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Derivative Instruments and Hedging Activities (Tables)
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9 Months Ended |
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Mar. 31, 2014 |
| 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,
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(In thousands)
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Location in Financial Statements
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2014
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2013
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2014
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2013
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Derivatives Designated as Hedging Instruments
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Gains (losses) in accumulated OCI on derivatives (effective portion)
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Accumulated OCI
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$
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(1,752
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)
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$
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842
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$
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1,821
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$
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2,843
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Gains (losses) reclassified from accumulated OCI into income (effective portion):
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Revenues
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$
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895
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$
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720
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$
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3,217
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$
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146
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Costs of revenues
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39
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128
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255
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(262
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)
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Total gains (losses) reclassified from accumulated OCI into income (effective portion)
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$
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934
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$
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848
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$
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3,472
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$
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(116
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)
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Gains recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)
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Interest income and other, net
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$
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38
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$
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61
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$
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64
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$
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73
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Derivatives Not Designated as Hedging Instruments
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Gains (losses) recognized in income
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Interest income and other, net
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$
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(1,179
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)
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$
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4,514
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$
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4,168
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$
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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)
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As of
March 31, 2014
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As of
June 30, 2013
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Cash flow hedge contracts
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Purchase
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$
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7,598
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$
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14,641
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Sell
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$
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38,773
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$
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35,178
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Other foreign currency hedge contracts
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Purchase
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$
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122,156
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$
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99,175
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Sell
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$
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143,774
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$
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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
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(In thousands)
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Fair Value
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Fair Value
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Derivatives designated as hedging instruments
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Foreign exchange contracts
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Other current assets
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$
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460
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$
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362
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Other current liabilities
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$
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115
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$
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384
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Total derivatives designated as hedging instruments
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$
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460
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$
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362
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$
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115
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$
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384
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Derivatives not designated as hedging instruments
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Foreign exchange contracts
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Other current assets
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$
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2,193
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$
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3,654
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Other current liabilities
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$
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845
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$
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1,789
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Total derivatives not designated as hedging instruments
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$
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2,193
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$
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3,654
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$
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845
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$
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1,789
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Total derivatives
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$
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2,653
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$
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4,016
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$
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960
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$
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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,
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(In thousands)
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2014
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2013
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2014
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2013
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Beginning balance
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$
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3,519
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$
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2,003
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$
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2,484
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$
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(962
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)
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Amount reclassified to income
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(934
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)
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(848
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)
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(3,472
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)
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116
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Net change
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(1,752
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)
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842
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1,821
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2,843
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Ending balance
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$
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833
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$
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1,997
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$
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833
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$
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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
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Derivatives - Assets
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$
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2,653
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$
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—
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$
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2,653
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$
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(960
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)
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$
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—
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$
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1,693
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Derivatives - Liabilities
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$
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(960
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)
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$
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—
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$
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(960
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$
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960
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$
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—
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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
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Derivatives - Assets
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$
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4,016
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$
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—
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$
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4,016
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$
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(1,520
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)
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$
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—
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$
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2,496
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Derivatives - Liabilities
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$
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(2,173
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)
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$
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—
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$
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(2,173
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)
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$
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1,520
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$
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—
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$
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(653
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)
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