Fair Value Measurements (Tables)
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12 Months Ended |
Jun. 30, 2025 |
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| Notes Tables |
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| Schedule of information by level for financial assets and liabilities that are measured at fair value on a recurring basis |
The following tables provide information by level for financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):
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Total |
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carrying |
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value as of |
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Fair Value Measurements Using |
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Balance Sheet Location |
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June 30, |
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Inputs Considered as |
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2025 |
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Level 1 |
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Level 2 |
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Level 3 |
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Assets |
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Derivatives designated as hedging instruments - cash flow hedges |
Other current assets |
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$ |
2,843 |
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$ |
— |
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$ |
2,843 |
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$ |
— |
Total assets |
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$ |
2,843 |
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$ |
— |
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$ |
2,843 |
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$ |
— |
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Liabilities |
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Derivatives designated as hedging instruments - net investment hedge |
Other long-term liabilities |
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$ |
18,034 |
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$ |
— |
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$ |
18,034 |
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$ |
— |
Total liabilities |
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$ |
18,034 |
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$ |
— |
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$ |
18,034 |
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$ |
— |
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Total |
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carrying |
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value as of |
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Fair Value Measurements Using |
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Balance Sheet Location |
|
June 30, |
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Inputs Considered as |
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|
2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Assets |
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Certificates of deposit(1) |
Short-term available-for-sale investments |
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$ |
1,072 |
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$ |
1,072 |
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$ |
— |
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$ |
— |
Derivatives designated as hedging instruments - cash flow hedges |
Other current assets |
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|
805 |
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— |
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|
805 |
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— |
Derivatives designated as hedging instruments - cash flow hedges |
Other assets |
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9,813 |
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— |
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9,813 |
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— |
Total assets |
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$ |
11,690 |
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$ |
1,072 |
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$ |
10,618 |
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$ |
— |
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Liabilities |
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Derivatives designated as hedging instruments - net investment hedge |
Other long-term liabilities |
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$ |
2,051 |
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$ |
— |
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$ |
2,051 |
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$ |
— |
Total liabilities |
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$ |
2,051 |
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$ |
— |
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$ |
2,051 |
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$ |
— |
| (1) |
The certificates of deposit have contractual maturity dates within one year. |
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| Schedule of contractual amounts of the outstanding instruments |
The following table presents the contractual amounts of the Company’s outstanding instruments (in millions):
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June 30, |
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June 30, |
Instruments |
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Designation |
|
2025 |
|
2024 |
Forward starting swaps(1) |
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Cash flow hedge |
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$ |
200 |
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$ |
300 |
Cross-currency swap(2) |
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Net investment hedge |
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|
140 |
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150 |
| (1) |
In May 2021, the Company entered into a forward starting swap designated as a cash flow hedge on forecasted debt based on $200 million of notional principal. The effective date of the swap was November 2022 with the full swap maturing in November 2025.
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| (2) |
In July 2023, the Company entered into a pay-fixed rate, receive-fixed rate cross-currency swap contract with a total notional amount of $150 million that was designated as a hedge to lock in the Swiss franc (CHF) rate for a portion of the Company’s CHF net investment in its Lunaphore subsidiary in Switzerland. The objective of the hedge is to protect the net investment in the Company’s CHF-denominated operations against changes in the spot exchange rates, on a pre-tax basis. The hedging instrument has four interim settlement dates, which will reduce the notional on the hedging instrument by $10 million at each interim date, and will reduce the notional to $110 million at maturity.
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| Schedule of pretax amount of the gains and losses on our hedging instruments and the classification of those gains and losses |
The pretax amount of the gains and losses on our hedging instruments and the classification of those gains and losses with our Consolidated Financial Statements for the years ended June 30, 2025, 2024 and 2023 were as follows (in thousands):
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(Gain) Loss Recognized in Accumulated Other Comprehensive Loss |
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Year Ended |
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June 30, |
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2025 |
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2024 |
|
2023 |
Cash flow hedges |
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Forward starting swaps |
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$ |
11,530 |
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$ |
12,632 |
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$ |
(1,340) |
Net investment hedges |
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Cross-currency swap |
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14,301 |
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|
4,015 |
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— |
Total |
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$ |
25,831 |
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$ |
16,647 |
|
$ |
(1,340) |
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(Gain) Loss Reclassified into Income |
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Year Ended |
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June 30, |
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Income Statement |
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2025 |
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2024 |
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2023 |
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Classification |
Cash flow hedges |
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Forward starting swaps |
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$ |
(8,448) |
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$ |
(10,317) |
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$ |
(4,526) |
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Interest expense |
Net investment hedges |
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Cross-currency swap |
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(2,761) |
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|
(3,210) |
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— |
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Interest expense |
Total |
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$ |
(11,209) |
|
$ |
(13,527) |
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$ |
(4,526) |
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| Schedule of the reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) |
The following table presents a reconciliation of the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):
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June 30, |
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2025 |
|
2024 |
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Fair value at the beginning of period |
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$ |
— |
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$ |
3,500 |
Purchase price contingent consideration (Note 4) |
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— |
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— |
Change in fair value of contingent consideration |
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— |
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(3,500) |
Payments |
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— |
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— |
Fair value at the end of period |
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|
$ |
— |
|
$ |
— |
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