Plantronics 1999 Annual Report Download - page 17
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PLANTRONICS ANNUAL REPORT 1999 page 15
Notes to consolidated financial statements
STOCK-BASED COMPENSATION
Statement of Financial Accounting Standards No. 123,“Accounting for Stock-Based Compensation,”
(“FAS 123”), encourages, but does not require, companies to record compensation cost for stock-based
employee compensation plans based on the fair value of options granted.The Company has elected
to continue to account for stock-based compensation using the intrinsic value method prescribed in
Accounting Principles Board Opinion No. 25,“Accounting for Stock Issued to Employees” and related
interpretations, and to provide additional disclosures with respect to the pro forma effects of adoption had
the Company recorded compensation expense as provided in FAS 123, (see note 10).
note 3. DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS:
MARCH 31,
(IN THOUSANDS) 199 8 1999
ACCOUNTS RECEIVABLE:
Accounts receivable from customers $43,302 $49,133
Allowance for doubtful accounts (1,752) (2,326)
$41,550 $46,807
INVENTORY:
Finished goods $13,224 $ 9,425
Work in process 4,431 1,461
Purchased parts 12,086 8,003
$29,741 $18,889
PROPERTY, PLANT AND EQUIPMENT:
Land $ 4,693 $ 4,693
Buildings and improvements (useful life 10-30 years) 9,486 9,923
Machinery and equipment (useful life 2-8 years) 31,484 32,853
45,663 47,469
Less accumulated depreciation (24,408) (27,146)
$21,255 $20,323
ACCRUALS:
Employee benefits 11,689 15,209
Other 14,940 18,266
$26,629 $33,475