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Fair Value of Financial Instruments | 6 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Fair Value of Financial Instruments |
1 8. | Fair Value of Financial Instruments
ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The Company’s financial assets and liabilities recorded at fair value on a recurring basis are categorized based on the priority of the inputs used to measure fair value. The inputs used in measuring fair value are categorized into three levels, as follows:
| • | Level 1 Inputs – unadjusted quoted prices in active markets for identical assets or liabilities.
| • | Level 2 Inputs – unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.
| • | Level 3 Inputs – amounts derived from valuation models in which unobservable inputs reflect the reporting entity’s own assumptions about the assumptions of market participants that would be used in pricing the asset or liability.
The following table summarizes the financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and June 30, 2020, and the level they fall within the fair value hierarchy (in thousands):
|  |  |  |  |  | December 31, |  |  | June 30, |
|  | Financial Statement |  | Fair Value |  | 2020 |  |  | 2020 |
Description of Financial Instrument |  | Classification |  | Hierarchy |  | Fair Value |
Interest rate swap agreements |  | Other accrued expenses and current liabilities |  | Level 2 |  | $ | 847 |  |  | $ | — |
Interest rate swap agreements |  | Other long-term liabilities |  | Level 2 |  | $ | 35,678 |  |  | $ | 43,168 |
Changes in the fair value of the interest rate swap agreements are recorded as a component of accumulated other comprehensive income or loss.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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