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Derivative Instruments and Hedging Activities (Tables)
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9 Months Ended |
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Mar. 31, 2012
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| General Discussion of Derivative Instruments and Hedging Activities [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 condensed consolidated financial statements for the indicated periods are as follows:
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Three months ended
March 31, |
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Nine months ended
March 31, |
(In thousands) |
Location in Financial Statements |
2012 |
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2011 |
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2012 |
|
2011 |
Derivatives designated as hedging instruments |
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Gains in accumulated OCI on derivatives (effective portion) |
Accumulated OCI |
$ |
2,269 |
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|
$ |
1,318 |
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|
$ |
852 |
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$ |
78 |
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Gains (losses) reclassified from accumulated OCI into income (effective portion): |
Revenues |
$ |
122 |
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|
$ |
(696 |
) |
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$ |
(851 |
) |
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$ |
(2,023 |
) |
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Costs of revenues |
(220 |
) |
|
(14 |
) |
|
(172 |
) |
|
156 |
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Total losses reclassified from accumulated OCI into income (effective portion) |
$ |
(98 |
) |
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$ |
(710 |
) |
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$ |
(1,023 |
) |
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$ |
(1,867 |
) |
Gains recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) |
Interest income and other, net |
$ |
77 |
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$ |
76 |
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$ |
175 |
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$ |
223 |
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Derivatives not designated as hedging instruments |
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Gains (losses) recognized in income |
Interest income and other, net |
$ |
5,605 |
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$ |
2,164 |
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$ |
(6,205 |
) |
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$ |
295 |
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| 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:
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(In thousands) |
As of March 31, 2012 |
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As of June 30, 2011 |
Cash flow hedge contracts |
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Purchase |
$ |
12,102 |
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$ |
3,381 |
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Sell |
$ |
48,478 |
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$ |
30,133 |
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Other foreign currency hedge contracts |
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Purchase |
$ |
74,492 |
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$ |
174,499 |
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Sell |
$ |
88,707 |
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$ |
216,738 |
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| 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:
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Asset Derivatives |
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Liability Derivatives |
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Balance Sheet Location |
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As of March 31, 2012 |
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As of June 30, 2011 |
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Balance Sheet Location |
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As of March 31, 2012 |
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As of June 30, 2011 |
(In thousands) |
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Fair Value |
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Fair Value |
Derivatives designated as hedging instruments |
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Foreign exchange contracts |
Other current assets |
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$ |
2,097 |
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$ |
145 |
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Other
current
liabilities
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|
$ |
74 |
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$ |
475 |
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Total derivatives designated as hedging instruments |
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$ |
2,097 |
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$ |
145 |
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$ |
74 |
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$ |
475 |
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Derivatives not designated as hedging instruments |
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Foreign exchange contracts |
Other current assets |
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$ |
2,052 |
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$ |
1,825 |
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Other
current liabilities
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$ |
511 |
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$ |
1,652 |
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Total derivatives not designated as hedging instruments |
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$ |
2,052 |
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$ |
1,825 |
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$ |
511 |
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$ |
1,652 |
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Total derivatives |
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|
$ |
4,149 |
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$ |
1,970 |
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$ |
585 |
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$ |
2,127 |
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| 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:
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Three months ended
March 31, |
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Nine months ended
March 31, |
(In thousands) |
2012 |
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2011 |
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2012 |
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2011 |
Beginning balance |
$ |
(480 |
) |
|
$ |
(2,077 |
) |
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$ |
12 |
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|
$ |
(1,994 |
) |
Amount reclassified to income |
98 |
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|
710 |
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|
1,023 |
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|
1,867 |
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Net change |
2,269 |
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|
1,318 |
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|
852 |
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|
78 |
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Ending balance |
$ |
1,887 |
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|
$ |
(49 |
) |
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$ |
1,887 |
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$ |
(49 |
) |
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