Quarterly report pursuant to Section 13 or 15(d)

FINANCIAL STATEMENT COMPONENTS (Tables)

v3.21.1
FINANCIAL STATEMENT COMPONENTS (Tables)
9 Months Ended
Mar. 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) March 31, 2021 June 30, 2020
Accounts receivable, net:
Accounts receivable, gross $ 1,219,302  $ 1,119,235 
Allowance for credit losses (17,311) (11,822)
$ 1,201,991  $ 1,107,413 
Inventories:
Raw materials $ 528,338  $ 478,594 
Customer service parts 354,090  338,608 
Work-in-process 394,584  334,965 
Finished goods 173,576  158,818 
$ 1,450,588  $ 1,310,985 
Other current assets:
Contract assets $ 99,707  $ 99,876 
Prepaid expenses 59,687  74,955 
Deferred costs of revenue 68,617  77,219 
Prepaid income and other taxes 53,752  56,809 
Other current assets 28,098  15,816 
$ 309,861  $ 324,675 
Land, property and equipment, net:
Land $ 67,865  $ 67,858 
Buildings and leasehold improvements 451,314  405,238 
Machinery and equipment 736,624  677,627 
Office furniture and fixtures 32,824  29,964 
Construction-in-process 149,587  93,736 
1,438,214  1,274,423 
Less: accumulated depreciation (809,776) (754,599)
$ 628,438  $ 519,824 
Other non-current assets:
Executive Deferred Savings Plan(1)
$ 253,849  $ 213,487 
Operating lease right of use assets 101,699  100,790 
Other non-current assets 60,491  48,702 
$ 416,039  $ 362,979 
Other current liabilities:
Compensation and benefits $ 353,099  $ 251,379 
Executive Deferred Savings Plan 254,929  215,167 
Customer credits and advances 222,493  114,896 
Other accrued expenses 155,718  183,435 
Income taxes payable 76,489  35,640 
Interest payable 34,854  36,265 
Operating lease liabilities 31,485  28,994 
$ 1,129,067  $ 865,776 
Other non-current liabilities:
Income taxes payable $ 366,258  $ 383,447 
Pension liabilities 80,053  78,911 
Operating lease liabilities 70,657  70,885 
Other non-current liabilities 141,047  139,041 
$ 658,015  $ 672,284 
________________
(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 $5.7 million and $(29.4) million during the three months ended March 31, 2021 and 2020, respectively, and was $41.0 million and $(15.5) million during the nine months ended March 31, 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 $5.8 million and $(29.4) million during the three months ended March 31, 2021 and 2020, respectively, and was $41.3 million and $(15.3) million during the nine months ended March 31, 2021 and 2020, respectively. For additional details, refer to Note 1 “Description of Business and Summary of Significant Accounting Policies” of the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2020.
Schedule of Components of 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 Derivatives Unrealized Gains (Losses) on Defined Benefit Plans Total
Balance as of March 31, 2021 $ (33,302) $ 1,038  $ (19,333) $ (18,876) $ (70,473)
Balance as of June 30, 2020 $ (43,957) $ 3,683  $ (23,250) $ (16,250) $ (79,774)
Schedule of Reclassification out of Accumulated Other Comprehensive Income
The effects on net income (loss) of amounts reclassified from accumulated OCI to the Condensed Consolidated Statements of Operations for the indicated period were as follows (in thousands):
Three Months Ended Nine Months Ended
Location in the Condensed Consolidated March 31, March 31,
Accumulated OCI Components Statements of Operations 2021 2020 2021 2020
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts Revenues $ (583) $ 3,051  $ (1,511) $ 3,416 
Costs of revenues and operating expenses 187  12  612  (1,806)
Interest expense (279) (159) (837) (358)
Net gains (losses) reclassified from accumulated OCI $ (675) $ 2,904  $ (1,736) $ 1,252 
Unrealized gains (losses) on available-for-sale securities Other expense (income), net $ 25  $ 432  $ 238  $ 346