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Derivative Financial Instruments (Tables)

3 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

As of September 30, 2021, we had fifteen outstanding interest rate swap contracts indexed to USD LIBOR, three of which were not highly effective and therefore not designated for hedge accounting. These hedges have varying start dates and maturity dates through April 2028.

Interest rate swap contracts outstanding:						Notional Amounts
Contracts accruing interest as of September 30, 2021						$	500,000
Contracts with a future start date						430,000
Total						$	930,000

Derivatives Not Designated as Hedging Instruments

As of September 30, 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

$557,175

September 2019 through September 2021

Various dates through October 2024

701

Various

The following table presents the adjustment to fair value recorded within the consolidated statements of operations for the three months ended September 30, 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 Income (Loss)												Affected line item in the Statement of Operations
						Three Months Ended September 30,
						2021						2020
Currency contracts						$	12,863					$	(13,468)																				Other income (expense), net
Interest rate swaps						464						(27)																					Other income (expense), net
Total						$	13,327					$	(13,495)

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 September 30, 2021 and June 30, 2021. Our derivative asset and liability balances will fluctuate with interest rate and currency exchange rate volatility.

			September 30, 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
Interest rate swaps			Other assets						$	232					$	—					$	232					Other liabilities						$	(20,827)					$	267					$	(20,560)
Cross-currency swaps			Other assets						760						—						760						Other liabilities						(6,741)						—						(6,741)
Derivatives in net investment hedging relationships
Currency forward contracts			Other current assets / other assets						—						—						—						Other current liabilities / other liabilities						(7,886)						—						(7,886)
Total derivatives designated as hedging instruments									$	992					$	—					$	992											$	(35,454)					$	267					$	(35,187)
Derivatives not designated as hedging instruments
Interest rate swaps			Other assets						$	—					$	—					$	—					Other liabilities						$	(1,377)					$	—					$	(1,377)
Currency forward contracts			Other current assets / other assets						11,498						(3,051)						8,447						Other current liabilities / other liabilities						(3,260)						843						(2,417)
Currency option contracts			Other current assets / other assets						2,170						(188)						1,982						Other current liabilities / other liabilities						(1,265)						115						(1,150)
Total derivatives not designated as hedging instruments									$	13,668					$	(3,239)					$	10,429											$	(5,902)					$	958					$	(4,944)

			June 30, 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
Interest rate swaps			Other current assets / other assets						$	—					$	—					$	—					Other current liabilities / other liabilities						$	(23,527)					$	176					$	(23,351)
Cross-currency swaps			Other assets						—						—						—						Other liabilities						(9,914)						—						(9,914)
Derivatives in Net Investment Hedging Relationships
Currency forward contracts			Other assets						—						—						—						Other current liabilities / other liabilities						(11,379)						—						(11,379)
Total derivatives designated as hedging instruments									$	—					$	—					$	—											$	(44,820)					$	176					$	(44,644)
Derivatives not designated as hedging instruments
Interest rate swaps			Other assets						$	—					$	—					$	—					Other liabilities						$	(1,842)					$	—					$	(1,842)
Currency forward contracts			Other current assets / other assets						1,796						(117)						1,679						Other current liabilities / other liabilities						(11,510)						3,238						(8,272)
Currency option contracts			Other current assets / other assets						—						—						—						Other current liabilities / other liabilities						(3,315)						235						(3,080)
Total derivatives not designated as hedging instruments									$	1,796					$	(117)					$	1,679											$	(16,667)					$	3,473					$	(13,194)

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 months ended September 30, 2021 and 2020:

															Amount of Net Gain (Loss) on Derivatives Recognized in Comprehensive Income
									Three Months Ended September 30,
															2021						2020
Derivatives in cash flow hedging relationships
Interest rate swaps															$	519					$	411
Cross-currency swaps															(2,444)						3,425
Derivatives in net investment hedging relationships
Currency forward contracts															3,492						(17,538)
Total															$	1,567					$	(13,702)

Reclassification out of Accumulated Other Comprehensive Income

The following table presents reclassifications out of accumulated other comprehensive loss for the three months ended September 30, 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 September 30,
						2021						2020
Derivatives in cash flow hedging relationships
Interest rate swaps						$	2,497					$	2,622																				Interest expense, net
Cross-currency swaps						3,987						(4,767)																					Other income (expense), net
Total before income tax						6,484						(2,145)																					Income (loss) before income taxes
Income tax						(938)						74																					Income tax expense
Total						$	5,546					$	(2,071)

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