XML 89 R14.htm IDEA: XBRL DOCUMENT v3.2.0.727
FAIR VALUE MEASUREMENTS
12 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
Fair value measurements are categorized into one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs available at the measurement date, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data).
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The Company's financial instruments include cash, cash equivalents, receivables, accounts payable and debt. The fair values of cash and cash equivalents, receivables and accounts payable approximated the carrying values as of June 30, 2015. As of June 30, 2015 and 2014, the estimated fair value of the Company's debt was $119.7 and $292.5 million, respectively, and the carrying value was $120.0 and $293.5 million, respectively. The estimated fair value of the Company's debt is based on Level 2 inputs.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
We measure certain assets, including the Company’s equity method investments, tangible fixed and other assets and goodwill, at fair value on a nonrecurring basis when they are deemed to be other than temporarily impaired. The fair values of the Company’s investments are determined based on valuation techniques using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections.

During fiscal years 2015, 2014 and 2013, the Company recorded $14.6, $18.3 and $8.2 million of long-lived asset impairment charges, respectively. See Note 1 to the Consolidated Financial Statements.
During fiscal year 2014, the Company recorded a non-cash impairment charge of $34.9 million to write down the remaining carrying value of its goodwill of the Regis salon concept reporting unit. See Notes 1 and 4 to the Consolidated Financial Statements.
During fiscal years 2015 and 2013, the Company's recorded a non-cash impairment charge on its investment in EEG of $4.7 and $17.9 million, respectively. See Note 5 to the Consolidated Financial Statements.

These impairment charges are based on fair values using Level 3 inputs.