Note 3 - Fair Value Measurements

3 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

(3) Fair Value Measurements

A fair value hierarchy has been established which requires the Company to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy describes three levels of inputs that may be used to measure fair value:

Level 1	Quoted prices in active markets for identical assets or liabilities.
Level 2	Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The following table sets forth the financial assets and liabilities that were measured at fair value on a recurring basis at September 30, 2014 and June 30, 2014, by level within the fair value hierarchy. The assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The Company’s long-term and short-term investments have been classified as Level 2, which have been initially valued at the transaction price and subsequently revalued, at the end of each reporting period, utilizing a third party pricing service. The pricing service utilizes industry standard valuation models and observable market inputs to determine value that include surveying the bond dealer community, obtaining benchmark quotes, incorporating relevant trade data, and updating spreads daily. There have been no transfers of assets or liabilities between the fair value measurement classifications during the periods presented.

			Quoted Prices in
			Active Markets for		Significant Other		Significant
			Identical Assets		Observable Inputs		Unobservable
	Total		(Level 1)		(Level 2)		Inputs (Level 3)
September 30, 2014
Cash equivalents	$	23.4	$	23.4	$	—	$	—
Short-term investments available-for-sale		1.1		—		1.1		—
Long-term investments available-for-sale		18.8		—		18.8		—
Total	$	43.3	$	23.4	$	19.9	$	—

			Quoted Prices in
			Active Markets for		Significant Other		Significant
			Identical Assets		Observable Inputs		Unobservable
	Total		(Level 1)		(Level 2)		Inputs (Level 3)
June 30, 2014
Cash equivalents	$	36.9	$	36.9	$	—	$	—
Long-term investments available-for-sale		10.0		—		10.0		—
Total	$	46.9	$	36.9	$	10.0		—

Cash equivalents consist primarily of money market funds. Short-term investments consist of corporate securities and have a maturity less than 365 days from the date of acquisition. Long-term investments consist of U.S. agency securities, U.S. Treasury securities, and corporate securities classified as available-for-sale and have maturities greater than 365 days from the date of acquisition.

The Company has had no realized gains or losses from the sale of investments for the twelve months ended September 30, 2014. The following table shows the unrealized gains and losses and fair values for those investments as of September 30, 2014 and June 30, 2014 aggregated by major security type:

			Unrealized		Unrealized
	At Cost		Gains		(Losses)		At Fair Value
September 30, 2014
Money market funds	$	23.4	$	—	$	—	$	23.4
Debt securities of U.S. government agencies		9.4		—		—		9.4
U.S. Treasury securities		7.6		—		—		7.6
Corporate Securities		2.9						2.9
Total	$	43.3	$	—	$	—	$	43.3

			Unrealized		Unrealized
	At Cost		Gains		(Losses)		At Fair Value
June 30, 2014
Money market funds	$	36.9	$	—	$	—	$	36.9
Debt securities of U.S. government agencies		4.9		—		—		4.9
U.S. Treasury securities		5.1		—		—		5.1
Total	$	46.9	$	—	$	—	$	46.9

As of September 30, 2014 and June 30, 2014, the Company had investments in an unrealized loss position. The Company has determined that the unrealized losses of less than $0.1 million on these investments at September 30, 2014 and June 30, 2014 are temporary in nature and expects the securities to mature at their stated maturity principal.