Fair Value Measurements

3 Months Ended

Sep. 30, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

(7) Fair Value Measurements

The fair value of the Company's financial instruments reflects the amounts that the Company estimates to receive in connection with the sale of an asset or paid in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels:

Level 1—quoted prices in active markets for identical assets and liabilities.

Level 2— observable inputs other than quoted prices in active markets for identical assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company's marketable securities primarily utilize broker quotes in a non-active market for valuation of these securities.

Level 3—unobservable inputs.

The substantial majority of the Company's financial instruments are valued using quoted prices in active markets or based on other observable inputs. The following table sets forth the fair value of our financial assets that the Company re-measured:

	Level 1		Level 2		Level 3		Total
(In thousands)
at September 30, 2011
Money market funds (a)	$	39,392	$	—	$	—	$	39,392
Corporate bonds and notes		—		192,048		—		192,048
Federal agency issues		—		145,629		—		145,629
Auction rate securities		—		—		1,350		1,350
Total	$	39,392	$	337,677	$	1,350	$	378,419

(In thousands)	Level 1		Level 2		Level 3		Total
at June 30, 2011
Money market funds (a)	$	9,680	$	—	$	—	$	9,680
Corporate bonds and notes		—		222,352		—		222,352
Federal agency issues		—		159,920		—		159,920
Auction rate securities		—		—		1,350		1,350
Total	$	9,680	$	382,272	$	1,350	$	393,302

(a) Money market funds are primarily comprised of government and agency obligations and accrued interest