Summary Of Accounting Policies

6 Months Ended

Sep. 30, 2011

Summary Of Accounting Policies [Abstract]

2. SUMMARY OF ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP" or "GAAP") for interim financial information and in accordance with the requirements of Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the Company's audited consolidated financial statements as of and for the fiscal year ended March 31, 2011 contained in the Company's Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three-month and six-month periods ended September 30, 2011 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2012.

The first quarter for fiscal 2012 and fiscal 2011 ended on July 1, 2011 and July 2, 2010, respectively. The second fiscal quarter for the current year ended on September 30, 2011 and the second fiscal quarter of the prior year ended on October 1, 2010. The Company's third fiscal quarter ends on December 31, and the fourth fiscal quarter and year ends on March 31 of each year.

Cash and Cash Equivalents

Cash and cash equivalents consisted of the following:


	As of	As of
	September 30, 2011	March 31, 2011
	(In thousands)
Cash and bank balances	$ 1,191,204	$ 1,372,711
Money market funds and time deposits	404,505	375,760
	$ 1,595,709	$ 1,748,471

Inventories

The components of inventories, net of applicable lower of cost or market write-downs, were as follows:

	As of	As of
	September 30, 2011	March 31, 2011
	(In thousands)
Raw materials	$ 2,317,897	$ 2,271,944
Work-in-progress	729,594	579,047
Finished goods	818,593	699,295
	$ 3,866,084	$ 3,550,286

Other Current Assets

Other current assets includes approximately $1.1 billion and $460.0 million as of September 30, 2011 and March 31, 2011, respectively, for the deferred purchase price receivable from our Global and North American Asset-Backed Securitization programs (see Note 9).

Property and Equipment

Depreciation expense associated with property and equipment was approximately $105.0 million and $207.8 million for the three-month and six-month periods ended September 30, 2011, respectively and $97.8 million and $191.3 million for the three-month and six-month periods ended October 1, 2010, respectively.

Goodwill and Other Intangibles

The following table summarizes the activity in the Company's goodwill account during the six-month period ended September 30, 2011:

	Amount
	(In thousands)
Balance, beginning of the year	$ 93,207
Acquisitions (1)	8,607
Purchase accounting adjustments (2)	280
Foreign currency translation adjustments	(434)
Balance, end of the quarter	$ 101,660

(1)

The amount is attributable to certain acquisitions that were not individually, nor in the aggregate, significant to the Company. The aggregate cash paid for these acquisitions was approximately $21.4 million, net of cash acquired.

(2)

The amount is attributable to purchase accounting adjustments for a historical acquisition that was not significant to the Company. The adjustments are based on management's estimates from review of the valuation of assets and liabilities completed in a period subsequent to the respective acquisition.. The effects of the adjustments, had they been made at time of acquisition, would not have had a significant impact on the balance sheet, statement of operations, or statement of cash flows for the periods subsequent to that date.

The components of acquired intangible assets are as follows:


	As of September 30, 2011			As of March 31, 2011
	Gross		Net	Gross		Net
	Carrying	Accumulated	Carrying	Carrying	Accumulated	Carrying
	Amount	Amortization	Amount	Amount	Amortization	Amount
	(In thousands)			(In thousands)
Intangible assets:
Customer-related intangibles	$ 309,113	$ (237,273)	$ 71,840	$ 378,412	$ (283,732)	$ 94,680
Licenses and other intangibles	38,312	(18,189)	20,123	44,915	(19,719)	25,196
Total	$ 347,425	$ (255,462)	$ 91,963	$ 423,327	$ (303,451)	$ 119,876

The gross carrying amounts of intangible assets are removed when the recorded amounts have been fully amortized, which is the primary reason for the periodic decrease in the gross carrying amount of intangibles and accumulated amortization. Total intangible amortization expense was $14.5 million and $27.8 million during the three-month and six-month periods ended September 30, 2011, respectively and was $21.4 million and $39.4 million during the three-month and six-month periods

Fiscal Year Ending March 31,		Amount
		(In thousands)
2012 (1)		$ 19,167
2013		31,109
2014		20,811
2015		10,911
2016		5,701
Thereafter		4,264
Total amortization expense		$ 91,963

(1)	Represents estimated amortization for the six-month period ending March 31, 2012.

Recent Accounting Pronouncements

In September 2011, the Financial Accounting Standards Board (FASB) revised guidance for testing goodwill for impairment. Under the revised guidance, entities testing goodwill for impairment have the option of performing a qualitative assessment before calculating the fair value of a reporting unit in step one of the goodwill impairment test. If entities determine, on the basis of qualitative factors, that the fair value of a reporting unit is more likely than not less than the carrying amount, the two-step impairment test would be required. Otherwise, further testing would not be needed. The guidance is effective for the Company beginning in the first quarter of fiscal 2013. Early adoption is permitted. The Company expects its adoption of the new standard will not have a material impact on its consolidated financial position and results of operations.

In June 2011, the FASB issued a new accounting standard which revises the manner in which entities present comprehensive income in their financial statements. The new guidance removes the presentation options in ASC 220 and requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. For the Company, this new guidance is effective as of April 1, 2012. The Company currently presents a separate statement of comprehensive income consecutively after its statement of operations in its annual financial statements and therefore the impact on its consolidated financial statements upon adoption is expected to be immaterial.

In May 2011, the FASB amended fair value measurement and disclosure guidance to achieve convergence with IFRS. The amended guidance modifies the measurement of fair value, clarifies verbiage, and changes disclosure or other requirements in US GAAP and IFRS. The guidance is effective for the Company as of January 1, 2012. The Company is currently evaluating the potential impact, if any, of the adoption of this guidance on its consolidated financial statements.

In October 2009, the FASB issued amendments to the accounting and disclosure requirements for revenue recognition. These amendments modify the criteria for recognizing revenue in multiple element arrangements. The Company adopted the provisions of this guidance prospectively to new or materially modified arrangements beginning April 1, 2011. The adoption of this new guidance did not have a material impact on the Company's consolidated financial position and results of operations.