Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2017

Financial instruments at fair value on recurring basis

As of June 30, 2017, 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⁾	$	—	$	359	$	—	$	359
Total assets at fair value	$	—	$	359	$	—	$	359

Liabilities:
Derivatives⁽¹⁾	$	—	$	910	$	—	$	910
Total liabilities at fair value	$	—	$	910	$	—	$	910

As of June 30, 2016, 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⁾	$	—	$	334	$	—	$	334
Total assets at fair value	$	—	$	334	$	—	$	334

Liabilities:
Derivatives ⁽¹⁾	$	—	$	763	$	—	$	763
Contingent consideration	—		—		6,600		6,600
Total liabilities at fair value	$	—	$	763	$	6,600	$	7,363

⁽¹⁾ Currency derivatives are valued based on observable market spot and forward rates and are classified within Level 2 of the fair value hierarchy.

There have been no changes in classification and transfers between levels in the fair value hierarchy in the current period. The fair value of contingent consideration payable that was classified as Level 3 at June 30, 2016 related to our probability assessments of expected future milestone targets, primarily associated with product delivery, for a previous acquisition. During 2017, the Company paid the remaining $6.6 million in conjunction with achieved milestone targets. The payment is recorded in the financing activities section of our condensed consolidated statement of cash flow for 2017 under the caption "other." The contingent consideration was recorded in other current liabilities in our condensed consolidated balance sheet at June 30, 2016. No other changes in the expected outcome have occurred during 2017.