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Foreign Exchange Forward Contracts
12 Months Ended
Jun. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Foreign Exchange Forward Contracts

13. 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 fair value of the Company’s derivatives in a gain position are recorded in “Prepaid expenses and other current assets” and derivatives in a loss position are recorded in “Other accrued liabilities” in the accompanying consolidated balance sheets. Changes in the fair value of derivatives are recorded in “Other (expense) income, net” in the accompanying consolidated statements of operations; the Company recognized total foreign currency gains of $0.1 million in fiscal 2019 and losses of $1.2 million and $0.7 million in fiscal 2018 and 2017, respectively, related to the change in fair value of foreign currency denominated assets and liabilities. The Company enters into foreign exchange forward contracts to mitigate the effect of gains and losses generated by foreign currency transactions related to certain operating expenses and remeasurement of certain assets and liabilities denominated in foreign currencies. These derivatives do not qualify as hedges. There were no gains and losses from hedging transactions in fiscal year ended June 30, 2019 and they were not material in fiscal years 2018 and 2017.

At June 30, 2019 the Company did not have any forward foreign currency contracts.  At June 30, 2018, forward foreign currency contracts had a notional principal amount of $5.0 million. These contracts had maturities of less than 60 days.  Changes in the fair value of these foreign exchange forward contracts are offset largely by remeasurement of the underlying assets and liabilities.