Note 14 - Financial Instruments |
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Financial Instruments Disclosure [Text Block] |
(14) Financial
Instruments
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 include 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:
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 September
30, 2011 and June 30, 2011 (in thousands):
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. At September 30, 2011
and June 30, 2011, $15.4 million and $16.4 million,
respectively, of the cash equivalents were restricted, and
classified as a long-term asset.
Available-for-sale
securities consist of U.S. agency bonds with a maturity of
five years, and U.S. municipal bonds with maturities of
less than two years. The agency bonds are rated AAA/Aaa by
S&P/Moody’s, and the municipal bonds are rated
A+/A1 or better by S&P/Moodys respectively. We obtain
fair value based upon quoted prices for similar instruments
in active markets. As of September 30, 2011 and September
30, 2010, there were no material gross unrealized gains or
losses on available-for-sale securities.
As
of September 30, 2011 and June 30, 2011, the contractual
maturities of our available-for-sale investments were as
follows:
No
investments have been in a continuous loss position for
more than one year, and no other-than-temporary impairments
were recognized. Also see 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 other-than-temporarily impaired. During the
three months ended September 30, 2011, we did not record any
other-than-temporary impairments on those assets required to
be measured at fair value on a non-recurring basis.
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