| FINANCIAL STATEMENT COMPONENTS |
NOTE 3 — FINANCIAL STATEMENT COMPONENTS
Consolidated Balance Sheets
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As of June 30, |
(In thousands) |
2017 |
|
2016 |
Accounts receivable, net: |
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Accounts receivable, gross |
$ |
592,753 |
|
|
$ |
634,905 |
|
Allowance for doubtful accounts |
(21,636 |
) |
|
(21,672 |
) |
|
$ |
571,117 |
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$ |
613,233 |
|
Inventories: |
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|
Customer service parts |
$ |
245,172 |
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|
$ |
234,712 |
|
Raw materials |
240,389 |
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|
208,689 |
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Work-in-process |
193,026 |
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|
187,733 |
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Finished goods |
54,401 |
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|
67,501 |
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|
$ |
732,988 |
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|
$ |
698,635 |
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Other current assets: |
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Prepaid expenses |
$ |
36,146 |
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$ |
37,127 |
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Income tax related receivables |
22,071 |
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|
18,190 |
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Other current assets |
13,004 |
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|
9,553 |
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$ |
71,221 |
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$ |
64,870 |
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Land, property and equipment, net: |
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Land |
$ |
40,617 |
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|
$ |
40,603 |
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Buildings and leasehold improvements |
319,306 |
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|
313,239 |
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Machinery and equipment |
551,277 |
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|
507,378 |
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Office furniture and fixtures |
21,328 |
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|
21,737 |
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Construction-in-process |
4,597 |
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|
5,286 |
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937,125 |
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|
888,243 |
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Less: accumulated depreciation and amortization |
(653,150 |
) |
|
(610,229 |
) |
|
$ |
283,975 |
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|
$ |
278,014 |
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Other non-current assets: |
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Executive Deferred Savings Plan |
$ |
182,150 |
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|
$ |
162,160 |
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Other non-current assets |
13,526 |
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|
12,499 |
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$ |
195,676 |
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$ |
174,659 |
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Other current liabilities: |
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Executive Deferred Savings Plan |
$ |
183,603 |
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|
$ |
162,289 |
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Compensation and benefits |
172,707 |
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|
224,496 |
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Customer credits and advances |
95,188 |
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|
81,994 |
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Interest payable |
19,396 |
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|
19,395 |
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Warranty |
45,458 |
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|
34,773 |
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Income taxes payable |
17,040 |
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|
27,964 |
|
Other accrued expenses |
116,039 |
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|
111,297 |
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$ |
649,431 |
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$ |
662,208 |
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Other non-current liabilities: |
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Pension liabilities |
$ |
72,801 |
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$ |
69,418 |
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Income taxes payable |
68,439 |
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|
50,365 |
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Other non-current liabilities |
31,167 |
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|
36,840 |
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$ |
172,407 |
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$ |
156,623 |
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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, 2017 |
$ |
(30,654 |
) |
|
$ |
(3,869 |
) |
|
$ |
5,221 |
|
|
$ |
(22,021 |
) |
|
$ |
(51,323 |
) |
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Balance as of June 30, 2016 |
$ |
(32,424 |
) |
|
$ |
3,451 |
|
|
$ |
775 |
|
|
$ |
(20,487 |
) |
|
$ |
(48,685 |
) |
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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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2017 |
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2016 |
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts |
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Revenues |
|
$ |
2,846 |
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|
$ |
(2,926 |
) |
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Costs of revenues |
|
(378 |
) |
|
(1,551 |
) |
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Interest expense |
|
754 |
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|
755 |
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Net gains reclassified from accumulated OCI |
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$ |
3,222 |
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$ |
(3,722 |
) |
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Unrealized gains (losses) on available-for-sale securities |
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Other expense (income), net |
|
$ |
191 |
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$ |
312 |
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The amounts reclassified out of accumulated OCI related to the Company’s defined benefit pension plans, which were recognized as a component of net periodic cost for the fiscal years ended June 30, 2017 and 2016 were $1.9 million and $1.4 million, respectively. For additional details, refer to Note 11, “Employee Benefit Plans.”
Consolidated Statements of Operations
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Year ended June 30, |
(In thousands) |
2017 |
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2016 |
|
2015 |
Other expense (income), net: |
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Interest income |
$ |
(23,270 |
) |
|
$ |
(14,507 |
) |
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$ |
(12,545 |
) |
Foreign exchange losses, net |
641 |
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|
1,235 |
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|
1,764 |
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Net realized gains on sale of investments |
(191 |
) |
|
(311 |
) |
|
(2,119 |
) |
Other |
3,359 |
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|
(7,051 |
) |
|
2,431 |
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|
$ |
(19,461 |
) |
|
$ |
(20,634 |
) |
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$ |
(10,469 |
) |
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