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Derivatives (Tables)
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9 Months Ended |
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Mar. 31, 2015
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Outstanding Foreign Exchange Contracts, Primarily Forward Contracts |
At March 31, 2015 and June 30, 2014, we had outstanding
foreign exchange contracts, primarily forward contracts, which are
summarized below:
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March 31, 2015 |
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June 30, 2014 |
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Gross Notional
Value |
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Fair Value
Asset/
(Liability)(1) |
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Gross Notional
Value |
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Fair Value
Asset/
(Liability)(1) |
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Currency Hedged (Buy/Sell):
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U.S. Dollar/Euro
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$ |
1,646,435 |
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$ |
280,151 |
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$ |
1,558,950 |
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$ |
(21,418 |
) |
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Euro/U.S. Dollar
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161,219 |
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(22,773 |
) |
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214,781 |
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1,077 |
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Swiss Franc/Euro
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30,845 |
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4,157 |
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0 |
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0 |
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U.S. Dollar/Indian Rupee
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0 |
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0 |
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35,000 |
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(583 |
) |
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Japanese Yen/Euro
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6,200 |
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360 |
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0 |
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0 |
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British Pound/U.S. Dollar
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4,446 |
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(418 |
) |
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0 |
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0 |
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Chinese Yuan/U.S. Dollar
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4,790 |
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14 |
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0 |
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0 |
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Chinese Yuan/Euro
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3,667 |
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714 |
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0 |
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0 |
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Hungarian Forint/Euro
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2,810 |
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143 |
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0 |
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0 |
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Euro/Russian Rubles
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5,669 |
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(540 |
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8,828 |
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(141 |
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U.S. Dollar/Brazilian Real
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13,163 |
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1,323 |
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5,052 |
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(95 |
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U.S. Dollar/Russian Rubles
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821 |
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143 |
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0 |
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0 |
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Euro/Brazilian Real
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0 |
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0 |
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8,490 |
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(123 |
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Total
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$ |
1,880,065 |
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$ |
263,274 |
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$ |
1,831,101 |
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$ |
(21,283 |
) |
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| (1) |
Represents the net
receivable/(payable) included in our Condensed Consolidated Balance
Sheets within Other current assets, Other assets, Accrued
liabilities and Other non-current liabilities, as applicable. |
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| 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 March 31, 2015 and
June 30, 2014:
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Balance Sheet Location |
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Fair Value |
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March 31,
2015 |
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June 30,
2014 |
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Derivatives Designated as Cash Flow Hedges,
Gross:
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Other assets:
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Foreign exchange contracts
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Other current assets |
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$ |
91,824 |
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$ |
1,141 |
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Foreign exchange contracts
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Other assets |
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167,790 |
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0 |
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Total assets
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259,614 |
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1,141 |
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Other liabilities:
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Foreign exchange contracts
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Accrued liabilities |
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1 |
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5,532 |
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Foreign exchange contracts
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Other non-current
liabilities |
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0 |
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15,465 |
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Total liabilities
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1 |
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20,997 |
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Net asset/(liability) for derivatives designated as hedging
instruments
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259,613 |
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(19,856 |
) |
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Derivatives Designated as Economic Hedges, Gross:
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Other assets:
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Foreign exchange contracts
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Other current assets |
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27,249 |
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1,094 |
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Foreign exchange contracts
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Other assets |
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214 |
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0 |
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Total assets
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27,463 |
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1,094 |
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Other liabilities:
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Foreign exchange contracts
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Accrued liabilities |
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19,281 |
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2,521 |
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Foreign exchange contracts
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Other non-current
liabilities |
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4,521 |
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0 |
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Total liabilities
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23,802 |
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2,521 |
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Net asset (liability) for economic hedges:
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3,661 |
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(1,427 |
) |
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Total net derivative asset/(liability)
