Plantronics 2000 Annual Report Download - page 29

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N OTES TO consolidated financial statements
RECENT ACCOUNTING PRONOUNCEMENTS
In June 1998, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting
Standards No. 133,“Accounting for Derivative Instruments and Hedging Activities” (“SFAS 133”). SFAS
133 establishes new standards of accounting and reporting for derivative instruments and hedging activities.
In July 1999, the FASB issued SFAS No. 137,“Accounting for Derivative Instruments and Hedging
Activities – Deferral of the Effective Date of FASB Statement No. 133” (“SFAS 137”). SFAS 137 deferred
the effective date of SFAS 133 until fiscal years beginning after June 15, 2000. Should we determine that
such activities are economically beneficial to Plantronics, then we will adopt SFAS 133 during our year
ended March 31, 2002.We did not engage in any derivative or hedging activities during the fiscal year
ended March 31, 2000.
note 3. DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS:
FISCAL YEAR ENDED M ARCH 3 1 ,
(IN TH OUSANDS) 1 9 9 9 2000
ACCOUNTS RECEIVABLE:
Accounts receivable from customers $49,133 $50,625
Allowance for doubtful accounts (2,326) (2,144)
$46,807 $48,481
INVENTORY:
Finished goods $ 9,425 $17,887
Work in process 1,461 1,540
Purchased parts 8,003 14,325
$18,889 $33,752
PROPERTY, PLANT AND EQUIPMENT:
Land $ 4,693 $ 4,693
Buildings and improvements (useful life 10-30 years) 9,923 11,296
Machinery and equipment (useful life 2-8 years) 32,853 38,341
47,469 54,330
Less accumulated depreciation (27,146) (30,753)
$20,323 $23,577
ACCRUALS:
Employee benefits 15,209 15,934
Other 18,266 18,396
$33,475 $34,330
note 4. DEBT:
During 1999, we retired $65.1 million of 10% subordinated debentures due in 2001.We paid a premium to
the holders of such debentures, and the transaction resulted in an extraordinary loss of $1.0 million ($0.06
per diluted share), net of income tax benefit of $0.7 million.The transaction was paid out of available cash.
PLANTRONICS ANN UAL REPORT 2 0 0 0 page 27