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Derivative Instruments and Hedging Activities (Tables)
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6 Months Ended |
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Dec. 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
December 31,
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Six months ended
December 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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11,924
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$
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3,864
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$
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13,957
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$
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3,573
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Gains reclassified from accumulated OCI into income (effective portion):
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Revenues
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$
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1,933
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$
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(128
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)
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$
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2,202
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$
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2,322
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Costs of revenues
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(475
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)
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150
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(516
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)
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216
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Interest expense
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126
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—
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126
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—
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Net gains reclassified from accumulated OCI into income (effective portion)
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$
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1,584
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$
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22
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$
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1,812
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$
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2,538
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Gains (losses) 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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77
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$
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44
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$
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120
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$
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26
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Derivatives Not Designated as Hedging Instruments
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Gains recognized in income
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Interest income and other, net
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$
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7,187
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$
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2,722
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$
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11,112
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$
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5,348
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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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—
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$
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1,180
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$
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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)
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As of
December 31, 2014
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As of
June 30, 2014
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Cash flow hedge contracts
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Purchase
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$
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24,672
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$
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6,066
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Sell
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$
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50,058
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$
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33,999
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Other foreign currency hedge contracts
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Purchase
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$
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106,993
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$
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108,901
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Sell
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$
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139,157
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$
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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
December 31, 2014
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As of
June 30, 2014
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Balance Sheet Location
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As of
December 31, 2014
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As of
June 30, 2014
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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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3,817
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$
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120
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Other current liabilities
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$
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460
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$
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100
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Total derivatives designated as hedging instruments
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$
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3,817
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$
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120
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$
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460
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$
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100
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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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7,767
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$
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546
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Other current liabilities
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$
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1,356
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$
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798
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Total derivatives not designated as hedging instruments
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$
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7,767
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$
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546
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$
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1,356
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$
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798
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Total derivatives
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$
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11584年
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$
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666
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$
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1,816
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$
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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
December 31,
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Six months ended
December 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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1,785
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$
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(323
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)
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$
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(20
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$
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2,484
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Amount reclassified to income
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(1,584
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(22
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(1,812
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(2,538
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Net change
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11,924
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3,864
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13,957
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3,573
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Ending balance
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$
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12,125
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$
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3,519
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$
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12,125
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$
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3,519
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| Offsetting of Assets and Liabilities |
As of
December 31, 2014
and
June 30, 2014
, information related to the offsetting arrangements was as follows (in thousands):
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As of December 31, 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
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Derivatives - Assets
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$
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11584年
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$
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—
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$
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11584年
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$
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(1,816
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$
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—
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$
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9,768
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Derivatives - Liabilities
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$
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(1,816
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)
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$
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—
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$
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(1,816
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$
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1,816
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$
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—
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$
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—
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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
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Derivatives - Assets
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$
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666
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$
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—
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$
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666
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$
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(423
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)
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$
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—
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$
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243
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Derivatives - Liabilities
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$
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(898
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)
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$
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—
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$
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(898
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)
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$
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423
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$
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—
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$
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(475
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)
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