Note 12 - Fair Value Measurements
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Dec. 31, 2012
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Fair Value Disclosures [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, 2012 and
June 30, 2012 (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. There were no transfers
between level 1 and level 2 during the first six months of
fiscal 2013 or fiscal 2012. At both December 31, 2012 and
June 30, 2012, $15.4 million of the cash equivalents were
restricted, and classified as a long-term asset.
At
December 31, 2012, available-for-sale securities consist of
$16.4 million in U.S. municipal bonds and $1.5 million of
corporate bonds, and at June 30, 2012, available-for-sale
securities consisted of $7.5 million in U.S. municipal bonds
and $1.5 million of corporate bonds, all with maturities of
less than two years. The bonds are rated A/A2 or better by
S&P/Moodys respectively. As of December 31, 2012 and June
30, 2012, there were no material gross unrealized gains or
losses on available-for-sale securities.
As
of December 31, 2012 and June 30, 2012, the contractual
maturities of our available-for-sale securities 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 impaired. During the six month period ended
December 31, 2012, we recorded a $1.6 million impairment
against assets held for sale, and during the six months ended
December 31, 2011, 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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