Marketable Investment Securities

3 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

MARKETABLE INVESTMENT SECURITIES

The Company has classified its debt investment securities as available-for-sale securities. These securities are carried at estimated fair value with unrealized holding gains and losses, net of the related tax effect, included in accumulated other comprehensive loss in stockholders’ equity until realized. Gains and losses on investment security transactions are reported on the specific-identification method. Dividend and interest income are recognized when earned. The Company’s cash equivalents consist of short-term, highly liquid investments that are readily convertible to known amounts of cash. 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 September 30, 2020 and June 30, 2020 were as follows:


	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
At September 30, 2020:
Cash and cash equivalents:
Cash	$	68.3	$	—	$	—	$	68.3
Cash equivalents	50.0		—		—		$	50.0
Total cash and cash equivalents	118.3		—		—		118.3
Available-for-sale:
Corporate bonds and notes	40.5		0.6		—		41.1
Municipal bonds	12.6		0.2		—		12.8
Federal agency issues	4.0		0.1		—		4.1
US government securities	14.2		0.1		—		14.3
Total	$	189.6	$	1.0	$	—	$	190.6


	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses		Estimated fair value
At June 30, 2020:
Cash and cash equivalents:
Cash	$	132.8	$	—	$	—	$	132.8
Cash equivalents	30.9		—		—		30.9
Total cash and cash equivalents	163.7		—		—		163.7
Available-for-sale:
Corporate bonds and notes	50.1		0.8		—		50.9
Municipal bonds	17.8		0.2		—		18.0
Federal agency issues	5.5		0.1		—		5.6
US government securities	16.4		0.2		—		16.6
Total	$	253.5	$	1.3	$	—	$	254.8

In accordance with the adoption of ASC 2016-13, the Company assesses any unrealized loss positions for available-for-sale debt securities for which an allowance for credit losses has not been recorded. The aggregate amount of unrealized losses of these securities was not significant, and the impact of the securities in a continuous loss position to the condensed consolidated statements of operations and comprehensive loss were not material as of September 30, 2020.

Cash, cash equivalents, and maturities of debt securities classified as available-for-sale securities are as follows at September 30, 2020:


	Amortized cost		Estimated fair value
Cash	$	68.3	$	68.3
Cash equivalents	50.0		50.0
Available-for-sale:
Due within one year	41.8		42.1
Due after one year through five years	29.5		30.2
Due after five years	—		—
Total	$	189.6	$	190.6