Note 9 - Investments in Marketable Securities

9 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 9 - Investments in Marketable Securities

Investments in marketable securities categorized as “available-for-sale” are stated at fair value. The Company uses quoted prices in active markets for identical assets (consistent with the Level 1 definition in the fair value hierarchy) to measure the fair value of its investments on a recurring basis pursuant to ASC 820,

Fair Value Measurement

. As of June 30, 2016 and September 30, 2015, an unrealized gain of $102,868,000 and $111,498,000, respectively, was recorded before taxes of $40,000,000 and $43,278,000, respectively, in “Accumulated other comprehensive income” in the accompanying Consolidated Balance Sheets. Most of the unrealized gains were in the common stocks of three U.S. financial institutions.

Investments in equity securities and securities with fixed maturity as of June 30, 2016 and September 30, 2015 are summarized below.

	June 30, 2016						September 30, 2015
	(Unaudited)
	Aggregate fair value		Amortized/ Adjusted cost basis		Pretax unrealized gains		Aggregate fair value		Amortized/ Adjusted cost basis		Pretax unrealized gains
Marketable securities
Common stocks	$	153,432,000	$	53,442,000	$	99,990,000	$	158,705,000	$	49,604,000	$	109,101,000
Bonds		7,818,000		4,940,000		2,878,000		7,336,000		4,939,000		2,397,000
Total	$	161,250,000	$	58,382,000	$	102,868,000	$	166,041,000	$	54,543,000	$	111,498,000

All investments are classified as “Current assets” because they are available for sale at any time. The bonds mature in 2039.

As of June 30, 2016, the Company performed an evaluation for an equity security with a fair value below cost to determine if the unrealized loss was other-than-temporary. This evaluation considers a number of factors including, but not limited to, the length of time and extent to which the fair value has been less than cost, the financial condition and near term prospects of the issuer and the Company’s ability and intent to hold the security until fair value recovers. The assessment of the ability and intent to hold this security to recovery focuses on liquidity needs, asset/liability management objectives and security portfolio objectives. Based on the result of the evaluation, the Company concluded that as of June 30, 2016, the unrealized loss related to the equity security it owns was temporary.