Derivative Instruments and Hedging Activities (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
|---|
| Derivative Instruments and Hedging Activities Disclosure [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 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, |
|
Six months ended
December 31, |
(In thousands) |
Location in Financial Statements |
2015 |
|
2014 |
|
2015 |
|
2014 |
Derivatives Designated as Hedging Instruments |
|
|
|
|
|
|
|
|
Gains (losses) in accumulated OCI on derivatives (effective portion) |
Accumulated OCI |
$ |
707 |
|
|
$ |
11,924 |
|
|
$ |
(1,154 |
) |
|
$ |
13,957 |
|
Gains (losses) reclassified from accumulated OCI into income (effective portion):
|
Revenues |
$ |
324 |
|
|
$ |
1,933 |
|
|
$ |
1,009 |
|
|
$ |
2,202 |
|
|
Costs of revenues |
(678 |
) |
|
(475 |
) |
|
(1,150 |
) |
|
(516 |
) |
|
Interest expense |
189 |
|
|
126 |
|
|
378 |
|
|
126 |
|
|
Net gains reclassified from accumulated OCI into income (effective portion) |
$ |
(165 |
) |
|
$ |
1,584 |
|
|
$ |
237 |
|
|
$ |
1,812 |
|
Gains (losses) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)
|
Other expense (income), net |
$ |
(273 |
) |
|
$ |
77 |
|
|
$ |
(399 |
) |
|
$ |
120 |
|
Derivatives Not Designated as Hedging Instruments |
|
|
|
|
|
|
|
|
Gains (losses) recognized in income
|
Other expense (income), net |
$ |
747 |
|
|
$ |
7,187 |
|
|
$ |
(5,635 |
) |
|
$ |
11,112 |
|
|
Loss on extinguishment of debt and other, net |
$ |
— |
|
|
$ |
1,180 |
|
|
$ |
— |
|
|
$ |
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 approximately 10 months, as of the dates indicated below was as follows:
|
|
|
|
|
|
|
|
|
(In thousands) |
As of
December 31, 2015 |
|
As of
June 30, 2015 |
Cash flow hedge contracts |
|
|
|
Purchase |
$ |
12,163 |
|
|
$ |
32,775 |
|
Sell |
$ |
88,569 |
|
|
$ |
88,800 |
|
Other foreign currency hedge contracts |
|
|
|
Purchase |
$ |
93,310 |
|
|
$ |
64,012 |
|
Sell |
$ |
151,330 |
|
|
$ |
123,091 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Derivatives |
|
Liability Derivatives |
|
Balance Sheet Location |
|
As of
December 31, 2015 |
|
As of
June 30, 2015 |
|
Balance Sheet Location |
|
As of
December 31, 2015 |
|
As of
June 30, 2015 |
(In thousands) |
|
Fair Value |
|
|
Fair Value |
Derivatives designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts |
Other current assets |
|
$ |
511 |
|
|
$ |
1,722 |
|
|
Other current liabilities |
|
$ |
1,009 |
|
|
$ |
1,920 |
|
Total derivatives designated as hedging instruments |
|
|
$ |
511 |
|
|
$ |
1,722 |
|
|
|
|
$ |
1,009 |
|
|
$ |
1,920 |
|
Derivatives not designated as hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange contracts |
Other current assets |
|
$ |
517 |
|
|
$ |
1,342 |
|
|
Other current liabilities |
|
$ |
3,083 |
|
|
$ |
1,186 |
|
Total derivatives not designated as hedging instruments |
|
|
$ |
517 |
|
|
$ |
1,342 |
|
|
|
|
$ |
3,083 |
|
|
$ |
1,186 |
|
Total derivatives |
|
|
$ |
1,028 |
|
|
$ |
3,064 |
|
|
|
|
$ |
4,092 |
|
|
$ |
3,106 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
December 31, |
|
Six months ended
December 31, |
(In thousands) |
2015 |
|
2014 |
|
2015 |
|
2014 |
Beginning balance |
$ |
4,847 |
|
|
$ |
1,785 |
|
|
$ |
7,110 |
|
|
$ |
(20 |
) |
Amount reclassified to income |
165 |
|
|
(1,584 |
) |
|
(237 |
) |
|
(1,812 |
) |
Net change in unrealized gains or losses |
707 |
|
|
11,924 |
|
|
(1,154 |
) |
|
13,957 |
|
Ending balance |
$ |
5,719 |
|
|
$ |
12,125 |
|
|
$ |
5,719 |
|
|
$ |
12,125 |
|
|
| Offsetting of Assets and Liabilities |
As of December 31, 2015 and June 30, 2015, information related to the offsetting arrangements was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2015 |
|
|
|
|
|
Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets |
|
|
Description |
|
Gross Amounts of Derivatives |
|
Gross Amounts of Derivatives Offset in the Condensed Consolidated Balance Sheets |
|
Net Amount of Derivatives Presented in the Condensed Consolidated Balance Sheets |
|
Financial Instruments |
|
Cash Collateral Received |
|
Net Amount |
Derivatives - Assets |
|
$ |
1,028 |
|
|
$ |
— |
|
|
$ |
1,028 |
|
|
$ |
(1,028 |
) |
|
$ |
— |
|
|
$ |
— |
|
Derivatives - Liabilities |
|
$ |
(4,092 |
) |
|
$ |
— |
|
|
$ |
(4,092 |
) |
|
$ |
1,028 |
|
|
$ |
— |
|
|
$ |
(3,064 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2015 |
|
|
|
|
|
Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets |
|
|
Description |
|
Gross Amounts of Derivatives |
|
Gross Amounts of Derivatives Offset in the Condensed Consolidated Balance Sheets |
|
Net Amount of Derivatives Presented in the Condensed 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 |
) |
|