DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments, Location, Designated and Non-Designated, Gains (Losses)

The gains (losses) on derivatives in cash flow hedging relationships recognized in OCI for the indicated periods were as follows:

	Three Months Ended
	September 30,
(In thousands)	2020		2019
Derivatives Designated as Hedging Instruments:
Foreign exchange contracts:
Amounts included in the assessment of effectiveness	$	(872)	$	(740)
Amounts excluded from the assessment of effectiveness	$	(46)	$	(2)

    The locations and amounts of designated and non-designated derivative’s gains and losses reported in the Condensed Consolidated Statements of Operations for the indicated periods were as follows:

	Three Months Ended September 30,								Three Months Ended September 30,
	2020								2019
(In thousands)	Revenue		Cost of Revenues and Operating Expenses		Interest Expense		Other Expense (Income), Net		Revenue		Cost of Revenues and Operating Expenses		Interest Expense		Other Expense (Income), Net
Total amounts presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$	1,538,620	$	1,012,231	$	39,386	$	3,197	$	1,413,414	$	1,003,166	$	40,350	$	(1,618)
Gains (losses) on Derivatives Designated as Hedging Instruments:
Rate lock agreements:
Amount of gains (losses) reclassified from accumulated OCI to earnings	$	—	$	—	$	(279)	$	—	$	—	$	—	$	(99)	$	—
Foreign exchange contracts:
Amount of gains (losses) reclassified from accumulated OCI to earnings	$	(90)	$	550	$	—	$	—	$	475	$	(1,801)	$	—	$	—
Amount excluded from the assessment of effectiveness recognized in earnings based on an amortization approach	$	(127)	$	—	$	—	$	—	$	(102)	$	—	$	—	$	—
Gains (losses) on Derivatives Not Designated as Hedging Instruments:
Amount of gains (losses) recognized in earnings	$	—	$	—	$	—	$	(5,598)	$	—	$	—	$	—	$	2,325

Schedule of Notional Amounts of Derivatives Outstanding

The U.S. dollar equivalent of all outstanding notional amounts of foreign currency hedge contracts, with maximum remaining maturities of approximately seven months as of the dates indicated below were as follows:

	As of		As of
(In thousands)	September 30, 2020		June 30, 2020
Cash flow hedge contracts - foreign currency
Purchase	$	10,393	$	10,705
Sell	$	72,007	$	71,431
Other foreign currency hedge contracts
Purchase	$	310,356	$	329,310
Sell	$	331,908	$	357,939

Schedule of Derivative Instruments, Fair Value

The locations and fair value of our derivatives reported in our Condensed Consolidated Balance Sheets as of the dates indicated below were as follows: 

	Asset Derivatives					Liability Derivatives
	Balance Sheet	As of		As of		Balance Sheet	As of		As of
	Location	September 30, 2020		June 30, 2020		Location	September 30, 2020		June 30, 2020
(In thousands)		Fair Value					Fair Value
Derivatives designated as hedging instruments
Foreign exchange contracts	Other current assets	$	314	$	680	Other current liabilities	$	427	$	45
Total derivatives designated as hedging instruments		314		680			427		45
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets	2,884		1,397		Other current liabilities	2,459		1,365
Total derivatives not designated as hedging instruments		2,884		1,397			2,459		1,365
Total derivatives		$	3,198	$	2,077		$	2,886	$	1,410

Balances and Changes in Accumulated Other Comprehensive Income Related to Derivative Instruments

The changes in OCI, before taxes, related to derivatives for the indicated periods were as follows:

	Three Months Ended
	September 30,
(In thousands)	2020		2019
Beginning balance	$	(29,602)	$	(10,791)
Amount reclassified to earnings	(54)		1,527
Net change in unrealized gains or losses	(918)		(742)
Ending balance	$	(30,574)	$	(10,006)

Offsetting of Assets and Liabilities

The information related to the offsetting arrangements for the periods indicated was as follows (in thousands):

As of September 30, 2020							Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets
Description	Gross Amounts of Derivatives		Gross Amounts of Derivatives Offset in the Condensed Consolidated Balance Sheets		Net Amount of Derivatives Presented in the Condensed Consolidated Balance Sheets		Financial Instruments		Cash Collateral Received		Net Amount
Derivatives - Assets	$	3,198	$	—	$	3,198	$	(2,081)	$	—	$	1,117
Derivatives - Liabilities	$	(2,886)	$	—	$	(2,886)	$	2,081	$	—	$	(805)

As of June 30, 2020							Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets
Description	Gross Amounts of Derivatives		Gross Amounts of Derivatives Offset in the Condensed Consolidated Balance Sheets		Net Amount of Derivatives Presented in the Condensed Consolidated Balance Sheets		Financial Instruments		Cash Collateral Received		Net Amount
Derivatives - Assets	$	2,077	$	—	$	2,077	$	(1,020)	$	—	$	1,057
Derivatives - Liabilities	$	(1,410)	$	—	$	(1,410)	$	1,020	$	—	$	(390)