BALANCE SHEET ITEMS

Inventories

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



	As of July 1, 2016		As of March 31, 2016
	(In thousands)
Raw materials	$	2,347,860	$	2,234,512
Work-in-progress	493,056		561,282
Finished goods	753,921		695,862
	$	3,594,837	$	3,491,656

Goodwill and Other Intangible Assets

The following table summarizes the activity in the Company’s goodwill account for each of its four segments during the three-month period ended July 1, 2016:



		HRS			CTG		IEI		CEC		Amount
	(In thousands)
Balance, beginning of the year		$	439,336		$	68,234	$	322,803	$	111,693	$	942,066
Additions (1) (2)		(1,787		)	—		9,544		—		7,757
Purchase accounting adjustments (3)		794			—		—		—		794
Foreign currency translation adjustments		(5,852		)	—		—		—		(5,852		)
Balance, end of the period		$	432,491		$	68,234	$	332,347	$	111,693	$	944,765


(1)	The goodwill generated from the Company’s business combination completed during the three-month period ended July 1, 2016 is primarily related to value placed on the acquired employee workforce, service offerings and capabilities of an acquired business. The goodwill is not deductible for income tax purposes. See note 10 for additional information.


(2)	During the three-month period ended July 1, 2016, the Company disposed of a non-strategic business within the HRS segment, and recorded a reduction of goodwill of $1.8 million accordingly, which is included in the loss on sale in other expense on the condensed consolidated statement of operations.


(3)	Includes adjustments to estimates resulting from the finalization of management's review of the valuation of assets acquired and liabilities assumed 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 July 1, 2016							As of March 31, 2016
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands)
Intangible assets:
Customer-related intangibles	$	221,466	$	(77,693	)	$	143,773	$	223,046	$	(66,473	)	$	156,573
Licenses and other intangibles	283,743		(47,667		)	236,076		285,053		(37,872		)	247,181
Total	$	505,209	$	(125,360	)	$	379,849	$	508,099	$	(104,345	)	$	403,754

The gross carrying amounts of intangible assets are removed when fully amortized. During the three-month period ended July 1, 2016, the total value of intangible assets decreased primarily as a result of additional amortization and foreign currency translation adjustments. The estimated future annual amortization expense for intangible assets is as follows:



Fiscal Year Ending March 31,	Amount
	(In thousands)
2017 (1)	$	55,390
2018	62,414
2019	55,825
2020	47,288
2021	43,025
Thereafter	115,907
Total amortization expense	$	379,849

____________________________________________________________


(1)	Represents estimated amortization for the remaining nine-month period ending March 31, 2017.

Other Current Assets

Other current assets include approximately $460.3 million and $501.1 million as of July 1, 2016 and March 31, 2016, respectively, for the deferred purchase price receivable from the Company's Global and North American Asset-Backed Securitization programs. See note 8 for additional information.

Also included in other current assets is the value of certain assets purchased on behalf of a customer and financed by a third party banking institution in the amounts of $83.8 million and $83.6 million as of July 1, 2016 and March 31, 2016, respectively.

Other Current Liabilities

Other current liabilities include customer working capital advances of $219.3 million and $253.7 million, customer-related accruals of $498.5 million and $479.5 million, and deferred revenue of $330.0 million and $332.3 million as of July 1, 2016 and March 31, 2016, 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 include the outstanding balance due to the third party banking institution related to the financed equipment discussed above of $96.9 million and $122.0 million as of July 1, 2016 and March 31, 2016, respectively.