| FINANCIAL STATEMENT COMPONENTS |
FINANCIAL STATEMENT COMPONENTS Condensed Consolidated Balance Sheets
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As of |
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As of |
| (In thousands) |
December 31, 2021 |
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June 30, 2021 |
| Accounts receivable, net: |
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| Accounts receivable, gross |
$ |
1,747,734 |
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$ |
1,323,515 |
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| Allowance for credit losses |
(19,358) |
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(18,036) |
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$ |
1,728,376 |
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$ |
1,305,479 |
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| Inventories: |
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| Customer service parts |
$ |
371,341 |
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$ |
349,743 |
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| Raw materials |
786,744 |
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595,151 |
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| Work-in-process |
427,972 |
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453,432 |
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| Finished goods |
243,355 |
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177,054 |
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$ |
1,829,412 |
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$ |
1,575,380 |
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| Other current assets: |
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| Contract assets |
$ |
96,676 |
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$ |
91,052 |
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| Deferred costs of revenues |
83,153 |
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59,953 |
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| Prepaid expenses |
78,064 |
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76,649 |
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| Prepaid income and other taxes |
37,731 |
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68,847 |
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| Other current assets |
37,602 |
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24,366 |
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$ |
333,226 |
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$ |
320,867 |
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| Land, property and equipment, net: |
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| Land |
$ |
67,862 |
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$ |
67,862 |
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| Buildings and leasehold improvements |
469,025 |
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458,605 |
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| Machinery and equipment |
756,921 |
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743,710 |
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| Office furniture and fixtures |
33,067 |
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32,856 |
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| Construction-in-process |
236,543 |
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182,320 |
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1,563,418 |
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1,485,353 |
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| Less: accumulated depreciation |
(846,240) |
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(822,326) |
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$ |
717,178 |
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$ |
663,027 |
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| Other non-current assets: |
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Executive Deferred Savings Plan(1)
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$ |
274,529 |
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$ |
266,199 |
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| Operating lease right of use assets |
97,836 |
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102,883 |
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| Other non-current assets |
78,580 |
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75,823 |
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$ |
450,945 |
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$ |
444,905 |
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| Other current liabilities: |
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| Compensation and benefits |
$ |
500,301 |
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$ |
305,445 |
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| Customer credits and advances |
482,991 |
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250,784 |
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Executive Deferred Savings Plan(1)
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274,508 |
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268,028 |
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| Other accrued expenses |
184,347 |
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180,982 |
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| Income taxes payable |
125,535 |
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87,320 |
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| Interest payable |
35,970 |
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36,135 |
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| Operating lease liabilities |
32,467 |
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32,322 |
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$ |
1,636,119 |
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$ |
1,161,016 |
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| Other non-current liabilities: |
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| Income taxes payable |
$ |
340,890 |
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$ |
333,866 |
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| Pension liabilities |
85,677 |
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87,602 |
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| Operating lease liabilities |
62,553 |
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70,739 |
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| Other non-current liabilities |
161,693 |
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139,083 |
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$ |
650,813 |
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$ |
631,290 |
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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 associated with changes in the EDSP liability included in selling, general and administrative (“SG&A”) expense was $12.0 million and $22.1 million during the three months ended December 31, 2021 and 2020, respectively and was $11.0 million and $35.3 million during the six months ended December 31, 2021 and 2020, respectively. The amount of net gains associated with changes in the EDSP assets included in SG&A expense was $11.8 million and $22.2 million during the three months ended December 31, 2021 and 2020, respectively and was $10.7 million and $35.5 million during the six months ended December 31, 2021 and 2020, respectively. For additional details, refer to Note 1 “Description of Business and Summary of Significant Accounting Policies” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021.
Accumulated Other Comprehensive Income (Loss) (“AOCI”)
The components of AOCI 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 Derivatives |
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Unrealized Gains (Losses) on Defined Benefit Plans |
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Total |
| Balance as of December 31, 2021 |
$ |
(36,314) |
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$ |
(2,223) |
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$ |
(15,653) |
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$ |
(22,289) |
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$ |
(76,479) |
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| Balance as of June 30, 2021 |
$ |
(32,563) |
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$ |
595 |
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$ |
(20,092) |
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$ |
(23,497) |
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$ |
(75,557) |
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The effects on net income (loss) of amounts reclassified from AOCI to the Condensed Consolidated Statements of Operations for the indicated period were as follows (in thousands):
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| AOCI Components |
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Three Months Ended |
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Six Months Ended |
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Location in the Condensed Consolidated |
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December 31, |
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December 31, |
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Statement of Operations |
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2021 |
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2020 |
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2021 |
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2020 |
| Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts |
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Revenues |
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$ |
1,539 |
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$ |
(711) |
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$ |
3,268 |
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$ |
(928) |
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Costs of revenues and operating expenses |
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(348) |
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(125) |
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(580) |
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425 |
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Interest expense |
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(279) |
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(279) |
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(558) |
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(558) |
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Net gains (losses) reclassified from AOCI |
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$ |
912 |
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$ |
(1,115) |
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$ |
2,130 |
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$ |
(1,061) |
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| Unrealized gains (losses) on available-for-sale securities |
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Other expense (income), net |
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$ |
(3) |
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$ |
111 |
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$ |
(2) |
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$ |
212 |
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The amounts reclassified out of AOCI related to our defined benefit pension plans that were recognized as a component of net periodic cost for the three months ended December 31, 2021 and 2020 were $0.4 million and $0.3 million, respectively and for the six months ended December 31, 2021 and 2020 were $0.7 million and $0.5 million, respectively. For additional details, refer to Note 13 “Employee Benefit Plans” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021.
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