DERIVATIVES AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of March 31, 2023, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional Amount
Interest Rate Swap	4	$400,000

As of March 31, 2023, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations:

Foreign Currency Derivative	Number of Instruments	Notional Sold	Notional Purchased
Cross-currency swap	4	€100,300	$105,804

As of March 31, 2023, the Company had the following outstanding foreign currency derivatives that were used to hedge changes in fair value attributable to foreign exchange risk:

Foreign Currency Derivative	Number of Instruments	Notional Sold	Notional Purchased
Cross-currency swap	1	€24,700	$26,021

As of March 31, 2023 and June 30, 2022, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:

	Carrying Amount of the Hedged Asset				Cumulative Amount of Fair Value Hedge Adjustment Included in the Carrying Amount of the Hedged Asset
	March 31, 2023		June 30, 2022		March 31, 2023		June 30, 2022
Intercompany loan receivable	$	26,772	$	25,899	$	751	$	122

Derivative Financial Instruments and Classification on Consolidated Balance Sheets

Designated Hedges

The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of March 31, 2023:

	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps	Prepaid expenses and other current assets	$	6,217	Accrued expenses and other current liabilities	$	—
Interest rate swaps	Other noncurrent assets	277		Other noncurrent liabilities	—
Cross-currency swaps	Prepaid expenses and other current assets	2,364		Accrued expenses and other current liabilities	—
Cross-currency swaps	Other noncurrent assets	—		Other noncurrent liabilities	540
Total derivatives designated as hedging instruments		$	8,858		$	540

The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of June 30, 2022:

	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps	Prepaid expenses and other current assets	$	4,230	Accrued expenses and other current liabilities	$	—
Interest rate swaps	Other noncurrent assets	—		Other noncurrent liabilities	3,184
Cross-currency swaps	Prepaid expenses and other current assets	2,400		Accrued expenses and other current liabilities	—
Cross-currency swaps	Other noncurrent assets	846		Other noncurrent liabilities	—
Total derivatives designated as hedging instruments		$	7,476		$	3,184

Pre-Tax Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss

The following table presents the pretax effect of cash flow hedge accounting on AOCL and Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022:

Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCL on Derivatives				Location of Gain (Loss) Reclassified from AOCL into Income (Expense)	Amount of Gain (Loss) Reclassified from AOCL into Income (Expense)
	Three Months Ended March 31,					Three Months Ended March 31,
	2023		2022			2023		2022
Interest rate swaps	$	(4,285)	$	2,023	Interest and other financing expense, net	$	1,792	$	(64)
Cross-currency swaps	—		503		Interest and other financing expense, net / Other expense (income), net	(46)		683
Foreign currency forward contracts	—		15		Cost of sales	—		81
Total	$	(4,285)	$	2,541		$	1,746	$	700

The following table presents the pretax effect of cash flow hedge accounting on AOCL and Consolidated Statements of Operations for the nine months ended March 31, 2023 and 2022:

Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in AOCL on Derivatives				Location of Gain (Loss) Reclassified from AOCL into Income (Expense)	Amount of Gain (Loss) Reclassified from AOCL into Income (Expense)
	Nine Months Ended March 31,					Nine Months Ended March 31,
	2023		2022			2023		2022
Interest rate swaps	$	10,295	$	2,678	Interest and other financing expense, net	$	4,927	$	(273)
Cross-currency swaps	—		1,872		Interest and other financing expense, net / Other expense (income), net	(276)		2,085
Foreign currency forward contracts	80		(64)		Cost of sales	—		107
Total	$	10,375	$	4,486		$	4,651	$	1,919

The following table presents the pretax effect of fair value hedge accounting on AOCL and Consolidated Statements of Operations as of the three months ended March 31, 2023 and 2022:

Derivatives in Fair Value Hedging Relationships	Amount of Loss Recognized in AOCL on Derivatives				Location of Gain Reclassified from AOCL into Income on Derivatives (Amount Excluded from Effectiveness Testing)	Amount of Gain Reclassified from AOCL into Income on Derivatives (Amount Excluded from Effectiveness Testing)
	Three Months Ended March 31,					Three Months Ended March 31,
	2023		2022			2023		2022
Cross-currency swaps	$	(38)	$	—	Interest and other financing expense, net / Other expense (income), net	$	121	$	—

The following table presents the pretax effect of fair value hedge accounting on AOCL and Consolidated Statements of Operations as of the nine months ended March 31, 2023 and 2022:

Derivatives in Fair Value Hedging Relationships	Amount of Gain Recognized in AOCL on Derivatives				Location of Gain Reclassified from AOCL into Income on Derivatives (Amount Excluded from Effectiveness Testing)	Amount of Gain Reclassified from AOCL into Income on Derivatives (Amount Excluded from Effectiveness Testing)
	Nine Months Ended March 31,					Nine Months Ended March 31,
	2023		2022			2023		2022
Cross-currency swaps	$	85	$	—	Interest and other financing expense, net / Other expense (income), net	$	367	$	—

