Plantronics 2010 Annual Report Download - page 75

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67
Assets held for sale:
March 31,
(in thousands) 2010
Land rights $ 514
Buildings and improvements 8,227
Machinery and equipment 120
Assets held for sale $8,861
ll manufacturing processes in the Suzhou location. As a result, the building and related fixed
eir carrying value or fair value less the costs to sell, to Assets held for sale in the Condensed
The fair value of the building was based on a current appraisal value adjusted for expected selling costs.
ntly reduced the fair value of the building as it received a non-binding letter of intent from a buyer in the
10 and expects the sale to be completed within a one year period from the time when it met the applicable
accounting” at an amount approximating its carrying value. The assets held for sale were measured at fair
ue using unobservable inputs and, therefore, are a Level 3 fair value measure.
Property, plant and equipment, net:
To further improve the Company’s Bluetooth product profitability, in the fourth quarter of fiscal 2009, the Company decided to close
its Suzhou, China manufacturing operations and outsource the manufacturing of its Bluetooth products to an existing supplier in
China. As the Company planned to exit the manufacturing facility in the second quarter of fiscal 2010, accelerated depreciation was
recorded from the decision date of March 24, 2009 to the estimated exit date to reflect changes in useful lives and estimated residual
values of the assets that would be taken out of service prior to the end of their original service period. The accelerated depreciation
was recorded as a part of the Q4 Fiscal 2009 Restructuring Action as discussed in Note 10. There were no assets held for sale as of
March 31, 2009.
In July 2009, the Company stopped a
the lower of thassets were transferred, at
onsolidated balance sheet. c
The Company subseque
fourth quarter of fiscal 20
riteria for “held for salec
val
(in thousands) 2009 2010
Land $ 8,234 $ 5,867
Buildings and improvements (useful life: 7-30 years) 74,334 54,437
Machinery and equipment (useful life: 5-10 years) 106,129 89,505
Software (useful life: 5 years) 29,231 25,642
Construction in progress 2,069 836
219,997 176,287
Accumulated depreciation and amortization (124,278) (110,587)
Property, plant and equipment, net $ 95,719 $ 65,700
March 31,
Accrued liabilities:
(in thousands) 2009 2010
Employee compensation and benefits $ 17,380 $ 21,987
Warranty accrual 12,424 11,006
Accrued advertising and sales and marketing 3,286 3,036
Accrued other 20,053 9,808
Accrued liabilities $ 53,143 $ 45,837
March 31,