| Financial Statement Components |
FINANCIAL STATEMENT COMPONENTS
Consolidated Balance Sheets
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As of June 30, |
(In thousands) |
2012 |
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2011 |
Accounts receivable, net: |
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Accounts receivable, gross |
$ |
723,607 |
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$ |
605,376 |
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Allowance for doubtful accounts |
(22,327 |
) |
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(22,106 |
) |
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$ |
701,280 |
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$ |
583,270 |
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Inventories: |
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Customer service parts |
$ |
197,013 |
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$ |
148,466 |
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Raw materials |
234,549 |
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|
235,605 |
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Work-in-process |
170,254 |
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|
131,804 |
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Finished goods |
48,986 |
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|
59,855 |
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$ |
650,802 |
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$ |
575,730 |
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Other current assets: |
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Prepaid expenses |
$ |
53,472 |
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$ |
61,796 |
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Income tax related receivables |
22,943 |
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|
59,774 |
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Other current assets |
16,432 |
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|
25,508 |
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$ |
92,847 |
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$ |
147,078 |
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Land, property and equipment, net(1): |
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Land |
$ |
41,397 |
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$ |
41,956 |
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Buildings and leasehold improvements |
244,807 |
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|
234,173 |
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Machinery and equipment |
443,668 |
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447,772 |
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Office furniture and fixtures |
19,493 |
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19,645 |
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Construction in process |
11,765 |
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6,979 |
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761,130 |
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|
750,525 |
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Less: accumulated depreciation and amortization |
(483,444 |
) |
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(493,167 |
) |
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$ |
277,686 |
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$ |
257,358 |
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Other non-current assets: |
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Executive Deferred Savings Plan(2) |
$ |
125,354 |
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$ |
128,033 |
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Deferred tax assets—long-term |
128,738 |
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|
173,788 |
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Other |
21,135 |
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26,274 |
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$ |
275,227 |
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$ |
328,095 |
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Other current liabilities: |
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Warranty |
$ |
46,496 |
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$ |
41,528 |
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Executive Deferred Savings Plan(2) |
125,329 |
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|
128,088 |
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Compensation and benefits |
175,007 |
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|
186,761 |
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Income taxes payable |
11,251 |
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|
16,364 |
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Interest payable |
8,769 |
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|
8,769 |
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Accrued litigation costs |
1,080 |
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|
4,824 |
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Other accrued expenses |
145,479 |
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|
112,980 |
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$ |
513,411 |
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$ |
499,314 |
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Accumulated other comprehensive income (loss): |
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Currency translation adjustments |
$ |
(10,419 |
) |
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$ |
251 |
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Gains (losses) on cash flow hedging instruments, net of taxes (benefits) of $(343) in 2012 and $5 in 2011
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(619 |
) |
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8 |
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Unrealized gains on investments, net of taxes of $1,498 in 2012 and $2,258 in 2011
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2,811 |
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3,909 |
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Unrealized losses of defined benefit pension plan, net of tax benefits of $(6,486) in 2012 and $(4,637) in 2011 |
(12,916 |
) |
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(6,567 |
) |
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$ |
(21,143 |
) |
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$ |
(2,399 |
) |
__________________
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(1) |
As of June 30, 2011, the net book value of property and equipment includes assets held for sale of $2.3 million. There were no assets held for sale as of June 30, 2012.
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(2) |
KLA-Tencor has a non-qualified deferred compensation plan whereby certain executives and non-employee directors may defer a portion of their compensation. Participants are credited with returns based on their allocation of their account balances among measurement funds. The Company controls the investment of these funds, and the participants remain general creditors of KLA-Tencor. Distributions from the plan commence the quarter following a participant’s retirement or termination of employment, except in cases where such distributions are required to be delayed in order to avoid a prohibited distribution under Internal Revenue Code Section 409A. As of June 30, 2012, the Company had a deferred compensation plan related asset and liability included as a component of other non-current assets and other current liabilities on the Consolidated Balance Sheet.
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Consolidated Statements of Operations
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Year ended June 30, |
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(In thousands) |
2012 |
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2011 |
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2010 |
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Interest income and other, net: |
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Interest income |
$ |
15,321 |
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$ |
15,513 |
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$ |
17,512 |
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Foreign exchange losses, net |
(2,864 |
) |
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(2,108 |
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(5,009 |
) |
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Realized gains on sale of investments |
637 |
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2,479 |
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|
4,021 |
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Other |
(1,128 |
) |
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(11,820 |
) |
(1) |
15,008 |
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(2) |
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$ |
11,966 |
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$ |
4,064 |
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$ |
31,532 |
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__________________
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(1) |
Includes impairment charges of $9.9 million recorded during the fiscal year ended June 30, 2011 for equity investments in privately-held companies.
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(2) |
Includes a benefit of $15.9 million that the Company recorded upon expiration of a statute of limitations related to an uncertainty in the Company’s position with respect to a foreign transaction-based tax.
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