Derivatives (Tables)

6 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Outstanding Foreign Exchange Contracts, Primarily Forward Contracts

At December 31, 2014 and June 30, 2014, we had outstanding foreign exchange contracts, primarily forward contracts, which are summarized below:

	December 31, 2014					June 30, 2014
	Gross Notional Value		Fair Value Asset/ (Liability)(1)			Gross Notional Value		Fair Value Asset/ (Liability)(1)
Currency Hedged (Buy/Sell):
U.S. Dollar/Euro	$	1,442,850	$	143,670		$	1,558,950	$	(21,418	)
Euro/U.S. Dollar		217,676		(5,470	)		214,781		1,077
Euro/Swiss Franc		35,202		(130	)		0		0
Swiss Franc/Euro		65,376		179			0		0
U.S. Dollar/Indian Rupee		35,000		309			35,000		(583	)
Japanese Yen/Euro		12,443		(718	)		0		0
British Pound/U.S. Dollar		9,346		(390	)		0		0
Chinese Yuan/U.S. Dollar		8,380		(36	)		0		0
Chinese Yuan/Euro		7,328		635			0		0
Hungarian Forint/Euro		6,013		(20	)		0		0
Euro/Russian Rubles		4,939		2,435			8,828		(141	)
U.S. Dollar/Brazilian Real		0		0			5,052		(95	)
U.S. Dollar/Russian Rubles		2,685		221			0		0
Euro/Brazilian Real		0		0			8,490		(123	)
Total	$	1,847,238	$	140,685		$	1,831,101	$	(21,283	)

⁽¹⁾  Represents the net receivable/(payable) included in our Condensed Consolidated Balance Sheets.

Summary of Fair Value Amounts of Derivative Instruments

The following tables provide a summary of the fair value amounts of our derivative instruments as of December 31, 2014 and June 30, 2014:

	Balance Sheet Location	Fair Value
		December 31, 2014		June 30, 2014
Derivatives Designated as Cash Flow Hedges, Gross:
Other assets:
Foreign exchange contracts	Other current assets	$	134,111	$	1,141
Total assets			134,111		1,141
Other liabilities:
Foreign exchange contracts	Accrued liabilities		728		20,997
Net asset/(liability) for derivatives designated as hedging instruments			133,383		(19,856	)
Derivatives Designated as Economic Hedges, Gross:
Other assets:
Foreign exchange contracts	Other current assets		13,641	$	1,094
Other liabilities:
Foreign exchange contracts	Accrued liabilities		6,339		2,521
Net asset (liability) for economic hedges:			7,302		(1,427	)
Total net derivative asset/(liability)		$	140,685	$	(21,283	)

Schedule of Derivative Activity for Derivatives Designated as Cash Flow Hedges

The following tables show derivative activity for derivatives designated as cash flow hedges for the three months ended December 31, 2014 and 2013:

Derivative	Location of Derivative Gain/(Loss) Recognized in Income	Gain/(Loss) Reclassified from AOCI into Income (Effective Portion)					Gain/(Loss) Recognized in Income on Derivatives (Ineffective Portion)						Gain/(Loss) from Amounts Excluded from Effectiveness Testing
		Three Months Ended December 31,
		2014		2013			2014			2013			2014			2013
Foreign exchange contracts	Cost of sales	$	7,353	$	(1,483	)	$	(19	)	$	(905	)	$	0		$	0
Foreign exchange contracts	SG&A		165		0			0			0			0			0
Foreign exchange contracts	Foreign exchange (gains) losses, net		0		0			0			0			(5	)		58
Total cash flow hedges		$	7,518	$	(1,483	)	$	(19	)	$	(905	)	$	(5	)	$	58

Derivative	Gain/(Loss) Recognized in AOCI (Effective Portion)
	Three Months Ended December 31,
	2014		2013
Foreign exchange contracts	$	55,680	$	(19,904	)

The following tables show derivative activity for derivatives designated as cash flow hedges for the six months ended December 31, 2014 and 2013:

Derivative	Location of Derivative Gain/(Loss) Recognized in Income	Gain/(Loss) Reclassified from AOCI into Income (Effective Portion)					Gain/(Loss) Recognized in Income on Derivatives (Ineffective Portion)					Gain/(Loss) from Amounts Excluded from Effectiveness Testing
		Six Months Ended December 31,
		2014		2013			2014		2013			2014			2013
Foreign exchange contracts	Cost of sales	$	6,550	$	(546	)	$	2,023	$	(1,129	)	$	0		$	0
Foreign exchange contracts	SG&A		218		0			0		0			0			0
Foreign exchange contracts	Foreign exchange (gains) losses, net		0		0			0		0			(9	)		578
Interest rate swap	SG&A		0		(192	)		0		(1	)		0			0
Total cash flow hedges		$	6,768	$	(738	)	$	2,023	$	(1,130	)	$	(9	)	$	578

Derivative	Gain/(Loss) Recognized in AOCI (Effective Portion)
	Six Months Ended December 31,
	2014		2013
Foreign exchange contracts	$	163,111	$	(39,717	)
Interest rate swap		0		35
Total cash flow hedges	$	163,111	$	(39,682	)

Summary of Gains and Losses from Derivative Instruments that are Not Designated as Hedging Instruments

The following table summarizes gains and losses from our derivative instruments that are not designated as hedging instruments for the three and six months ended December 31, 2014 and 2013:

	Location of Derivative Gain/(Loss)	Three Months Ended December 31,						Six Months Ended December 31,
Derivative		2014			2013			2014			2013
Foreign exchange contracts – forwards	Cost of sales	$	3,796		$	(1,927	)	$	12,133		$	(5,436	)
Foreign exchange contracts – forwards	Foreign exchange (gains) losses, net		(5,736	)		4,139			(22,372	)		13,373