Derivative Instruments and Hedging Activities (Tables)
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12 Months Ended |
Jun. 30, 2015 |
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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 consolidated financial statements for the indicated periods were as follows:
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|
(In thousands) |
Location in Financial Statements |
Year ended June 30, |
2015 |
|
2014 |
Derivatives Designated as Hedging Instruments |
|
|
|
|
Gains in accumulated OCI on derivatives (effective portion) |
Accumulated OCI |
$ |
13,745 |
|
|
$ |
1,641 |
|
Gains reclassified from accumulated OCI into income (effective portion): |
Revenues |
$ |
7,615 |
|
|
$ |
3,851 |
|
|
Costs of revenues |
(1,503 |
) |
|
294 |
|
|
Interest expense |
503 |
|
|
— |
|
|
Net gains reclassified from accumulated OCI into income (effective portion) |
$ |
6,615 |
|
|
$ |
4,145 |
|
Gains recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) |
Other expense (income), net |
$ |
243 |
|
|
$ |
18 |
|
Derivatives Not Designated as Hedging Instruments |
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|
|
|
Gains recognized in income |
Other expense (income), net |
$ |
13,976 |
|
|
$ |
2,856 |
|
|
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 maturity of 16 months, as of the dates indicated below was as follows:
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(In thousands) |
As of
June 30, 2015 |
|
As of
June 30, 2014 |
Cash flow hedge contracts |
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|
|
Purchase |
$ |
32,775 |
|
|
$ |
6,066 |
|
Sell |
$ |
88,800 |
|
|
$ |
33,999 |
|
Other foreign currency hedge contracts |
|
|
|
Purchase |
$ |
64,012 |
|
|
$ |
108,901 |
|
Sell |
$ |
123,091 |
|
|
$ |
106,322 |
|
|
| 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 |
|
Liability Derivatives |
|
Balance Sheet Location |
|
As of
June 30, 2015 |
|
As of
June 30, 2014 |
|
Balance Sheet Location |
|
As of
June 30, 2015 |
|
As of
June 30, 2014 |
(In thousands) |
Fair Value |
|
|
Fair Value |
Derivatives designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts |
Other current assets |
|
$ |
1,722 |
|
|
$ |
120 |
|
|
Other current liabilities |
|
$ |
1,920 |
|
|
$ |
100 |
|
Total derivatives designated as hedging instruments |
|
|
1,722 |
|
|
120 |
|
|
|
|
1,920 |
|
|
100 |
|
Derivatives not designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts |
Other current assets |
|
1,342 |
|
|
546 |
|
|
Other current liabilities |
|
1,186 |
|
|
798 |
|
Total derivatives not designated as hedging instruments |
|
|
1,342 |
|
|
546 |
|
|
|
|
1,186 |
|
|
798 |
|
Total derivatives |
|
|
$ |
3,064 |
|
|
$ |
666 |
|
|
|
|
$ |
3,106 |
|
|
$ |
898 |
|
|
| 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) |
|
2015 |
|
2014 |
Beginning balance |
|
$ |
(20 |
) |
|
$ |
2,484 |
|
Amount reclassified to income |
|
(6,615 |
) |
|
(4,145 |
) |
Net change in unrealized gains or losses |
|
13,745 |
|
|
1,641 |
|
Ending balance |
|
$ |
7,110 |
|
|
$ |
(20 |
) |
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| Offsetting of Derivative Assets and Liabilities |
As of June 30, 2015 and 2014, information related to the offsetting arrangements was as follows (in thousands):
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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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|
As of June 30, 2014 |
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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 |
|
$ |
666 |
|
|
$ |
— |
|
|
$ |
666 |
|
|
$ |
(423 |
) |
|
$ |
— |
|
|
$ |
243 |
|
Derivatives - Liabilities |
|
$ |
(898 |
) |
|
$ |
— |
|
|
$ |
(898 |
) |
|
$ |
423 |
|
|
$ |
— |
|
|
$ |
(475 |
) |
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