Fair Value of Financial Instruments (Tables)

6 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following table summarizes the valuation of the Company’s remaining assets and liabilities measured at fair value on a recurring basis at December 31, 2020:

	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(in thousands)
Assets:
Deferred compensation plan investments, current and non-current portion	$	31,519	$	31,519	$	—	$	—
Total assets at fair value	$	31,519	$	31,519	$	—	$	—
Liabilities:
Deferred compensation plan investments, current and non-current portion	$	31,519	$	31,519	$	—	$	—
Forward foreign currency exchange contracts	23		—		23		—
Interest rate swap agreement	8,489		—		8,489		—
Total liabilities at fair value	$	40,031	$	31,519	$	8,512	$	—

The following table summarizes the valuation of the Company’s remaining assets and liabilities measured at fair value on a recurring basis at June 30, 2020:

	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
	(in thousands)
Assets:
Deferred compensation plan investments, current and non-current portion	$	27,159	$	27,159	$	—	$	—
Total assets at fair value	$	27,159	$	27,159	$	—	$	—
Liabilities:
Deferred compensation plan investments, current and non-current portion	$	27,159	$	27,159	$	—	$	—
Forward foreign currency exchange contracts	26		—		26		—
Interest rate swap agreement	9,433		—		9,433		—
Liability for contingent consideration	46,334		—		—		46,334
Total liabilities at fair value	$	82,952	$	27,159	$	9,459	$	46,334

Schedule of Changes in Fair Value of Contingent Considerations

The table below provides a summary of the changes in fair value of the Company's contingent considerations for the Intelisys earnout, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarter and six months ended December 31, 2020. The final earnout payment due to the former owners of Intelisys was paid in October 2020.

	Quarter ended December 31, 2020		Six months ended December 31, 2020
	Worldwide Communications & Services Segment
	(in thousands)
Fair value at beginning of period	$	46,850	$	46,334
Payments	(46,850)		(46,850)
Change in fair value of contingent consideration	—		516
Fair value at end of period	$	—	$	—

The table below provides a summary of the changes in fair value of the Company’s contingent considerations (Level 3) for the Intelisys earnout for the quarter and six months ended December 31, 2019.

	Quarter ended December 31, 2019		Six months ended December 31, 2019
	Worldwide Communications & Services Segment
	(in thousands)
Fair value at beginning of period	$	80,397	$	77,925
Payments	(38,531)		(38,531)
Change in fair value of contingent consideration	3,176		5,649
Fair value at end of period	$	45,043	$	45,043

Valuation techniques and significant observable inputs used in recurring Level 3 fair value measurements for the Company's contingent consideration liability related to Intelisys at June 30, 2020 were as follows. The measurement period for the Intelisys earnout ended on June 30, 2020.

Reporting Period	Valuation Technique	Significant Unobservable Inputs	Weighted Average Rates(a)
June 30, 2020	Discounted cash flow	Weighted average cost of capital	3.0	%

(a) Weighted average rates identified for this significant unobservable input relate to the valuation of the Intelisys contingent consideration. Since the earnout period for Intelisys closed on June 30, 2020, the weighted average cost of capital represents the cost of debt. There is no EBITDA growth or weighted average cost of capital to report in the current period.