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ORGANIZATION OF THE COMPANY AND BASIS OF PRESENTATION (Tables)
 6 Months Ended
Sep. 28, 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 September 28, 2018
 
 
 
 
Impact of Adopting ASC 606
(In thousands)
(Unaudited)
As Reported
Adjustments
Balance without ASC 606 Adoption
ASSETS
 
 
 
Contract assets
418,158

(418,158
)
—

Inventories
4,442,855

415,623

4,858,478

Other current assets
935,030

8,059

943,089

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
Other current liabilities
1,456,519

34,327

1,490,846

 
 
 
 
Accumulated deficit
(2,902,492
)
(38,520
)
(2,941,012
)
Condensed Consolidated Statement of Operations
 
 
 
 
 
 
 
 
Impact of Adopting ASC 606
 
Three-months ended September 28, 2018
 
Six-months ended September 28, 2018
(In thousands, except per share amounts)
(Unaudited)
As Reported
Adjustments
Balance without ASC 606 Adoption
 
As Reported
Adjustments
Balance without ASC 606 Adoption
 
 
 
 
 
 
 
 
Net sales
$
6,710,604

$
(115,533
)
$
6,595,071

 
$
13,134,560

$
(27,237
)
$
13,107,323

Cost of sales
6,308,303

(111,917
)
6,196,386

 
12,354,405

(26,573
)
12,327,832

Gross profit
402,301

(3,616
)
398,685

 
780,155

(664
)
779,491

Net income
$
86,885

$
(3,616
)
$
83,269

 
$
202,920

$
(664
)
$
202,256