Derivative Financial Instruments (Notes)
 9 Months Ended
Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Disclosure [Text Block]
Derivative Financial Instruments
Hedges of Interest Rate Risk
We enter into interest rate swap contracts to manage differences in the amount of our known or expected cash payments related to our debt. Our objective in using interest rate derivatives is to add stability to interest expense and to manage our exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the derivative agreements without exchange of the underlying notional amount.
The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive (loss) income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. We de-designate a derivative when we determine that the hedge relationships are no longer highly effective or that the forecasted transaction is no longer probable. If a derivative is deemed to be ineffective, the ineffective portion of the change in fair value of the derivative is recognized directly in earnings, as a component of other income (expense). The portion of gain or loss on the derivative instrument previously recorded in accumulated other comprehensive (loss) income remains in accumulated other comprehensive (loss) income until the the forecasted transaction is recognized in earnings. During the three and nine months ended March 31, 2015, two interest rate derivative instruments were de-designated. As of March 31, 2015, the amount of unrecognized loss included in accumulated other comprehensive (loss) income for de-designated cash flow hedge instruments is $160. During the three and nine months ended March 31, 2014 we did not hold any interest rate derivative instruments that were determined to be ineffective.
Amounts reported in accumulated other comprehensive (loss) income related to interest rate swap contracts will be reclassified to interest expense as interest payments are accrued or made on our variable-rate debt. As of March 31, 2015, we estimate that $771 will be reclassified from accumulated other comprehensive (loss) income to interest income during the twelve months ending March 31, 2016. As of March 31, 2015, we had nine outstanding interest rate swap contracts indexed to one-month LIBOR. These instruments include seven interest rate swap contracts that were designated and two interest rate swap contracts that were de-designated as cash flow hedges of interest rate risk and have varying start dates and maturity dates from June 2015 through June 2019. Since the start date of certain contracts has not yet commenced and contracts have been de-designated, the notional amount of our outstanding contracts is in excess of the variable-rate debt being hedged as of the balance sheet date.
Interest rate swap contracts outstanding:
 
Notional Amounts
Contracts accruing interest as of March 31, 2015
 
$
230,000

Contracts with a future start date
 
105,000

Total
 
$
335,000


Hedges of Currency Risk
We execute currency forward contracts in order to mitigate our exposure to fluctuations in various currencies against our reporting currency, the U.S. dollar. We use currency derivatives, specifically currency forward contracts, to manage this exposure. We did not elect hedge accounting for our current currency forward contract activity, as we performed an analysis to evaluate the benefits of hedge accounting relative to the additional economic cost of trade execution and administrative burden. However, we may elect to apply hedge accounting in future scenarios. The change in the fair value of currency forward contracts is recognized directly in earnings, as a component of other income (expense), net. During the three and nine months ended March 31, 2015 and 2014, we have experienced volatility within other income (expense), net in our consolidated statements of operations from unrealized gains and losses on the mark-to-market of outstanding currency forward contracts. We expect this volatility to continue in future periods for contracts for which we do not apply hedge accounting.
    As of March 31, 2015, we had the following outstanding currency forward contracts that were not designated for hedge accounting and were used to hedge fluctuations in the U.S. Dollar value of forecasted transactions denominated in Canadian Dollar, Danish Krone, The Euro, Great British Pound, Indian Rupee, New Zealand Dollar, Norwegian Krone, Swedish Krona, and Swiss Franc:
Notional Amount
 
Effective Date
 
Maturity Date
 
Number of Instruments
 
Index
$164,562
 
June 2014 through March 2015
 
Various dates through September 2016
 
286
 
Various

Financial Instrument Presentation
The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of March 31, 2015 and June 30, 2014:
 
March 31, 2015

Asset Derivatives

Liability Derivatives
Derivatives designated as hedging instruments
Balance Sheet line item

Gross amounts of recognized assets

Gross amount offset in consolidated balance sheet

Net amount

Balance Sheet line item

Gross amounts of recognized liabilities

Gross amount offset in consolidated balance sheet

Net amount
Interest rate swaps
Other non-current assets

$
—


$
—


$
—


Other current liabilities / other liabilities

$
(1,231
)

$
—


$
(1,231
)
Total derivatives designated as hedging instruments


$
—


$
—


$
—




$
(1,231
)

$
—


$
(1,231
)
















Derivatives not designated as hedging instruments















Interest rate swaps
Other non-current assets
 
$
—

 
$
—

 
$
—

 
Other current liabilities / other liabilities
 
$
(171
)
 
