Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

v3.21.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
3 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments, Location, Designated and Non-Designated, Gains (Losses)
The gains (losses) on derivatives in cash flow and net investment hedging relationships recognized in other comprehensive income for the indicated periods were as follows:
Three Months Ended September 30,
(In thousands) 2021 2020
Derivatives Designated as Cash Flow Hedging Instruments:
Foreign exchange contracts:
Amounts included in the assessment of effectiveness $ 853 $ (872)
Amounts excluded from the assessment of effectiveness $ (1) $ (46)
Derivatives Designated as Net Investment Hedging Instruments:
Foreign exchange contracts (1) :
$ 650 $ —
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(1) No amounts were reclassified from AOCI into earnings related to the sale of a subsidiary, as there were no such sales during the periods presented.
The locations and amounts of designated and non-designated derivatives’ gains and losses reported in the Condensed Consolidated Statements of Operations for the indicated periods were as follows:
Three Months Ended September 30, Three Months Ended September 30,
2021 2020
(In thousands) Revenues Costs of Revenues and Operating Expenses Interest Expense Other Expense (Income), Net Revenues Costs of Revenues and Operating Expenses Interest Expense Other Expense (Income), Net
Total amounts presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 2,083,838 $ 1,265,038 $ 38,312 $ 14,140 $ 1,538,620 $ 1,012,231 $ 39,386 $ 3,197
Gains (losses) on Derivatives Designated as Hedging Instruments:
Rate lock agreements:
Amount of gains (losses) reclassified from AOCI to earnings $ — $ — $ (279) $ — $ — $ — $ (279) $ —
Foreign exchange contracts:
Amount of gains (losses) reclassified from AOCI to earnings $ 1,843 $ (232) $ — $ — $ (90) $ 550 $ — $ —
Amount excluded from the assessment of effectiveness recognized in earnings $ (114) $ — $ — $ 657 $ (127) $ — $ — $ —
Gains (losses) on Derivatives Not Designated as Hedging Instruments:
Amount of gains (losses) recognized in earnings $ — $ — $ — $ 1,069 $ — $ — $ — $ (5,598)
Schedule of Notional Amounts of Derivatives Outstanding
The U.S. dollar equivalent of all outstanding notional amounts of foreign currency hedge contracts, with maximum remaining maturities of approximately 7 months as of the dates indicated below were as follows:
As of As of
(In thousands) September 30, 2021 June 30, 2021
Cash flow hedge contracts - foreign currency
Purchase $ 11,456 $ 12,550
Sell $ 129,603 $ 134,845
Net Investment hedge contracts - foreign currency
Sell $ 66,848 $ 66,848
Other foreign currency hedge contracts
Purchase $ 274,334 $ 264,292
Sell $ 248,813 $ 278,635
Schedule of Derivative Instruments, Fair Value
的位置和公允价值衍生品再保险ported in our Condensed Consolidated Balance Sheets as of the dates indicated below were as follows:
Asset Derivatives Liability Derivatives
Balance Sheet As of As of Balance Sheet As of As of
Location September 30, 2021 June 30, 2021 Location September 30, 2021 June 30, 2021
(In thousands) Fair Value Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts Other current assets $ 4,104 $ 3,940 Other current liabilities $ (346) $ 272
Total derivatives designated as hedging instruments 4,104 3,940 (346) 272
Derivatives not designated as hedging instruments
Foreign exchange contracts Other current assets 6,052 4,312 Other current liabilities (4,002) 2,535
Total derivatives not designated as hedging instruments 6,052 4,312 (4,002) 2,535
Total derivatives $ 10,156 $ 8,252 $ (4,348) $ 2,807
Schedule of Balances and Changes in Accumulated Other Comprehensive Income Related to Derivative Instruments The changes in AOCI, before taxes, related to derivatives for the indicated periods were as follows:
Three Months Ended September 30,
(In thousands) 2021 2020
Beginning AOCI $ (25,830) $ (29,602)
Amount reclassified to earnings as net (gains) losses (1,218) (54)
Net change in unrealized gains (losses) 1,502 (918)
Ending AOCI $ (25,546) $ (30,574)
Offsetting of Derivative Assets The information related to the offsetting arrangements for the periods indicated was as follows (in thousands):
As of September 30, 2021 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 $ 10,156 $ — $ 10,156 $ (3,522) $ — $ 6,634
Derivatives - Liabilities $ (4,348) $ — $ (4,348) $ 3,522 $ — $ (826)
As of June 30, 2021 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 $ 8,252 $ — $ 8,252 $ (2,492) $ — $ 5,760
Derivatives - Liabilities $ (2,807) $ — $ (2,807) $ 2,492 $ — $ (315)
Offsetting of Derivative Liabilities The information related to the offsetting arrangements for the periods indicated was as follows (in thousands):
As of September 30, 2021 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 $ 10,156 $ — $ 10,156 $ (3,522) $ — $ 6,634
Derivatives - Liabilities $ (4,348) $ — $ (4,348) $ 3,522 $ — $ (826)
As of June 30, 2021 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 $ 8,252 $ — $ 8,252 $ (2,492) $ — $ 5,760
Derivatives - Liabilities $ (2,807) $ — $ (2,807) $ 2,492 $ — $ (315)
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