FAIR VALUE OF FINANCIAL INSTRUMENTS
The following tables summarize the Company’s financial instruments’ adjusted cost, gross unrealized gains and losses, and fair value by significant investment category as of June 30, 2022 and 2021 (in thousands):
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| June 30, 2022 |
| Adjusted Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Cash and Cash Equivalents (1) | | Short-Term Investments | | Long-Term Investments |
| Level 1 | | | | | | | | | | | | | |
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| Corporate Securities | 901 | | | — | | | (474) | | | 427 | | | — | | | 427 | | | — | |
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| Total | $ | 901 | | | $ | — | | | $ | (474) | | | $ | 427 | | | $ | — | | | $ | 427 | | | $ | — | |
(1) Cash and cash equivalents on the consolidated balance sheets includes securities that have a maturity of three months or less at the date of purchase. The carrying amount approximates fair value, primarily due to the short maturity of cash equivalent instruments.
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| June 30, 2021 |
| Adjusted Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Cash and Cash Equivalents (1) | | Short-Term Investments | | Long-Term Investments |
| Level 1 | | | | | | | | | | | | | |
| Money market funds | $ | 83 | | | $ | — | | | $ | — | | | $ | 83 | | | $ | 83 | | | $ | — | | | $ | — | |
| Subtotal | $ | 83 | | | $ | — | | | $ | — | | | $ | 83 | | | $ | 83 | | | $ | — | | | $ | — | |
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| Level 2 | | | | | | | | | | | | | |
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| Corporate securities | 2,354 | | | 1 | | | — | | | 2,355 | | | — | | | 1,320 | | | 1,035 | |
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| Subtotal | $ | 2,354 | | | $ | 1 | | | $ | — | | | $ | 2,355 | | | $ | — | | | $ | 1,320 | | | $ | 1,035 | |
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| Total | $ | 2,437 | | | $ | 1 | | | $ | — | | | $ | 2,438 | | | $ | 83 | | | $ | 1,320 | | | $ | 1,035 | |
(1) Cash and cash equivalents on the consolidated balance sheets includes securities that have a maturity of three months or less at the date of purchase. The carrying amount approximates fair value, primarily due to the short maturity of cash equivalent instruments.
During fiscal year end June 30, 2022, the Company reclassified realized net gains of $0.03 million to earnings from accumulated other comprehensive income. During fiscal year end June 30, 2021, the Company did not recognize any net gains or losses from accumulated other comprehensive income related to realized gains or losses.
During fiscal years ended June 30, 2022 and June 30, 2021, interest income on the Company's investments securities was immaterial.
The Company had no material continuous unrealized loss position from marketable securities as of June 30, 2022 and 2021.
Based on evaluation of securities that have been in a continuous loss position, we did not recognize any other-than-temporary impairment charges during fiscal year end June 30, 2022 and 2021.
The following table represents the adjusted costs and fair value of cash equivalents and investments by contractual maturity as of June 30, 2022 (in thousands): | | | | | | | | | | | |
| Available-For-Sale |
| Adjusted Cost | | Fair Value |
| Due within 1 year | 901 | | | 427 | |
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| Total | $ | 901 | | | $ | 427 | |
For certain of the Company’s financial instruments, other than those presented in the disclosures above, including cash, accounts receivable, accounts payable and other current liabilities, the carrying amounts approximate fair value due to their short maturities.
As of June 30, 2022 and 2021 the Company had an outstanding loan associated with its credit facilities, which are carried at historical cost. The fair value of the Company’s debt disclosed below was estimated based on the current rates offered to the Company for debt with similar terms and remaining maturities and was a Level 2 measurement. As of June 30, 2022 and 2021, the fair value of the Company’s debt carried at historical cost was $788.8 million and $493.8 million, respectively.