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Investments | 6 Months Ended
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Dec. 31, 2020
Investments [Abstract] |
Investments | (5) Investments We have equity investments in privately held companies that are unconsolidated entities. The following discusses our investments in marketable equity securities, non-marketable equity securities, gains and losses on marketable and non-marketable equity securities, as well as our equity securities accounted for under the equity method. Our marketable equity securities are publicly traded stocks measured at fair value and classified within Level 1 in the fair value hierarchy because we use quoted prices for identical assets in active markets. Marketable equity securities are recorded in prepaid expenses and other current assets on the condensed consolidated balance sheets. Non-marketable equity securities consist of investments in privately held companies without readily determinable fair values and are recorded in prepaid taxes and other non-current assets on the condensed consolidated balance sheets. Non-marketable equity securities are reported at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. We estimate the fair value of our non-marketable equity investments using Level 3 inputs to assess whether impairment losses shall be recorded. All gains and losses on marketable and non-marketable equity securities, realized and unrealized, are recognized in other, net on the condensed consolidated statements of income. Equity investments whereby we have significant influence but not control over the investee, and are not the primary beneficiary of the investee’s activities, are accounted for under the equity method. Under this method, we record our share of gains or losses attributable to equity method investments as a component of other, net on the condensed consolidated statements of income. Equity investments by measurement category were as follows (in thousands):
Measurement category |  | December 31, ‎2020 |  | June 30, ‎2020
Fair value |  | $ | 15,345 |  | $ | -
Measurement alternative |  |  | 21,410 |  |  | 30,033
Equity method |  |  | 21,681 |  |  | 14,109
Total |  | $ | 58,436 |  | $ | 44,142
The following table shows a reconciliation of the changes in our non-marketable equity investments (in thousands):
|  | Six Months Ended ‎December 31,
Non-marketable securities |  | 2020 |  | 2019
Balance at the beginning of the period |  | $ | 30,033 |  | $ | 30,436
Investments |  |  | 1,946 |  |  | 4,341
Impairment of investments |  |  | - |  |  | (5,419)
Reclassification to marketable securities (1) |  |  | (10,569) |  |  | -
Carrying value of non-marketable securities |  | $ | 21,410 |  | $ | 29,358
(1)During the six months ended December 31, 2020, one of our investments, which was previously accounted for under the measurement alternative, completed its initial public offering which resulted in a change of accounting methodology to fair value. Net unrealized gains and losses recognized for equity investments held as of December 31, 2020 were a loss of $3.7 million for three months ended December 31, 2020 and a gain of $4.8 million for six months ended December 31, 2020, which related to publicly traded marketable equity securities. Net unrealized losses recognized for equity investments held as of December 31, 2019 for the three and six months ended December 31, 2019 were $2.8 million and $5.4 million, respectively, which related to impairments of privately held non-marketable securities. The following table shows a reconciliation of the changes in our equity securities accounted for under the equity method (in thousands):
|  | Six Months Ended ‎December 31,
Equity method investments |  | 2020 |  | 2019
Balance at the beginning of the period |  | $ | 14,109 |  | $ | 21,667
Investments |  |  | 12,500 |  |  | 17,500
Loss attributable to equity method investments |  |  | (4,928) |  |  | (13,786)
Carrying value of equity method investments |  | $ | 21,681 |  | $ | 25,381

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