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Table of Contents
We measure certain financial instruments at fair value on a recurring basis. We have established a hierarchy, which consists of three levels,
for disclosure of the inputs used to determine the fair value of our financial instruments.
All of our cash equivalents and short-term investments are classified within Level 1 or Level 2. The fair values of these financial
instruments were determined using the following inputs at June 30, 2015 (in thousands):
The fair values of our financial instruments were determined using the following inputs at June 30, 2014 (in thousands):
Accretion of premium, net of discounts, on short-term investments totaled $1.3 million and $3.5 million in fiscal 2015 and 2014 ,
respectively.
Where applicable, we use quoted prices in active markets for identical assets to determine fair value short-term investments. If quoted
prices in active markets for identical assets are not available to determine fair value, we use quoted prices for similar assets and liabilities or
inputs that are observable either directly or indirectly. If quoted prices for identical or similar assets are not available, we use third-party
valuations utilizing underlying assets assumptions.
4.
Fair value of financial instruments
Fair Value Measurements at June 30, 2015 Using
Quoted Prices
in Active
Markets for
Identical
Assets
Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs
Total
(Level 1)
(Level 2)
(Level 3)
Description
Cash equivalents:
Money market mutual funds
$
7,915
$
7,915
$
—
$
—
Total cash equivalents
7,915
7,915
—
—
Short-term investments:
Asset-backed securities
16,983
—
16,983
—
Municipal securities
10,017
—
10,017
—
Commercial paper
1,998
—
1,998
—
Agency bonds
7,646
—
7,646
—
Corporate bonds
64,551
—
64,551
—
Total short-term investments
101,195
—
101,195
—
Cash equivalents and short-term investments
$
109,110
$
7,915
$
101,195
$
—
Fair Value Measurements at June 30, 2014 Using
Quoted Prices
in Active
Markets for
Identical
Assets
Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs
Total
(Level 1)
(Level 2)
(Level 3)
Description
Cash equivalents:
Money market mutual funds
$
622
$
622
$
—
$
—
Commercial paper
1,000
—
1,000
—
Total cash equivalents
1,622
622
1,000
—
Short-term investments:
Municipal securities
96,848
—
96,848
—
Commercial paper
999
—
999
—
Corporate bonds
24,468
—
24,468
—
Total short-term investments
122,315
—
122,315
—
Cash equivalents and short-term investments
$
123,937
$
622
$
123,315
$
—