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Derivative Financial Instruments (Tables)
 12 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments As of June 30, 2022, we had fourteen effective outstanding interest rate swap contracts indexed to USD LIBOR. These hedges have varying start dates and maturity dates through April 2028.
Interest rate swap contracts outstanding:Notional Amounts
Contracts accruing interest as of June 30, 2022
$400,000 
Contracts with a future start date430,000 
Total$830,000 
Schedule of Notional Amounts of Outstanding Derivative Positions
As of June 30, 2022, 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 AmountEffective DateMaturity DateNumber of InstrumentsIndex
$437,323June 2020 through June 2022Various dates through October 2024621Various
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 June 30, 2022 and June 30, 2021. Our derivative asset and liability balances fluctuate with interest rate and currency exchange rate volatility.
June 30, 2022
Asset DerivativesLiability Derivatives
Balance Sheet line itemGross amounts of recognized assetsGross amount offset in Consolidated Balance SheetNet amountBalance Sheet line itemGross amounts of recognized liabilitiesGross amount offset in Consolidated Balance SheetNet amount
Derivatives designated as hedging instruments
Derivatives in cash flow hedging relationships
Interest rate swapsOther assets$14,336 $— $14,336 Other current liabilities / other liabilities$— $— $— 
Cross-currency swapsOther assets— — — Other liabilities(446)— (446)
Total derivatives designated as hedging instruments$14,336 $— $14,336 $(446)$— $(446)
Derivatives not designated as hedging instruments
Currency forward contractsOther current assets / other assets24,440 (3,802)20,638 Other current liabilities / other liabilities(505)— (505)
Currency option contractsOther current assets / other assets10,612 (1)10,611 Other liabilities(9)— (9)
Total derivatives not designated as hedging instruments$35,052 $(3,803)$31,249 $(514)$— $(514)
June 30, 2021
Asset DerivativesLiability Derivatives
Balance Sheet line itemGross amounts of recognized assetsGross amount offset in Consolidated Balance SheetNet amountBalance Sheet line itemGross amounts of recognized liabilitiesGross amount offset in Consolidated Balance SheetNet amount
Derivatives designated as hedging instruments
Derivatives in cash flow hedging relationships
Interest rate swapsOther current assets / other assets$— $— $— Other current liabilities / other liabilities$(23,527)$176 $(23,351)
Cross-currency swapsOther assets— — — Other liabilities(9,914)— (9,914)
Derivatives in Net Investment Hedging Relationships
Currency forward contractsOther assets— — — Other current liabilities / other liabilities(11,379)— (11,379)
Total derivatives designated as hedging instruments$— $— $— $(44,820)$176 $(44,644)
Derivatives not designated as hedging instruments
Interest rate swapsOther assets$— $— $— Other liabilities$(1,842)$— $(1,842)
Currency forward contractsOther current assets / other assets1,796 (117)1,679 Other current liabilities / other liabilities(11,510)3,238 (8,272)
Currency option contractsOther 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 income (loss) for the years ended June 30, 2022, 2021 and 2020:
Year Ended June 30,
202220212020
Derivatives in cash flow hedging relationships
Interest rate swaps$25,511 $3,340 $(28,259)
Cross-currency swaps(22,698)6,996 3,689 
Derivatives in net investment hedging relationships
Intercompany loan49,225 7,518 — 
Currency forward contracts13,622 (19,052)21,240 
Total$65,660 $(1,198)$(3,330)
Reclassification out of Accumulated Other Comprehensive Income
The following table presents reclassifications out of accumulated other comprehensive loss for the years ended June 30, 2022, 2021 and 2020:
Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into IncomeAffected line item in the
Statement of Operations
Year Ended June 30,
202220212020
Derivatives in cash flow hedging relationships
Interest rate swaps$9,998 $6,967 $3,041 Interest expense, net
Cross-currency swaps18,286 (10,950)4,583 Other income (expense), net
Total before income tax28,284 (3,983)7,624 Income (loss) before income taxes
Income tax(2,087)(106)(1,850)Income tax expense (benefit)
Total$26,197 $(4,089)$5,774 
Derivatives Not Designated as Hedging Instruments
The following table presents the adjustment to fair value recorded within the consolidated statements of operations for the years ended June 30, 2022, 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.
Affected line item in the
Statement of Operations
Year Ended June 30,
202220212020
Currency contracts$51,784 $(24,235)$20,882 Other income (expense), net
Interest rate swaps6,364 3,507 (318)Other income (expense), net
Total$58,148 $(20,728)$20,564