Marketable Securities

9 Months Ended

Dec. 02, 2017

Marketable securities are classified as available for sale:



(In thousands)	Amortized Cost	Gross Unrealized Gains	Gross Unrealized Losses		Estimated Fair Value
December 2, 2017
Municipal bonds	10,334	17	(103	)	10,248
March 4, 2017
Municipal bonds	9,595	91	(97	)	9,589

We have a wholly-owned insurance subsidiary, Prism Assurance, Ltd. (Prism), which holds 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 agreements.

The amortized cost and estimated fair values of municipal bonds at December 2, 2017, 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 Fair Value
Due within one year	$	482	$	482
Due after one year through five years	4,418		4,385
Due after five years through 10 years	4,627		4,578
Due after 10 years through 15 years	141		141
Due beyond 15 years	666		662
Total	$	10,334	$	10,248