Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Mar. 31, 2023

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):

	March 31, 2023		June 30, 2022		Balance Sheet Caption
Derivative Assets
Not Designated as Hedging Instruments
Foreign currency hedging instruments	$	4,547	$	151	Prepaid expenses and other current assets
Foreign currency hedging instruments	903		9		Prepaid taxes and other non-current assets
Total derivative assets	$	5,450	$	160
Derivative Liabilities
Designated as Hedging Instruments
Foreign cross-currency swaps – Fair Value Hedge	$	18,191	$	—	Other long-term liabilities
Foreign cross-currency swaps – Net Investment Hedge	37,321		—		Other long-term liabilities
Not Designated as Hedging Instruments
Foreign currency hedging instruments	4,607		1,947		Accrued expenses
Foreign currency hedging instruments	1,469		—		Other long-term liabilities
Total derivative liabilities	$	61,588	$	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 March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
Gain (loss) recognized in other comprehensive income (loss)	$	(524)	$	—	$	(5,134)	$	—
Gain (loss) recognized on cross-currency swap in interest (expense) income, net (amount excluded from effectiveness testing)	754		—		1,601		—
Gain (loss) recognized on cross-currency swap in other, net	(3,920)		—		(13,057)		—
Gain (loss) recognized on intercompany debt in other, net	3,920		—		13,057		—

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

	Three Months Ended March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
Gain (loss) recognized in cumulative translation adjustment within other comprehensive income (loss)	$	(14,490)	$	—	$	(37,321)	$	—
Gain (loss) recognized from the excluded components in interest (expense) income, net	1,910		—		4,036		—

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 March 31,				Nine Months Ended March 31,
	2023		2022		2023		2022
Gain (loss) recognized on foreign currency hedging instruments in other, net	$	(69)	$	(327)	$	19,499	$	(4,327)
Gain (loss) recognized on other foreign-currency-denominated transactions in other, net	(2,914)		2,052		(25,619)		4,587
Total	$	(2,983)	$	1,725	$	(6,120)	$	260