Plantronics (POLY) 10-Q 5 Nov 15 2016 Q2 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION Document - shares	6 Months Ended
	Sep. 30, 2015	Nov. 04, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	PLANTRONICS INC /CA/
Entity Central Index Key	914,025
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		33,681,183
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Current assets:
Cash and cash equivalents	$ 304,836	$ 276,850
Short-term investments	119,607	97,859
Accounts receivable, net	139,939	136,581
Inventory, net	57,760	56,676
Deferred tax assets	6,518	6,564
Other current assets	30,464	28,124
Total current assets	659,124	602,654
Long-term investments	81,132	107,590
Property, plant, and equipment, net	143,188	139,413
Goodwill and purchased intangibles, net	15,952	16,077
Other assets	7,791	10,308
Total assets	907,187	876,042
Current liabilities:
Accounts payable	43,172	32,781
Accrued liabilities	60,764	62,041
Total current liabilities	103,936	94,822
Long term debt, net of issuance costs	488,884	0
Long-term income taxes payable	12,574	12,984
Revolving line of credit	0	34,500
Other long-term liabilities	8,831	6,339
Total liabilities	$ 614,225	$ 148,645
Commitments and contingencies (Note 6)
Stockholders' equity:
Common stock	$ 792	$ 783
Additional paid-in capital	746,207	717,848
Accumulated other comprehensive income	2,056	10,120
Retained earnings	238,098	209,960
Total stockholders' equity before treasury stock	987,153	938,711
Less: Treasury stock, at cost	(694,191)	(211,314)
Total stockholders' equity	292,962	727,397
Total liabilities and stockholders' equity	$ 907,187	$ 876,042

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net revenues	$ 215,017	$ 215,805	$ 421,375	$ 432,467
Cost of revenues	104,047	97,978	203,047	199,930
Gross profit	110,970	117,827	218,328	232,537
Operating expenses:
Research, development, and engineering	22,609	23,769	45,803	46,289
Selling, general, and administrative	54,296	60,350	109,974	116,779
Gain from litigation settlements	(31)	(4,150)	(907)	(6,150)
Total operating expenses	76,874	79,969	154,870	156,918
Operating income	34,096	37,858	63,458	75,619
Interest expense	(7,320)	(142)	(10,061)	(150)
Other non-operating income and (expense), net	(2,138)	(543)	(2,423)	485
Income before income taxes	24,638	37,173	50,974	75,954
Income tax expense	6,742	9,752	11,850	19,861
Net income	$ 17,896	$ 27,421	$ 39,124	$ 56,093
Earnings per common share:
Basic (in dollars per share)	$ 0.53	$ 0.66	$ 1.09	$ 1.35
Diluted (in dollars per share)	$ 0.52	$ 0.65	$ 1.07	$ 1.32
Shares used in computing basic earnings per common share	33,590	41,765	35,796	41,692
Shares used in computing diluted earnings per common share	34,245	42,505	36,676	42,560
Cash dividends declared per common share (in dollars per share)	$ 0.15	$ 0.15	$ 0.30	$ 0.30

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 17,896	$ 27,421	$ 39,124	$ 56,093
Other comprehensive income (loss):
Foreign currency translation adjustments	563	11	551	74
Unrealized gains (losses) on cash flow hedges:
Unrealized cash flow hedge gains (losses) arising during the period	(1,976)	3,023	(4,814)	3,096
Net (gains) losses reclassified into income for revenue hedges	(2,197)	289	(5,735)	1,159
Net (gains) losses reclassified into income for cost of revenue hedges	1,171	(104)	1,944	(212)
Net unrealized gains (losses) on cash flow hedges	(3,002)	3,208	(8,605)	4,043
Unrealized holding gains (losses) during the period	(126)	(42)	(208)	35
Aggregate income tax benefit (expense) of the above items	66	(43)	198	(79)
Other comprehensive income (loss)	(2,499)	3,134	(8,064)	4,073
Comprehensive income	$ 15,397	$ 30,555	$ 31,060	$ 60,166

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 39,124	$ 56,093
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,819	9,088
Amortization of debt issuance costs	483	0
Stock-based compensation	16,882	13,692
Excess tax benefit from stock-based compensation	(3,150)	(1,684)
Deferred income taxes	2,807	1,769
Provision for excess and obsolete inventories	1,084	565
Other operating activities	3,037	(1,104)
Changes in assets and liabilities, net of effect of acquisition:
Accounts receivable, net	(2,825)	(1,632)
Inventory, net	(2,166)	(5,119)
Current and other assets	(2,190)	(2,931)
Accounts payable	9,016	8,158
Accrued liabilities	671	(7,771)
Income taxes	(6,144)	2,907
Cash provided by operating activities	66,448	72,031
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of investments	24,829	20,951
Proceeds from maturities of investments	40,405	81,275
Purchase of investments	(61,591)	(99,225)
Acquisition, net of cash acquired	0	(150)
Capital expenditures	(13,092)	(13,419)
Cash used for investing activities	(9,449)	(10,568)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of common stock	(473,220)	(18,917)
Employees' tax withheld and paid for restricted stock and restricted stock units	(10,499)	(6,235)
Proceeds from issuances under stock-based compensation plans	9,071	11,424
Proceeds from revolving line of credit	155,749	0
Repayments of revolving line of credit	(190,249)	0
Proceeds from bonds issuance, net of issuance costs	488,401	0
Payment of cash dividends	(10,986)	(12,836)
Excess tax benefit from stock-based compensation	3,150	1,684
Cash used for financing activities	(28,583)	(24,880)
Effect of exchange rate changes on cash and cash equivalents	(430)	(1,058)
Net increase in cash and cash equivalents	27,986	35,525
Cash and cash equivalents at beginning of period	276,850	232,704
Cash and cash equivalents at end of period	$ 304,836	$ 268,229

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION In the opinion of management, the accompanying unaudited condensed consolidated financial statements ("financial statements") of Plantronics, Inc. ("Plantronics" or "the Company") have been prepared on a basis consistent with the Company's March 31, 2015 audited consolidated financial statements and include all adjustments, consisting of normal recurring adjustments, necessary to fairly state the information set forth herein. Certain information and footnote disclosures normally included in financial statements prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to interim financial information and in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2015 , which was filed with the SEC on May 15, 2015 . The results of operations for the interim period ended September 30, 2015 are not necessarily indicative of the results to be expected for the entire fiscal year or any future period. The financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. The Company’s fiscal year ends on the Saturday closest to the last day of March. The Company’s current fiscal year ends on April 2, 2016 and consists of 53 weeks. The Company's prior fiscal year ended on March 28, 2015 and consisted of 52 weeks. The Company’s results of operations for the three and six months ended September 26, 2015 and September 27, 2014 both contain 13 and 26 weeks, respectively. For purposes of presentation, the Company has indicated its accounting year as ending on March 31 and its interim quarterly periods as ending on the applicable calendar month end.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Recently Issued Pronouncements In July 2015, the Financial Accounting Standards Board ("FASB") issued additional guidance regarding the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. The Company is required to adopt the standard in the first quarter of its fiscal year ending March 31, 2018, but may elect to adopt earlier as permitted under the standard. The adoption is not expected to have a material impact on the Company's results of operations, financial position, or cash flows. In May 2014, the FASB issued additional guidance regarding revenue from contracts with customers. 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. The Company is required to adopt the standard, as amended, in the first quarter of its fiscal year ending March 31, 2018 although, under the standard, it may adopt as early as the first quarter of its fiscal year ending March 31, 2017. The Company is currently evaluating what impact, if any, the adoption of this standard will have on its results of operations, financial position, and cash flows. In April 2015, the FASB issued additional guidance regarding fees paid in cloud computing arrangements. The guidance requires registrants to account for fees paid in a cloud computing arrangement that includes a software license element consistent with the acquisition of other software licenses. Cloud computing arrangements without software licenses are to be accounted for as a service contract. The Company is required to adopt the standard in the first quarter of its fiscal year ending March 31, 2017. The Company is currently evaluating what impact, if any, the adoption of this standard will have on its results of operations, financial position, and cash flows.

