根据第13和15（d）条的年度报告

Derivative Instruments and Hedging Activities

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Derivative Instruments and Hedging Activities
12 Months Ended
Jun. 30, 2015
衍生工具和对冲活动的一般讨论[摘要]
Derivative Instruments and Hedging Activities
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The authoritative guidance requires companies to recognize all derivative instruments and hedging activities, including foreign currency exchange contracts, as either assets or liabilities at fair value on the balance sheet. Changes in the fair value of derivatives that do not qualify for hedge treatment, as well as the ineffective portion of any hedges, are recognized in other expense (income), net in the consolidated statements of operations. In accordance with the guidance, the Company designates foreign currency forward exchange and option contracts as cash flow hedges of certain forecasted foreign currency denominated sales and purchase transactions.
KLA-Tencor’s foreign subsidiaries operate and sell KLA-Tencor’s products in various global markets. As a result, KLA-Tencor is exposed to risks relating to changes in foreign currency exchange rates. KLA-Tencor utilizes 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 New Taiwan dollar and the Israeli new shekel. The Company routinely hedges its 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 18months 。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 the Company’s hedging arrangements experiences financial difficulties or is otherwise unable to honor the terms of the foreign currency hedge, the Company may experience material losses.
For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gains or losses on the derivative is reported as a component of accumulated other comprehensive income (loss) (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of currency forward exchange and option contracts due to changes in time value are excluded from the assessment of effectiveness. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings.
For derivative instruments that are not designated as accounting hedges, gains and losses are recognized in other expense (income), net. The Company uses foreign currency forward contracts to hedge certain foreign currency denominated assets or liabilities. The gains and losses on these derivatives are largely offset by the changes in the fair value of the assets or liabilities being hedged.
In October 2014, in anticipation of the issuance of the Senior Notes, the Company entered into a series of forward contracts (“Rate Lock Agreements”) to lock the benchmark rate on a portion of the Senior Notes. The objective of the Rate Lock Agreements was to hedge the risk associated with the variability in interest rates due to the changes in the benchmark rate leading up to the closing of the intended financing, on the notional amount being hedged. The Rate Lock Agreements had a notional amount of $1 billion in aggregate which matured in the second quarter of the fiscal year ended June 30, 2015 。The Company designated each of the Rate Lock Agreements as a qualifying hedging instrument and accounted for as a cash flow hedge, under which the effective portion of the gain or loss on the close out of the Rate Lock Agreements was initially recognized in accumulated other comprehensive income (loss) as a reduction of total stockholders’ equity and subsequently amortized into earnings as a component of interest expense over the term of the underlying debt. The ineffective portion, if any, was recognized in earnings immediately. The Rate Lock Agreements were terminated on the date of pricing of the $1.25 billion of 4.650% Senior Notes due in 2024 and the Company recorded the fair value of a $7.5 million receivable as a gain within accumulated other comprehensive income (loss) as of December 31, 2014 。For the fiscal year ended June 30, 2015 , the Company recognized 50万美元 for the amortization of the gain recognized in accumulated other comprehensive income (loss), which amount reduced the interest expense. The Company did not record any ineffectiveness for the fiscal year ended June 30, 2015 。The cash proceeds of $7.5 million 从结算中，锁定协议的结算包括在经营活动的现金流中 June 30, 2015 因为指定的树篱项目被归类为现金流中的经营活动的现金流量中的利息费用。
In addition, in November 2014, the Company entered into a non-designated forward contract to lock the treasury rate used to determine the redemption amount of the 2018 Senior Notes that occurred during the three months ended December 31, 2014 。远期合同的目的是对冲与赎回金额可变性相关的风险，这是由于利率变化而通过赎回现有的2018年高级票据而导致的风险。远期合同的名义金额为 $750 million 。The forward contract was terminated in December 2014 and the resulting fair value of $1.2 million receivable was included in the loss on extinguishment of debt and other, net line in the consolidated statements of operations, partially offsetting the loss on redemption of the debt during the three months December 31, 2014 。The cash proceeds from the forward contract were included in the cash flows from financing activities in the consolidated statements of cash flows for the fiscal year ended June 30, 2015 ，部分抵消了现金流出以赎回2018年高级票据。
Derivatives in Cash Flow Hedging Relationships: Foreign Exchange and Interest Rate Contracts
The locations and amounts of designated and non-designated derivative instruments’ gains and losses reported in the consolidated financial statements for the indicated periods were as follows:
(In thousands)
Location in Financial Statements
Year ended June 30,
2015
2014
Derivatives Designated as Hedging Instruments
Gains in accumulated OCI on derivatives (effective portion)
积累的OCI
$
13,745

