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Derivatives and Hedging Activities (Tables)
9 Months Ended
Mar. 31, 2022
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule of Derivative Contracts and Changes in Underlying Value of the Foreign Currency Exposures Summarized financial information related to these derivative contracts and changes in the underlying value of the foreign currency exposures included in the Condensed Consolidated Income Statements for the quarters and nine months ended March 31, 2022 and 2021 are as follows:
 Quarter endedNine months ended
March 31,March 31,
 2022202120222021
 (in thousands)
Net foreign exchange derivative contract losses (gains)$3,464 $(1,061)$1,289 $852 
Net foreign currency transactional and re-measurement (gains) losses(3,206)1,020 (66)(74)
Net foreign currency exchange losses (gains)$258 $(41)$1,223 $778 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The components of the cash flow hedge included in the Condensed Consolidated Statement of Comprehensive Income for the quarters and nine months ended March 31, 2022 and 2021, are as follows:
Quarter endedNine months ended
March 31,March 31,
 2022202120222021
(in thousands)
Net interest expense recognized as a result of interest rate swap$532 $557 $1,689 $1,682 
Unrealized gain in fair value of interest rate swap3,675 1,549 4,658 1,281 
Net increase in accumulated other comprehensive income4,207 2,106 6,347 2,963 
Income tax effect1,062 524 1,619 754 
Net increase in accumulated other comprehensive income, net of tax$3,145 $1,582 $4,728 $2,209 
Schedule of Derivative Instruments The Company used the following derivative instruments at March 31, 2022 and June 30, 2021, reflected in its Condensed Consolidated Balance Sheets, for the risk management purposes detailed above:
 March 31, 2022June 30, 2021
 Balance Sheet LocationFair Value  of
Derivatives
Designated 
as Hedge Instruments
Fair Value  of
Derivatives
Not Designated as  Hedge Instruments
Fair Value  of
Derivatives
Designated
as Hedge Instruments
Fair Value  of
Derivatives
Not Designated as Hedge Instruments
 (in thousands)
Derivative assets:
Foreign exchange contractsPrepaid expenses and other current assets$ $33 $— $— 
Foreign currency hedgePrepaid expenses and other current assets$ $ $187 $— 
Interest rate swap agreementOther non-current assets$196 $ $— $— 
Derivative liabilities:
Foreign exchange contractsAccrued expenses and other current liabilities$ $ $— $
Foreign currency hedgeAccrued expenses and other current liabilities$185 $ $— $— 
Interest rate swap agreementOther long-term liabilities$ $ $6,280 $—