Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The following tables include selected consolidated summary financial data for each of our last five fiscal years. This data should be read in conjunction with Item 8 “Financial Statements and Supplementary Data,” and Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Annual Report on Form 10-K.

Year ended June 30,
(In thousands, except per share amounts)20202019201820172016
Consolidated Statements of Operations(1)(2):
Total revenues$5,806,424$4,568,904$4,036,701$3,480,014$2,984,493
Net income attributable to KLA(3)$1,216,785$1,175,617$802,265$926,076$704,422
Cash dividends declared per share$3.30$3.00$2.52$2.14$2.08
Net income per share attributable to KLA:
Basic$7.76$7.53$5.13$5.92$4.52
Diluted$7.70$7.49$5.10$5.88$4.49
As of June 30,
20202019201820172016
Consolidated Balance Sheets(1)(2):
Cash, cash equivalents and marketable securities$1,980,472$1,739,385$2,880,318$3,016,740$2,491,294
Working capital(4)(5)$3,023,759$2,546,589$3,334,730$3,102,094$2,868,062
Total assets$9,279,960$9,008,516$5,638,619$5,550,334$4,977,076
Long-term debt(6)$3,469,670$3,173,383$2,237,402$2,680,474$3,057,936
Total KLA stockholders’ equity(6)$2,665,424$2,659,108$1,620,511$1,326,417$689,114

(1)On July 1, 2018, we adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers ("ASC 606") using the modified retrospective transition approach. Results for reporting periods beginning after June 30, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with the previous revenue guidance in ASC 605.

(2)On February 20, 2019, we completed the acquisition of Orbotech for total purchase consideration of approximately $3.26 billion. The operating results of Orbotech have been included in our Consolidated Financial Statements from the Acquisition Date in 2019. For additional details, refer to Note 6 “Business Combinations” to our Consolidated Financial Statements.

(3)Our net income decreased to $802.3 million in the fiscal year ended June 30, 2018, primarily as a result of the income tax effects from the enacted tax reform legislation through the Tax Cuts and Jobs Act, which was signed into law on December 22, 2017.

(4)We adopted the accounting standards update regarding classification of deferred taxes on a prospective basis at the beginning of the fourth quarter of fiscal year ended 2016. Upon adoption, approximately $218.0 million in net current deferred tax assets were reclassified to non-current. No prior periods were retrospectively adjusted.

(5)On July 1, 2019, we adopted ASC 842, Leases ("ASC 842") on a prospective basis. The adoption of ASC 842 resulted in the balance sheet recognition of additional lease assets and lease liabilities of $110.7 million and $108.7 million, respectively. Refer to Note 1 "Description of Business and Summary of Significant Accounting Policies" to our Consolidated Financial Statements for additional details.

(6)Our long-term debt increased to $3.47 billion at the end of fiscal year ended June 30, 2020 because we issued $750.0 million aggregate principal amount of senior, unsecured long-term notes and prepaid $500.0 million of senior notes including payment of accrued interest and other costs. Our long-term debt increased to $3.17 billion at the end of fiscal year ended June 30, 2019 because we issued $1.20 billion aggregate principal amount of senior, unsecured long-term notes. Refer to Note 8 “Debt” to our Consolidated Financial Statements for additional details.

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