NOTE 16 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The authoritative guidance requires companies to recognize all derivative instruments and hedging activities, including foreign currency exchange contracts and interest rate lock agreements, (collectively “derivatives”) as either assets or liabilities at fair value on the Condensed Consolidated Balance Sheets. In accordance with the accounting guidance, we designate foreign currency exchange contracts and interest rate lock agreements as cash flow hedges of certain forecasted foreign currency denominated sales, purchase and spending transactions, and the benchmark interest rate of the corresponding debt financing, respectively.

Our foreign subsidiaries operate and sell our products in various global markets. As a result, we are exposed to risks relating to changes in foreign currency exchange rates. We utilize foreign currency forward exchange contracts and option contracts to hedge against future movements in foreign exchange rates that affect certain existing and forecasted foreign currency denominated sales and purchase transactions, such as the Japanese yen, the euro, the pound sterling and the Israeli new shekel. We routinely hedge our exposures to certain foreign currencies with various financial institutions in an effort to minimize the impact of certain currency exchange rate fluctuations. These currency forward exchange contracts and options, designated as cash flow hedges, generally have maturities of less than 18个月 。Cash flow hedges are evaluated for effectiveness monthly, based on changes in total fair value of the derivatives. If a financial counterparty to any of our hedging arrangements experiences financial difficulties or is otherwise unable to honor the terms of the foreign currency hedge, we may experience material losses.

在 October 2014 , we entered into a series of forward contracts (“Rate Lock Agreements”) to lock the benchmark rate on a portion of the Senior Notes. The Rate Lock Agreements had a notional amount of 100亿美元 in aggregate which matured in the second quarter of the fiscal year ended June 30, 2015 。The Rate Lock Agreements were terminated on the date of the pricing of the 12.5亿美元 of 4.650% 高级票据于2024年到期，我们记录了 $7.5 million 从累积的其他综合收入（损失）（“ OCI”）中获得收益 2014年12月31日 。我们认识 $ 20万美元 截至2019年9月30日和2018年9月30日的三个月中，每个月都在累积的其他综合收入（损失）中确认的收益，这减少了利息费用。作为 9月30日，2019 , the unamortized portion of the fair value of the forward contracts for the Rate Lock Agreements was $3.8 million 。有关更多详细信息，请参阅注释16，“衍生工具和对冲活动”的票据中的“合并财务报表”中包含的合并财务报表，我们的年度报告截至财政年度的10-K表格中， June 30, 2019 。

在财政年度结束 June 30, 2018 ，我们签订了一系列远期合同（“ 2018年利率锁定协议”），以锁定预期债务发行之前的基准利率。2018年利率锁定协议的目的是对冲与利率变化相关的风险，这是由于基准利率的变化导致预期融资对被套的概念金额的关闭。2018年的费率锁定协议的名义金额为 $500.0 million 总计，截至2019年6月30日的财政年度的第三季度成熟并终止了总计，我们记录了公允价值 1360万美元 as a loss within OCI. We recognized $0.3 million 累积OCI中确认的损失的摊销，这增加了三个月结束的利息费用 9月30日，2019 。作为 9月30日，2019 ，2018年费用锁定协议的公允价值的未损坏部分是 1,300万美元 。

对于被指定并有资格为现金流套期的衍生工具，在OCI中报告了收益或损失的有效部分，并在同一期间或期间重新分类为收益，在此期间，对冲交易影响收入。在采用对冲会计新会计指南之前，将时间价值排除在指定为现金流对冲的衍生品评估之外。时间价值以标记到市场的基础摊销，并在衍生合同的生命期间获得收益。对于采用新会计指南后执行的衍生合同，选举包括评估有效性时间的时间价值，是对指定为现金流套期的所有远期合同进行的。衍生产品的公允价值变化记录在OCI中，直到收入确认对冲项目为止。在采用新的会计指南后，指定为现金流套期的期权合同的有效性评估继续排除时间价值。在衍生合同期间的收入中确认了从有效性评估中排除的组件的初始价值。OCI中记录了排除组件的公允价值变更与确认收益的金额之间的任何差异。

对于未指定为现金流套罩的衍生工具，以其他费用（收入）确认收益和损失。我们使用外币远期合同来对冲某些以外币计价的资产或负债。这些衍生工具的收益和损失在很大程度上被应对资产或负债的公允价值变化所抵消。

Derivatives in Cash Flow Hedging Relationships: Foreign Exchange and Interest Rate Contracts

The gains (losses) on derivatives in cash flow hedging relationships recognized in OCI for the indicated periods were as follows:

The locations and amounts of designated and non-designated derivative’s gains and losses reported in the Condensed Consolidated Statements of Operations for the indicated periods were as follows:

美元等同于所有未偿还的外币对冲合同，最高剩余的到期 十个月 从下面指示的日期开始如下：

The locations and fair value of our derivatives reported in our Condensed Consolidated Balance Sheets as of the dates indicated below were as follows:

The changes in OCI, before taxes, related to derivatives for the indicated periods were as follows:

衍生资产和负债的抵消

We present derivatives at gross fair values in the Condensed Consolidated Balance Sheets. We have entered into arrangements with each of our counterparties, which reduce credit risk by permitting net settlement of transactions with the same counterparty under certain conditions. The information related to the offsetting arrangements for the periods indicated was as follows (in thousands):