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Note 9 - Derivative Financial Instruments | 12 Months Ended
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Jun. 30, 2016
Notes to Financial Statements |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. Derivative Financial Instruments Interest Rate Swaps In order to manage our interest rate exposure, we are party to $50.0 million of active floating to fixed rate swaps. These swaps convert our interest payments from LIBOR to a weighted average rate of 1.43% at June 30, 2016. The fair value of the swaps recognized in accrued liabilities and in other comprehensive income (loss) at June 30, 2016 and 2015 is as follows (in thousands):
|  |  |  |  |  |  |  |  | Fair Value at June 30, |
Effective Date |  | Notional Amount |  |  | Fixed Interest Rate |  | Maturity |  | 2016 |  |  | 2015 |
March 15, 2012 |  | $ | 10,000 |  |  |  | 2.75 | % | March 15, 2016 |  | $ | - |  |  | $ | (186 | )
December 19, 2014 |  |  | 20,000 |  |  |  | 1.18 | % | December 19, 2017 |  |  | (201 | ) |  |  | (140 | )
December 19, 2014 |  |  | 5,000 |  |  |  | 1.20 | % | December 19, 2017 |  |  | (52 | ) |  |  | (36 | )
December 18, 2015 |  |  | 15,000 |  |  |  | 1.46 | % | December 19, 2018 |  |  | (325 | ) |  |  | (39 | )
December 19, 2015 |  |  | 10,000 |  |  |  | 2.01 | % | December 19, 2019 |  |  | (460 | ) |  |  | (150 | )
|  |  |  |  |  |  |  |  |  |  | $ | (1,038 | ) |  | $ | (551 | )
The Company reported no losses for the years ended June 30, 2016, 2015, and 2014, as a result of hedge ineffectiveness. Future changes in these swap arrangements, including termination of the agreements, may result in a reclassification of any gain or loss reported in accumulated other comprehensive income (loss) into earnings as an adjustment to interest expense. Accumulated other comprehensive income (loss) related to these instruments is being amortized into interest expense concurrent with the hedged exposure. Foreign Exchange Contracts Forward foreign currency exchange contracts are used to limit the impact of currency fluctuations on certain anticipated foreign cash flows, such as foreign purchases of materials and loan payments to and from subsidiaries. The Company enters into such contracts for hedging purposes only. For hedges of intercompany loan payments, the Company has not elected hedge accounting due to the general short-term nature and predictability of the transactions, and records derivative gains and losses directly to the consolidated statement of operations. At June 30, 2016 and 2015 the Company had outstanding forward contracts related to hedges of intercompany loans with net unrealized gain / (losses) of $(0.1) million and $0.7 million, respectively, which approximate the unrealized gains or losses on the related loans. The contracts have maturity dates ranging from 2017-2019, which correspond to the related intercompany loans. The notional amounts of these instruments, by currency, are as follows:
Currency |  | 2016 |  |  | 2015 |
Euro |  |  | 2,476,683 |  |  |  | 10,134,797 |
Pound Sterling |  |  | 593,799 |  |  |  | 1,730,542 |
The table below presents the fair value of derivative financial instruments as well as their classification on the balance sheet at June 30, (in thousands):
| Asset Derivatives |
| 201 6 |  | 201 5 |
Derivative designated as hedging instruments | Balance Sheet |  |  |  |  | Balance Sheet |  |  |  |
| Line Item |  | Fair Value |  | Line Item |  | Fair Value |
Foreign exchange contracts | Other Assets |  | $ | 11 |  | Other Assets |  | $ | 844 |
| Liability Derivatives |
| 2016 |  | 2015 |
Derivative designated as hedging instruments | Balance Sheet |  |  |  |  | Balance Sheet |  |  |  |
| Line Item |  | Fair Value |  | Line Item |  | Fair Value |
Interest rate swaps | Accrued Liabilities |  | $ | 1,038 |  | Accrued Liabilities |  | $ | 551 |
Foreign exchange contracts | Accrued Liabilities |  |  | 94 |  | Accrued Liabilities |  |  | 193 |
|  |  | $ | 1,132 |  |  |  | $ | 744 |
The table below presents the amount of gain (loss) recognized in comprehensive income on our derivative financial instruments (effective portion) designated as hedging instruments and their classification within comprehensive income for the periods ended (in thousands):
|  | 2016 |  |  | 2015 |  |  | 2014 |
Interest rate swaps |  | $ | (743 | ) |  | $ | (533 | ) |  | $ | (194 | )
Foreign exchange contracts |  |  | (267 | ) |  |  | (154 | ) |  |  | - |
|  | $ | (1,010 | ) |  | $ | (687 | ) |  | $ | (194 | )
The table below presents the amount reclassified from accumulated other comprehensive income (loss) to Net Income for the periods ended (in thousands):
Details about Accumulated Other Comprehensive Income (Loss) Components |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | Affected line item in the Statements of Operations
Interest rate swaps |  | $ | 567 |  |  | $ | 1,034 |  |  | $ | 1,031 |  |  | Interest expense
Foreign exchange contracts |  |  | 112 |  |  |  | - |  |  |  | - |  |  | Cost of goods sold
|  | $ | 679 |  |  | $ | 1,034 |  |  | $ | 1,031 |  |  |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4D -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624177-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4H -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624258-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708775-113959 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708773-113959 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624181-113959 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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