Note 6 - Investments in Marketable Securities

9 Months Ended

Jun. 30, 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 June 30, 2020 and September 30, 2019, there were net accumulated unrealized gains of $99,501,000 and $140,692,000, respectively, 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.

The Company adopted ASU No. 2016-01, Subtopic 825-10 in the prior fiscal year. For the three- and nine-months ended June 30, 2020, the Company recorded and included in its net income (loss) the net unrealized gains on investments of $16,489,000 and net unrealized losses on investments of $41,191,000 as compared with net unrealized gains on investments of $3,214,000 and net unrealized losses on investments of $16,929,000, respectively, in the prior year periods.

Investments in marketable securities as of June 30, 2020 and September 30, 2019 are summarized below.

 Investments in Marketable Securities

	June 30, 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	$	153,390,000	$	53,889,000	$	99,501,000	$	194,581,000	$	53,889,000	$	140,692,000