INVESTMENTS IN MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS IN MARKETABLE SECURITIES

NOTE 7 - INVESTMENTS IN MARKETABLE SECURITIES

Investments in marketable securities consisted of the following:

	March 31, 2016		December 31, 2015
	(in millions)		(in millions)
Marketable securities:
Corporate bonds - maturing within 1 year	$	2.9	$	3.1
Corporate bonds - maturing after 1 year and through March 2017		-		0.4
Exchange-traded funds		4.8		7.3
Total marketable securities	$	7.7	$	10.8

The Company’s marketable securities are classified as available-for-sale and are recorded at fair value based on quoted market prices or net asset value using the specific identification method. The purchase cost of corporate bonds may include a purchase price premium or discount which will be amortized or accreted against earned interest income to the maturity date of the bond. Our investments are classified as current in the Company’s Consolidated Balance Sheets as they may be sold within one year in response to changes in market prices or interest rates, to realign our investment concentrations or to meet our working capital needs.

The following tables provide a summary of the fair value and unrealized gains (losses) related to the Company’s available-for-sale securities:

	March 31, 2016
	(in millions)
			Gross		Gross
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Available-for-sale:
Corporate bonds	$	2.9	$	-	$	-	$	2.9
Exchange-traded funds		4.8		-		-		4.8
Total - Current	$	7.7	$	-	$	-	$	7.7

	December 31, 2015
	(in millions)
			Gross		Gross
			Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Available-for-sale:
Corporate bonds	$	3.6	$	-	$	(0.1)	$	3.5
Exchange-traded funds		7.3		-		-		7.3
Total - Current	$	10.9	$	-	$	(0.1)	$	10.8

     Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants. Fair values determined based on Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined based on Level 2 inputs utilize observable quoted prices for similar assets and liabilities in active markets and observable quoted prices for identical or similar assets in markets that are not very active. Fair values determined based on Level 3 inputs utilize unobservable inputs and include valuations of assets or liabilities for which there is little, if any, market activity. A financial asset or liability’s classification within the above hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

Our assets measured at fair value or disclosed at fair value on a recurring basis as at March 31, 2016 and December 31, 2015 consisted of the following:

	March 31, 2016
	(in millions)
	Total		Level 1		Level 2		Level 3
Assets:
Corporate bonds	$	2.9	$	-	$	2.9	$	-
Exchange-traded funds		4.8		4.8		-		-
Total	$	7.7	$	4.8	$	2.9	$	-

	December 31, 2015
	(in millions)
	Total		Level 1		Level 2		Level 3
Assets:
Corporate bonds	$	3.5	$	-	$	3.5	$	-
Exchange-traded funds		7.3		7.3		-		-
Total	$	10.8	$	7.3	$	3.5	$	-

Accumulated Other Comprehensive Income (Loss)

Unrealized gains or losses on marketable securities are recorded in accumulated other comprehensive income (loss). Accumulated other comprehensive income (loss) at March 31, 2016 consisted of unrealized gains on securities of $5 thousand. Accumulated other comprehensive income (loss) at December 31, 2015 consisted of unrealized losses on securities of $65 thousand.