Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.22.2.2
Fair Value Measurements (Tables)
12 Months Ended
Jun. 30, 2022
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following tables provide information by level for financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):

    

Total 

    

carrying 

value as of

Fair Value Measurements Using 

June 30, 

Inputs Considered as

2022

Level 1

Level 2

Level 3

 

Assets

 

  

 

  

 

  

 

  

Exchange traded securities(1)

$

59,962

$

59,962

$

$

Certificates of deposit(2)

 

14,500

 

14,500

 

 

Derivative instruments - cash flow hedges

 

11,026

 

 

11,026

 

Total assets

$

85,488

$

74,462

$

11,026

$

Liabilities

 

  

 

  

 

  

 

  

Contingent consideration

$

5,000

$

$

$

5,000

Derivative instruments - cash flow hedges

 

476

 

 

476

 

Total liabilities

$

5,476

$

$

476

$

5,000

    

Total

    

 carrying 

value as of

Fair Value Measurements Using 

June 30, 

Inputs Considered as

    

2021

    

Level 1

    

Level 2

    

Level 3

Assets

 

  

 

  

 

  

 

  

Exchange traded securities(1)

$

19,963

$

18,581

$

1,382

$

Certificates of deposit(2)

 

12,500

 

12,500

 

 

Derivative instruments - cash flow hedges

 

275

 

 

275

 

Total assets

$

32,738

$

31,081

$

1,657

$

Liabilities

 

  

 

  

 

  

 

  

Contingent consideration

$

29,400

$

$

$

29,400

Derivative instruments - cash flow hedges

 

8,376

 

 

8,376

 

Total liabilities

$

37,776

$

$

8,376

$

29,400

(1) Included in available-for-sale investments on the balance sheet. The fair value of the Company’s available-for-sale equity investment in CCXI as of June 30, 2022 and June 30, 2021 was $36.0 million and $20.0 million, respectively. The cost basis in the Company’s investment in CCXI at June 30, 2022 and June 30, 2021 was $6.6 million and $6.6 million respectively. The Company exercised the warrant via net share settlement to acquire 66,833 additional shares of CCXI equity shares during the year ended June 30, 2022. The warrant was valued at $1.4 million as of June 30, 2021. The Company also purchased exchange traded investment grade bond funds during the year ended June 30, 2022. The cost basis and fair value of these exchange traded investment grade bond funds as of June 30, 2022 was $25.0 million and $23.9 million, respectively.
(2) Included in available-for-sale investments on the balance sheet. The certificates of deposit have contractual maturity dates within one year.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following table presents a reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):

June 30, 

2022

2021

Fair value at the beginning of period

$

29,400

$

6,137

Purchase price contingent consideration (Note 4)

 

 

18,300

Change in fair value of contingent consideration

 

(20,400)

 

5,300

Payments

 

(4,000)

 

(337)

Fair value at the end of period

$

5,000

$

29,400