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DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 9 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments | As of March 31, 2024, 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 | 4 | $400,000
As of March 31, 2024, the Company had the following outstanding foreign currency derivatives that were used to hedge its foreign exchange risk.
Foreign Currency Derivative | Number of Instruments | Notional Sold | Notional Purchased
Foreign currency forward contract | 1 | £444 | €520
As of March 31, 2024, 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 March 31, 2024, 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 March 31, 2024 and June 30, 2023, the following amounts were recorded on the Consolidated Balance Sheets 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
| March 31, 2024 | June 30, 2023 |  | March 31, 2024 | June 30, 2023
Intercompany loan receivable | $ | 26,648 |  | $ | 26,945 |  |  | $ | (297) |  | $ | 924 |
Schedule of 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 March 31, 2024:
| 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 |  | $ | 7,470 |  |  | Accrued expenses and other current liabilities |  | $ | — |
Interest rate swaps | Other noncurrent assets |  | 5,194 |  |  | Other noncurrent liabilities |  | — |
Cross-currency swaps | Prepaid expenses and other current assets |  | 2,376 |  |  | Accrued expenses and other current liabilities |  | — |
Cross-currency swaps | Other noncurrent assets |  | — |  |  | Other noncurrent liabilities |  | 4,196 |
Foreign currency forward contracts | Prepaid expenses and other current assets |  | — |  |  | Other noncurrent liabilities |  | 1 |
Total derivatives designated as hedging instruments |  |  | $ | 15,040 |  |  |  |  | $ | 4,197 |
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, 2023:
| 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 |  | $ | 8,649 |  |  | Accrued expenses and other current liabilities |  | $ | — |
Interest rate swaps | Other noncurrent assets |  | 5,974 |  |  | Other noncurrent liabilities |  | — |
Cross-currency swaps | Prepaid expenses and other current assets |  | 2,365 |  |  | Accrued expenses and other current liabilities |  | — |
Cross-currency swaps | Other noncurrent assets |  | — |  |  | Other noncurrent liabilities |  | 3,160 |
Total derivatives designated as hedging instruments |  |  | $ | 16,988 |  |  |  |  | $ | 3,160 |
Schedule of Pre-Tax Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss | The following table presents the pretax effect of cash flow hedge accounting on AOCL and Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023:
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 March 31, |  | Three Months Ended March 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Interest rate swaps | $ | 7,274 |  |  | $ | (4,285) |  | Interest and other financing expense, net | $ | 2,363 |  |  | $ | 1,792 |
Cross-currency swaps | — |  |  | — |  | Interest and other financing expense, net / Other expense (income), net | — |  |  | (46) |
Foreign currency forward contracts | (1) |  |  | — |  | Cost of sales | (10) |  |  | — |
Total | $ | 7,273 |  |  | $ | (4,285) |  |  | $ | 2,353 |  |  | $ | 1,746 |
The following table presents the pretax effect of cash flow hedge accounting on AOCL and Consolidated Statements of Operations for the nine months ended March 31, 2024 and 2023:
Derivatives in Cash Flow Hedging Relationships | Amount of Gain 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)
| Nine Months Ended March 31, |  | Nine Months Ended March 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Interest rate swaps | $ | 5,028 |  |  | $ | 10,295 |  | Interest and other financing expense, net | $ | 7,037 |  |  | $ | 4,927 |
Cross-currency swaps | — |  |  | — |  | Interest and other financing expense, net / Other expense (income), net | — |  |  | (276) |
Foreign currency forward contracts | 50 |  |  | 80 |  | Cost of sales | (10) |  |  | — |
Total | $ | 5,078 |  |  | $ | 10,375 |  |  | $ | 7,027 |  |  | $ | 4,651 |
The following table presents the pretax effect of fair value hedge accounting on AOCL and Consolidated Statements of Operations as of the three months ended March 31, 2024 and 2023:
Derivatives in Fair Value Hedging Relationships | Amount of Gain (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 March 31, |  | Three Months Ended March 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cross-currency swaps | $ | 572 |  |  | $ | (38) |  | Interest and other financing expense, net / Other expense (income), net | $ | 122 |  |  | $ | 121 |
The following table presents the pretax effect of fair value hedge accounting on AOCL and Consolidated Statements of Operations as of the nine months ended March 31, 2024 and 2023:
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)
| Nine Months Ended March 31, |  | Nine Months Ended March 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Cross-currency swaps | $ | 163 |  |  | $ | 85 |  | Interest and other financing expense, net / Other expense (income), net | $ | 369 |  |  | $ | 367 |
Schedule of Pre-Tax Effect of Derivative Financial Instruments Electing Cash Flow Hedge Accounting on Consolidated Statements of Operations | The following table presents the pretax effect of the Company’s derivative financial instruments electing cash flow hedge accounting on the Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023:
