Plantronics 2015 Annual Report Download - page 74

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Effect of Designated Derivative Contracts on AOCI and Consolidated Statements of Operations
The following table presents the pre-tax effects of derivative instruments designated as cash flow hedges on AOCI and the
consolidated statements of operations for fiscal years ended March 31, 2015, 2014, and 2013:
(in thousands) 2015 2014 2013
Gain (loss) included in AOCI as of beginning of period $ (1,442) $ 1,371 $ 1,937
Amount of gain (loss) recognized in OCI (effective portion) 10,348 (3,750) 3,441
Amount of gain (loss) reclassified from OCI into net revenues
(effective portion) 3,650 (965) 3,367
Amount of gain (loss) reclassified from OCI into cost of revenues
(effective portion) (449) 28 640
Total amount of gain (loss) reclassified from AOCI to income (loss)
(effective portion) 3,201 (937) 4,007
Gain (loss) included in AOCI as of end of period $ 5,705 $ (1,442) $ 1,371
The Company recognized an immaterial loss in the consolidated statement operations on the ineffective portion of the cash flow
hedges reported in interest and other income, net during the years ended March 31, 2015 and 2014, respectively. There was
no ineffective portion of hedges designated as cash flow hedging instruments during the year ended March 31, 2013.
15. INCOME TAXES
Income tax expense for fiscal years 2015, 2014, and 2013 consisted of the following:
(in thousands) Fiscal Year Ended March 31,
2015 2014 2013
Current:
Federal $ 26,938 $ 28,859 $ 25,530
State 2,685 1,263 2,452
Foreign 4,253 4,384 4,777
Total current provision for income taxes 33,876 34,506 32,759
Deferred:
Federal (1,148)(4,675)(586)
State (1,353)(629)(474)
Foreign 1,575 (480) 324
Total deferred benefit for income taxes (926)(5,784)(736)
Income tax expense $ 32,950 $ 28,722 $ 32,023
The components of income before income taxes for fiscal years 2015, 2014, and 2013 are as follows:
Fiscal Year Ended March 31,
(in thousands) 2015 2014 2013
United States $ 83,583 $ 85,231 $ 80,875
Foreign 61,668 55,908 57,550
Income before income taxes $ 145,251 $ 141,139 $ 138,425
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