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Note 12 - Financial Instruments | 6 Months Ended
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Dec. 31, 2014
Notes to Financial Statements |
Financial Instruments Disclosure [Text Block] |
(12) | Fair Value Measurements
We determine fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value is calculated based on assumptions that market participants use in pricing the asset or liability, and not on assumptions specific to the Company. In addition, the fair value of liabilities includes consideration of non-performance risk including our own credit risk. Each fair value measurement is reported in one of three levels, determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The following section describes the valuation methodologies we use to measure different financial assets and liabilities at fair value. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents our assets and liabilities measured at fair value on a recurring basis at December 31, 2014 and June 30, 2014 (in thousands):
December 31, 2014 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Balance |
Cash equivalents |  | $ | 120,950 |  |  | $ | - |  |  | $ | - |  |  | $ | 120,950 |
Available-for-sale securities |  |  | - |  |  |  | 8,865 |  |  |  | - |  |  |  | 8,865 |
Total |  | $ | 120,950 |  |  | $ | 8,865 |  |  | $ | - |  |  | $ | 129,815 |
June 30, 2014 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Balance |
Cash equivalents |  | $ | 117,683 |  |  | $ | - |  |  | $ | - |  |  | $ | 117,683 |
Available-for-sale securities |  |  | - |  |  |  | 18,153 |  |  |  | - |  |  |  | 18,153 |
Total |  | $ | 117,683 |  |  | $ | 18,153 |  |  | $ | - |  |  | $ | 135,836 |
Cash equivalents consist of money market accounts and mutual funds in U.S. government and agency fixed income securities. We use quoted prices in active markets for identical assets or liabilities to determine fair value. There were no transfers between level 1 and level 2 during the first six months of fiscal 2015 or fiscal 2014. At December 31, 2014 and June 30, 2014, $8.0 million and $8.5 million respectively, of the cash equivalents were restricted, and classified as long-term assets. At December 31, 2014, available-for-sale securities consist of $8.9 million in U.S. municipal bonds, and at June 30, 2014, available-for-sale securities consisted of $18.2 million in U.S. municipal bonds, all with maturities of less than two years. The bonds are rated A+/A2 or better by S&P and Moodys respectively. As of December 31, 2014 and June 30, 2014, there were no material gross unrealized gains or losses on available-for-sale securities. As of December 31, 2014 and June 30, 2014, the contractual maturities of our available-for-sale securities were as follows:
December 31, 2014 |
|  | Cost |  |  | Estimated Fair Value |
Due in one year or less |  | $ | 9,087 |  |  | $ | 8,865 |
Due after one year through five years |  | $ | - |  |  | $ | - |
June 30, 2014 |
|  | Cost |  |  | Estimated Fair Value |
Due in one year or less |  | $ | 16,049 |  |  | $ | 15,863 |
Due after one year through five years |  | $ | 2,296 |  |  | $ | 2,290 |
No investments have been in a continuous loss position for more than one year, and no other-than-temporary impairments were recognized. See also Note 4, "Restricted Cash and Investments" and Note 5, "Marketable Securities". Assets and Liabilities Measured at Fair Value on a Non-recurring Basis We measure certain assets at fair value on a non-recurring basis. These assets are recognized at fair value when they are deemed to be impaired. During the six months ended December 31, 2014 and 2013, we did not record any impairments on those assets required to be measured at fair value on a non-recurring basis.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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