Investments

3 Months Ended

Sep. 30, 2022

Supplemental Employee Retirement Plan Investments:

We maintain a self-directed supplemental employee retirement plan (“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 Operations. 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 (losses) for the three months ended September 30, 2022 and 2021 were, in millions, $(0.5) and $(0.2), respectively.

SERP asset and liability balances were as follows:


(Amounts in Thousands)	September 30, 2022		June 30, 2022
SERP investments - current asset	$	3,200	$	3,284
SERP investments - other long-term asset	6,872		7,233
Total SERP investments	$	10,072	$	10,517

SERP obligation - current liability	$	3,200	$	3,284
SERP obligation - other long-term liability	6,872		7,233
Total SERP obligation	$	10,072	$	10,517

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 12 - 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.