Plantronics 2014 Annual Report Download - page 75

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63
As of March 31, 2013:
Gross Amount of
Derivative Assets
Presented in the
Consolidated Balance
Sheets
Gross Amounts Not Offset in the Consolidated Balance Sheet
that are Subject to Master Netting Agreements
(in thousands)
Gross Amount of Eligible
Offsetting Recognized
Derivative Liabilities Cash Collateral Received
Net Amount of
Derivative
Assets
Derivatives subject to
master netting
agreements $ 1,005 $ (215) $ — $ 790
Derivatives not subject to
master netting
agreements 660 660
Total $ 1,665 $ 1,450
Gross Amount of
Derivative Liabilities
Presented in the
Consolidated Balance
Sheets
Gross Amounts Not Offset in the Consolidated Balance Sheet
that are Subject to Master Netting Agreements
(in thousands)
Gross Amount of Eligible
Offsetting Recognized
Derivative Assets Cash Collateral Received
Net Amount of
Derivative
Liabilities
Derivatives subject to
master netting
agreements $ (215) $ 215 $ — $ —
Derivatives not subject to
master netting
agreements (79) (79)
Total $ (294) $ (79)
The Company's derivative instruments are measured using Level 2 fair value inputs.
Non-Designated Hedges
As of March 31, 2014, the Company had foreign currency forward contracts denominated in EUR, GBP, and Australian Dollars
("AUD"). The Company does not elect to obtain hedge accounting for these forward contracts. These forward contracts hedge
against a portion of the Company's foreign currency-denominated cash, accounts receivable, and accounts payable balances. The
following table summarizes the notional value of the Company’s outstanding foreign exchange currency contracts and approximate
U.S. Dollar equivalent (“USD Equivalent”) at March 31, 2014:
Local
Currency
USD
Equivalent Position Maturity
(in thousands) (in thousands)
EUR €19,600 $ 26,951 Sell EUR 1 month
GBP £ 1,600 $ 2,662 Sell GBP 1 month
AUD A$ 3,700 $ 3,413 Sell AUD 1 month
Effect of Non-Designated Derivative Contracts on the Consolidated Statements of Operations
The effect of non-designated derivative contracts on results of operations recognized in interest and other income (expense), net
in the consolidated statements of operations was as follows:
Fiscal Year Ended March 31,
(in thousands) 2014 2013 2012
Gain on foreign exchange contracts $ 1,631 $ 1,065 $ 1,009