Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Sep. 30, 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):


	September 30, 2023		June 30, 2023		Balance Sheet Caption
Derivative Assets
Not Designated as Hedging Instruments
Foreign currency hedging instruments	$	3,611	$	2,126	Prepaid expenses and other current assets
Foreign currency hedging instruments	717		279		Prepaid taxes and other non-current assets
Total derivative assets	$	4,328	$	2,405
Derivative Liabilities
Designated as Hedging Instruments
Foreign cross-currency swaps – Fair Value Hedge	$	9,883	$	19,743	Other long-term liabilities
Foreign cross-currency swaps – Net Investment Hedge	17,367		$	40,803	Other long-term liabilities
Not Designated as Hedging Instruments
Foreign currency hedging instruments	25,005		9,558		Accrued expenses
Foreign currency hedging instruments	592		595		Other long-term liabilities
Total derivative liabilities	$	52,847	$	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 September 30,
	2023		2022
Gain (loss) recognized in other comprehensive income (loss)	$	588	$	—
Gain (loss) recognized on cross-currency swap in interest (expense) income, net (amount excluded from effectiveness testing)	1,181		—
Gain (loss) recognized on cross-currency swap in other, net	9,271		—
Gain (loss) recognized on intercompany debt in other, net	(9,271)		—

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


	Three Months Ended September 30,
	2023		2022
Gain (loss) recognized in cumulative translation adjustment within other comprehensive income (loss)	$	23,436	$	—
Gain (loss) recognized from the excluded components in interest (expense) income, net	3,013		—

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 September 30,
	2023		2022
Gain (loss) recognized on foreign currency hedging instruments in other, net	$	(15,073)	$	(20,522)
Gain (loss) recognized on other foreign-currency-denominated transactions in other, net	17,646		19,089
Total	$	2,573	$	(1,433)