CASH, CASH EQUIVALENTS, AND INV

CASH, CASH EQUIVALENTS, AND INVESTMENTS	6 Months Ended
	Sep. 30, 2015
CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract]
CASH, CASH EQUIVALENTS, AND INVESTMENTS	CASH, CASH EQUIVALENTS, AND INVESTMENTS The following tables summarize the Company’s cash and available-for-sale securities’ 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 September 30, 2015 and March 31, 2015 (in thousands): September 30, 2015 Amortized Gross Gross Fair Cash & Cash Equivalents Short-term investments (due in 1 year or less) Long-term investments (due in 1 to 3 years) Cash $ 299,808 $ — $ — $ 299,808 $ 299,808 $ — $ — Level 1: Mutual Funds 8,543 — (484 ) 8,059 — 8,059 — Money Market Funds 29 — — 29 29 — — Subtotal 8,572 — (484 ) 8,088 29 8,059 — Level 2: Government Agency Securities 78,315 46 (6 ) 78,355 — 42,449 35,906 Commercial Paper 23,759 11 (1 ) 23,769 4,999 18,770 — Corporate Bonds 95,593 83 (121 ) 95,555 — 50,329 45,226 Subtotal 197,667 140 (128 ) 197,679 4,999 111,548 81,132 Total cash, cash equivalents $ 506,047 $ 140 $ (612 ) $ 505,575 $ 304,836 $ 119,607 $ 81,132 March 31, 2015 Amortized Gross Gross Fair 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 $ 481,956 $ 393 $ (50 ) $ 482,299 $ 276,850 $ 97,859 $ 107,590 As of September 30, 2015 and March 31, 2015 , 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. For more information regarding the Company's deferred compensation plan, refer to Note 4 , Deferred Compensation , of the accompanying notes to condensed consolidated financial statements (unaudited) in this Quarterly Report on Form 10-Q. The Company did not incur any material realized or unrealized gains or losses in the three and six months ended September 30, 2015 and 2014 . There were no transfers between fair value measurement levels during the three and six months ended September 30, 2015 and 2014 . All financial assets and liabilities are recognized or disclosed at fair value in the financial statements or the accompanying notes thereto. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 The Company's Level 1 financial assets consist of Mutual Funds and Money Market Funds . The fair value of Level 1 financial instruments is measured based on the quoted market price of identical securities. Level 2 The Company's Level 2 financial assets and liabilities consist of Government Agency Securities, Commercial Paper, and Corporate Bonds , derivative foreign currency contracts, and long-term debt. The fair value of Level 2 investment securities is determined based on other observable inputs, including multiple non-binding quotes from independent pricing services. Non-binding quotes are based on proprietary valuation models that are prepared by the independent pricing services and use algorithms based on inputs such as observable market data, quoted market prices for similar securities, issuer spreads, and internal assumptions of the broker. The Company corroborates the reasonableness of non-binding quotes received from the independent pricing services using a variety of techniques depending on the underlying instrument, including: (i) comparing them to actual experience gained from the purchases and maturities of investment securities, (ii) comparing them to internally developed cash flow models based on observable inputs, and (iii) monitoring changes in ratings of similar securities and the related impact on fair value. The fair value of Level 2 derivative foreign currency contracts is determined using pricing models that use observable market inputs. For more information regarding the Company's derivative assets and liabilities, refer to Note 11 , Foreign Currency Derivatives , of the accompanying notes to condensed consolidated financial statements (unaudited) in this Quarterly Report on Form 10-Q. The fair value of Level 2 long-term debt is determined based on inputs that were observable in the market, including the trading price of the notes when available. For more information regarding the Company's derivative assets and liabilities, refer to Note 7 , Debt , of the accompanying notes to condensed consolidated financial statements (unaudited) in this Quarterly Report on Form 10-Q.

DEFERRED COMPENSATION

DEFERRED COMPENSATION	6 Months Ended
	Sep. 30, 2015
Compensation Related Costs [Abstract]
DEFERRED COMPENSATION	DEFERRED COMPENSATION As of September 30, 2015 , the Company held investments in mutual funds totaling $8.1 million , all of which related to debt and equity securities that are held in a rabbi trust under non-qualified deferred compensation plans. The total related deferred compensation liability was $8.1 million at September 30, 2015 . The fair value of debt and equity securities held in the rabbi trust at March 31, 2015 was $5.5 million . The total related deferred compensation liability at March 31, 2015 was $5.5 million . The securities are classified as trading securities and are recorded on the Consolidated Balance Sheets under "Short-term investments". The liability is recorded on the Consolidated Balance Sheets under “Other long-term liabilities”.

DETAILS OF CERTAIN BALANCE SHEE

DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS	6 Months Ended
	Sep. 30, 2015
Balance Sheet Related Disclosures [Abstract]
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS	DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS Accounts receivable, net: March 31, September 30, (in thousands) 2015 2015 Accounts receivable $ 159,397 $ 158,571 Provisions for returns (6,194 ) (6,423 ) Provisions for promotions, rebates, and other (15,401 ) (10,817 ) Provisions for doubtful accounts and sales allowances (1,221 ) (1,392 ) Accounts receivable, net $ 136,581 $ 139,939 Inventory, net: March 31, September 30, (in thousands) 2015 2015 Raw materials $ 24,263 $ 24,757 Work in process 1,653 1,451 Finished goods 30,760 31,552 Inventory, net $ 56,676 $ 57,760 Accrued Liabilities: March 31, September 30, (in thousands) 2015 2015 Employee compensation and benefits $ 31,888 $ 20,688 Accrued interest on 5.50% Senior Notes — 9,192 Warranty obligation 7,717 8,173 VAT/Sales tax payable 4,749 4,343 Accrued other 17,687 18,368 Accrued liabilities $ 62,041 $ 60,764 The Company's warranty obligation is included as a component of accrued liabilities on the condensed consolidated balance sheets. Changes in the warranty obligation during the six months ended September 30, 2015 and 2014 were as follows: Six Months Ended (in thousands) 2014 2015 Warranty obligation at beginning of period $ 7,965 $ 7,717 Warranty provision related to products shipped 5,200 4,520 Deductions for warranty claims processed (4,482 ) (4,257 ) Adjustments related to preexisting warranties (828 ) 193 Warranty obligation at end of period $ 7,855 $ 8,173

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Unconditional Purchase Obligations The Company purchases materials and services from a variety of suppliers and manufacturers. During the normal course of business and to manage manufacturing operations and general and administrative activities, the Company may enter into firm, non-cancelable, and unconditional purchase obligations for which amounts are not recorded on the consolidated balance sheets. As of September 30, 2015 , the Company had outstanding off-balance sheet third-party manufacturing, component purchase, and other general and administrative commitments of $161.0 million . Other Guarantees and Obligations In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners, purchasers of assets or subsidiaries and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company's breach of agreements or representations and warranties made by the Company, services to be provided by the Company, intellectual property infringement claims made by third parties or, with respect to the sale of assets of a subsidiary, matters related to the Company's conduct of business and tax matters prior to the sale. From time to time, the Company indemnifies customers against combinations of loss, expense, or liability arising from various triggering events relating to the sale and use of its products and services. In addition, the Company also provides protection to customers against claims related to undiscovered liabilities, additional product liability, or environmental obligations. In addition, the Company has entered into indemnification agreements with its directors and certain of its officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers of the Company. The Company maintains director and officer liability insurance, which may cover certain liabilities arising from its obligation to indemnify its directors and officers in certain circumstances. It is not possible to determine the aggregate maximum potential loss under these agreements due to the limited history of prior claims and the unique facts and circumstances involved in each particular claim. Such indemnification obligations might not be subject to maximum loss clauses. Historically, the Company has not incurred material costs as a result of obligations under these agreements and it has not accrued any liabilities related to such indemnification obligations in the condensed consolidated financial statements. Claims and Litigation On October 12, 2012, GN Netcom, Inc. ("GN") sued Plantronics, Inc. in the United States ("U.S.") District Court for the District of Delaware, alleging violations of the Sherman Act, the Clayton Act, and Delaware common law. In its complaint, GN specifically alleges four causes of action: monopolization, attempted monopolization, concerted action in restraint of trade, and tortious interference with business relations. GN claims that the Company dominates the market for headsets sold into contact centers in the U.S. and that a critical channel for sales of headsets to contact centers is through a limited network of specialized independent distributors (“SIDs”). GN asserts that the Company attracts SIDs through exclusive distributor agreements and alleges that the use of these agreements is illegal. The Company denies each of the allegations in the complaint and is vigorously defending itself. Given the preliminary nature of the case, the Company is unable to estimate an amount or range of any reasonably possible losses resulting from these allegations. During the quarter ended September 26, 2015, GN Netcom (“GN”) indicated that it intends to bring a motion for sanctions against Plantronics for spoliation of evidence. There exists a reasonable possibility of the court issuing a sanction; however, the Company has not yet received a copy of GN’s motion or all other pertinent information relevant to GN’s anticipated motion for sanctions. As such, the Company cannot reasonably estimate a loss or range of losses resulting from any such sanctions, which may or may not be material to the Company’s financial condition, results of operations, or cash flows. In addition to the specific matters discussed above, the Company is involved in various legal proceedings arising in the normal course of conducting business. For such legal proceedings, where applicable, the Company has accrued an amount that reflects the aggregate liability deemed probable and estimable, but this amount is not material to the Company's financial condition, results of operations, or cash flows. With respect to proceedings for which no accrual has been made, the Company is not able to estimate an amount or range of any reasonably possible additional losses because of the preliminary nature of many of these proceedings, the difficulty in ascertaining the applicable facts relating to many of these proceedings, the variable treatment of claims made in many of these proceedings, and the difficulty of predicting the settlement value of many of these proceedings. However, based upon the Company's historical experience, the resolution of these proceedings is not expected to have a material effect on the Company's financial condition, results of operations or cash flows. The Company may incur substantial legal fees, which are expensed as incurred, in defending against these legal proceedings.

