| FINANCIAL STATEMENT COMPONENTS |
NOTE 3 — FINANCIAL STATEMENT COMPONENTS
Consolidated Balance Sheets
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As of June 30, |
(In thousands) |
2018 |
|
2017 |
Accounts receivable, net: |
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Accounts receivable, gross |
$ |
663,317 |
|
|
$ |
592,753 |
|
Allowance for doubtful accounts |
(11,639 |
) |
|
(21,636 |
) |
|
$ |
651,678 |
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|
$ |
571,117 |
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Inventories: |
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Customer service parts |
$ |
253,639 |
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|
$ |
245,172 |
|
Raw materials |
331,065 |
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|
240,389 |
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Work-in-process |
280,208 |
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|
193,026 |
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Finished goods |
66,933 |
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|
54,401 |
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$ |
931,845 |
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$ |
732,988 |
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Other current assets: |
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Prepaid expenses |
$ |
47,088 |
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$ |
36,146 |
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Prepaid income tax and other taxes |
23,452 |
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|
22,071 |
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Other current assets |
14,619 |
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|
13,004 |
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$ |
85,159 |
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$ |
71,221 |
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Land, property and equipment, net: |
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Land |
$ |
40,599 |
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$ |
40,617 |
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Buildings and leasehold improvements |
335,647 |
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|
319,306 |
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Machinery and equipment |
577,077 |
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|
551,277 |
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Office furniture and fixtures |
22,171 |
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|
21,328 |
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Construction-in-process |
9,180 |
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|
4,597 |
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|
984,674 |
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|
937,125 |
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Less: accumulated depreciation and amortization |
(698,368 |
) |
|
(653,150 |
) |
|
$ |
286,306 |
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|
$ |
283,975 |
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Other non-current assets: |
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Executive Deferred Savings Plan |
$ |
197,213 |
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|
$ |
182,150 |
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Other non-current assets |
19,606 |
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|
13,526 |
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$ |
216,819 |
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$ |
195,676 |
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Other current liabilities: |
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Executive Deferred Savings Plan |
$ |
199,505 |
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|
$ |
183,603 |
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Compensation and benefits |
177,587 |
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|
172,707 |
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Other accrued expenses |
123,869 |
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|
116,039 |
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Customer credits and advances |
116,440 |
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|
95,188 |
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Warranty |
42,258 |
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|
45,458 |
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Income taxes payable |
23,287 |
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|
17,040 |
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Interest payable |
16,947 |
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|
19,396 |
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$ |
699,893 |
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$ |
649,431 |
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Other non-current liabilities: |
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Pension liabilities |
$ |
66,786 |
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$ |
72,801 |
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Income taxes payable |
371,665 |
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|
68,439 |
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Other non-current liabilities |
32,912 |
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|
31,167 |
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$ |
471,363 |
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$ |
172,407 |
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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, 2018 |
$ |
(29,974 |
) |
|
$ |
(11,032 |
) |
|
$ |
1,932 |
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|
$ |
(14,859 |
) |
|
$ |
(53,933 |
) |
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Balance as of June 30, 2017 |
$ |
(30,654 |
) |
|
$ |
(3,869 |
) |
|
$ |
5,221 |
|
|
$ |
(22,021 |
) |
|
$ |
(51,323 |
) |
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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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2018 |
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2017 |
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts |
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Revenues |
|
$ |
955 |
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$ |
2,846 |
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Costs of revenues |
|
2,137 |
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|
(378 |
) |
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Interest expense |
|
754 |
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|
754 |
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Net gains reclassified from accumulated OCI |
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$ |
3,846 |
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$ |
3,222 |
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Unrealized gains (losses) on available-for-sale securities |
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Other expense (income), net |
|
$ |
(209 |
) |
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$ |
191 |
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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, 2018 and 2017 were $1.8 million and $1.9 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) |
2018 |
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2017 |
|
2016 |
Other expense (income), net: |
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Interest income |
$ |
(36,869 |
) |
|
$ |
(23,270 |
) |
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$ |
(14,507 |
) |
Foreign exchange losses, net |
708 |
|
|
641 |
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|
1,235 |
|
Net realized losses (gains) on sale of investments |
209 |
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|
(191 |
) |
|
(311 |
) |
Other |
2,839 |
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|
3,359 |
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|
(7,051 |
) |
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$ |
(33,113 |
) |
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$ |
(19,461 |
) |
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$ |
(20,634 |
) |
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