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, 2021 and 2020, the Company had the following outstanding forward currency exchange contracts (in notional amount):

	As of June 30,
(In thousands and U.S. dollars)	2021		2020
Canadian Dollar	$	527	$	—
Swiss Franc		8,891		—
Chinese Yuan		1,927		—
Euro		19,037		—
British Pound		3,191		—
Indian Rupee		7,825		—
Japanese Yen		12,803		—
	$	54,201	$	—

The Company entered into the foreign exchange forward contract on June 30, 2021 and there was no impact on balance sheet.

The following table shows the effect of forward contracts not designated as hedging instruments and foreign currency transactions gains and losses, which were included in “Other expense, net” on the consolidated statements of operations in fiscal years (in thousands):

	Years ended June 30,
	2021			2020			2019
Foreign currency exchange gain (loss) on forward contracts	$	(2,349	)	$	744		$	17
Foreign currency transactions gain (loss)		396			(3,087	)		(682	)