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Fair Value Disclosure (Tables)

9 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities measured at fair value on a recurring basis

The following table sets forth the Company’s cash equivalents, certificates of deposit and investment in an auction rate security as of March 31, 2019 and June 30, 2018 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, 2019	Level 1				Level 2				Level 3				Asset at Fair Value
Money market funds (1)	$	1,149			$	—			$	—			$	1,149
Certificates of deposit (2)	—				30,788				—				30,788
Auction rate security	—				—				1,571				1,571
Total assets measured at fair value	$	1,149			$	30,788			$	1,571			$	33,508
June 30, 2018	Level 1				Level 2				Level 3				Asset at Fair Value
Money market funds (1)	$	1,136			$	—			$	—			$	1,136
Certificates of deposit (2)	—				30,219				—				30,219
Auction rate security	—				—				1,571				1,571
Total assets measured at fair value	$	1,136			$	30,219			$	1,571			$	32,926

__________________________

(1) $0.3 million and $0.3 million in money market funds are included in cash and cash equivalents and $0.8 million and $0.8 million in money market funds are included in restricted cash, non-current in other assets in the condensed consolidated balance sheets as of March 31, 2019 and June 30, 2018, respectively.

(2) $29.7 million and $29.2 million in certificates of deposit are included in cash and cash equivalents and $1.1 million and $1.0 million in certificates of deposit are included in restricted cash, non-current in other assets in the condensed consolidated balance sheets as of March 31, 2019 and June 30, 2018, respectively.

Reconciliation of financial assets measured at fair value on a recurring basis

The following table provides a reconciliation of the Company’s financial assets measured at fair value on a recurring basis, consisting of auction rate securities, using significant unobservable inputs (Level 3) for the three and nine months ended March 31, 2019 and 2018 (in thousands):

	Three Months Ended March 31,								Nine Months Ended March 31,
	2019				2018				2019				2018
Balance as of the beginning of the period	$	1,571			$	2,571			$	1,571			$	2,625
Sales and settlements at par	—				(1,000		)		—				(1,000		)
Total unrealized loss included in other comprehensive income	—				—				—				(54		)
Balance as of the end of the period	$	1,571			$	1,571			$	1,571			$	1,571

Summary of investments

The following is a summary of the Company’s investment in an auction rate security as of March 31, 2019 and June 30, 2018 (in thousands):

	March 31, 2019 and June 30, 2018
	Cost Basis				Gross Unrealized Holding Gains				Gross Unrealized Holding Losses				Fair Value
Auction rate security	$	1,750			$	—			$	(179	)		$	1,571

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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No definition available.

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