Quarterly report pursuant to Section 13 or 15(d)

FINANCIAL STATEMENT COMPONENTS (Tables)

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FINANCIAL STATEMENT COMPONENTS (Tables)
6 Months Ended
Dec. 31, 2020
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, 2020 June 30, 2020
Accounts receivable, net:
Accounts receivable, gross $ 1,236,877 $ 1,119,235
Allowance for credit losses (17,688) (11,822)
$ 1,219,189 $ 1,107,413
Inventories:
Raw materials $ 525,002 $ 478,594
Customer service parts 355,908 338,608
Work-in-process 374,462 334,965
Finished goods 165,246 158,818
$ 1,420,618 $ 1,310,985
Other current assets:
Contract assets $ 94,375 $ 99,876
Prepaid expenses 71,330 74,955
Deferred costs of revenue 58,793 77,219
Prepaid income and other taxes 37,744 56,809
Other current assets 24,375 15,816
$ 286,617 $ 324,675
Land, property and equipment, net:
Land $ 67,867 $ 67,858
Buildings and leasehold improvements 436,180 405,238
Machinery and equipment 722,084 677,627
Office furniture and fixtures 32,429 29,964
Construction-in-process 126,656 93,736
1,385,216 1,274,423
Less: accumulated depreciation (791,031) (754,599)
$ 594,185 $ 519,824
Other non-current assets:
Executive Deferred Savings Plan (1)
$ 245,673 $ 213,487
Operating lease right of use assets 103,430 100,790
Other non-current assets 54,380 48,702
$ 403,483 $ 362,979
Other current liabilities:
Compensation and benefits $ 385,007 $ 251,379
Executive Deferred Savings Plan 245,976 215,167
Customer credits and advances 251,970 114,896
Other accrued expenses 156,916 183,435
Income taxes payable 116,091 35,640
Interest payable 36,176 36,265
Operating lease liabilities 31,220 28,994
$ 1,223,356 $ 865,776
Other non-current liabilities:
Income taxes payable $ 362,164 $ 383,447
Pension liabilities 83,618 78,911
Operating lease liabilities 74,443 70,885
Other non-current liabilities 147,739 139,041
$ 667,964 $ 672,284
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(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 expense was $22.1 million and $12.0 million during the three months ended December 31, 2020 and 2019, respectively and was $35.3 million and $13.9 million during the six months ended December 31, 2020 and 2019, respectively. The amount of net gains associated with changes in the EDSP assets included in selling, general and administrative expense was $22.2 million and $11.9 million during the three months ended December 31, 2020 and 2019, respectively and was $35.5 million and $14.2 million during the six months ended December 31, 2020 and 2019, 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 Cash Flow Hedges Unrealized Gains (Losses) on Defined Benefit Plans Total
Balance as of December 31, 2020 $ (30,806) $ 2,054 $ (24,204) $ (19,748) $ (72,704)
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 Six Months Ended
Location in the Condensed Consolidated December 31, December 31,
Accumulated OCI Components Statements of Operations 2020 2019 2020 2019
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts Revenues $ (711) $ (8) $ (928) $ 365
Costs of revenues and operating expenses (125) (17) 425 (1,818)
Interest expense (279) (100) (558) (199)
Net gains (losses) reclassified from accumulated OCI $ (1,115) $ (125) $ (1,061) $ (1,652)
Unrealized gains (losses) on available-for-sale securities Other expense (income), net $ (111) $ (82) $ (212) $ (86)
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