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Fair Value
 9 Months Ended
Mar. 31, 2019
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):

 

 

 

March 31,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

309.5

 

 

$

-

 

 

$

-

 

 

$

275.2

 

 

$

-

 

 

$

-

 

Auction rate securities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1.5

 

Total available-for-sale securities

 

$

309.5

 

 

$

-

 

 

$

-

 

 

$

275.2

 

 

$

-

 

 

$

1.5

 

 

In our condensed consolidated balance sheets, as of March 31, 2019 and June 30, 2018, money market balances were included in cash and cash equivalents and as of June 30, 2018, auction rate securities, or ARS investments, were included in non-current other assets.

During the nine months ended March 31, 2019, we converted our ARS investments to senior surplus notes, under an offering memorandum, which also included a receipt of a small amount of cash and warrants. We sold the senior surplus notes during the nine months ended March 31, 2019, resulting in a gain of $2.8 million. There were no transfers in or out of our Level 1, 2, or 3 assets during the nine months ended March 31, 2019 and 2018.

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.