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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
9 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets
The fair values of outstanding derivative instruments are as follows:
As of
March 31, 2024
As of
June 30, 2023
InstrumentBalance Sheet LocationAssetLiabilityAssetLiability
Derivatives designated as hedges:
Cash flow hedgePrepaid expenses and other current assets (Accounts payable and accrued liabilities)$— $(509)$1,530 $— 
Net investment hedge
Prepaid expenses and other current assets (Accounts payable and accrued liabilities)
243 (98,774)596 (87,855)
Total derivatives designated as hedges
$243 $(99,283)$2,126 $(87,855)
Derivatives not designated as hedges:
Cross currency swap contracts
Prepaid expenses and other current assets (Accounts payable and accrued liabilities)
572 (76,886)1,421 (73,336)
Total derivatives not designated as hedges
$572 $(76,886)$1,421 $(73,336)
Total derivatives$815 $(176,169)$3,547 $(161,191)
The effects of gains (losses) from derivative instruments on our Condensed Consolidated Statements of Income is as follows:
Three Months Ended
March 31,
Nine Months Ended
March 31,
InstrumentIncome Statement Location2024202320242023
Derivatives designated as hedges:
Cash flow hedgeOperating expenses$(160)$(951)$(618)$(3,249)
Net investment hedgeInterest and other related expense, net920 491 2,735 491 
Derivatives not designated as hedges:
Deal-contingent forward contract Other income (expense), net— 9,072 — 9,357 
Non-contingent forward contract Other income (expense), net— 2,489 — 9,052 
Cross currency swap contractsOther income (expense), net16,671 23,197 (3,551)6,495 
Cross currency swap contractsInterest and other related expense, net854 627 2,540 627 
Total$18,285 $34,925 $1,106 $22,773 
Schedule of Effects of Derivative Instruments on Income and Other Comprehensive Income (OCI)
The effects of the cash flow and net investment hedges on our Condensed Consolidated Statements of Comprehensive Income:
Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income Location
Three Months Ended
March 31,
Nine Months Ended
March 31,
2024202320242023
Gain (loss) recognized in OCI (loss) on cash flow hedge (effective portion)Unrealized gain (loss) on cash flow hedge$(2,223)$53 $(2,657)$(3,187)
Gain (loss) recognized in OCI (loss) on net investment hedge (effective portion)Net foreign currency translation adjustment$15,096 $(11,093)$(10,919)$(11,093)
Gain (loss) reclassified from AOCI into income (effective portion) - cash flow hedgeOperating expenses$(160)$(951)$(618)$(3,249)
Gain (loss) reclassified from AOCI into income (excluded from effectiveness testing) - net investment hedgeInterest and other related expense, net$561 $187 $1,683 $187