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FINANCIAL STATEMENT COMPONENTS (Tables)
6 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Balance Sheet Components
Condensed Consolidated Balance Sheets
As ofAs of
(In thousands)December 31, 2022June 30, 2022
Accounts receivable, net:
Accounts receivable, gross$2,317,402 $1,832,508 
Allowance for credit losses(34,477)(20,631)
$2,282,925 $1,811,877 
Inventories:
Customer service parts$453,124 $402,121 
Raw materials1,418,136 1,042,916 
Work-in-process477,588 451,782 
Finished goods186,527 250,070 
$2,535,375 $2,146,889 
Other current assets:
Prepaid expenses$130,624 $108,942 
Contract assets119,734 114,747 
Deferred costs of revenues112,026 124,487 
Prepaid income and other taxes32,555 89,713 
Other current assets52,993 64,248 
$447,932 $502,137 
Land, property and equipment, net:
Land$72,285 $67,846 
Buildings and leasehold improvements774,698 712,751 
Machinery and equipment944,703 819,191 
Office furniture and fixtures53,429 44,957 
Construction-in-process159,551 110,079 
2,004,666 1,754,824 
Less: accumulated depreciation(1,039,853)(904,895)
$964,813 $849,929 
Other non-current assets:
Executive Deferred Savings Plan(1)
$223,235 $224,188 
Operating lease right of use assets131,920 126,444 
Other non-current assets167,578 133,980 
$522,733 $484,612 
Other current liabilities:
Customer credits and advances$628,522 $515,118 
Compensation and benefits501,894 351,924 
Other accrued expenses322,187 253,265 
Executive Deferred Savings Plan(1)
225,254 225,867 
Income taxes payable225,011 126,964 
Interest payable109,524 39,683 
Operating lease liabilities31,591 32,218 
$2,043,983 $1,545,039 
Other non-current liabilities:
Income taxes payable$309,293 $367,052 
Customer credits and advances216,000 204,914 
Operating lease liabilities81,020 81,369 
Pension liabilities76,542 78,525 
Other non-current liabilities124,599 150,782 
$807,454 $882,642 
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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 (“SG&A”) expense was $11.9 million and $12.0 million in the three months ended December 31, 2022 and 2021, respectively, and was $1.6 million and $11.0 million during the six months ended December 31, 2022 and 2021, respectively. The amount of net gains associated with changes in the EDSP assets included in SG&A expense was $11.9 million and $11.8 million in the three months ended December 31, 2022 and 2021, respectively, and was $1.6 million and $10.7 million during the six months ended December 31, 2022 and 2021, respectively. For additional details, refer to Note 1 “Description of Business and Summary of Significant Accounting Policies” to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2022.
Schedule of Components of Accumulated Other Comprehensive Income (Loss)
The components of Accumulated Other Comprehensive Income (Loss) (“AOCI”) as of the dates indicated below were as follows:
(In thousands)Currency Translation AdjustmentsUnrealized Gains (Losses) on Available-for-Sale SecuritiesUnrealized Gains (Losses) on DerivativesUnrealized Gains (Losses) on Defined Benefit PlansTotal
Balance as of December 31, 2022$(55,857)$(16,955)$48,170 $(24,460)$(49,102)
Balance as of June 30, 2022$(43,886)$(15,486)$56,836 $(24,935)$(27,471)
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 ComponentsThree Months EndedSix Months Ended
Location in the Condensed Consolidated Statement of OperationsDecember 31,December 31,
2022202120222021
Unrealized gains (losses) on cash flow hedges from foreign exchange and interest rate contractsRevenues$15,928 $1,539 $30,533 $3,268 
Costs of revenues and operating expenses(3,904)(348)(9,271)(580)
Interest expense937 (279)1,874 (558)
Net gains reclassified from AOCI$12,961 $912 $23,136 $2,130 
Unrealized gains (losses) on available-for-sale securitiesOther expense (income), net$(407)$(3)$(581)$(2)