Quarterly report pursuant to Section 13 or 15(d)

FINANCIAL STATEMENT COMPONENTS

v3.21.2
FINANCIAL STATEMENT COMPONENTS
3 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
FINANCIAL STATEMENT COMPONENTS FINANCIAL STATEMENT COMPONENTS
Condensed Consolidated Balance Sheets
As of As of
(In thousands) September 30, 2021 June 30, 2021
Accounts receivable, net:
Accounts receivable, gross $ 1,481,868  $ 1,323,515 
Allowance for credit losses (17,894) (18,036)
$ 1,463,974  $ 1,305,479 
Inventories:
Customer service parts $ 348,913  $ 349,743 
Raw materials 696,314  595,151 
Work-in-process 426,855  453,432 
Finished goods 243,257  177,054 
$ 1,715,339  $ 1,575,380 
Other current assets:
Prepaid expenses $ 112,592  $ 76,649 
Contract assets 94,877  91,052 
Deferred costs of revenues 69,865  59,953 
Prepaid income and other taxes 23,893  68,847 
Other current assets 39,319  24,366 
$ 340,546  $ 320,867 
Land, property and equipment, net:
Land $ 67,862  $ 67,862 
Buildings and leasehold improvements 463,865  458,605 
Machinery and equipment 745,877  743,710 
Office furniture and fixtures 32,029  32,856 
Construction-in-process 215,038  182,320 
1,524,671  1,485,353 
Less: accumulated depreciation (826,124) (822,326)
$ 698,547  $ 663,027 
Other non-current assets:
Executive Deferred Savings Plan(1)
$ 262,041  $ 266,199 
Operating lease right of use assets 99,616  102,883 
Other non-current assets 77,056  75,823 
$ 438,713  $ 444,905 
Other current liabilities:
Customer credits and advances $ 421,928  $ 250,784 
Compensation and benefits 421,677  305,445 
Executive Deferred Savings Plan 264,740  268,028 
Other accrued expenses 177,045  180,982 
Income taxes payable 162,494  87,320 
Interest payable 34,766  36,135 
Operating lease liabilities 32,946  32,322 
$ 1,515,596  $ 1,161,016 
Other non-current liabilities:
Income taxes payable $ 314,623  $ 333,866 
Pension liabilities 86,817  87,602 
Operating lease liabilities 65,940  70,739 
Other non-current liabilities 153,201  139,083 
$ 620,581  $ 631,290 
________________
(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 $(1.0) million and $13.2 million during the three months ended September 30, 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 $(1.1) million and $13.3 million during the three months ended September 30, 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.
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 September 30, 2021 $ (35,001) $ 345  $ (20,519) $ (22,869) $ (78,044)
Balance as of June 30, 2021 $ (32,563) $ 595  $ (20,092) $ (23,497) $ (75,557)
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 Location in the Condensed Consolidated Statements of Operations Three Months Ended September 30,
2021 2020
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts Revenues $ 1,729  $ (217)
Costs of revenues and operating expenses (232) 550 
Interest expense (279) (279)
Net gains (losses) reclassified from AOCI $ 1,218  $ 54 
Unrealized gains (losses) on available-for-sale securities Other expense (income), net $ $ 101 

The amounts reclassified out of AOCI related to our defined benefit pension plans that were recognized as a component of net periodic cost for the three months ended September 30, 2021 and 2020 were $0.4 million and $0.3 million, respectively. For additional details, refer to Note 13 “Employee Benefit Plans” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021.