$
—

 
$
(171
)
Currency forward contracts
Other current assets / other assets

8,877


(1,810
)

7,067


Other current liabilities / other liabilities

(46
)

4


(42
)
Total derivatives not designated as hedging instruments


$
8,877


$
(1,810
)

$
7,067




$
(217
)

$
4


$
(213
)

June 30, 2014

Asset Derivatives

Liability Derivatives
Derivatives designated as hedging instruments
Balance Sheet line item

Gross amounts of recognized assets

Gross amount offset in consolidated balance sheet

Net amount

Balance Sheet line item

Gross amounts of recognized liabilities

Gross amount offset in consolidated balance sheet

Net amount
Interest rate swaps
Other non-current assets

$
—


$
—


$
—


Other current liabilities / other liabilities

$
(771
)

$
26


$
(745
)
Total derivatives designated as hedging instruments


$
—


$
—


$
—




$
(771
)

$
26


$
(745
)
















Derivatives not designated as hedging instruments















Currency forward contracts
Other current assets

$
410


$
(28
)

$
382


Other current liabilities

$
(1,058
)

$
252


$
(806
)
Total derivatives not designated as hedging instruments


$
410


$
(28
)

$
382




$
(1,058
)

$
252


$
(806
)

The following table presents the effect of our derivative financial instruments designated as hedging instruments and their classification within comprehensive income for the three and nine months ended March 31, 2015 and 2014:
Derivatives in Hedging Relationships
Amount of Gain (Loss) Recognized in Comprehensive (Loss) Income on Derivatives (Effective Portion)
 
Three Months Ended March 31,
 
Nine Months Ended March 31,
In thousands
2015
 
2014
 
2015
 
2014
Currency contracts that hedge revenue
—

 
—

 
—

 
(107
)
Currency contracts that hedge cost of revenue
—

 
—

 
—

 
59

Currency contracts that hedge technology and development expense
—

 
—

 
—

 
70

Currency contracts that hedge general and administrative expense
—

 
—

 
—

 
12

Interest rate swaps
(1,036
)
 
(132
)
 
(1,057
)
 
(456
)
 
$
(1,036
)
 
$
(132
)
 
$
(1,057
)
 
$
(422
)

The following table presents reclassifications out of accumulated other comprehensive (loss) income for the three and nine months ended March 31, 2015 and 2014:
Details about Accumulated Other
Comprehensive (Loss) Income Components
Amount Reclassified from Accumulated Other Comprehensive (Loss) Income to Net Income Gain/(Loss)
 
Affected line item in the
Statement of Operations
 
Three Months Ended March 31,
 
Nine Months Ended March 31,
 
 
In thousands
2015
 
2014
 
2015
 
2014
 
 
Currency contracts that hedge revenue
$
—

 
$
—

 
$
—

 
$
(120
)
 
Revenue
Currency contracts that hedge cost of revenue
—

 
—

 
—

 
(112
)
 
Cost of revenue
Currency contracts that hedge technology and development expense
—

 
—

 
—

 
122

 
Technology and development expense
Currency contracts that hedge general and administrative expense
—

 
—

 
—

 
11

 
General and administrative expense
Interest rate swaps
(268
)
 
(78
)
 
(840
)
 
(232
)
 
Interest expense, net
Total before income tax
(268
)
 
(78
)
 
(840
)
 
(331
)
 
Income (loss) before income taxes and loss in equity interests
Income tax
67

 
16

 
210

 
47

 
Income tax provision
Total
$
(201
)
 
$
(62
)
 
$
(630
)
 
$
(284
)
 
 

The following table presents the adjustment to fair value recorded within the consolidated statements of operations for derivative instruments for which we did not elect hedge accounting, as well as the effect of our de-designated derivative financial instruments that no longer qualify as hedging instruments in the period:
Derivatives not classified as hedging instruments
Amount of Gain (Loss) Recognized in Income
 
Location of Gain (Loss) Recognized in Income (Ineffective Portion)
 
Three Months Ended March 31,
 
Nine Months Ended March 31,
 
 
In thousands
2015
 
2014
 
2015
 
2014
 
 
Currency contracts
$
5,770

 
$
(1,086
)
 
$
13,412

 
$
(7,526
)
 
Other income (expense), net
Interest rate swaps
(14
)
 
—

 
(14
)
 
—

 
Other income (expense), net
 
$
5,756

 
$
(1,086
)
 
$
13,398

 
$
(7,526
)