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Derivative Instruments and Hedging Activities (Tables)
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3 Months Ended |
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Dec. 31, 2012
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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 condensed consolidated financial statements for the indicated periods were as follows:
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Three months ended
December 31, |
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Six months ended
December 31, |
(In thousands) |
Location in Financial Statements |
2012 |
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2011 |
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2012 |
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2011 |
Derivatives Designated as Hedging Instruments |
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Gains (losses) in accumulated OCI on derivatives (effective portion) |
Accumulated OCI |
$ |
2,242 |
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|
$ |
(223 |
) |
|
$ |
2,001 |
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|
$ |
(1,417 |
) |
Gains (losses) reclassified from accumulated OCI into income (effective portion): |
Revenues |
$ |
(82 |
) |
|
$ |
(689 |
) |
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$ |
(574 |
) |
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$ |
(973 |
) |
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Costs of revenues |
210 |
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|
(13 |
) |
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(390 |
) |
|
48 |
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Total gains (losses) reclassified from accumulated OCI into income (effective portion) |
$ |
128 |
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$ |
(702 |
) |
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$ |
(964 |
) |
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$ |
(925 |
) |
Gains (losses) recognized in income on derivatives (ineffectiveness portion and amount excluded from effectiveness testing) |
Interest income and other, net |
$ |
(40 |
) |
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$ |
57 |
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$ |
11 |
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$ |
99 |
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Derivatives Not Designated as Hedging Instruments |
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Gains (losses) recognized in income |
Interest income and other, net |
$ |
9,220 |
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$ |
758 |
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$ |
9,894 |
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$ |
(11,810 |
) |
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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
December 31, 2012 |
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As of
June 30, 2012 |
Cash flow hedge contracts |
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Purchase |
$ |
14,722 |
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$ |
14,689 |
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Sell |
$ |
30,752 |
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$ |
29,362 |
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Other foreign currency hedge contracts |
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Purchase |
$ |
118,588 |
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$ |
121,965 |
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Sell |
$ |
94,406 |
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$ |
126,827 |
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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 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
December 31, 2012 |
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As of
June 30, 2012 |
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Balance Sheet Location |
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As of
December 31, 2012 |
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As of
June 30, 2012 |
(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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$ |
2,322 |
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$ |
128 |
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Other current liabilities |
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$ |
— |
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$ |
736 |
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Total derivatives designated as hedging instruments |
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$ |
2,322 |
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$ |
128 |
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$ |
— |
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$ |
736 |
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Derivatives not designated as hedging instruments |
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Foreign exchange contracts |
Other current assets |
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$ |
3,847 |
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$ |
1,279 |
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Other current liabilities |
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$ |
870 |
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$ |
1,173 |
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Total derivatives not designated as hedging instruments |
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$ |
3,847 |
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$ |
1,279 |
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$ |
870 |
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$ |
1,173 |
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Total derivatives |
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$ |
6,169 |
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$ |
1,407 |
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$ |
870 |
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$ |
1,909 |
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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), before taxes, related to derivative instruments for the indicated periods:
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Three months ended
December 31, |
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Six months ended
December 31, |
(In thousands) |
2012 |
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2011 |
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2012 |
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2011 |
Beginning balance |
$ |
(111 |
) |
|
$ |
(959 |
) |
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$ |
(962 |
) |
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$ |
12 |
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Amount reclassified to income |
(128 |
) |
|
702 |
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|
964 |
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|
925 |
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Net change |
2,242 |
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(223 |
) |
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2,001 |
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(1,417 |
) |
Ending balance |
$ |
2,003 |
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|
$ |
(480 |
) |
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$ |
2,003 |
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$ |
(480 |
) |
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