XML 25 R11.htm IDEA: XBRL DOCUMENT v3.6.0.2
Marketable Securities
12 Months Ended
Dec. 31, 2016
Marketable Securities [Abstract]  
Marketable Securities
MARKETABLE SECURITIES
Available-for-Sale Securities. Certain marketable securities have been classified as available-for-sale. The amortized cost and fair value of these securities at December 31 were as follows: 
 
 
2016
 
2015
(in millions)
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
U.S. Treasury securities
 
$

 
$

 
$
16.1

 
$
16.2

Corporate debt securities
 
20.0

 
20.2

 

 

Asset-backed security
 
0.6

 
0.3

 
0.7

 
0.3

Equity securities
 
0.1

 
0.1

 
0.1

 
0.1

Total
 
$
20.7

 
$
20.6

 
$
16.9

 
$
16.6


The U.S. Treasury securities and corporate debt securities are maintained for a non-qualified retirement and benefit plan under the COMEX Members' Recognition and Retention Plan (MRRP) (note 11).
Net unrealized gains (losses) on marketable securities classified as available-for-sale are reported as a component of other comprehensive income (loss) and included in the accompanying consolidated statements of comprehensive income and consolidated statements of equity.
The fair value and gross unrealized losses of the asset-backed security were $0.3 million and $0.3 million, respectively, at December 31, 2016. The asset-backed security was in an unrealized loss position for more than 12 months at December 31, 2016 and was deemed not to be other-than-temporarily impaired. The company does not intend to sell and is not required to sell this asset-backed security prior to maturity.
The amortized cost and fair value of the corporate debt securities and asset-backed security at December 31, 2016, by contractual maturity, were as follows:
(in millions)
 
Amortized
Cost
 
Fair
Value
Maturity of one year or less
 
$
0.2

 
$
0.2

Maturity between one and five years
 
7.3

 
7.4

Maturity between five and ten years
 
5.7

 
5.7

Maturity greater than ten years
 
7.4

 
7.2

Total
 
$
20.6

 
$
20.5


Trading Securities. The company maintains additional investments in a diverse portfolio of mutual funds related to its non-qualified deferred compensation plans (note 11). The fair value of these securities was $62.7 million and $55.9 million at December 31, 2016 and 2015, respectively.