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Form 10-K
transparency of inputs to the valuation of an asset or liability as of the measurement date. The three
levels are defined as follows:
•Level 1: Inputs to the valuation methodology are quoted prices (unadjusted) for identical
assets or liabilities in active markets.
•Level 2: Inputs to the valuation methodology include quoted prices for similar assets and
liabilities in active markets, and inputs that are observable for the asset or liability, either
directly or indirectly, for substantially the full term of the financial instrument.
•Level 3: Inputs to the valuation methodology are unobservable and significant to the fair
value measurement.
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest
level of input that is significant to the fair value measurement.
The following tables summarize, by major security type, our assets that are measured at fair
value on a recurring basis and are categorized using the fair value hierarchy:
Total
Quoted Prices in
Active
Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
June 30, 2011
Cash and cash equivalents . . . . . . . . . . $ 236,552 $ 236,552 $ — $ —
Auction rate security . . . . . . . . . . . . . . . 529 — — 529
Total assets recorded at fair value. . . . . $ 237,081 $ 236,552 $ — $ 529
Total
Quoted Prices in
Active
Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
June 30, 2010
Cash and cash equivalents . . . . . . . . . . $ 162,727 $ 162,727 $ — $ —
Corporate debt securities . . . . . . . . . . . 6,745 6,745 — —
U.S. government and agency
securities. . . . . . . . . . . . . . . . . . . . . . 1,900 1,900 — —
Certificates of deposit . . . . . . . . . . . . . . 959 959 — —
Auction rate security . . . . . . . . . . . . . . . 660 — — 660
Total assets recorded at fair value. . . . . $ 172,991 $ 172,331 $ — $ 660
The following table presents a roll forward of assets measured at fair value using significant
unobservable inputs (Level 3) at June 30, 2011 and 2010:
Balance at June 30, 2009. . . . . . . . . . . . . . . . . . $ 760
Maturities or redemptions . . . . . . . . . . . . . . . . . . (100)
Balance at June 30, 2010. . . . . . . . . . . . . . . . . . $ 660
Maturities or redemptions . . . . . . . . . . . . . . . . . . (100)
Reclassification of unrealized loss to net
income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Realized loss . . . . . . . . . . . . . . . . . . . . . . . . . . . (71)
Balance at June 30, 2011. . . . . . . . . . . . . . . . . . $ 529
67