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Derivative Financial Instruments (Tables)

12 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Our interest rate swap contracts have varying start and maturity dates through April 2028.

Interest rate swap contracts outstanding:						Notional Amounts
Contracts accruing interest as of June 30, 2024 (1)						$	215,000
Contracts with a future start date						430,000
Total						$	645,000

________________________

(1) Based on contracts outstanding as of June 30, 2024, the notional value of our contracted interest rate swaps accruing interest will fluctuate between $215,000 and $380,000 through April 2028 based on layered start dates and maturities.

Schedule of Notional Amounts of Outstanding Derivative Positions

As of June 30, 2024, we had the following outstanding currency derivative contracts that were not designated for hedge accounting and were primarily used to hedge fluctuations in the U.S. dollar value of forecasted transactions or balances denominated in Australian Dollar, Canadian Dollar, Czech Koruna, Danish Krone, Euro, GBP, Indian Rupee, Mexican Peso, New Zealand Dollar, Norwegian Krone, Philippine Peso, Swiss Franc and Swedish Krona:

Notional Amount

Effective Date

Maturity Date

Number of Instruments

Index

$807,143

September 2022 through June 2024

Various dates through June 2026

682

Various

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, 2024 and June 30, 2023. Our derivative asset and liability balances fluctuate with interest rate and currency exchange rate volatility.

			June 30, 2024
			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 in cash flow hedging relationships
Interest rate swaps			Other current assets / other assets						$	18,830					$	—					$	18,830					Other current liabilities / other liabilities						$	—					$	—					$	—
Derivatives in net investment hedging relationships
Cross-currency swaps			Other assets						1,043						—						1,043						Other liabilities						—						—						—
Total derivatives designated as hedging instruments									$	19,873					$	—					$	19,873											$	—					$	—					$	—
Derivatives not designated as hedging instruments
Currency forward contracts			Other current assets / other assets						$	5,549					$	(1,907)					$	3,642					Other current liabilities / other liabilities						$	(1,084)					$	228					$	(856)
Currency option contracts			Other current assets / other assets						212						(75)						137						Other current liabilities / other liabilities						(2,351)						171						(2,180)
Total derivatives not designated as hedging instruments									$	5,761					$	(1,982)					$	3,779											$	(3,435)					$	399					$	(3,036)

			June 30, 2023
			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						$	19,341					$	(123)					$	19,218					Other liabilities						$	—					$	—					$	—
Cross-currency swaps			Other assets						—						—						—						Other current liabilities						(1,777)						—						(1,777)
Total derivatives designated as hedging instruments									$	19,341					$	(123)					$	19,218											$	(1,777)					$	—					$	(1,777)
Derivatives not designated as hedging instruments
Currency forward contracts			Other current assets / other assets						$	2,873					$	(572)					$	2,301					Other current liabilities / other liabilities						$	(6,074)					$	1,589					$	(4,485)
Currency option contracts			Other current assets / other assets						990						—						990						Other current liabilities / other liabilities						(3,055)						—						(3,055)
Total derivatives not designated as hedging instruments									$	3,863					$	(572)					$	3,291											$	(9,129)					$	1,589					$	(7,540)

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, net of tax, for the years ended June 30, 2024, 2023, and 2022.

									Year Ended June 30,
															2024						2023						2022
Derivatives in cash flow hedging relationships
Interest rate swaps															$	5,528					$	11,151					$	25,511
Cross-currency swaps															1,559						(1,160)						(22,698)
Derivatives in net investment hedging relationships
Intercompany loan (1)															15,754						(8,384)						49,225
Currency forward contracts															(1,080)						—						13,622
Total															$	21,761					$	1,607					$	65,660

________________________

(1) During fiscal year 2024, we identified an immaterial error related to the previously recognized tax effect of this intercompany loan that is designated as a net investment hedge. This was corrected in the current period resulting in an increase to foreign currency translation gains (losses), net of hedges included as part of comprehensive income (loss) and an offsetting decrease to the related deferred tax liability of $12,702. This adjustment was immaterial to the prior- and current-period financial statements.

Reclassification out of Accumulated Other Comprehensive Income

The following table presents reclassifications out of accumulated other comprehensive loss for the years ended June 30, 2024, 2023, and 2022.

															Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income															Affected line item in the Statement of Operations
									Year Ended June 30,
															2024						2023						2022
Derivatives in cash flow hedging relationships
Interest rate swaps															$	(7,730)					$	(4,851)					$	9,998		Interest expense, net
Cross-currency swaps															(2,617)						903						18,286			Other income, net
Total before income tax															(10,347)						(3,948)						28,284			Income (loss) before income taxes
Income tax															1,752						1,075						(2,087)			Income tax (benefit) expense
Total															$	(8,595)					$	(2,873)					$	26,197

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, 2024, 2023, and 2022 for derivative instruments for which we did not elect hedge accounting.

															Amount of Gain (Loss) Recognized in Net Income (Loss)															Affected line item in the Statement of Operations
									Year Ended June 30,
															2024						2023						2022
Currency contracts															$	3,915					$	3,311					$	51,784		Other income, net
Interest rate swaps															—						—						6,364			Other income, net
Total															$	3,915					$	3,311					$	58,148

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