The following tables summarize available-for-sale debt securities held at May 31, 2025 and 2024 by asset type:


	Available-For-Sale Debt Securities
(In thousands)	Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value (Net Carrying Amount)
May 31, 2025
Fixed maturity:
U.S. treasury and other government	$	25,218	-	$	69	-	$	(1,087	)	$	24,200
Corporate bonds		132	-		4	-		(13	)		123
Total available-for-sale debt securities	$	25,350		$	73		$	(1,100	)	$	24,323


	Available-For-Sale Debt Securities
(In thousands)	Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value (Net Carrying Amount)
May 31, 2024
Fixed maturity:
U.S. treasury and other government	$	28,338	-	$	5	-	$	(1,784	)	$	26,559
Corporate bonds		146	-		4	-		(12	)		138
Total available-for-sale debt securities	$	28,484		$	9		$	(1,796	)	$	26,697

Marketable securities are composed of available-for-sale debt securities and marketable equity securities and all marketable securities are reported at fair value. We carry a portion of our marketable securities portfolio in long-term assets since they are generally held for the settlement of our general and product liability insurance claims processed through our wholly owned captive insurance subsidiaries.

Available-for-sale debt securities are included in other current and long-term assets totaling $4.1 million and $20.2 million at May 31, 2025, respectively, and included in other current and long-term assets totaling $6.5 million and $20.2 million at May 31, 2024, respectively. Realized gains and losses on sales of available-for-sale debt securities are recognized in net income on the specific identification basis. Changes in the fair values of available-for-sale debt securities that are determined to be holding gains or losses are

recorded through accumulated other comprehensive income (loss), net of applicable taxes, within stockholders' equity. In assessing whether a credit loss exists, we evaluate our ability to hold the investment, the strength of the underlying collateral and the extent to which the investment's amortized cost or cost, as appropriate, exceeds it related fair value.

As of May 31, 2025 and 2024, we held approximately $135.4 million and $127.6 million in marketable equity securities, respectively. Realized and unrealized gains and losses on marketable equity securities are included in Investment (Income), Net in the Consolidated Statements of Income. Refer to Note A(15), “Summary of Significant Accounting Policies - Investment (Income), Net,” to the Consolidated Financial Statements for further details.

Summarized below are the available-for-sale debt securities we held at May 31, 2025 and 2024 that were in an unrealized loss position and that were included in accumulated other comprehensive income (loss), aggregated by the length of time the investments had been in that position:


	May 31, 2025					May 31, 2024
(In thousands)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Total investments with unrealized losses	$	15,794	$	(1,100	)	$	25,464	$	(1,796	)
Unrealized losses with a loss position for less than 12 months		5,777		(753	)		4,866		(36	)
Unrealized losses with a loss position for more than 12 months		10,017		(347	)		20,598		(1,760	)

We have reviewed all the securities included in the table above and have concluded that we have the ability and intent to hold these investments until their cost can be recovered, based upon the severity and duration of the decline. The decline in fair value is largely due to changes in interest rates and other market conditions. We have evaluated these securities and have determined no allowance for credit losses is necessary for these investments.

The net carrying values of available-for-sale debt securities at May 31, 2025, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.


(In thousands)	Amortized Cost		Fair Value
Due:
Less than one year	$	4,148	$	4,114
One year through five years		14,334		14,146
Six years through ten years		3,824		3,720
After ten years		3,044		2,343
	$	25,350	$	24,323