Marketable Securities

6 Months Ended

Dec. 31, 2014

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 December 31, 2014 and June 30, 2014:

	Fair Value		Cost		Unrealized Gains		Unrealized Losses
	(Dollars in Thousands)
December 31, 2014:
U.S. corporate bonds	$	72,675	$	72,722	$	5	$	(51	)
Total short-term marketable securities	$	72,675	$	72,722	$	5	$	(51	)
U.S. corporate bonds	$	25,334	$	25,397	$	5	$	(67	)
Total long-term marketable securities	$	25,334	$	25,397	$	5	$	(67	)
June 30, 2014:
U.S. corporate bonds	$	67,619	$	67,587	$	39	$	(7	)
Total short-term marketable securities	$	67,619	$	67,587	$	39	$	(7	)
U.S. corporate bonds	$	31,270	$	31,290	$	1	$	(21	)
Total long-term marketable securities	$	31,270	$	31,290	$	1	$	(21	)

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 January 2015 through August 2016 as of December 31, 2014 and from July 2014 through May 2016 as of June 30, 2014.

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, our intent to sell, and 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 an other-than-temporary decline in fair value has occurred, we write down the investment to fair value and recognize the credit loss in earnings and the non-credit loss in accumulated other comprehensive income. As of December 31, 2014 and 2013, our marketable securities were not considered other-than-temporarily impaired and, as such, we did not recognize impairment losses during the three and six months periods then ended. Unrealized losses are attributable to changes in interest rates.