NOTE D — MARKETABLE SECURITIES

The following tables summarize marketable securities held at May 31, 2015 and May 31, 2014 by asset type:


	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


	Available-For-Sale Securities
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value (Net Carrying Amount)
May 31, 2014
Equity securities:
Stocks - foreign	$	984	$	669	$	(20	)	$	1,633
Stocks - domestic		31,071		8,965		(132	)		39,904
Mutual funds - foreign		30,541		2,799		—			33,340
Mutual funds - domestic		44,242		1,790		(1,109	)		44,923

Total equity securities		106,838		14,223		(1,261	)		119,800
Fixed maturity:
U.S. treasury and other government		21,156		152		(164	)		21,144
Corporate bonds		1,544		212		—			1,756
Foreign bonds		37		3		—			40
Mortgage-backed securities		85		55		—			140

Total fixed maturity securities		22,822		422		(164	)		23,080

Total	$	129,660	$	14,645	$	(1,425	)	$	142,880

Marketable securities, included in other current and long-term assets totaling $69.3 million and $85.5 million at May 31, 2015, respectively, and included in other current and long-term assets totaling $71.9 million and $71.0 million at May 31, 2014, 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 $8.8 million and $7.5 million for the years ended May 31, 2015 and 2014, respectively. During fiscal 2015 and 2014, we recognized gross realized losses on sales of investments of $0.1 million. We recognized losses of approximately $0.2 million for securities deemed to have other-than-temporary impairments during fiscal 2014. During fiscal 2015, such losses were insignificant. These amounts are included in investment (income), net in the Consolidated Statements of Income.

Summarized below are the securities we held at May 31, 2015 and 2014 that were in an unrealized loss position and that were included in accumulated other comprehensive income, aggregated by the length of time the investments had been in that position:


	May 31, 2015					May 31, 2014
(In thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Total investments with unrealized losses	$	58,978	$	(3,815	)	$	35,465	$	(1,425	)
Unrealized losses with a loss position for less than 12 months		32,693		(1,441	)		16,611		(845	)
Unrealized losses with a loss position for more than 12 months		26,285		(2,374	)		18,854		(580	)

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 May 31, 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 May 31, 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	$	2,835	$	2,858
One year through five years		16,416		16,395
Six years through ten years		2,192		2,227
After ten years		1,232		1,424

	$	22,675	$	22,904