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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments, Location, Designated and Non-Designated, Gains (Losses)

The gains (losses) on derivatives in cash flow hedging relationships recognized in OCI for the indicated periods were as follows:

			Three Months Ended												Six Months Ended
			December 31,												December 31,
(In thousands)			2020						2019						2020						2019
Derivatives Designated as Hedging Instruments:
Foreign exchange contracts:
Amounts included in the assessment of effectiveness			$	(1,310)					$	2,305					$	(2,182)					1,565
Amounts excluded from the assessment of effectiveness			$	(47)					$	(15)					$	(93)					$	(17)

    The locations and amounts of designated and non-designated derivative’s gains and losses reported in the Condensed Consolidated Statements of Operations for the indicated periods were as follows:

			Three Months Ended December 31,																								Three Months Ended December 31,
			2020																								2019
(In thousands)			Revenue						Cost of Revenues and Operating Expenses						Interest Expense						Other Expense (Income), Net						Revenue						Cost of Revenues and Operating Expenses						Interest Expense						Other Expense (Income), Net
Total amounts presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded			$	1,650,870					$	1,080,706					$	38,880					$	3,882					$	1,509,453					$	1,046,622					$	40,472					$	(2,568)
Gains (losses) on Derivatives Designated as Hedging Instruments:
Rate lock agreements:
Amount of gains (losses) reclassified from accumulated OCI to earnings			$	—					$	—					$	(279)					$	—					$	—					$	—					$	(100)					$	—
Foreign exchange contracts:
Amount of gains (losses) reclassified from accumulated OCI to earnings			$	(560)					$	(125)					$	—					$	—					$	85					$	(17)					$	—					$	—
Amount excluded from the assessment of effectiveness recognized in earnings based on an amortization approach			$	(151)					$	—					$	—					$	—					$	(93)					$	—					$	—					$	—
Gains (losses) on Derivatives Not Designated as Hedging Instruments:
Amount of gains (losses) recognized in earnings			$	—					$	—					$	—					$	2,661					$	—					$	—					$	—					$	2,056

			Six Months Ended December 31,																								Six Months Ended December 31,
			2020																								2019
(In thousands)			Revenue						Cost of Revenues and Operating Expenses						Interest Expense						Other Expense (Income), Net						Revenue						Cost of Revenues and Operating Expenses						Interest Expense						Other Expense (Income), Net
Total amounts presented in the Condensed Consolidated Statement of Operations in which the effects of cash flow hedges are recorded			$	3,189,490					$	2,092,937					$	78,266					$	7,079					$	2,922,867					$	2,049,788					$	80,822					$	(4,186)
Gains (losses) on Derivatives Designated as Hedging Instruments:
Rate lock agreements:
Amount of gains (losses) reclassified from accumulated OCI to earnings			$	—					$	—					$	(558)					$	—					$	—					$	—					$	(199)					$	—
Foreign exchange contracts:
Amount of gains (losses) reclassified from accumulated OCI to earnings			$	(650)					$	425					$	—					$	—					$	560					$	(1,818)					$	—					$	—
Amount excluded from the assessment of effectiveness recognized in earnings based on an amortization approach			$	(278)					$	—					$	—					$	—					$	(195)					$	—					$	—					$	—
Gains (losses) on Derivatives Not Designated as Hedging Instruments:
Amount of gains (losses) recognized in earnings			$	—					$	—					$	—					$	(2,937)					$	—					$	—					$	—					$	4,381

Schedule of Notional Amounts of Derivatives Outstanding

The U.S. dollar equivalent of all outstanding notional amounts of foreign currency hedge contracts, with maximum remaining maturities of approximately thirteen months as of the dates indicated below were as follows:

			As of						As of
(In thousands)			December 31, 2020						June 30, 2020
Cash flow hedge contracts - foreign currency
Purchase			$	8,344					$	10,705
Sell			$	95,706					$	71,431
Other foreign currency hedge contracts
Purchase			$	311,397					$	329,310
Sell			$	321,076					$	357,939

Schedule of Derivative Instruments, Fair Value

The locations and fair value of our derivatives reported in our Condensed Consolidated Balance Sheets as of the dates indicated below were as follows: 

			Asset Derivatives																		Liability Derivatives
			Balance Sheet						As of						As of						Balance Sheet						As of						As of
			Location						December 31, 2020						June 30, 2020						Location						December 31, 2020						June 30, 2020
(In thousands)									Fair Value																		Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts			Other current assets						$	311					$	680					Other current liabilities						$	981					$	45
Total derivatives designated as hedging instruments									311						680												981						45
Derivatives not designated as hedging instruments
Foreign exchange contracts			Other current assets						2,349						1,397						Other current liabilities						2,860						1,365
Total derivatives not designated as hedging instruments									2,349						1,397												2,860						1,365
Total derivatives									$	2,660					$	2,077											$	3,841					$	1,410

Schedule of Balances and Changes in Accumulated Other Comprehensive Income Related to Derivative Instruments

The changes in OCI, before taxes, related to derivatives for the indicated periods were as follows:

			Three Months Ended												Six Months Ended
			December 31,												December 31,
(In thousands)			2020						2019						2020						2019
Beginning balance			$	(30,574)					$	(10,006)					$	(29,602)					$	(10,791)
Amount reclassified to earnings			1,115						125						1,061						1,652
Net change in unrealized gains or losses			(1,357)						2,290						(2,275)						1,548
Ending balance			$	(30,816)					$	(7,591)					$	(30,816)					$	(7,591)

Schedule of Offsetting of Assets and Liabilities

The information related to the offsetting arrangements for the periods indicated was as follows (in thousands):

As of December 31, 2020																								Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets
Description						Gross Amounts of Derivatives						Gross Amounts of Derivatives Offset in the Condensed Consolidated Balance Sheets						Net Amount of Derivatives Presented in the Condensed Consolidated Balance Sheets						Financial Instruments						Cash Collateral Received						Net Amount
Derivatives - Assets						$	2,660					$	—					$	2,660					$	(1,527)					$	—					$	1,133
Derivatives - Liabilities						$	(3,841)					$	—					$	(3,841)					$	1,527					$	—					$	(2,314)

As of June 30, 2020																								Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets
Description						Gross Amounts of Derivatives						Gross Amounts of Derivatives Offset in the Condensed Consolidated Balance Sheets						Net Amount of Derivatives Presented in the Condensed Consolidated Balance Sheets						Financial Instruments						Cash Collateral Received						Net Amount
Derivatives - Assets						$	2,077					$	—					$	2,077					$	(1,020)					$	—					$	1,057
Derivatives - Liabilities						$	(1,410)					$	—					$	(1,410)					$	1,020					$	—					$	(390)

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