The following tables summarize available-for-sale debt securities held at May 31, 2020 and 2019 by asset type:

	Available-For-Sale Debt Securities
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value (Net Carrying Amount)
May 31, 2020
Fixed maturity:
U.S. treasury and other government	$	25,462	$	1,314	$	(40	)	$	26,736
Corporate bonds		143		43					186
Total available-for-sale debt securities	$	25,605	$	1,357	$	(40	)	$	26,922

	Available-For-Sale Debt Securities
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value (Net Carrying Amount)
May 31, 2019
Fixed maturity:
U.S. treasury and other government	$	24,483	$	372	$	(308	)	$	24,547
Corporate bonds		422		43		(3	)		462
Total available-for-sale debt securities	$	24,905	$	415	$	(311	)	$	25,009

Marketable securities are composed of available-for-sale debt securities, marketable equity securities and trading securities and all marketable securities 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.

Available-for-sale debt securities are included in other current and long-term assets totaling $7.6 million and $19.3 million at May 31, 2020, respectively, and included in other current and long-term assets totaling $8.6 million and $16.4 million at May 31, 2019, respectively. Realized gains and losses on sales of available-for-sale debt securities are recognized in net income on the specific identification basis. Changes in the fair values of available-for-sale debt 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 investment income, net 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.

During fiscal 2019, we adopted ASU 2016-01, “Recognition and Measurement of Financial Assets and Liabilities,” which requires all unrealized gains and losses on marketable equity securities to be recognized in earnings. Prior to adoption, marketable equity securities were included in our available-for-sale portfolio and unrealized gains and losses were recognized through other comprehensive (loss) income until realized, at which point we recorded a gain or loss on sale. Subsequent to adoption, unrealized gains and losses on marketable equity securities, as well as realized gains and losses, on sales of marketable equity securities are included in investment (income), net in the Consolidated Statements of Income. Refer to Note A(15), “Investment (Income), Net,” for further details. As of May 31, 2020 and 2019, we held approximately $87.1 million and $87.5 million in marketable equity securities, respectively. Additionally, as of May 31, 2020 and 2019, we held approximately $9.1 million and $12.3 million, respectively, in trading securities in relation to our deferred compensation plan.

Summarized below are the available-for-sale debt securities we held at May 31, 2020 and 2019 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:

	May 31, 2020					May 31, 2019
(In thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Total investments with unrealized losses	$	2,028	$	(40	)	$	11,508	$	(311	)
Unrealized losses with a loss position for less than 12 months		-		-			806		(2	)
Unrealized losses with a loss position for more than 12 months		2,028		(40	)		10,702		(309	)

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, 2020 and 2019 were less than 15% below their original cost. From time to time, we may experience significant volatility in general economic and market conditions.

The net carrying values of available-for-sale debt securities at May 31, 2020, 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	$	7,567	$	7,581
One year through five years		10,170		10,623
Six years through ten years		6,084		6,591
After ten years		1,784		2,127
	$	25,605	$	26,922