Note 17 - Financial Instruments
|12 Months Ended
Jun. 30, 2017
|Notes to Financial Statements
|Fair Value Disclosures [Text Block]
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,
noton 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
threelevels, determined by the lowest level input that is significant to the fair value measurement in its entirety. Level
1inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level
2inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are
notactive, 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
3inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability 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, 2017and
June 30, 2016
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
notransfers between level
2during fiscal years
June 30, 2017and
$7.8million, respectively, of cash equivalents were restricted and classified as a long-term asset.
nothold any available-for-sale securities at
June 30, 2017or
2016as all municipal bonds matured and the proceeds were transferred to our operating cash accounts. There were
nomaterial gross unrealized gains or losses on available-for-sale securities at
June 30, 2017or
June 30, 2016.
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, 2015,we determined that certain long-lived assets of our retail design centers in Belgium were impaired, and an impairment charge of
$0.8million was recorded at that time.