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DERIVATIVE INSTRUMENTS (Tables)
 6 Months Ended
Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair value of derivative instruments
The following table presents the fair value of derivative instruments outstanding at December 31, 2015 and June 30, 2015:
 
Asset
 
Liability
 
Balance Sheet Classification
 
Fair Value
 
Balance Sheet Classification
 
Fair Value
 
 
 
December 31, 2015
 
June 30, 2015
 
 
 
December 31, 2015
 
June 30, 2015
Derivatives designated as hedges:
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
Prepaid expenses and
other current assets
 
$
5.7

 
$
6.8

 
Accrued expenses and
other current liabilities
 
$
—

 
$
4.8

Interest rate swap contracts
Prepaid expenses and other current assets
 
—

 
—

 
Accrued expenses and other current liabilities
 
4.4

 
—

Interest rate swap contracts
Other noncurrent assets
 
7.2

 
—

 
Other noncurrent liabilities
 
—

 
—

Total derivatives designated as hedges
 
 
$
12.9

 
$
6.8

 
 
 
$
4.4

 
$
4.8

Derivatives not designated as hedges:
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange forward contracts
Prepaid expenses and
other current assets
 
$
0.8

 
$
5.6

 
Accrued expenses and
other current liabilities
 
$
12.1

 
$
1.5

Total derivatives not designated as hedges
 
 
$
0.8

 
$
5.6

 
 
 
$
12.1

 
$
1.5

Total derivatives
 
 
$
13.7

 
$
12.4

 
 
 
$
16.5

 
$
6.3
Gross amount of foreign exchange hedges recorded in Condensed Consolidated Balance Sheet
The table below presents the gross amount of foreign exchange forward contract hedges recorded as assets and liabilities in Prepaid expenses and other current assets and Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheet respectively, as of December 31, 2015:
 
 
 
 
 
 
 
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets
 
 
 
Gross Amounts Recognized
 
Gross Amounts Offset in the Condensed Consolidated Statements of Operations
 
Net Amount Presented in the Condensed Consolidated Balance Sheets
 
Financial Instruments
 
Cash Collateral Received
 
Net Amount
Assets
$
8.1

 
$
(1.6
)
 
$
6.5

 
$
—

 
$
—

 
$
6.5

Liabilities
$
(14.2
)
 
$
2.1

 
$
(12.1
)
 
$
—

 
$
—

 
$
(12.1
)
The table below presents the gross amount of foreign exchange forward contract hedges recorded as assets and liabilities in Prepaid expenses and other current assets and Accrued expenses and other current liabilities in the Consolidated Balance Sheet, respectively, as of June 30, 2015:
 
 
 
 
 
 
 
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets
 
 
 
Gross Amounts Recognized
 
Gross Amounts Offset in the Condensed Consolidated Statements of Operations
 
Net Amount Presented in the Condensed Consolidated Balance Sheets
 
Financial Instruments
 
Cash Collateral Received
 
Net Amount
Assets
$
16.1

 
$
(3.7
)
 
$
12.4

 
$
—

 
$
—

 
$
12.4

Liabilities
$
(6.5
)
 
$
0.2

 
$
(6.3
)
 
$
—

 
$
—

 
$
(6.3
)
Gross amount of foreign exchange hedges recorded as liabilities in Condensed Consolidated Balance Sheet
The table below presents the gross amount of foreign exchange forward contract hedges recorded as assets and liabilities in Prepaid expenses and other current assets and Accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheet respectively, as of December 31, 2015:
 
 
 
 
 
 
 
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets
 
 
 
Gross Amounts Recognized
 
Gross Amounts Offset in the Condensed Consolidated Statements of Operations
 
Net Amount Presented in the Condensed Consolidated Balance Sheets
 
Financial Instruments
 
Cash Collateral Received
 
Net Amount
Assets
$
8.1

 
$
(1.6
)
 
$
6.5

 
$
—

 
$
—

 
$
6.5

Liabilities
$
(14.2
)
 
$
2.1

 
$
(12.1
)
 
$
—

 
$
—

 
$
(12.1
)
The table below presents the gross amount of foreign exchange forward contract hedges recorded as assets and liabilities in Prepaid expenses and other current assets and Accrued expenses and other current liabilities in the Consolidated Balance Sheet, respectively, as of June 30, 2015:
 
 
 
 
 
 
 
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets
 
 
 
Gross Amounts Recognized
 
Gross Amounts Offset in the Condensed Consolidated Statements of Operations
 
Net Amount Presented in the Condensed Consolidated Balance Sheets
 
Financial Instruments
 
Cash Collateral Received
 
Net Amount
Assets
$
16.1

 
$
(3.7
)
 
$
12.4

 
$
—

 
$
—

 
$
12.4

Liabilities
$
(6.5
)
 
$
0.2

 
$
(6.3
)
 
$
—

 
$
—

 
$
(6.3
)
Amount of gains and losses related to derivative financial instruments not designated as hedging instruments
The amount of gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments during the three and six months ended December 31, 2015 and 2014 is presented below:
Condensed Consolidated Statements of Operations
Classification of Gain (Loss) Recognized in Operations
Three Months
Ended December 31,
 
Six Months Ended
December 31,
 
2015
 
2014
 
2015
 
2014
Cost of sales
$
—

 
$
0.1

 
$
—

 
$
0.1

Selling, general and administrative expenses
—

 
1.6

 
1.3

 
2.5

Interest expense, net
26.5

 
5.5

 
23.7

 
7.3

Other (expense) income, net(a)
(24.2
)
 
—

 
(24.2
)
 
—



(a) During the three and six months ended December 31, 2015, the Company recognized $18.1 and $6.1 of realized and unrealized losses, respectively, on foreign currency forward contracts related to the advance payment as described in Note 9.
Reclassification out of Accumulated Other Comprehensive Income
The amount of gains and losses recognized in OCI in the Condensed Consolidated Balance Sheets related to the Company’s derivative and non-derivative financial instruments which are designated as hedging instruments for the three and six months ended December 31, 2015 and 2014 is presented below:
Gain (Loss) Recognized in OCI
Three Months
Ended December 31,
 
Six Months Ended
December 31,
 
2015
 
2014
 
2015
 
2014
Foreign exchange forward contracts
$
0.9

 
$
9.1

 
$
7.6

 
$
17.3

Interest rate swap contracts
2.5

 
—

 
2.5

 
—

Net investment hedge
9.1

 
—

 
9.1

 
—

The amount of gains and losses reclassified from AOCI to the Condensed Consolidated Statements of Operations related to the Company’s derivative financial instruments which are designated as hedging instruments during the three and six months ended December 31, 2015 and 2014 is presented below:
Condensed Consolidated Statements of Operations Classification of Gain (Loss) Reclassified from AOCI/(L)
Three Months
Ended December 31,
 
Six Months Ended
December 31,
 
2015
 
2014
 
2015
 
2014
Foreign exchange forward contracts:
 
 
 
 
 
 
 
Net revenue
$
1.4

 
$
1.5

 
$
2.8

 
$
1.9

Cost of Sales
0.1

 
(1.8
)
 
0.1

 
(1.6
)
Interest rate swap contracts:
 
 
 
 
 
 
 
Interest expense
$
(0.8
)
 
$
—

 
$
(0.8
)
 
$
—