Plantronics 2015 Annual Report Download - page 64

Download and view the complete annual report

Please find page 64 of the 2015 Plantronics annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 96

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96

In May 2014, the FASB issued additional guidance regarding revenue from contracts with customers. While the standard supersedes
existing revenue recognition guidance, it closely aligns with current GAAP. Under the new standard, revenue will be recognized
at the time a good or service is transferred to a customer for the amount of consideration received for that specific good or service.
Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption. On April 1, 2015, the
FASB proposed deferring the effective date by one year to December 15, 2017 for annual reporting periods beginning after that
date. The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December
15, 2016. Presently, the Company is not yet in a position to assess the application date. The Company is currently evaluating what
impact, if any, the adoption of this standard will have on its results of operations, financial position, or cash flows.
4. CASH, CASH EQUIVALENTS, AND INVESTMENTS
The following tables summarize the Company’s cash, cash equivalents, and investments’ adjusted cost, gross unrealized gains,
gross unrealized losses, and fair value by significant investment category recorded as cash and cash equivalents, short-term, or
long-term investments as of March 31, 2015 and 2014 (in thousands):
March 31, 2015
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Cash &
Cash
Equivalents
Short-term
investments
(due in 1
year or less)
Long-term
investments
(due in 1 to
3 years)
Cash $ 273,350 $ — $ — $ 273,350 $ 273,350 $ — $ —
Level 1:
Mutual Funds 5,398 147 (25) 5,520 — 5,520 —
Level 2:
Government Agency
Securities 89,875 37 (22) 89,890 — 43,024 46,866
Commercial Paper 17,574 10 — 17,584 3,500 14,084 —
Corporate Bonds 95,759 199 (3) 95,955 — 35,231 60,724
Subtotal 203,208 246 (25) 203,429 3,500 92,339 107,590
Total cash, cash
equivalents
and investments
measured at fair value $ 481,956 $ 393 $ (50) $ 482,299 $ 276,850 $ 97,859 $ 107,590
March 31, 2014
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Cash &
Cash
Equivalents
Short-term
investments
(due in 1
year or less)
Long-term
investments
(due in 1 to
3 years)
Cash $ 232,704 $ — $ — $ 232,704 $ 232,704 $ — $ —
Level 1:
Mutual Funds 1,779 31 (3) 1,807 — 1,807 —
Level 2:
Government Agency
Securities 53,976 43 (9) 54,010 — 21,325 32,685
Commercial Paper 47,766 7 — 47,773 — 47,773 —
Corporate Bonds 98,289 195 (17) 98,467 — 30,810 67,657
Certificates of
Deposits ("CDs") 1,002 — — 1,002 — 1,002 —
Subtotal 201,033 245 (26) 201,252 — 100,910 100,342
Total cash, cash
equivalents
and investments
measured at fair value $ 435,516 $ 276 $ (29) $ 435,763 $ 232,704 $ 102,717 $ 100,342
As of March 31, 2015 and 2014, with the exception of assets related to the Company's deferred compensation plan, all of the
Company's investments are classified as available-for-sale securities. The carrying value of available-for-sale securities included
in cash equivalents approximates fair value because of the short maturity of those instruments.
52