DEBT

DEBT	6 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
DEBT	DEBT 5.50% Notes In May 2015, Plantronics issued $500.0 million aggregate principal amount of 5.50% senior notes (the “5.50% Senior Notes”). The 5.50% Senior Notes mature on May 31, 2023, and bear interest at a rate of 5.50% per annum, payable semi-annually on May 15 and November 15 of each year, commencing on November 15, 2015. The Company received net proceeds of $488.4 million from issuance of the 5.50% Senior Notes, net of issuance costs of $11.6 million which are being amortized to interest expense over the term of the 5.50% Senior Notes using the effective interest method. The fair value of the 5.50% Senior Notes was determined based on inputs that were observable in the market , including the trading price of the 5.50% Senior Notes when available (Level 2). The estimated fair value and carrying value of the 5.50% Senior Notes were as follows: March 31, 2015 September 30, 2015 (in thousands) Fair Value Carrying Value Fair Value Carrying Value 5.50% Senior Notes — — 503,750 488,884 The Company may redeem all or a part of the 5.50% Senior Notes, upon not less than 30 or more than a 60 day notice; however, the applicable redemption price will be determined as follows: Redemption Period Requiring Payment of: Redemption Up To 35% Using Cash Proceeds From An Equity Offering (3) : Make-Whole (1) Premium (2) Date Specified Price 5.50% Senior Notes Prior to May 15, 2018 On or after May 15, 2018 Prior to May 15, 2018 105.500% (1) If the Company redeems the notes prior to the applicable date, the price is principal plus a make-whole premium equal to the present value of the remaining scheduled interest payments as described in the applicable indenture, together with accrued and unpaid interest. (2) If the Company redeems the notes on or after the applicable date, the price is principal plus a premium which declines over time as specified in the applicable indenture, together with accrued and unpaid interest. (3) If the Company redeems the notes prior to the applicable date with net cash proceeds of one or more equity offerings, the price is equal to the amount specified above, together with accrued and unpaid interest, subject to a maximum redemption of 35% of the aggregate principal amount of the respective note being redeemed. In addition, upon the occurrence of certain change of control triggering events, the Company may be required to repurchase the 5.50% Senior Notes, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. The 5.50% Senior Notes contain restrictive covenants that, among other things, limit Plantronics' ability to create certain liens and enter into sale and leaseback transactions; create, assume, incur, or guarantee additional indebtedness of Plantronics’ subsidiaries without such subsidiary guaranteeing the 5.50% Senior Notes on an unsecured unsubordinated basis; and consolidate or merge with, or convey, transfer or lease all or substantially all of the assets of Plantronics and its subsidiaries to another person. As of September 30, 2015 , the Company was in compliance with all covenants. Revolving Credit Agreement On May 15, 2015 , the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association (the “Bank”). The Credit Agreement amended and restated the Company’s existing Credit Agreement, dated as of May 9, 2011 , by and between the Company and Bank to provide for a $100.0 million unsecured revolving credit facility. The proceeds of loans under the Credit Agreement may be used to finance stock repurchases, and for general corporate purposes. Revolving loans under the Credit Agreement will bear interest, at the Company’s election, at (i) the Bank’s announced prime rate less 1.20% per annum or (ii) a daily one-month LIBOR rate plus 1.40% per annum. Interest is payable quarterly in arrears on the first day of each April, July, October and January, commencing July 1, 2015. Principal, together with all accrued and unpaid interest, on the revolving loans is due and payable on May 9, 2018 . The Company is also obligated to pay a commitment fee of 0.37% per annum on the average daily unused amount of the revolving line of credit, which fee shall be payable quarterly in arrears on the first day of each April, July, October and January, commencing July 1, 2015. The Company may prepay the loans and terminate the commitments under the Credit Agreement at any time, without premium or penalty, subject to the reimbursement of certain costs. As of September 30, 2015 the Company had no outstanding borrowings under the line of credit. As of March 31, 2015 the Company had $34.5 million in outstanding borrowings under the line of credit. The Credit Agreement contains customary affirmative and negative covenants, including, among other things, covenants limiting the ability of the Company to incur debt, make capital expenditures, grant liens, merge or consolidate, and make investments. The Credit Agreement also requires the Company to comply with certain financial covenants, including (i) a maximum ratio of funded debt to EBITDA and (ii) a minimum EBITDA coverage ratio, in each case, tested as of each fiscal quarter and determined on a rolling four-quarter basis. In addition, the Company and its subsidiaries are required to maintain unrestricted cash, cash equivalents and marketable securities plus availability under the Credit Agreement at the end of each fiscal quarter of at least $300.0 million . The Credit Agreement contains customary events of default that include, among other things, payment defaults, covenant defaults, cross-defaults with certain other indebtedness, bankruptcy and insolvency defaults, and judgment defaults. The occurrence of an event of default could result in the acceleration of the obligations under the Credit Agreement. As of September 30, 2015 , the Company was in compliance with all ratios and covenants.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company recognizes the grant-date fair value of stock-based compensation as compensation expense using the straight-line attribution approach over the service period for which the stock-based compensation is expected to vest. The following table summarizes the amount of stock-based compensation included in the condensed consolidated statements of operations: Three Months Ended Six Months Ended (in thousands) 2014 2015 2014 2015 Cost of revenues $ 668 $ 879 $ 1,203 $ 1,658 Research, development and engineering 2,115 2,619 3,866 4,978 Selling, general and administrative 4,604 5,334 8,623 10,246 Stock-based compensation included in operating expenses 6,719 7,953 12,489 15,224 Total stock-based compensation 7,387 8,832 13,692 16,882 Income tax benefit (2,239 ) (2,642 ) (4,028 ) (4,964 ) Total stock-based compensation, net of tax $ 5,148 $ 6,190 $ 9,664 $ 11,918 Stock Options The following is a summary of the Company’s stock option activity during the six months ended September 30, 2015 : Options Outstanding Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (in thousands) (in dollars) (in years) (in thousands) Outstanding at March 31, 2015 1,558 $ 36.59 Options granted 156 $ 54.17 Options exercised (197 ) $ 30.98 Options forfeited or expired (36 ) $ 46.67 Outstanding at September 30, 2015 1,481 $ 38.95 4.0 $ 18,645 Vested or expected to vest at September 30, 2015 1,448 $ 38.68 3.9 $ 18,580 Exercisable at September 30, 2015 1,032 $ 34.39 3.1 $ 17,315 The total intrinsic value of options exercised during the six months ended September 30, 2015 and 2014 was $5.0 million and $5.9 million , respectively. Intrinsic value is defined as the amount by which the fair value of the underlying stock exceeds the exercise price at the time of option exercise. The total cash received as a result of stock option exercises during the six months ended September 30, 2015 was $6.1 million , net of taxes. As of September 30, 2015 , total unrecognized compensation cost related to unvested stock options was $3.8 million , which is expected to be recognized over a weighted average period of 2.0 years. Restricted Stock Restricted stock consists of awards of restricted stock and restricted stock units ("RSUs"). The following is a summary of the Company’s restricted stock activity during the six months ended September 30, 2015 : Number of Shares Weighted Average Grant Date Fair Value (in thousands) Non-vested at March 31, 2015 1,290 $ 42.67 Restricted stock granted 643 $ 55.04 Restricted stock vested (546 ) $ 41.76 Restricted stock forfeited (49 ) $ 46.01 Non-vested at September 30, 2015 1,338 $ 48.86 The weighted average grant-date fair value of awards of restricted stock is based on the quoted market price of the Company's common stock on the date of grant. The weighted average grant-date fair value of restricted stock granted during the six months ended September 30, 2015 and 2014 was $55.04 and $45.05 , respectively. The total fair value of restricted stock that vested during the six months ended September 30, 2015 and 2014 was $22.8 million and $15.0 million , respectively. As of September 30, 2015 , total unrecognized compensation cost related to unvested restricted stock was $48.9 million , which is expected to be recognized over a weighted average period of 1.9 years. Valuation Assumptions The Company estimates the fair value of stock options and Employee Stock Purchase Plan (“ESPP”) shares using a Black-Scholes option valuation model. At the date of grant, the Company estimated the fair value of each stock option grant and purchase right granted under the ESPP using the following weighted average assumptions: Three Months Ended Six Months Ended Employee Stock Options 2014 (1) 2015 2014 2015 Expected volatility n/a 26.7 % 28.4 % 27.2 % Risk-free interest rate n/a 1.4 % 1.4 % 1.3 % Expected dividend yield n/a 1.1 % 1.4 % 1.1 % Expected life (in years) n/a 4.2 4.2 4.2 Weighted-average grant date fair value n/a $ 12.02 $ 9.21 $ 11.54 ESPP Expected volatility 24.8 % 21.9 % 24.8 % 21.9 % Risk-free interest rate 0.1 % 0.3 % 0.1 % 0.3 % Expected dividend yield 1.3 % 1.1 % 1.3 % 1.1 % Expected life (in years) 0.5 0.5 0.5 0.5 Weighted-average grant date fair value $ 10.13 $ 11.73 $ 10.13 $ 11.73 (1) No employee stock options were granted during the three months ended September 30, 2014.

COMMON STOCK REPURCHASES

COMMON STOCK REPURCHASES	6 Months Ended
	Sep. 30, 2015
Equity [Abstract]
COMMON STOCK REPURCHASES	COMMON STOCK REPURCHASES From time to time, the Company's Board of Directors (the "Board") has authorized programs under which the Company may repurchase shares of its common stock, depending on market conditions, in the open market or through privately negotiated transactions. Repurchased shares are held as treasury stock until they are retired or re-issued. Repurchases by the Company pursuant to Board-authorized programs during the six months ended September 30, 2015 and 2014 are discussed below. As of September 30, 2015 , there remained 218,935 shares authorized for repurchase under a repurchase program approved by the Board on May 21, 2015 and there were no remaining shares authorized under previously approved programs. In the six months ended September 30, 2015 and 2014 , the Company repurchased 8,492,117 shares and 419,041 shares, respectively, of its common stock in the open market for a total cost of $473.2 million and $18.9 million , respectively, and at an average price per share of $55.72 and $45.14 , respectively. In addition, the Company withheld shares valued at $10.5 million and $6.2 million in the six months ended September 30, 2015 , and 2014 , respectively, in satisfaction of employee tax withholding obligations upon the vesting of restricted stock granted under the Company's stock plans. The amounts withheld were equivalent to the employees' minimum statutory tax withholding requirements and are reflected as a financing activity within the Company's condensed consolidated statements of cash flows. These share withholdings have the same effect as share repurchases by the Company as they reduce the number of shares that would have otherwise been issued in connection with the vesting of shares subject to the restricted stock grants.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	6 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	ACCUMULATED OTHER COMPREHENSIVE INCOME The components of accumulated other comprehensive income ("AOCI"), net of immaterial tax effects, are as follows: (in thousands) March 31, 2015 September 30, 2015 Accumulated unrealized gain (loss) on cash flow hedges (1) $ 5,593 $ (2,867 ) Accumulated foreign currency translation adjustments 4,363 4,914 Accumulated unrealized gain (loss) on investments 164 9 Accumulated other comprehensive income $ 10,120 $ 2,056 (1) Refer to Note 11 , Foreign Currency Derivatives, which discloses the nature of the Company's derivative assets and liabilities as of September 30, 2015 and March 31, 2015 .

