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Fair Value Measurements
 6 Months Ended
Dec. 31, 2014
Fair Value Measurements
(7) Fair Value Measurements

The fair value of the Company’s financial instruments reflects the amounts that the Company estimates it will receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels:

 

Level 1—

   quoted prices in active markets for identical assets and liabilities.   

Level 2—

   observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Some of the Company’s marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities.   

Level 3—

   unobservable inputs.   

All of the Company’s financial instruments are valued using quoted prices in active markets or based on other observable inputs. For Level 2 securities, the Company uses a third party pricing service which provides documentation on an ongoing basis that includes, among other things, pricing information with respect to reference data, methodology, inputs summarized by asset class, pricing application and corroborative information. The Company reviews, tests and validates this information. The following table sets forth the fair value of the financial assets that the Company re-measured on a regular basis:

 

(In thousands)    Level 1      Level 2      Level 3      Total  

at December 31, 2014:

            

Money market funds (a)

    $ 2,699       $ —         $ —         $ 2,699   

Corporate bonds and notes

      —           45,167         —           45,167   

Municipal bonds

      —           83,608         —           83,608   

Federal agency issues

      —           18,931         —           18,931   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 2,699       $ 147,706       $ —         $ 150,405   
  

 

 

     

 

 

     

 

 

     

 

 

  
(In thousands)    Level 1      Level 2      Level 3      Total  

at June 30, 2014:

            

Money market funds (a)

    $ 13,634       $ —         $ —         $ 13,634   

Corporate bonds and notes

      —           44,474         —           44,474   

Municipal bonds

      —           144,158         —           144,158   

Federal agency issues

      —           23,139         —           23,139   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 13,634       $ 211,771       $ —         $ 225,405   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) Money market funds are primarily comprised of exchange traded funds and accrued interest