Fair Value of Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2013

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables set forth the Company’s financial assets and liabilities at December 31, 2013 and June 30, 2013, respectively, that are measured at fair value on a recurring basis during the period, segregated by level within the fair value hierarchy:


	Level 1		Level 2		Level 3		Total
	($ in millions)
Assets:
Cash and cash equivalents:
Money market funds (1)	$	76.0	$	—	$	—	$	76.0
Other current assets:
Available-for-sale equity securities		—		—		—		—
Other non-current assets:
Available-for-sale equity securities		18.8		—		1.1		19.9

Total as of December 31, 2013	$	94.8	$	—	$	1.1	$	95.9


	Level 1		Level 2		Level 3		Total
	($ in millions)
Assets:
Cash and cash equivalents:
Money market funds (1)	$	122.1	$	—	$	—	$	122.1
Other current assets:
Available-for-sale equity securities		—		—		—		—
Other non-current assets:
Available-for-sale equity securities		15.8		—		1.1		16.9

Total as of June 30, 2013	$	137.9	$	—	$	1.1	$	139.0

(1)	Money market funds include MMDA account balances of $53.5 million and $87.1 million as of December 31, 2013 and June 30, 2013, respectively.

Schedule of Changes in Level 3 Financial Assets

The following table sets forth an analysis of changes during the six months ended December 31, 2013 in Level 3 financial assets of the Company:


	December 31, 2013		June 30, 2013
	($ in millions)
Beginning balance	$	1.1	$	—
Net realized/unrealized gains (losses)		—		—
Purchases		—		1.1
Transfers in (out) of Level 3		—		—

Ending balance	$	1.1	$	1.1

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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