FOREIGN CURRENCY DERIVATIVES

FOREIGN CURRENCY DERIVATIVES	6 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FOREIGN CURRENCY DERIVATIVES	FOREIGN CURRENCY DERIVATIVES The Company's foreign currency derivatives consist primarily of foreign currency forward exchange contracts, option contracts, and cross-currency swaps. The Company does not purchase options for trading purposes. The derivatives expose the Company to credit risk to the extent the counterparties may be unable to meet the terms of the derivative instrument. The Company's maximum exposure to loss that it would incur due to credit risk if parties to derivative contracts failed completely to perform according to the terms of the contracts was equal to the carrying value of the Company's derivative assets as of September 30, 2015 . The Company seeks to mitigate such risk by limiting its counterparties to large financial institutions. In addition, the Company monitors the potential risk of loss with any one counterparty resulting from this type of credit risk on an ongoing basis. The Company enters into master netting arrangements with counterparties when possible to mitigate credit risk in derivative transactions. A master netting arrangement may allow each counterparty to net settle amounts owed between the Company and the counterparty as a result of multiple, separate derivative transactions. As of September 30, 2015 , the Company has International Swaps and Derivatives Association (ISDA) agreements with four applicable banks and financial institutions which contain netting provisions. Plantronics has elected to present the fair value of derivative assets and liabilities on the Company's condensed consolidated balance sheet on a gross basis even when derivative transactions are subject to master netting arrangements and may otherwise qualify for net presentation. For each counterparty, if netted, the Company would offset the asset and liability balances of all derivatives at the end of the reporting period. Derivatives not subject to master netting agreements are not eligible for net presentation. As of September 30, 2015 and March 31, 2015 , no cash collateral had been received or pledged related to these derivative instruments. The gross fair value of our outstanding derivative contracts at the end of each period was as follows: (in thousands) March 31, 2015 September 30, 2015 Derivative Assets (recorded in 'Other current assets') Non-designated hedges $ 1,891 $ 1,202 Cash flow hedges 11,372 2,711 Total Derivative Assets $ 13,263 $ 3,913 Derivative Liabilities (recorded in 'Other accrued liabilities') Non-designated hedges $ 1 $ 1 Cash flow hedges 3,913 4,941 Total Derivative Liabilities $ 3,914 $ 4,942 Non-Designated Hedges As of September 30, 2015 , the Company had foreign currency forward contracts denominated in Euros ("EUR"), British Pound Sterling ("GBP"), Australian Dollars ("AUD"), and Canadian Dollars ("CAD"). 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 balances, receivables, and payables. The following table summarizes the notional value of the Company’s outstanding foreign exchange currency contracts and approximate U.S. Dollar ("USD") equivalent at September 30, 2015 : (in thousands) Local Currency USD Equivalent Position Maturity EUR € 29,000 $ 32,472 Sell EUR 1 month GBP £ 5,500 $ 8,344 Sell GBP 1 month AUD A$ 13,600 $ 9,530 Sell AUD 1 month CAD C$ 2,300 $ 1,727 Sell CAD 1 month Effect of Non-Designated Derivative Contracts on the Condensed Consolidated Statements of Operations The effect of non-designated derivative contracts recognized in interest and other income, net in the condensed consolidated statements of operations was as follows: Three Months Ended Six Months Ended (in thousands) 2014 2015 2014 2015 Gain (loss) on foreign exchange contracts $ 2,963 $ 1,276 $ 2,977 $ 148 Cash Flow Hedges Costless Collars The Company hedges a portion of the forecasted EUR and GBP denominated revenues with costless collars. On a monthly basis, the Company enters into option contracts with a six to eleven month term. Collar contracts are scheduled to mature at the beginning of each fiscal quarter, at which time the instruments convert to forward contracts. The Company also enters into cash flow forwards with a three month term. Once the hedged revenues are recognized, the forward contracts become non-designated hedges to protect the resulting foreign monetary asset position for the Company. As of September 30, 2015 , the Company had foreign currency option contracts of approximately €57.9 million and £21.1 million . As of March 31, 2015 , the Company had foreign currency option contracts of approximately €67.9 million and £28.6 million . As of September 30, 2015 , the Company had foreign currency forward contracts of approximately €7.0 million and £0.3 million . As of March 31, 2015 , the Company had no such instruments. The Company will reclassify all amounts accumulated in other comprehensive income into earnings within the next twelve months. Cross-currency Swaps The Company hedges a portion of the forecasted Mexican Peso (“MXN”) denominated expenditures with a cross-currency swap. A loss of $3.6 million , net of tax, in AOCI as of September 30, 2015 is expected to be reclassified to cost of revenues during the next 12 months due to the recognition of the hedged forecasted expenditures. As of September 30, 2015 and March 31, 2015 , the Company had foreign currency swap contracts of approximately MXN 501.3 million and MXN 431.9 million , respectively. The following table summarizes the notional value of the Company’s outstanding MXN cross-currency swaps and approximate USD Equivalent at September 30, 2015 : (in thousands) Local Currency USD Equivalent Position Maturity MXN 501,320 $ 32,965 Buy MXN Monthly over 23 months Effect of Designated Derivative Contracts on AOCI and Condensed Consolidated Statements of Operations The following table presents the pre-tax effects of derivative instruments designated as cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and six months ended September 30, 2015 and 2014 : Three Months Ended Six Months Ended (in thousands) 2014 2015 2014 2015 Gain (loss) included in AOCI as of beginning of period $ (607 ) $ 102 $ (1,442 ) $ 5,705 Amount of gain (loss) recognized in OCI (effective portion) 3,023 (1,976 ) 3,096 (4,814 ) Amount of gain (loss) reclassified from OCI into net revenues (effective portion) (289 ) 2,197 (1,159 ) 5,735 Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion) 104 (1,171 ) 212 (1,944 ) Total amount of gain (loss) reclassified from AOCI to income (loss) (effective portion) (185 ) 1,026 (947 ) 3,791 Gain (loss) included in AOCI as of end of period $ 2,601 $ (2,900 ) $ 2,601 $ (2,900 ) During the three and six months ended September 30, 2015 and 2014 the Company recognized an immaterial gain on the ineffective portion of its cash flow hedges, which is reported in interest and other income (expense), net in the condensed consolidated statements of operations.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company and its subsidiaries are subject to taxation in the U.S. and in various foreign and state jurisdictions. The effective tax rate for the three and six months ended September 30, 2015 was 27.4% and 23.2% compared to 26.2% and 26.1% for the same period in the prior year. The increase in the effective tax rate for the three months ended September 30, 2015 is due primarily to a shift of income away from the lower tax rate jurisdictions partially offset by the U.S. interest expense due to the 5.50% Senior Notes during the current period. The decrease in the effective tax rate for the six months ended September 30, 2015 is due primarily to lower domestic earnings resulting from the interest expense on the 5.50% Senior Notes and the favorable closure of a tax audit in the current year. The effective tax rates differ from the statutory rate due primarily to the impact of foreign operations taxed at different statutory rates, tax credits, state taxes, and other factors. On July 27, 2015, in Altera Corp. v. Commissioner, the U.S. Tax Court issued an opinion related to the treatment of stock-based compensation expense in an intercompany cost-sharing arrangement. A final decision has yet to be issued by the Tax Court due to other outstanding issues related to the case. At this time, the U.S. Department of the Treasury has not withdrawn the requirement to include stock-based compensation in inter-company cost-sharing arrangements from its regulations. Accordingly, due to the uncertainty surrounding the status of the current regulations, questions related to the scope of potential benefits, and the risk of the Tax Court’s decision being overturned upon appeal, the Company has not recorded any associated benefit as of September 30, 2015 . The Company will continue to monitor ongoing developments and potential impacts to its financial statements. Included in long-term income taxes payable in the condensed consolidated balance sheets as of September 30, 2015 and March 31, 2015 were unrecognized tax benefits of $12.8 million , which would favorably impact the effective tax rate in future periods if recognized. The Company’s continuing practice is to recognize interest and/or penalties related to income tax matters in income tax expense in the condensed consolidated statements of operations. The accrued interest related to unrecognized tax benefits was $1.9 million and $1.8 million as of September 30, 2015 and March 31, 2015 , respectively. No penalties have been accrued. The Company has effectively settled the examination by the Internal Revenue Service for its 2010 tax year. The California Franchise Tax Board completed its examination of the Company's 2007 and 2008 tax years. The Company received a Notice of Proposed Assessment and responded by filing a protest letter. The amount of the proposed assessment is not material. Foreign income tax matters for material tax jurisdictions have been concluded for tax years prior to fiscal year 2011, except in the United Kingdom where tax matters have been concluded for tax years prior to fiscal year 2014. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations; however, the outcome of such examinations cannot be predicted with certainty. If any issues addressed in the tax examinations are resolved in a manner inconsistent with the Company's expectations, the Company could be required to adjust its provision for income tax in the period such resolution occurs. The timing of any resolution and/or closure of tax examinations is not certain.

