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Derivative Financial Instruments (Tables)
 9 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments As of March 31, 2022, we had fourteen outstanding interest rate swap contracts indexed to USD LIBOR, six 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 March 31, 2022
$400,000 
Contracts with a future start date430,000 
Total$830,000 
Schedule of Notional Amounts of Outstanding Derivative Positions
As of March 31, 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
$427,594June 2020 through March 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 March 31, 2022 and June 30, 2021. Our derivative asset and liability balances fluctuate with interest rate and currency exchange rate volatility.
March 31, 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$2,109 $— $2,109 Other current liabilities / other liabilities$(430)$288 $(142)
Cross-currency swapsOther assets1,535 — 1,535 Other liabilities(5,064)— (5,064)
Derivatives in net investment hedging relationships
Currency forward contractsOther current assets / other assets— — — Other current liabilities / other liabilities(2,536)628 (1,908)
Total derivatives designated as hedging instruments$3,644 $— $3,644 $(8,030)$916 $(7,114)
Derivatives not designated as hedging instruments
Interest rate swapsOther assets$1,951 $— $1,951 Other liabilities$(9)$— $(9)
Currency forward contractsOther current assets / other assets14,975 (1,919)13,056 Other current liabilities / other liabilities(741)605 (136)
Currency option contractsOther current assets / other assets3,925 (77)3,848 Other liabilities(945)145 (800)
Total derivatives not designated as hedging instruments$20,851 $(1,996)$18,855 $(1,695)$750 $(945)
June 30, 2021
Asset DerivativesLiability Derivatives
Balance Sheet line itemGross amounts of recognized assetsGross amount offset in Consolidated Balance SheetNet amountBalance Sheet line itemGross amounts of recognized liabilitiesGross amount offset in Consolidated Balance SheetNet amount
Derivatives designated as hedging instruments
Derivatives in cash flow hedging relationships
Interest rate swapsOther current assets / other assets$— $— $— Other current liabilities / other liabilities$(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 three and nine months ended March 31, 2022 and 2021:
Amount of Net Gain (Loss) on Derivatives Recognized in Comprehensive Income
Three Months Ended March 31, Nine Months Ended March 31,
2022202120222021
Derivatives in cash flow hedging relationships
Interest rate swaps$12,446 $6,244 $17,986 $7,386 
Cross-currency swaps(5,224)(435)(15,187)6,061 
Derivatives in net investment hedging relationships
Intercompany loan2,515 — 19,901 — 
Currency forward contracts1,176 8,064 7,590 (16,768)
Total$10,913 $13,873 $30,290 $(3,321)
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, 2022 and 2021:
Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into IncomeAffected line item in the
Statement of Operations
Three Months Ended March 31, Nine Months Ended March 31,
2022202120222021
Derivatives in cash flow hedging relationships
Interest rate swaps$2,684 $(4,396)$8,154 $227 Interest expense, net
Cross-currency swaps2,538 661 10,346 (9,631)Other income (expense), net
Total before income tax5,222 (3,735)18,500 (9,404)(Loss) income before income taxes
Income tax(821)650 (785)1,022 Income tax expense
Total$4,401 $(3,085)$17,715 $(8,382)
Derivatives Not Designated as Hedging Instruments
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, 2022 and 2021 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 LossAffected line item in the
Statement of Operations
Three Months Ended March 31, Nine Months Ended March 31,
2022202120222021
Currency contracts$4,630 $12,329 $24,653 $(20,635)Other income (expense), net
Interest rate swaps6,580 6,395 6,364 6,844 Other income (expense), net
Total$11,210 $18,724 $31,017 $(13,791)