ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION (Tables)

3 Months Ended

Jun. 29, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The cumulative effect of change made to our April 1, 2018 consolidated balance sheet for the adoption of ASC 606 was as follows:

Condensed Consolidated Balance Sheet
	Impact of Adopting ASC 606
(In thousands) (Unaudited)	Balance at March 31, 2018		Adjustments		Balance at April 1, 2018
ASSETS
Contract assets	—		412,787		412,787
Inventories	3,799,829		(409,252	)	3,390,577
Other current assets	1,380,466		(51,479	)	1,328,987
LIABILITIES AND SHAREHOLDERS’ EQUITY
Other current liabilities	1,719,418		(87,897	)	1,631,521
Other liabilities	531,587		2,098		533,685
Accumulated deficit	(3,144,114	)	(37,855	)	(3,181,969	)

The adoption of ASC 606 resulted in the establishment of contract asset and contract liability balance sheet accounts and in the reclassification to these new accounts from certain asset and liability accounts, primarily inventories. The increase in accumulated deficit in the table above reflects $37.9 million of net adjustments to the balance sheet as of April 1, 2018, resulting from the adoption of ASC 606 primarily related to certain customer contracts requiring an over-time method of revenue recognition. The declines in inventories and other current asset reflect reclassifications to contract assets due to the earlier recognition of certain costs of products sold for over-time contracts. The decline in other current liabilities is primarily due to the reclassification of payments from customers in advance of work performed to contract assets to reflect the net position of the related over-time contracts.

The following tables summarize the impacts of ASC 606 adoption on the Company’s condensed consolidated balance sheets and condensed consolidated statements of operations:

Condensed Consolidated Balance Sheet
As of June 29, 2018
	Impact of Adopting ASC 606
(In thousands) (Unaudited)	As Reported		Adjustments		Balance without ASC 606 Adoption
ASSETS
Contract assets	323,599		(323,599	)	—
Inventories	3,984,571		321,710		4,306,281
Other current assets	1,231,773		39,184		1,270,957
LIABILITIES AND SHAREHOLDERS’ EQUITY
Other current liabilities	1,665,432		70,317		1,735,749
Accumulated deficit	(2,989,377	)	(33,022	)	(3,022,399	)

Condensed Consolidated Statement of Operations
Three-months ended June 29, 2018
	Impact of Adopting ASC 606
(In thousands) (Unaudited)	As Reported		Adjustments		Balance without ASC 606 Adoption
Net sales	$	6,423,956	$	101,974	$	6,525,930
Cost of sales	6,046,102		97,141		6,143,243
Gross profit	377,854		4,833		382,687
Net income	$	116,035	$	4,833	$	120,868