COMPUTATION OF EARNINGS PER COM

COMPUTATION OF EARNINGS PER COMMON SHARE	6 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
COMPUTATION OF EARNINGS PER COMMON SHARE	COMPUTATION OF EARNINGS PER COMMON SHARE The Company has a share-based compensation plan under which employees, non-employee directors, and consultants may be granted share-based awards, including shares of restricted stock on which non-forfeitable dividends are paid on unvested shares. As such, shares of restricted stock are considered participating securities under the two-class method of calculating earnings per share. The two-class method of calculating earnings per share did not have a material impact on the Company's earnings per share calculation for the three and six month periods ending September 30, 2015 and 2014 . The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended September 30, 2015 and 2014 : Three Months Ended Six Months Ended (in thousands, except per share data) 2014 2015 2014 2015 Numerator: Net income $ 27,421 $ 17,896 $ 56,093 $ 39,124 Denominator: Weighted average common shares-basic 41,765 33,590 41,692 35,796 Dilutive effect of employee equity incentive plans 740 655 868 880 Weighted average common shares-diluted 42,505 34,245 42,560 36,676 Basic earnings per common share $ 0.66 $ 0.53 $ 1.35 $ 1.09 Diluted earnings per common share $ 0.65 $ 0.52 $ 1.32 $ 1.07 Potentially dilutive securities excluded from diluted earnings per common share because their effect is anti-dilutive 392 283 409 257

REVENUE AND MAJOR CUSTOMERS

REVENUE AND MAJOR CUSTOMERS	6 Months Ended
	Sep. 30, 2015
REVENUE AND MAJOR CUSTOMERS [Abstract]
REVENUE AND MAJOR CUSTOMERS	REVENUE AND MAJOR CUSTOMERS The Company designs, manufactures, markets, and sells headsets for business and consumer applications, and other specialty products for the hearing impaired. With respect to headsets, it makes products for use in offices and contact centers, with mobile and cordless phones, and with computers and gaming consoles. The following table presents net revenues by product group for the three and six months ended September 30, 2015 and 2014 : Three Months Ended Six Months Ended (in thousands) 2014 2015 2014 2015 Net revenues from unaffiliated customers: Enterprise $ 156,680 $ 160,468 $ 309,034 $ 312,225 Consumer 59,125 54,549 123,433 109,150 Total net revenues $ 215,805 $ 215,017 $ 432,467 $ 421,375 For reporting purposes, revenue is attributed to each geographic region based on the location of the customer. Other than the U.S., no country accounted for 10% or more of the Company's net revenues for the three and six months ended September 30, 2015 and 2014 . The following table presents net revenues by geography: Three Months Ended Six Months Ended (in thousands) 2014 2015 2014 2015 Net revenues from unaffiliated customers: U.S. $ 123,697 $ 123,803 $ 248,164 $ 241,381 Europe and Africa 49,558 51,718 100,820 101,825 Asia Pacific 28,264 28,219 55,233 54,734 Americas, excluding U.S. 14,286 11,277 28,250 23,435 Total international net revenues 92,108 91,214 184,303 179,994 Total net revenues $ 215,805 $ 215,017 $ 432,467 $ 421,375 One customer, Ingram Micro Group, accounted for 10.9% of net revenues for the three months ended September 30, 2015 . No customer accounted for more than 10% of net revenues for the six months ended September 30, 2015 , or three and six months ended September 30, 2014 . No customer accounted for more than 10% of net accounts receivable at September 30, 2015 . One customer, D&H Distributing, accounted for 11.1% of total net accounts receivable at March 31, 2015 .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On November 5, 2015 , the Company announced that the Audit Committee had declared and approved the payment of a dividend of $0.15 per share on December 10, 2015 to holders of record on November 20, 2015 .

CASH, CASH EQUIVALENTS, AND I21

CASH, CASH EQUIVALENTS, AND INVESTMENTS (Tables)	6 Months Ended
	Sep. 30, 2015
CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract]
Cash, Cash Equivalents, and Investments	The following tables summarize the Company’s cash and available-for-sale securities’ 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 September 30, 2015 and March 31, 2015 (in thousands): September 30, 2015 Amortized Gross Gross Fair Cash & Cash Equivalents Short-term investments (due in 1 year or less) Long-term investments (due in 1 to 3 years) Cash $ 299,808 $ — $ — $ 299,808 $ 299,808 $ — $ — Level 1: Mutual Funds 8,543 — (484 ) 8,059 — 8,059 — Money Market Funds 29 — — 29 29 — — Subtotal 8,572 — (484 ) 8,088 29 8,059 — Level 2: Government Agency Securities 78,315 46 (6 ) 78,355 — 42,449 35,906 Commercial Paper 23,759 11 (1 ) 23,769 4,999 18,770 — Corporate Bonds 95,593 83 (121 ) 95,555 — 50,329 45,226 Subtotal 197,667 140 (128 ) 197,679 4,999 111,548 81,132 Total cash, cash equivalents $ 506,047 $ 140 $ (612 ) $ 505,575 $ 304,836 $ 119,607 $ 81,132 March 31, 2015 Amortized Gross Gross Fair 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 $ 481,956 $ 393 $ (50 ) $ 482,299 $ 276,850 $ 97,859 $ 107,590

DETAILS OF CERTAIN BALANCE SH22

DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS (Tables)	6 Months Ended
	Sep. 30, 2015
Balance Sheet Related Disclosures [Abstract]
Accounts receivable, net	Accounts receivable, net: March 31, September 30, (in thousands) 2015 2015 Accounts receivable $ 159,397 $ 158,571 Provisions for returns (6,194 ) (6,423 ) Provisions for promotions, rebates, and other (15,401 ) (10,817 ) Provisions for doubtful accounts and sales allowances (1,221 ) (1,392 ) Accounts receivable, net $ 136,581 $ 139,939
Inventory, net	Inventory, net: March 31, September 30, (in thousands) 2015 2015 Raw materials $ 24,263 $ 24,757 Work in process 1,653 1,451 Finished goods 30,760 31,552 Inventory, net $ 56,676 $ 57,760
Accrued liabilities	Accrued Liabilities: March 31, September 30, (in thousands) 2015 2015 Employee compensation and benefits $ 31,888 $ 20,688 Accrued interest on 5.50% Senior Notes — 9,192 Warranty obligation 7,717 8,173 VAT/Sales tax payable 4,749 4,343 Accrued other 17,687 18,368 Accrued liabilities $ 62,041 $ 60,764
Changes in the warranty obligation	Changes in the warranty obligation during the six months ended September 30, 2015 and 2014 were as follows: Six Months Ended (in thousands) 2014 2015 Warranty obligation at beginning of period $ 7,965 $ 7,717 Warranty provision related to products shipped 5,200 4,520 Deductions for warranty claims processed (4,482 ) (4,257 ) Adjustments related to preexisting warranties (828 ) 193 Warranty obligation at end of period $ 7,855 $ 8,173

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Summary of debt, fair value	The fair value of the 5.50% Senior Notes was determined based on inputs that were observable in the market , including the trading price of the 5.50% Senior Notes when available (Level 2). The estimated fair value and carrying value of the 5.50% Senior Notes were as follows: March 31, 2015 September 30, 2015 (in thousands) Fair Value Carrying Value Fair Value Carrying Value 5.50% Senior Notes — — 503,750 488,884
Summary of debt redemption	The Company may redeem all or a part of the 5.50% Senior Notes, upon not less than 30 or more than a 60 day notice; however, the applicable redemption price will be determined as follows: Redemption Period Requiring Payment of: Redemption Up To 35% Using Cash Proceeds From An Equity Offering (3) : Make-Whole (1) Premium (2) Date Specified Price 5.50% Senior Notes Prior to May 15, 2018 On or after May 15, 2018 Prior to May 15, 2018 105.500% (1) If the Company redeems the notes prior to the applicable date, the price is principal plus a make-whole premium equal to the present value of the remaining scheduled interest payments as described in the applicable indenture, together with accrued and unpaid interest. (2) If the Company redeems the notes on or after the applicable date, the price is principal plus a premium which declines over time as specified in the applicable indenture, together with accrued and unpaid interest. (3) If the Company redeems the notes prior to the applicable date with net cash proceeds of one or more equity offerings, the price is equal to the amount specified above, together with accrued and unpaid interest, subject to a maximum redemption of 35% of the aggregate principal amount of the respective note being redeemed.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Expense Included in Statements of Operations	The following table summarizes the amount of stock-based compensation included in the condensed consolidated statements of operations: Three Months Ended Six Months Ended (in thousands) 2014 2015 2014 2015 Cost of revenues $ 668 $ 879 $ 1,203 $ 1,658 Research, development and engineering 2,115 2,619 3,866 4,978 Selling, general and administrative 4,604 5,334 8,623 10,246 Stock-based compensation included in operating expenses 6,719 7,953 12,489 15,224 Total stock-based compensation 7,387 8,832 13,692 16,882 Income tax benefit (2,239 ) (2,642 ) (4,028 ) (4,964 ) Total stock-based compensation, net of tax $ 5,148 $ 6,190 $ 9,664 $ 11,918
Summary of Stock Option Activity	The following is a summary of the Company’s stock option activity during the six months ended September 30, 2015 : Options Outstanding Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (in thousands) (in dollars) (in years) (in thousands) Outstanding at March 31, 2015 1,558 $ 36.59 Options granted 156 $ 54.17 Options exercised (197 ) $ 30.98 Options forfeited or expired (36 ) $ 46.67 Outstanding at September 30, 2015 1,481 $ 38.95 4.0 $ 18,645 Vested or expected to vest at September 30, 2015 1,448 $ 38.68 3.9 $ 18,580 Exercisable at September 30, 2015 1,032 $ 34.39 3.1 $ 17,315
Summary of Restricted Stock Activity	Restricted stock consists of awards of restricted stock and restricted stock units ("RSUs"). The following is a summary of the Company’s restricted stock activity during the six months ended September 30, 2015 : Number of Shares Weighted Average Grant Date Fair Value (in thousands) Non-vested at March 31, 2015 1,290 $ 42.67 Restricted stock granted 643 $ 55.04 Restricted stock vested (546 ) $ 41.76 Restricted stock forfeited (49 ) $ 46.01 Non-vested at September 30, 2015 1,338 $ 48.86
Valuation Assumptions	At the date of grant, the Company estimated the fair value of each stock option grant and purchase right granted under the ESPP using the following weighted average assumptions: Three Months Ended Six Months Ended Employee Stock Options 2014 (1) 2015 2014 2015 Expected volatility n/a 26.7 % 28.4 % 27.2 % Risk-free interest rate n/a 1.4 % 1.4 % 1.3 % Expected dividend yield n/a 1.1 % 1.4 % 1.1 % Expected life (in years) n/a 4.2 4.2 4.2 Weighted-average grant date fair value n/a $ 12.02 $ 9.21 $ 11.54 ESPP Expected volatility 24.8 % 21.9 % 24.8 % 21.9 % Risk-free interest rate 0.1 % 0.3 % 0.1 % 0.3 % Expected dividend yield 1.3 % 1.1 % 1.3 % 1.1 % Expected life (in years) 0.5 0.5 0.5 0.5 Weighted-average grant date fair value $ 10.13 $ 11.73 $ 10.13 $ 11.73 (1) No employee stock options were granted during the three months ended September 30, 2014.

