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Derivative Financial Instruments (Tables)

3 Months Ended

Sep. 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 September 30, 2024 (1)						$	215,000
Contracts with a future start date						430,000
Total						$	645,000

________________________

(1) Based on contracts outstanding as of September 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 September 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

$806,847

December 2022 through September 2024

Various dates through September 2026

655

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

			September 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 designated as hedging instruments
Derivatives in cash flow hedging relationships
Interest rate swaps			Other current assets / other assets						$	10,529					$	(387)					$	10,142					Other current liabilities / other liabilities						$	—					$	—					$	—
Derivatives in net investment hedging relationships
Cross-currency swaps			Other assets						—						—						—						Other liabilities						(8,535)						—						(8,535)
Total derivatives designated as hedging instruments									$	10,529					$	(387)					$	10,142											$	(8,535)					$	—					$	(8,535)
Derivatives not designated as hedging instruments
Currency forward contracts			Other current assets / other assets						$	17					$	—					$	17					Other current liabilities / other liabilities						$	(13,375)					$	667					$	(12,708)
Currency option contracts			Other current assets / other assets						—						—						—						Other current liabilities / other liabilities						(4,904)						—						(4,904)
Total derivatives not designated as hedging instruments									$	17					$	—					$	17											$	(18,279)					$	667					$	(17,612)

			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 designated as hedging instruments
Derivatives in cash flow hedging relationships
Interest rate swaps			Other assets						$	18,830					$	—					$	18,830					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)

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 three months ended September 30, 2024 and 2023.

			Three Months Ended September 30,
			2024						2023
Derivatives in cash flow hedging relationships
Interest rate swaps			$	(8,399)					$	6,131
Cross-currency swaps			—						1,548
Derivatives in net investment hedging relationships
Intercompany loan			(2,129)						5,775
Currency forward contracts			—						(1,080)
Total			$	(10,528)					$	12,374

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, 2024 and 2023.

			Amount of Net Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income									Affected line item in the Statement of Operations
			Three Months Ended September 30,
			2024						2023
Derivatives in cash flow hedging relationships
Interest rate swaps			$	321					$	(2,223)																				Interest expense, net
Cross-currency swaps			—						(1,936)																					Other (expense) income, net
Total before income tax			321						(4,159)																					(Loss) income before income taxes
Income tax			(37)						611																					Income tax expense
Total			$	284					$	(3,548)

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 months ended September 30, 2024 and 2023 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
			Three Months Ended September 30,
			2024						2023
Currency contracts			$	(20,569)					$	8,312																				Other (expense) income, net
Total			$	(20,569)					$	8,312

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