On January 2, 2016, Sanborn Tobacco Inc. bought 5% of Jackson Industrys capital stock for $90 million as a temporary investment. Sanborn classified the securities acquired as available-for-sale. Jackson Industrys net income for the year ended December 31, 2016, was $120 million. The fair value of the shares held by Sanborn was $98 million at December 31, 2016. During 2016, Jackson declared a dividend of $60 million.