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Fair Value Measurements (Tables) | 12 Months Ended
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Jun. 30, 2015
Fair Value Disclosures [Abstract] |
Financial instruments at fair value on recurring basis | As of June 30, 2015, the fair values of the Company’s financial assets and financial liabilities measured at fair value on a recurring basis are categorized as follows:
(in thousands) | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |
Derivatives (1) | $ | — |  |  | $ | 2,678 |  |  | $ | — |  |  | $ | 2,678 |
Total assets at fair value | $ | — |  |  | $ | 2,678 |  |  | $ | — |  |  | $ | 2,678 |
Liabilities: |  |  |  |  |  |  |
Derivatives (1) | $ | — |  |  | $ | 44 |  |  | $ | — |  |  | $ | 44 |
Contingent consideration | — |  |  | — |  |  | 10,000 |  |  | 10,000 |
Total liabilities at fair value | $ | — |  |  | $ | 44 |  |  | $ | 10,000 |  |  | $ | 10,044 |
The fair value of contingent consideration payable that was classified as Level 3 relates to our probability assessments of expected future milestone targets, primarily associated with product delivery, related to the Emura acquisition. The contingent consideration is to be paid over the next two years. During 2015, the Company paid $4.0 million in conjunction with achieved milestone targets. During the current year the Company reassessed this contingent consideration and determined that no adjustment to the fair value was deemed necessary and that no changes in the expected outcome have occurred during the year ended June 30, 2015. As of June 30, 2014, the fair value of the Company’s financial assets and financial liabilities measured at fair value on a recurring basis are categorized as follows:
(in thousands) | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |
Derivatives (1) | $ | — |  |  | $ | 253 |  |  | $ | — |  |  | $ | 253 |
Total assets at fair value | $ | — |  |  | $ | 253 |  |  | $ | — |  |  | $ | 253 |
Liabilities: |  |  |  |  |  |  |
Derivatives (1) | $ | — |  |  | $ | 1,053 |  |  | $ | — |  |  | $ | 1,053 |
Contingent consideration |  |  |  |  | 14,000 |  |  | 14,000 |
Total liabilities at fair value | $ | — |  |  | $ | 1,053 |  |  | $ | 14,000 |  |  | $ | 15,053 |
(1) Currency derivatives are valued based on observable market spot and forward rates and are classified within Level 2 of the fair value hierarchy.

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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=36462937&loc=d3e19190-110258 + Details
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