Plantronics 2011 Annual Report Download - page 68

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The following table summarizes the amortized cost and fair value of the Company's cash equivalents, short-term investments and
long-term investments, classified by effective maturity as of March 31, 2011 and 2010:
(in thousands)
Due in 1 year or less
Due in 1 to 5 years
Total
March 31, 2011
Amortized
Cost
$ 293,121
39,352
$ 332,473
Fair Value
$ 293,152
39,332
$ 332,484
March 31, 2010
Amortized
Cost
$ 299,274
—
$ 299,274
Fair Value
$ 299,274
—
$ 299,274
6. FAIR VALUE MEASUREMENTS
The following table represents the Company's fair value hierarchy for its financial assets and liabilities as of March 31, 2011 and
2010:
March 31, 2011 (in thousands)
Cash
U.S. Treasury Bills, Government Agency Securities and Money
Market Accounts
Commercial Paper, U.S. Corporate Bonds and CDs
Derivative assets
Total assets measured at fair value
Derivative liabilities
Level 1
$ 136,804
192,703
—
—
$ 329,507
$ 600
Level 2
$ —
43,543
96,238
360
$ 140,141
$ 4,174
Level 3
$ —
—
—
—
$ —
$ —
Total
$ 136,804
236,246
96,238
360
$ 469,648
$ 4,774
March 31, 2010 (in thousands)
Cash
U.S. Treasury Bills and Money Market Accounts
Derivative assets
Auction rate securities - trading securities
Derivative - UBS Rights Agreement
Total assets measured at fair value
Derivative liabilities
Level 1
$ 69,918
280,043
232
—
—
$ 350,193
$ 29
Level 2
$ —
—
2,845
—
—
$ 2,845
$ 74
Level 3
$ —
—
—
19,231
3,985
$ 23,216
$ —
Total
$ 69,918
280,043
3,077
19,231
3,985
$ 376,254
$ 103
Level 1 financial assets consist of cash, money market funds, U.S. Treasury Bills, and derivative foreign currency forward contracts
that are traded in an active market with sufficient volume and frequency of transactions. Level 1 financial liabilities consist of
derivative contracts that have closed but have not settled. The fair value of Level 1 financial instruments is measured based on
the quoted market price of identical securities.
Level 2 financial assets and liabilities consist of Government Agency Securities, Commercial Paper, U.S. Corporate Bonds, CDs,
and derivative foreign currency call and put option contracts. Fair value is determined using inputs that are observable, either
directly or indirectly, such as quoted market prices for similar assets or liabilities; quoted prices in markets with insufficient volume
or infrequent transactions (less active markets); or model-derived valuations, such as the Black Scholes valuation model, in which
all significant inputs are observable or can be derived principally from or corroborated with observable market data covering
substantially the full term of the assets or liabilities. During the year ended March 31, 2011, the Company did not have any transfers
between Level 1 and Level 2 fair value instruments.
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