Derivative Financial Instruments (Tables)

12 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of Outstanding Forward Contracts

As of September 30, 2019 and 2018, we had outstanding forward contracts for derivatives not designated as hedging instruments with notional amounts equivalent to the following:

 

(in thousands)	September 30,
Currency Hedged	2019		2018
Canadian / U.S. Dollar	$	9,408	$	7,334
Euro / U.S. Dollar	308,282		297,730
British Pound / U.S. Dollar	3,756		7,074
Israeli Sheqel / U.S. Dollar	10,272		9,778
Japanese Yen / U.S. Dollar	37,462		37,456
Swiss Franc / U.S. Dollar	12,001		11,944
Swedish Krona / U.S. Dollar	20,636		18,207
Chinese Yuan offshore / U.S. Dollar	43,387		116
Singapore Dollar / U.S. Dollar	34,585		1,314
Chinese Renminbi / U.S. Dollar	9,079		9,010
All other	9,487		5,993
Total	$	498,355	$	405,956

As of September 30, 2019 and 2018, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following:

Currency Hedged (in thousands)	2019		2018
Euro / U.S. Dollar	$	183,396	$	—
Total	$	183,396	$	—

As of September 30, 2018, we had outstanding forward contracts designated as cash flow hedges with notional amounts equivalent to the following:

(in thousands)	September 30,
Currency Hedged	2019		2018
Euro / U.S. Dollar	$	—	$	8,495
Japanese Yen / U.S. Dollar	—		2,193
SEK / U.S. Dollar	—		1,708
Total	$	—	$	12,396

Derivative Instruments, Gain (Loss)

The following table shows the effect of our derivative instruments designated as cash flow hedges in the Consolidated Statements of Operations for the years ended September 30, 2019 and 2018 (in thousands):

Derivatives Designated as Hedging Instruments	Gain or (Loss) Recognized in OCI-Effective Portion							Location of Gain or (Loss) Reclassified from OCI into Income-Effective Portion	Gain or (Loss) Reclassified from OCI into Income-Effective Portion								Location of Gain or (Loss) Recognized-Ineffective Portion	Gain or (Loss) Recognized-Ineffective Portion
	Year ended September 30,
	2019		2018		2017				2019		2018			2017				2019		2018		2017
Forward Contracts	$	187	$	1,652	$	(866	)	Software Revenue	$	627	$	(552	)	$	(524	)	Other Income (Expense)	$	—	$	21	$	(49	)

The following table shows the effect of our non-designated hedges in the Consolidated Statements of Operations for the years ended September 30, 2019, 2018 and 2017 (in thousands):

Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income	Net realized and unrealized gain or (loss) (excluding the underlying foreign currency exposure being hedged)
		Year ended September 30,
		2019			2018			2017
Forward Contracts	Other income (expense), net	$	(6,716	)	$	(9,720	)	$	870

The following table shows the effect of our derivative instruments designated as net investment hedges in the Consolidated Statements of Operations for the years ended September 30, 2019 and 2018 (in thousands):

Derivatives Designated as Hedging Instruments	Gain or (Loss) Recognized in OCI-Effective Portion							Location of Gain or (Loss) Reclassified from OCI -Effective Portion	Gain or (Loss) Reclassified from OCI-Effective Portion							Location of Gain or (Loss) Excluded from Effectiveness Testing	Gain or (Loss) Recognized-Excluded Portion
	Year ended September 30,
	2019			2018		2017			2019			2018		2017			2019		2018		2017
Forward Contracts	$	(2,925	)	$	—	$	—	Accumulated other comprehensive loss	$	(7,630	)	$	—	$	—	Other income (expense), net	$	4,598	$	—	$	—

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table shows our derivative instruments measured at gross fair value as reflected in the Consolidated Balance Sheets:

(in thousands)	September 30,
	Fair Value of Derivatives Designated As Hedging Instruments				Fair Value of Derivatives Not Designated As Hedging Instruments
	2019		2018		2019		2018
Derivative assets (a):
Forward Contracts	$	1,674	$	440	$	1,390	$	2,449
Derivative liabilities (b):
Forward Contracts	$	—	$	—	$	2,771	$	3,419

(a) As of September 30, 2019, $3.1 million current derivative assets are recorded in other current assets, in the Consolidated Balance Sheets. As of September 30, 2018, $2.9 million current derivative assets are recorded in other current assets, in the Consolidated Balance Sheets.

(b) As of September 30, 2019, $2.8 million current derivative liabilities are recorded in accrued expenses and other current liabilities in the Consolidated Balance Sheets. As of September 30, 2018, $3.4 million current derivative liabilities are recorded in accrued expenses and other current liabilities in the Consolidated Balance Sheets.

Offsetting Assets

The following table sets forth the offsetting of derivative assets as of September 30, 2019:

(in thousands)	Gross Amounts Offset in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets
September 30, 2019	Gross Amount of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Received		Net Amount
Forward Contracts	$	3,064	$	—	$	3,064	$	(2,771	)	$	—	$	293

Offsetting Liabilities

The following table sets forth the offsetting of derivative liabilities as of September 30, 2019:

(in thousands)	Gross Amounts Offset in the Consolidated Balance Sheets						Gross Amounts Not Offset in the Consolidated Balance Sheets
September 30, 2019	Gross Amount of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Liabilities Presented in the Consolidated Balance Sheets		Financial Instruments			Cash Collateral Pledged		Net Amount
Forward Contracts	$	2,771	$	—	$	2,771	$	(2,771	)	$	—	$	—