Marketable Investment Securities

12 Months Ended

Jun. 30, 2015

3.	MARKETABLE INVESTMENT SECURITIES

The amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value for available-for-sale securities by major security type and class of security at June 30, 2015 and 2014 were as follows:


	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses			Estimated fair value
At June 30, 2015:
Cash and cash equivalents:
Cash	$	54.7	$	—	$	—		$	54.7
Cash equivalents		9.4		—		—			9.4

Total cash and cash equivalents		64.1		—		—			64.1

Available-for-sale:
Corporate bonds and notes		41.8		—		—			41.8
Municipal bonds		66.3		0.1		(0.1	)		66.3
Federal agency issues		13.2		—		—			13.2

Total	$	185.4	$	0.1	$	(0.1	)	$	185.4


	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses			Estimated fair value
At June 30, 2014:
Cash and cash equivalents:
Cash	$	45.2	$	—	$	—		$	45.2
Cash equivalents		19.6		—		—			19.6

Total cash and cash equivalents		64.8		—		—			64.8

Available-for-sale:
Corporate bonds and notes		44.5		—		—			44.5
Municipal bonds		137.8		0.3		—			138.1
Federal agency issues		23.1		—		—			23.1

Total	$	270.2	$	0.3	$	—		$	270.5

Cash, cash equivalents, and maturities of debt securities classified as available-for-sale are as follows at June 30, 2015:


	Amortized cost		Estimated fair value
Cash	$	54.7	$	54.7
Cash equivalents		9.4		9.4
Available-for-sale:
Due within one year		80.7		80.7
Due after one year through five years		40.6		40.6
Due after five years		—		—

Total	$	185.4	$	185.4

Debt securities in an unrealized loss position as of June 30, 2015 were not impaired at acquisition and the declines in fair value are not attributed to declines in credit quality. Management believes that it is more likely than not that the securities will be held until a recovery of par value. All securities in an unrealized loss position as of June 30, 2015 and 2014 are debt securities. Debt securities available-for-sale in a gross unrealized loss position as of June 30, 2015 and 2014 are summarized as follows:


	Less than 12 months					More than 12 months				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
At June 30, 2015:
Debt securities:
Corporate bonds and notes		24.4		(0.0	)		—		—		24.4		(0.0	)
Municipal bonds		24.8		(0.1	)		—		—		24.8		(0.1	)
Federal agency issues		1.9		(0.0	)		—		—		1.9		(0.0	)

	$	51.1	$	(0.1	)	$	—	$	—	$	51.1	$	(0.1	)


	Less than 12 months					More than 12 months				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses
At June 30, 2014:
Debt securities:
Corporate bonds and notes		16.0		(0.0	)		—		—		16.0		(0.0	)
Municipal bonds		8.6		(0.0	)		—		—		8.6		(0.0	)
Federal agency issues		5.0		(0.0	)		—		—		5.0		(0.0	)

	$	29.6	$	(0.0	)	$	—	$	—	$	29.6	$	(0.0	)

Additional information relating to fair value of marketable investment securities can be found in Note 12.

- Definition

The entire disclosure for investments in certain debt and equity securities.

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