Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Derivative Instruments

The following table presents our assets and liabilities related to derivative instruments on a gross basis within the condensed consolidated balance sheets (in thousands):

	December 31, 2022		June 30, 2022		Balance Sheet Caption
Derivative Assets
Not Designated as Hedging Instruments
Foreign currency hedging instruments	$	13,944	$	151	Prepaid expenses and other current assets
Foreign currency hedging instruments	672		9		Prepaid taxes and other non-current assets
Total derivative assets	$	14,616	$	160
Derivative Liabilities
Designated as Hedging Instruments
Foreign cross-currency swaps – Fair Value Hedge	$	13,747	$	—	Other long-term liabilities
Foreign cross-currency swaps – Net Investment Hedge	22,831		—		Other long-term liabilities
Not Designated as Hedging Instruments
Foreign currency hedging instruments	2,079		1,947		Accrued expenses
Foreign currency hedging instruments	1,364		—		Other long-term liabilities
Total derivative liabilities	$	40,021	$	1,947

Schedule of Derivative Gains (Losses)

We recognized the following gains (losses) on the foreign cross currency swaps designated as fair value hedges (in thousands):

	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Gain (loss) recognized in other comprehensive income (loss)	$	(4,610)	$	—	$	(4,610)	$	—
Gain (loss) recognized on cross-currency swap in interest (expense) income, net (amount excluded from effectiveness testing)	847		—		847		—
Gain (loss) recognized on cross-currency swap in other, net	(9,137)		—		(9,137)		—
Gain (loss) recognized on long-term debt in other, net	9,137		—		9,137		—

We recognized the following gains (losses) on the foreign cross currency swaps designated as net investment hedges (in thousands):

	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Gain (loss) recognized in cumulative translation adjustment within other comprehensive income (loss)	$	(22,831)	$	—	$	(22,831)	$	—
Gain (loss) recognized from the excluded components in interest (expense) income, net	2,126		—		2,126		—

We recognized the following gains (losses) in the condensed consolidated statement of operations on derivatives not designated as hedging instruments (in thousands):

	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
Gain (loss) recognized on foreign currency hedging instruments in other, net	$	40,090	$	(52)	$	19,568	$	(4,000)
Gain (loss) recognized on other foreign-currency-denominated transactions in other, net	(41,795)		549		(22,705)		2,535
Total	$	(1,705)	$	497	$	(3,137)	$	(1,465)