Observed with version 1.2 of the 737-300, Navigraph AIRAC 1706, and X-Plane 11.02rc1. The FMC will interpret a "below X, above Y" altitude constraint as "above X", which will lead to a violation if not manually corrected. I observed this on the HYDRR1 arrival into Phoenix Sky Harbour (KPHX), and have attached both the procedure chart and the FMC's interpretation of the arrival on the CDU.
00322HYDRR_C.PDF