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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments, Location, Designated and Non-Designated, Gains (Losses)
The gains (losses) on derivatives in cash flow and net investment hedging relationships recognized in other comprehensive income for the indicated periods were as follows:
Three Months Ended March 31,Nine Months Ended March 31,
(In thousands)2022202120222021
Derivatives Designated as Cash Flow Hedging Instruments:
Rate lock agreements:
Amounts included in the assessment of effectiveness$10,069 $— $10,069 $— 
Foreign exchange contracts:
Amounts included in the assessment of effectiveness$7,733 $5,878 $15,335 $3,696 
Amounts excluded from the assessment of effectiveness$(25)$(54)$(34)$(146)
Derivatives Designated as Net Investment Hedging Instruments:
Foreign exchange contracts(1):
$1,850 $1,094 $1,386 $1,094 
    __________________ 
(1)No amounts were reclassified from AOCI into earnings related to the sale of a subsidiary, as there were no such sales during the periods presented.
The locations and amounts of designated and non-designated derivatives’ gains and losses reported in the Condensed Consolidated Statements of Operations for the indicated periods were as follows:
Three Months Ended March 31,Three Months Ended March 31,
20222021
(In thousands)RevenuesCosts of Revenues and Operating ExpensesInterest ExpenseOther Expense (Income), NetRevenuesCosts of Revenues and Operating ExpensesInterest ExpenseOther Expense (Income), Net
Total amounts presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded$2,288,676 $1,393,769 $39,978 $8,644 $1,803,773 $1,131,626 $39,092 $(7,348)
Gains (Losses) on Derivatives Designated as Hedging Instruments:
Rate lock agreements:
Amount of gains (losses) reclassified from AOCI to earnings$— $— $(279)$— $— $— $(279)$— 
Foreign exchange contracts:
Amount of gains (losses) reclassified from AOCI to earnings$1,711 $(329)$— $— $(441)$187 $— $— 
Amount excluded from the assessment of effectiveness recognized in earnings$(111)$— $— $568 $(142)$— $— $699 
Gains (Losses) on Derivatives Not Designated as Hedging Instruments:
Amount of gains (losses) recognized in earnings$— $— $— $(2,802)$— $— $— $3,420 
Nine Months Ended March 31,Nine Months Ended March 31,
20222021
(In thousands)RevenuesCosts of Revenues and Operating ExpensesInterest ExpenseOther Expense (Income), NetRevenuesCosts of Revenues and Operating ExpensesInterest ExpenseOther Expense (Income), Net
Total amounts presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded$6,725,144 $4,045,479 $116,142 $23,985 $4,993,263 $3,224,563 $117,358 $(269)
Gains (Losses) on Derivatives Designated as Hedging Instruments:
Rate lock agreements:
Amount of gains (losses) reclassified from AOCI to earnings$— $— $(837)$— $— $— $(837)$— 
Foreign exchange contracts:
Amount of gains (losses) reclassified from AOCI to earnings$5,197 $(909)$— $— $(1,091)$612 $— $— 
Amount excluded from the assessment of effectiveness recognized in earnings$(329)$— $— $1,883 $(420)$— $— $699 
Gains (Losses) on Derivatives Not Designated as Hedging Instruments:
Amount of gains (losses) recognized in earnings$— $— $— $4,261 $— $— $— $483 
Schedule of Notional Amounts of Derivatives Outstanding
The U.S. dollar equivalent of all outstanding notional amounts of foreign currency hedge contracts and rate lock agreements, with maximum remaining maturities of approximately eleven months as of the dates indicated below, were as follows:
As ofAs of
(In thousands)March 31, 2022June 30, 2021
Cash flow hedge contracts - foreign currency
Purchase$133,194 $12,550 
Sell$193,447 $134,845 
Net investment hedge contracts - foreign currency
Sell$66,436 $66,848 
Other foreign currency hedge contracts
