The Company utilizes foreign currency forward contracts with reputable financial institutions to manage its exposure of fluctuations in foreign currency exchange rates on certain intercompany balances and foreign currency denominated cash, customer receivables and liabilities. The Company does not use derivative financial instruments for speculative or trading purposes. These forward contracts are not designated as hedging instruments for accounting purposes. Principal hedged currencies include the Euro, Japanese Yen, Swiss Franc, and U.S. Dollar. The periods of these forward contracts range up to approximately three months and the notional amounts are intended to be consistent with changes in the underlying exposures. The Company intends to exchange foreign currencies for U.S. Dollars at maturity.

The Company enters into forward currency exchange contracts to hedge its overseas operating expenses and other liabilities when deemed appropriate. As of June 30, 2022 and 2021, the Company had the following outstanding forward currency exchange contracts (in notional amount):


	As of June 30,
(In thousands and U.S. dollars)	2022		2021
Canadian Dollar	$	—	$	527
Swiss Franc		27,910		8,891
Chinese Yuan		2,524		1,927
Euro		16,307		19,037
British Pound		3,699		3,191
Indian Rupee		3,728		7,825
Japanese Yen		14,167		12,803
	$	68,335	$	54,201

The Company entered into the foreign exchange forward contracts on June 30, 2022 and June 30, 2021, respectively, and therefore, there was no amount recorded on the balance sheets.

The following table provides information about gain (loss) associated with the Company’s derivative financial instruments (in thousands):


	Years ended June 30,
	2022			2021			2020
Foreign currency exchange gain (loss) on forward contracts	$	(2,045	)	$	(2,349	)	$	744
Foreign currency transactions gain (loss)		(887	)		396			(3,087	)