Quarterly report pursuant to Section 13 or 15(d)

FINANCIAL STATEMENT COMPONENTS (Tables)

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FINANCIAL STATEMENT COMPONENTS (Tables)
 3 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components
Condensed Consolidated Balance Sheets
As of As of
(In thousands) September 30, 2020 June 30, 2020
Accounts receivable, net:
Accounts receivable, gross $ 1,046,329  $ 1,119,235 
Allowance for credit losses (17,446) (11,822)
$ 1,028,883  $ 1,107,413 
Inventories:
Raw materials $ 541,846  $ 478,594 
Customer service parts 316,795  338,608 
Work-in-process 368,270  334,965 
Finished goods 167,314  158,818 
$ 1,394,225  $ 1,310,985 
Other current assets:
Contract assets $ 97,751  $ 99,876 
Prepaid expenses 88,128  74,955 
Deferred costs of revenue 57,488  77,219 
Prepaid income and other taxes 24,767  56,809 
Other current assets 20,004  15,816 
$ 288,138  $ 324,675 
Land, property and equipment, net:
Land $ 67,864  $ 67,858 
Buildings and leasehold improvements 433,525  405,238 
Machinery and equipment 695,577  677,627 
Office furniture and fixtures 31,121  29,964 
Construction-in-process 109,211  93,736 
1,337,298  1,274,423 
Less: accumulated depreciation (775,446) (754,599)
$ 561,852  $ 519,824 
Other non-current assets:
Executive Deferred Savings Plan(1)
$ 223,986  $ 213,487 
Operating lease right of use assets 98,754  100,790 
Other non-current assets 48,846  48,702 
$ 371,586  $ 362,979 
Other current liabilities:
Compensation and benefits $ 346,266  $ 251,379 
Executive Deferred Savings Plan 225,542  215,167 
Customer credits and advances 128,484  114,896 
Other accrued expenses 159,713  183,435 
Income taxes payable 75,323  35,640 
Interest payable 34,801  36,265 
Operating lease liabilities 29,418  28,994 
$ 999,547  $ 865,776 
Other non-current liabilities:
Income taxes payable $ 357,074  $ 383,447 
Pension liabilities 81,612  78,911 
Operating lease liabilities 69,431  70,885 
Other non-current liabilities 138,574  139,041 
$ 646,691  $ 672,284 
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(1)We have a non-qualified deferred compensation plan (known as “Executive Deferred Savings Plan” or “EDSP”) under which certain employees and non-employee directors may defer a portion of their compensation. The expense (benefit) associated with changes in the EDSP liability included in selling, general and administrative expense was $13.2 million and $1.9 million during the three months ended September 30, 2020 and 2019, respectively. The amount of net gains (losses) associated with changes in the EDSP assets included in selling, general and administrative expense was $13.3 million and $2.3 million during the three months ended September 30, 2020 and 2019, respectively. For additional details, refer to Note 1 “Description of Business and Summary of Significant Accounting Policies” of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2020.
Components of Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) (“OCI”) as of the dates indicated below were as follows:
(In thousands) Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities Unrealized Gains (Losses) on Cash Flow Hedges Unrealized Gains (Losses) on Defined Benefit Plans Total
Balance as of September 30, 2020 $ (38,920) $ 2,857  $ (24,014) $ (19,369) $ (79,446)
Balance as of June 30, 2020 $ (43,957) $ 3,683  $ (23,250) $ (16,250) $ (79,774)
Reclassification out of Accumulated Other Comprehensive Income
The effects on net income (loss) of amounts reclassified from accumulated OCI to the Condensed Consolidated Statements of Operations for the indicated period were as follows (in thousands):
Three Months Ended
Location in the Condensed Consolidated September 30,
Accumulated OCI Components Statements of Operations 2020 2019
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts Revenues $ (217) $ 373 
Costs of revenues and operating expenses 550  (1,801)
Interest expense (279) (99)
Net gains (losses) reclassified from accumulated OCI $ 54  $ (1,527)
Unrealized gains (losses) on available-for-sale securities Other expense (income), net $ (101) $ (4)