Fair Value Measurements

9 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

14. 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 March 31, 2015 and June 30, 2014 are as follows (in thousands):

			Fair Value Measurements Using Fair Value Hierarchy
	Fair value		Level 1		Level 2		Level 3
March 31, 2015
Current marketable securities - available for sale	$	—	$	—	$	—	$	—
Total	$	—	$	—	$	—	$	—
June 30, 2014
Current marketable securities - available for sale	$	210	$	210	$	—	$	—
Total	$	210	$	210	$	—	$	—

For the nine months ended March 31, 2015 and 2014, no gains or losses resulting from the fair value measurement of financial assets were included in the company’s earnings. During the quarter ended December 31, 2014, we converted our marketable securities, which consisted primarily of money market investments to cash.