XML 36 R23.htm IDEA: XBRL DOCUMENT v3.20.4
Note 14. Investments (Notes)
 6 Months Ended
Dec. 31, 2020
Investments [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure Investments
Investment Portfolio:
Our investment portfolio consists of certificates of deposit purchased in the secondary market. Secondary market certificates of deposit are classified as investment securities, being purchased in the secondary market through a broker and available to be sold in the secondary market. All certificates of deposit are FDIC insured.
Our investment portfolio is available for use in current operations; therefore, investments are recorded within Current Assets in the Condensed Consolidated Balance Sheets. The contractual maturities of our investment portfolio were as follows: 
 December 31, 2020
(Amounts in Thousands)Certificates of Deposit
Within one year$1,505 
After one year through two years— 
Total Fair Value$1,505 
All investments are classified as available-for-sale securities which are recorded at fair value. See Note 13 - Fair Value of Notes to Condensed Consolidated Financial Statements for more information on the fair value of available-for-sale securities. The amortized cost basis reflects the original purchase price, with discounts and premiums amortized over the life of the available-for-sale securities. Unrealized losses on available-for-sale securities are recognized in earnings when there is intent to sell or it is likely to be required to sell before recovery of the loss, or when the available-for-sale securities have incurred a credit loss. Otherwise, unrealized gains and losses are recorded net of the tax-related effect as a component of Shareholders’ Equity.
December 31, 2020
(Amounts in Thousands)Certificates of Deposit
Amortized cost basis$1,500 
Unrealized holding gains5 
Unrealized holding losses— 
Fair Value$1,505 
June 30, 2020
(Amounts in Thousands)Certificates of Deposit
Amortized cost basis$5,250 
Unrealized holding gains44 
Unrealized holding losses— 
Fair Value$5,294 
No investments were in a continuous unrealized loss position for greater than twelve months as of December 31, 2020. There were no realized gains or losses as a result of sales in the three and six months ended December 31, 2020 and December 31, 2019.
Supplemental Employee Retirement Plan Investments:
We maintain a self-directed SERP in which executive employees are eligible to participate. The SERP utilizes a rabbi trust, and therefore assets in the SERP portfolio are subject to creditor claims in the event of bankruptcy. We recognize SERP investment assets on the Condensed Consolidated Balance Sheets at current fair value. A SERP liability of the same amount is recorded on the Condensed Consolidated Balance Sheets representing an obligation to distribute SERP funds to participants. The SERP investment assets are classified as trading, and accordingly, realized and unrealized gains and losses are recognized in the Other Income (Expense) section of the Condensed Consolidated Statements of Income. Adjustments made to revalue the SERP liability are also recognized in income or expense as selling and administrative expenses and offset valuation adjustments on SERP investment assets. Net unrealized holding gains for the six months ended December 31, 2020 and 2019 were, in thousands, $1,747 and $418, respectively.
SERP asset and liability balances were as follows:
(Amounts in Thousands)December 31,
2020		June 30,
2020
SERP investments - current asset$3,284 $3,622 
SERP investments - other long-term asset10,168 8,353 
    Total SERP investments$13,452 $11,975 
SERP obligation - current liability$3,284 $3,622 
SERP obligation - other long-term liability10,168 8,353 
    Total SERP obligation$13,452 $11,975 
Equity securities without readily determinable fair value:
We hold a total investment of $2.0 million in a privately-held company, including $0.5 million in equity securities without readily determinable fair value. The investment in equity securities without readily determinable fair value is included in the Other Assets line of the Condensed Consolidated Balance Sheets. See Note 13 - Fair Value of Notes to Condensed Consolidated Financial Statements for more information on the valuation of these securities. We do not hold a majority voting interest and are not the variable interest primary beneficiary of the privately-held company, thus consolidation is not required.