DERIVATIVES AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of December 31, 2020, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivative	Number of Instruments	Notional Amount
Interest Rate Swap	4	$230,000

As of December 31, 2020, the Company had the following outstanding foreign currency derivatives that were used to hedge its foreign exchange risks:

Foreign Currency Derivative	Number of Instruments	Notional Sold	Notional Purchased
Cross-currency swap	1	€24,700	$26,775

As of December 31, 2020, the Company had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations:

Foreign Currency Derivative	Number of Instruments	Notional Sold	Notional Purchased
Cross-currency swap	2	€76,969	$83,225

Derivative Financial Instruments and Classification on Consolidated Balance Sheets

The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of December 31, 2020:

	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps	Prepaid expenses and other current assets	$	—	Accrued expenses and other current liabilities / Other noncurrent liabilities	$	603
Cross-currency swaps	Prepaid expenses and other current assets	602		Other noncurrent liabilities	15,481
Total derivatives designated as hedging instruments		602			16,084
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Prepaid expenses and other current assets	—		Accrued expenses and other current liabilities	524
Total derivative instruments		$	602		$	16,608

The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of June 30, 2020:

	Asset Derivatives			Liability Derivatives
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments:
Interest rate swaps	Prepaid expenses and other current assets	$	—	Accrued expenses and other current liabilities / Other noncurrent liabilities	$	856
Cross-currency swaps	Prepaid expenses and other current assets	746		Other noncurrent liabilities	5,475
Foreign currency forward contracts	Prepaid expenses and other current assets	75		Other noncurrent liabilities	—
Total derivatives designated as hedging instruments		821			6,331
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Prepaid expenses and other current assets	193		Accrued expenses and other current liabilities	74
Total derivative instruments		$	1,014		$	6,405

Pre-Tax Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss

The following table presents the pre-tax effect of cash flow hedge accounting on AOCL as of the three months ended December 31, 2020 and 2019:

Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivatives				Location of Gain (Loss) Reclassified from AOCL into Income	Amount of Gain (Loss) Reclassified from AOCL into Income
	Three Months Ended December 31,					Three Months Ended December 31,
	2020		2019			2020		2019
Interest rate swaps	$	62	$	—	Interest and other financing expense, net	$	(72)	$	—
Cross-currency swaps	(1,209)		—		Interest and other financing expense, net / Other expense (income), net	(1,176)		—
Foreign currency forward contracts	—		104		Cost of sales	—		(52)
Total	$	(1,147)	$	104		$	(1,248)	$	(52)

The following table presents the pre-tax effect of cash flow hedge accounting on AOCL as of the six months ended December 31, 2020 and 2019:

Derivatives in Cash Flow Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivatives				Location of Gain (Loss) Reclassified from AOCL into Income	Amount of Gain (Loss) Reclassified from AOCL into Income
	Six Months Ended December 31,					Six Months Ended December 31,
	2020		2019			2020		2019
Interest rate swaps	$	123	$	—	Interest and other financing expense, net	$	(130)	$	—
Cross-currency swaps	(2,386)		—		Interest and other financing expense, net / Other expense (income), net	(2,359)		—
Foreign currency forward contracts	(2)		(6)		Cost of sales	73		26
Total	$	(2,265)	$	(6)		$	(2,416)	$	26

Pre-Tax Effect of Derivative Financial Instruments Electing Cash Flow Hedge Accounting on Consolidated Statements of Operations

The following table presents the pre-tax effect of the Company’s derivative financial instruments electing cash flow hedge accounting on the Consolidated Statements of Operations for the three months ended of December 31, 2020 and 2019:

				Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Cash Flow Hedging Relationships
				Three Months Ended December 31, 2020						Three Months Ended December 31, 2019
				Cost of sales		Interest and other financing expense, net		Other expense/income, net		Cost of sales		Interest and other financing expense, net		Other expense/income, net
The effects of cash flow hedging:
	Gain (loss) on cash flow hedging relationships
		Interest rate swaps
			Amount of (loss) gain reclassified from AOCL into income	$	—	$	(72)	$	—	$	—	$	—	$	—
		Cross-currency swaps
			Amount of gain (loss) reclassified from AOCL into income	$	—	$	40	$	(1,216)	$	—	$	—	$	—
		Foreign currency forward contracts
			Amount of (loss) gain reclassified from AOCL into income	$	—	$	—	$	—	$	(52)	$	—	$	—

The following table presents the pre-tax effect of the Company’s derivative financial instruments electing cash flow hedge accounting on the Consolidated Statements of Operations for the six months ended of December 31, 2020 and 2019:

				Location and Amount of Gain (Loss) Recognized in the Consolidated Statement of Operations on Cash Flow Hedging Relationships
				Six Months Ended December 31, 2020						Six Months Ended December 31, 2019
				Cost of sales		Interest and other financing expense, net		Other expense (income), net		Cost of sales		Interest and other financing expense, net		Other expense (income), net
The effects of cash flow hedging:
	Gain (loss) on cash flow hedging relationships
		Interest rate swaps
			Amount of (loss) gain reclassified from AOCL into income	$	—	$	(130)	$	—	$	—	$	—	$	—
		Cross-currency swaps
			Amount of gain (loss) reclassified from AOCL into income	$	—	$	81	$	(2,440)	$	—	$	—	$	—
		Foreign currency forward contracts
			Amount of (loss) gain reclassified from AOCL into income	$	73	$	—	$	—	$	26	$	—	$	—

Pre-Tax Effect of Net Investment Hedges on Accumulated Other Comprehensive Loss and the Consolidated Statements of Operations

The following table presents the pre-tax effect of the Company’s net investment hedges on AOCL and the Consolidated Statements of Operations for the three months ended December 31, 2020 and 2019:

Derivatives in Net Investment Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivatives				Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing)
	Three Months Ended December 31,					Three Months Ended December 31,
	2020		2019			2020		2019
Cross-currency swaps	$	(3,772)	$	—	Interest and other financing expense, net	$	125	$	—

The following table presents the pre-tax effect of the Company’s net investment hedges on AOCL and the Consolidated Statements of Operations for the six months ended December 31, 2020 and 2019:

Derivatives in Net Investment Hedging Relationships	Amount of Gain (Loss) Recognized in OCI on Derivatives				Location of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Income on Derivatives (Amount Excluded from Effectiveness Testing)
	Six Months Ended December 31,					Six Months Ended December 31,
	2020		2019			2020		2019
Cross-currency swaps	$	(7,430)	$	—	Interest and other financing expense, net	$	254	$	—

Pre-Tax Effect of Derivative Financial Instruments Not Designated as Hedging Instruments on the Consolidated Statements of Operations

The following table presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements Operations for the three months ended December 31, 2020 and 2019:

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended December 31,
		2020		2019
Foreign currency forward contracts	Other (income) expense, net	$	(523)	$	(336)

The following table presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements Operations for the six months ended December 31, 2020 and 2019:

Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain (Loss) Recognized in Income on Derivatives
		Six Months Ended December 31,
		2020		2019
Foreign currency forward contracts	Other (income) expense, net	$	(399)	$	(505)