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Derivative Financial Instruments (Tables)
 12 Months Ended
Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Forward Contracts

As of September 30, 2020 and 2019, we had outstanding forward contracts for derivatives not designated as hedging instruments with notional amounts equivalent to the following:

 

 

 

September 30,

 

Currency Hedged (in thousands)

 

2020

 

 

2019

 

Canadian / U.S. Dollar

 

$

6,847

 

 

$

9,408

 

Euro / U.S. Dollar

 

 

390,673

 

 

 

308,282

 

British Pound / U.S. Dollar

 

 

6,328

 

 

 

3,756

 

Israeli Shekel / U.S. Dollar

 

 

9,503

 

 

 

10,272

 

Japanese Yen / U.S. Dollar

 

 

50,379

 

 

 

37,462

 

Swiss Franc / U.S. Dollar

 

 

12,874

 

 

 

12,001

 

Swedish Krona / U.S. Dollar

 

 

18,871

 

 

 

20,636

 

Singapore Dollar / U.S. Dollar

 

 

3,281

 

 

 

34,585

 

Chinese Renminbi / U.S. Dollar

 

 

5,415

 

 

 

52,466

 

All other

 

 

8,291

 

 

 

9,487

 

Total

 

$

512,462

 

 

$

498,355

 
We had no outstanding forward contracts designated as cash flow hedges as of either September 30, 2020 or 2019.

As of September 30, 2020 and 2019, we had outstanding forward contracts designated as net investment hedges with notional amounts equivalent to the following:

 

 

 

September 30,

 

Currency Hedged (in thousands)

 

2020

 

 

2019

 

Euro / U.S. Dollar

 

$

164,885

 

 

$

183,396

 
Schedule of Net Gains and Losses on Foreign Currency Exposures

The following table shows the effect of our non-designated hedges, all of which were forward contracts, on the Consolidated Statements of Operations for the years ended September 30, 2020, 2019 and 2018:

 

(in thousands)

 

 

 

Year ended September 30,

 

 

 

Location of gain (loss)

 

2020

 

 

2019

 

 

2018

 

Net realized and unrealized gain (loss), excluding the underlying foreign currency exposure being hedged

 

Other income (expense), net

 

$

3,518

 

 

$

(11,314

)

 

$

(9,720

)

The following table shows the effect of our derivative instruments designated as cash flow hedges, all of which were forward contracts, in the Consolidated Statements of Operations for the years ended September 30, 2020, 2019, and 2018:

 

(in thousands)

 

 

 

Year ended September 30,

 

 

 

Location of gain (loss)

 

2020

 

 

2019

 

 

2018

 

Gain (loss) recognized in OCI—effective portion

 

OCI

 

$

-

 

 

$

187

 

 

$

1,652

 

Gain (loss) reclassified from OCI into income—effective portion

 

Software revenue

 

$

-

 

 

$

627

 

 

$

(552

)

Gain (loss) recognized—ineffective portion

 

Other income (expense), net

 

$

-

 

 

$

-

 

 

$

21

 

The following table shows the effect of our derivative instruments designated as net investment hedges, all of which were forward contracts, on the Consolidated Statements of Operations for the years ended September 30, 2020, 2019, and 2018:

 

(in thousands)

 

 

 

Year ended September 30,

 

 

 

Location of gain (loss)

 

2020

 

 

2019

 

 

2018

 

Gain (loss) recognized in OCI—effective portion

 

OCI

 

$

(5,483

)

 

$

(2,925

)

 

$

-

 

Gain (loss) reclassified from OCI—effective portion

 

OCI

 

$

109

 

 

$

(7,630

)

 

$

-

 

Gain (loss) recognized—portion excluded from effectiveness testing

 

Other income (expense), net

 

$

3,506

 

 

$

4,598

 

 

$

-

 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table shows our derivative instruments measured at gross fair value as reflected in the Consolidated Balance Sheets:

 

(in thousands)

 

Fair Value of Derivatives

Designated As Hedging

Instruments

 

 

Fair Value of Derivatives

Not Designated As

Hedging Instruments

 

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Derivative assets:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

$

3

 

 

$

1,674

 

 

$

900

 

 

$

1,390

 

Derivative liabilities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forward contracts

 

$

306

 

 

$

—

 

 

$

767

 

 

$

2,771

 

 

(1)

As of September 30, 2020 and 2019, current derivative assets of $0.9 million and $3.1 million, respectively, are recorded in other current assets on the Consolidated Balance Sheets.

(2)

As of September 30, 2020 and 2019, current derivative liabilities of $1.1 million and $2.8 million, respectively, are recorded in accrued expenses and other current liabilities on the Consolidated Balance Sheets.

Schedule of Offsetting Assets

The following table sets forth the offsetting of derivative assets as of September 30, 2020:

 

(in thousands)

 

Gross Amounts Offset in the Consolidated Balance Sheets

 

 

 

 

 

 

Gross Amounts Not Offset in the Consolidated Balance Sheets

 

 

 

 

 

As of September 30, 2020

 

Gross Amount of Recognized Assets

 

 

Gross Amounts Offset in the Consolidated Balance Sheets

 

 

Net Amounts of Assets Presented in the Consolidated Balance Sheets

 

 

Financial Instruments

 

 

Cash Collateral Received

 

 

Net Amount

 

Forward Contracts

 

$

903

 

 

$

—

 

 

$

903

 

 

$

(903

)

 

$

—

 

 

$

—

 
Schedule of Offsetting Liabilities

The following table sets forth the offsetting of derivative liabilities as of September 30, 2020:

 

(in thousands)

 

Gross Amounts Offset in the Consolidated Balance Sheets

 

 

 

 

 

 

Gross Amounts Not Offset in the Consolidated Balance Sheets

 

 

 

 

 

As of September 30, 2020

 

Gross Amount of Recognized Liabilities

 

 

Gross Amounts Offset in the Consolidated Balance Sheets

 

 

Net Amounts of Liabilities Presented in the Consolidated Balance Sheets

 

 

Financial Instruments

 

 

Cash Collateral Pledged

 

 

Net Amount

 

Forward Contracts

 

$

1,073

 

 

$

—

 

 

$

1,073

 

 

$

(903

)

 

$

—

 

 

$

170