Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments and Hedging Activities (Tables)

v2.4.0.6
Derivative Instruments and Hedging Activities (Tables)
9 Months Ended
Mar. 31, 2012
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
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 condensed consolidated financial statements for the indicated periods are as follows:
 
 
Three months ended
March 31,
 
Nine months ended
March 31,
(In thousands)
Location in Financial Statements
2012
 
2011
 
2012
 
2011
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
Gains in accumulated OCI on derivatives (effective portion)
Accumulated OCI
$
2,269

 
$
1,318

 
$
852

 
$
78

Gains (losses) reclassified from accumulated OCI into income (effective portion):
Revenues
$
122

 
$
(696
)
 
$
(851
)
 
$
(2,023
)
 
Costs of revenues
(220
)
 
(14
)
 
(172
)
 
156

 
Total losses reclassified from accumulated OCI into income (effective portion)
$
(98
)
 
$
(710
)
 
$
(1,023
)
 
$
(1,867
)
Gains recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)
Interest income and other, net
$
77

 
$
76

 
$
175

 
$
223

Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
Gains (losses) recognized in income
Interest income and other, net
$
5,605

 
$
2,164

 
$
(6,205
)
 
$
295

Schedule of Notional Amounts of Derivatives Outstanding
The U.S. dollar equivalent of all outstanding notional amounts of hedge contracts, with maximum maturity of 13 months, as of the dates indicated below was as follows: 
(In thousands)
As of March 31, 2012
 
As of June 30, 2011
Cash flow hedge contracts
 
 
 
Purchase
$
12,102

 
$
3,381

Sell
$
48,478

 
$
30,133

Other foreign currency hedge contracts
 
 
 
Purchase
$
74,492

 
$
174,499

Sell
$
88,707

 
$
216,738

Schedule of Derivative Instruments, Fair Value
The location and fair value amounts of the Company’s derivative instruments reported in its Condensed Consolidated Balance Sheets as of the dates indicated below were as follows: 
 
Asset Derivatives
 
Liability Derivatives
 
Balance Sheet Location
 
As of March 31, 2012
 
As of June 30, 2011
 
Balance Sheet Location
 
As of March 31, 2012
 
As of June 30, 2011
(In thousands)
 
Fair Value
 
 
 
Fair Value
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
Other current assets
 
$
2,097

 
$
145

 
Other 
current 
liabilities
 
$
74

 
$
475

Total derivatives designated as hedging instruments
 
 
$
2,097

 
$
145

 
 
 
$
74

 
$
475

Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
Other current assets
 
$
2,052

 
$
1,825

 
Other
current liabilities
 
$
511

 
$
1,652

Total derivatives not designated as hedging instruments
 
 
$
2,052

 
$
1,825

 
 
 
$
511

 
$
1,652

Total derivatives
 
 
$
4,149

 
$
1,970

 
 
 
$
585

 
$
2,127

Balances and Changes in Accumulated Other Comprehensive Income Related to Derivative Instruments
The following table provides the balances and changes in accumulated other comprehensive income (loss) related to derivative instruments for the indicated periods:
 
Three months ended
March 31,
 
Nine months ended
March 31,
(In thousands)
2012
 
2011
 
2012
 
2011
Beginning balance
$
(480
)
 
$
(2,077
)
 
$
12

 
$
(1,994
)
Amount reclassified to income
98

 
710

 
1,023

 
1,867

Net change
2,269

 
1,318

 
852

 
78

Ending balance
$
1,887

 
$
(49
)
 
$
1,887

 
$
(49
)