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Marketable Securities
 6 Months Ended
Nov. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
MARKETABLE SECURITIES
Marketable securities, which are principally government agency bonds, auction rate investments and corporate commercial paper, are classified as “available-for-sale securities” and are reported at fair value, with unrealized gains and losses excluded from operations and reported as accumulated other comprehensive income (loss), net of the related tax effects, in stockholders’ equity. Cost is determined using the specific identification method. We hold investments in auction rate securities in order to generate higher than typical money market rate investment returns. Auction rate securities typically are high credit quality, generally achieved with municipal bond insurance. Credit risks are eased by the historical track record of bond insurers, which back a majority of this market. Sell orders for any security traded through an auction process could exceed bids and, in such cases, the auction fails and we may be unable to liquidate our position in the securities in the near term. As of November 30, 2015 and May 31, 2015, we had $1.6 million and $1.7 million, respectively, in investments in two auction rate securities issued by New York state and local government authorities that failed auctions. The authorities are current in their interest payments on the securities. The auction rate securities mature in 2022 and 2029.
As of November 30, 2015 and May 31, 2015, marketable securities consisted of the following (in thousands of dollars):
 
As of November 30, 2015
Amortized
cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Available-for-sale securities
 
 
 
 
 
 
 
U.S. government agency obligations
$
1,800

 
$
—

 
$
(161
)
 
$
1,639

 
$
1,800

 
$
—

 
$
(161
)
 
$
1,639

 
As of May 31, 2015
Amortized
cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
Available-for-sale securities
 
 
 
 
 
 
 
U.S. government agency obligations
$
1,825

 
$
—

 
$
(136
)
 
$
1,689

 
$
1,825

 
$
—

 
$
(136
)
 
$
1,689