Marketable Securities

9 Months Ended

Jun. 30, 2012

Investments, Debt and Equity Securities [Abstract]

The Company invests a portion of its cash on hand by purchasing marketable securities with maturities in excess of three months. These securities are held in the custody of a single financial institution. The Company considers its investment portfolio to be available-for-sale. Accordingly, these investments are recorded at fair value. The investment portfolio consisted of the following marketable securities at June 30, 2012 and September 30, 2011:



	June 30, 2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In millions)
Type of security:
U.S. Treasury securities	$	60.8	$	—	$	(0.1	)	$	60.7
Obligations of U.S. government agencies	82.7		—		—			82.7
Corporate debt securities issued under the FDIC Temporary Liquidity Guarantee Program	39.3		—		—			39.3
Corporate debt securities	95.9		0.1		—			96.0
Total debt securities	278.7		0.1		(0.1		)	278.7
Certificates of deposit	5.0		—		—			5.0
Total marketable securities, available-for-sale	$	283.7	$	0.1	$	(0.1	)	$	283.7



	September 30, 2011
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In millions)
Type of security:
U.S. Treasury securities	$	16.3	$	—	$	—		$	16.3
Obligations of U.S. government agencies	73.7		0.1		—			73.8
Corporate debt securities issued under the FDIC Temporary Liquidity Guarantee Program	103.7		0.1		—			103.8
Corporate debt securities	98.8		—		(0.1		)	98.7
Total debt securities	292.5		0.2		(0.1		)	292.6
Certificates of deposit	5.0		—		—			5.0
Total marketable securities, available-for-sale	$	297.5	$	0.2	$	(0.1	)	$	297.6

Of the $283.7 million in marketable securities at June 30, 2012, $207.7 million mature in the next twelve months and $76.0 million mature in one to two years. Gains and losses realized upon the sale of marketable securities are determined by specific identification and are included in homebuilding other income. The Company’s realized gains related to these sales were $0 and $0.2 million during the three and nine months ended June 30, 2012, respectively, compared to $0 and $0.1 million, respectively, in the same periods of 2011.

- Definition

Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details