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Fair Value
 6 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Fair Value

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):

 

 

 

December 31,

 

 

June 30,

 

 

 

2017

 

 

2017

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

219.7

 

 

$

-

 

 

$

-

 

 

$

361.7

 

 

$

-

 

 

$

-

 

Auction rate securities

 

 

-

 

 

 

-

 

 

 

1.5

 

 

 

-

 

 

 

-

 

 

 

1.5

 

Total available-for-sale securities

 

$

219.7

 

 

$

-

 

 

$

1.5

 

 

$

361.7

 

 

$

-

 

 

$

1.5

 

 

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

There were no changes in fair value of our Level 3 financial assets during the six months ended December 31, 2017.  There were no transfers in or out of our Level 1, 2, or 3 assets during the six months ended December 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.