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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Sep. 30, 2021

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 and net investment hedging relationships recognized in other comprehensive income for the indicated periods were as follows:

			Three Months Ended September 30,
(In thousands)			2021						2020
Derivatives Designated as Cash Flow Hedging Instruments:
Foreign exchange contracts:
Amounts included in the assessment of effectiveness			$	853					$	(872)
Amounts excluded from the assessment of effectiveness			$	(1)					$	(46)
Derivatives Designated as Net Investment Hedging Instruments:
Foreign exchange contracts(1):			$	650					$	—

    __________________ 

(1)No amounts were reclassified from AOCI into earnings related to the sale of a subsidiary, as there were no such sales during the periods presented.

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

			Three Months Ended September 30,																								Three Months Ended September 30,
			2021																								2020
(In thousands)			Revenues						Costs of Revenues and Operating Expenses						Interest Expense						Other Expense (Income), Net						Revenues						Costs 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			$	2,083,838					$	1,265,038					$	38,312					$	14,140					$	1,538,620					$	1,012,231					$	39,386					$	3,197
Gains (losses) on Derivatives Designated as Hedging Instruments:
Rate lock agreements:
Amount of gains (losses) reclassified from AOCI to earnings			$	—					$	—					$	(279)					$	—					$	—					$	—					$	(279)					$	—
Foreign exchange contracts:
Amount of gains (losses) reclassified from AOCI to earnings			$	1,843					$	(232)					$	—					$	—					$	(90)					$	550					$	—					$	—
Amount excluded from the assessment of effectiveness recognized in earnings			$	(114)					$	—					$	—					$	657					$	(127)					$	—					$	—					$	—
Gains (losses) on Derivatives Not Designated as Hedging Instruments:
Amount of gains (losses) recognized in earnings			$	—					$	—					$	—					$	1,069					$	—					$	—					$	—					$	(5,598)

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 7 months as of the dates indicated below were as follows:

			As of						As of
(In thousands)			September 30, 2021						June 30, 2021
Cash flow hedge contracts - foreign currency
Purchase			$	11,456					$	12,550
Sell			$	129,603					$	134,845
Net Investment hedge contracts - foreign currency
Sell			$	66,848					$	66,848
Other foreign currency hedge contracts
Purchase			$	274,334					$	264,292
Sell			$	248,813					$	278,635

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						September 30, 2021						June 30, 2021						Location						September 30, 2021						June 30, 2021
(In thousands)									Fair Value																		Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts			Other current assets						$	4,104					$	3,940					Other current liabilities						$	(346)					$	272
Total derivatives designated as hedging instruments									4,104						3,940												(346)						272
Derivatives not designated as hedging instruments
Foreign exchange contracts			Other current assets						6,052						4,312						Other current liabilities						(4,002)						2,535
Total derivatives not designated as hedging instruments									6,052						4,312												(4,002)						2,535
Total derivatives									$	10,156					$	8,252											$	(4,348)					$	2,807

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

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

			Three Months Ended September 30,
(In thousands)			2021						2020
Beginning AOCI			$	(25,830)					$	(29,602)
Amount reclassified to earnings as net (gains) losses			(1,218)						(54)
Net change in unrealized gains (losses)			1,502						(918)
Ending AOCI			$	(25,546)					$	(30,574)

Offsetting of Derivative Assets

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

As of September 30, 2021																								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						$	10,156					$	—					$	10,156					$	(3,522)					$	—					$	6,634
Derivatives - Liabilities						$	(4,348)					$	—					$	(4,348)					$	3,522					$	—					$	(826)

As of June 30, 2021																								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						$	8,252					$	—					$	8,252					$	(2,492)					$	—					$	5,760
Derivatives - Liabilities						$	(2,807)					$	—					$	(2,807)					$	2,492					$	—					$	(315)

Offsetting of Derivative Liabilities

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

As of September 30, 2021																								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						$	10,156					$	—					$	10,156					$	(3,522)					$	—					$	6,634
Derivatives - Liabilities						$	(4,348)					$	—					$	(4,348)					$	3,522					$	—					$	(826)

As of June 30, 2021																								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						$	8,252					$	—					$	8,252					$	(2,492)					$	—					$	5,760
Derivatives - Liabilities						$	(2,807)					$	—					$	(2,807)					$	2,492					$	—					$	(315)

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