Marketable Investment Securities

6 Months Ended

Dec. 31, 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 December 31, 2014 and June 30, 2014 were as follows:

(In thousands)	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses			Estimated fair value
At December 31, 2014:
Cash and cash equivalents:
Cash	$	57,010	$	—	$	—		$	57,010
Cash equivalents		2,699		—		—			2,699
Restricted cash		22,138		—		—			22,138
Total cash, cash equivalents and restricted cash		81,847		—		—			81,847
Available-for-sale securities:
Corporate bonds and notes		45,181		5		(18	)		45,168
Municipal bonds		83,506		141		(40	)		83,607
Federal agency issues		18,933		2		(4	)		18,931
Total available-for-sale securities		147,620		148		(62	)		147,706
Total cash, cash equivalents, restricted cash and available-for-sale securities	$	229,467	$	148	$	(62	)	$	229,553

(In thousands)	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses			Estimated 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 December 31, 2014:

(In thousands)	Amortized cost		Estimated fair value
Cash	$	57,010	$	57,010
Cash equivalents		2,699		2,699
Restricted cash		22,138		22,138
Available-for-sale:
Due within one year		105,370		105,406
Due after one year through five years		42,250		42,300
Due after five years		—		—
	$	229,467	$	229,553

The Company has restricted cash of $22.1 million at December 31, 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.