Derivative Instruments and Hedging Activities (Tables)
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12 Months Ended |
Jun. 30, 2016 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Derivative Instruments, Location, Designated and Non-Designated, Gains (Losses) |
The locations and amounts of designated and non-designated derivative instruments’ gains and losses reported in the consolidated financial statements for the indicated periods were as follows:
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|
(In thousands) |
Location in Financial Statements |
Year ended June 30, |
2016 |
|
2015 |
Derivatives Designated as Hedging Instruments |
|
|
|
|
Gains in accumulated OCI on derivatives (effective portion) |
Accumulated OCI |
$ |
(9,622 |
) |
|
$ |
13,745 |
|
Gains reclassified from accumulated OCI into income (effective portion): |
Revenues |
$ |
(2,926 |
) |
|
$ |
7,615 |
|
|
Costs of revenues |
(1,551 |
) |
|
(1,503 |
) |
|
Interest expense |
755 |
|
|
503 |
|
|
Net gains reclassified from accumulated OCI into income (effective portion) |
$ |
(3,722 |
) |
|
$ |
6,615 |
|
Gains recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) |
Other expense (income), net |
$ |
(989 |
) |
|
$ |
243 |
|
Derivatives Not Designated as Hedging Instruments |
|
|
|
|
Gains recognized in income |
Other expense (income), net |
$ |
(21,430 |
) |
|
$ |
13,976 |
|
|
Loss on extinguishment of debt and other, net |
$ |
— |
|
|
$ |
1,180 |
|
|
| Schedule of Notional Amounts of Derivatives Outstanding |
The U.S. dollar equivalent of all outstanding notional amounts of hedge contracts, with maximum remaining maturities of approximately seven months and 16 months as of June 30, 2016 and 2015, respectively, were as follows:
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(In thousands) |
As of
June 30, 2016 |
|
As of
June 30, 2015 |
Cash flow hedge contracts |
|
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|
Purchase |
$ |
7,591 |
|
|
$ |
32,775 |
|
Sell |
$ |
91,793 |
|
|
$ |
88,800 |
|
Other foreign currency hedge contracts |
|
|
|
Purchase |
$ |
122,275 |
|
|
$ |
64,012 |
|
Sell |
$ |
115,087 |
|
|
$ |
123,091 |
|
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| Schedule of Derivative Instruments, Fair Value |
The locations and fair value amounts of the Company’s derivative instruments reported in its Consolidated Balance Sheets as of the dates indicated below were as follows:
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Asset Derivatives |
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Liability Derivatives |
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Balance Sheet Location |
|
As of
June 30, 2016 |
|
As of
June 30, 2015 |
|
Balance Sheet Location |
|
As of
June 30, 2016 |
|
As of
June 30, 2015 |
(In thousands) |
Fair Value |
|
|
Fair Value |
Derivatives designated as hedging instruments |
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|
|
|
|
|
|
|
|
|
Foreign exchange contracts |
Other current assets |
|
$ |
342 |
|
|
$ |
1,722 |
|
|
Other current liabilities |
|
$ |
4,736 |
|
|
$ |
1,920 |
|
Total derivatives designated as hedging instruments |
|
|
342 |
|
|
1,722 |
|
|
|
|
4,736 |
|
|
1,920 |
|
Derivatives not designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts |
Other current assets |
|
753 |
|
|
1,342 |
|
|
Other current liabilities |
|
6,911 |
|
|
1,186 |
|
Total derivatives not designated as hedging instruments |
|
|
753 |
|
|
1,342 |
|
|
|
|
6,911 |
|
|
1,186 |
|
Total derivatives |
|
|
$ |
1,095 |
|
|
$ |
3,064 |
|
|
|
|
$ |
11,647 |
|
|
$ |
3,106 |
|
|
| Balances and Changes in Accumulated Other Comprehensive Income Related to Derivative Instruments |
The following table provides the balances and changes in accumulated OCI, before taxes, related to derivative instruments for the indicated periods:
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|
Year ended June 30, |
(In thousands) |
|
2016 |
|
2015 |
Beginning balance |
|
$ |
7,110 |
|
|
$ |
(20 |
) |
Amount reclassified to income |
|
3,722 |
|
|
(6,615 |
) |
Net change in unrealized gains or losses |
|
(9,622 |
) |
|
13,745 |
|
Ending balance |
|
$ |
1,210 |
|
|
$ |
7,110 |
|
|
| Offsetting of Derivative Assets and Liabilities |
As of June 30, 2016 and 2015, information related to the offsetting arrangements was as follows (in thousands):
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As of June 30, 2016 |
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Gross Amounts of Derivatives Not Offset in the Consolidated Balance Sheets |
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|
Description |
|
Gross Amounts of Derivatives |
|
Gross Amounts of Derivatives Offset in the Consolidated Balance Sheets |
|
Net Amount of Derivatives Presented in the Consolidated Balance Sheets |
|
Financial Instruments |
|
Cash Collateral Received |
|
Net Amount |
Derivatives - Assets |
|
$ |
1,095 |
|
|
$ |
— |
|
|
$ |
1,095 |
|
|
$ |
(843 |
) |
|
$ |
— |
|
|
$ |
252 |
|
Derivatives - Liabilities |
|
$ |
(11,647 |
) |
|
$ |
— |
|
|
$ |
(11,647 |
) |
|
$ |
843 |
|
|
$ |
— |
|
|
$ |
(10,804 |
) |
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As of June 30, 2015 |
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Gross Amounts of Derivatives Not Offset in the Consolidated Balance Sheets |
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|
Description |
|
Gross Amounts of Derivatives |
|
Gross Amounts of Derivatives Offset in the Consolidated Balance Sheets |
|
Net Amount of Derivatives Presented in the Consolidated Balance Sheets |
|
Financial Instruments |
|
Cash Collateral Received |
|
Net Amount |
Derivatives - Assets |
|
$ |
3,064 |
|
|
$ |
— |
|
|
$ |
3,064 |
|
|
$ |
(2,809 |
) |
|
$ |
— |
|
|
$ |
255 |
|
Derivatives - Liabilities |
|
$ |
(3,106 |
) |
|
$ |
— |
|
|
$ |
(3,106 |
) |
|
$ |
2,809 |
|
|
$ |
— |
|
|
$ |
(297 |
) |
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