| Financial Statement Components |
FINANCIAL STATEMENT COMPONENTS
Consolidated Balance Sheets
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As of June 30, |
(In thousands) |
2015 |
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2014 |
Accounts receivable, net: |
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Accounts receivable, gross |
$ |
607,157 |
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$ |
514,690 |
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Allowance for doubtful accounts |
(21,663 |
) |
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(21,827 |
) |
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$ |
585,494 |
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$ |
492,863 |
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Inventories: |
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Customer service parts |
$ |
209,726 |
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$ |
203,194 |
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Raw materials |
194,218 |
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|
221,612 |
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Work-in-process |
156,820 |
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|
171,249 |
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Finished goods |
57,140 |
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|
60,402 |
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$ |
617,904 |
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$ |
656,457 |
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Other current assets: |
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Prepaid expenses(1)
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$ |
37,006 |
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$ |
34,743 |
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Income tax related receivables |
32,850 |
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|
27,452 |
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Other current assets |
7,958 |
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|
6,267 |
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$ |
77,814 |
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$ |
68,462 |
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Land, property and equipment, net: |
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Land |
$ |
40,397 |
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$ |
41,848 |
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Buildings and leasehold improvements |
316,566 |
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|
302,537 |
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Machinery and equipment |
510,642 |
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|
491,167 |
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Office furniture and fixtures |
21,411 |
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|
20,945 |
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Construction-in-process |
3,152 |
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8,945 |
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892,168 |
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|
865,442 |
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Less: accumulated depreciation and amortization |
(577,577 |
) |
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(535,179 |
) |
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$ |
314,591 |
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$ |
330,263 |
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Other non-current assets: |
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Executive Deferred Savings Plan |
$ |
165,655 |
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$ |
159,996 |
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Deferred tax assets—long-term |
78,648 |
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|
75,138 |
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Other non-current assets(1)
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15,384 |
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|
21,302 |
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$ |
259,687 |
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$ |
256,436 |
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Other current liabilities: |
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Warranty |
$ |
36,413 |
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$ |
37,746 |
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Executive Deferred Savings Plan |
167,886 |
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|
160,527 |
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Compensation and benefits |
196,682 |
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|
203,990 |
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Income taxes payable |
15,582 |
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|
15,283 |
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Interest payable |
19,395 |
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|
8,769 |
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Customer credits and advances |
93,212 |
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|
79,373 |
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Other accrued expenses |
132,244 |
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|
79,402 |
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$ |
661,414 |
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$ |
585,090 |
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Other non-current liabilities: |
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Pension liabilities |
$ |
55,696 |
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$ |
59,908 |
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Income taxes payable |
69,018 |
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|
59,575 |
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Other non-current liabilities |
57,516 |
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|
48,805 |
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$ |
182,230 |
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$ |
168,288 |
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__________________
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(1) |
Other current assets and other non-current assets balances as of June 30, 2014 on the consolidated balance sheet were adjusted to exclude the debt issuance costs as a result of early adoption of the accounting standards update regarding simplification of the presentation of debt issuance costs, which requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. See Note 7, “Debt” for additional details. |
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, 2015 |
$ |
(29,925 |
) |
|
$ |
734 |
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|
$ |
4,553 |
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|
$ |
(15,935 |
) |
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$ |
(40,573 |
) |
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Balance as of June 30, 2014 |
$ |
(17,271 |
) |
|
$ |
2,800 |
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|
$ |
(12 |
) |
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$ |
(15,788 |
) |
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$ |
(30,271 |
) |
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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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Twelve months ended
June 30, |
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Twelve months ended
June 30, |
Accumulated OCI Components |
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2015 |
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2014 |
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts |
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Revenues |
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$ |
7,615 |
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$ |
3,851 |
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Costs of revenues |
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(1,503 |
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|
294 |
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Interest expense |
|
503 |
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— |
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Net gains reclassified from accumulated OCI |
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$ |
6,615 |
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$ |
4,145 |
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Unrealized gains on available-for-sale securities |
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Other expense (income), net |
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$ |
2,119 |
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$ |
2,084 |
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The amounts reclassified out of accumulated OCI related to the Company’s defined pension plans, which were recognized as a component of net periodic cost for the fiscal years ended June 30, 2015 and 2014 were $1.3 million and $1.3 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) |
2015 |
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2014 |
|
2013 |
Other expense (income), net: |
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Interest income |
$ |
(12,545 |
) |
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$ |
(13,555 |
) |
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$ |
(14,976 |
) |
Foreign exchange losses, net |
1,764 |
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|
514 |
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|
1,002 |
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Net realized gains on sale of investments |
(2,119 |
) |
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(2,084 |
) |
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(2,287 |
) |
Other |
2,431 |
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(1,078 |
) |
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1,149 |
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$ |
(10,469 |
) |
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$ |
(16,203 |
) |
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$ |
(15,112 |
) |
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