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$ |
263,274 |
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$ |
(21,283 |
) |
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| 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
March 31, 2015 and 2014:
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Derivative
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Location of
Derivative
Gain/(Loss)
Recognized in
Income |
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Gain/(Loss)
Reclassified
from AOCI
into Income
(Effective
Portion) |
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Gain/(Loss)
Recognized
in Income on
Derivatives
(Ineffective
Portion) |
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Gain/(Loss)
from Amounts
Excluded from
Effectiveness
Testing |
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Three Months Ended
March 31, |
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2015 |
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2014 |
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2015 |
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2014 |
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2015 |
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2014 |
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Foreign exchange contracts
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Cost of sales |
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$ |
15,392 |
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$ |
(3,425 |
) |
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$ |
174 |
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$ |
(749 |
) |
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$ |
0 |
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$ |
0 |
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Foreign exchange contracts
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SG&A |
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(3 |
) |
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(62 |
) |
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0 |
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0 |
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0 |
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0 |
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Foreign exchange contracts
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Foreign exchange (gains)
losses, net |
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0 |
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0 |
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0 |
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0 |
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(9 |
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12 |
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Total cash flow hedges
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$ |
15,389 |
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$ |
(3,487 |
) |
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$ |
174 |
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$ |
(749 |
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$ |
(9 |
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$ |
12 |
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Derivative
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Gain/(Loss) Recognized in AOCI
(Effective Portion) |
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Three Months Ended
March 31, |
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2015 |
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2014 |
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Foreign exchange contracts
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$ |
148,115 |
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$ |
(3,664 |
) |
The following tables show derivative activity for derivatives
designated as cash flow hedges for the nine months ended
March 31, 2015 and 2014:
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Derivative
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Location of
Derivative
Gain/(Loss)
Recognized in
Income |
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Gain/(Loss)
Reclassified
from AOCI
into Income
(Effective
Portion) |
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Gain/(Loss)
Recognized
in Income on
Derivatives
(Ineffective
Portion) |
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Gain/(Loss)
from Amounts
Excluded from
Effectiveness
Testing |
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Nine Months Ended
March 31, |
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2015 |
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2014 |
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2015 |
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2014 |
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2015 |
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2014 |
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Foreign exchange contracts
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Cost of sales |
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$ |
21,942 |
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$ |
(3,971 |
) |
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$ |
2,197 |
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$ |
(1,878 |
) |
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$ |
0 |
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$ |
0 |
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Foreign exchange contracts
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SG&A |
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215 |
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(62 |
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0 |
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0 |
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0 |
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0 |
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Foreign exchange contracts
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Foreign exchange (gains)
losses, net |
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0 |
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0 |
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0 |
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0 |
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(18 |
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590 |
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Interest rate swap
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SG&A |
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0 |
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(192 |
) |
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0 |
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(1 |
) |
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0 |
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0 |
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Total cash flow hedges
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$ |
22,157 |
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$ |
(4,225 |
) |
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$ |
2,197 |
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$ |
(1,879 |
) |
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$ |
(18 |
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$ |
590 |
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Derivative
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Gain/(Loss) Recognized in AOCI
(Effective Portion) |
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Nine Months Ended
March 31, |
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2015 |
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2014 |
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Foreign exchange contracts
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$ |
311,226 |
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$ |
(43,381 |
) |
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Interest rate swap
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0 |
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35 |
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Total cash flow hedges
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$ |
311,226 |
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$ |
(43,346 |
) |
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| 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 nine months ended March 31, 2015 and 2014:
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Location of Derivative Gain/(Loss) |
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Three Months Ended
March 31, |
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Nine Months Ended
March 31, |
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Derivative
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2015 |
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2014 |
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2015 |
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2014 |
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Foreign exchange contracts – forwards
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Cost of sales |
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$ |
13,473 |
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$ |
(985 |
) |
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$ |
25,606 |
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$ |
(6,421 |
) |
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Foreign exchange contracts – forwards
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Foreign exchange (gains)
losses, net |
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(17,450 |
) |
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(147 |
) |
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(39,822 |
) |
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13,226 |
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