XML 50 R40.htm IDEA: XBRL DOCUMENT v3.22.2.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Sep. 30, 2022
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 and net investment hedging relationships recognized in other comprehensive income for the indicated periods were as follows:
Three Months Ended September 30,
(In thousands)20222021
Derivatives Designated as Cash Flow Hedging Instruments:
Rate lock agreements:
Amounts included in the assessment of effectiveness$937 $— 
Foreign exchange contracts:
Amounts included in the assessment of effectiveness$816 $853 
Amounts excluded from the assessment of effectiveness$15 $(1)
Derivatives Designated as Net Investment Hedging Instruments:
Foreign exchange contracts(1):
$3,679 $650 
    __________________ 
(1)No amounts were reclassified from AOCI into earnings related to the sale of a subsidiary, as there were no such sales during the periods presented.
The locations and amounts of designated and non-designated derivatives’ 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,
20222021
(In thousands)RevenuesCosts of Revenues and Operating ExpensesInterest ExpenseOther Expense (Income), NetRevenuesCosts of Revenues and Operating ExpensesInterest ExpenseOther Expense (Income), Net
Total amounts presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded$2,724,424 $1,613,721 $74,395 $(47,006)$2,083,838 $1,265,038 $38,312 $14,140 
Gains (Losses) on Derivatives Designated as Hedging Instruments:
Rate lock agreements:
Amount of gains (losses) reclassified from AOCI to earnings$— $— $937 $— $— $— $(279)$— 
Foreign exchange contracts:
Amount of gains (losses) reclassified from AOCI to earnings$14,915 $(5,367)$— $— $1,843 $(232)$— $— 
Amount excluded from the assessment of effectiveness recognized in earnings$(310)$— $— $455 $(114)$— $— $657 
Gains (Losses) on Derivatives Not Designated as Hedging Instruments:
Amount of gains (losses) recognized in earnings$— $— $— $14,374 $— $— $— $1,069 
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 11 months as of the dates indicated below, were as follows:
As ofAs of
(In thousands)September 30, 2022June 30, 2022
Cash flow hedge contracts - foreign currency
Purchase$122,528 $124,641 
Sell$207,905 $176,259 
Net investment hedge contracts - foreign currency
Purchase$66,516 $— 
Sell$66,436 $66,436 
Other foreign currency hedge contracts
Purchase$475,015 $565,586 
Sell$435,525 $389,368 
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 DerivativesLiability Derivatives
Balance SheetAs ofAs ofBalance SheetAs ofAs of
 LocationSeptember 30, 2022June 30, 2022LocationSeptember 30, 2022June 30, 2022
(In thousands)Fair ValueFair Value
Derivatives designated as hedging instruments
Foreign exchange contractsOther current assets21,176 20,595 Other current liabilities(12,989)8,406 
Total derivatives designated as hedging instruments21,176 20,595 (12,989)8,406 
Derivatives not designated as hedging instruments
Foreign exchange contractsOther current assets23,813 19,716 Other current liabilities(30,098)25,909 
Total derivatives not designated as hedging instruments23,813 19,716 (30,098)25,909 
Total derivatives$44,989 $40,311 $(43,087)$34,315 
Schedule of Balances and Changes in Accumulated Other Comprehensive Income Related to Derivative Instruments The changes in AOCI, before taxes, related to derivatives for the indicated periods were as follows:
Three Months Ended September 30,
(In thousands)20222021
Beginning AOCI$77,018 $(25,830)
Amount reclassified to earnings as net (gains) losses(10,175)(1,218)
Net change in unrealized gains (losses)5,447 1,502 
Ending AOCI$72,290 $(25,546)
Schedule of Offsetting Derivative Assets The information related to the offsetting arrangements for the periods indicated was as follows:
As of September 30, 2022Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets
(In thousands)
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 InstrumentsCash Collateral ReceivedNet Amount
Derivatives - assets$44,989 $— $44,989 $(27,133)$— $17,856 
Derivatives - liabilities$(43,087)$— $(43,087)$27,133 $— $(15,954)
As of June 30, 2022Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets
(In thousands)
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 InstrumentsCash Collateral ReceivedNet Amount
Derivatives - assets$40,311 $— $40,311 $(12,291)$— $28,020 
Derivatives - liabilities$(34,315)$— $(34,315)$12,291 $— $(22,024)
Schedule of Offsetting Derivative Liabilities The information related to the offsetting arrangements for the periods indicated was as follows:
As of September 30, 2022Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets
(In thousands)
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 InstrumentsCash Collateral ReceivedNet Amount
Derivatives - assets$44,989 $— $44,989 $(27,133)$— $17,856 
Derivatives - liabilities$(43,087)$— $(43,087)$27,133 $— $(15,954)
As of June 30, 2022Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets
(In thousands)
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 InstrumentsCash Collateral ReceivedNet Amount
Derivatives - assets$40,311 $— $40,311 $(12,291)$— $28,020 
Derivatives - liabilities$(34,315)$— $(34,315)$12,291 $— $(22,024)