| 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.
|