Quarterly report pursuant to Section 13 or 15(d)

FINANCIAL STATEMENT COMPONENTS (Tables)

v3.22.4
FINANCIAL STATEMENT COMPONENTS (Tables)
 6 Months Ended
Dec. 31, 2022
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, 2022 June 30, 2022
Accounts receivable, net:
Accounts receivable, gross $ 2,317,402  $ 1,832,508 
Allowance for credit losses (34,477) (20,631)
$ 2,282,925  $ 1,811,877 
Inventories:
Customer service parts $ 453,124  $ 402,121 
Raw materials 1,418,136  1,042,916 
Work-in-process 477,588  451,782 
Finished goods 186,527  250,070 
$ 2,535,375  $ 2,146,889 
Other current assets:
Prepaid expenses $ 130,624  $ 108,942 
Contract assets 119,734  114,747 
Deferred costs of revenues 112,026  124,487 
Prepaid income and other taxes 32,555  89,713 
Other current assets 52,993  64,248 
$ 447,932  $ 502,137 
Land, property and equipment, net:
Land $ 72,285  $ 67,846 
Buildings and leasehold improvements 774,698  712,751 
Machinery and equipment 944,703  819,191 
Office furniture and fixtures 53,429  44,957 
Construction-in-process 159,551  110,079 
2,004,666  1,754,824 
Less: accumulated depreciation (1,039,853) (904,895)
$ 964,813  $ 849,929 
Other non-current assets:
Executive Deferred Savings Plan(1)
$ 223,235  $ 224,188 
Operating lease right of use assets 131,920  126,444 
Other non-current assets 167,578  133,980 
$ 522,733  $ 484,612 
Other current liabilities:
Customer credits and advances $ 628,522  $ 515,118 
Compensation and benefits 501,894  351,924 
Other accrued expenses 322,187  253,265 
Executive Deferred Savings Plan(1)
225,254  225,867 
Income taxes payable 225,011  126,964 
Interest payable 109,524  39,683 
Operating lease liabilities 31,591  32,218 
$ 2,043,983  $ 1,545,039 
Other non-current liabilities:
Income taxes payable $ 309,293  $ 367,052 
Customer credits and advances 216,000  204,914 
Operating lease liabilities 81,020  81,369 
Pension liabilities 76,542  78,525 
Other non-current liabilities 124,599  150,782 
$ 807,454  $ 882,642 
________________
(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 $11.9 million and $12.0 million in the three months ended December 31, 2022 and 2021, respectively, and was $1.6 million and $11.0 million during the six months ended December 31, 2022 and 2021, respectively. The amount of net gains associated with changes in the EDSP assets included in SG&A expense was $11.9 million and $11.8 million in the three months ended December 31, 2022 and 2021, respectively, and was $1.6 million and $10.7 million during the six months ended December 31, 2022 and 2021, 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, 2022.
Schedule of Components of Accumulated Other Comprehensive Income (Loss)
The components of Accumulated Other Comprehensive Income (Loss) (“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, 2022 $ (55,857) $ (16,955) $ 48,170  $ (24,460) $ (49,102)
Balance as of June 30, 2022 $ (43,886) $ (15,486) $ 56,836  $ (24,935) $ (27,471)
Schedule of Reclassification out of Accumulated Other Comprehensive Income
The effects on net income of amounts reclassified from AOCI to the Condensed Consolidated Statements of Operations for the indicated periods were as follows (in thousands; amounts in parentheses indicate debits or reductions to earnings):
AOCI Components Three Months Ended Six Months Ended
Location in the Condensed Consolidated Statement of Operations December 31, December 31,
2022 2021 2022 2021
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts Revenues $ 15,928  $ 1,539  $ 30,533  $ 3,268 
Costs of revenues and operating expenses (3,904) (348) (9,271) (580)
Interest expense 937  (279) 1,874  (558)
Net gains reclassified from AOCI $ 12,961  $ 912  $ 23,136  $ 2,130 
Unrealized gains (losses) on available-for-sale securities Other expense (income), net $ (407) $ (3) $ (581) $ (2)