American Home Shield 2015 Annual Report Download - page 99
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Table of Contents
81
Note 13. Cash and Marketable Securities
Cash, money market funds and certificates of deposits with maturities of three months or less when purchased are included in
Cash and cash equivalents on the consolidated statements of financial position. As of December 31, 2015 and 2014, the Company’s
investments consisted primarily of domestic publicly traded debt and certificates of deposit (“Debt securities”) and common equity
securities (“Equity securities”). The amortized cost, fair value and gross unrealized gains and losses of the Company’s short- and long-
term investments in Debt and Equity securities are as follows:
Gross Gross
Amortized Unrealized Unrealized Fair
(In millions) Cost Gains Losses Value
Available-for-sale and trading securities, December 31, 2015:
Debt securities $ 60 $ 1 $ — $ 60
Equity securities 18 3 — 21
Total securities $ 78 $ 4 $ (1) $ 81
Available-fo
r
-sale and tradin
g
securities, December 31, 2014:
Debt securities $ 65 $ 1 $ — $ 66
Equity securities 33 9 (1) 41
Total securities $ 98 $ 10 $ (1) $ 107
There were no unrealized losses which had been in a loss position for more than one year as of December 31, 2015 and 2014.
The aggregate fair value of the investments with unrealized losses was $23 million and $29 million as of December 31, 2015 and
2014, respectively.
Gains and losses on sales of investments, as determined on a specific identification basis, are included in investment income
in the period they are realized. The Company periodically reviews its portfolio of investments to determine whether there has been an
other than temporary decline in the value of the investments from factors such as deterioration in the financial condition of the issuer
or the market(s) in which the issuer competes. The table below summarizes proceeds, gross realized gains and gross realized losses
resulting from sales of available-for-sale securities. There were no impairment charges due to other than temporary declines in the
value of certain investments for the years ended December 31, 2015, 2014, and 2013.
Year Ended December 31,
(In millions) 2015 2014 2013
Proceeds from sale of securities $ 22 $ 43 $ 23
Gross realized gains, pre-tax 7 5 2
Gross realized gains, net of tax 4 3 1
Gross realized losses, pre-tax — (1) (1)
Gross realized losses, net of tax — (1) —
2015 Annual Report 97