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Note 3 - Investments | 12 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Investment [Text Block] | Note 3. Investments The Company invests in CDs in amounts that are fully insured by the FDIC and Treasuries with terms of not more than five years, as well as money market funds. During the second quarter of fiscal 2022, the Company sold investments and has reclassified its investment portfolio to available-for-sale, which is reported at fair value. The unrealized gain or loss on investment securities is recorded in other comprehensive income (loss), net of tax. Realized gains and losses on available-for-sale securities are recognized upon sale and are included in net investment income in the consolidated statement of earnings. The Company did not sell investment securities during the years ended September 30, 2023. As of September 30, 2023, available-for-sale investments consist of the following:
|  | September 30, 2023 |
(In thousands) |  | Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Short-Term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 122,534 |  |  | $ | - |  |  | $ | 143 |  |  | $ | 122,391 |
Certificates of deposit |  |  | 8,014 |  |  |  | - |  |  |  | 119 |  |  |  | 7,895 |
Investment securities – short-term |  | $ | 130,548 |  |  | $ | - |  |  | $ | 262 |  |  | $ | 130,286 |
Long-Term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S treasury securities |  | $ | 6,719 |  |  | $ | - |  |  | $ | 596 |  |  | $ | 6,123 |
Certificates of deposit |  |  | 248 |  |  |  | - |  |  |  | 28 |  |  |  | 220 |
Investment securities – long-term |  | $ | 6,967 |  |  | $ | - |  |  | $ | 624 |  |  | $ | 6,343 |
As of September 30, 2022, available-for-sale investments consisted of the following:
|  | September 30, 2022 |
(In thousands) |  | Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Short-Term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 5,945 |  |  | $ | - |  |  | $ | 143 |  |  | $ | 5,802 |
Investment securities – short-term |  | $ | 5,945 |  |  | $ | - |  |  | $ | 143 |  |  | $ | 5,802 |
Long-Term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S treasury securities |  | $ | 16,178 |  |  | $ | - |  |  | $ | 1,085 |  |  | $ | 15,093 |
Certificates of deposit |  |  | 8,016 |  |  |  | - |  |  |  | 362 |  |  |  | 7,654 |
Investment securities – long-term |  | $ | 24,194 |  |  | $ | - |  |  | $ | 1,447 |  |  | $ | 22,747 |
The Company did not sell any investments in the year ended September 30, 2023. For the year ended September 30, 2022, proceeds from the sale of investments was $14,365,000, upon which the Company realized within earnings gross realized gains on the sale of $92,000 partially offset by gross realized losses of $53,000. The specific identification method is used to determine the cost of the securities sold. The Company’s sale of investment securities was associated with its need to respond to significant unanticipated and unprecedented growth in its sales order backlog coupled with supply chain challenges to obtain the inventory necessary for fulfillment of these orders, as well as the reevaluation of the Company’s approach to use of available capital. As of September 30, 2023, investments in debt securities in an unrealized loss position were as follows:
|  | In Unrealized Loss Position For Less Than 12 Months |  |  | In Unrealized Loss Position For Greater Than 12 Months |
(In thousands) |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
U.S treasury securities |  | $ | 112,908 |  |  | $ | 131 |  |  | $ | 15,606 |  |  | $ | 608 |
Certificates of deposit |  |  | 245 |  |  |  | - |  |  |  | 7,870 |  |  |  | 147 |
Investment securities |  | $ | 113,153 |  |  | $ | 131 |  |  | $ | 23,476 |  |  | $ | 755 |
As of September 30, 2022, investments in debt securities in an unrealized loss position were as follows:
|  | In Unrealized Loss Position For Less Than 12 Months |  |  | In Unrealized Loss Position For Greater Than 12 Months |
(In thousands) |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |
U.S treasury securities |  | $ | - |  |  | $ | - |  |  | $ | 15,093 |  |  | $ | 1,085 |
Certificates of deposit |  |  | 6,345 |  |  |  | 176 |  |  |  | 7,111 |  |  |  | 329 |
Investment securities |  | $ | 6,345 |  |  | $ | 176 |  |  | $ | 22,204 |  |  | $ | 1,414 |
As of September 30, 2023, there were 42 securities in an unrealized loss position which is due to the securities paying lower interest rates than the market. As of September 30, 2023, there are no securities which are other than temporarily impaired as the Company intends to hold these securities until their value recovers and there is negligible credit risk due to the nature of the securities which are backed by the FDIC and US federal government.

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