BALANCE SHEET ITEMS

Inventories

The components of inventories, net of applicable lower of cost or market write-downs, were as follows:



	As of December 31, 2015		As of March 31, 2015
	(In thousands)
Raw materials	$	2,266,843	$	2,330,428
Work-in-progress	553,686		557,786
Finished goods	670,204		600,538
	$	3,490,733	$	3,488,752

Goodwill and Other Intangible Assets

The following table summarizes the activity in the Company’s goodwill account for each of its four segments during the nine-month period ended December 31, 2015:



		HRS			CTG		IEI		INS		Amount
	(In thousands)
Balance, beginning of the year		$	93,138		$	68,234	$	64,221	$	108,038	$	333,631
Additions (1)		330,346			—		253,312		3,575		587,233
Purchase accounting adjustments (2)		125			—		—		—		125
Foreign currency translation adjustments		(4,755		)	—		—		—		(4,755		)
Balance, end of the period		$	418,854		$	68,234	$	317,533	$	111,613	$	916,234


(1)	The goodwill generated from the Company’s business combinations completed during the nine-month period ended December 31, 2015 is primarily related to value placed on the acquired employee workforces, service offerings and capabilities of the acquired businesses. The goodwill is not deductible for income tax purposes. See note 12 for additional information.


(2)	Includes adjustments to estimates resulting from the finalization of management's review of the valuation of assets acquired and liabilities assumed through certain business combinations completed in a period subsequent to the respective acquisition. These adjustments were not individually, nor in the aggregate, significant to the Company.

The components of acquired intangible assets are as follows:



	As of December 31, 2015							As of March 31, 2015
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands)
Intangible assets:
Customer-related intangibles	$	258,079	$	(102,202	)	$	155,877	$	133,853	$	(80,506	)	$	53,347
Licenses and other intangibles	275,322		(30,416		)	244,906		39,985		(11,788		)	28,197
Total	$	533,401	$	(132,618	)	$	400,783	$	173,838	$	(92,294	)	$	81,544

The gross carrying amounts of intangible assets are removed when the recorded amounts have been fully amortized. During the nine-month period ended December 31, 2015, the total value of intangible assets increased primarily in connection with the Company's acquisition of Mirror Controls International ("MCi") and NEXTracker Inc. ("NEXTracker"). The MCi acquisition contributed an additional $75.5 million in customer-related intangible assets, and $161.3 million in licenses and other intangible assets, and the NEXTracker acquisition contributed an additional $44.6 million in customer-related intangible assets and $55.9 million in licenses and other intangible assets. The assumptions used in the measurement of the intangible assets for the NEXTracker acquisition are subject to change upon the finalization of the valuation in the Company's fourth quarter ended March 31, 2016. See note 12 for additional information. The estimated future annual amortization expense for intangible assets is as follows:



Fiscal Year Ending March 31,	Amount
	(In thousands)
2016 (1)	$	21,198
2017	71,986
2018	57,887
2019	51,556
2020	43,315
Thereafter	154,841
Total amortization expense	$	400,783

____________________________________________________________


(1)	Represents estimated amortization for the remaining three-month period ending March 31, 2016.

Other Current Assets

Other current assets includes approximately $534.7 million and $600.7 million as of December 31, 2015 and March 31, 2015, respectively, for the deferred purchase price receivable from the Company's Global and North American Asset-Backed Securitization programs. See note 10 for additional information.

In connection with a prior acquisition, the Company entered into an agreement with a customer and a third party banking institution to procure certain manufacturing equipment that was financed by the third party banking institution, acting as an agent of the customer. The manufacturing equipment was used exclusively for the benefit of this customer. The Company cannot be required to pay cash by either the customer or the third party banking institution.

During fiscal year 2015, the Company ceased manufacturing of the product related to the financed equipment. As a result, the Company as an agent on behalf of the customer is in the process of dispositioning the equipment and forwarding the proceeds to the third party banking institution reducing the outstanding obligation. Included in other current assets is the value of the certain assets purchased on behalf of a customer and financed by a third party banking institution in the amounts of $83.7 million and $169.2 million as of December 31, 2015 and March 31, 2015, respectively. Additionally, other current assets as of December 31, 2015 includes an amount of $56.1 million relating to these assets that have been sold to third parties but not yet collected.

During the nine-month period ended December 31, 2015, the Company disposed of all of the assets and the remaining amount of $83.7 million reflects the shortfall between the original purchase price of these assets and the amount recovered by selling them to third parties. The Company expects this amount to be funded by the customer, which in turn would be paid back to the third party banking institution.

Subsequent to December 31, 2015, the Company agreed in principle to accept a return of previously shipped inventory from a customer of approximately $100.0 million. The inventory to be returned has been classified within other current assets, rather than inventory, as title had not transferred to the Company as of the end of the quarter. The revenue of approximately $17.9 million and cost of sales related to the return that had been recognized in prior periods was reversed in the quarter ended December 31, 2015. The Company believes the remaining uncollected amount as of December 31, 2015 from this customer is recoverable.

Other Current Liabilities

Other current liabilities includes customer working capital advances of $181.7 million and $189.6 million, customer-related accruals of $472.6 million and $454.8 million, and deferred revenue of $329.4 million and $272.6 million as of December 31, 2015 and March 31, 2015, respectively. The customer working capital advances are not interest-bearing, do not have fixed repayment dates and are generally reduced as the underlying working capital is consumed in production. Other current liabilities also includes the outstanding balance due to the third party banking institution related to the financed equipment discussed above of $149.4 million and $197.7 million as of December 31, 2015 and March 31, 2015, respectively.