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Auction Rate Securities | 9 Months Ended
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Mar. 31, 2017
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Auction Rate Securities | 5. Auction Rate Securities We have accounted for our ARS investments as non-current as we are not able to reasonably determine when the ARS markets will recover or be restructured. In the event we need to access these funds, we will not be able to do so without a loss of principal, unless redeemed by the issuers or a future auction on these investments is successful. Our failed ARS investments were compared to other observable market data or securities with similar characteristics. Our estimate of the fair value of our ARS investments could fluctuate from period to period depending on future market conditions. We have ARS investments with a fair value of $1.5 million with no maturity date and which are below investment grade. The ARS investments we held as of March 31, 2017, including the original cost basis, other-than-temporary impairment included in retained earnings, new cost basis, unrealized gain, and fair value, consisted of the following (in millions):
|  | Original Cost Basis |  |  | Other-than- temporary Impairment in Retained Earnings |  |  | New Cost Basis |  |  | Unrealized Gain |  |  | Fair Value |
Preferred stock |  | $ | 5.0 |  |  | $ | (5.0 | ) |  | $ | - |  |  | $ | 1.5 |  |  | $ | 1.5 |
The ARS investments we held as of June 30, 2016, including the original cost basis, other-than-temporary impairment included in retained earnings, new cost basis, unrealized gain, and fair value, consisted of the following (in millions):
|  | Original Cost Basis |  |  | Other-than- temporary Impairment in Retained Earnings |  |  | New Cost Basis |  |  | Unrealized Gain |  |  | Fair Value |
Credit linked notes |  | $ | 7.5 |  |  | $ | (2.2 | ) | (1) | $ | 5.3 |  |  | $ | 1.8 |  |  | $ | 7.1 |
Preferred stock |  |  | 5.0 |  |  |  | (5.0 | ) |  |  | - |  |  |  | 1.5 |  |  |  | 1.5 |
Total ARS |  | $ | 12.5 |  |  | $ | (7.2 | ) |  | $ | 5.3 |  |  | $ | 3.3 |  |  | $ | 8.6 |
(1) | Other-than-temporary impairment in retained earnings is partially offset by cumulative accretion of $4.4 million on non-current investments. Accretion is reclassified from accumulated other comprehensive income and recorded in the condensed consolidated statements of income as non-cash interest income.

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- Definition The entire disclosure for investments and other noncurrent assets. + References No definition available. + Details
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