XML 62 R49.htm IDEA: XBRL DOCUMENT
v3.23.2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
--- | ---
Jun. 30, 2023
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 OCI for the indicated periods were as follows:
| Year Ended June 30,
(In thousands) | 2023 |  | 2022 |  | 2021
Derivatives Designated as Cash Flow Hedging Instruments: |  |  |  |  |
Rate lock agreements: |  |  |  |  |
Amounts included in the assessment of effectiveness | $ | — |  |  | $ | 82,969 |  |  | $ | — |
Foreign exchange contracts: |  |  |  |  |
Amounts included in the assessment of effectiveness | $ | 30,153 |  |  | $ | 21,940 |  |  | $ | 3,897 |
Amounts excluded from the assessment of effectiveness | $ | (128) |  |  | $ | 43 |  |  | $ | (115) |
Derivatives Designated as Net Investment Hedging Instruments: |  |  |  |  |
Foreign exchange contracts(1) | $ | 3,626 |  |  | $ | 3,815 |  |  | $ | (191) |
________________ (1)No amounts were reclassified from AOCI into earnings related to the sale of a subsidiary. The locations and amounts of designated and non-designated derivatives’ gains and losses reported in the Consolidated Statements of Operations for the indicated periods were as follows:
(In thousands) | Revenues |  | Costs of Revenues and Operating Expense |  | Interest Expense |  | Other Expense (Income), Net
For the year ended June 30, 2021 |  |  |  |  |  |
Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ | 6,918,734 |  |  | $ | 4,430,254 |  |  | $ | 157,328 |  |  | $ | (29,302) |
Gains (Losses) on Derivatives Designated as Hedging Instruments: |  |  |  |  |  |  |
Rate lock agreements: |  |  |  |  |  |  |
Amount of gains (losses) reclassified from AOCI to earnings | $ | — |  |  | $ | — |  |  | $ | (1,116) |  |  | $ | — |
Foreign exchange contracts: |  |  |  |  |  |  |
Amount of gains (losses) reclassified from AOCI to earnings | $ | 920 |  |  | $ | 551 |  |  | $ | — |  |  | $ | — |
Amount excluded from the assessment of effectiveness recognized in earnings | $ | (536) |  |  | $ | — |  |  | $ | — |  |  | $ | 1,216 |
Gains (Losses) on Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |
Amount of gains (losses) recognized in earnings | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 670 |
For the year ended June 30, 2022 |  |  |  |  |  |
Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ | 9,211,883 |  |  | $ | 5,557,702 |  |  | $ | 160,339 |  |  | $ | 4,605 |
Gains (Losses) on Derivatives Designated as Hedging Instruments: |  |  |  |  |  |  |
Rate lock agreements: |  |  |  |  |  |  |
Amount of gains (losses) reclassified from AOCI to earnings | $ | — |  |  | $ | — |  |  | $ | (1,007) |  |  | $ | — |
Foreign exchange contracts: |  |  |  |  |  |  |
Amount of gains (losses) reclassified from AOCI to earnings | $ | 11,219 |  |  | $ | (3,762) |  |  | $ | — |  |  | $ | — |
Amount excluded from the assessment of effectiveness recognized in earnings | $ | (531) |  |  | $ | — |  |  | $ | — |  |  | $ | 2,333 |
Gains (Losses) on Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |
Amount of gains (losses) recognized in earnings | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (10,665) |
For the year ended June 30, 2023 |  |  |  |  |  |
Total amounts presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ | 10,496,056 |  |  | $ | 6,501,360 |  |  | $ | 296,940 |  |  | $ | (104,720) |
Gains (Losses) on Derivatives Designated as Hedging Instruments: |  |  |  |  |  |  |
Rate lock agreements: |  |  |  |  |  |  |
Amount of gains (losses) reclassified from AOCI to earnings | $ | — |  |  | $ | — |  |  | $ | 3,747 |  |  | $ | — |
Foreign exchange contracts: |  |  |  |  |  |  |
Amount of gains (losses) reclassified from AOCI to earnings | $ | 33,243 |  |  | $ | (6,526) |  |  | $ | — |  |  | $ | — |
Amount excluded from the assessment of effectiveness recognized in earnings | $ | (1,406) |  |  | $ | — |  |  | $ | — |  |  | $ | 2,598 |
Gains (Losses) on Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |
Amount of gains (losses) recognized in earnings | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,062) |
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 11 months as of June 30, 2023 and 11 months as of June 30, 2022, were as follows:
(In thousands) | As of June 30, 2023 |  | As of June 30, 2022
Cash flow hedge contracts - foreign currency |  |  |
Purchase | $ | 218,315 |  |  | $ | 124,641 |
Sell | $ | 123,951 |  |  | $ | 176,259 |
Net Investment hedge contracts - foreign currency |  |  |
Sell | $ | 87,157 |  |  | $ | 66,436 |
Other foreign currency hedge contracts |  |  |
