Note 18 - Financial Instruments
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Jun. 30, 2012
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Financial Instruments Disclosure [Text Block] |
(18) 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 should be calculated based on assumptions that market
participants would use in pricing the asset or liability,
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 the 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 June 30,
2012 (in thousands):
Cash
equivalents consist of money market accounts. We use quoted
prices in active markets for identical assets or
liabilities to determine fair value. At June 30, 2012,
$15.4 million of cash equivalents was restricted and is
classified as a long-term asset.
Available-for-sale
securities consist of U.S. municipal bonds with maturities
of less than two years. These bonds are rated A/A2 or
better by S&P/Moody’s respectively. There were no
material gross unrealized gains or losses on
available-for-sale securities at June 30, 2012 or June 30,
2011.
Additional
information on available-for-sale securities balances at
June 30 are provided in the following table (in
thousands).
As
of June 30, 2012, the contractual maturities of our
available-for-sale investments were as follows (in
thousands):
Proceeds
from sales of investments available for sale were $7.2
million in fiscal 2012 and $7.3 million during fiscal 2011,
resulting in no material gain or loss in either period.
There were no investments that have been in a continuous
loss position for more than one year, and there have been
no other-than-temporary impairments recognized.
Assets
and Liabilities Measured at Fair Value on a Nonrecurring
Basis
We
measure certain assets, including our cost and equity
method investments, at fair value on a nonrecurring basis.
These assets are recognized at fair value when they are
deemed to be other-than-temporarily impaired. During the
year ended June 30, 2012, we did not record any
other-than-temporary impairments on those assets required
to be measured at fair value on a nonrecurring
basis.
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