Quarterly report pursuant to Section 13 or 15(d)

FINANCIAL STATEMENT COMPONENTS (Tables)

v3.23.1
FINANCIAL STATEMENT COMPONENTS (Tables)
 9 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Balance Sheet Components
Condensed Consolidated Balance Sheets
As of As of
(In thousands) March 31, 2023 June 30, 2022
Accounts receivable, net:
Accounts receivable, gross $ 1,973,188  $ 1,832,508 
Allowance for credit losses (33,121) (20,631)
$ 1,940,067  $ 1,811,877 
Inventories:
Customer service parts $ 492,681  $ 402,121 
Raw materials 1,503,024  1,042,916 
Work-in-process 575,084  451,782 
Finished goods 178,954  250,070 
$ 2,749,743  $ 2,146,889 
Other current assets:
Contract assets $ 125,019  $ 114,747 
Prepaid expenses 113,228  108,942 
Deferred costs of revenues 112,074  124,487 
Prepaid income and other taxes 37,834  89,713 
Other current assets 50,576  64,248 
$ 438,731  $ 502,137 
Land, property and equipment, net:
Land $ 72,286  $ 67,846 
Buildings and leasehold improvements 810,173  712,751 
Machinery and equipment 970,525  819,191 
Office furniture and fixtures 57,554  44,957 
Construction-in-process 147,932  110,079 
2,058,470  1,754,824 
Less: accumulated depreciation (1,074,199) (904,895)
$ 984,271  $ 849,929 
Other non-current assets:
Executive Deferred Savings Plan(1)
$ 245,090  $ 224,188 
Operating lease right of use assets 201,014  126,444 
Other non-current assets 171,806  133,980 
$ 617,910  $ 484,612 
Other current liabilities:
Customer deposits $ 575,466  $ 394,016 
Compensation and benefits 445,828  351,924 
Income taxes payable 313,317  126,964 
Executive Deferred Savings Plan(1)
245,734  225,867 
Interest payable 56,049  39,683 
Operating lease liabilities 33,522  32,218 
Other liabilities and accrued expenses 439,535  374,367 
$ 2,109,451  $ 1,545,039 
Other non-current liabilities:
Customer deposits $ 343,691  $ 204,914 
Income taxes payable 317,263  367,052 
Operating lease liabilities 137,811  81,369 
Pension liabilities 75,716  78,525 
Other non-current liabilities 127,497  150,782 
$ 1,001,978  $ 882,642 
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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 (“SG&A”) expense was $13.1 million and $(18.8) million in the three months ended March 31, 2023 and 2022, respectively, and was $14.7 million and $(7.8) million during the nine months ended March 31, 2023 and 2022, respectively. The amount of net gains (losses) associated with changes in the EDSP assets included in SG&A expense was $13.1 million and $(18.7) million in the three months ended March 31, 2023 and 2022, respectively, and was $14.7 million and $(8.0) million during the nine months ended March 31, 2023 and 2022, 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, 2022.
Schedule of Components of Accumulated Other Comprehensive Income (Loss)
The components of Accumulated Other Comprehensive Income (Loss) (“AOCI”) 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 Derivatives Unrealized Gains (Losses) on Defined Benefit Plans Total
Balance as of March 31, 2023 $ (51,637) $ (10,934) $ 51,654  $ (24,374) $ (35,291)
Balance as of June 30, 2022 $ (43,886) $ (15,486) $ 56,836  $ (24,935) $ (27,471)
Schedule of Reclassification out of Accumulated Other Comprehensive Income
The effects on net income of amounts reclassified from AOCI to the Condensed Consolidated Statements of Operations for the indicated periods were as follows (in thousands; amounts in parentheses indicate debits or reductions to earnings):
AOCI Components Three Months Ended Nine Months Ended
Location in the Condensed Consolidated Statement of Operations March 31, March 31,
2023 2022 2023 2022
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts Revenues $ 1,421  $ 1,600  $ 31,954  $ 4,868 
Costs of revenues and operating expenses 467  (329) (8,804) (909)
Interest expense 936  (279) 2,810  (837)
Net gains reclassified from AOCI $ 2,824  $ 992  $ 25,960  $ 3,122 
Unrealized gains (losses) on available-for-sale securities Other expense (income), net $ (250) $ (88) $ (831) $ (90)