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Fair Value Measurements (Tables) | 9 Months Ended
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Mar. 31, 2024
Notes Tables |
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). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | Total |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | carrying | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | value as of | ​ | Fair Value Measurements Using
​ | Balance Sheet Location | ​ | March 31, | ​ | Inputs Considered as
​ | ​ | ​ | 2024 | ​ | Level 1 | ​ | Level 2 | ​ | Level 3
​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Certificates of deposit(1) | Short-term available-for-sale investments | ​ | $ | 5,397 | ​ | $ | 5,397 | ​ | $ | — | ​ | $ | —
Derivatives designated as hedging instruments - cash flow hedges | Other assets | ​ |  | 12,028 | ​ |  | — | ​ |  | 12,028 | ​ |  | —
Total assets | ​ | ​ | $ | 17,425 | ​ | $ | 5,397 | ​ | $ | 12,028 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Derivatives designated as hedging instruments - net investment hedge | Other long-term liabilities | ​ | $ | 680 | ​ | $ | — | ​ | $ | 680 | ​ | $ | —
Total liabilities | ​ | ​ | $ | 680 | ​ | $ | — | ​ | $ | 680 | ​ | $ | —
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  | Total |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | carrying | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | value as of | ​ | Fair Value Measurements Using
​ | Balance Sheet Location | ​ | June 30, | ​ | Inputs Considered as
​ | ​ |  | 2023 |  | Level 1 |  | Level 2 |  | Level 3
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Exchange traded securities(2) | Short-term available-for-sale investments | ​ | $ | 23,739 | ​ | $ | 23,739 | ​ | $ | — | ​ | $ | —
Derivative instruments - cash flow hedges | Other assets | ​ |  | 16,857 | ​ |  | — | ​ |  | 16,857 | ​ |  | —
Total assets | ​ | ​ | $ | 40,596 | ​ | $ | 23,739 | ​ | $ | 16,857 | ​ | $ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Contingent consideration | Contingent consideration payable | ​ | $ | 3,500 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,500
Total liabilities | ​ | ​ | $ | 3,500 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,500
(1) | The certificates of deposit have contractual maturity dates within one year.
(2) | During the quarter ended September 30 2023, the Company sold all of its outstanding shares of its exchange traded investment grade bond funds that it held at June 30, 2023. The cost basis and fair value of the Company’s exchange traded investment grade bond funds were $25.0 million and $23.7 million at June 30, 2023, respectively.
Schedule of contractual amounts of the outstanding instruments | The following table presents the contractual amounts of the Company's outstanding instruments (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | March 31, | ​ | June 30,
Instruments | ​ | Designation |  | 2024 | ​ | 2023
Forward starting swaps(1) | ​ | Cash flow hedge | ​ | $ | 300 | ​ | $ | 300
Cross-currency swap(2) | ​ | Net investment hedge | ​ | ​ | 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. In March 2023, the Company entered into a forward starting swap designated as a cash flow hedge on forecasted debt based on $100 million of notional principal. The effective date of the swap was April 2023 with the full swap maturing in April 2025. (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.
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 within our Consolidated Financial Statements for the three and nine months ended March 31, 2024 and 2023 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | (Gain) Loss Recognized in Accumulated Other Comprehensive Loss
​ |  | ​ | Quarter Ended | ​ | Nine Months Ended
​ | ​ | ​ | March 31, | ​ | March 31,
​ |  | ​ | 2024 |  | 2023 | ​ | 2024 |  | 2023
Cash flow hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward starting swaps | ​ | ​ | $ | 1,626 |  | $ | 3,105 | ​ | $ | 9,582 |  | $ | (431)
Net investment hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cross-currency swap | ​ | ​ | ​ | (4,914) |  | ​ | — | ​ | ​ | 2,329 |  | ​ | —
Total | ​ | ​ | $ | (3,288) | ​ | $ | 3,105 | ​ | $ | 11,911 | ​ | $ | (431)
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | (Gain) Loss Reclassified into Income | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | Quarter Ended | ​ | Nine Months Ended | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | March 31, | ​ | March 31, | ​ | Location of (Gain) Loss
​ |  | ​ | 2024 |  | 2023 | ​ | 2024 |  | 2023 | ​ | in Income Statement
Cash flow hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward starting swaps | ​ | ​ | $ | (2,570) |  | $ | (1,826) | ​ | $ | (7,729) |  | $ | (2,445) | ​ | Interest expense
Net investment hedges | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cross-currency swap | ​ | ​ | ​ | (837) |  | ​ | — | ​ | ​ | (2,372) |  | ​ | — | ​ | Interest expense
Total | ​ | ​ | $ | (3,407) | ​ | $ | (1,826) | ​ | $ | (10,101) | ​ | $ | (2,445) | ​ | ​ | ​ | ​ | ​ | ​
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): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Quarter Ended | ​ | Nine Months Ended
​ | ​ | March 31, | ​ | March 31,
​ | ​ | 2024 | ​ | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value at the beginning of period | ​ | $ | — | ​ | $ | 3,500
Change in fair value of contingent consideration | ​ |  | — | ​ |  | (3,500)
Payments | ​ |  | — | ​ |  | —
Fair value at the end of period | ​ | $ | — | ​ | $ | —
​

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + 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/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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