|
3. |
MARKETABLE INVESTMENT SECURITIES |
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 June 30, 2017 and 2016 were as follows:
|
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
|
|
|
|
|
|
unrealized |
|
|
unrealized |
|
|
|
|
|
|
|
|
Amortized |
|
|
holding |
|
|
holding |
|
|
Estimated |
|
|
|
|
cost |
|
|
gains |
|
|
losses |
|
|
fair value |
|
|
At June 30, 2017: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
83.5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
83.5 |
|
|
Cash equivalents |
|
|
18.9 |
|
|
|
— |
|
|
|
— |
|
|
|
18.9 |
|
|
Total cash and cash equivalents |
|
|
102.4 |
|
|
|
— |
|
|
|
— |
|
|
|
102.4 |
|
|
Available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds and notes |
|
|
45.4 |
|
|
|
0.1 |
|
|
|
(0.1 |
) |
|
|
45.4 |
|
|
Municipal bonds |
|
|
32.7 |
|
|
|
— |
|
|
|
— |
|
|
|
32.7 |
|
|
Federal agency issues |
|
|
11.6 |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
11.5 |
|
|
US government securities |
|
|
7.2 |
|
|
|
— |
|
|
|
— |
|
|
|
7.2 |
|
|
Total |
|
$ |
199.3 |
|
|
$ |
0.1 |
|
|
$ |
(0.2 |
) |
|
$ |
199.2 |
|
|
|
|
|
|
|
|
Gross |
|
|
Gross |
|
|
|
|
|
|
|
|
|
|
|
|
unrealized |
|
|
unrealized |
|
|
|
|
|
|
|
|
Amortized |
|
|
holding |
|
|
holding |
|
|
Estimated |
|
|
|
|
cost |
|
|
gains |
|
|
losses |
|
|
fair value |
|
|
At June 30, 2016: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
66.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
66.1 |
|
|
Cash equivalents |
|
|
2.4 |
|
|
|
— |
|
|
|
— |
|
|
|
2.4 |
|
|
Total cash and cash equivalents |
|
|
68.5 |
|
|
|
— |
|
|
|
— |
|
|
|
68.5 |
|
|
Available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds and notes |
|
|
50.8 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
51.0 |
|
|
Municipal bonds |
|
|
85.4 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
85.6 |
|
|
Federal agency issues |
|
|
25.5 |
|
|
|
— |
|
|
|
— |
|
|
|
25.5 |
|
|
US government securities |
|
|
8.2 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
8.3 |
|
|
Total |
|
$ |
238.4 |
|
|
$ |
0.5 |
|
|
$ |
— |
|
|
$ |
238.9 |
|
Cash, cash equivalents, and maturities of debt securities classified as available-for-sale are as follows at June 30, 2017:
|
|
|
Amortized |
|
|
Estimated |
|
|
|
|
cost |
|
|
fair value |
|
|
Cash |
|
$ |
83.5 |
|
|
$ |
83.5 |
|
|
Cash equivalents |
|
|
18.9 |
|
|
|
18.9 |
|
|
Available-for-sale: |
|
|
|
|
|
|
|
|
|
Due within one year |
|
|
48.3 |
|
|
|
48.3 |
|
|
Due after one year through five years |
|
|
48.6 |
|
|
|
48.5 |
|
|
Due after five years |
|
|
— |
|
|
|
— |
|
|
Total |
|
$ |
199.3 |
|
|
$ |
199.2 |
|
Debt securities in an unrealized loss position as of June 30, 2017 were not impaired at acquisition and the declines in fair value are not attributed to declines in credit quality. Management believes that it is more likely than not that the securities will be held until a recovery of par value. All securities in an unrealized loss position as of June 30, 2017 and 2016 are debt securities. Debt securities available-for-sale in a gross unrealized loss position as of June 30, 2017 and 2016 are summarized as follows:
|
|
|
Less than 12 months |
|
|
More than 12 months |
|
|
Total |
|
|
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
|
|
value |
|
|
losses |
|
|
value |
|
|
losses |
|
|
value |
|
|
losses |
|
|
At June 30, 2017: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds and notes |
|
|
29.9 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
29.9 |
|
|
|
0.1 |
|
|
Municipal bonds |
|
|
13.3 |
|
|
|
— |
|
|
|
0.7 |
|
|
|
— |
|
|
|
14.0 |
|
|
|
— |
|
|
Federal agency issues |
|
|
11.5 |
|
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
11.5 |
|
|
|
0.1 |
|
|
US government securities |
|
|
5.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5.3 |
|
|
|
— |
|
|
|
|
$ |
60.0 |
|
|
$ |
0.2 |
|
|
$ |
0.7 |
|
|
$ |
— |
|
|
$ |
60.7 |
|
|
$ |
0.2 |
|
|
|
|
Less than 12 months |
|
|
More than 12 months |
|
|
Total |
|
|
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
|
|
value |
|
|
losses |
|
|
value |
|
|
losses |
|
|
value |
|
|
losses |
|
|
At June 30, 2016: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate bonds and notes |
|
|
5.0 |
|
|
|
— |
|
|
|
1.5 |
|
|
|
— |
|
|
|
6.5 |
|
|
|
— |
|
|
Municipal bonds |
|
|
7.6 |
|
|
|
— |
|
|
|
6.3 |
|
|
|
— |
|
|
|
13.9 |
|
|
|
— |
|
|
Federal agency issues |
|
|
6.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6.0 |
|
|
|
— |
|
|
US government securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
$ |
18.6 |
|
|
$ |
— |
|
|
$ |
7.8 |
|
|
$ |
— |
|
|
$ |
26.4 |
|
|
$ |
— |
|
Additional information relating to fair value of marketable investment securities can be found in Note 12.
|