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Derivative Instruments and Hedging Activities | 12 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Fair Values of Derivative Instruments The following table presents our assets and liabilities related to derivative instruments on a gross basis within the consolidated balance sheets (in thousands):
| June 30, 2024 |  | June 30, 2023 |  | Balance Sheet Caption
Derivative Assets |  |  |  |  |
Not Designated as Hedging Instruments |  |  |  |  |
Foreign currency hedging instruments | $ | 2,343 |  |  | $ | 2,126 |  |  | Prepaid expenses and other current assets
Foreign currency hedging instruments | 89 |  |  | 279 |  |  | Prepaid taxes and other non-current assets
Total derivative assets | $ | 2,432 |  |  | $ | 2,405 |  |  |
Derivative Liabilities |  |  |  |  |
Designated as Hedging Instruments |  |  |  |  |
Foreign cross-currency swaps – Fair Value Hedge | $ | 10,472 |  |  | $ | 19,743 |  |  | Other long-term liabilities
Foreign cross-currency swaps – Net Investment Hedge | 21,270 |  |  | 40,803 |  |  | Other long-term liabilities
Not Designated as Hedging Instruments |  |  |  |  |
Foreign currency hedging instruments | 4,654 |  |  | 9,558 |  |  | Accrued expenses
Foreign currency hedging instruments | 142 |  |  | 595 |  |  | Other long-term liabilities
Total derivative liabilities | $ | 36,538 |  |  | $ | 70,699 |  |  |
Fair Value Hedge Gains (Losses) We recognized the following gains (losses) on the foreign cross currency swaps designated as fair value hedges (in thousands):
|  |  | Twelve Months Ended June 30,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Gain (loss) recognized in other comprehensive income (loss) |  |  |  |  | $ | 3,329 |  |  | $ | (5,414) |  |  | $ | — |
Gain (loss) recognized on cross-currency swap in interest (expense) income, net (amount excluded from effectiveness testing) |  |  |  |  | $ | 4,010 |  |  | $ | 3,754 |  |  | $ | — |
Gain (loss) recognized on cross-currency swap in other, net |  |  |  |  | $ | 5,942 |  |  | $ | (14,329) |  |  | $ | — |
Gain (loss) recognized on intercompany debt in other, net |  |  |  |  | $ | (5,942) |  |  | $ | 14,329 |  |  | $ | — |
Net Investment Hedge Gains (Losses) We recognized the following gains (losses) on the foreign cross currency swaps designated as net investment hedges (in thousands):
|  |  | Twelve Months Ended June 30,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Gain (loss) recognized in cumulative translation adjustment within other comprehensive income (loss) |  |  |  |  | $ | 19,532 |  |  | $ | (40,803) |  |  | $ | — |
Gain (loss) recognized from the excluded components in interest (expense) income, net |  |  |  |  | $ | 10,337 |  |  | $ | 9,482 |  |  | $ | — |
Non-designated Derivative Gains (Losses) We recognized the following gains (losses) in the consolidated statement of income on derivatives not designated as hedging instruments (in thousands):
|  |  | Twelve Months Ended June 30,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Gain (loss) recognized on foreign currency hedging instruments in other, net |  |  |  |  | $ | (4,168) |  |  | $ | 8,576 |  |  | $ | (19,511) |
Gain (loss) recognized on other foreign-currency-denominated transactions in other, net |  |  |  |  | 19 |  |  | (12,780) |  |  | 22,320 |
Total |  |  |  |  | $ | (4,149) |  |  | $ | (4,204) |  |  | $ | 2,809 |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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