Note 6 - Investments in Marketable Securities

3 Months Ended

Dec. 31, 2019

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

December 31, 2019,

there were net accumulated unrealized gains of

$160,223,000

with these investments. With the adoption of ASU

No.

2016

-

01,

Subtopic

825

-

10

in the prior fiscal year, the Company recorded and included in its net income the net unrealized gains on investments of

$19,531,000

for the

three

months ended

December 31, 2019

as compared with a net unrealized losses on investments of

$28,640,000

in the prior year period. At

September 30, 2019,

there were net accumulated unrealized gains of

$140,692,000

recorded in the accompanying Consolidated Balance Sheets. Most of the unrealized gains were in the common stocks of

three

U.S. financial institutions and

one

foreign manufacturer.

Investments in marketable securities as of

December 31, 2019

and

September 30, 2019

are summarized below.

	Investments in Marketable Securities
	December 31, 2019						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	$	214,112,000	$	53,889,000	$	160,223,000	$	194,581,000	$	53,889,000	$	140,692,000