Foreign Exchange Forward Contracts

3 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Foreign Exchange Forward Contracts

Foreign Exchange Forward Contracts

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 forecasted 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. Changes in the fair value of these foreign exchange forward contracts are offset largely by re-measurement of the underlying assets and liabilities. At September 30, 2015, we did not have any forward foreign currency contracts.

Foreign currency transaction gains and losses from operations was a gain of $1.2 million for the three months ended September 30, 2015, and a loss of $0.4 million for the three months ended September 30, 2014.