Derivatives and Hedging Activities (Tables)

6 Months Ended

Dec. 31, 2023

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 six months ended December 31, 2023 and 2022 are as follows:

	Quarter ended				Six months ended
	December 31,				December 31,
	2023		2022		2023		2022
	(in thousands)
Net foreign exchange derivative contract losses	$	1,025	$	871	$	658	$	1,309
Net foreign currency transactional and re-measurement (gains) losses	(596)		(524)		466		(39)
Net foreign currency exchange losses	$	429	$	347	$	1,124	$	1,270

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 six months ended December 31, 2023 and 2022, are as follows:

	Quarter ended				Six months ended
	December 31,				December 31,
	2023		2022		2023		2022
	(in thousands)
Net interest income recognized as a result of interest rate swap	$	(903)	$	(345)	$	(1,781)	$	(313)
Unrealized (loss) gain in fair value of interest rate swap	(1,165)		349		(72)		2,847
Net (decrease) increase in accumulated other comprehensive income	(2,068)		4		(1,853)		2,534
Income tax effect	(521)		1		(458)		652
Net (decrease) increase in accumulated other comprehensive income, net of tax	$	(1,547)	$	3	$	(1,395)	$	1,882

Schedule of Derivative Instruments

The Company used the following derivative instruments at December 31, 2023 and June 30, 2023, reflected in its Condensed Consolidated Balance Sheets, for the risk management purposes detailed above:

		December 31, 2023		June 30, 2023
	Balance Sheet Location	Fair 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 contracts	Prepaid expenses and other current assets	—	—	—	$1
Foreign currency hedge	Prepaid expenses and other current assets	$27	—	$100	—
Interest rate swap agreement	Other non-current assets	$2,834	—	$4,687	—
Derivative liabilities:
Foreign exchange contracts	Accrued expenses and other current liabilities	—	$4	—	—