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Derivative Instruments and Hedging Activities (Tables)
9 Months Ended
Mar. 31, 2024
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,
2024
June 30,
2023
Balance Sheet Caption
Derivative Assets
Not Designated as Hedging Instruments
Foreign currency hedging instruments$1,810 $2,126 Prepaid expenses and other current assets
Foreign currency hedging instruments— 279 Prepaid taxes and other non-current assets
Total derivative assets$1,810 $2,405 
Derivative Liabilities
Designated as Hedging Instruments
Foreign cross-currency swaps – Fair Value Hedge$13,233 $19,743 Other long-term liabilities
Foreign cross-currency swaps – Net Investment Hedge27,286 $40,803 Other long-term liabilities
Not Designated as Hedging Instruments
Foreign currency hedging instruments5,875 9,558 Accrued expenses
Foreign currency hedging instruments— 595 Other long-term liabilities
Total derivative liabilities$46,394 $70,699 
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,
2024202320242023
Gain (loss) recognized in other comprehensive income (loss)$539 $(524)$3,129 $(5,134)
Gain (loss) recognized on cross-currency swap in interest (expense) income, net (amount excluded from effectiveness testing)934 754 2,995 1,601 
Gain (loss) recognized on cross-currency swap in other, net7,113 (3,920)3,381 (13,057)
Gain (loss) recognized on intercompany debt in other, net(7,113)3,920 (3,381)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,
2024202320242023
Gain (loss) recognized in cumulative translation adjustment within other comprehensive income (loss)$17,909 $(14,490)$13,517 $(37,321)
Gain (loss) recognized from the excluded components in interest (expense) income, net 2,417 1,910 7,722 4,036 
We recognized the following gains (losses) in the condensed consolidated statement of operations on derivatives not designated as hedging instruments (in thousands):
Three Months Ended
March 31,
Nine Months Ended
March 31,
2024202320242023
Gain (loss) recognized on foreign currency hedging instruments in other, net$(23,264)$(69)$(7,684)$19,499 
Gain (loss) recognized on other foreign-currency-denominated transactions in other, net20,207 (2,914)6,418 (25,619)
Total$(3,057)$(2,983)$(1,266)$(6,120)