Fair Value Measurements

9 Months Ended

Mar. 31, 2012

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

     At March 31, 2012 and June 30, 2011, the estimated fair value of the Company's 7 3/8% Senior Notes using available market information and interest rates was as follows:

(Amounts in thousands)	March 31, 2012		June 30, 2011
7 3/8% Senior Notes due March 2021 (Level 2)	$	268,425	$	260,625

     The Company determined the estimated fair value amounts by using available market information and commonly accepted valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value, primarily due to the illiquid nature of the capital markets in which the 7 3/8% Senior Notes are traded. The use of different assumptions and/or estimation methodologies may have a material effect on the estimated fair value.

     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 related to foreign currency contracts that were measured at fair value on a recurring basis as of March 31, 2012 and June 30, 2011:

(Amounts in thousands)	March 31, 2012				June 30, 2011
	Asset		Liability		Asset		Liability
Level 2	$	649	$	498	$	--	$	1,978
Total	$	649	$	498	$	--	$	1,978

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 March 31, 2012, the Company did not have any non-financial assets and liabilities measured at fair value.