Quarterly report pursuant to Section 13 or 15(d)

FINANCIAL STATEMENT COMPONENTS (Tables)

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FINANCIAL STATEMENT COMPONENTS (Tables)
 9 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Balance Sheet Components
Condensed Consolidated Balance Sheets
As of As of
(In thousands) March 31, 2024 June 30, 2023
Accounts receivable, net:
Accounts receivable, gross $ 1,658,872  $ 1,786,993 
Allowance for credit losses (33,615) (33,632)
$ 1,625,257  $ 1,753,361 
Inventories:
Customer service parts $ 594,953  $ 524,096 
Raw materials 1,513,119  1,559,202 
Work-in-process 674,193  578,864 
Finished goods 224,788  214,622 
$ 3,007,053  $ 2,876,784 
Other current assets:
Deferred costs of revenues $ 242,520  $ 133,067 
Prepaid expenses 115,377  121,204 
Contract assets 87,621  117,137 
Prepaid income and other taxes 76,900  64,901 
Other current assets 79,052  62,419 
$ 601,470  $ 498,728 
Land, property and equipment, net:
Land $ 78,260  $ 72,287 
Buildings and leasehold improvements 923,347  825,975 
Machinery and equipment 1,095,517  1,016,713 
Office furniture and fixtures 64,142  58,036 
Construction-in-process 186,090  168,817 
2,347,356  2,141,828 
Less: accumulated depreciation (1,241,078) (1,109,987)
$ 1,106,278  $ 1,031,841 
Other non-current assets:
Executive Deferred Savings Plan(1)
$ 297,915  $ 256,846 
Operating lease right of use assets 241,163  208,706 
Other non-current assets 161,143  171,910 
$ 700,221  $ 637,462 
Other current liabilities:
Customer deposits $ 553,703  $ 769,000 
Compensation and benefits 447,294  370,536 
Executive Deferred Savings Plan(1)
300,180  258,223 
Income taxes payable 84,355  383,012 
Interest payable 76,226  105,270 
Operating lease liabilities 36,396  34,042 
Other liabilities and accrued expenses 410,373  383,407 
$ 1,908,527  $ 2,303,490 
Other non-current liabilities:
Income taxes payable $ 288,162  $ 322,113 
Customer deposits 123,315  156,874 
Operating lease liabilities 158,376  138,354 
Pension liabilities 58,198  63,672 
Other non-current liabilities 145,155  132,045 
$ 773,206  $ 813,058 
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(1)We have a non-qualified deferred compensation plan (known as the “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 $17.4 million and $13.1 million in the three months ended March 31, 2024 and 2023, respectively, and was $33.9 million and $14.7 million during the nine months ended March 31, 2024 and 2023, respectively. The amount of net gains associated with changes in the EDSP assets included in SG&A expense was $17.1 million and $13.1 million in the three months ended March 31, 2024 and 2023, respectively, and was $33.3 million and $14.7 million during the nine months ended March 31, 2024 and 2023, 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, 2023.
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 March 31, 2024 $ (70,421) $ (3,255) $ 50,356  $ (18,200) $ (41,520)
Balance as of June 30, 2023 $ (64,627) $ (12,797) $ 59,944  $ (18,861) $ (36,341)
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 Nine Months Ended
Location in the Condensed Consolidated Statement of Operations March 31, March 31,
2024 2023 2024 2023
Unrealized gains on cash flow hedges from foreign exchange and interest rate contracts Revenues $ 4,439  $ 1,421  $ 15,871  $ 31,954 
Costs of revenues and operating expenses 2,221  467  4,976  (8,804)
Interest expense 944  936  2,818  2,810 
Net gains reclassified from AOCI $ 7,604  $ 2,824  $ 23,665  $ 25,960 
Unrealized gains (losses) on available-for-sale securities Other expense (income), net $ 54  $ (250) $ (19) $ (831)