Equity Investments

3 Months Ended

Sep. 30, 2018

(6) Equity Investments

The aggregate carrying amount of our equity investments at September 30, 2018 and June 30, 2018, was $42.0 million and $41.2 million, respectively, and is included in the non-current balance of other assets on the condensed consolidated balance sheets.

The carrying amounts of our equity investments without readily determinable fair values are initially measured at cost and are assessed for impairment and observable price changes in orderly transactions for identifiable or similar investments of the same issuer. We estimate the fair value of our equity investments to assess whether impairment losses shall be recorded using Level 3 inputs. These investments include our holdings in privately held service and research companies that are not exchange traded and therefore not supported with observable market prices. However, these investments are valued by reference to their net asset values that can be market supported and unobservable inputs including future cash flows. During the three months ended September 30, 2018 and 2017, we recognized $1.7 million and $1.0 million, respectively, of impairment losses related to our equity investments. We have determined, after the impairment charge, that the fair value of our remaining investments exceed their carrying values.

The following table shows a reconciliation of the changes in our equity investments during the three months ended September 30, 2018 and September 30, 2017 (in thousands):



	Three Months Ended September 30,
	2018		2017
Balance at the beginning of the period	$	41,226	$	38,324
Investments		2,467		3,225
Impairment of equity investments		(1,711)		(962)
Balance at the end of the period	$	41,982	$	40,587