Fair Value Measurements

6 Months Ended

Dec. 31, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

NOTE 11. FAIR VALUE MEASUREMENTS

     Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The accounting standards also have established a fair value hierarchy, which prioritizes the inputs to valuation techniques used in measuring fair value into three broad levels as follows:

Level 1 - Quoted prices in active markets for identical assets or liabilities

Level 2 - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly Level 3 - Unobservable inputs based on the Company's own assumptions

     The Company's derivative assets and liabilities are currently composed of foreign currency contracts. Fair values are based on market prices or determined using valuation models that use as their basis readily observable market data that is actively quoted and can be validated through external sources, including independent pricing services, brokers and market transactions.

     The following table presents the fair value hierarchy for those of the Company's financial assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2011:

(Amounts in thousands)		Level 1		Level 2		Level 3		Total
Assets
Foreign currency contracts	$	--	$	917	$	--	$	917
Liabilities
Foreign currency contracts	$	--	$	177	$	--	$	177

     As of June 30, 2011, the Company's foreign currency contracts were measured at fair value under Level 2 as a liability of $2.0 million. See Note 12 for a discussion of the Company's foreign currency contracts.

     Accounting standards require non-financial assets and liabilities to be recognized at fair value subsequent to initial recognition when they are deemed to be other-than-temporarily impaired. As of December 31, 2011, the Company did not have any non-financial assets and liabilities measured at fair value.