Purchase$713,497 $264,292 
Sell$482,401 $278,635 
Rate lock agreements$400,000 $— 
Schedule of Derivative Instruments, Fair Value
The locations and fair value of our derivatives reported in our Condensed Consolidated Balance Sheets as of the dates indicated below were as follows: 
 Asset DerivativesLiability Derivatives
Balance SheetAs ofAs ofBalance SheetAs ofAs of
 LocationMarch 31, 2022June 30, 2021LocationMarch 31, 2022June 30, 2021
(In thousands)Fair ValueFair Value
Derivatives designated as hedging instruments
Rate lock agreementsOther current assets$10,242 $— Other current liabilities$(173)$— 
Foreign exchange contractsOther current assets15,221 3,940 Other current liabilities(2,642)272 
Total derivatives designated as hedging instruments25,463 3,940 (2,815)272 
Derivatives not designated as hedging instruments
Foreign exchange contractsOther current assets19,299 4,312 Other current liabilities(6,072)2,535 
Total derivatives not designated as hedging instruments19,299 4,312 (6,072)2,535 
Total derivatives$44,762 $8,252 $(8,887)$2,807 
Schedule of Balances and Changes in Accumulated Other Comprehensive Income Related to Derivative Instruments The changes in AOCI, before taxes, related to derivatives for the indicated periods were as follows:
Three Months Ended March 31,Nine Months Ended March 31,
(In thousands)2022202120222021
Beginning AOCI$(20,831)$(30,816)$(25,830)$(29,602)
Amount reclassified to earnings as net (gains) losses(992)675 (3,122)1,736 
Net change in unrealized gains (losses)19,627 6,919 26,756 4,644 
Ending AOCI$(2,196)$(23,222)$(2,196)$(23,222)
Schedule of Offsetting Derivative Assets The information related to the offsetting arrangements for the periods indicated was as follows:
As of March 31, 2022Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets
(In thousands)
Gross Amounts of Derivatives
Gross Amounts of Derivatives Offset in the Condensed Consolidated Balance Sheets
Net Amount of Derivatives Presented in the Condensed Consolidated Balance Sheets
Financial InstrumentsCash Collateral ReceivedNet Amount
Derivatives - Assets$44,762 $— $44,762 $(8,017)$— $36,745 
Derivatives - Liabilities$(8,887)$— $(8,887)$8,017 $— $(870)
As of June 30, 2021Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets
(In thousands)
Gross Amounts of Derivatives
Gross Amounts of Derivatives Offset in the Condensed Consolidated Balance Sheets
Net Amount of Derivatives Presented in the Condensed Consolidated Balance Sheets
Financial InstrumentsCash Collateral ReceivedNet Amount
Derivatives - Assets$8,252 $— $8,252 $(2,492)$— $5,760 
Derivatives - Liabilities$(2,807)$— $(2,807)$2,492 $— $(315)
Schedule of Offsetting Derivative Liabilities The information related to the offsetting arrangements for the periods indicated was as follows:
As of March 31, 2022Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets
(In thousands)
Gross Amounts of Derivatives
Gross Amounts of Derivatives Offset in the Condensed Consolidated Balance Sheets
Net Amount of Derivatives Presented in the Condensed Consolidated Balance Sheets
Financial InstrumentsCash Collateral ReceivedNet Amount
Derivatives - Assets$44,762 $— $44,762 $(8,017)$— $36,745 
Derivatives - Liabilities$(8,887)$— $(8,887)$8,017 $— $(870)
As of June 30, 2021Gross Amounts of Derivatives Not Offset in the Condensed Consolidated Balance Sheets
(In thousands)
Gross Amounts of Derivatives
Gross Amounts of Derivatives Offset in the Condensed Consolidated Balance Sheets
Net Amount of Derivatives Presented in the Condensed Consolidated Balance Sheets
Financial InstrumentsCash Collateral ReceivedNet Amount
Derivatives - Assets$8,252 $— $8,252 $(2,492)$— $5,760 
Derivatives - Liabilities$(2,807)$— $(2,807)$2,492 $— $(315)