|  |  |  | Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Cash Flow Hedging Relationships
|  |  |  | Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023
|  |  |  | Cost of sales |  | Interest and other financing expense, net |  |  |  | Cost of sales |  | Interest and other financing expense, net |  |
The effects of cash flow hedging: |  |  |  |  |  |  |  |  |  |  |
| Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate swaps |  |  |  |  |  |  |  |  |  |  |
|  |  | Amount of gain reclassified from AOCL into income | $ | — |  |  | $ | 2,343 |  |  |  |  | $ | — |  |  | $ | 1,792 |  |  |
|  | Cross-currency swaps |  |  |  |  |  |  |  |  |  |  |
|  |  | Amount of loss reclassified from AOCL into income | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (46) |  |  |
|  | Foreign currency forward contracts |  |  |  |  |  |  |  |  |  |  |
|  |  | Amount of gain reclassified from AOCL into income | $ | 10 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  |
The following table presents the pretax effect of the Company’s derivative financial instruments electing cash flow hedge accounting on the Consolidated Statements of Operations for the nine months ended March 31, 2024 and 2023:
|  |  |  | Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Cash Flow Hedging Relationships
|  |  |  | Nine Months Ended March 31, 2024 |  | Nine Months Ended March 31, 2023
|  |  |  | Cost of sales |  | Interest and other financing expense, net |  |  |  | Cost of sales |  | Interest and other financing expense, net |  |
The effects of cash flow hedging: |  |  |  |  |  |  |  |  |  |  |
| Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |  |  |  |
|  | Interest rate swaps |  |  |  |  |  |  |  |  |  |  |
|  |  | Amount of gain reclassified from AOCL into income | $ | — |  |  | $ | 7,017 |  |  |  |  | $ | — |  |  | $ | 4,088 |  |  |
|  | Cross-currency swaps |  |  |  |  |  |  |  |  |  |  |
|  |  | Amount of loss reclassified from AOCL into income | $ | 10 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (276) |  |  |
The following table presents the pretax effect of the Company’s derivative financial instruments electing fair value hedge accounting on the Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023:
|  |  |  |  |  | Location and Amount of Loss (Gain) Recognized in the Consolidated Statement of Operations on Fair Value Hedging Relationships
|  |  |  |  |  | Three Months Ended March 31, 2024 |  |  |  | Three Months Ended March 31, 2023
|  |  |  |  |  | Interest and other financing expense, net |  |  |  |  |  | Interest and other financing expense, net |  |
The effects of fair value hedging: |  |  |  |  |  |  |  |  |  |  |
| Loss on fair value hedging relationships |  |  |  |  |  |  |  |  |  |  |
|  | Cross-currency swaps |  |  |  |  |  |  |  |  |  |  |
|  |  | Amount of loss (gain) reclassified from AOCL into income |  |  | $ | 740 |  |  |  |  |  |  | $ | (210) |  |  |
The following table presents the pretax effect of the Company’s derivative financial instruments electing fair value hedge accounting on the Consolidated Statements of Operations for the nine months ended March 31, 2024 and 2023:
|  |  |  |  |  | Location and Amount of Loss (Gain) Recognized in the Consolidated Statement of Operations on Fair Value Hedging Relationships
|  |  |  |  |  | Nine Months Ended March 31, 2024 |  |  |  | Nine Months Ended March 31, 2023
|  |  |  |  |  | Interest and other financing expense, net |  |  |  |  |  | Interest and other financing expense, net |  |
The effects of fair value hedging: |  |  |  |  |  |  |  |  |  |  |
| Loss on fair value hedging relationships |  |  |  |  |  |  |  |  |  |  |
|  | Cross-currency swaps |  |  |  |  |  |  |  |  |  |  |
|  |  | Amount of loss (gain) reclassified from AOCL into income |  |  | $ | 666 |  |  |  |  |  |  | $ | (506) |  |  |
Schedule of Pre-Tax Effect of Net Investment Hedges on Accumulated Other Comprehensive Loss and the Consolidated Statements of Operations | The following table presents the pretax effect of the Company’s net investment hedges on AOCL and the Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023:
Derivatives in Net Investment Hedging Relationships | Amount of Gain (Loss) Recognized in AOCL on Derivatives | Location of Gain Recognized in Income on Derivatives | Amount of Gain Recognized in Income on Derivatives
| Three Months Ended March 31, |  | Three Months Ended March 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cross-currency swaps | $ | 2,322 |  |  | $ | (144) |  | Interest and other financing expense, net | $ | 489 |  |  | $ | 484 |
The following table presents the pretax effect of the Company’s net investment hedges on AOCL and the Consolidated Statements of Operations for the nine months ended March 31, 2024 and 2023:
Derivatives in Net Investment Hedging Relationships | Amount of Gain Recognized in AOCL on Derivatives | Location of Gain Recognized in Income on Derivatives | Amount of Gain Recognized in Income on Derivatives
| Nine Months Ended March 31, |  | Nine Months Ended March 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cross-currency swaps | $ | 659 |  |  | $ | 335 |  | Interest and other financing expense, net | $ | 1,479 |  |  | $ | 1,474 |

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