ACCUMULATED OTHER COMPREHENSI25

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income	The components of accumulated other comprehensive income ("AOCI"), net of immaterial tax effects, are as follows: (in thousands) March 31, 2015 September 30, 2015 Accumulated unrealized gain (loss) on cash flow hedges (1) $ 5,593 $ (2,867 ) Accumulated foreign currency translation adjustments 4,363 4,914 Accumulated unrealized gain (loss) on investments 164 9 Accumulated other comprehensive income $ 10,120 $ 2,056 (1) Refer to Note 11 , Foreign Currency Derivatives, which discloses the nature of the Company's derivative assets and liabilities as of September 30, 2015 and March 31, 2015 .

FOREIGN CURRENCY DERIVATIVES (T

FOREIGN CURRENCY DERIVATIVES (Tables)	6 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Outstanding Derivative Contracts	The gross fair value of our outstanding derivative contracts at the end of each period was as follows: (in thousands) March 31, 2015 September 30, 2015 Derivative Assets (recorded in 'Other current assets') Non-designated hedges $ 1,891 $ 1,202 Cash flow hedges 11,372 2,711 Total Derivative Assets $ 13,263 $ 3,913 Derivative Liabilities (recorded in 'Other accrued liabilities') Non-designated hedges $ 1 $ 1 Cash flow hedges 3,913 4,941 Total Derivative Liabilities $ 3,914 $ 4,942
Notional Value of Outstanding Foreign Exchange Currency Contracts	The following table summarizes the notional value of the Company’s outstanding foreign exchange currency contracts and approximate U.S. Dollar ("USD") equivalent at September 30, 2015 : (in thousands) Local Currency USD Equivalent Position Maturity EUR € 29,000 $ 32,472 Sell EUR 1 month GBP £ 5,500 $ 8,344 Sell GBP 1 month AUD A$ 13,600 $ 9,530 Sell AUD 1 month CAD C$ 2,300 $ 1,727 Sell CAD 1 month
Effect of Non-Designated Derivative Contracts Recognized in Interest and Other Income, Net	The effect of non-designated derivative contracts recognized in interest and other income, net in the condensed consolidated statements of operations was as follows: Three Months Ended Six Months Ended (in thousands) 2014 2015 2014 2015 Gain (loss) on foreign exchange contracts $ 2,963 $ 1,276 $ 2,977 $ 148
Notional Value of Outstanding Cross-Currency Swaps	The following table summarizes the notional value of the Company’s outstanding MXN cross-currency swaps and approximate USD Equivalent at September 30, 2015 : (in thousands) Local Currency USD Equivalent Position Maturity MXN 501,320 $ 32,965 Buy MXN Monthly over 23 months
Reclassification out of Accumulated Other Comprehensive Income	The following table presents the pre-tax effects of derivative instruments designated as cash flow hedges on accumulated other comprehensive income and the condensed consolidated statements of operations for the three and six months ended September 30, 2015 and 2014 : Three Months Ended Six Months Ended (in thousands) 2014 2015 2014 2015 Gain (loss) included in AOCI as of beginning of period $ (607 ) $ 102 $ (1,442 ) $ 5,705 Amount of gain (loss) recognized in OCI (effective portion) 3,023 (1,976 ) 3,096 (4,814 ) Amount of gain (loss) reclassified from OCI into net revenues (effective portion) (289 ) 2,197 (1,159 ) 5,735 Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion) 104 (1,171 ) 212 (1,944 ) Total amount of gain (loss) reclassified from AOCI to income (loss) (effective portion) (185 ) 1,026 (947 ) 3,791 Gain (loss) included in AOCI as of end of period $ 2,601 $ (2,900 ) $ 2,601 $ (2,900 )

COMPUTATION OF EARNINGS PER C27

COMPUTATION OF EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings per Common Share	The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended September 30, 2015 and 2014 : Three Months Ended Six Months Ended (in thousands, except per share data) 2014 2015 2014 2015 Numerator: Net income $ 27,421 $ 17,896 $ 56,093 $ 39,124 Denominator: Weighted average common shares-basic 41,765 33,590 41,692 35,796 Dilutive effect of employee equity incentive plans 740 655 868 880 Weighted average common shares-diluted 42,505 34,245 42,560 36,676 Basic earnings per common share $ 0.66 $ 0.53 $ 1.35 $ 1.09 Diluted earnings per common share $ 0.65 $ 0.52 $ 1.32 $ 1.07 Potentially dilutive securities excluded from diluted earnings per common share because their effect is anti-dilutive 392 283 409 257

REVENUE AND MAJOR CUSTOMERS (Ta

REVENUE AND MAJOR CUSTOMERS (Tables)	6 Months Ended
	Sep. 30, 2015
REVENUE AND MAJOR CUSTOMERS [Abstract]
Net Revenues by Product Group	The following table presents net revenues by product group for the three and six months ended September 30, 2015 and 2014 : Three Months Ended Six Months Ended (in thousands) 2014 2015 2014 2015 Net revenues from unaffiliated customers: Enterprise $ 156,680 $ 160,468 $ 309,034 $ 312,225 Consumer 59,125 54,549 123,433 109,150 Total net revenues $ 215,805 $ 215,017 $ 432,467 $ 421,375
Net Revenues by Geography	The following table presents net revenues by geography: Three Months Ended Six Months Ended (in thousands) 2014 2015 2014 2015 Net revenues from unaffiliated customers: U.S. $ 123,697 $ 123,803 $ 248,164 $ 241,381 Europe and Africa 49,558 51,718 100,820 101,825 Asia Pacific 28,264 28,219 55,233 54,734 Americas, excluding U.S. 14,286 11,277 28,250 23,435 Total international net revenues 92,108 91,214 184,303 179,994 Total net revenues $ 215,805 $ 215,017 $ 432,467 $ 421,375

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2016	Mar. 31, 2015
Duration of fiscal year	91 days	91 days	182 days	182 days		364 days
Forecast [Member]
Duration of fiscal year					371 days

CASH, CASH EQUIVALENTS, AND I30

CASH, CASH EQUIVALENTS, AND INVESTMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Mar. 31, 2014
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 304,836	$ 276,850	$ 268,229	$ 232,704
Short-term investments (due in 1 year or less)	119,607	97,859
Long-term investments (due in 1 to 3 years)	81,132	107,590
Total cash, cash equivalents and investments measured at fair value, amortized cost	506,047	481,956
Total cash, cash equivalents and investments measured at fair value, gross unrealized gains	140	393
Total cash, cash equivalents and investments measured at fair value, gross unrealized losses	(612)	(50)
Total cash, cash equivalents and investments measured at fair value, fair value	505,575	482,299
Cash [Member]
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	299,808	273,350
Level 1 [Member]
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	29
Available-for-sale Securities, amortized cost basis	8,572
Available-for-sale Securities, gross unrealized gains	0
Available-for-sale Securities, gross unrealized losses	(484)
Available-for-sale Securities, fair value	8,088
Short-term investments (due in 1 year or less)	8,059
Long-term investments (due in 1 to 3 years)	0
Level 1 [Member] | Money Market Funds [Member]
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	29
Available-for-sale Securities, amortized cost basis	29
Available-for-sale Securities, gross unrealized gains	0
Available-for-sale Securities, gross unrealized losses	0
Available-for-sale Securities, fair value	29
Level 1 [Member] | Mutual Funds [Member]
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Available-for-sale Securities, amortized cost basis	8,543	5,398
Available-for-sale Securities, gross unrealized gains	0	147
Available-for-sale Securities, gross unrealized losses	(484)	(25)
Available-for-sale Securities, fair value	8,059	5,520
Short-term investments (due in 1 year or less)	8,059	5,520
Long-term investments (due in 1 to 3 years)	0	0
Level 2 [Member]
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	4,999	3,500
Available-for-sale Securities, amortized cost basis	197,667	203,208
Available-for-sale Securities, gross unrealized gains	140	246
Available-for-sale Securities, gross unrealized losses	(128)	(25)
Available-for-sale Securities, fair value	197,679	203,429
Short-term investments (due in 1 year or less)	111,548	92,339
Long-term investments (due in 1 to 3 years)	81,132	107,590
Level 2 [Member] | Government Agency Securities [Member]
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Available-for-sale Securities, amortized cost basis	78,315	89,875
Available-for-sale Securities, gross unrealized gains	46	37
Available-for-sale Securities, gross unrealized losses	(6)	(22)
Available-for-sale Securities, fair value	78,355	89,890
Short-term investments (due in 1 year or less)	42,449	43,024
Long-term investments (due in 1 to 3 years)	35,906	46,866
Level 2 [Member] | Commercial Paper [Member]
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	4,999	3,500
Available-for-sale Securities, amortized cost basis	23,759	17,574
Available-for-sale Securities, gross unrealized gains	11	10
Available-for-sale Securities, gross unrealized losses	(1)	0
Available-for-sale Securities, fair value	23,769	17,584
Short-term investments (due in 1 year or less)	18,770	14,084
Long-term investments (due in 1 to 3 years)	0	0
Level 2 [Member] | Corporate Bonds [Member]
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	0	0
Available-for-sale Securities, amortized cost basis	95,593	95,759
Available-for-sale Securities, gross unrealized gains	83	199
Available-for-sale Securities, gross unrealized losses	(121)	(3)
Available-for-sale Securities, fair value	95,555	95,955
Short-term investments (due in 1 year or less)	50,329	35,231
Long-term investments (due in 1 to 3 years)	$ 45,226	$ 60,724

