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Fair Value Measurements
 12 Months Ended
Jun. 30, 2015
Fair Value Disclosures [Abstract]  
Fair Value Measurements
14.
Fair Value Measurements
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Fair value is defined as the exit price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. Financial assets and liabilities are measured at fair value using the three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy of a particular asset or liability depends on the inputs used in the valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally derived (unobservable). Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs based on a company’s own assumptions about market participant assumptions developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows:
Level 1 –
Quoted prices in active markets for identical assets or liabilities.
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Level 2 –
Significant observable inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly through corroboration with observable market data.
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Level 3 –
Unobservable inputs for which there is little or no market data available, and which are significant to the overall fair value measurement, are employed which require the reporting entity to develop its own assumptions.
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In assessing the fair value of financial instruments at June 30, 2015 and 2014, we used a variety of methods and assumptions which were based on estimates of market conditions and risks existing at the time.
Current Assets and Liabilities
We consider the carrying amounts of current assets and current liabilities to be representative of their fair value because of the current nature of these items.
Letters of Credit
We obtain letters of credit in connection with certain regulatory and insurance obligations, inventory purchases and other contractual obligations. The carrying values of these letters of credit are considered to be representative of their fair values because of the nature of the instruments.
Long Term Debt
We record the Term B Loan at book value in our consolidated financial statements. We believe the carrying value of the Term B Loan is approximately equal to the fair value.
Deferred Consideration on Acquisitions
We estimated the fair value of the deferred consideration on acquisitions using the income approach, based on the Company’s current sales forecast related to the acquired business.
Derivatives
We determine the fair value of derivative instruments based upon pricing models using observable market inputs for these types of financial instruments, such as spot and forward currency translation rates.
As of June 30
 ​ ​
2015
 ​ ​
2014
 ​
​ ​ ​
Level 1
 ​ ​
Level 2
 ​ ​
Level 3
 ​ ​
Level 1
 ​ ​
Level 2
 ​ ​
Level 3
 ​
Derivatives
 ​ ​ ​ $​ — ​ ​ ​ ​ ​$ (1,542) ​ ​ ​ ​ $​ — ​ ​ ​ ​ $​ — ​ ​ ​ ​ $​ 386 ​ ​ ​ ​ $​ — ​ ​
Deferred consideration on acquisitions
 ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,465 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,015 ​ ​
The table below provides a summary of the changes in the fair value of Level 3 assets:
​ ​ ​
2015
 ​ ​
2014
 ​
Balance at beginning of period
 ​ ​ ​ $ 1,015 ​ ​ ​ ​ $ 1,725 ​ ​
Changes in estimate
 ​ ​ ​ ​ 216 ​ ​ ​ ​ ​ (403) ​ ​
New items
 ​ ​ ​ ​ 4,769 ​ ​ ​ ​ ​ — ​ ​
Payments ​ ​ ​ ​ (535) ​ ​ ​ ​ ​ (307) ​ ​
Balance at end of period
 ​ ​ ​ $ 5,465 ​ ​ ​ ​ $ 1,015 ​ ​
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For a detailed discussion on the fair value of our pension plan assets and the applicable hierarchy for the various components, see “—Employee Benefit Plans.”