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Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following table summarizes the valuation of the Company’s remaining assets and liabilities measured at fair value on a recurring basis at March 31, 2020:

	Total				Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
	(in thousands)
Assets:
Deferred compensation plan investments, current and non-current portion	$	23,553			$	23,553			$	—			$	—
Forward foreign currency exchange contracts	209				—				209				—
Total assets at fair value	$	23,762			$	23,553			$	209			$	—
Liabilities:
Deferred compensation plan investments, current and non-current portion	$	23,553			$	23,553			$	—			$	—
Forward foreign currency exchange contracts	130				—				130				—
Interest rate swap agreement	8,922				—				8,922				—
Liability for contingent consideration	45,660				—				—				45,660
Total liabilities at fair value	$	78,265			$	23,553			$	9,052			$	45,660

The following table summarizes the valuation of the Company’s remaining assets and liabilities measured at fair value on a recurring basis at June 30, 2019:

	Total				Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
	(in thousands)
Assets:
Deferred compensation plan investments, current and non-current portion	$	25,787			$	25,787			$	—			$	—
Forward foreign currency exchange contracts	165				—				165				—
Total assets at fair value	$	25,952			$	25,787			$	165			$	—
Liabilities:
Deferred compensation plan investments, current and non-current portion	$	25,787			$	25,787			$	—			$	—
Forward foreign currency exchange contracts	168				—				168				—
Interest rate swap agreement	3,504				—				3,504				—
Liability for contingent consideration	77,925				—				—				77,925
Total liabilities at fair value	$	107,384			$	25,787			$	3,672			$	77,925

Schedule of Changes in Fair Value of Contingent Considerations

Valuation techniques and significant observable inputs used in recurring Level 3 fair value measurements for our contingent consideration liability related to Intelisys at March 31, 2020 and June 30, 2019 were as follows.

Reporting Period		Valuation Technique		Significant Unobservable Inputs		Weighted Average Rates(a)
March 31, 2020		Discounted cash flow		Weighted average cost of capital		12.3	%
				Adjusted EBITDA growth rate		24.9	%
June 30, 2019		Discounted cash flow		Weighted average cost of capital		14.2	%
				Adjusted EBITDA growth rate		21.5	%

^(a) Weighted average rates identified for each significant unobservable input relate to the valuation of the Intelisys contingent consideration.

The table below provides a summary of the changes in fair value of the Company's contingent considerations for the Intelisys earnout, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarter and nine months ended March 31, 2020.

	Quarter ended March 31, 2020				Nine months ended March 31, 2020
	Worldwide Communications & Services Segment
	(in thousands)
Fair value at beginning of period	$	45,043			$	77,925
Payments	—				(38,531		)
Change in fair value of contingent consideration	617				6,266
Fair value at end of period	$	45,660			$	45,660

The table below provides a summary of the changes in fair value of the Company’s contingent considerations (Level 3) for the Network1 and Intelisys earnouts for the quarter and nine months ended March 31, 2019.

	Quarter ended March 31, 2019				Nine months ended March 31, 2019
	Worldwide Communications & Services Segment
	(in thousands)
Fair value at beginning of period	$	71,886			$	108,233
Payments	(2,736		)		(45,796		)
Change in fair value of contingent consideration	5,101				11,535
Foreign currency translation adjustment	8				287
Fair value at end of period	$	74,259			$	74,259

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- References

No definition available.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

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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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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