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, 2016		As of March 31, 2016
	(In thousands)
Raw materials	$	2,399,270	$	2,234,512
Work-in-progress	436,289		561,282
Finished goods	658,058		695,862
	$	3,493,617	$	3,491,656

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, 2016:



		HRS			CTG		IEI			CEC		Amount
	(In thousands)
Balance, beginning of the year		$	439,336		$	68,234	$	322,803		$	111,693	$	942,066
Additions (1)		—			39,791		17,727			—		57,518
Divestitures (2)		(1,787		)	—		(2,640		)	—		(4,427		)
Purchase accounting adjustments (3)		794			—		—			—		794
Foreign currency translation adjustments (4)		(30,233		)	—		—			—		(30,233		)
Balance, end of the period		$	408,110		$	108,025	$	337,890		$	111,693	$	965,718


(1)	The goodwill generated from the Company’s business combinations completed during the nine-month period ended December 31, 2016 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)	During the nine-month period ended December 31, 2016, the Company disposed of two non-strategic businesses within the IEI and HRS segments, and recorded an aggregate reduction of goodwill of $4.4 million accordingly, which is included in the loss on sale recorded in other charges, net on the condensed consolidated statement of operations.


(3)	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.


(4)	During the nine-month period ended December 31, 2016, the Company recorded $30.2 million of foreign currency translation adjustments primarily related to the goodwill associated with the acquisition of Mirror Controls International ("MCi"), as the U.S. Dollar strengthened against the Euro.

The components of acquired intangible assets are as follows:



	As of December 31, 2016							As of March 31, 2016
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands)
Intangible assets:
Customer-related intangibles	$	254,991	$	(96,655	)	$	158,336	$	223,046	$	(66,473	)	$	156,573
Licenses and other intangibles	279,740		(66,473		)	213,267		285,053		(37,872		)	247,181
Total	$	534,731	$	(163,128	)	$	371,603	$	508,099	$	(104,345	)	$	403,754

The gross carrying amounts of intangible assets are removed when fully amortized. During the nine-month period ended December 31, 2016, the total value of intangible assets increased primarily as a result of three acquisitions. The estimated future annual amortization expense for intangible assets is as follows:



Fiscal Year Ending March 31,	Amount
	(In thousands)
2017 (1)	$	17,977
2018	66,810
2019	60,038
2020	51,054
2021	46,953
Thereafter	128,771
Total amortization expense	$	371,603

____________________________________________________________


(1)	Represents estimated amortization for the remaining three-month period ending March 31, 2017.

Other Current Assets

Other current assets include approximately $668.9 million and $501.1 million as of December 31, 2016 and March 31, 2016, 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.

Included in other current assets, as of March 31, 2016, was the remaining value of certain assets purchased on behalf of a customer and financed by a third party banking institution in the amount of $83.6 million, the nature of which is more fully discussed in Note 17, "Business and Asset Acquisitions" to the Company's Form 10-K for the year ended March 31, 2016. During the three-month period ended December 31, 2016, the Company entered into an agreement with the third party banking institution and the customer granted a waiver of any amounts owed under the financing arrangement which allowed for a net settlement of the related asset and liability.

Other Assets

During the third quarter of fiscal year 2017, the Company formed a joint venture with RIB Software AG, a provider of technology for the construction industry. This joint venture will offer a fully integrated enterprise software platform for building and housing projects. The Company contributed $60.0 million for a non-controlling interest in this joint venture, and the amount is included in other assets on the condensed consolidated balance sheet using the equity method of accounting. The equity in earnings related to this investment is immaterial to the Company's condensed consolidated statement of operations for the three-month and nine-month periods ended December 31, 2016, and is included in interest and other, net.

Other Current Liabilities

Other current liabilities include customer working capital advances of $228.0 million and $253.7 million, customer-related accruals of $494.5 million and $479.5 million, and deferred revenue of $311.3 million and $332.3 million as of December 31, 2016 and March 31, 2016, 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. As of March 31, 2016, other current liabilities also include the outstanding balance due to the third party banking institution related to the financed equipment discussed above of $122.0 million. As discussed above, during the three-month period ended December 31, 2016, the Company entered into an agreement with the third party banking institution and the customer granted a waiver of any amounts owed under the financing arrangement which provided for a net settlement of the outstanding balance of approximately $90.6 million with the related asset.