Fair Value Measurements

12 Months Ended

Jun. 30, 2012

Fair Value Measurements

23. Fair Value Measurements

The company measures fair value for financial assets and liabilities in accordance with the provisions of the accounting guidance regarding fair value measurements. The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. A brief description of those three levels is as follows:

• Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

• Level 2: Inputs other than quoted prices for identical assets or liabilities that are observable for the asset or liability, either directly or indirectly.

• Level 3: Significant unobservable inputs.

The company’s assets subject to fair value measurements as of June 30, 2012 and 2011 are as follows (in thousands):

	Fair Value Measurements Using Fair Value Hierarchy
	Fair value		Level 1		Level 2		Level 3
June 30, 2012
Current marketable securities—available for sale	$	210	$	210	$	—	$	—
Total	$	210	$	210	$	—	$	—
June 30, 2011
Current marketable securities—available for sale	$	980	$	980	$	—	$	—
Total	$	980	$	980	$	—	$	—

For the year ended June 30, 2012 and 2011, no gains or losses resulting from the fair value measurement of financial assets were included in the company’s earnings.

The accounting guidance regarding fair value measurements permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value and establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar assets and liabilities. The company has elected not to measure any eligible items at fair value.