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Derivatives
 6 Months Ended
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives
11.
Derivatives
​
We monitor our exposure to commodity prices, interest rates and foreign currency exchange rates, and use derivatives to manage certain of these risks. We designate derivatives as a hedge of a forecasted transaction or of the variability of the cash flows to be received or paid in the future related to a recognized asset or liability (cash flow hedge). We record the portion of the changes in the expected cash flows related to a recognized asset or liability (the effective portion) in accumulated other comprehensive income (loss). As the hedged item is realized, we report the gain or loss included in accumulated other comprehensive income (loss) in the consolidated statements of operations on the same line as the hedged item. We immediately recognize in the consolidated statements of operations in the same line as the hedged item, the portion of the changes in fair value of derivatives used as cash flow hedges that is not offset by changes in the expected cash flows related to a recognized asset or liability (the ineffective portion).
We routinely assess whether the derivatives used to hedge transactions are effective. If we determine a derivative ceases to be an effective hedge, we discontinue hedge accounting, and recognize in the consolidated statements of operations, in the period the derivative no longer qualifies as a hedge, any gains or losses on the derivative.
We record derivatives at fair value in prepaid expenses and other current assets or accrued expenses and other current liabilities in the consolidated balance sheets. We determine the fair value of derivative instruments based upon pricing models using observable market inputs for these types of financial instruments (level 2 inputs per ASC 820).
At December 31, 2014, the following outstanding derivatives were designated and effective as cash flow hedges:
Instrument
 ​ ​
Hedge
 ​ ​
Notional
Amount at
December 31,
2014
 ​ ​
Fair value as of
 ​
​
December 31, 
2014
 ​ ​
June 30,
2014
 ​
Options
 ​ ​
Brazilian Real calls
 ​ ​ ​ R$ 117,000 ​ ​ ​ ​ $ 385 ​ ​ ​ ​ $ 432 ​ ​
Options
 ​ ​
Brazilian Real puts
 ​ ​ ​ (R$ 117,000) ​ ​ ​ ​ $ (722) ​ ​ ​ ​ $ (46) ​ ​
The unrecognized gains (losses) at December 31, 2014, are unrealized and will change depending on future exchange rates until the underlying contracts mature. Of the ($337) of unrecognized gains (losses) on derivative instruments included in accumulated other comprehensive income (loss) at December 31, 2014, we anticipate ($312) of the current fair value would be recorded in earnings within the next twelve months. We recognize gains (losses) on derivative instruments as a component of cost of goods sold when the hedged item is sold. We hedge forecasted transactions for periods not exceeding the next twenty-four months.