Annual report pursuant to Section 13 and 15(d)

Financial Statement Components

v3.19.2
Financial Statement Components
12 Months Ended
Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
FINANCIAL STATEMENT COMPONENTS
NOTE 4 — FINANCIAL STATEMENT COMPONENTS
Consolidated Balance Sheets
 
As of June 30,
(In thousands)
2019
 
2018
Accounts receivable, net:
 
 
 
Accounts receivable, gross
$
1,002,114

 
$
663,317

Allowance for doubtful accounts
(12,001
)
 
(11,639
)
 
$
990,113

 
$
651,678

Inventories:
 
 
 
Customer service parts
$
328,515

 
$
253,639

Raw materials
444,627

 
331,065

Work-in-process
285,191

 
280,208

Finished goods
204,167

 
66,933

 
$
1,262,500

 
$
931,845

Other current assets:
 
 
 
Contract assets
$
94,015

 
$

Deferred costs of revenue(1)
70,721

 

Prepaid expenses
88,387

 
47,088

Prepaid income and other taxes
51,889

 
23,452

Other current assets
18,065

 
14,619

 
$
323,077

 
$
85,159

Land, property and equipment, net:
 
 
 
Land
$
67,883

 
$
40,599

Buildings and leasehold improvements
402,678

 
335,647

Machinery and equipment
669,316

 
577,077

Office furniture and fixtures
28,282

 
22,171

Construction-in-process
26,029

 
9,180

 
1,194,188

 
984,674

Less: accumulated depreciation
(745,389
)
 
(698,368
)
 
$
448,799

 
$
286,306

Other non-current assets:
 
 
 
Executive Deferred Savings Plan
$
207,581

 
$
197,213

Other non-current assets
58,392

 
38,869

 
$
265,973

 
$
236,082

Other current liabilities:
 
 
 
Executive Deferred Savings Plan
$
208,926

 
$
199,505

Compensation and benefits
226,462

 
173,774

Other accrued expenses
196,177

 
123,869

Customer credits and advances
133,677

 
116,440

Warranty
6,470

 
42,258

Income taxes payable
23,350

 
23,287

Interest payable
31,992

 
16,947

 
$
827,054

 
$
696,080

Other non-current liabilities:
 
 
 
Pension liabilities
$
79,622

 
$
66,786

Income taxes payable
392,266

 
371,665

Other non-current liabilities
116,009

 
54,791

 
$
587,897

 
$
493,242



________________
(1)
Deferred costs of revenue were previously included under deferred system profit prior to the adoption of ASC 606.
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 June 30, 2019
$
(44,041
)
 
$
(1,616
)
 
$
(8,725
)
 
$
(18,647
)
 
$
(73,029
)
 
 
 
 
 
 
 
 
 
 
Balance as of June 30, 2018
$
(29,974
)
 
$
(11,032
)
 
$
1,932

 
$
(14,859
)
 
$
(53,933
)
 
 
 
 
 
 
 
 
 
 

The effects on net income of amounts reclassified from accumulated OCI to the Consolidated Statements of Operations for the indicated periods were as follows (in thousands):
 
 
Location in the Consolidated Statements of Operations
 
Year ended June 30,
Accumulated OCI Components
 
 
2019
 
2018
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts(1)
 
Revenues
 
$
4,329

 
$
955

 
 
Costs of revenues and operating expenses
 
(739
)
 
2,137

 
 
Interest expense
 
424

 
754

 
 
Other expense (income), net
 
4

 

 
 
Net gains reclassified from accumulated OCI
 
$
4,018

 
$
3,846

 
 
 
 
 
 
 
Unrealized gains (losses) on available-for-sale securities
 
Other expense (income), net
 
$
(1,294
)
 
$
(209
)

________________
(1)
Reflects the adoption of the new accounting guidance for hedge accounting in the second quarter of fiscal year 2019. For additional details, refer to Note 16, “Derivative Instruments and Hedging Activities.”
The amounts reclassified out of accumulated OCI related to our defined benefit pension plans, which were recognized as a component of net periodic cost for the fiscal years ended June 30, 2019 and 2018 were $1.1 million and $1.8 million, respectively. For additional details, refer to Note 12, “Employee Benefit Plans.”
Consolidated Statements of Operations
The following table shows other expense (income), net for the indicated periods:
 
Year ended June 30,
(In thousands)
2019
 
2018
 
2017
Other expense (income), net:
 
 
 
 
 
Interest income
$
(40,367
)
 
$
(36,869
)
 
$
(23,270
)
Foreign exchange (gains) losses, net
(322
)
 
708

 
641

Net realized losses (gains) on sale of investments
1,294

 
209

 
(191
)
Other
7,933

 
5,470

 
5,998

 
$
(31,462
)
 
$
(30,482
)
 
$
(16,822
)