Marketable Investment Securities

3 Months Ended

Sep. 30, 2014

Marketable Investment Securities

(2) Marketable Investment Securities

The Company has classified its marketable investment securities as available-for-sale securities. These securities are carried at estimated fair value with unrealized holding gains and losses, net of the related tax effect, included in accumulated other comprehensive loss in stockholders’ equity until realized. Gains and losses on investment security transactions are reported on the specific-identification method. Dividend and interest income are recognized when earned. The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at September 30, 2014 and June 30, 2014 were as follows:

			Gross		Gross
			unrealized		unrealized
	Amortized		holding		holding			Estimated
(In thousands)	cost		gains		losses			fair value
At September 30, 2014:
Cash and cash equivalents:
Cash	$	63,238	$	—	$	—		$	63,238
Cash equivalents		6,565		—		—			6,565
Restricted cash		22,674		—		—			22,674
Total cash , cash equivalents and restricted cash		92,477		—		—			92,477
Available-for-sale securities:
Corporate bonds and notes		43,157		21		(18	)		43,160
Municipal bonds		85,412		225		(3	)		85,634
Federal agency issues		15,081		8		(3	)		15,086
Total available-for-sale securities		143,650		254		(24	)		143,880
Total cash, cash equivalents and available-for-sale securities	$	236,127	$	254	$	(24	)	$	236,357

			Gross		Gross
			unrealized		unrealized
	Amortized		holding		holding			Estimated
(In thousands)	cost		gains		losses			fair value
At June 30, 2014:
Cash and cash equivalents:
Cash	$	45,181	$	—	$	—		$	45,181
Cash equivalents		19,639		1		—			19,640
Total cash and cash equivalents		64,820		1		—			64,821
Available-for-sale securities:
Corporate bonds and notes		44,449		36		(11	)		44,474
Municipal bonds		137,821		334		(3	)		138,152
Federal agency issues		23,134		12		(7	)		23,139
Total available-for-sale securities		205,404		382		(21	)		205,765
Total cash, cash equivalents and available-for-sale securities	$	270,224	$	383	$	(21	)	$	270,586

Cash, cash equivalents, restricted cash, and maturities of debt securities classified as available-for-sale securities are as follows at September 30, 2014:

	Amortized		Estimated
(In thousands)	cost		fair value
Cash	$	63,238	$	63,238
Cash equivalents		6,565		6,565
Restricted cash		22,674		22,674
Available-for-sale:
Due within one year		89,722		89,807
Due after one year through five years		53,928		54,073
Due after five years		—		—
	$	236,127	$	236,357

The Company has restricted cash of $22.7 million at September 30, 2014. Restricted cash consists of a pledged account for a specific contractual arrangement and is subject to certain contingences that must be met in the future.