Marketable Securities

9 Months Ended

Sep. 30, 2018

Investments Debt And Equity Securities [Abstract]

Note 6—Marketable securities:

Our marketable securities consist of marketable equity and debt securities. Prior to 2018, any unrealized gains or losses on equity securities were recognized through other comprehensive income, net of deferred income taxes. Beginning on January 1, 2018 with the adoption of Accounting Standards Update (“ASU”) 2016-01, our marketable equity securities will continue to be carried at fair value as noted above, but any unrealized gains or losses on the securities are now recognized as a component of other income included in the securities transactions, net on our Condensed Consolidated Statements of Income. See Note 19.

	Market value		Cost basis		Unrealized losses, net
	(In millions)
December 31, 2017:
Current assets	$	3.0		3.0		—
Noncurrent assets:
The Amalgamated Sugar Company LLC	$	250.0		250.0		—
Other		5.7		5.9		(.2	)
Total	$	255.7		255.9		(.2	)
September 30, 2018:
Current assets	$	2.2		2.2		—
Noncurrent assets	$	5.1	$	5.4	$	(.3	)

All of our marketable securities are accounted for as available-for-sale, which are carried at fair value using quoted market prices, primarily Level 1 inputs as defined by ASC Topic 820, Fair Value Measurements and Disclosures, except for our investment in The Amalgamated Sugar Company LLC (“Amalgamated”). Our other marketable securities, which consist of marketable equity and debt securities, are not material. See Note 18. Our investment in Amalgamated was measured using significant unobservable inputs, which are Level 3 inputs. Please refer to Note 6 in our 2017 Annual Report for a complete description of the valuation methodology used for our investment in Amalgamated.

On May 30, 2018, we entered into an agreement with Snake River Sugar Company, an Oregon agricultural cooperative corporation that controls Amalgamated ("Snake River"), in which we agreed to sell our interest in Amalgamated for consideration consisting of $12.5 million in cash and the deemed payment in full of our $250 million in loans we owe Snake River (see Note 8). The sale was completed on August 31, 2018 and as a result in the third quarter of 2018 we recognized a securities transaction gain of $12.5 million related to the sale and our $250 million in loans were deemed repaid in full.