2. BALANCE SHEET ITEMS

Inventories

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

	As of		As of
	June 27, 2014		March 31, 2014
	(In thousands)
Raw materials	$	2,265,442	$	2,349,278
Work-in-progress	617,390		608,284
Finished goods	627,331		641,446
	$	3,510,163	$	3,599,008

Goodwill and Other Intangibles

The following table summarizes the activity in the Company’s goodwill account during the three-month period ended June 27, 2014:

	Amount
	(In thousands)
Balance, beginning of the year	$	292,758
Purchase accounting adjustments (1)	8,272
Foreign currency translation adjustments	62
Balance, end of the period	$	301,092

(1) Fair value adjustment made to certain assets acquired in connection with the Company’s acquisition of Riwisa AG.

The components of acquired intangible assets are as follows:

	As of June 27, 2014							As of March 31, 2014
	Gross					Net		Gross					Net
	Carrying		Accumulated			Carrying		Carrying		Accumulated			Carrying
	Amount		Amortization			Amount		Amount		Amortization			Amount
	(In thousands)
Intangible assets:
Customer-related intangibles	$	204,249	$	(146,571	)	$	57,678	$	204,369	$	(140,713	)	$	63,656
Licenses and other intangibles	43,436		(12,837		)	30,599		32,564		(11,760		)	20,804
Total	$	247,685	$	(159,408	)	$	88,277	$	236,933	$	(152,473	)	$	84,460

The gross carrying amounts of intangible assets are removed when the recorded amounts have been fully amortized. During the three-month period ended June 27, 2014, the value of licenses and other intangibles increased by $10.0 million as a result of the purchase of certain technology rights. The estimated future annual amortization expense for intangible assets is as follows:

Fiscal Year Ending March 31,	Amount
	(In thousands)
2015 (1)	$	22,243
2016	24,845
2017	17,420
2018	9,708
2019	4,798
Thereafter	9,263
Total amortization expense	$	88,277

(1) Represents estimated amortization for the remaining nine-month period ending March 31, 2015.

Other Current Assets / Liabilities

Other current assets include certain assets purchased on behalf of a customer and financed by a third party banking institution of $268.4 million and $267.5 million as of June 27, 2014 and March 31, 2014, respectively, with a corresponding liability recorded to other current liabilities of $286.5 million as of both dates.

Other current liabilities also includes customer working capital advances of $246.2 million and $754.7 million as of June 27, 2014 and March 31, 2014, 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.