| Financial Statement Components |
FINANCIAL STATEMENT COMPONENTS
Consolidated Balance Sheets
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As of June 30, |
(In thousands) |
2016 |
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2015 |
Accounts receivable, net: |
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Accounts receivable, gross |
$ |
634,905 |
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$ |
607,157 |
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Allowance for doubtful accounts |
(21,672 |
) |
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(21,663 |
) |
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$ |
613,233 |
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$ |
585,494 |
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Inventories: |
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Customer service parts |
$ |
234,712 |
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$ |
209,726 |
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Raw materials |
208,689 |
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|
194,218 |
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Work-in-process |
187,733 |
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|
156,820 |
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Finished goods |
67,501 |
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|
57,140 |
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$ |
698,635 |
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$ |
617,904 |
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Other current assets: |
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Prepaid expenses |
$ |
37,127 |
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$ |
37,006 |
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Income tax related receivables |
18,190 |
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|
32,850 |
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Other current assets |
9,553 |
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|
7,958 |
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$ |
64,870 |
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$ |
77,814 |
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Land, property and equipment, net: |
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Land |
$ |
40,603 |
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$ |
40,397 |
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Buildings and leasehold improvements |
313,239 |
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|
316,566 |
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Machinery and equipment |
507,378 |
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510,642 |
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Office furniture and fixtures |
21,737 |
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21,411 |
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Construction-in-process |
5,286 |
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3,152 |
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888,243 |
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892,168 |
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Less: accumulated depreciation and amortization |
(610,229 |
) |
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(577,577 |
) |
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$ |
278,014 |
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$ |
314,591 |
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Other non-current assets: |
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Executive Deferred Savings Plan |
$ |
162,160 |
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$ |
165,655 |
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Other non-current assets |
12,499 |
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|
15,384 |
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$ |
174,659 |
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$ |
181,039 |
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Other current liabilities: |
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Compensation and benefits |
$ |
224,496 |
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$ |
196,682 |
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Executive Deferred Savings Plan |
162,289 |
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|
167,886 |
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Customer credits and advances |
81,994 |
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|
93,212 |
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Warranty |
34,773 |
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|
36,413 |
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Income taxes payable |
27,964 |
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|
15,582 |
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Interest payable |
19,395 |
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|
19,395 |
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Other accrued expenses |
111,297 |
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132,244 |
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$ |
662,208 |
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$ |
661,414 |
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Other non-current liabilities: |
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Pension liabilities |
$ |
69,418 |
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$ |
55,696 |
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Income taxes payable |
50,365 |
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|
69,018 |
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Other non-current liabilities |
36,840 |
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|
57,516 |
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$ |
156,623 |
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$ |
182,230 |
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Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) (“OCI”) as of the dates indicated below were as follows:
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(In thousands) |
Currency Translation Adjustments |
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Unrealized Gains (Losses) on Available-for-Sale Securities |
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Unrealized Gains (Losses) on Cash Flow Hedges |
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Unrealized Gains (Losses) on Defined Benefit Plans |
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Total |
Balance as of June 30, 2016 |
$ |
(32,424 |
) |
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$ |
3,451 |
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|
$ |
775 |
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$ |
(20,487 |
) |
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$ |
(48,685 |
) |
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Balance as of June 30, 2015 |
$ |
(29,925 |
) |
|
$ |
734 |
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$ |
4,553 |
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$ |
(15,935 |
) |
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$ |
(40,573 |
) |
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The effects on net income of amounts reclassified from accumulated OCI to the Consolidated Statements of Operations for the indicated periods were as follows (in thousands):
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Location in the Consolidated Statements of Operations |
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Year ended June 30, |
Accumulated OCI Components |
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2016 |
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2015 |
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts |
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Revenues |
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$ |
(2,926 |
) |
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$ |
7,615 |
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Costs of revenues |
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(1,551 |
) |
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(1,503 |
) |
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Interest expense |
|
755 |
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503 |
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Net gains reclassified from accumulated OCI |
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$ |
(3,722 |
) |
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$ |
6,615 |
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Unrealized gains (losses) on available-for-sale securities |
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Other expense (income), net |
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$ |
312 |
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$ |
2,119 |
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The amounts reclassified out of accumulated OCI related to the Company’s defined pension plans, which were recognized as a component of net periodic cost for the fiscal years ended June 30, 2016 and 2015 were $1.4 million and $1.3 million, respectively. For additional details, refer to Note 10, “Employee Benefit Plans.”
Consolidated Statements of Operations
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Year ended June 30, |
(In thousands) |
2016 |
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2015 |
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2014 |
Other expense (income), net: |
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Interest income |
$ |
(14,507 |
) |
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$ |
(12,545 |
) |
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$ |
(13,555 |
) |
Foreign exchange losses, net |
1,235 |
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|
1,764 |
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|
514 |
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Net realized gains on sale of investments |
(311 |
) |
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(2,119 |
) |
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(2,084 |
) |
Other |
(7,051 |
) |
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2,431 |
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(1,078 |
) |
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$ |
(20,634 |
) |
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$ |
(10,469 |
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$ |
(16,203 |
) |
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