DEFERRED COMPENSATION (Details)

DEFERRED COMPENSATION (Details) - USD ($) $ in Millions	Sep. 30, 2015	Mar. 31, 2015
Short-term investments [Member] | Mutual Funds [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Investments	$ 8.1	$ 5.5
Other long-term liabilities [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred compensation liability, noncurrent	$ 8.1	$ 5.5

DETAILS OF CERTAIN BALANCE SH32

DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Accounts Receivable, net (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Accounts receivable, net [Line Items]
Accounts receivable	$ 158,571	$ 159,397
Accounts receivable, net	139,939	136,581
Provision for returns [Member]
Accounts receivable, net [Line Items]
Accounts receivable, reserves	(6,423)	(6,194)
Provision for promotions, rebates and other [Member]
Accounts receivable, net [Line Items]
Accounts receivable, reserves	(10,817)	(15,401)
Provisions for doubtful accounts and sales allowances [Member]
Accounts receivable, net [Line Items]
Accounts receivable, reserves	$ (1,392)	$ (1,221)

DETAILS OF CERTAIN BALANCE SH33

DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Inventory, net (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Inventory, Net [Abstract]
Raw materials	$ 24,757	$ 24,263
Work in process	1,451	1,653
Finished goods	31,552	30,760
Inventory, net	$ 57,760	$ 56,676

DETAILS OF CERTAIN BALANCE SH34

DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Mar. 31, 2014
Accrued Liabilities [Abstract]
Employee compensation and benefits	$ 20,688	$ 31,888
Accrued interest	9,192	0
Warranty obligation	8,173	7,717	$ 7,855	$ 7,965
VAT/Sales tax payable	4,343	4,749
Accrued other	18,368	17,687
Accrued liabilities	$ 60,764	$ 62,041

DETAILS OF CERTAIN BALANCE SH35

DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Warranty Obligation (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Changes in the Warranty Obligation [Roll Forward]
Warranty obligation at beginning of period	$ 7,717	$ 7,965
Warranty provision related to products shipped	4,520	5,200
Deductions for warranty claims processed	(4,257)	(4,482)
Adjustments related to preexisting warranties	193	(828)
Warranty obligation at end of period	$ 8,173	$ 7,855

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Unconditional purchase obligations	$ 161

DEBT (Details)

DEBT (Details) - USD ($)	May. 15, 2015	May. 09, 2011	May. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Debt Disclosure [Line Items]
Proceeds from issuance of senior notes, net of issuance costs				$ 488,401,000	$ 0
Latest amendment date of Credit Agreement	May 15, 2015
Initiation date of credit agreement		May 9, 2011
Unsecured revolving line of credit	$ 100,000,000
Credit facility expiration date				May 9, 2018
Commitment fee percentage				0.37%
Outstanding borrowings under line of credit				$ 0		$ 34,500,000
Minimum required liquid funds				$ 300,000,000
Line Of Credit Facility Interest Rate Spread Below The Banks Announced Prime Rate [Member]
Debt Disclosure [Line Items]
Spread for interest rate				1.20%
Line Of Credit Facility Interest Rate Spread Above A Daily One Month LIBOR Rate [Member]
Debt Disclosure [Line Items]
Spread for interest rate				1.40%
Senior Notes [Member] | 5.50% Senior Notes [Member]
Debt Disclosure [Line Items]
Principal amount of debt issued			$ 500,000,000
Stated interest rate of debt instrument			5.50%
Proceeds from issuance of senior notes, net of issuance costs			$ 488,400,000
Debt issuance costs			$ 11,600,000
Debt redemption percentage price, Specified Price			105.50%
Repurchase price, percentage of principal amount			101.00%
Minimum [Member] | Senior Notes [Member] | 5.50% Senior Notes [Member]
Debt Disclosure [Line Items]
Debt redemption notice period			30 days
Maximum [Member] | Senior Notes [Member] | 5.50% Senior Notes [Member]
Debt Disclosure [Line Items]
Debt redemption notice period			60 days
Percentage of debt redeemed			35.00%
Level 2 [Member] | Fair Value [Member]
Debt Disclosure [Line Items]
Long-term debt, 5.50% Senior Notes				$ 503,750,000		0
Level 2 [Member] | Carrying Value [Member]
Debt Disclosure [Line Items]
Long-term debt, 5.50% Senior Notes				$ 488,884,000		$ 0

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ 6,190	$ 5,148	$ 11,918	$ 9,664
Cost of revenues [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	879	668	1,658	1,203
Research, development, and engineering [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	2,619	2,115	4,978	3,866
Selling, general, and administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	5,334	4,604	10,246	8,623
Stock-based compensation expense included in operating expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	7,953	6,719	15,224	12,489
Total stock-based compensation [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	8,832	7,387	16,882	13,692
Income tax benefit [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation	$ (2,642)	$ (2,239)	$ (4,964)	$ (4,028)

STOCK-BASED COMPENSATION Stock

STOCK-BASED COMPENSATION Stock Option Activity (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding at March 31, 2015		1,558,000
Options granted	0	156,000
Options exercised		(197,000)
Options forfeited or expired		(36,000)
Options outstanding at September 30, 2015		1,481,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price of options outstanding, March 31, 2015		$ 36.59
Weighted average exercise price of options granted		54.17
Weighted average exercise price of options exercised		30.98
Weighted average exercise price of options forfeited or expired		46.67
Weighted average exercise price of options outstanding, September 30, 2015		$ 38.95
Weighted average remaining contractual life of options outstanding at September 30, 2015		4 years
Aggregate intrinsic value of options outstanding at September 30, 2015		$ 18,645
Vested and expected to vest at September 30, 2015		1,448,000
Weighted average exercise price of options vested and expected to vest at September 30, 2015		$ 38.68
Weighted average remaining contractual life of options vested and expected to vest at September 30, 2015		3 years 329 days
Aggregate intrinsic value of options vested and expected to vest at September 30, 2015		$ 18,580
Exercisable at September 30, 2015		1,032,000
Weighted average exercise price of options exercisable at September 30, 2015		$ 34.39
Weighted average remaining contractual life of options exercisable at September 30, 2015		3 years 37 days
Aggregate intrinsic value of options exercisable at September 30, 2015		$ 17,315
Total intrinsic value of options exercised		5,000	$ 5,900
Total cash received as a result of stock option exercises, net of taxes		6,100
Total unrecognized compensation cost related to unvested stock options		$ 3,800
Weighted average period of recognition for unrecognized compensation cost related to unvested stock options		2 years

STOCK-BASED COMPENSATION Restri

STOCK-BASED COMPENSATION Restricted Stock Activity (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested Restricted Stock at March 31, 2015	1,290
Restricted stock granted	643
Restricted stock vested	(546)
Restricted stock forfeited	(49)
Non-vested Restricted Stock at September 30, 2015	1,338
Weighted average grant date fair value of restricted stock, March 31, 2015	$ 42.67
Weighted average grant date fair value of restricted stock granted	55.04	$ 45.05
Weighted average grant date fair value of restricted stock vested	41.76
Weighted average grant date fair value of restricted stock forfeited	46.01
Weighted average grant date fair value of restricted stock, September 30, 2015	$ 48.86
Restricted Stock Awards Vested in Period, Total Fair Value	$ 22.8	$ 15
Non-vested restricted stock awards, total unrecognized compensation cost	$ 48.9
Weighted average number of years over which compensation cost related to non-vested restricted stock awards will be recognized	1 year 329 days

STOCK-BASED COMPENSATION Valuat

STOCK-BASED COMPENSATION Valuation Assumptions (Details) - $ / shares	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	26.70%		27.20%	28.40%
Risk-free interest rate	1.40%		1.30%	1.40%
Expected dividend yield	1.10%		1.10%	1.40%
Expected life (in years)	4 years 73 days		4 years 73 days	4 years 73 days
Weighted-average grant date fair value	$ 12.02		$ 11.54	$ 9.21
Stock options granted		0	156,000
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	21.90%	24.80%	21.90%	24.80%
Risk-free interest rate	0.30%	0.10%	0.30%	0.10%
Expected dividend yield	1.10%	1.30%	1.10%	1.30%
Expected life (in years)	183 days	183 days	183 days	183 days
Weighted-average grant date fair value	$ 11.73	$ 10.13	$ 11.73	$ 10.13

COMMON STOCK REPURCHASES (Detai

COMMON STOCK REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Equity [Abstract]
Remaining shares authorized for repurchase under program	218,935
Shares repurchased	8,492,117	419,041
Total cost of shares repurchased	$ 473,220	$ 18,917
Average cost per share of shares repurchased	$ 55.72	$ 45.14
Value of shares withheld in satisfaction of employee tax withholding obligations	$ 10,499	$ 6,235

ACCUMULATED OTHER COMPREHENSI43

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated unrealized gain (loss) on cash flow hedges	[1]	$ (2,867)	$ 5,593
Accumulated foreign currency translation adjustments		4,914	4,363
Accumulated unrealized gain (loss) on investments		9	164
Accumulated other comprehensive income		$ 2,056	$ 10,120
[1]	Refer to Note 11, Foreign Currency Derivatives, which discloses the nature of the Company's derivative assets and liabilities as of September 30, 2015 and March 31, 2015.

