Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments and Hedging Activities (Tables)

v2.4.0.8
Derivative Instruments and Hedging Activities (Tables)
6 Months Ended
Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments, Location, Designated and Non-Designated, Gains (Losses)
The locations and amounts of designated and non-designated derivative instruments’ gains and losses reported in the condensed consolidated financial statements for the indicated periods were as follows:
 
 
Three months ended
December 31,
 
Six months ended
December 31,
(In thousands)
Location in Financial Statements
2013
 
2012
 
2013
 
2012
Derivatives Designated as Hedging Instruments
 
 
 
 
 
 
 
 
Gains in accumulated OCI on derivatives (effective portion)
Accumulated OCI
$
3,864

 
$
2,242

 
$
3,573

 
$
2,001

Gains (losses) reclassified from accumulated OCI into income (effective portion):
Revenues
$
(128
)
 
$
(82
)
 
$
2,322

 
$
(574
)
 
Costs of revenues
150

 
210

 
216

 
(390
)
 
Total gains (losses) reclassified from accumulated OCI into income (effective portion)
$
22

 
$
128

 
$
2,538

 
$
(964
)
Gains (losses) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing)
Interest income and other, net
$
44

 
$
(40
)
 
$
26

 
$
11

Derivatives Not Designated as Hedging Instruments
 
 
 
 
 
 
 
 
Gains recognized in income
Interest income and other, net
$
2,722

 
$
9,220

 
$
5,348

 
$
9,894

Schedule of Notional Amounts of Derivatives Outstanding
The U.S. dollar equivalent of all outstanding notional amounts of hedge contracts, with maximum maturity of 13 months, as of the dates indicated below was as follows: 
(In thousands)
As of
December 31, 2013
 
As of
June 30, 2013
Cash flow hedge contracts
 
 
 
Purchase
$
20,288

 
$
14,641

Sell
$
69,197

 
$
35,178

Other foreign currency hedge contracts
 
 
 
Purchase
$
101,064

 
$
99,175

Sell
$
68,876

 
$
97,901

Schedule of Derivative Instruments, Fair Value
The locations and fair value amounts of the Company’s derivative instruments reported in its Condensed Consolidated Balance Sheets as of the dates indicated below were as follows: 
 
Asset Derivatives
 
Liability Derivatives
 
Balance Sheet Location
 
As of
December 31, 2013
 
As of
June 30, 2013
 
Balance Sheet Location
 
As of
December 31, 2013
 
As of
June 30, 2013
(In thousands)
 
Fair Value
 
 
 
Fair Value
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
Other current assets
 
$
3,199

 
$
362

 
Other current liabilities
 
$
3

 
$
384

Total derivatives designated as hedging instruments
 
 
$
3,199

 
$
362

 
 
 
$
3

 
$
384

Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
Other current assets
 
$
2,385

 
$
3,654

 
Other current liabilities
 
$
705

 
$
1,789

Total derivatives not designated as hedging instruments
 
 
$
2,385

 
$
3,654

 
 
 
$
705

 
$
1,789

Total derivatives
 
 
$
5,584

 
$
4,016

 
 
 
$
708

 
$
2,173

Balances and Changes in Accumulated Other Comprehensive Income Related to Derivative Instruments
The following table provides the balances and changes in accumulated other comprehensive income (loss), before taxes, related to derivative instruments for the indicated periods:
 
Three months ended
December 31,
 
Six months ended
December 31,
(In thousands)
2013
 
2012
 
2013
 
2012
Beginning balance
$
(323
)
 
$
(111
)
 
$
2,484

 
$
(962
)
Amount reclassified to income
(22
)
 
(128
)
 
(2,538
)
 
964

Net change
3,864

 
2,242

 
3,573

 
2,001

Ending balance
$
3,519

 
$
2,003

 
$
3,519

 
$
2,003

Offsetting of Assets and Liabilities
As of December 31, 2013 and June 30, 2013, information related to the offsetting arrangements was as follows (in thousands):
As of December 31, 2013
 
 
 
 
 
Gross Amounts of Derivatives Not Offset in the Consolidated Balance Sheets
 
 
Description
 
Gross Amounts of Derivatives
 
Gross Amounts of Derivatives Offset in the Consolidated Balance Sheets
 
Net Amount of Derivatives Presented in the Consolidated Balance Sheets
 
Financial Instruments
 
Cash Collateral Received
 
Net Amount
Derivatives - Assets
 
$
5,584

 
$

 
$
5,584

 
$
(708
)
 
$

 
$
4,876

Derivatives - Liabilities
 
$
(708
)
 
$

 
$
(708
)
 
$
708

 
$

 
$

As of June 30, 2013
 
 
 
 
 
Gross Amounts of Derivatives Not Offset in the Consolidated Balance Sheets
 
 
Description
 
Gross Amounts of Derivatives
 
Gross Amounts of Derivatives Offset in the Consolidated Balance Sheets
 
Net Amount of Derivatives Presented in the Consolidated Balance Sheets
 
Financial Instruments
 
Cash Collateral Received
 
Net Amount
Derivatives - Assets
 
$
4,016

 
$

 
$
4,016

 
$
(1,520
)
 
$

 
$
2,496

Derivatives - Liabilities
 
$
(2,173
)
 
$

 
$
(2,173
)
 
$
1,520

 
$

 
$
(653
)