The Company utilizes foreign currency forward contracts with reputable financial institutions to manage its exposure to fluctuations in foreign currency exchange rates on certain intercompany balances and foreign currency denominated cash, customer receivables and liabilities. The Company does not use derivative financial instruments for speculative or trading purposes. These forward contracts are not designated as hedging instruments for accounting purposes. Principal hedged currencies include the Euro, Japanese Yen, Swiss Franc, and U.S. Dollar. The periods of these forward contracts range up to approximately three months and the notional amounts are intended to be consistent with changes in the underlying exposures. The Company intends to exchange foreign currencies for U.S. Dollars at maturity.

As of September 30, 2021 and June 30, 2021, the Company had the following outstanding forward currency exchange contracts (in notional amount):

	September 30,		As of June 30,
(In thousands and U.S. dollars)	2021		2021
Canadian Dollar	$	—	$	527
Swiss Franc		34,810		8,891
Chinese Yuan		5,406		1,927
Euro		4,304		19,037
British Pound		1,835		3,191
Indian Rupee		4,705		7,825
Japanese Yen		7,216		12,803
	$	58,276	$	54,201

The Company entered into the foreign currency forward contracts on September 30, 2021 and June 30, 2021 and there was no impact on balance sheet.

The following table provides information about gain (loss) associated with the Company’s derivative financial instruments (in thousands):

	Three Months Ended September 30,
	2021			2020
Foreign currency exchange loss on forward contracts	$	(400	)	$	(910	)
Foreign currency transactions gain (loss)		(369	)		404