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DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 3 Months Ended
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Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | As of September 30, 2022, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
Interest Rate Derivative | Number of Instruments | Notional Amount
Interest rate swap | 8 | $630,000
As of September 30, 2022, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations:
Foreign Currency Derivative | Number of Instruments | Notional Sold | Notional Purchased
Cross-currency swap | 4 | €100,300 | $105,804
As of September 30, 2022, the Company had the following outstanding foreign currency derivatives that were used to hedge changes in fair value attributable to foreign exchange risk:
Foreign Currency Derivative | Number of Instruments | Notional Sold | Notional Purchased
Cross-currency swap | 1 | €24,700 | $26,021
As of September 30, 2022 and June 30, 2022, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:
| Carrying Amount of the Hedged Asset |  | Cumulative Amount of Fair Value Hedge Adjustment Included in the Carrying Amount of the Hedged Asset
| September 30, 2022 | June 30, 2022 |  | September 30, 2022 | June 30, 2022
Intercompany loan receivable | $ | 24,211 |  | $ | 25,899 |  |  | $ | 1,688 |  | $ | 122 |
Derivative Financial Instruments and Classification on Consolidated Balance Sheets | The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of September 30, 2022:
| Asset Derivatives |  | Liability Derivatives
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Interest rate swaps | Prepaid expenses and other current assets |  | $ | 15,161 |  |  | Accrued expenses and other current liabilities / Other noncurrent liabilities |  | $ | — |
Cross-currency swaps | Prepaid expenses and other current assets |  | 10,435 |  |  | Other noncurrent liabilities |  | — |
Total derivatives designated as hedging instruments |  |  | $ | 25,596 |  |  |  |  | $ | — |
The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of June 30, 2022:
| Asset Derivatives |  | Liability Derivatives
| Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Interest rate swaps | Prepaid expenses and other current assets |  | $ | 4,230 |  |  | Accrued expenses and other current liabilities / Other noncurrent liabilities |  | $ | 3,184 |
Cross-currency swaps | Prepaid expenses and other current assets |  | 3,246 |  |  | Other noncurrent liabilities |  | — |
Total derivatives designated as hedging instruments |  |  | $ | 7,476 |  |  |  |  | $ | 3,184 |
Pre-Tax Effect of Hedge Accounting on Accumulated Other Comprehensive Loss | The following table presents the pre-tax effect of cash flow hedge accounting on AOCL for the three months ended September 30, 2022 and 2021:
Derivatives in Cash Flow Hedging Relationships | Amount of Gain (Loss) Recognized in AOCL on Derivatives | Location of Gain (Loss) Reclassified from AOCL into Income (Expense) | Amount of Gain (Loss) Reclassified from AOCL into Income (Expense)
| Three Months Ended September 30, |  | Three Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Interest rate swaps | $ | 15,262 |  |  | $ | (117) |  | Interest and other financing expense, net | $ | 1,146 |  |  | $ | (104) |
Cross-currency swaps | — |  |  | 776 |  | Interest and other financing expense, net / Other (income) expense, net | (115) |  |  | 738 |
Foreign currency forward contracts | — |  |  | 19 |  | Cost of sales | — |  |  | — |
Total | $ | 15,262 |  |  | $ | 678 |  |  | $ | 1,031 |  |  | $ | 634 |
The following table presents the pre-tax effect of fair value hedge accounting on AOCL for the three months ended September 30, 2022 and 2021:
Derivatives in Fair value Hedging Relationships | Amount of Gain Recognized in AOCL on Derivatives | Location of Gain Reclassified from AOCL into Income on Derivatives (Amount Excluded from Effectiveness Testing) | Amount of Gain Reclassified from AOCL into Income on Derivatives (Amount Excluded from Effectiveness Testing)
| Three Months Ended September 30, |  | Three Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cross-currency swaps | $ | 1,539 |  |  | $ | — |  | Interest and other financing expense, net | $ | 123 |  |  | $ | — |
Total | $ | 1,539 |  |  | $ | — |  |  | $ | 123 |  |  | $ | — |
Pre-Tax Effect of Derivative Financial Instruments Electing Hedge Accounting on Consolidated Statements of Operations | The following table presents the pre-tax effect of the Company’s derivative financial instruments electing cash flow hedge accounting on the Consolidated Statements of Operations for the three months ended of September 30, 2022 and 2021:
|  |  |  | Location and Amount of Gain (Loss) Recognized in the Consolidated Statements of Operations on Cash Flow Hedging Relationships
|  |  |  | Three Months Ended September 30, 2022 |  | Three Months Ended September 30, 2021
|  |  |  | Cost of sales |  | Interest and other financing expense, net |  | Other expense/income, net |  | Cost of sales |  | Interest and other financing expense, net |  | Other expense/income, net
The effects of cash flow hedging: |  |  |  |  |  |  |  |  |  |  |
| Gain (Loss) on cash flow hedging relationships |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate swaps |  |  |  |  |  |  |  |  |  |  |
|  |  | Amount of gain (loss) reclassified from AOCL into income | $ | — |  |  | $ | 1,146 |  |  | $ | — |  |  | $ | — |  |  | $ | (104) |  |  | $ | — |
|  | Cross-currency swaps |  |  |  |  |  |  |  |  |  |  |
|  |  | Amount of (loss) gain reclassified from AOCL into income | $ | — |  |  | $ | (115) |  |  | $ | — |  |  | $ | — |  |  | $ | 41 |  |  | $ | 697 |
The following table presents the pre-tax effect of the Company’s derivative financial instruments electing fair value hedge accounting on the Consolidated Statements of Operations as of September 30, 2022 and 2021:
|  |  |  | Location and Amount of Gain Recognized in the Consolidated Statements of Operations on Fair Value Hedging Relationships
|  |  |  | Three Months Ended September 30, 2022 |  | Three Months Ended September 30, 2021
|  |  |  | Cost of sales |  | Interest and other financing expense, net |  | Other expense (income), net |  | Cost of sales |  | Interest and other financing expense, net |  | Other expense (income), net
The effects of fair value hedging: |  |  |  |  |  |  |  |  |  |  |
| Gain on fair value hedging relationships |  |  |  |  |  |  |  |  |  |  |
|  | Cross-currency swaps |  |  |  |  |  |  |  |  |  |  |
|  |  | Amount of gain reclassified from AOCL into income | $ | — |  |  | $ | 123 |  |  | $ | 1,688 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Pre-Tax Effect of Net Investment Hedges on Accumulated Other Comprehensive Loss and the Consolidated Statements of Operations | The following table presents the pre-tax effect of the Company’s net investment hedges on AOCL and the Consolidated Statements of Operations for the three months ended September 30, 2022 and 2021:
Derivatives in Net Investment Hedging Relationships | Amount of Gain Recognized in AOCL on Derivatives | Location of (Loss) Gain Recognized in Income (Expense) on Derivatives | Amount of (Loss) Gain Recognized in Income (Expense) on Derivatives
| Three Months Ended September 30, |  | Three Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cross-currency swaps | $ | 6,268 |  |  | $ | 2,417 |  | Interest and other financing expense, net | $ | (495) |  |  | $ | 130 |

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