Marketable Securities

12 Months Ended

Feb. 27, 2016

Marketable Securities [Abstract]

Marketable Securities

Marketable Securities

We hold the following marketable securities, all classified as available for sale:

(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
February 27, 2016
Mutual fund	$	30,178	$	—	$	(55	)	$	30,123
Municipal bonds	12,393		285		(109		)	12,569
Total marketable securities	$	42,571	$	285	$	(164	)	$	42,692
February 28, 2015
Municipal bonds	$	10,973	$	127	$	(118	)	$	10,982
Total marketable securities	$	10,973	$	127	$	(118	)	$	10,982

We are invested in a mutual fund holding short-term government securities as a means of deploying excess cash generated from operations while preserving liquidity.

We have a wholly-owned insurance subsidiary, Prism Assurance, Ltd. (Prism), which holds our municipal bonds. Prism insures a portion of our general liability, workers' compensation 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.

We test for other-than-temporary losses on a quarterly basis and whenever events or changes in circumstances indicate that the carrying amount of an investment may not be recoverable. We consider the unrealized losses indicated above to be temporary in nature. We intend to hold our investments until the full principal amount can be recovered, and we have the ability to do so based on other sources of liquidity.

The following table presents the length of time that our securities were in continuous unrealized loss positions, but were not deemed to be other than temporarily impaired, as of February 27, 2016:

	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	$	—	$	—	$	1,345	$	(109	)	$	1,345	$	(109	)

The amortized cost and estimated fair values of our municipal bonds at February 27, 2016, 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 penalty.

(In thousands)	Amortized Cost		Estimated Market Value
Due within one year	$	50	$	50
Due after one year through five years	3,853		3,903
Due after five years through 10 years	7,198		7,428
Due after 10 years through 15 years	1,292		1,188
Total	$	12,393	$	12,569

Gross realized gains and losses were insignificant for all periods presented and are included in other income (expense), net in our consolidated results of operations.