FINANCIAL STATEMENT COMPONENTS (Tables)

6 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidated Balance Sheets


	As of		As of
(In thousands)	December 31, 2023		June 30, 2023
Accounts receivable, net:
Accounts receivable, gross	$	1,879,295	$	1,786,993
Allowance for credit losses	(35,417)		(33,632)
	$	1,843,878	$	1,753,361
Inventories:
Customer service parts	$	586,232	$	524,096
Raw materials	1,560,293		1,559,202
Work-in-process	621,406		578,864
Finished goods	270,697		214,622
	$	3,038,628	$	2,876,784
Other current assets:
Deferred costs of revenues	$	166,385	$	133,067
Prepaid expenses	125,638		121,204
Contract assets	100,944		117,137
Prepaid income and other taxes	53,269		64,901
Other current assets	76,985		62,419
	$	523,221	$	498,728
Land, property and equipment, net:
Land	$	78,261	$	72,287
Buildings and leasehold improvements	872,520		825,975
Machinery and equipment	1,076,052		1,016,713
Office furniture and fixtures	61,092		58,036
Construction-in-process	201,446		168,817
	2,289,371		2,141,828
Less: accumulated depreciation	(1,200,547)		(1,109,987)
	$	1,088,824	$	1,031,841
Other non-current assets:
Executive Deferred Savings Plan(1)	$	272,709	$	256,846
Operating lease right of use assets	235,101		208,706
Other non-current assets	160,546		171,910
	$	668,356	$	637,462
Other current liabilities:
Customer deposits	$	607,998	$	769,000
Compensation and benefits	517,076		370,536
Other liabilities and accrued expenses	402,906		383,407

Executive Deferred Savings Plan(1)	273,937		258,223
Income taxes payable	164,101		383,012
Interest payable	112,757		105,270
Operating lease liabilities	35,439		34,042
	$	2,114,214	$	2,303,490
Other non-current liabilities:
Income taxes payable	$	274,747	$	322,113
Customer deposits	173,279		156,874
Operating lease liabilities	156,040		138,354
Pension liabilities	62,124		63,672
Other non-current liabilities	140,983		132,045
	$	807,173	$	813,058

________________

(1)We have a non-qualified deferred compensation plan (known as the “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 (“SG&A”) expense was $25.8 million and $11.9 million in the three months ended December 31, 2023 and 2022, respectively, and was $16.5 million and $1.6 million during the six months ended December 31, 2023 and 2022, respectively. The amount of net gains associated with changes in the EDSP assets included in SG&A expense was $25.7 million and $11.9 million in the three months ended December 31, 2023 and 2022, respectively, and was $16.2 million and $1.6 million during the six months ended December 31, 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.

Schedule of Components of 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 December 31, 2023	$	(68,826)	$	(163)	$	55,739	$	(19,014)	$	(32,264)

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

Schedule of Reclassification out of Accumulated Other Comprehensive Income

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				Six Months Ended
	Location in the Condensed Consolidated Statement of Operations	December 31,				December 31,
		2023		2022		2023		2022
Unrealized gains on cash flow hedges from foreign exchange and interest rate contracts	Revenues	$	8,036	$	15,928	$	11,432	$	30,533
	Costs of revenues and operating expenses	(20)		(3,904)		2,755		(9,271)
	Interest expense	937		937		1,874		1,874

	Net gains reclassified from AOCI	$	8,953	$	12,961	$	16,061	$	23,136
Unrealized losses on available-for-sale securities	Other expense (income), net	$	(61)	$	(407)	$	(73)	$	(581)