Marketable Securities

3 Months Ended

Sep. 30, 2013

Marketable Securities

Marketable Securities

3.  Marketable Securities

The following table summarizes the fair value, the amortized cost and unrealized holding gains (losses) on our marketable securities as of September 30, 2013 (dollars in thousands):

	Fair Value		Cost		Unrealized Gains		Unrealized Losses
	(Dollars in Thousands)
U.S. corporate bonds	$	69,792	$	69,772	$	34	$	(14	)
Total short-term marketable securities	$	69,792	$	69,772	$	34	$	(14	)
U.S. corporate bonds	$	26,068	$	26,050	$	18	$	—
Total long-term marketable securities	$	26,068	$	26,050	$	18	$	—

Our marketable securities are classified as available-for-sale and reported at fair value on the unaudited consolidated balance sheets. Net unrealized gains (losses) are reported as a separate component of accumulated other comprehensive income, net of tax. Realized gains and losses on investments are recognized in earnings as incurred. Our investments consist primarily of investment grade fixed income corporate debt securities with maturity dates ranging from November 2013 through February 2015.

We review our marketable securities for impairment at each reporting period to determine if any of our securities have experienced an other-than-temporary decline in fair value in accordance with the provisions of ASC Topic 320, Investments- Debt and Equity Securities. We consider factors, such as the length of time and extent to which the market value has been less than the cost, the financial condition and near-term prospects of the issuer and our intent to sell, or whether it is more likely than not we will be required to sell, the investment before recovery of its amortized cost basis. If we believe that other-than-temporary decline in fair value has occurred, we write down investments to fair value and recognize credit losses in earnings and other impairment losses in accumulated other comprehensive income. During the three months ended September 30, 2013, our marketable securities were not considered other-than-temporarily impaired and, as such, we did not recognize impairment losses during the period then ended. Unrealized losses are attributable to changes in interest rates.