Note 6 - Investments in Marketable Securities

6 Months Ended

Mar. 31, 2020

Notes to Financial Statements

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

Note

6

- Investments in Marketable Securities

All investments are classified as “Current assets” because they are available for sale at any time. These “available-for-sale” marketable securities 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

March 31, 2020,

there were net accumulated unrealized gains of

$83,012,000.

At

September 30, 2019,

there were net accumulated unrealized gains of

$140,692,000

recorded in the accompanying Consolidated Balance Sheets. Most of the accumulated unrealized gains were in the common stocks of

three

U.S. financial institutions and

one

foreign manufacturer.

With the adoption in the prior fiscal year of ASU

No.

2016

-

01,

Subtopic

825

-

10,

the Company recorded and included in its net (loss) income the net unrealized losses on investments of

$77,211,000

and

$57,680,000

for the

three

- and

six

-months ended

March 31, 2020

as compared with net unrealized gains on investments of

$8,497,000

and net unrealized losses on investments of

$20,143,000,

respectively, in the prior year periods.

Investments in marketable securities as of

March 31, 2020

and

September 30, 2019

are summarized below.

 

Investments in Marketable Securities

	March 31, 2020						September 30, 2019
	Aggregate fair value		Adjusted cost basis		Pretax net unrealized gains		Aggregate fair value		Amortized/Adjusted cost basis		Pretax unrealized gains
Marketable securities
Common stocks	$	136,901,000	$	53,889,000	$	83,012,000	$	194,581,000	$	53,889,000	$	140,692,000