral for Prism’s obligations under the reinsurance agreement. All of the Company’s fixed maturity investments are classified as “available-for-sale,” are carried at fair value and are reported as short-term marketable securities available for sale or marketable securities available for sale in the consolidated balance sheet.

The amortized cost, gross unrealized gains and losses, and estimated fair values of investments available for sale at June 2, 2012 and March 3, 2012, are as follows:


						Gross				Gross				Estimated
		Amortized				Unrealized				Unrealized				Fair
(In thousands)		Cost				Gains				Losses				Value
June 2, 2012
Municipal bonds		$	31,222			$	224			$	(258	)		$	31,188

Total investments		$	31,222			$	224			$	(258	)		$	31,188

March 3, 2012
Municipal bonds		$	19,670			$	188			$	(258	)		$	19,600

Total investments		$	19,670			$	188			$	(258	)		$	19,600

The Company tests for other than temporary losses on a quarterly basis and has considered the unrealized losses indicated above to be temporary in nature. The Company intends to hold the investments until it can recover the full principal amount and has the ability to do so based on other sources of liquidity. The Company expects such recoveries to occur prior to the contractual maturities.

The following table presents the length of time that available-for-sale securities were in continuous unrealized loss positions, but were not deemed to be other than temporarily impaired, as of June 2, 2012:


		Less Than 12 Months								Greater Than or Equal to 12 Months								Total
		Fair				Unrealized				Fair				Unrealized				Fair				Unrealized
(In thousands)		Value				Losses				Value				Losses				Value				Losses
Municipal bonds		$	8,461			$	(9	)		$	1,001			$	(249	)		$	9,462			$	(258	)

Total investments		$	8,461			$	(9	)		$	1,001			$	(249	)		$	9,462			$	(258	)

The amortized cost and estimated fair values of investments at June 2, 2012, by contractual maturity are shown below. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


		Amortized				Estimated
(In thousands)		Cost				Market Value
Due within one year		$	20,899			$	20,909
Due after one year through five years			1,975				2,017
Due after five years through 10 years			3,092				3,188
Due after 10 years through 15 years			2,019				2,041
Due beyond 15 years			3,237				3,033

Total		$	31,222			$	31,188

There were immaterial amounts of realized gains and realized losses during the three-month periods of fiscal 2013 and 2012.

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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