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Derivative Instruments and Hedging Activities (Tables)
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9 Months Ended |
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Mar. 31, 2014
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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
March 31, |
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Nine months ended
March 31, |
(In thousands) |
Location in Financial Statements |
2014 |
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2013 |
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2014 |
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2013 |
Derivatives Designated as Hedging Instruments |
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Gains (losses) in accumulated OCI on derivatives (effective portion) |
Accumulated OCI |
$ |
(1,752 |
) |
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$ |
842 |
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|
$ |
1,821 |
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|
$ |
2,843 |
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Gains (losses) reclassified from accumulated OCI into income (effective portion): |
Revenues |
$ |
895 |
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|
$ |
720 |
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$ |
3,217 |
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$ |
146 |
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Costs of revenues |
39 |
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|
128 |
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|
255 |
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(262 |
) |
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Total gains (losses) reclassified from accumulated OCI into income (effective portion) |
$ |
934 |
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$ |
848 |
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$ |
3,472 |
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$ |
(116 |
) |
Gains recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) |
Interest income and other, net |
$ |
38 |
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$ |
61 |
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$ |
64 |
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$ |
73 |
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Derivatives Not Designated as Hedging Instruments |
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Gains (losses) recognized in income |
Interest income and other, net |
$ |
(1,179 |
) |
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$ |
4,514 |
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$ |
4,168 |
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$ |
14,408 |
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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
March 31, 2014 |
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As of
June 30, 2013 |
Cash flow hedge contracts |
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Purchase |
$ |
7,598 |
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$ |
14,641 |
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Sell |
$ |
38,773 |
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$ |
35,178 |
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Other foreign currency hedge contracts |
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Purchase |
$ |
122,156 |
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$ |
99,175 |
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Sell |
$ |
143,774 |
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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
March 31, 2014 |
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As of
June 30, 2013 |
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Balance Sheet Location |
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As of
March 31, 2014 |
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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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$ |
460 |
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$ |
362 |
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Other current liabilities |
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$ |
115 |
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$ |
384 |
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Total derivatives designated as hedging instruments |
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$ |
460 |
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$ |
362 |
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$ |
115 |
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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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$ |
2,193 |
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$ |
3,654 |
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Other current liabilities |
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$ |
845 |
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$ |
1,789 |
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Total derivatives not designated as hedging instruments |
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$ |
2,193 |
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$ |
3,654 |
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$ |
845 |
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$ |
1,789 |
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Total derivatives |
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|
$ |
2,653 |
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$ |
4,016 |
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$ |
960 |
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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 OCI, before taxes, related to derivative instruments for the indicated periods:
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Three months ended
March 31, |
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Nine months ended
March 31, |
(In thousands) |
2014 |
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2013 |
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2014 |
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2013 |
Beginning balance |
$ |
3,519 |
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|
$ |
2,003 |
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$ |
2,484 |
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|
$ |
(962 |
) |
Amount reclassified to income |
(934 |
) |
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(848 |
) |
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(3,472 |
) |
|
116 |
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Net change |
(1,752 |
) |
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842 |
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|
1,821 |
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2,843 |
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Ending balance |
$ |
833 |
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$ |
1,997 |
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$ |
833 |
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$ |
1,997 |
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| Offsetting of Assets and Liabilities |
As of March 31, 2014 and June 30, 2013, information related to the offsetting arrangements was as follows (in thousands):
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As of March 31, 2014 |
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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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$ |
2,653 |
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|
$ |
— |
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$ |
2,653 |
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|
$ |
(960 |
) |
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$ |
— |
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$ |
1,693 |
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Derivatives - Liabilities |
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$ |
(960 |
) |
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$ |
— |
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$ |
(960 |
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$ |
960 |
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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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