Foreign Exchange Forward Contracts

9 Months Ended

Mar. 31, 2016

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Foreign Exchange Forward Contracts

11. 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 March 31, 2016, we did not have any forward foreign currency contracts.

Foreign currency transaction gains and losses from operations was a loss of $0.3 million and gain of $1.1 million for the three and nine months ended March 31, 2016, respectively. Foreign currency transaction gains and losses from operations was a loss of $0.5 million and a loss of $0.9 million for the three and nine months ended March 31, 2015, respectively.