Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments and Hedging Activities (Tables)

v2.3.0.15
Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Sep. 30, 2011
General Discussion of Derivative Instruments and Hedging Activities [Abstract]  
Schedule of Derivative Instruments, Location, Designated and Non-Designated, Gains (Losses)
The location and amounts of designated and non-designated derivative instruments’ gains and losses reported in the condensed consolidated financial statements for the three months ended September 30, 2011 and 2010 are as follows:
 
 
Three months ended
September 30,
(In thousands)
Location in Financial Statements
2011
 
2010
Derivatives Designated as Hedging Instruments
 
 
 
 
Gains (losses) in accumulated OCI on derivatives (effective portion)
Accumulated OCI
$
(1,194
)
 
$
414

Gains (losses) reclassified from accumulated OCI into income (effective portion):
Revenues
$
(284
)
 
$
(793
)
 
Costs of revenues
61

 
(142
)
 
Total losses reclassified from accumulated OCI into income (effective portion)
$
(223
)
 
$
(935
)
Gains (losses) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)
Interest income and other, net
$
43

 
$
(119
)
Derivatives Not Designated as Hedging Instruments
 
 
 
 
Losses recognized in income
Interest income and other, net
$
(12,568
)
 
$
(1,356
)
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 September 30, 2011 and June 30, 2011 were as follows: 
 
Asset Derivatives
 
Liability Derivatives
 
Balance Sheet Location
 
September 30,
2011
 
June 30,
2011
 
Balance Sheet Location
 
September 30,
2011
 
June 30,
2011
(In thousands)
 
Fair Value
 
 
 
Fair Value
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
Other current assets
 
$
161

 
$
145

 
Other current liabilities
 
$
721

 
$
475

Total derivatives designated as hedging instruments
 
 
$
161

 
$
145

 
 
 
$
721

 
$
475

Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
Other current assets
 
$
684

 
$
1,825

 
Other current liabilities
 
$
5,333

 
$
1,652

Total derivatives not designated as hedging instruments
 
 
$
684

 
$
1,825

 
 
 
$
5,333

 
$
1,652

Total derivatives
 
 
$
845

 
$
1,970

 
 
 
$
6,054

 
$
2,127

Balances and Changes in Accumulated Other Comprehensive Income Related to Derivative Instruments
The following table provides the balances and changes in the accumulated other comprehensive income (loss) related to derivative instruments for the three months ended September 30, 2011 and 2010:
 
Three months ended
September 30,
(In thousands)
2011
 
2010
Beginning balance
$
12

 
$
(1,995
)
Amount reclassified to income
223

 
935

Net change
(1,194
)
 
414

Ending balance
$
(959
)
 
$
(646
)
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 September 30, 2011 and June 30, 2011 was as follows: 
(In thousands)
As of
September 30, 2011
 
As of
June 30, 2011
Cash flow hedge contracts
 
 
 
Purchase
$
3,222

 
$
3,381

Sell
$
54,855

 
$
30,133

Other foreign currency hedge contracts
 
 
 
Purchase
$
117,439

 
$
174,499

Sell
$
171,968

 
$
216,738