Fair Value of Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2012

Fair Value of Cash Equivalents and Investments [Abstract]

Fair Value of Cash Equivalents and Investments

4. Fair Value of Cash Equivalents and Investments

Financial assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy consisted of the following (in thousands):

	March 31,				June 30,
	2012				2011
	Level 1		Level 3		Level 1		Level 3
Money market	$	320,813	$	—	$	243,966	$	—
Auction rate securities		—		18,088		—		25,876
Total available-for-sale securities	$	320,813	$	18,088	$	243,966	$	25,876

Money market balances are included in cash and cash equivalents as of March 31, 2012 and June 30, 2011. Auction rate securities, or ARS, investments are included in non-current investments as of March 31, 2012 and June 30, 2011.

Changes in fair value of our Level 3 financial assets were as follows (in thousands):

Balance as of June 30, 2011	$	25,876
Net unrealized gain		13
Impairment recovery of redeemed investments		59
Redemptions		(7,860	)
Balance as of March 31, 2012	$	18,088

There were no transfers in or out of our Level 1 or 3 assets during the nine months ended March 31, 2012.