Purchase | $ | 527,349 |  |  | $ | 565,586 |
Sell | $ | 204,902 |  |  | $ | 389,368 |
Schedule of Derivative Instruments, Fair Value | The locations and fair value of our derivatives reported in our Consolidated Balance Sheets as of the dates indicated below were as follows:
| Asset Derivatives |  | Liability Derivatives
| Balance Sheet Location |  | As of June 30, 2023 |  | As of June 30, 2022 |  | Balance Sheet Location |  | As of June 30, 2023 |  | As of June 30, 2022
(In thousands) | Fair Value |  |  | Fair Value
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Other current assets |  | $ | 24,498 |  |  | $ | 20,595 |  |  | Other current liabilities |  | $ | (442) |  |  | $ | (8,406) |
Total derivatives designated as hedging instruments |  |  | 24,498 |  |  | 20,595 |  |  |  |  | (442) |  |  | (8,406) |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Other current assets |  | 11,214 |  |  | 19,716 |  |  | Other current liabilities |  | (11,664) |  |  | (25,909) |
Total derivatives not designated as hedging instruments |  |  | 11,214 |  |  | 19,716 |  |  |  |  | (11,664) |  |  | (25,909) |
Total derivatives |  |  | $ | 35,712 |  |  | $ | 40,311 |  |  |  |  | $ | (12,106) |  |  | $ | (34,315) |
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:
|  | Year Ended June 30,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Beginning balance |  | $ | 77,018 |  |  | $ | (25,830) |  |  | $ | (29,602) |
Amount reclassified to earnings as net (gains) losses |  | (29,058) |  |  | (5,919) |  |  | 181 |
Net change in unrealized gains (losses) |  | 33,651 |  |  | 108,767 |  |  | 3,591 |
Ending balance |  | $ | 81,611 |  |  | $ | 77,018 |  |  | $ | (25,830) |
Offsetting of Derivative Assets and Liabilities | The information related to the offsetting arrangements for the periods indicated was as follows:
As of June 30, 2023 |  |  |  |  |  | Gross Amounts of Derivatives Not Offset in the Consolidated Balance Sheets |  |
(In thousands) |  | Gross Amounts of Derivatives |  | Gross Amounts of Derivatives Offset in the Consolidated Balance Sheets |  | Net Amount of Derivatives Presented in the Consolidated Balance Sheets |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivatives - assets |  | $ | 35,712 |  |  | $ | — |  |  | $ | 35,712 |  |  | $ | (8,968) |  |  | $ | — |  |  | $ | 26,744 |
Derivatives - liabilities |  | $ | (12,106) |  |  | $ | — |  |  | $ | (12,106) |  |  | $ | 8,968 |  |  | $ | — |  |  | $ | (3,138) |
As of June 30, 2022 |  |  |  |  |  | Gross Amounts of Derivatives Not Offset in the Consolidated Balance Sheets |  |
(In thousands) |  | Gross Amounts of Derivatives |  | Gross Amounts of Derivatives Offset in the Consolidated Balance Sheets |  | Net Amount of Derivatives Presented in the Consolidated Balance Sheets |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivatives - assets |  | $ | 40,311 |  |  | $ | — |  |  | $ | 40,311 |  |  | $ | (12,291) |  |  | $ | — |  |  | $ | 28,020 |
Derivatives - liabilities |  | $ | (34,315) |  |  | $ | — |  |  | $ | (34,315) |  |  | $ | 12,291 |  |  | $ | — |  |  | $ | (22,024) |
Offsetting of Derivative Assets and Liabilities | The information related to the offsetting arrangements for the periods indicated was as follows:
As of June 30, 2023 |  |  |  |  |  | Gross Amounts of Derivatives Not Offset in the Consolidated Balance Sheets |  |
(In thousands) |  | Gross Amounts of Derivatives |  | Gross Amounts of Derivatives Offset in the Consolidated Balance Sheets |  | Net Amount of Derivatives Presented in the Consolidated Balance Sheets |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivatives - assets |  | $ | 35,712 |  |  | $ | — |  |  | $ | 35,712 |  |  | $ | (8,968) |  |  | $ | — |  |  | $ | 26,744 |
Derivatives - liabilities |  | $ | (12,106) |  |  | $ | — |  |  | $ | (12,106) |  |  | $ | 8,968 |  |  | $ | — |  |  | $ | (3,138) |
As of June 30, 2022 |  |  |  |  |  | Gross Amounts of Derivatives Not Offset in the Consolidated Balance Sheets |  |
(In thousands) |  | Gross Amounts of Derivatives |  | Gross Amounts of Derivatives Offset in the Consolidated Balance Sheets |  | Net Amount of Derivatives Presented in the Consolidated Balance Sheets |  | Financial Instruments |  | Cash Collateral Received |  | Net Amount
Derivatives - assets |  | $ | 40,311 |  |  | $ | — |  |  | $ | 40,311 |  |  | $ | (12,291) |  |  | $ | — |  |  | $ | 28,020 |
Derivatives - liabilities |  | $ | (34,315) |  |  | $ | — |  |  | $ | (34,315) |  |  | $ | 12,291 |  |  | $ | — |  |  | $ | (22,024) |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration