Derivative Instruments and Hedging Activities

12 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

Fair Values of Derivative Instruments

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

	June 30, 2023		June 30, 2022		Balance Sheet Caption
Derivative Assets
Not Designated as Hedging Instruments
Foreign currency hedging instruments	$	2,126	$	151	Prepaid expenses and other current assets
Foreign currency hedging instruments	279		9		Prepaid taxes and other non-current assets
Total derivative assets	$	2,405	$	160
Derivative Liabilities
Designated as Hedging Instruments
Foreign cross-currency swaps – Fair Value Hedge	$	19,743	$	—	Other long-term liabilities
Foreign cross-currency swaps – Net Investment Hedge	40,803		—		Other long-term liabilities
Not Designated as Hedging Instruments
Foreign currency hedging instruments	9,558		1,947		Accrued expenses
Foreign currency hedging instruments	595		—		Other long-term liabilities
Total derivative liabilities	$	70,699	$	1,947

Fair Value Hedge Gains (Losses)

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

	Twelve Months Ended June 30,
	2023		2022		2021
Gain (loss) recognized in other comprehensive income (loss)	$	(5,414)	$	—	$	—
Gain (loss) recognized on cross-currency swap in interest (expense) income, net (amount excluded from effectiveness testing)	3,754		—		—
Gain (loss) recognized on cross-currency swap in other, net	(14,329)		—		—
Gain (loss) recognized on intercompany debt in other, net	14,329		—		—

Net Investment Hedge Gains (Losses)

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

	Twelve Months Ended June 30,
	2023		2022		2021
Gain (loss) recognized in cumulative translation adjustment within other comprehensive income (loss)	$	(40,803)	$	—	$	—
Gain (loss) recognized from the excluded components in interest (expense) income, net	9,482		—		—

Non-designated Derivative Gains (Losses)

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

	Twelve Months Ended June 30,
	2023		2022		2021
Gain (loss) recognized on foreign currency hedging instruments in other, net	$	8,576	$	(19,511)	$	18,544
Gain (loss) recognized on other foreign-currency-denominated transactions in other, net	(12,780)		22,320		(19,297)
Total	(4,204)		2,809		(753)