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v2.4.0.6
Investment Securities
6 Months Ended
Aug. 25, 2012
Investment Securities  
Investment Securities

4) Investment Securities

 

The Company’s investment securities as of August 25, 2012 and February 25, 2012 are as follows:

 

(in millions)

 

August 25,
2012

 

February 25,
2012

 

Available-for-sale securities:

 

 

 

 

 

Short term

 

$

14.3

 

$

6.5

 

Long term

 

58.0

 

73.7

 

 

 

 

 

 

 

Trading securities:

 

 

 

 

 

Long term

 

24.4

 

22.1

 

 

 

 

 

 

 

Held-to-maturity securities:

 

 

 

 

 

Short term

 

150.0

 

749.9

 

Total investment securities

 

$

246.7

 

$

852.2

 

 

Auction Rate Securities

 

As of August 25, 2012 and February 25, 2012, the Company’s available-for-sale investment securities represented approximately $75.3 million and approximately $83.9 million par value of auction rate securities, respectively, less temporary valuation adjustments of approximately $3.0 million and $3.7 million, respectively. Since these valuation adjustments are deemed to be temporary, they are recorded in accumulated other comprehensive loss, net of a related tax benefit, and did not affect the Company’s net earnings. These securities at par are invested in preferred shares of closed end municipal bond funds, which are required, pursuant to the Investment Company Act of 1940, to maintain minimum asset coverage ratios of 200%. All of these available-for-sale investments carried triple-A credit ratings from one or more of the major credit rating agencies as of August 25, 2012 and February 25, 2012, and none of them are mortgage-backed debt obligations. As of August 25, 2012 and February 25, 2012, the Company’s available-for-sale investments have been in a continuous unrealized loss position for 12 months or more, however, the Company believes that the unrealized losses are temporary and reflect the investments’ current lack of liquidity. Due to their lack of liquidity, the Company classified approximately $58.0 million and $73.7 million of these investments as long term investment securities at August 25, 2012 and February 25, 2012, respectively. During the six months ended August 25, 2012, approximately $8.5 million of these securities were redeemed at par. Subsequent to the end of the second quarter of fiscal 2012, the Company tendered approximately $14.3 million of short term available-for-sale securities at a price equal to 95% of par value.  As a result, the Company incurred a realized loss of approximately $0.7 million which will be reflected in its fiscal third quarter results.  On September 18, 2012, the Company redeemed these securities for $13.6 million.

 

U.S. Treasury Securities

 

As of August 25, 2012 and February 25, 2012, the Company’s short term held-to-maturity securities included approximately $150.0 million and approximately $749.9 million, respectively, of U.S. Treasury Bills with remaining maturities of less than one year. These securities are stated at their amortized cost which approximates fair value, which is based on quoted prices in active markets for identical instruments (i.e., Level 1 valuation).

 

Long Term Trading Investment Securities

 

The Company’s long term trading investment securities, which are provided as investment options to the participants of the nonqualified deferred compensation plan, are stated at fair market value. The values of these trading investment securities included in the table above are approximately $24.4 million and $22.1 million as of August 25, 2012 and February 25, 2012, respectively.