$
1,641

Gains reclassified from accumulated OCI into income (effective portion):
Revenues
$
7,615

$
3,851

收入的成本
(1,503
）
294

Interest expense
503

-

Net gains reclassified from accumulated OCI into income (effective portion)
$
6,615

$
4,145

Gains recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)
其他费用（收入），净
$
243

$
18

Derivatives Not Designated as Hedging Instruments
Gains recognized in income
其他费用（收入），净
$
13,976

$
2,856

Loss on extinguishment of debt and other, net
$
1,180

$
-


The U.S. dollar equivalent of all outstanding notional amounts of hedge contracts, with maximum maturity of 16 months ，如下所示的日期如下：
(In thousands)
As of
June 30, 2015
As of
June 30, 2014
Cash flow hedge contracts
Purchase
$
32,775

$
6,066

Sell
$
88,800

$
33,999

其他外币对冲合同
Purchase
$
64,012

$
108,901

Sell
$
123,091

$
106,322


The locations and fair value amounts of the Company’s derivative instruments reported in its Consolidated Balance Sheets as of the dates indicated below were as follows:
Asset Derivatives
责任衍生物
资产负债表的位置
As of
June 30, 2015
As of
June 30, 2014
资产负债表的位置
As of
June 30, 2015
As of
June 30, 2014
(In thousands)
公允价值
公允价值
指定为对冲乐器的衍生物
Foreign exchange contracts
Other current assets
$
1,722

$
120

Other current liabilities
$
1,920

$
100

指定为对冲工具的总导数
1,722

120

1,920

100

Derivatives not designated as hedging instruments
Foreign exchange contracts
Other current assets
1,342

546

Other current liabilities
1,186

798

Total derivatives not designated as hedging instruments
1,342

546

1,186

798

Total derivatives
$
3,064

$
666

$
3,106

$
898


下表提供了与指定期间的衍生工具有关的累积OCI的平衡和变化：
Year ended June 30,
(In thousands)
2015
2014
Beginning balance
$
（20
）
$
2,484

重新分类为收入的金额
（6,615
）
(4,145
）
Net change in unrealized gains or losses
13,745

1,641

结束平衡
$
7,110

$
（20
）

衍生资产和负债的抵消
KLA-Tencor礼物衍生品公允价值总值es in the Consolidated Balance Sheets. The Company has entered into arrangements with each of its counterparties, which reduce credit risk by permitting net settlement of transactions with the same counterparty under certain conditions. As of June 30, 2015 and 2014 , information related to the offsetting arrangements was as follows (in thousands):
截至2015年6月30日
在合并资产负债表中没有抵消的衍生物总数
Description
Gross Amounts of Derivatives
合并资产负债表中的总数量抵消了衍生品
Net Amount of Derivatives Presented in the Consolidated Balance Sheets
Financial Instruments
收到现金担保资产
Net Amount
Derivatives - Assets
$
3,064

$
-

$
3,064

$
(2,809
）
$
-

$
255

Derivatives - Liabilities
$
(3,106
）
$
-

$
(3,106
）
$
2,809

$
-

$
(297
）
截至2014年6月30日
在合并资产负债表中没有抵消的衍生物总数
Description
Gross Amounts of Derivatives
合并资产负债表中的总数量抵消了衍生品
Net Amount of Derivatives Presented in the Consolidated Balance Sheets
Financial Instruments
收到现金担保资产
Net Amount
Derivatives - Assets
$
666

$
-

$
666

$
（423
）
$
-

$
243

Derivatives - Liabilities
$
（898
）
$
-

$
（898
）
$
423

$
-

$
(475
）
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