Foreign Exchange Forward Contracts

9 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Foreign Exchange Forward Contracts

Foreign Exchange Forward Contracts

The Company uses derivative financial instruments to manage exposures to foreign currency. The Company’s objective for holding derivatives is to use the most effective methods to minimize the impact of these exposures. The Company does not enter into derivatives for speculative or trading purposes. The Company records all derivatives on the balance sheet as "Other assets" at fair value. Changes in the fair value of derivatives are recognized in earnings as Other Income (Expense). The Company from time to time enters into foreign exchange forward contracts to mitigate the effect of gains and losses generated by the foreign currency forecast transactions related to certain operating expenses and re-measurement of certain assets and liabilities denominated in foreign currencies. These derivatives do not qualify as hedges. As of March 31, 2015, the Company did not have any foreign currency contracts.

Foreign currency transaction gains and losses from operations was a loss of $0.5 million and $0.1 million for the three months ended March 31, 2015 and 2014, respectively. Foreign currency transaction gains and losses from operations were a loss of $0.9 million and $1.2 million for the nine months ended March 31, 2015 and 2014, respectively.