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Derivative Instruments and Hedging Activities (Tables)
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9 Months Ended |
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Mar. 31, 2015
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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 |
2015 |
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2014 |
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2015 |
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2014 |
Derivatives Designated as Hedging Instruments |
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Gains (losses) in accumulated OCI on derivatives (effective portion) |
Accumulated OCI |
$ |
(1,309 |
) |
|
$ |
(1,752 |
) |
|
$ |
12,648 |
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|
$ |
1,821 |
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Gains reclassified from accumulated OCI into income (effective portion): |
Revenues |
$ |
4,306 |
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|
$ |
895 |
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$ |
6,508 |
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$ |
3,217 |
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Costs of revenues |
(575 |
) |
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39 |
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(1,091 |
) |
|
255 |
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Interest expense |
189 |
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|
— |
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|
315 |
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— |
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Net gains reclassified from accumulated OCI into income (effective portion) |
$ |
3,920 |
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$ |
934 |
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$ |
5,732 |
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$ |
3,472 |
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Gains (losses) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) |
Interest income and other, net |
$ |
187 |
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$ |
38 |
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$ |
307 |
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$ |
64 |
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Derivatives Not Designated as Hedging Instruments |
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Gains recognized in income |
Interest income and other, net |
$ |
(1,408 |
) |
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$ |
(1,179 |
) |
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$ |
9,704 |
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$ |
4,168 |
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Loss on extinguishment of debt and other, net |
$ |
— |
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|
$ |
— |
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$ |
1,180 |
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|
$ |
— |
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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, 2015 |
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As of
June 30, 2014 |
Cash flow hedge contracts |
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Purchase |
$ |
20,822 |
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$ |
6,066 |
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Sell |
$ |
49,275 |
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|
$ |
33,999 |
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Other foreign currency hedge contracts |
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Purchase |
$ |
56,345 |
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$ |
108,901 |
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Sell |
$ |
127,776 |
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$ |
106,322 |
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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, 2015 |
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As of
June 30, 2014 |
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Balance Sheet Location |
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As of
March 31, 2015 |
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As of
June 30, 2014 |
(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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$ |
1,038 |
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$ |
120 |
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Other current liabilities |
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$ |
2,124 |
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|
$ |
100 |
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Total derivatives designated as hedging instruments |
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$ |
1,038 |
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|
$ |
120 |
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$ |
2,124 |
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|
$ |
100 |
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Derivatives not designated as hedging instruments |
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Foreign exchange contracts |
Other current assets |
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$ |
4,784 |
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$ |
546 |
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Other current liabilities |
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$ |
1,601 |
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$ |
798 |
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Total derivatives not designated as hedging instruments |
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$ |
4,784 |
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$ |
546 |
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$ |
1,601 |
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$ |
798 |
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Total derivatives |
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$ |
5,822 |
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$ |
666 |
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$ |
3,725 |
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$ |
898 |
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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) |
2015 |
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2014 |
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2015 |
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2014 |
Beginning balance |
$ |
12,125 |
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|
$ |
3,519 |
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|
$ |
(20 |
) |
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$ |
2,484 |
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Amount reclassified to income |
(3,920 |
) |
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(934 |
) |
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(5,732 |
) |
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(3,472 |
) |
Net change |
(1,309 |
) |
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(1,752 |
) |
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12,648 |
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|
1,821 |
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Ending balance |
$ |
6,896 |
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|
$ |
833 |
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$ |
6,896 |
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|
$ |
833 |
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| Offsetting of Assets and Liabilities |
As of March 31, 2015 and June 30, 2014, information related to the offsetting arrangements was as follows (in thousands):
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As of March 31, 2015 |
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Gross Amounts of Derivatives Not Offset in the Condensed 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 Condensed Consolidated Balance Sheets |
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Net Amount of Derivatives Presented in the Condensed 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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$ |
5,822 |
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|
$ |
— |
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$ |
5,822 |
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$ |
(2,310 |
) |
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$ |
— |
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$ |
3,512 |
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Derivatives - Liabilities |
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$ |
(3,725 |
) |
|
$ |
— |
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$ |
(3,725 |
) |
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$ |
2,310 |
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$ |
— |
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$ |
(1,415 |
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As of June 30, 2014 |
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Gross Amounts of Derivatives Not Offset in the Condensed 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 Condensed Consolidated Balance Sheets |
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Net Amount of Derivatives Presented in the Condensed 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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$ |
666 |
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$ |
— |
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$ |
666 |
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$ |
(423 |
) |
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$ |
— |
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$ |
243 |
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Derivatives - Liabilities |
|
$ |
(898 |
) |
|
$ |
— |
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$ |
(898 |
) |
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$ |
423 |
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$ |
— |
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$ |
(475 |
) |
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