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MARKETABLE SECURITIES
12 Months Ended
Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
MARKETABLE SECURITIES
(5) MARKETABLE SECURITIES
The Company invests its excess cash in commercial paper, U.S. government securities, corporate debt securities and other securities with maturities generally ranging from three months to five years from the date of purchase. The Company uses the specific-identification method to determine the cost of securities sold. Marketable securities, classified as available-for-sale, consist of the following (in thousands):
 
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Fair Market Value
June 30, 2016
 
 
 
 
Corporate debt securities
$
33,267

$

$
(135
)
$
33,132

Asset-backed securities
14,755

3

(1
)
14,757

 
$
48,022

$
3

$
(136
)
$
47,889

 
 
 
 
 
June 30, 2015
 
 
 
 
Commercial paper
$
43,067

$
12

$

$
43,079

U.S. government debt securities
101,597

66

(8
)
101,655

Corporate debt securities
211,079

34

(129
)
210,984

Asset-backed securities
59,692

12

(10
)
59,694

 
$
415,435

$
124

$
(147
)
$
415,412


Commercial paper, corporate debt securities, U.S. government debt securities and asset-backed securities are classified as current and long-term marketable securities in the accompanying consolidated balance sheets.
The decline in the fair market value of corporate debt securities is attributable to changes in interest rates and not credit quality. The Company does not intend to sell the corporate debt securities in an unrealized loss position and it is not more likely than not that the Company will be required to sell the corporate debt securities before recovery of their amortized cost bases, which may be maturity. The Company does not consider the corporate debt securities to be other-than temporarily impaired at June 30, 2016.
At June 30, 2016, the Company had marketable securities with the following maturities (in thousands):
 
Cost
Fair Market Value
Due in one year or less
$
17,768

$
17,759

Due after one year through five years
30,254

30,130

 
$
48,022

$
47,889



See Note 6 - Fair Value Measurements for further discussion related to the Company’s measurement of fair market value for its marketable securities.