XML 57 R14.htm IDEA: XBRL DOCUMENT

Marketable Securities & Fair Value Measurements

6 Months Ended

Dec. 31, 2019

7. Marketable Securities & Fair Value Measurements

The Company’s marketable securities are classified on the consolidated balance sheet as follows:


	December 31,		June 30,
	2019		2019
Short-term available-for-sale debt securities	$	33,803	$	38,193
Long-term available-for-sale debt securities	9,812		9,832
Available-for-sale debt securities	43,615		48,025
Mutual funds	339		410
Total marketable securities	$	43,954	$	48,435

Available-for-sale debt securities are invested in the following financial instruments:


			As of December 31, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	4,992	$	—	$	—	$	4,992
Corporate debt	28,912		84		—		28,996
Asset backed securities	9,618		9		—		9,627
Total available-for-sale debt securities	$	43,522	$	93	$	—	$	43,615


			As of June 30, 2019
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	14,277	$	—	$	—	$	14,277
Corporate debt	26,466		64		—		26,530
Asset backed securities	7,204		14		—		7,218
Total available-for-sale debt securities	$	47,947	$	78	$	—	$	48,025

The following table provides information by level for the Company’s marketable securities that were measured at fair value on a recurring basis:


			Fair Value Measurements as of December 31, 2019 Using Inputs Considered as
	Fair Value		Level 1		Level 2		Level 3
Commercial paper	$	4,992	$	—	$	4,992	$	—
Corporate debt	28,996		—		28,996		—
Asset backed securities	9,627		—		9,627		—
Mutual funds	339		105		234		—
Total marketable securities	$	43,954	$	105	$	43,849	$	—


			Fair Value Measurements as of June 30, 2019 Using Inputs Considered as
	Fair Value		Level 1		Level 2		Level 3
Commercial paper	$	14,277	$	—	$	14,277	$	—
Corporate debt	26,530		—		26,530		—
Asset backed securities	7,218		—		7,218		—
Mutual funds	410		121		289		—
Total marketable securities	$	48,435	$	121	$	48,314	$	—

The Company’s marketable securities classified within Level 1 are valued using real-time quotes for transactions in active exchange markets. Marketable securities within Level 2 are valued using readily available pricing sources. There were no transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy during the six months ended December 31, 2019. Any transfers between levels would be recognized on the date of the event or when a change in circumstances causes a transfer.

Effective July 1, 2018 the Company adopted the provisions of ASU 2016-01. Unrealized gains and losses of marketable securities in equity investments, denoted as mutual funds, previously recognized in other comprehensive income, will now be recognized in net income as a component of other income.

Non-Marketable Equity Investment

The Company holds an equity investment that does not have a readily determined fair value. The Company has elected to measure this investment at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Impairment is reviewed each reporting period by performing a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. As of December 31, 2019 and June 30, 2019, the carrying value of the investment was $5,593. During the six months ended December 31, 2019, no impairment indicators were noted. The investment is recorded within other long term assets on the consolidated balance sheet.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details