Note 9. Fair Value (Tables)

9 Months Ended

Mar. 31, 2015

Fair Value Measurements, Recurring, Valuation Techniques

The following methods and assumptions were used to measure fair value:



Financial Instrument	Level	Valuation Technique/Inputs Used
Cash Equivalents	1	Market - Quoted market prices
Derivative Assets: Foreign exchange contracts	2	Market - Based on observable market inputs using standard calculations, such as time value, forward interest rate yield curves, and current spot rates, considering counterparty credit risk.
Trading securities: Mutual funds in nonqualified SERP	1	Market - Quoted market prices
Derivative Liabilities: Foreign exchange contracts	2	Market - Based on observable market inputs using standard calculations, such as time value, forward interest rate yield curves, and current spot rates adjusted for Kimball's non-performance risk.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

As of March 31, 2015 and June 30, 2014, the fair values of financial assets and liabilities that are measured at fair value on a recurring basis using the market approach are categorized as follows:



	March 31, 2015
(Amounts in Thousands)	Level 1		Level 2		Total
Assets
Cash equivalents	$	23,407	$	—	$	23,407
Derivatives: Foreign exchange contracts	—		—		—
Trading Securities: Mutual funds in nonqualified SERP	18,709		—		18,709
Total assets at fair value	$	42,116	$	—	$	42,116
Liabilities
Derivatives: Foreign exchange contracts	$	—	$	—	$	—
Total liabilities at fair value	$	—	$	—	$	—

	June 30, 2014
(Amounts in Thousands)	Level 1		Level 2		Total
Assets
Cash equivalents	$	103,845	$	—	$	103,845
Derivatives: Foreign exchange contracts	—		800		800
Trading Securities: Mutual funds in nonqualified SERP	23,106		—		23,106
Total assets at fair value	$	126,951	$	800	$	127,751
Liabilities
Derivatives: Foreign exchange contracts	$	—	$	699	$	699
Total liabilities at fair value	$	—	$	699	$	699

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques



Non-recurring fair value adjustment	Level	Valuation Technique/Inputs Used
Impairment of long-lived assets (property and equipment)	2	Market - Quoted market prices for similar assets sold, adjusted for features specific to the asset

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

Financial instruments that are not reflected in the Condensed Consolidated Balance Sheets at fair value that have carrying amounts which approximate fair value include the following:



Financial Instrument	Level	Valuation Technique/Inputs Used
Notes receivable	2	Market - Price approximated based on the assumed collection of receivables in the normal course of business, taking into account the customer's non-performance risk
Long-term debt (carried at amortized cost)	3	Income - Price estimated using a discounted cash flow analysis based on quoted long-term debt market rates, taking into account Kimball's non-performance risk