XML 25 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Marketable Securities
12 Months Ended
Dec. 31, 2018
Marketable Securities [Abstract]  
Marketable Securities
MARKETABLE SECURITIES
We have equity securities and available-for-sale debt securities classified as marketable securities on our consolidated balance sheets. The amortized cost and fair value of these securities at December 31 were as follows: 
 
 
2018
 
2017
(in millions)
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Corporate debt securities (1)
 
$
18.2

 
$
18.1

 
$
20.0

 
$
20.8

Municipal debt securities
 
1.5

 
1.7

 

 

Asset-backed security
 
0.6

 
0.3

 
0.6

 
0.3

Equity securities
 

 
0.1

 

 
0.1

Total
 
$
20.3

 
$
20.2

 
$
20.6

 
$
21.2

 _______________
(1) The corporate debt securities are maintained for a non-qualified retirement and benefit plan under the COMEX Members' Recognition and Retention Plan (MRRP) (note 12).
Net unrealized gains (losses) on marketable debt securities classified as available-for-sale are reported as a component of other comprehensive income (loss) and included on the accompanying consolidated statements of comprehensive income and consolidated statements of equity. Changes in the fair value of equity securities are recognized within investment income on the consolidated statements of income.
The fair value and gross unrealized losses of the corporate debt securities and asset-backed security were $12.9 million and $0.6 million, respectively, at December 31, 2018. These corporate debt securities and the asset-backed security were in an unrealized loss position for more than 12 months at December 31, 2018 and were deemed not to be other-than-temporarily impaired. The company does not intend to sell and is not required to sell these securities prior to maturity.
The amortized cost and fair value of the corporate debt securities, asset-backed security, and municipal debt securities at December 31, 2018, by contractual maturity, were as follows:
(in millions)
 
Amortized
Cost
 
Fair
Value
Maturity of one year or less
 
$
1.8

 
$
1.8

Maturity between one and five years
 
9.1

 
9.2

Maturity between five and ten years
 
4.0

 
3.9

Maturity greater than ten years
 
5.4

 
5.2

Total
 
$
20.3

 
$
20.1


The company maintains additional investments in a diverse portfolio of mutual funds related to its non-qualified deferred compensation plans (note 12). The fair value of these securities was $52.7 million and $68.9 million at December 31, 2018 and 2017, respectively.