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Fair Value

9 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

4. Fair Value

Financial assets measured at fair value on a recurring basis by level within the fair value hierarchy, consisted of the following (in millions):

		March 31,												June 30,
		2017												2016
		Level 1				Level 2				Level 3				Level 1				Level 2				Level 3
Assets:
Money market funds		$	311.0			$	-			$	-			$	319.1			$	-			$	-
Auction rate securities			-				-				1.5				-				-				8.6
Total available-for-sale securities		$	311.0			$	-			$	1.5			$	319.1			$	-			$	8.6

In our condensed consolidated balance sheets, as of March 31, 2017 and June 30, 2016, money market balances were included in cash and cash equivalents, and auction rate securities, or ARS investments, were included in non-current other assets.

The changes in fair value of our Level 3 financial assets as of March 31, 2017 were as follows:

Balance as of June 30, 2016		$	8.6
Net unrealized loss			(1.5	)
Impairment recovery on redeemed investments			1.9
Redemptions			(7.5	)
Balance as of March 31, 2017		$	1.5

There were no transfers in or out of our Level 1, 2, or 3 assets during the three and nine months ended March 31, 2017 and 2016.

The fair values of our accounts receivable and accounts payable approximate their carrying values because of the short-term nature of those instruments. Intangible assets, property and equipment, and goodwill are measured at fair value on a non-recurring basis if impairment is indicated. The interest rate on our bank debt is variable, which is subject to change from time to time to reflect a market interest rate; accordingly, the carrying value of our bank debt approximates fair value.

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.

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