| FINANCIAL STATEMENT COMPONENTS |
FINANCIAL STATEMENT COMPONENTS Condensed Consolidated Balance Sheets
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As of |
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As of |
| (In thousands) |
September 30, 2021 |
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June 30, 2021 |
| Accounts receivable, net: |
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| Accounts receivable, gross |
$ |
1,481,868 |
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$ |
1,323,515 |
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| Allowance for credit losses |
(17,894) |
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(18,036) |
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$ |
1,463,974 |
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$ |
1,305,479 |
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| Inventories: |
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| Customer service parts |
$ |
348,913 |
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$ |
349,743 |
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| Raw materials |
696,314 |
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595,151 |
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| Work-in-process |
426,855 |
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453,432 |
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| Finished goods |
243,257 |
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177,054 |
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$ |
1,715,339 |
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$ |
1,575,380 |
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| Other current assets: |
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| Prepaid expenses |
$ |
112,592 |
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$ |
76,649 |
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| Contract assets |
94,877 |
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91,052 |
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| Deferred costs of revenues |
69,865 |
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59,953 |
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| Prepaid income and other taxes |
23,893 |
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68,847 |
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| Other current assets |
39,319 |
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24,366 |
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$ |
340,546 |
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$ |
320,867 |
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| Land, property and equipment, net: |
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| Land |
$ |
67,862 |
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$ |
67,862 |
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| Buildings and leasehold improvements |
463,865 |
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458,605 |
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| Machinery and equipment |
745,877 |
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743,710 |
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| Office furniture and fixtures |
32,029 |
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32,856 |
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| Construction-in-process |
215,038 |
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182,320 |
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1,524,671 |
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1,485,353 |
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| Less: accumulated depreciation |
(826,124) |
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(822,326) |
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$ |
698,547 |
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$ |
663,027 |
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| Other non-current assets: |
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Executive Deferred Savings Plan(1)
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$ |
262,041 |
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$ |
266,199 |
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| Operating lease right of use assets |
99,616 |
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102,883 |
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| Other non-current assets |
77,056 |
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75,823 |
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$ |
438,713 |
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$ |
444,905 |
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| Other current liabilities: |
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| Customer credits and advances |
$ |
421,928 |
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$ |
250,784 |
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| Compensation and benefits |
421,677 |
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|
305,445 |
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| Executive Deferred Savings Plan |
264,740 |
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268,028 |
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| Other accrued expenses |
177,045 |
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180,982 |
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| Income taxes payable |
162,494 |
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|
87,320 |
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| Interest payable |
34,766 |
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36,135 |
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| Operating lease liabilities |
32,946 |
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32,322 |
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$ |
1,515,596 |
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$ |
1,161,016 |
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| Other non-current liabilities: |
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| Income taxes payable |
$ |
314,623 |
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$ |
333,866 |
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| Pension liabilities |
86,817 |
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87,602 |
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| Operating lease liabilities |
65,940 |
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70,739 |
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| Other non-current liabilities |
153,201 |
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139,083 |
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$ |
620,581 |
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$ |
631,290 |
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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 expense was $(1.0) million and $13.2 million during the three months ended September 30, 2021 and 2020, respectively. The amount of net gains (losses) associated with changes in the EDSP assets included in selling, general and administrative expense was $(1.1) million and $13.3 million during the three months ended September 30, 2021 and 2020, 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, 2021.
Accumulated Other Comprehensive Income (Loss)
The components of AOCI 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 Derivatives |
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Unrealized Gains (Losses) on Defined Benefit Plans |
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Total |
| Balance as of September 30, 2021 |
$ |
(35,001) |
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$ |
345 |
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$ |
(20,519) |
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$ |
(22,869) |
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$ |
(78,044) |
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| Balance as of June 30, 2021 |
$ |
(32,563) |
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$ |
595 |
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$ |
(20,092) |
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$ |
(23,497) |
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$ |
(75,557) |
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The effects on net income (loss) of amounts reclassified from AOCI to the Condensed Consolidated Statements of Operations for the indicated period were as follows (in thousands):
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| AOCI Components |
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Location in the Condensed Consolidated Statements of Operations |
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Three Months Ended September 30, |
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2021 |
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2020 |
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| Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts |
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Revenues |
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$ |
1,729 |
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$ |
(217) |
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Costs of revenues and operating expenses |
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(232) |
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550 |
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Interest expense |
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(279) |
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(279) |
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Net gains (losses) reclassified from AOCI |
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$ |
1,218 |
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$ |
54 |
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| Unrealized gains (losses) on available-for-sale securities |
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Other expense (income), net |
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$ |
1 |
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$ |
101 |
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The amounts reclassified out of AOCI related to our defined benefit pension plans that were recognized as a component of net periodic cost for the three months ended September 30, 2021 and 2020 were $0.4 million and $0.3 million, respectively. For additional details, refer to Note 13 “Employee Benefit Plans” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021.
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