Quarterly report pursuant to Section 13 or 15(d)

Financial Statement Components (Tables)

v3.19.3.a.u2
Financial Statement Components (Tables)
6 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components
Condensed Consolidated Balance Sheets
(In thousands)
As of
December 31, 2019
 
As of
June 30, 2019
Accounts receivable, net:
 
 
 
Accounts receivable, gross
$
1,202,925

 
$
1,002,114

Allowance for doubtful accounts
(11,890
)
 
(12,001
)
 
$
1,191,035

 
$
990,113

Inventories:
 
 
 
Raw materials
$
450,956

 
$
444,627

Customer service parts
337,118

 
328,515

Work-in-process
319,590

 
285,191

Finished goods
143,736

 
204,167

 
$
1,251,400

 
$
1,262,500

Other current assets:
 
 
 
Contract assets
$
85,837

 
$
94,015

Prepaid expenses
73,322

 
88,387

Deferred costs of revenue
55,083

 
70,721

Prepaid income and other taxes
25,102

 
51,889

Other current assets
18,142

 
18,065

 
$
257,486

 
$
323,077

Land, property and equipment, net:
 
 
 
Land
$
67,874

 
$
67,883

Buildings and leasehold improvements
416,463

 
402,678

Machinery and equipment
699,175

 
669,316

Office furniture and fixtures
34,899

 
28,282

Construction-in-process
63,566

 
26,029

 
1,281,977

 
1,194,188

Less: accumulated depreciation
(791,997
)
 
(745,389
)
 
$
489,980

 
$
448,799

Other non-current assets:
 
 
 
Executive Deferred Savings Plan(1)
$
216,612

 
$
207,581

Operating lease right of use assets
103,666

 

Other non-current assets
57,533

 
58,392

 
$
377,811

 
$
265,973

Other current liabilities:
 
 
 
Compensation and benefits
$
326,407

 
$
226,462

Executive Deferred Savings Plan
217,387

 
208,926

Customer credits and advances
164,155

 
133,677

Other accrued expenses
160,522

 
202,647

Income taxes payable
80,776

 
23,350

Interest payable
31,026

 
31,992

Operating lease liabilities
29,937

 

 
$
1,010,210

 
$
827,054

Other non-current liabilities:
 
 
 
Income taxes payable
$
368,751

 
$
392,266

Pension liabilities
79,895

 
79,622

Operating lease liabilities
72,620

 

Other non-current liabilities
142,466

 
116,009

 
$
663,732

 
$
587,897

________________

(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 expense was $12.0 million and $(19.8) million during the three months ended December 31, 2019 and 2018, respectively and was $13.9 million and $(12.3) million during the six months ended December 31, 2019 and 2018, respectively. The amount of net gains (losses) associated with changes in the EDSP assets included in selling, general and administrative expense was $11.9 million and $(19.4) million during the three months ended December 31, 2019 and 2018, respectively and was $14.2 million and $(12.0) million during the six months ended December 31, 2019 and 2018, respectively. For additional details, refer to Note 1, “Description of Business and Summary of Significant Accounting Policies,” of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2019.
Components of Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) (“OCI”) 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 Cash Flow Hedges
 
Unrealized Gains (Losses) on Defined Benefit Plans
 
Total
Balance as of December 31, 2019
$
(43,489
)
 
$
661

 
$
(5,961
)
 
$
(17,969
)
 
$
(66,758
)
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2019
$
(44,041
)
 
$
(1,616
)
 
$
(8,725
)
 
$
(18,647
)
 
$
(73,029
)

Reclassification out of Accumulated Other Comprehensive Income
The effects on net income (loss) of amounts reclassified from accumulated OCI to the Condensed Consolidated Statement of Operations for the indicated period were as follows (in thousands):
 
 
Location in the Condensed Consolidated
 
Three Months Ended
December 31,
 
Six Months Ended
December 31,
Accumulated OCI Components
 
Statements of Operations
 
2019
 
2018
 
2019
 
2018
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts(1)
 
Revenues
 
$
(8
)
 
$
1,705

 
$
365

 
$
2,688

 
 
Costs of revenues and operating expenses
 
(17
)
 
(158
)
 
(1,818
)
 
(292
)
 
 
Interest expense
 
(100
)
 
189

 
(199
)
 
377

 
 
Net gains (losses) reclassified from accumulated OCI
 
$
(125
)
 
$
1,736

 
$
(1,652
)
 
$
2,773

Unrealized gains (losses) on available-for-sale securities
 
Other expense (income), net
 
$
(82
)
 
$
(469
)
 
$
(86
)
 
$
(950
)

__________________ 
(1)
Reflects the new accounting guidance for hedge accounting, which was adopted in the second quarter of fiscal year 2019. For additional details, refer to Note 16, “Derivative Instruments and Hedging Activities” of the Condensed Consolidated Financial Statements.