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Note 7 - Investments in Marketable Securities

3 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 7 - 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, 2020 and September 30, 2020, there were net accumulated pretax unrealized gains of $218,805,000 and $137,593,000, respectively, recorded in the accompanying Consolidated Balance Sheets. Most of the accumulated pretax unrealized gains were in the common stocks of three U.S. financial institutions and one foreign manufacturer.

The Company adopted ASU No. 2016-01, Subtopic 825-10 in fiscal 2019. For the three months ended December 31, 2020, the Company recorded and included in its net income the net unrealized gains on marketable securities of $81,212,000 as compared with $19,531,000 in the prior year period. At December 31, 2020, there were no unrealized losses related to the marketable securities.

Investments in marketable securities as of December 31, 2020 and September 30, 2020 are summarized below.

Investment in Marketable Securities

		December 31, 2020												September 30, 2020
		Aggregate fair value				Amortized/ Adjusted cost basis				Pretax unrealized gains				Aggregate fair value				Amortized/ Adjusted cost basis				Pretax unrealized gains
Marketable securities
Common stocks		$	260,580,000			$	41,775,000			$	218,805,000			$	179,368,000			$	41,775,000			$	137,593,000