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Derivative Instruments and Hedging Activities (Tables)
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6 Months Ended |
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Dec. 31, 2013
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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 |
2013 |
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2012 |
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2013 |
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2012 |
Derivatives Designated as Hedging Instruments |
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Gains in accumulated OCI on derivatives (effective portion) |
Accumulated OCI |
$ |
3,864 |
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|
$ |
2,242 |
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|
$ |
3,573 |
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|
$ |
2,001 |
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Gains (losses) reclassified from accumulated OCI into income (effective portion): |
Revenues |
$ |
(128 |
) |
|
$ |
(82 |
) |
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$ |
2,322 |
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|
$ |
(574 |
) |
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Costs of revenues |
150 |
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|
210 |
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|
216 |
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(390 |
) |
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Total gains (losses) reclassified from accumulated OCI into income (effective portion) |
$ |
22 |
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$ |
128 |
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$ |
2,538 |
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|
$ |
(964 |
) |
Gains (losses) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) |
Interest income and other, net |
$ |
44 |
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|
$ |
(40 |
) |
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$ |
26 |
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$ |
11 |
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Derivatives Not Designated as Hedging Instruments |
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Gains recognized in income |
Interest income and other, net |
$ |
2,722 |
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$ |
9,220 |
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$ |
5,348 |
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$ |
9,894 |
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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, 2013 |
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As of
June 30, 2013 |
Cash flow hedge contracts |
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Purchase |
$ |
20,288 |
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$ |
14,641 |
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Sell |
$ |
69,197 |
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$ |
35,178 |
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Other foreign currency hedge contracts |
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Purchase |
$ |
101,064 |
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$ |
99,175 |
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Sell |
$ |
68,876 |
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$ |
97,901 |
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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, 2013 |
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As of
June 30, 2013 |
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Balance Sheet Location |
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As of
December 31, 2013 |
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As of
June 30, 2013 |
(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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$ |
3,199 |
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$ |
362 |
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Other current liabilities |
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$ |
3 |
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$ |
384 |
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Total derivatives designated as hedging instruments |
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$ |
3,199 |
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$ |
362 |
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$ |
3 |
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$ |
384 |
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Derivatives not designated as hedging instruments |
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Foreign exchange contracts |
Other current assets |
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$ |
2,385 |
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$ |
3,654 |
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Other current liabilities |
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$ |
705 |
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$ |
1,789 |
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Total derivatives not designated as hedging instruments |
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$ |
2,385 |
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$ |
3,654 |
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$ |
705 |
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$ |
1,789 |
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Total derivatives |
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|
$ |
5,584 |
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$ |
4,016 |
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$ |
708 |
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$ |
2,173 |
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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) |
2013 |
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2012 |
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2013 |
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2012 |
Beginning balance |
$ |
(323 |
) |
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$ |
(111 |
) |
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$ |
2,484 |
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|
$ |
(962 |
) |
Amount reclassified to income |
(22 |
) |
|
(128 |
) |
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(2,538 |
) |
|
964 |
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Net change |
3,864 |
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|
2,242 |
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3,573 |
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|
2,001 |
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Ending balance |
$ |
3,519 |
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|
$ |
2,003 |
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$ |
3,519 |
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$ |
2,003 |
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| Offsetting of Assets and Liabilities |
As of December 31, 2013 and June 30, 2013, information related to the offsetting arrangements was as follows (in thousands):
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As of December 31, 2013 |
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Gross Amounts of Derivatives Not Offset in the Consolidated Balance Sheets |
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Description |
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Gross Amounts of Derivatives |
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Gross Amounts of Derivatives Offset in the Consolidated Balance Sheets |
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Net Amount of Derivatives Presented in the Consolidated Balance Sheets |
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Financial Instruments |
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Cash Collateral Received |
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Net Amount |
Derivatives - Assets |
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$ |
5,584 |
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|
$ |
— |
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$ |
5,584 |
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|
$ |
(708 |
) |
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$ |
— |
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$ |
4,876 |
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Derivatives - Liabilities |
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$ |
(708 |
) |
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$ |
— |
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$ |
(708 |
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$ |
708 |
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$ |
— |
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$ |
— |
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As of June 30, 2013 |
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Gross Amounts of Derivatives Not Offset in the Consolidated Balance Sheets |
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Description |
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Gross Amounts of Derivatives |
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Gross Amounts of Derivatives Offset in the Consolidated Balance Sheets |
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Net Amount of Derivatives Presented in the Consolidated Balance Sheets |
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Financial Instruments |
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Cash Collateral Received |
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Net Amount |
Derivatives - Assets |
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$ |
4,016 |
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|
$ |
— |
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$ |
4,016 |
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$ |
(1,520 |
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$ |
— |
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$ |
2,496 |
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Derivatives - Liabilities |
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$ |
(2,173 |
) |
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$ |
— |
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$ |
(2,173 |
) |
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$ |
1,520 |
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$ |
— |
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$ |
(653 |
) |
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