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Fair Value Disclosure | 9 Months Ended
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Mar. 31, 2016
Fair Value Disclosures [Abstract] |
Fair Value Disclosure | Fair Value Disclosure The financial assets of the Company measured at fair value on a recurring basis are included in cash equivalents and long-term investments. The Company’s money market funds are classified within Level 1 of the fair value hierarchy which is based on quoted market prices for the identical underlying securities in active markets. The Company’s long-term auction rate securities investments are classified within Level 3 of the fair value hierarchy which did not have observable inputs for its auction rate securities as of March 31, 2016 and June 30, 2015. Refer to Note 1 for a discussion of the Company’s policies regarding the fair value hierarchy. The Company’s methodology for valuing these investments is the discounted cash flow model and is described in Note 5. The following table sets forth the Company’s cash equivalents and long-term investments as of March 31, 2016 and June 30, 2015 which are measured at fair value on a recurring basis by level within the fair value hierarchy. These are classified based on the lowest level of input that is significant to the fair value measurement (in thousands):
March 31, 2016 | Level 1 |  | Level 2 |  | Level 3 |  | Asset at Fair Value
Money market funds | $ | 312 |  |  | $ | — |  |  | $ | — |  |  | $ | 312 |
Auction rate securities | — |  |  | — |  |  | 2,633 |  |  | 2,633 |
Total | $ | 312 |  |  | $ | — |  |  | $ | 2,633 |  |  | $ | 2,945 |
June 30, 2015 | Level 1 |  | Level 2 |  | Level 3 |  | Asset at Fair Value
Money market funds | $ | 310 |  |  | $ | — |  |  | $ | — |  |  | $ | 310 |
Auction rate securities | — |  |  | — |  |  | 2,633 |  |  | 2,633 |
Total | $ | 310 |  |  | $ | — |  |  | $ | 2,633 |  |  | $ | 2,943 |
The above table excludes $175,873,000 and $94,901,000 of cash and $2,128,000 and $1,130,000 of certificates of deposit held by the Company as of March 31, 2016 and June 30, 2015, respectively. There were no transfers between Level 1, Level 2 or Level 3 securities in the three and nine months ended March 31, 2016 and 2015. The following table provides a reconciliation of the Company’s financial assets measured at fair value on a recurring basis, consisting of long-term auction rate securities, using significant unobservable inputs (Level 3) for the three and nine months ended March 31, 2016 and 2015 (in thousands):
| Three Months Ended March 31, |  | Nine Months Ended March 31,
| 2016 |  | 2015 |  | 2016 |  | 2015
Balance as of beginning of period | $ | 2,633 |  |  | $ | 2,647 |  |  | $ | 2,633 |  |  | $ | 2,647 |
Total realized gains or (losses) included in net income | — |  |  | — |  |  | — |  |  | — |
Total unrealized gains or (losses) included in other comprehensive income | — |  |  | — |  |  | — |  |  | — |
Sales and settlements at par | — |  |  | — |  |  | — |  |  | — |
Transfers in and/or out of Level 3 | — |  |  | — |  |  | — |  |  | — |
Balance as of end of period | $ | 2,633 |  |  | $ | 2,647 |  |  | $ | 2,633 |  |  | $ | 2,647 |
The following is a summary of the Company’s long-term investments as of March 31, 2016 and June 30, 2015 (in thousands):
| March 31, 2016
| Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Fair Value
Auction rate securities | $ | 2,750 |  |  | $ | — |  |  | $ | (117 | ) |  | $ | 2,633 |
| June 30, 2015
| Amortized Cost |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Fair Value
Auction rate securities | $ | 2,750 |  |  | $ | — |  |  | $ | (117 | ) |  | $ | 2,633 |
The Company measures the fair value of outstanding debt for disclosure purposes on a recurring basis. As of March 31, 2016 and June 30, 2015, short-term and long-term debt of $93,795,000 and $94,412,000, respectively, are reported at amortized cost. This outstanding debt is classified as Level 2 as it is not actively traded and is valued using a discounted cash flow model that uses observable market inputs. Based on the discounted cash flow model, the fair value of the outstanding debt approximates amortized cost.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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