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Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Derivative Instruments

The following table presents our assets and liabilities related to derivative instruments on a gross basis within the condensed consolidated balance sheets (in thousands):

			December 31, 2023						June 30, 2023						Balance Sheet Caption
Derivative Assets
Not Designated as Hedging Instruments
Foreign currency hedging instruments			$	21,039					$	2,126					Prepaid expenses and other current assets
Foreign currency hedging instruments			335						279						Prepaid taxes and other non-current assets
Total derivative assets			$	21,374					$	2,405
Derivative Liabilities
Designated as Hedging Instruments
Foreign cross-currency swaps – Fair Value Hedge			$	20,884					$	19,743					Other long-term liabilities
Foreign cross-currency swaps – Net Investment Hedge			45,195						$	40,803					Other long-term liabilities
Not Designated as Hedging Instruments
Foreign currency hedging instruments			6,401						9,558						Accrued expenses
Foreign currency hedging instruments			133						595						Other long-term liabilities
Total derivative liabilities			$	72,613					$	70,699

Schedule of Derivative Gains (Losses)

We recognized the following gains (losses) on the foreign cross currency swaps designated as fair value hedges (in thousands):

			Three Months Ended December 31,												Six Months Ended December 31,
			2023						2022						2023						2022
Gain (loss) recognized in other comprehensive income (loss)			$	2,002					$	(4,610)					$	2,590					$	(4,610)
Gain (loss) recognized on cross-currency swap in interest (expense) income, net (amount excluded from effectiveness testing)			881						847						2,061						847
Gain (loss) recognized on cross-currency swap in other, net			(13,003)						(9,137)						(3,732)						(9,137)
Gain (loss) recognized on intercompany debt in other, net			13,003						9,137						3,732						9,137

We recognized the following gains (losses) on the foreign cross currency swaps designated as net investment hedges (in thousands):

			Three Months Ended December 31,												Six Months Ended December 31,
			2023						2022						2023						2022
Gain (loss) recognized in cumulative translation adjustment within other comprehensive income (loss)			$	(27,828)					$	(22,831)					$	(4,393)					$	(22,831)
Gain (loss) recognized from the excluded components in interest (expense) income, net			2,293						2,126						5,306						2,126

We recognized the following gains (losses) in the condensed consolidated statement of operations on derivatives not designated as hedging instruments (in thousands):

			Three Months Ended December 31,												Six Months Ended December 31,
			2023						2022						2023						2022
Gain (loss) recognized on foreign currency hedging instruments in other, net			$	30,654					$	40,090					$	15,581					$	19,568
Gain (loss) recognized on other foreign-currency-denominated transactions in other, net			(31,435)						(41,795)						(13,789)						(22,705)
Total			$	(781)					$	(1,705)					$	1,792					$	(3,137)

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- 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

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-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

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-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

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Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the 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 4A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A

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