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Marketable Securities
 9 Months Ended
Dec. 01, 2012
Marketable Securities [Abstract]  
Marketable Securities
Marketable Securities
At December 1, 2012, the Company has investments in municipal bonds of $35.5 million; $25.2 million is current and $10.4 million is non-current. The Company’s wholly owned insurance subsidiary, Prism Assurance, Ltd. (Prism), holds $10.6 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 December 1, 2012 and March 3, 2012, are as follows:
 
(In thousands)
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated
Fair
Value
December 1, 2012
 
 
 
 
 
 
 
Municipal bonds
$
35,566

 
$
145

 
$
(201
)
 
$
35,510

Total investments
$
35,566

 
$
145

 
$
(201
)
 
$
35,510

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 considers 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 December 1, 2012:
 
 
Less Than 12 Months
 
Greater Than or Equal  to
12 Months
 
Total
(In thousands)
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
Municipal bonds
$
11,987

 
$
(8
)
 
$
1,057

 
$
(193
)
 
$
13,044

 
$
(201
)
Total investments
$
11,987

 
$
(8
)
 
$
1,057

 
$
(193
)
 
$
13,044

 
$
(201
)


The amortized cost and estimated fair values of investments at December 1, 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.
 
(In thousands)
Amortized Cost
 
Estimated Market Value
Due within one year
$
25,155

 
$
25,154

Due after one year through five years
3,983

 
4,015

Due after five years through 10 years
4,781

 
4,882

Due after 10 years through 15 years
1,530

 
1,338

Due beyond 15 years
117

 
121

Total
$
35,566

 
$
35,510



The Company recognized gross realized gains of $0.3 million and $0.4 million during the nine-month periods of fiscal 2013 and 2012, respectively, which are included in other income, net in the accompanying consolidated results of operations. Gross realized losses were not material during either of those periods.