BALANCE SHEET ITEMS

Inventories

The components of inventories, net of applicable lower of cost and net realizable value write-downs, were as follows:



	As of June 30, 2017		As of March 31, 2017
	(In thousands)
Raw materials	$	2,527,603	$	2,537,623
Work-in-progress	471,773		279,493
Finished goods	601,799		579,346
	$	3,601,175	$	3,396,462

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 three-month period ended June 30, 2017:



	HRS		CTG			IEI		CEC		Amount
	(In thousands)
Balance, beginning of the year	$	420,935	$	111,223		$	337,707	$	115,002	$	984,867
Additions (1)	36,627		—			—		—		36,627
Divestitures (2)	—		(3,475		)	—		—		(3,475		)
Foreign currency translation adjustments (3)	21,050		—			—		—		21,050
Balance, end of the period	$	478,612	$	107,748		$	337,707	$	115,002	$	1,039,069


(1)	The goodwill generated from the Company’s acquisition of AGM Automotive ("AGM") completed during the three-month period ended June 30, 2017 is primarily related to value placed on the acquired employee workforces, service offerings and capabilities of the acquired business. The goodwill is not deductible for income tax purposes. See note 12 for additional information.


(2)	During the three-month period ended June 30, 2017, the Company disposed of Wink Labs Inc. ("Wink"), a business within the CTG segment, and recorded an aggregate reduction of goodwill of $3.5 million accordingly, which is included as an offset to the gain on sale recorded in other charges (income), net on the condensed consolidated statement of operations.


(3)	During the three-month period ended June 30, 2017, the Company recorded $21.1 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 fluctuated against the Euro.

The components of acquired intangible assets are as follows:



	As of June 30, 2017							As of March 31, 2017
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands)
Intangible assets:
Customer-related intangibles	$	373,694	$	(117,189	)	$	256,505	$	260,704	$	(105,912	)	$	154,792
Licenses and other intangibles	278,237		(80,785		)	197,452		283,897		(76,508		)	207,389
Total	$	651,931	$	(197,974	)	$	453,957	$	544,601	$	(182,420	)	$	362,181

The gross carrying amounts of intangible assets are removed when fully amortized. During the three-month period ended June 30, 2017, the total value of intangible assets increased primarily as a result of the Company's initial estimated value of $108.0 million for customer related intangibles acquired with the AGM acquisition in the HRS segment, which will amortize over a weighted-average estimated useful life of 10 years. The increase was partially offset by $7.5 million for the divestiture of Wink in the CTG segment. The assigned value is subject to change as the Company completes the valuation. The estimated future annual amortization expense for intangible assets is as follows:



Fiscal Year Ending March 31,	Amount
	(In thousands)
2018 (1)	$	59,369
2019	72,587
2020	63,414
2021	59,227
2022	50,646
Thereafter	148,714
Total amortization expense	$	453,957

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(1)	Represents estimated amortization for the remaining nine-month period ending March 31, 2018.

Other Current Assets

Other current assets include approximately $547.5 million and $506.5 million as of June 30, 2017 and March 31, 2017, 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.

Other Assets

During the three-month period ended June 30, 2017, the Company sold Wink to an unrelated third-party venture backed company in exchange for contingent consideration fair valued at $59.0 million. This estimated consideration was based on the value of the acquirer as of the most recent third-party funding of which the Company participated. The Company recognized a non-cash gain on sale of $38.7 million, which is recorded in other charges (income), net on the condensed consolidated statement of income. The contingent consideration is expected to be settled in the fourth quarter of fiscal year 2018. As of June 30, 2017 the total investment is $69.0 million and is included in other assets on the condensed consolidated balance sheet.

Other Current Liabilities

Other current liabilities include customer working capital advances of $200.9 million and $231.3 million, customer-related accruals of $476.2 million and $501.9 million, and deferred revenue of $305.2 million and $280.7 million as of June 30, 2017 and March 31, 2017, 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.