BALANCE SHEET ITEMS

Inventories

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



	As of June 26, 2015		As of March 31, 2015
	(In thousands)
Raw materials	$	2,158,161	$	2,330,428
Work-in-progress	582,041		557,786
Finished goods	673,228		600,538
	$	3,413,430	$	3,488,752

Goodwill and Other Intangibles

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 26, 2015:



		HRS		CTG		IEI		INS		Amount
	(In thousands)
Balance, beginning of the year		$	93,138	$	68,234	$	64,221	$	108,038	$	333,631
Additions (1)		2,130		—		2,982		—		5,112
Purchase accounting adjustments (2)		125		—		—		—		125
Foreign currency translation adjustments		925		—		—		—		925
Balance, end of the period		$	96,318	$	68,234	$	67,203	$	108,038	$	339,793


(1)	The goodwill generated from the Company’s business combinations completed during the three-month period ended June 26, 2015 is primarily related to value placed on the acquired employee workforces, service offerings and capabilities of the acquired businesses and expected synergies. The goodwill is not deductible for income tax purposes. See note 12 for additional information.


(2)	Includes adjustments based on management's estimates resulting from their review and finalization of the valuation of assets and liabilities acquired through certain business combinations completed in a period subsequent to the respective acquisition. These adjustments were not individually, nor in the aggregate, significant to the Company.

The components of acquired intangible assets are as follows:



	As of June 26, 2015							As of March 31, 2015
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands)
Intangible assets:
Customer-related intangibles	$	146,098	$	(83,820	)	$	62,278	$	133,853	$	(80,506	)	$	53,347
Licenses and other intangibles	40,217		(14,002		)	26,215		39,985		(11,788		)	28,197
Total	$	186,315	$	(97,822	)	$	88,493	$	173,838	$	(92,294	)	$	81,544

The gross carrying amounts of intangible assets are removed when the recorded amounts have been fully amortized. During the three-month period ended June 26, 2015, the value of customer-related intangible assets increased in connection with the Company’s acquisitions, and licenses and other intangibles decreased primarily as a result of additional amortization. The estimated future annual amortization expense for intangible assets is as follows:



Fiscal Year Ending March 31,	Amount
	(In thousands)
2016 (1)	$	21,587
2017	21,428
2018	15,677
2019	11,386
2020	6,807
Thereafter	11,608
Total amortization expense	$	88,493

____________________________________________________________


(1)	Represents estimated amortization for the remaining nine-month period ending March 31, 2016.

Other Current Assets

Other current assets includes approximately $516.3 million and $600.7 million as of June 26, 2015 and March 31, 2015, 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.

In connection with an acquisition, the Company entered into an agreement with a customer and a third party banking institution to procure certain manufacturing equipment that was financed by the third party banking institution, acting as an agent of the customer. The manufacturing equipment was used exclusively for the benefit of this customer. The Company has the ability to settle the obligation related to these financed assets by returning the equipment to the customer and cannot be required to pay cash by either the customer or the third party banking institution.

During fiscal year 2015, the Company ceased manufacturing of the product related to the financed equipment. As a result, the Company as an agent on behalf of the customer is in the process of dispositioning the equipment and forwarding the proceeds to the third party banking institution reducing the outstanding obligation. Included in other current assets is the value of the certain assets purchased on behalf of a customer and financed by a third party banking institution in the amounts of $84.3 million and $169.2 million as of June 26, 2015 and March 31, 2015, respectively. Additionally, other current assets as of June 26, 2015 include an amount of $87.1 million relating to these assets that have been sold to third parties but not yet collected.

During the three-month period ended June 26, 2015, the Company disposed of all the assets and the remaining amount of $84.3 million reflects the shortfall between the original purchase price of these assets and the amount recovered by selling them to third parties. The Company expects this amount to be funded by the customer, which in turn would be paid back to the third party banking institution.

Other Current Liabilities

Other current liabilities include customer working capital advances of $172.7 million and $189.6 million, customer-related accruals of $443.1 million and $454.8 million, and deferred revenue of $301.1 million and $272.6 million as of June 26, 2015 and March 31, 2015, 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. Other current liabilities also includes the outstanding balance due to the third party banking institution related to the financed equipment discussed above, that amounted to $172.5 million and $197.7 million as of June 26, 2015 and March 31, 2015, respectively.