Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table presents the fair value of the Company’s derivative financial instrument on a gross basis, as well as its classification on the Company’s consolidated balance sheets as of June 30:

(in thousands)	2021			2020
Derivatives Designated as Hedging Instruments	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Cash flow hedge	Other current liabilities	$	(236)	Other current liabilities	$	(1,669)

Schedule of Derivative Instrument (Losses) Gains

The following table presents the unrealized gains (losses) deferred to accumulated other comprehensive income (loss) resulting from the Company’s derivative instruments designated as cash flow hedging instruments as of June 30:

(in thousands)	2021		2020
Unrealized gain (loss), before taxes	$	1,251	$	(1,723)
Income tax (expense) benefit	(310)		428
Unrealized gain (loss), net of taxes	$	941	$	(1,295)

The following table presents information about the reclassification of gains and losses from accumulated other comprehensive income (loss) into earnings resulting from the Company’s derivative instruments designated as cash flow hedging instruments as of June 30:

(in thousands)	2021		2020
Interest expense	$	721	$	54
Income tax benefit	(179)		(13)
Net reclassification into earnings	$	542	$	41

Amounts included in accumulated other comprehensive income (loss) are recorded net of the related income tax effects. The following table details the changes in accumulated other comprehensive income (loss):

(in thousands)	Derivative Instruments
Balance at June 30, 2020	$	(1,254)
Unrealized gains, net of related tax expense of $0.3 million	941
Amount reclassified into earnings, net of related taxes of $0.2 million	542
Balance at June 30, 2021	$	229