XML 42 R31.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Derivatives and Hedging Activities (Tables) | 6 Months Ended
--- | ---
Dec. 31, 2023
General Discussion of Derivative Instruments and Hedging Activities [Abstract] |
Schedule of Derivative Contracts and Changes in Underlying Value of the Foreign Currency Exposures | Summarized financial information related to these derivative contracts and changes in the underlying value of the foreign currency exposures included in the Condensed Consolidated Income Statements for the quarters and six months ended December 31, 2023 and 2022 are as follows:
| Quarter ended |  | Six months ended
| December 31, |  | December 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in thousands)
Net foreign exchange derivative contract losses | $ | 1,025 |  |  | $ | 871 |  |  | $ | 658 |  |  | $ | 1,309 |
Net foreign currency transactional and re-measurement (gains) losses | (596) |  |  | (524) |  |  | 466 |  |  | (39) |
Net foreign currency exchange losses | $ | 429 |  |  | $ | 347 |  |  | $ | 1,124 |  |  | $ | 1,270 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The components of the cash flow hedge included in the Condensed Consolidated Statement of Comprehensive Income for the quarters and six months ended December 31, 2023 and 2022, are as follows:
| Quarter ended |  | Six months ended
| December 31, |  | December 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in thousands)
Net interest income recognized as a result of interest rate swap | $ | (903) |  |  | $ | (345) |  |  | $ | (1,781) |  |  | $ | (313) |
Unrealized (loss) gain in fair value of interest rate swap | (1,165) |  |  | 349 |  |  | (72) |  |  | 2,847 |
Net (decrease) increase in accumulated other comprehensive income | (2,068) |  |  | 4 |  |  | (1,853) |  |  | 2,534 |
Income tax effect | (521) |  |  | 1 |  |  | (458) |  |  | 652 |
Net (decrease) increase in accumulated other comprehensive income, net of tax | $ | (1,547) |  |  | $ | 3 |  |  | $ | (1,395) |  |  | $ | 1,882 |
Schedule of Derivative Instruments | The Company used the following derivative instruments at December 31, 2023 and June 30, 2023, reflected in its Condensed Consolidated Balance Sheets, for the risk management purposes detailed above:
|  |  | December 31, 2023 |  | June 30, 2023
| Balance Sheet Location |  | Fair Value of Derivatives Designated as Hedge Instruments |  | Fair Value of Derivatives Not Designated as Hedge Instruments |  | Fair Value of Derivatives Designated as Hedge Instruments |  | Fair Value of Derivatives Not Designated as Hedge Instruments
|  |  | (in thousands)
Derivative assets: |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Prepaid expenses and other current assets |  | — |  |  | — |  |  | — |  |  | $1
Foreign currency hedge | Prepaid expenses and other current assets |  | $27 |  | — |  |  | $100 |  | — |
Interest rate swap agreement | Other non-current assets |  | $2,834 |  | — |  |  | $4,687 |  | — |
Derivative liabilities: |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Accrued expenses and other current liabilities |  | — |  |  | $4 |  | — |  |  | — |

X
- References No definition available. + Details
Name: | us-gaap_GeneralDiscussionOfDerivativeInstrumentsAndHedgingActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4CC + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration