FINANCIAL STATEMENT COMPONENTS

3 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidated Balance Sheets


	As of		As of
(In thousands)	September 30, 2023		June 30, 2023
Accounts receivable, net:
Accounts receivable, gross	$	1,664,280	$	1,786,993
Allowance for credit losses	(33,534)		(33,632)
	$	1,630,746	$	1,753,361
Inventories:
Customer service parts	$	560,088	$	524,096
Raw materials	1,614,050		1,559,202
Work-in-process	635,045		578,864
Finished goods	198,522		214,622
	$	3,007,705	$	2,876,784
Other current assets:
Deferred costs of revenues	$	126,873	$	133,067
Prepaid expenses	120,553		121,204
Contract assets	93,300		117,137
Prepaid income and other taxes	33,371		64,901
Other current assets	68,922		62,419
	$	443,019	$	498,728
Land, property and equipment, net:
Land	$	78,261	$	72,287
Buildings and leasehold improvements	862,733		825,975
Machinery and equipment	1,044,335		1,016,713
Office furniture and fixtures	59,221		58,036
Construction-in-process	169,306		168,817
	2,213,856		2,141,828
Less: accumulated depreciation	(1,153,931)		(1,109,987)
	$	1,059,925	$	1,031,841
Other non-current assets:
Executive Deferred Savings Plan(1)	$	248,455	$	256,846
Operating lease right of use assets	218,053		208,706
Other non-current assets	158,341		171,910
	$	624,849	$	637,462
Other current liabilities:
Customer deposits	$	675,582	$	769,000
Income taxes payable	517,768		383,012
Compensation and benefits	472,768		370,536

Other liabilities and accrued expenses	365,615		383,407
Executive Deferred Savings Plan(1)	248,818		258,223
Interest payable	65,299		105,270
Operating lease liabilities	35,514		34,042
	$	2,381,364	$	2,303,490
Other non-current liabilities:
Income taxes payable	$	267,185	$	322,113
Customer deposits	143,339		156,874
Operating lease liabilities	138,682		138,354
Pension liabilities	60,821		63,672
Other non-current liabilities	129,075		132,045
	$	739,102	$	813,058

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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 benefit associated with changes in the EDSP liability included in selling, general and administrative (“SG&A”) expense was $9.3 million and $10.3 million during the three months ended September 30, 2023 and 2022, respectively. The amount of net losses associated with changes in the EDSP assets included in SG&A expense was $9.5 million and $10.3 million during the three months ended September 30, 2023 and 2022, 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.

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 September 30, 2023	$	(71,220)	$	(11,810)	$	52,211	$	(18,619)	$	(49,438)

Balance as of June 30, 2023	$	(64,627)	$	(12,797)	$	59,944	$	(18,861)	$	(36,341)

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
	Location in the Condensed Consolidated Statement of Operations	September 30,
		2023		2022
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contracts	Revenues	$	3,396	$	14,605
	Costs of revenues and operating expenses	2,775		(5,367)
	Interest expense	937		937

	Net gains reclassified from AOCI	$	7,108	$	10,175
Unrealized losses on available-for-sale securities	Other expense (income), net	$	(12)	$	(174)

The amount reclassified out of AOCI related to our defined benefit pension plans that was recognized as a component of net periodic cost for the three months ended September 30, 2023 and 2022 was $0.3 million and $0.4 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, 2023.