FOREIGN CURRENCY DERIVATIVES (D

FOREIGN CURRENCY DERIVATIVES (Details) € in Thousands, £ in Thousands, MXN in Thousands, CAD in Thousands, AUD in Thousands, $ in Thousands	6 Months Ended
	Sep. 30, 2015EUR (€)financial_institution	Sep. 30, 2015MXNfinancial_institution	Sep. 30, 2015GBP (£)financial_institution	Sep. 30, 2015AUDfinancial_institution	Sep. 30, 2015USD ($)financial_institution	Sep. 30, 2015CADfinancial_institution	Mar. 31, 2015EUR (€)	Mar. 31, 2015MXN	Mar. 31, 2015GBP (£)	Mar. 31, 2015USD ($)
Derivative [Line Items]
Number of financial institutions company has International Swap and Derivatives Association agreements | financial_institution	4	4	4	4	4	4
Foreign currency option, loss expected to be reclassified during the next 12 months | MXN		MXN 3,600
Foreign Exchange Forward, EURO [Member]
Derivative [Line Items]
Notional amount of contracts	€ 29,000				$ 32,472
Position	Sell EUR
Maturity	1 month
Foreign Exchange Forward, GBP [Member]
Derivative [Line Items]
Notional amount of contracts			£ 5,500		8,344
Position	Sell GBP
Maturity	1 month
Foreign Exchange Forward, AUD [Member]
Derivative [Line Items]
Notional amount of contracts				AUD 13,600	9,530
Position	Sell AUD
Maturity	1 month
Foreign Exchange Forward, CAD [Member]
Derivative [Line Items]
Notional amount of contracts					1,727	CAD 2,300
Position	Sell CAD
Maturity	1 month
Foreign exchange option, EURO [Member]
Derivative [Line Items]
Notional amount of contracts | €	€ 57,900						€ 67,900
Foreign exchange option, GBP [Member]
Derivative [Line Items]
Notional amount of contracts | £			21,100						£ 28,600
Foreign currency forward [Member]
Derivative [Line Items]
Notional amount of contracts	€ 7,000		£ 300
Foreign currency swap contract [Member]
Derivative [Line Items]
Notional amount of contracts		MXN 501,320			32,965			MXN 431,900
Maturity	23 months
Position	Buy MXN
Other current assets [Member]
Derivative [Line Items]
Derivative assets					3,913					$ 13,263
Other current assets [Member] | Non-designated hedges [Member]
Derivative [Line Items]
Derivative assets					1,202					1,891
Other current assets [Member] | Designated as hedging instrument [Member] | Cash flow hedges [Member]
Derivative [Line Items]
Derivative assets					2,711					11,372
Other accrued liabilities [Member]
Derivative [Line Items]
Derivative liabilities					4,942					3,914
Other accrued liabilities [Member] | Non-designated hedges [Member]
Derivative [Line Items]
Derivative liabilities					1					1
Other accrued liabilities [Member] | Designated as hedging instrument [Member] | Cash flow hedges [Member]
Derivative [Line Items]
Derivative liabilities					$ 4,941					$ 3,913
Options [Member] | Minimum [Member] | Cash flow hedges [Member]
Derivative [Line Items]
Derivative, Term of Contract	6 months
Options [Member] | Maximum [Member] | Cash flow hedges [Member]
Derivative [Line Items]
Derivative, Term of Contract	11 months
Forwards [Member] | Cash flow hedges [Member]
Derivative [Line Items]
Derivative, Term of Contract	3 months

FOREIGN CURRENCY DERIVATIVES 45

FOREIGN CURRENCY DERIVATIVES (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Gain (loss) on foreign exchange contracts	$ 1,276	$ 2,963	$ 148	$ 2,977

FOREIGN CURRENCY DERIVATIVES 46

FOREIGN CURRENCY DERIVATIVES (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Gain (Loss) Included in Accumulated Other Comprehensive Income [Roll Forward]
Gain (loss) included in AOCI as of beginning of period	$ 102	$ (607)	$ 5,705	$ (1,442)
Amount of gain (loss) recognized in OCI (effective portion)	(1,976)	3,023	(4,814)	3,096
Amount of gain (loss) reclassified from OCI into net revenues (effective portion)	215,017	215,805	421,375	432,467
Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion)	(104,047)	(97,978)	(203,047)	(199,930)
Total amount of gain (loss) reclassified from AOCI to income (loss) (effective portion)	1,026	(185)	3,791	(947)
Gain (loss) included in AOCI as of end of period	(2,900)	2,601	(2,900)	2,601
Reclassification out of Accumulated Other Comprehensive Income [Member]
Gain (Loss) Included in Accumulated Other Comprehensive Income [Roll Forward]
Amount of gain (loss) reclassified from OCI into net revenues (effective portion)	2,197	(289)	5,735	(1,159)
Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion)	$ (1,171)	$ 104	$ (1,944)	$ 212

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	May. 31, 2015	Mar. 31, 2015
Income Tax Examination [Line Items]
Effective tax rate	27.40%	26.20%	23.20%	26.10%
Unrecognized tax benefits	$ 12,800,000		$ 12,800,000			$ 12,800,000
Accrued interest related to unrecognized tax benefits	1,900,000		1,900,000			1,800,000
Accrued penalties	$ 0		$ 0			$ 0
5.50% Senior Notes [Member] | Senior Notes [Member]
Income Tax Examination [Line Items]
Stated interest rate of debt instrument					5.50%

COMPUTATION OF EARNINGS PER C48

COMPUTATION OF EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net income	$ 17,896	$ 27,421	$ 39,124	$ 56,093
Earnings Per Share, Basic and Diluted [Abstract]
Weighted average common shares-basic	33,590	41,765	35,796	41,692
Dilutive effect of employee equity incentive plans	655	740	880	868
Weighted average common shares-diluted	34,245	42,505	36,676	42,560
Basic earnings per common share (in dollars per share)	$ 0.53	$ 0.66	$ 1.09	$ 1.35
Diluted earnings per common share (in dollars per share)	$ 0.52	$ 0.65	$ 1.07	$ 1.32
Potentially dilutive securities excluded from diluted earnings per common share because their effect is anti-dilutive	283	392	257	409

REVENUE AND MAJOR CUSTOMERS (De

REVENUE AND MAJOR CUSTOMERS (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)Customer	Sep. 30, 2014USD ($)Customer	Sep. 30, 2015USD ($)Customer	Sep. 30, 2014USD ($)Customer	Mar. 31, 2015Customer
Revenue from External Customer [Line Items]
Net revenues	$ 215,017	$ 215,805	$ 421,375	$ 432,467
Number of major customers, ten percent or greater, net revenues | Customer		0	0	0
Number of major customers, ten percent or greater, net accounts receivable | Customer	0		0
US [Member]
Revenue from External Customer [Line Items]
Net revenues	$ 123,803	$ 123,697	$ 241,381	$ 248,164
Europe and Africa [Member]
Revenue from External Customer [Line Items]
Net revenues	51,718	49,558	101,825	100,820
Asia Pacific [Member]
Revenue from External Customer [Line Items]
Net revenues	28,219	28,264	54,734	55,233
Americas, excluding U.S. [Member]
Revenue from External Customer [Line Items]
Net revenues	11,277	14,286	23,435	28,250
Total international net revenues [Member]
Revenue from External Customer [Line Items]
Net revenues	91,214	92,108	179,994	184,303
Enterprise [Member]
Revenue from External Customer [Line Items]
Net revenues	160,468	156,680	312,225	309,034
Consumer [Member]
Revenue from External Customer [Line Items]
Net revenues	$ 54,549	$ 59,125	$ 109,150	$ 123,433
Ingram Micro [Member]
Revenue from External Customer [Line Items]
Number of major customers, ten percent or greater, net revenues | Customer	1
D&H Distributing [Member]
Revenue from External Customer [Line Items]
Number of major customers, ten percent or greater, net accounts receivable | Customer					1
Revenue [Member] | Customer Concentration Risk [Member] | Ingram Micro [Member]
Revenue from External Customer [Line Items]
Concentration Risk, Percentage	10.90%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | D&H Distributing [Member]
Revenue from External Customer [Line Items]
Concentration Risk, Percentage					11.10%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member]	Nov. 05, 2015$ / shares
Subsequent Event [Line Items]
Dividends declared date	Nov. 5, 2015
Cash dividend payable per share	$ 0.15
Dividend payable date	Dec. 10, 2015
Date of stockholders on record for dividends declared	Nov. 20, 2015