

	September 30,
	2019			2018
Fixed income securities	$	43.9		$	419.0
Equity securities	721.5			1,090.0
Other	68.1			69.9
Total investments	833.5			1,578.9
Less short-term investments	(39.6		)	(290.9		)
Long-term investments	$	793.9		$	1,288.0

We invest in certificates of deposit, time deposits, commercial paper and other fixed income securities which 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.



	September 30,
	2019		2018
Certificates of deposit and time deposits	$	0.6	$	169.6
Corporate debt securities	31.8		158.4
Government securities	6.3		65.8
Asset-backed securities	5.2		25.2
Total	$	43.9	$	419.0

Pre-tax gross unrealized losses on available-for-sale investments were not material as of September 30, 2019. Pre-tax gross realized gains and losses on available-for-sale investments were not material for the years ended September 30, 2019 and 2018. At September 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 September 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 September 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 September 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 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 had the ability to transfer, in the aggregate in any 90-day period, a number of 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 September 30, 2019, the fair value of the PTC Shares was $721.5 million, which was recorded in long-term investments in the Consolidated Balance Sheet. For the year ended September 30, 2019, a loss of $368.5 million related to the PTC Shares was recorded in other income (expense) in the Consolidated Statement of Operations. During 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.

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 below.

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 fiscal 2019, these securities are now valued using the most recent closing price as quoted on Nasdaq and were transferred from Level 3 to Level 1.

Refer to Note 1 for further information regarding levels in the fair value hierarchy. We did not have any other transfers between levels of fair value measurements during the periods presented.



	September 30, 2019
	Level 1		Level 2		Level 3		Total
Certificates of deposit and time deposits	$	—	$	0.6	$	—	$	0.6
Corporate debt securities	—		31.8		—		31.8
Government securities	6.3		—		—		6.3
Asset-backed securities	—		5.2		—		5.2
Equity securities	721.5		—		—		721.5
Total	$	727.8	$	37.6	$	—	$	765.4



	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 September 30, 2019	$	—