

	June 30, 2019			September 30, 2018
Fixed income securities	$	164.1		$	419.0
Equity securities	949.8			1,090.0
Other	68.6			69.9
Total investments	1,182.5			1,578.9
Less short-term investments	(124.6		)	(290.9		)
Long-term investments	$	1,057.9		$	1,288.0

We invest in certificates of deposit, time deposits, commercial paper and other fixed income securities that are classified as available-for-sale. Unrealized gains and losses on available-for-sale investments are included in our Consolidated Balance Sheet as a component of Accumulated other comprehensive loss, net of any deferred taxes. Realized gains and losses are included in net income.



	June 30, 2019		September 30, 2018
Certificates of deposit and time deposits	$	0.6	$	169.6
Corporate debt securities	116.4		158.4
Government securities	36.7		65.8
Asset-backed securities	10.4		25.2
Total	$	164.1	$	419.0

Pre-tax gross unrealized gains and losses on available-for-sale investments were not material as of June 30, 2019. Pre-tax gross realized gains and losses on available-for-sale investments were not material for the three and nine months ended June 30, 2019. At June 30, 2019, there were no outstanding purchases of available-for-sale investments recorded in accounts payable.

We evaluated all available-for-sale investments for which the fair value was less than amortized cost for impairment on an individual security basis at June 30, 2019. This assessment included consideration of our intent and ability to hold the security and the credit risks specific to each security. We determined that the declines in fair value of these investments were not other than temporary as of June 30, 2019, and accordingly we did not recognize any impairment charges in net income.

The table below summarizes the contractual maturities of our investments as of June 30, 2019 (in millions). Actual maturities may differ from the contractual maturities below as borrowers may have the right to prepay certain obligations.

Classification of our available-for-sale investments as current or noncurrent is based on the nature of the investment and when the investment is reasonably expected to be realized. These investments were included in the following line items within the Consolidated Balance Sheet (in millions):

On July 19, 2018, we purchased 10,582,010 shares of PTC Inc. ("PTC") common stock (the "PTC Shares") in a private placement at a purchase price of $94.50 per share for an aggregate purchase price of approximately $1.0 billion (the "Purchase"). The PTC Shares are considered equity securities. For a period of approximately 3 years after the Purchase, we are subject to entity-specific transfer restrictions subject to certain exceptions. Since the first anniversary of the Purchase, the Company has the ability to transfer, in the aggregate in any 90-day period, a number of PTC Shares equal to up to 1.0% of PTC's total outstanding shares of common stock as of the first day in such 90-day period, but no more than 2.0% of PTC's total outstanding shares of common stock in each of the second year and the third year after the Purchase.

The PTC Shares are recorded at fair value. At June 30, 2019, the fair value of the PTC Shares was $949.8 million, which was recorded in long-term investments in the Consolidated Balance Sheet. For the three and nine months ended June 30, 2019, losses of $25.6 million and $140.1 million, respectively, related to the PTC Shares were recorded in Other income (expense) in the Consolidated Statement of Operations. During the first quarter of fiscal 2019, the PTC Shares were registered by PTC under the Securities Act of 1933, as amended, and the discount for lack of marketability was reversed.

U.S. GAAP defines fair value as the price that would be received for an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability. U.S. GAAP also classifies the inputs used to measure fair value into the following hierarchy:



Level 2:		Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability.



Level 3:		Unobservable inputs for the asset or liability.

We recognize all available-for-sale and trading investments at fair value in the Consolidated Balance Sheet. The valuation methodologies used for our investments measured at fair value are described as follows.

Corporate debt securities — Valued at either the yields currently available on comparable securities of issuers with similar credit ratings or valued under a discounted cash flow approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable such as credit and liquidity risks.

Government securities — Valued at the most recent closing price on the active market on which the individual securities are traded or, absent an active market, utilizing observable inputs such as closing prices in less frequently traded markets.

Asset-backed securities — Valued using a discounted cash flow approach that maximizes observable inputs, such as current yields of benchmark instruments, but includes adjustments for certain risks that may not be observable such as credit and liquidity risks.

Equity securities — Prior to their registration, the PTC Shares were valued using the most recent closing price of PTC common stock quoted on Nasdaq, less a temporary discount for lack of marketability. The discount for lack of marketability was calculated using a put-option model which included observable and unobservable inputs and was categorized as Level 3 in the fair value hierarchy. As a result of the registration of the PTC Shares and reversal of the discount during the first quarter of fiscal 2019, these securities were transferred from Level 3 to Level 1.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while we believe our valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. We did not have any other transfers between levels of fair value measurements during the periods presented.



	June 30, 2019
	Level 1		Level 2		Level 3		Total
Certificates of deposit and time deposits	$	—	$	0.6	$	—	$	0.6
Corporate debt securities	—		116.4		—		116.4
Government securities	36.7		—		—		36.7
Asset-backed securities	—		10.4		—		10.4
Equity securities	949.8		—		—		949.8
Total	$	986.5	$	127.4	$	—	$	1,113.9



	September 30, 2018
	Level 1		Level 2		Level 3		Total
Certificates of deposit and time deposits	$	—	$	169.6	$	—	$	169.6
Corporate debt securities	—		158.4		—		158.4
Government securities	55.7		10.1		—		65.8
Asset-backed securities	—		25.2		—		25.2
Equity securities	—		—		1,090.0		1,090.0
Total	$	55.7	$	363.3	$	1,090.0	$	1,509.0



	Fair Value
Balance September 30, 2018	$	1,090.0
Unrealized loss	(149.0		)
Transfer to Level 1 upon registration of PTC Shares on November 28, 2018	(941.0		)
Balance June 30, 2019	$	—