ECONOMIC HEDGING ACTIVITIES

12 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE 18: ECONOMIC HEDGING ACTIVITIES

We enter into foreign currency forward contracts to reduce the impact of adverse fluctuations on earnings associated with foreign currency exchange rate changes. We do not enter into any derivative transactions for speculative purposes. These contracts are not designated as cash flow, fair value, or net investment hedges as defined under authoritative guidance on accounting for derivative instruments and hedging activities. These contracts are marked-to-market with changes in fair value recorded in the consolidated statements of operations in miscellaneous income/expense. These contracts are entered into for periods consistent with the currency transaction exposures, generally three to six months. Any gains and losses on the fair value of these contracts would largely offset corresponding losses and gains on the underlying transactions.

As of June 30, 2012, we had nine foreign currency forward contracts outstanding involving our Japanese and German operations with notional amounts aggregating to $3,090. These foreign currency hedges are not designated as hedging instruments. Net unrealized gains and (losses) recognized from foreign currency forward contracts for fiscal 2012, 2011 and 2010 were $79, ($12) and ($64), respectively, included in miscellaneous income/expense in the consolidated statements of operations. These gains and losses are substantially offset by foreign exchange losses and gains on intercompany balances recorded by our subsidiaries.

The following table summarizes the fair value of derivative instruments as of June 30, 2012, 2011 and 2010:

Derivatives not designated as hedging instruments			Balance Sheet Location
June 30, 2012	Number of foreign exchange contracts:	9	Prepaid expenses and other current assets	$14
			Other accrued expenses	$17
June 30, 2011	Number of foreign exchange contracts:	6	Other accrued expenses	$82
June 30, 2010	Number of foreign exchange contracts:	4	Other accrued expenses	$70