Quarterly report pursuant to Section 13 or 15(d)

FINANCIAL STATEMENT COMPONENTS (Tables)

v3.23.3
FINANCIAL STATEMENT COMPONENTS (Tables)
 3 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Balance Sheet Components
Condensed Consolidated Balance Sheets
As of As of
(In thousands) September 30, 2023 June 30, 2023
Accounts receivable, net:
Accounts receivable, gross $ 1,664,280  $ 1,786,993 
Allowance for credit losses (33,534) (33,632)
$ 1,630,746  $ 1,753,361 
Inventories:
Customer service parts $ 560,088  $ 524,096 
Raw materials 1,614,050  1,559,202 
Work-in-process 635,045  578,864 
Finished goods 198,522  214,622 
$ 3,007,705  $ 2,876,784 
Other current assets:
Deferred costs of revenues $ 126,873  $ 133,067 
Prepaid expenses 120,553  121,204 
Contract assets 93,300  117,137 
Prepaid income and other taxes 33,371  64,901 
Other current assets 68,922  62,419 
$ 443,019  $ 498,728 
Land, property and equipment, net:
Land $ 78,261  $ 72,287 
Buildings and leasehold improvements 862,733  825,975 
Machinery and equipment 1,044,335  1,016,713 
Office furniture and fixtures 59,221  58,036 
Construction-in-process 169,306  168,817 
2,213,856  2,141,828 
Less: accumulated depreciation (1,153,931) (1,109,987)
$ 1,059,925  $ 1,031,841 
Other non-current assets:
Executive Deferred Savings Plan(1)
$ 248,455  $ 256,846 
Operating lease right of use assets 218,053  208,706 
Other non-current assets 158,341  171,910 
$ 624,849  $ 637,462 
Other current liabilities:
Customer deposits $ 675,582  $ 769,000 
Income taxes payable 517,768  383,012 
Compensation and benefits 472,768  370,536 
Other liabilities and accrued expenses 365,615  383,407 
Executive Deferred Savings Plan(1)
248,818  258,223 
Interest payable 65,299  105,270 
Operating lease liabilities 35,514  34,042 
$ 2,381,364  $ 2,303,490 
Other non-current liabilities:
Income taxes payable $ 267,185  $ 322,113 
Customer deposits 143,339  156,874 
Operating lease liabilities 138,682  138,354 
Pension liabilities 60,821  63,672 
Other non-current liabilities 129,075  132,045 
$ 739,102  $ 813,058 
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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 benefit associated with changes in the EDSP liability included in selling, general and administrative (“SG&A”) expense was $9.3 million and $10.3 million during the three months ended September 30, 2023 and 2022, respectively. The amount of net losses associated with changes in the EDSP assets included in SG&A expense was $9.5 million and $10.3 million during the three months ended September 30, 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, 2023.
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 September 30, 2023 $ (71,220) $ (11,810) $ 52,211  $ (18,619) $ (49,438)
Balance as of June 30, 2023 $ (64,627) $ (12,797) $ 59,944  $ (18,861) $ (36,341)
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
Location in the Condensed Consolidated Statement of Operations September 30,
2023 2022
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts Revenues $ 3,396  $ 14,605 
Costs of revenues and operating expenses 2,775  (5,367)
Interest expense 937  937 
Net gains reclassified from AOCI $ 7,108  $ 10,175 
Unrealized losses on available-for-sale securities Other expense (income), net $ (12) $ (174)