Annual report pursuant to Section 13 and 15(d)

Note 2. Fair Value Measurements (Tables)

 v2.3.0.11
Note 2. Fair Value Measurements (Tables)
 12 Months Ended
Jun. 30, 2011
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract]  
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Financial assets (excluding cash held in operating accounts and time deposits) and liabilities measured at fair value on a recurring basis as of June 30, 2011 were as follows: 
(In thousands)
Total
 
Quoted Prices in
Active Markets
for Identical
Assets (Level  1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
U.S. Treasury securities
$
58,896

 
$
52,396

 
$
6,500

 
$
—

U.S. Government agency securities
320,183

 
320,183

 
—

 
—

Municipal securities
38,957

 
—

 
38,957

 
—

Corporate debt securities
875,385

 
—

 
875,385

 
—

Money market and other
481,770

 
481,770

 
—

 
—

Sovereign securities
32,086

 
14,696

 
17,390

 
—

Total marketable securities and cash equivalents(1)
1,807,277

 
869,045

 
938,232

 
—

Executive Deferred Savings Plan:
 
 
 
 
 
 
 
Money market and other
1,806

 
1,806

 
—

 
—

Mutual funds
126,227

 
95,971

 
30,256

 
—

Executive Deferred Savings Plan total
128,033

 
97,777

 
30,256

 
—

Derivative assets
1,970

 
—

 
1,970

 
—

Total financial assets(1)
$
1,937,280

 
$
966,822

 
$
970,458

 
$
—

Derivative liabilities
$
(2,127
)
 
$
—

 
$
(2,127
)
 
$
—

Total financial liabilities
$
(2,127
)
 
$
—

 
$
(2,127
)
 
$
—

__________________ 
(1) Excludes cash of $165.9 million held in operating accounts and time deposits of $65.4 million as of June 30, 2011.
Financial assets (excluding cash held in operating accounts and time deposits) and liabilities measured at fair value on a recurring basis as of June 30, 2010 were as follows: 
(In thousands)
Total
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
U.S. Treasury securities
$
42,293

 
$
35,194

 
$
7,099

 
$
—

U.S. Government agency securities
250,280

 
243,144

 
7,136

 
—

Municipal securities
55,459

 
—

 
55,459

 
—

Corporate debt securities
603,156

 
—

 
603,156

 
—

Money market and other
334,674

 
334,663

 
11

 
—

Sovereign securities
39,355

 
10,500

 
28,855

 
—

Auction rate securities
16,825

 
—

 
—

 
16,825

Total marketable securities and cash equivalents(1)
1,342,042

 
623,501

 
701,716

 
16,825

Executive Deferred Savings Plan:
 
 
 
 
 
 
 
Money market and other
4

 
4

 
—

 
—

Mutual funds
109,226

 
85,254

 
23,972

 
—

Executive Deferred Savings Plan total
109,230

 
85,258

 
23,972

 
—

Derivative assets
$
296

 
$
—

 
$
296

 
$
—

Total financial assets(1)
$
1,451,568

 
$
708,759

 
$
725,984

 
$
16,825

Derivative liabilities
$
(5,824
)
 
$
—

 
$
(5,824
)
 
$
—

Total financial liabilities
$
(5,824
)
 
$
—

 
$
(5,824
)
 
$
—


__________________ 
(1) Excludes cash of $153.6 million held in operating accounts and time deposits of $38.4 million as of June 30, 2010. 
Changes in Level 3 Securities
Changes in the Company's Level 3 securities for the fiscal years ended June 30, 2011 and 2010 were as follows: 
 
2011
 
2010
Beginning aggregate estimated fair value of Level 3 securities
$
16,825

 
$
40,584

Unrealized gain included in income
—

 
66

Net settlements
(16,825
)
 
(23,825
)
Ending aggregate estimated fair value of Level 3 securities
$
—

 
$
16,825

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
Financial assets (excluding cash held in operating accounts and time deposits) and liabilities measured at fair value on a recurring basis were presented in the Company’s Consolidated Balance Sheet as of June 30, 2011 as follows:
 
(In thousands)
Total
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
Cash equivalents
$
514,162

 
$
487,780

 
$
26,382

 
$
—

Marketable securities
1,293,115

 
381,265

 
911,850

 
—

Other current assets
1,970

 
—

 
1,970

 
—

Other non-current assets
128,033

 
97,777

 
30,256

 
—

Total financial assets(1)
$
1,937,280

 
$
966,822

 
$
970,458

 
$
—

Other current liabilities
$
(2,127
)
 
$
—

 
$
(2,127
)
 
$
—

Total financial liabilities
$
(2,127
)
 
$
—

 
$
(2,127
)
 
$
—

__________________ 
(1) Excludes cash of $165.9 million held in operating accounts and time deposits of $65.4 million as of June 30, 2011.
Financial assets (excluding cash held in operating accounts and time deposits) and liabilities measured at fair value on a recurring basis were presented in the Company’s Consolidated Balance Sheet as of June 30, 2010 as follows: 
(In thousands)
Total
 
Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
 
Significant Other
Observable Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
Cash equivalents
$
363,623

 
$
343,524

 
$
20,099

 
$
—

Marketable securities
978,419

 
279,977

 
681,617

 
16,825

Other current assets
296

 
—

 
296

 
—

Other non-current assets
109,230

 
85,258

 
23,972

 
—

Total financial assets(1)
$
1,451,568

 
$
708,759

 
$
725,984

 
$
16,825

Other current liabilities
$
(5,824
)
 
$
—

 
$
(5,824
)
 
$
—

Total financial liabilities
$
(5,824
)
 
$
—

 
$
(5,824
)
 
$
—

__________________ 
(1) Excludes cash of $153.6 million held in operating accounts and time deposits of $38.4 million as of June 30, 2010.