Fair Value Disclosures

3 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Fair Value Disclosures

We use a three-tier fair value hierarchy, which prioritizes the inputs used in measuring the fair value of our financial assets and liabilities as follows:

• Level 1 – quoted prices in active markets for identical securities;

• Level 2 – quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose significant inputs are observable; and

• Level 3 – significant unobservable inputs, including our own assumptions in determining fair value.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Following are the disclosures related to our financial assets that are measured at fair value on a recurring basis (dollars in thousands):

	June 30, 2013			March 31, 2013
	Fair Value		Input Level	Fair Value		Input Level
Available-for-sale marketable securities
Adjustable-rate governmental bond funds	$	17,549	Level 1	$	16,588	Level 1

The fair value of our “available-for-sale” marketable securities is determined based on quoted market prices for identical securities on a quarterly basis. There were no changes to our valuation methodologies during the first three months of Fiscal 2014.

Marketable securities, all of which were classified as “available-for-sale” at June 30, 2013 and March 31, 2013, consisted of the following (dollars in thousands):

	June 30, 2013			March 31, 2013
Available-for-sale marketable securities
Amortized cost	$	17,596		$	16,596
Gross unrecognized holding losses	(47		)	(8		)
Fair value	$	17,549		$	16,588