Quarterly report pursuant to Section 13 or 15(d)

Financial Statement Components (Tables)

v3.20.1
Financial Statement Components (Tables)
9 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components
Condensed Consolidated Balance Sheets
(In thousands)
As of
March 31, 2020
 
As of
June 30, 2019
Accounts receivable, net:
 
 
 
Accounts receivable, gross
$
1,131,068

 
$
1,002,114

Allowance for doubtful accounts
(11,805
)
 
(12,001
)
 
$
1,119,263

 
$
990,113

Inventories:
 
 
 
Raw materials
$
449,251

 
$
444,627

Customer service parts
340,191

 
328,515

Work-in-process
324,423

 
285,191

Finished goods
150,265

 
204,167

 
$
1,264,130

 
$
1,262,500

Other current assets:
 
 
 
Contract assets
$
91,382

 
$
94,015

Prepaid expenses
71,975

 
88,387

Deferred costs of revenue
73,326

 
70,721

Prepaid income and other taxes
36,870

 
51,889

Other current assets
26,988

 
18,065

 
$
300,541

 
$
323,077

Land, property and equipment, net:
 
 
 
Land
$
67,859

 
$
67,883

Buildings and leasehold improvements
398,999

 
402,678

Machinery and equipment
659,048

 
669,316

Office furniture and fixtures
30,022

 
28,282

Construction-in-process
79,035

 
26,029

 
1,234,963

 
1,194,188

Less: accumulated depreciation
(737,220
)
 
(745,389
)
 
$
497,743

 
$
448,799

Other non-current assets:
 
 
 
Executive Deferred Savings Plan(1)
$
187,936

 
$
207,581

Operating lease right of use assets
98,104

 

Other non-current assets
54,767

 
58,392

 
$
340,807

 
$
265,973

Other current liabilities:
 
 
 
Compensation and benefits
$
287,012

 
$
226,462

Executive Deferred Savings Plan
189,331

 
208,926

Customer credits and advances
124,109

 
133,677

Other accrued expenses
164,195

 
202,647

Income taxes payable
31,601

 
23,350

Interest payable
34,651

 
31,992

Operating lease liabilities
28,520

 

 
$
859,419

 
$
827,054

Other non-current liabilities:
 
 
 
Income taxes payable
$
383,356

 
$
392,266

Pension liabilities
80,628

 
79,622

Operating lease liabilities
67,524

 

Other non-current liabilities
144,436

 
116,009

 
$
675,944

 
$
587,897

________________
(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 $(29.4) million and $19.3 million during the three months ended March 31, 2020 and 2019, respectively and was $(15.5) million and $7.0 million during the nine months ended March 31, 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 $(29.4) million and $19.7 million during the three months ended March 31, 2020 and 2019, respectively and was $(15.3) million and $7.7 million during the nine months ended March 31, 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, 2019.
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 March 31, 2020
$
(47,144
)
 
$
(224
)
 
$
(23,382
)
 
$
(17,544
)
 
$
(88,294
)
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2019
$
(44,041
)
 
$
(1,616
)
 
$
(8,725
)
 
$
(18,647
)
 
$
(73,029
)

Reclassification out of Accumulated Other Comprehensive Income
The effects on net income (loss) of amounts reclassified from accumulated OCI to the Condensed Consolidated Statement of Operations for the indicated period were as follows (in thousands):
 
 
Location in the Condensed Consolidated
 
Three Months Ended
March 31,
 
Nine Months Ended
March 31,
Accumulated OCI Components
 
Statements of Operations
 
2020
 
2019
 
2020
 
2019
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts(1)
 
Revenues
 
$
3,051

 
$
655

 
$
3,416

 
$
3,343

 
 
Costs of revenues and operating expenses
 
12

 
(17
)
 
(1,806
)
 
(309
)
 
 
Interest expense
 
(159
)
 
150

 
(358
)
 
527

 
 
Other expense (income), net
 

 
158

 

 
158

 
 
Net gains (losses) reclassified from accumulated OCI
 
$
2,904

 
$
946

 
$
1,252

 
$
3,719

Unrealized gains (losses) on available-for-sale securities
 
Other expense (income), net
 
$
(432
)
 
$
(313
)
 
$
(346
)
 
$
(1,263
)

__________________ 
(1)
Reflects the new accounting guidance for hedge accounting, which was adopted in the second quarter of fiscal year 2019. For additional details, refer to Note 16 “Derivative Instruments and Hedging Activities” of the Notes to the Condensed Consolidated Financial Statements.