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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Jun. 30, 2017
Summary by Level of Fair Value of Financial Instruments Measured on Recurring Basis | The following tables provide a summary by level of the fair value of financial instruments that are measured on a recurring basis as of June 30, 2017 and 2016 ($000):
|  | Fair Value Measurements at June 30, 2017 Using: |
|  |  |  |  |  | Quoted Prices in |  |  | Significant |  |  |  |  |
|  |  |  |  |  | Active Markets |  |  | Other |  |  | Significant |
|  |  |  |  |  | for Identical |  |  | Observable |  |  | Unobservable |
|  |  |  |  |  | Assets |  |  | Inputs |  |  | Inputs |
|  | June 30, 2017 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 191 |  |  | $ | - |  |  | $ | 191 |  |  | $ | - |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent earnout arrangements |  | $ | 5,795 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,795 |
|  | Fair Value Measurements at June 30, 2016 Using: |
|  |  |  |  |  | Quoted Prices in |  |  | Significant |  |  |  |  |
|  |  |  |  |  | Active Markets |  |  | Other |  |  | Significant |
|  |  |  |  |  | for Identical |  |  | Observable |  |  | Unobservable |
|  |  |  |  |  | Assets |  |  | Inputs |  |  | Inputs |
|  | June 30, 2016 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | 511 |  |  | $ | - |  |  | $ | 511 |  |  | $ | - |
Contingent earnout arrangement |  | $ | 4,352 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,352 |
EpiWorks and IPI |
Reconciliation of Beginning and Ending Fair Value Measurements of Level Three Contingent Earnout Arrangement Related to Acquisitions | The following table presents a reconciliation of the beginning and ending fair value measurements of the Company’s level 3 contingent earnout arrangement related to the acquisitions of II-VI EpiWorks and IPI ($000):
| Significant |
| Unobservable Inputs |
| (Level 3) |
Balance at July 1, 2016 | $ | 4,352 |
Contingent earnout arrangements: |  |  |
Contingent earnout - IPI |  | 2,250 |
Payments |  | (2,000 | )
Changes in fair value recorded in other expense, (income) |  | 1,193 |
Balance at June 30, 2017 | $ | 5,795 |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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