Comprehensive Text Block List

3 Months Ended

Sep. 30, 2022

Text Block [Abstract]

Derivatives and Fair Value

Derivatives

In connection with the agreement to purchase Micromine, the Company also entered into foreign currency forward contracts on August 2, 2022 for a six-month period ending on February 6, 2023 to mitigate the impact of foreign currency exchange associated with the forecasted payment of purchase price. The acquisition is expected to close in the second quarter of fiscal 2023.

The notional amounts of our outstanding derivatives are in total AU $900 million. As of September 30, 2022, the fair values of our derivative instruments were $50.3 million and were recorded to the liability from foreign currency forward contract caption on the consolidated and combined balance sheets. For the three months ended September 30, 2022, the Company recognized losses of $50.3 million and recorded as part of the other income (expense), net on the consolidated and combined statements of operations.