Pre-Tax Effect of Derivative Financial Instruments Electing Cash Flow Hedge Accounting on Consolidated Statements of Operations

The following table presents the pretax effect of the Company’s derivative financial instruments electing cash flow hedge accounting on the Consolidated Statements of Operations for the three months ended of March 31, 2023 and 2022:

				Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Cash Flow Hedging Relationships
				Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
				Cost of sales		Interest and other financing expense, net		Other expense/income, net		Cost of sales		Interest and other financing expense, net		Other expense/income, net
The effects of cash flow hedging:
	Gain (loss) on cash flow hedging relationships
		Interest rate swaps
			Amount of gain (loss) reclassified from AOCL into income	$	—	$	1,792	$	—	$	—	$	(64)	$	—
		Cross-currency swaps
			Amount of (loss) gain reclassified from AOCL into income	$	—	$	(46)	$	—	$	—	$	46	$	637
		Foreign currency forward contracts
			Amount of gain reclassified from AOCL into income	$	—	$	—	$	—	$	81	$	—	$	—

The following table presents the pretax effect of the Company’s derivative financial instruments electing cash flow hedge accounting on the Consolidated Statements of Operations for the nine months ended of March 31, 2023 and 2022:

				Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Cash Flow Hedging Relationships
				Nine Months Ended March 31, 2023						Nine Months Ended March 31, 2022
				Cost of sales		Interest and other financing expense, net		Other expense (income), net		Cost of sales		Interest and other financing expense, net		Other expense (income), net
The effects of cash flow hedging:
	Gain (loss) on cash flow hedging relationships
		Interest rate swaps
			Amount of gain (loss) reclassified from AOCL into income	$	—	$	4,088	$	—	$	—	$	(273)	$	—
		Cross-currency swaps
			Amount of (loss) gain reclassified from AOCL into income	$	—	$	(276)	$	—	$	—	$	131	$	1,954
		Foreign currency forward contracts
			Amount of gain reclassified from AOCL into income	$	—	$	—	$	—	$	107	$	—	$	—

The following table presents the pretax effect of the Company’s derivative financial instruments electing fair value hedge accounting on the Consolidated Statements of Operations for the three months ended of March 31, 2023 and 2022:

				Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Fair Value Hedging Relationships
				Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
				Cost of sales		Interest and other financing expense, net		Other expense/income, net		Cost of sales		Interest and other financing expense, net		Other expense/income, net
The effects of fair value hedging:
	Gain (loss) on fair value hedging relationships
		Cross-currency swaps
			Amount of loss reclassified from AOCL into income	$	—	$	(210)	$	—	$	—	$	—	$	—

The following table presents the pretax effect of the Company’s derivative financial instruments electing fair value hedge accounting on the Consolidated Statements of Operations for the nine months ended of March 31, 2023 and 2022:

				Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Fair Value Hedging Relationships
				Nine Months Ended March 31, 2023						Nine Months Ended March 31, 2022
				Cost of sales		Interest and other financing expense, net		Other expense (income), net		Cost of sales		Interest and other financing expense, net		Other expense (income), net
The effects of fair value hedging:
	Gain (loss) on fair value hedging relationships
		Cross-currency swaps
			Amount of loss reclassified from AOCL into income	$	—	$	(506)	$	—	$	—	$	—	$	—

Pre-Tax Effect of Net Investment Hedges on Accumulated Other Comprehensive Loss and the Consolidated Statements of Operations

The following table presents the pretax effect of the Company’s net investment hedges on AOCL and the Consolidated Statements of Operations for the three months ended March 31, 2023 and 2022:

Derivatives in Net Investment Hedging Relationships	Amount of (Loss) Gain Recognized in AOCL on Derivatives				Location of (Loss) Gain Recognized in (Expense) Income on Derivatives	Amount of Gain (Loss) Recognized in Income (Expense) on Derivatives
	Three Months Ended March 31,					Three Months Ended March 31,
	2023		2022			2023		2022
Cross-currency swaps	$	(144)	$	1,569	Interest and other financing expense, net	$	484	$	143

The following table presents the pretax effect of the Company’s net investment hedges on AOCL and the Consolidated Statements of Operations for the nine months ended March 31, 2023 and 2022:

Derivatives in Net Investment Hedging Relationships	Amount of Gain Recognized in AOCL on Derivatives				Location of (Loss) Gain Recognized in (Expense) Income on Derivatives	Amount of (Loss) Gain Recognized in (Expense) Income on Derivatives
	Nine Months Ended March 31,					Nine Months Ended March 31,
	2023		2022			2023		2022
Cross-currency swaps	$	335	$	5,836	Interest and other financing expense, net	$	1,474	$	413