Held-to-Maturity Investments

3 Months Ended

Sep. 30, 2012

Held-to-maturity Securities, Classified [Abstract]

Held-to-Maturity Investments

Held-to-Maturity Investments

We have investments in fixed income corporate debt securities, which are classified as held-to-maturity as we have the intent and ability to hold these investments until maturity. These investments are held at amortized cost, which approximates fair value. The fair value is estimated based on either the quoted market prices for the same or similar issues or other inputs derived from available market information, which represents a Level 2 measurement as described in Note 9. We held $48 million and $72 million of these investments at September 30, 2012 and June 30, 2012, respectively, which are included within prepaid expenses and other in the condensed consolidated balance sheets. The investments that we currently hold vary in maturity date, ranging from one to three months, and pay interest semi-annually.