Quarterly report pursuant to Section 13 or 15(d)

FINANCIAL STATEMENT COMPONENTS (Tables)

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FINANCIAL STATEMENT COMPONENTS (Tables)
 6 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Balance Sheet Components
Condensed Consolidated Balance Sheets
As of As of
(In thousands) December 31, 2021 June 30, 2021
Accounts receivable, net:
Accounts receivable, gross $ 1,747,734  $ 1,323,515 
Allowance for credit losses (19,358) (18,036)
$ 1,728,376  $ 1,305,479 
Inventories:
Customer service parts $ 371,341  $ 349,743 
Raw materials 786,744  595,151 
Work-in-process 427,972  453,432 
Finished goods 243,355  177,054 
$ 1,829,412  $ 1,575,380 
Other current assets:
Contract assets $ 96,676  $ 91,052 
Deferred costs of revenues 83,153  59,953 
Prepaid expenses 78,064  76,649 
Prepaid income and other taxes 37,731  68,847 
Other current assets 37,602  24,366 
$ 333,226  $ 320,867 
Land, property and equipment, net:
Land $ 67,862  $ 67,862 
Buildings and leasehold improvements 469,025  458,605 
Machinery and equipment 756,921  743,710 
Office furniture and fixtures 33,067  32,856 
Construction-in-process 236,543  182,320 
1,563,418  1,485,353 
Less: accumulated depreciation (846,240) (822,326)
$ 717,178  $ 663,027 
Other non-current assets:
Executive Deferred Savings Plan(1)
$ 274,529  $ 266,199 
Operating lease right of use assets 97,836  102,883 
Other non-current assets 78,580  75,823 
$ 450,945  $ 444,905 
Other current liabilities:
Compensation and benefits $ 500,301  $ 305,445 
Customer credits and advances 482,991  250,784 
Executive Deferred Savings Plan(1)
274,508  268,028 
Other accrued expenses 184,347  180,982 
Income taxes payable 125,535  87,320 
Interest payable 35,970  36,135 
Operating lease liabilities 32,467  32,322 
$ 1,636,119  $ 1,161,016 
Other non-current liabilities:
Income taxes payable $ 340,890  $ 333,866 
Pension liabilities 85,677  87,602 
Operating lease liabilities 62,553  70,739 
Other non-current liabilities 161,693  139,083 
$ 650,813  $ 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 associated with changes in the EDSP liability included in selling, general and administrative (“SG&A”) expense was $12.0 million and $22.1 million during the three months ended December 31, 2021 and 2020, respectively and was $11.0 million and $35.3 million during the six months ended December 31, 2021 and 2020, respectively. The amount of net gains associated with changes in the EDSP assets included in SG&A expense was $11.8 million and $22.2 million during the three months ended December 31, 2021 and 2020, respectively and was $10.7 million and $35.5 million during the six months ended December 31, 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.
Schedule of Components of Accumulated Other Comprehensive Income (Loss)
The components of 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 December 31, 2021 $ (36,314) $ (2,223) $ (15,653) $ (22,289) $ (76,479)
Balance as of June 30, 2021 $ (32,563) $ 595  $ (20,092) $ (23,497) $ (75,557)
Schedule of Reclassification out of Accumulated Other Comprehensive Income
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):
AOCI Components Three Months Ended Six Months Ended
Location in the Condensed Consolidated December 31, December 31,
Statement of Operations 2021 2020 2021 2020
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts Revenues $ 1,539  $ (711) $ 3,268  $ (928)
Costs of revenues and operating expenses (348) (125) (580) 425 
Interest expense (279) (279) (558) (558)
Net gains (losses) reclassified from AOCI $ 912  $ (1,115) $ 2,130  $ (1,061)
Unrealized gains (losses) on available-for-sale securities Other expense (income), net $ (3) $ 111  $ (2) $ 212