| Schedule of Cash and Marketable Securities |
The following tables
summarize the Company’s financial instrument assets as of November 30, 2016 and
February 29, 2016 using the hierarchy described in Note 1 under the heading
“Fair Value Measurements” (in thousands):
|
|
As of November 30,
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Classification |
|
|
|
|
|
|
|
|
|
|
|
|
of Fair
Value |
|
|
|
|
|
Unrealized |
|
|
|
|
Cash and |
|
Short-Term |
|
|
|
|
|
Adjusted |
|
Gains |
|
Fair |
|
Cash |
|
Marketable |
|
Other |
|
|
Cost |
|
(Losses) |
|
Value |
|
Equivalents |
|
Securities |
|
Assets |
| Cash |
|
$ |
30,332 |
|
$ |
- |
|
|
$ |
30,332 |
|
$ |
30,332 |
|
$ |
- |
|
$ |
- |
| |
| Level 1: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Commercial paper |
|
|
5,058 |
|
|
- |
|
|
|
5,058 |
|
|
60 |
|
|
4,998 |
|
|
- |
| Mutual funds (1) |
|
|
5,324 |
|
|
119 |
|
|
|
5,443 |
|
|
- |
|
|
- |
|
|
5,443 |
| Equity investment
in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| French
licensee (2) |
|
|
296 |
|
|
(81 |
) |
|
|
215 |
|
|
- |
|
|
- |
|
|
215 |
| |
| Level
2: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase
agreements |
|
|
28,700 |
|
|
- |
|
|
|
28,700 |
|
|
28,700 |
|
|
- |
|
|
- |
| Corporate bonds |
|
|
36,748 |
|
|
(16 |
) |
|
|
36,732 |
|
|
16,055 |
|
|
20,677 |
|
|
- |
| |
| Total |
|
$ |
106,458 |
|
$ |
22 |
|
|
$ |
106,480 |
|
$ |
75,147 |
|
$ |
25,675 |
|
$ |
5,658 |
|
|
As of February 29,
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
Classification |
|
|
|
|
|
|
|
|
|
|
|
|
of Fair
Value |
|
|
|
|
|
Unrealized |
|
|
|
|
Cash and |
|
Short-Term |
|
|
|
|
|
Adjusted |
|
Gains |
|
Fair |
|
Cash |
|
Marketable |
|
Other |
|
|
Cost |
|
(Losses) |
|
Value |
|
Equivalents |
|
Securities |
|
Assets |
| Cash |
|
$ |
6,890 |
|
$ |
- |
|
|
$ |
6,890 |
|
$ |
6,890 |
|
$ |
- |
|
$ |
- |
| |
| Level 1: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mutual funds
(1) |
|
|
3,753 |
|
|
(383 |
) |
|
|
3,370 |
|
|
- |
|
|
- |
|
|
3,370 |
| LoJack common stock
(3) |
|
|
4,050 |
|
|
1,416 |
|
|
|
5,466 |
|
|
- |
|
|
- |
|
|
5,466 |
| |
| Level 2: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Repurchase
agreements |
|
|
130,900 |
|
|
- |
|
|
|
130,900 |
|
|
130,900 |
|
|
- |
|
|
- |
| Corporate bonds |
|
|
82,300 |
|
|
(16 |
) |
|
|
82,284 |
|
|
1,556 |
|
|
80,728 |
|
|
|
| Commercial
paper |
|
|
8,032 |
|
|
- |
|
|
|
8,032 |
|
|
42 |
|
|
7,990 |
|
|
- |
| |
| Total |
|
$ |
235,925 |
|
$ |
1,017 |
|
|
$ |
236,942 |
|
$ |
139,388 |
|
$ |
88,718 |
|
$ |
8,836 |
| (1) |
The
Company has established a non-qualified deferred compensation plan for
certain members of management and all non-employee directors. The Company
is informally funding its obligations under the deferred compensation plan
by purchasing shares in various equity, bond and money market mutual funds
that are held in a “Rabbi Trust” and are restricted for payment of
obligations to plan participants. The deferred compensation plan liability
is included in Other Non-current Liabilities in the accompanying
consolidated balance sheets. |
| |
| (2) |
The equity
investment in LoJack’s French licensee, in the form of a publicly-traded
common stock, is accounted for as an available-for-sale security and is
valued at the quoted closing price on its market exchange. The related
unrealized gains or losses are included in accumulated other comprehensive
income (loss) in the stockholders’ equity section of the consolidated
balance sheet. |
| |
| (3) |
The
Company purchased 850,100 shares of LoJack common stock in the open market
in November and December 2015, prior to entering into a definitive
agreement to acquire 100% of LoJack’s common stock. These shares were
considered trading securities and were recorded at fair value as of
February 29, 2016. |
|