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DERIVATIVES AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of December 31, 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 December 31, 2022, the Company had the following outstanding foreign currency derivatives that were used to hedge its foreign exchange risks:

Foreign Currency Derivative			Number of Instruments			Notional Sold			Notional Purchased
Foreign currency forward contract			3			£2,590			€3,000

As of December 31, 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 December 31, 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 December 31, 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
			December 31, 2022			June 30, 2022						December 31, 2022			June 30, 2022
Intercompany loan receivable			$	26,441		$	25,899					$	2,230		$	122

Derivative Financial Instruments and Classification on Consolidated Balance Sheets

Designated Hedges

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 December 31, 2022:

Asset Derivatives

Balance Sheet Location

Fair Value

Derivatives designated as hedging instruments:

Interest rate swaps

Prepaid expenses and other current assets

$

7,240

Interest rate swaps

Other noncurrent assets

5,250

Cross-currency swaps

Prepaid expenses and other current assets

2,365

Cross-currency swaps

Other noncurrent assets

246

Total derivatives designated as hedging instruments

$

15,101

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						$	—
Interest rate swaps			Other noncurrent assets						—						Other noncurrent liabilities						3,184
Cross-currency swaps			Prepaid expenses and other current assets						2,400						Accrued expenses and other current liabilities						—
Cross-currency swaps			Other noncurrent assets						846						Other noncurrent liabilities						—
Total derivatives designated as hedging instruments									$	7,476											$	3,184

Pre-Tax Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss

The following table presents the pre-tax effect of cash flow hedge accounting on AOCL and Consolidated Statements of Operations for the three months ended December 31, 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 December 31,												Three Months Ended December 31,
			2022						2021						2022						2021
Interest rate swaps			$	(682)					$	772		Interest and other financing expense, net			$	1,988					$	(105)
Cross-currency swaps			—						593			Interest and other financing expense, net / Other expense (income), net			(115)						664
Foreign currency forward contracts			80						(98)			Cost of sales			—						26
Total			$	(602)					$	1,267					$	1,873					$	585

The following table presents the pre-tax effect of cash flow hedge accounting on AOCL and Consolidated Statements of Operations for the six months ended December 31, 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)
			Six Months Ended December 31,												Six Months Ended December 31,
			2022						2021						2022						2021
Interest rate swaps			$	14,580					$	655		Interest and other financing expense, net			$	3,135					$	(209)
Cross-currency swaps			—						1,369			Interest and other financing expense, net / Other expense (income), net			(230)						1,402
Foreign currency forward contracts			80						(79)			Cost of sales			—						26
Total			$	14,660					$	1,945					$	2,905					$	1,219

The following table presents the pre-tax effect of fair value hedge accounting on AOCL and Consolidated Statements of Operations as of the three months ended December 31, 2022 and 2021:

Derivatives in Fair Value Hedging Relationships			Amount of Loss 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 December 31,												Three Months Ended December 31,
			2022						2021						2022						2021
Cross-currency swaps			$	(1,416)					—			Interest and other financing expense, net / Other expense (income), net			$	123					—

The following table presents the pre-tax effect of fair value hedge accounting on AOCL and Consolidated Statements of Operations as of the six months ended December 31, 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)
			Six Months Ended December 31,												Six Months Ended December 31,
			2022						2021						2022						2021
Cross-currency swaps			$	122					—			Interest and other financing expense, net / Other expense (income), net			$	246					—

Pre-Tax Effect of Derivative Financial Instruments Electing Cash Flow 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 December 31, 2022 and 2021:

												Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Cash Flow Hedging Relationships
												Three Months Ended December 31, 2022																		Three Months Ended December 31, 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			$	—					$	1,988					$	—					$	—					$	(105)					$	—
						Cross-currency swaps
									Amount of (loss) gain reclassified from AOCL into income			$	—					$	(115)					$	—					$	—					$	44					$	620
						Foreign currency forward contracts
									Amount of gain reclassified from AOCL into income			$	—					$	—					$	—					$	26					$	—					$	—

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 six months ended of December 31, 2022 and 2021:

												Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Cash Flow Hedging Relationships
												Six Months Ended December 31, 2022																		Six Months Ended December 31, 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			$	—					$	3,135					$	—					$	—					$	(209)					$	—
						Cross-currency swaps
									Amount of (loss) gain reclassified from AOCL into income			$	—					$	(230)					$	—					$	—					$	85					$	1,317
						Foreign currency forward contracts
									Amount of gain reclassified from AOCL into income			$	—					$	—					$	—					$	26					$	—					$	—

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 for the three months ended of December 31, 2022 and 2021:

												Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Fair Value Hedging Relationships
												Three Months Ended December 31, 2022																		Three Months Ended December 31, 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 (loss) on fair value hedging relationships
						Cross-currency swaps
									Amount of loss reclassified from AOCL into income			$	—					$	(2,107)											$	—					$	—					$	—

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 for the six months ended of December 31, 2022 and 2021:

												Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Fair Value Hedging Relationships
												Six Months Ended December 31, 2022																		Six Months Ended December 31, 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 (loss) on fair value hedging relationships
						Cross-currency swaps
									Amount of loss reclassified from AOCL into income			$	—					$	(296)					$	—					$	—					$	—					$	—

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 December 31, 2022 and 2021:

Derivatives in Net Investment Hedging Relationships			Amount of (Loss) Gain Recognized in AOCL on Derivatives									Location of (Loss) Gain Recognized in (Expense) Income on Derivatives			Amount of Gain (Loss) Recognized in Income (Expense) on Derivatives
			Three Months Ended December 31,												Three Months Ended December 31,
			2022						2021						2022						2021
Cross-currency swaps			$	(5,790)					$	1,849		Interest and other financing expense, net			$	495					$	140

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 six months ended December 31, 2022 and 2021:

Derivatives in Net Investment Hedging Relationships			Amount of Gain Recognized in AOCL on Derivatives									Location of (Loss) Gain Recognized in (Expense) Income on Derivatives			Amount of (Loss) Gain Recognized in (Expense) Income on Derivatives
			Six Months Ended December 31,												Six Months Ended December 31,
			2022						2021						2022						2021
Cross-currency swaps			$	479					$	4,267		Interest and other financing expense, net			$	990					$	270

Pre-Tax Effect of Derivative Financial Instruments Not Designated as Hedging Instruments on the Consolidated Statements of Operations

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