XML 39 R25.htm IDEA: XBRL DOCUMENT v3.21.1

Derivative Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

As of March 31, 2021, we had ten outstanding interest rate swap contracts indexed to USD LIBOR all of which are no longer highly effective and have therefore been de-designated. These hedges have varying start dates and maturity dates through December 2026.

Interest rate swap contracts outstanding:						Notional Amounts
Contracts accruing interest as of March 31, 2021						$	500,000
Contracts with a future start date						50,000
Total						$	550,000

Derivatives Not Designated as Hedging Instruments

As of March 31, 2021, we had the following outstanding currency derivative contracts that were not designated for hedge accounting and were used to hedge fluctuations in the U.S. dollar value of forecasted transactions or balances denominated in Australian Dollar, British Pound, Canadian Dollar, Danish Krone, Euro, Indian Rupee, Japanese Yen, Mexican Peso, New Zealand Dollar, Norwegian Krone, Philippine Peso, Swiss Franc and Swedish Krona:

Notional Amount

Effective Date

Maturity Date

Number of Instruments

Index

$477,464

June 2019 through March 2021

Various dates through October 2024

608

Various

The following table presents the adjustment to fair value recorded within the consolidated statements of operations for the three and nine months ended March 31, 2021 and 2020 for derivative instruments for which we did not elect hedge accounting and de-designated derivative financial instruments that no longer qualify as hedging instruments.

			Amount of Gain (Loss) Recognized in Net (Loss) Income																								Affected line item in the Statement of Operations
						Three Months Ended March 31,												Nine Months Ended March 31,
						2021						2020						2021						2020
Currency contracts						$	12,329					$	18,039					$	(20,635)					$	25,730								Other income (expense), net
Interest rate swaps						6,395						—						6,844						—									Other income (expense), net
Total						$	18,724					$	18,039					$	(13,791)					$	25,730

Derivative Instruments in Statement of Financial Position, Fair Value

The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of March 31, 2021 and June 30, 2020. Our derivative asset and liability balances will fluctuate with interest rate and currency exchange rate volatility.

			March 31, 2021
			Asset Derivatives																								Liability Derivatives
			Balance Sheet line item						Gross amounts of recognized assets						Gross amount offset in Consolidated Balance Sheet						Net amount						Balance Sheet line item						Gross amounts of recognized liabilities						Gross amount offset in Consolidated Balance Sheet						Net amount
Derivatives designated as hedging instruments
Derivatives in cash flow hedging relationships
Cross-currency swaps			Other assets						$	145					$	—					$	145					Other liabilities						$	(7,978)					$	—					$	(7,978)
Derivatives in net investment hedging relationships
Currency forward contracts			Other assets						—						—						—						Other current liabilities / other liabilities						(12,386)						—						(12,386)
Total derivatives designated as hedging instruments									$	145					$	—					$	145											$	(20,364)					$	—					$	(20,364)
Derivatives not designated as hedging instruments
Interest rate swaps			Other assets						$	—					$	—					$	—					Other liabilities						$	(24,632)					$	651					$	(23,981)
Currency forward contracts			Other current assets / other assets						1,344						(160)						1,184						Other current liabilities / other liabilities						(13,198)						4,102						(9,096)
Currency option contracts			Other current assets / other assets						385						(305)						80						Other current liabilities / other liabilities						(2,919)						121						(2,798)
Total derivatives not designated as hedging instruments									$	1,729					$	(465)					$	1,264											$	(40,749)					$	4,874					$	(35,875)

			June 30, 2020
			Asset Derivatives																								Liability Derivatives
			Balance Sheet line item						Gross amounts of recognized assets						Gross amount offset in Consolidated Balance Sheet						Net amount						Balance Sheet line item						Gross amounts of recognized liabilities						Gross amount offset in Consolidated Balance Sheet						Net amount
Derivatives designated as hedging instruments
Derivatives in cash flow hedging relationships
Interest rate swaps			Other current assets / other assets						$	—					$	—					$	—					Other liabilities						$	(31,161)					$	—					$	(31,161)
Cross-currency swaps			Other assets						4,462						—						4,462						Other liabilities						(4,746)						—						(4,746)
Derivatives in net investment hedging relationships
Currency forward contracts			Other assets						—						—						—						Other current liabilities / other liabilities						(6,829)						—						(6,829)
Total derivatives designated as hedging instruments									$	4,462					$	—					$	4,462											$	(42,736)					$	—					$	(42,736)
Derivatives not designated as hedging instruments
Interest rate swaps			Other assets						$	—					$	—					$	—					Other liabilities						$	(8,359)					$	—					$	(8,359)
Currency forward contracts			Other current assets / other assets						9,702						(1,753)						7,949						Other current liabilities / other liabilities						(2,136)						446						(1,690)
Currency option contracts			Other current assets / other assets						1,699						(270)						1,429						Other current liabilities / other liabilities						(38)						—						(38)
Total derivatives not designated as hedging instruments									$	11,401					$	(2,023)					$	9,378											$	(10,533)					$	446					$	(10,087)

Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net

The following table presents the effect of our derivative financial instruments designated as hedging instruments and their classification within comprehensive (loss) income for the three and nine months ended March 31, 2021 and 2020:

			Amount of Net Gain (Loss) on Derivatives Recognized in Comprehensive Income
			Three Months Ended March 31,												Nine Months Ended March 31,
			2021						2020						2021						2020
Derivatives in cash flow hedging relationships
Interest rate swaps			$	6,244					$	(24,645)					$	7,386					$	(24,841)
Cross-currency swaps			(435)						3,444						6,061						2,583
Derivatives in net investment hedging relationships
Currency forward contracts			8,064						14,284						(16,768)						22,849
Total			$	13,873					$	(6,917)					$	(3,321)					$	591

Reclassification out of Accumulated Other Comprehensive Income

The following table presents reclassifications out of accumulated other comprehensive loss for the three and nine months ended March 31, 2021 and 2020:

						Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income																					Affected line item in the Statement of Operations
						Three Months Ended March 31,												Nine Months Ended March 31,
						2021						2020						2021						2020
Derivatives in cash flow hedging relationships
Interest rate swaps						$	(4,396)					$	691					$	227					$	1,146								Interest expense, net
Cross-currency swaps						661						2,665						(9,631)						6,203									Other income (expense), net
Total before income tax						(3,735)						3,356						(9,404)						7,349									(Loss) income before income taxes
Income tax						650						(825)						1,022						(1,812)									Income tax expense (benefit)
Total						$	(3,085)					$	2,531					$	(8,382)					$	5,537

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 information about items reclassified out of accumulated other comprehensive income (loss).

+ References

No definition available.

+ Details

Name:	us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum: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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4CC
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL109998890-113959

+ Details

Name:	us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration