DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 3 Months Ended | |
Jun. 30, 2017 | Aug. 07, 2017 | |
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 | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 33,607,153 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 290,484 | $ 301,970 |
Short-term investments | 196,992 | 178,179 |
Accounts receivable, net | 134,833 | 141,177 |
Inventory, net | 57,571 | 55,456 |
Other current assets | 35,486 | 22,195 |
Total current assets | 715,366 | 698,977 |
Long-term investments | 112,090 | 127,176 |
Property, plant, and equipment, net | 148,759 | 150,307 |
Goodwill and purchased intangibles, net | 15,514 | 15,577 |
Deferred tax and other assets | 18,265 | 25,122 |
Total assets | 1,009,994 | 1,017,159 |
Current liabilities: | ||
Accounts payable | 43,596 | 42,885 |
Accrued liabilities | 59,039 | 74,285 |
Total current liabilities | 102,635 | 117,170 |
Long term debt, net of issuance costs | 491,421 | 491,059 |
Long-term income taxes payable | 11,326 | 11,729 |
Other long-term liabilities | 16,191 | 15,045 |
Total liabilities | 621,573 | 635,003 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity: | ||
Common stock | 812 | 804 |
Additional paid-in capital | 837,186 | 818,777 |
Accumulated other comprehensive income | 2,705 | 4,694 |
Retained earnings | 333,745 | 319,931 |
Total stockholders' equity before treasury stock | 1,174,448 | 1,144,206 |
Less: Treasury stock, at cost | (786,027) | (762,050) |
Total stockholders' equity | 388,421 | 382,156 |
Total liabilities and stockholders' equity | $ 1,009,994 | $ 1,017,159 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||
Net revenues | $ 203,926 | $ 223,106 |
Cost of revenues | 100,643 | 110,033 |
Gross profit | 103,283 | 113,073 |
Operating expenses: | ||
Research, development, and engineering | 21,213 | 22,344 |
Selling, general, and administrative | 56,233 | 55,787 |
(Gain) loss, net from litigation settlements | (176) | 4,739 |
Restructuring and other related charges (credits) | 2,573 | (1,048) |
Total operating expenses | 79,843 | 81,822 |
Operating income | 23,440 | 31,251 |
Interest expense | (7,303) | (7,288) |
Other non-operating income and (expense), net | 914 | 2,352 |
Income before income taxes | 17,051 | 26,315 |
Income tax expense (benefit) | (1,777) | 5,928 |
Net income | $ 18,828 | $ 20,387 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.58 | $ 0.63 |
Diluted (in dollars per share) | $ 0.57 | $ 0.62 |
Shares used in computing basic earnings per common share | 32,506 | 32,243 |
Shares used in computing diluted earnings per common share | 33,211 | 32,818 |
Cash dividends declared per common share (in dollars per share) | $ 0.15 | $ 0.15 |
CONDENSED CONSOLIDATED STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 18,828 | $ 20,387 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 200 | (254) |
Unrealized gains (losses) on cash flow hedges: | ||
Unrealized cash flow hedge gains (losses) arising during the period | (2,345) | 954 |
Net (gains) losses reclassified into income for revenue hedges | 18 | (160) |
Net (gains) losses reclassified into income for cost of revenue hedges | 42 | 727 |
Net unrealized gains (losses) on cash flow hedges | (2,285) | 1,521 |
Unrealized holding gains (losses) during the period | 76 | 314 |
Aggregate income tax benefit (expense) of the above items | 20 | (124) |
Other comprehensive income (loss) | (1,989) | 1,457 |
Comprehensive income | $ 16,839 | $ 21,844 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 18,828 | $ 20,387 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 5,382 | 5,146 |
Amortization of debt issuance costs | 362 | 362 |
Stock-based compensation | 9,256 | 8,413 |
Deferred income taxes | 6,606 | 4,890 |
Provision for excess and obsolete inventories | 529 | 772 |
Restructuring and related charges (credits) | 2,573 | (1,048) |
Cash payments for restructuring charges | (1,905) | (2,788) |
Other operating activities | 503 | (1,920) |
Changes in assets and liabilities: | ||
Accounts receivable, net | 6,465 | (4,529) |
Inventory, net | (2,241) | (1,486) |
Current and other assets | (2,704) | (672) |
Accounts payable | 989 | 7,055 |
Accrued liabilities | (18,467) | (1,370) |
Income taxes | (13,291) | (2,736) |
Cash provided by operating activities | 12,885 | 30,476 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from sales of investments | 21,571 | 74,349 |
Proceeds from maturities of investments | 58,298 | 34,353 |
Purchase of investments | (83,279) | (106,711) |
Capital expenditures | (3,047) | (7,579) |
Cash used for investing activities | (6,457) | (5,588) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repurchase of common stock | (13,492) | (18,639) |
Employees' tax withheld and paid for restricted stock and restricted stock units | (10,485) | (8,792) |
Proceeds from issuances under stock-based compensation plans | 9,204 | 733 |
Payment of cash dividends | (5,014) | (4,970) |
Cash used for financing activities | (19,787) | (31,668) |
Effect of exchange rate changes on cash and cash equivalents | 1,873 | (1,013) |
Net decrease in cash and cash equivalents | (11,486) | (7,793) |
Cash and cash equivalents at beginning of period | 301,970 | 235,266 |
Cash and cash equivalents at end of period | 290,484 | 227,473 |
SUPPLEMENTAL NON-CASH DISCLOSURES | ||
Accounts payable for purchases of property, plant and equipment | $ 3,823 | $ 3,577 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Jun. 30, 2017 | |
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, 2017 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, 2017 , which was filed with the SEC on May 10, 2017 . The results of operations for the interim period ended June 30, 2017 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 and prior fiscal years end on March 31, 2018 and April 1, 2017 , respectively, and both consist of 52 weeks. The Company’s results of operations for the three months ended July 1, 2017 and July 2, 2016 both contain 13 weeks. 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. Certain immaterial reclassifications to our previously reported financial information have been made to conform to the current period presentation. In addition, refer to Note 2, Recent Accounting Pronouncements , for details regarding reclassifications made in our condensed consolidated statements of cash flows pursuant to the adoption of new share-based payment accounting guidance in the quarter ended June 30, 2017. Immaterial Out-of-Period Correction: During the first quarter of Fiscal Year 2018, the Company recognized an out-of-period correction to its Fiscal Year 2017 geographic mix of taxable income, which resulted in an overstatement of Fiscal Year 2017 income tax expense by $2.8 million . The Company's correction, recognized in the quarter ended June 30, 2017, resulted in a $2.8 million benefit to income tax expense. The Company assessed the materiality of this error and concluded it was not material to Fiscal Year 2017 and is not expected to be material to the full Fiscal Year 2018. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Jun. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Recently Issued Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued guidance regarding revenue from contracts with customers. While the standard supersedes existing revenue recognition guidance, it closely aligns with current U.S. GAAP. Under the new standard, revenue will be recognized at the time control of a good or service is transferred to a customer for the amount of consideration received or to be 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. In March 2016, the FASB issued additional guidance concerning "Principal versus Agent" considerations (reporting revenue gross versus net); in April 2016, the FASB issued additional guidance on identifying performance obligations and licensing; and in May 2016, the FASB issued additional guidance on collectability, non-cash consideration, presentation of sales tax, and transition. These updates are intended to improve the operability and understandability of the implementation guidance and have the same effective date and transition requirements as the greater "contracts with customers" standard. The Company will adopt the standard, as amended, in the first quarter of its fiscal year ending March 31, 2019, utilizing the modified retrospective method of adoption. The Company has completed its initial review of the impact of this guidance, and does not anticipate a material impact on its revenue recognition practices. The Company will continue to assess all potential impacts of the standard, and currently believes the most significantly impacted areas are the following: • Software Revenue: The Company currently defers revenue for the value of software where vendor specific objective evidence ("VSOE") of fair value has not been established for undelivered items. Under Topic 606, revenue for such licenses will be recognized at the time of delivery, rather than ratably, as the VSOE requirement no longer applies and the value of the remaining services are not material in the context of the contract. At June 30, 2017, deferred revenue under Topic 605 for these licenses was $1.9 million . The Company expects the remaining balance of such deferred revenue will be eliminated as a cumulative effect adjustment of implementing Topic 606 in the first quarter of its fiscal year ending March 31, 2019. • Marketing Development Funds: The Company frequently provides marketing development funds to its channel partners. Under topic 605, our marketing development funds are recognized as a reduction of revenue at the later of when the related revenue is recognized or when the program is offered to the channel partner. Applying the criteria of Topic 606, these marketing development programs qualify as variable consideration, and are assigned as a reduction of the transaction price of the contract. This results in a timing difference such that all or some of the funds related to a program may be recognized in different periods than under Topic 605, depending on the circumstances. Based on analysis of prior periods, we anticipate that this timing difference impacts revenue by insignificant amounts in a given period. The full impact of the adjustment is still being analyzed by the Company. • Revenue Reserves: The Company establishes reserves for Discounts and Rebates and Sales Returns at the end of each fiscal period. These reserves are estimated based on current relevant and historical data, but there can be some variability associated with unforeseen changes in customer claim and return patterns. Under Topic 606, in cases where there is uncertainty around the variable consideration amount, a constraint on that consideration must be considered. Based on analysis of prior periods, we anticipate that impact of introducing this constraint will not significantly impact revenue. The full impact of the adjustment is still being analyzed by the Company. In addition, the standard also requires new, expanded disclosures regarding revenue recognition. The Company will continue to monitor additional changes, modifications, clarifications or interpretations being undertaken by the FASB, which may impact its current conclusions. In January 2016, the FASB issued guidance regarding the recognition and measurement of financial assets and liabilities. Changes to the current U.S. GAAP model primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The Company is required to adopt the standard in the first quarter of its fiscal year ending March 31, 2019, but may elect to adopt earlier as permitted under the standard. The Company is currently evaluating what impact, if any, the adoption of this standard will have on its consolidated results of operations, financial position, and cash flows. In February 2016, the FASB issued guidance regarding both operating and financing leases, requiring lessees to recognize on their balance sheets “right-of-use assets” and corresponding lease liabilities, measured on a discounted basis over the lease term. Virtually all leases will be subject to this treatment except leases that meet the definition of a “short-term lease.” For expense recognition, the dual model requiring leases to be classified as either operating or finance leases has been retained from the prior standard. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. Classification will use criteria very similar to those applied in current lease accounting, but without explicit bright lines. Extensive additional quantitative and qualitative disclosures, including significant judgments made by management, will be required to provide greater insight into the extent of expense recognized and expected to be recognized. The new lease guidance will essentially eliminate off-balance sheet financing. The guidance is effective for the Company's fiscal year ending March 31, 2020. The new standard must be adopted using a modified retrospective transition that provides for certain practical expedients and requires the new guidance to be applied at the beginning of the earliest comparative period presented. The Company expects adoption of this guidance will materially increase the assets and liabilities recorded on its Consolidated Balance Sheets, but is still evaluating the impact on its consolidated results of operations and cash flows. In June 2016, the FASB issued guidance regarding the measurement of credit losses on financial instruments, which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. The guidance is effective for the Company's fiscal year ending March 31, 2021 with early adoption permitted beginning in the first quarter of Fiscal Year 2020. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial position, results of operations, and cash flows. In January 2017, the FASB issued guidance that revises the definition of a business, providing a more robust framework for determining when a set of assets and activities is deemed a business. The guidance is effective for the Company's fiscal year ending March 31, 2019, including interim periods within that year, and is not expected to have a significant impact on the Company's consolidated financial position, results of operations, or cash flows. In January 2017, the FASB issued guidance that simplifies the process required to test goodwill for impairment. The guidance is effective for the Company's fiscal year ending March 31, 2021, and is not expected to have a significant impact on the Company's consolidated financial position, results of operations, or cash flows. In March 2017, the FASB issued guidance related to the amortization of premiums on purchased callable debt securities. This guidance shortens the amortization period for certain callable debt securities purchased at a premium by requiring that the premium be amortized to the earliest call date instead of the maturity date. This guidance is effective for the Company's fiscal year ending March 31, 2020, including interim periods within that year. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial position, results of operations, and cash flows, but expects the impact to be immaterial. In May 2017, the FASB issued guidance that clarifies the scope of modification accounting with respect to changes to the terms or conditions of a share-based payment award. This guidance is effective for the Company's fiscal year ending March 31, 2019, including interim periods within that year. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial position, results of operations, and cash flows, but expects the impact to be immaterial. Recently Adopted Pronouncement Beginning Fiscal Year 2018, the Company adopted the FASB's new guidance, Improvements to Employee Share-Based Payment Accounting , which changes among other things, how the tax effects of share-based awards are recognized. This new guidance requires excess tax benefits and tax deficiencies to be recognized in the provision for income taxes as discrete items in the period when the awards vest or are settled, whereas previously such income tax effects were recorded as part of additional paid-in capital. The provision for income taxes for the three months ended June 30, 2017, included excess tax benefits of $1.9 million that reduced the Company's effective tax rate by 11.4 percentage points. The recognized excess tax benefits resulted from share-based compensation awards that vested or settled in the first three months of 2017. This guidance also eliminates the requirement to reclassify cash flows related to excess tax benefits from operating activities to financing activities on the consolidated statements of cash flows. The Company adopted this provision retrospectively by reclassifying $0.3 million of excess tax benefits from financing activities to operating activities in the condensed consolidated statement of cash flows for the three months ended June 30, 2016. The Company also excluded the related tax benefits when applying the treasury stock method for computing diluted shares outstanding on a prospective basis as required by this guidance. In addition, the Company elected to continue its current practice of estimating expected forfeitures. The Company made no changes to its presentation of withholding taxes on the settlement of share-based payment awards, which were already presented as financing activities. The amount of excess tax benefits and deficiencies recognized in the provision for income taxes will fluctuate from period-to-period based on the price of the Company’s stock, the volume of share-based instruments settled or vested, and the value assigned to share-based instruments under U.S. GAAP. Refer to additional discussion in Note 13, Income Taxes . |
CASH, CASH EQUIVALENTS, AND INV
CASH, CASH EQUIVALENTS, AND INVESTMENTS | 3 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and March 31, 2017 (in thousands): June 30, 2017 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 $ 283,289 $ — $ — $ 283,289 $ 283,289 $ — $ — Level 1: Mutual Funds 13,143 436 (27 ) 13,552 — 13,552 — US Treasury Notes 38,914 — (78 ) 38,836 — 20,417 18,419 Subtotal 52,057 436 (105 ) 52,388 — 33,969 18,419 Level 2: Government Agency Securities 52,412 — (172 ) 52,240 — 31,739 20,501 Commercial Paper 47,642 — — 47,642 7,195 40,447 — Corporate Bonds 145,498 97 (148 ) 145,447 — 73,493 71,954 Certificates of Deposits ("CDs") 18,551 9 — 18,560 — 17,344 1,216 Subtotal 264,103 106 (320 ) 263,889 7,195 163,023 93,671 Total cash, cash equivalents $ 599,449 $ 542 $ (425 ) $ 599,566 $ 290,484 $ 196,992 $ 112,090 March 31, 2017 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 $ 295,877 $ — $ — $ 295,877 $ 295,877 $ — $ — Level 1: Mutual Funds 12,079 352 (32 ) 12,399 — 12,399 — US Treasury Notes 35,960 — (68 ) 35,892 — 17,560 18,332 Subtotal 48,039 352 (100 ) 48,291 — 29,959 18,332 Level 2: Government Agency Securities 54,415 20 (164 ) 54,271 — 15,309 38,962 Commercial Paper 47,152 — — 47,152 6,093 41,059 — Corporate Bonds 141,508 64 (224 ) 141,348 — 73,676 67,672 Certificates of Deposits ("CDs") 20,383 3 — 20,386 — 18,176 2,210 Subtotal 263,458 87 (388 ) 263,157 6,093 148,220 108,844 Total cash, cash equivalents $ 607,374 $ 439 $ (488 ) $ 607,325 $ 301,970 $ 178,179 $ 127,176 As of June 30, 2017 and March 31, 2017 , 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 . The Company did not incur any material realized or unrealized gains or losses in the three months ended June 30, 2016 and 2017 . There were no transfers between fair value measurement levels during the three months ended June 30, 2016 and 2017 . 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 US Treasury Notes. 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, Corporate Bonds, and Certificates of Deposits ("CDs") , 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 12 , 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 5.50% Senior Notes, refer to Note 7 , Debt. Level 3 The Company's unsecured revolving credit facility falls under the Level 3 hierarchy. The fair value of the Company’s line of credit approximates its carrying value because the interest rate is variable and approximates rates currently available to the Company. |
DEFERRED COMPENSATION
DEFERRED COMPENSATION | 3 Months Ended |
Jun. 30, 2017 | |
Compensation Related Costs [Abstract] | |
DEFERRED COMPENSATION | DEFERRED COMPENSATION As of June 30, 2017 , the Company held bank deposits of $0.8 million and investments in mutual funds totaling $13.6 million , all of which related to debt and equity securities that are held in rabbi trusts under non-qualified deferred compensation plans. The total related deferred compensation liability was $14.9 million at June 30, 2017 . As of March 31, 2017 , the Company held bank deposits of $0.8 million and investments in mutual funds totaling $12.4 million . The total related deferred compensation liability at March 31, 2017 was $13.7 million . The bank deposits are recorded on the condensed consolidated balance sheets under "cash and cash equivalents". The securities are classified as trading securities and are recorded on the condensed consolidated balance sheets under "short-term investments". The liability is recorded on the condensed consolidated balance sheets under “other long-term liabilities” and "accrued liabilities". |
DETAILS OF CERTAIN BALANCE SHEE
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS | 3 Months Ended |
Jun. 30, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS | DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS Accounts receivable, net: March 31, June 30, (in thousands) 2017 2017 Accounts receivable $ 184,068 $ 177,106 Provisions for returns (10,541 ) (9,886 ) Provisions for promotions, rebates, and other (31,747 ) (31,704 ) Provisions for doubtful accounts and sales allowances (603 ) (683 ) Accounts receivable, net $ 141,177 $ 134,833 Inventory, net: March 31, June 30, (in thousands) 2017 2017 Raw materials $ 20,260 $ 21,522 Work in process 215 330 Finished goods 34,981 35,719 Inventory, net $ 55,456 $ 57,571 Accrued Liabilities: March 31, June 30, (in thousands) 2017 2017 Employee compensation and benefits $ 36,415 $ 23,744 Accrued interest on 5.50% Senior Notes 10,407 3,512 Warranty obligation 6,863 6,697 VAT/Sales tax payable 5,433 4,149 Accrued other 15,167 20,937 Accrued liabilities $ 74,285 $ 59,039 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 three months ended June 30, 2016 and 2017 were as follows: Three Months Ended (in thousands) 2016 2017 Warranty obligation at beginning of period $ 8,537 $ 8,697 Warranty provision related to products shipped 2,357 2,210 Deductions for warranty claims processed (2,427 ) (2,424 ) Adjustments related to preexisting warranties 114 44 Warranty obligation at end of period (1) $ 8,581 $ 8,527 (1) Includes both short-term and long-term portion of warranty obligation; the prior table shows only the short-term portion included in accrued liabilities on our condensed consolidated balance sheet. The long-term portion is included in other long-term liabilities. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 , the Company had outstanding off-balance sheet third-party manufacturing, component purchase, and other general and administrative commitments of $178.6 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 indemnification to customers against claims related to undiscovered liabilities, additional product liability, or environmental obligations. The Company has also entered into indemnification agreements with its directors, officers and certain other personnel 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 or certain of its affiliated entities. The Company maintains director and officer liability insurance, which may cover certain liabilities arising from its obligation to indemnify its directors, officers and certain other personnel 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 the Company 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. On July 6, 2016, the Court in GN Netcom, Inc. v. Plantronics, Inc. ordered the following sanctions against the Company as they relate to certain discovery matters in the litigation: (1) monetary sanctions in the form of reasonable fees and costs incurred by GN in connection with the discovery disputes leading to the motion for sanctions; (2) punitive sanctions in the amount of $3 million ; (3) possible evidentiary sanctions; and (4) instructions to the jury that it may draw an adverse inference that emails destroyed by the Company would have been favorable to GN’s case and/or unfavorable to the Company's defense. As a result, during the three months ended June 30, 2016, the Company accrued $3 million for the punitive sanctions and an additional $2 million , representing the Company’s best estimate of reasonable fees and costs incurred by GN in connection with the disputes leading to the motion for sanctions, for a total of $5 million . The Company paid the $3 million in punitive damages to GN on or about September 1, 2016 and paid the remaining balance, which was reduced to $1.9 million , on December 7, 2016. The parties conducted fact and expert discovery through December 2016. In February 2017, the court granted the Company’s request to file a summary judgment motion, which the Company subsequently filed in April 2017. That motion will be heard in August 2017. GN also filed a motion for sanctions, which the court denied in July 2017. Both sides also filed Daubert motions to exclude certain expert testimony; those motions will be heard in August. A trial date has been set for October 10, 2017. The Company believes that the underlying antitrust action is without merit and is vigorously defending itself. However, following the court order described above, there exists an increased risk of the jury finding in favor of the plaintiff. The claims at issue also provide for treble damages in the event of an adverse judgment and/or potential injunctive relief. The Company is unable to provide an estimate of the possible loss or range of possible loss resulting from these allegations and has not accrued any financial damages relating to the antitrust case. The trial for the underlying antitrust case is currently scheduled to commence in October 2017. In a letter dated May 1, 2017, the Company received a Notice of Proposed Debarment from the General Services Administration ("GSA") informing the Company that the GSA has proposed that the Company be debarred from participation in Federal procurement and non-procurement programs based on the above spoliation order issued in the GN litigation matter. The Company has submitted a response to the GSA demonstrating that it is a responsible contractor and that a suspension or debarment is neither necessary to protect the government nor warranted. The matter is ongoing. In addition to the specific matter 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 | 3 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT 5.50% Senior Notes In May 2015, the Company 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, commencing on November 15, 2015. The Company received net proceeds of $488.4 million from the 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. A portion of the proceeds was used to repay all then-outstanding amounts under our revolving line of credit agreement with Wells Fargo Bank and the remaining proceeds were used primarily for share repurchases. This increase in financial leverage supports the Company's long-term commitment to enhance stockholder value of returning approximately 60% of free cash flow, defined as operating cash flows less capital expenditures, on an ongoing basis. 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, 2017 June 30, 2017 (in thousands) Fair Value Carrying Value Fair Value Carrying Value 5.50% Senior Notes $ 505,150 $ 491,059 $ 524,710 $ 491,421 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 redemption 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 the Company's ability to create certain liens and enter into sale and leaseback transactions; create, assume, incur, or guarantee additional indebtedness of its 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 the Company and its subsidiaries to another person. As of June 30, 2017 , the Company was in compliance with all covenants. Revolving Credit Agreement On May 9, 2011 , the Company entered into a credit agreement with Wells Fargo Bank, National Association ("the Bank"), which was most recently amended on April 28, 2017 (as amended, the "Amended Credit Agreement") to extend the term of the Credit Agreement by one year to May 9, 2020 , and to amend certain of the covenants, which are defined below. The Amended Credit Agreement provides for a $100.0 million unsecured revolving credit facility. 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 of April, July, October and January. Principal, together with all accrued and unpaid interest, on the revolving loans is due and payable on May 9, 2020 . 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 of April, July, October and January. 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 March 31, 2017 and June 30, 2017 , the Company had no outstanding borrowings under the line of credit. The Amended 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 Amended Credit Agreement also requires the Company to comply with certain financial covenants, including (i) a maximum ratio of funded debt to EBITDA of 3.25:1 (previously 3:1) 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 Amended Credit Agreement at the end of each fiscal quarter of at least $300.0 million . The Amended 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 Amended Credit Agreement. As of March 31, 2017 and June 30, 2017, the Company was in compliance with all covenants. |
RESTRUCTURING AND OTHER RELATED
RESTRUCTURING AND OTHER RELATED CHARGES (CREDITS) | 3 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND OTHER RELATED CHARGES (CREDITS) | RESTRUCTURING AND OTHER RELATED CHARGES (CREDITS) During the first quarter of Fiscal Year 2018 and as part of its ongoing effort to reduce costs, improve profitability, and focus on its key strategic initiatives, the Company executed an asset sale agreement to dispose of substantially all assets of its Clarity division, primarily inventories and tooling fixed assets, for an immaterial sales price. The buyer in this arrangement was a former employee of Plantronics, who acted as Clarity's President but who was not an executive officer or director of the Company. As part of the buyer's separation from Plantronics, the Company accelerated vesting on his outstanding restricted stock, resulting in an immaterial stock-compensation modification charge. In connection with the sale, the Company will lease the facility it owns in Chattanooga, Tennessee, to the buyer for a period of twelve months. The Company also entered into a transition services agreement with the buyer to provide customer support services on a cost-recovery basis, which are not expected to be material, for a period of one year. The Company also recorded immaterial impairment charges on assets previously used in Clarity operations that have no further value to the Company. In addition to the sale of the Clarity division and the related restructuring actions, the Company reduced headcount in certain divisions and terminated a lease in the Netherlands before the end of its contractual term, resulting in a charge equal to the present value of the remaining future minimum lease payments. In connection with this exit, the Company wrote off certain fixed assets that will no longer be used. Finally, the Company reorganized its Brazilian operations and as a result, wrote off an unrecoverable indirect tax asset. As of June 30, 2017, the remaining obligation related to severance amounts due is immaterial and will be settled within 12 months. The associated charges are recorded in restructuring and other related charges (credits), cost of revenues, and selling, general, and administrative expense in the condensed consolidated statements of operations, as follows (in millions): Three months ended June 30, 2017 Description Total Charges Restructuring and Other Related Charges (Credits) Cost of Revenues Selling, General, and Administrative Severance benefits from reduction-in-force $ 1.5 $ 1.5 $ — $ — Lease exit charge and asset impairments in Netherlands 0.7 0.7 — — Write-off of unrecoverable indirect tax asset in Brazil 0.7 — 0.7 Asset impairments related to previous Clarity operations 0.4 0.4 — — Loss on Clarity asset sale 0.9 — 0.9 — Accelerated vesting of restricted stock 0.2 — — 0.2 Totals $ 4.4 $ 2.6 $ 1.6 $ 0.2 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Jun. 30, 2017 | |
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 (in thousands) 2016 2017 Cost of revenues $ 842 $ 902 Research, development, and engineering 2,484 2,101 Selling, general, and administrative 5,087 6,253 Stock-based compensation included in operating expenses 7,571 8,354 Total stock-based compensation 8,413 9,256 Income tax benefit (2,772 ) (4,849 ) Total stock-based compensation, net of tax $ 5,641 $ 4,407 |
COMMON STOCK REPURCHASES
COMMON STOCK REPURCHASES | 3 Months Ended |
Jun. 30, 2017 | |
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 three months ended June 30, 2016 and 2017 are discussed below. As of June 30, 2017 , there remained 617,128 shares authorized for repurchase under the repurchase program approved by the Board on July 29, 2016 . The Company furthermore announced on July 27, 2017 a new 1 million share stock repurchase program to commence at the conclusion of its existing stock repurchase program. There were no remaining shares authorized under previously approved programs. In the three months ended June 30, 2016 and 2017 , the Company repurchased 441,738 shares and 252,707 shares, respectively, of its common stock in the open market for a total cost of $18.6 million and $13.5 million , respectively, and at an average price per share of $42.19 and $53.39 , respectively. In addition, the Company withheld shares valued at $8.8 million and $10.5 million in the three months ended June 30, 2016 and 2017 , 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 | 3 Months Ended |
Jun. 30, 2017 | |
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, 2017 June 30, 2017 Accumulated unrealized gain (loss) on cash flow hedges (1) $ 529 $ (1,714 ) Accumulated foreign currency translation adjustments 4,428 4,628 Accumulated unrealized gain (loss) on investments (263 ) (209 ) Accumulated other comprehensive income $ 4,694 $ 2,705 (1) Refer to Note 12 , Foreign Currency Derivatives, which discloses the nature of the Company's derivative assets and liabilities as of March 31, 2017 and June 30, 2017 . |
FOREIGN CURRENCY DERIVATIVES
FOREIGN CURRENCY DERIVATIVES | 3 Months Ended |
Jun. 30, 2017 | |
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 derivative financial instruments for speculative 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 June 30, 2017 . 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 June 30, 2017 , the Company had International Swaps and Derivatives Association (ISDA) agreements with four applicable banks and financial institutions which contained 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 March 31, 2017 and June 30, 2017 , no cash collateral had been received or pledged related to these derivative instruments. The gross fair value of the Company's outstanding derivative contracts at the end of each period was as follows: (in thousands) March 31, 2017 June 30, 2017 Derivative Assets (1) Non-designated hedges $ 86 $ 11 Cash flow hedges 2,034 678 Total Derivative Assets $ 2,120 $ 689 Derivative Liabilities (2) Non-designated hedges $ 286 $ 1,228 Cash flow hedges 1,109 2,910 Total Derivative Liabilities $ 1,395 $ 4,138 (1) Short-term derivative assets are recorded in 'other current assets' and long-term derivative assets are recorded in 'deferred tax and other assets'. As of June 30, 2017 the portion of derivative assets classified as long-term was immaterial. (2) Short-term derivative liabilities are recorded in 'accrued liabilities' and long-term derivative liabilities are recorded in 'other long-term liabilities'. As of June 30, 2017 the portion of derivative liabilities classified as long-term was immaterial. Non-Designated Hedges As of June 30, 2017 , 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 June 30, 2017 : (in thousands) Local Currency USD Equivalent Position Maturity EUR € 35,000 $ 39,993 Sell EUR 1 month GBP £ 7,350 $ 9,554 Sell GBP 1 month AUD A$ 13,200 $ 10,127 Sell AUD 1 month CAD C$ 2,900 $ 2,233 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 other non-operating income and (expense), net in the condensed consolidated statements of operations was as follows: Three Months Ended (in thousands) 2016 2017 Gain (loss) on foreign exchange contracts $ 1,943 $ (3,133 ) 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. The notional value of the Company's outstanding EUR and GBP option and forward contracts at the end of each period was as follows: (in millions) March 31, 2017 June 30, 2017 EUR GBP EUR GBP Option contracts €73.5 £23.9 €78.5 £24.0 Forward contracts €11.2 £3.3 €14.9 £2.8 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. As of March 31, 2017 and June 30, 2017 , the Company had foreign currency swap contracts of approximately MXN 287.2 million and MXN 204.5 million , respectively. The following table summarizes the notional value of the Company’s outstanding MXN cross-currency swaps and approximate USD Equivalent at June 30, 2017 : (in thousands) Local Currency USD Equivalent Position Maturity MXN 204,460 $ 10,755 Buy MXN Monthly over 12 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 months ended June 30, 2016 and 2017 : Three Months Ended (in thousands) 2016 2017 Gain (loss) included in AOCI as of beginning of period $ (1,106 ) $ 541 Amount of gain (loss) recognized in other comprehensive income (“OCI”) (effective portion) 954 (2,345 ) Amount of gain (loss) reclassified from OCI into net revenues (effective portion) (160 ) 18 Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion) 727 42 Total amount of gain (loss) reclassified from AOCI to income (loss) (effective portion) 567 60 Gain (loss) included in AOCI as of end of period $ 415 $ (1,744 ) During the three months ended June 30, 2016 and 2017 the Company recognized an immaterial gain and immaterial loss on the ineffective portion of its cash flow hedges, respectively, which is reported in other non-operating income and (expense), net in the condensed consolidated statements of operations. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Jun. 30, 2017 | |
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 rates for the three months ended June 30, 2016 and 2017 were 22.5% and (10.4)% , respectively. The decrease in the effective tax rates for the three months ended June 30, 2017 as compared to the prior year period are due primarily to the adoption of new stock-based compensation guidance and a correction to our Fiscal Year 2017 geographic mix of income. See Note 1 , Basis of Presentation , for further details regarding the correction. The Company adopted the new stock-based compensation guidance during the three months ended June 30, 2017, which resulted in excess tax benefits associated with employee equity plans of $1.9 million being recognized in the income tax provision during that quarter. See Note 9 , Stock-Based Compensation . Excess tax benefits associated with employee equity plans were previously recorded in additional paid-in capital and the adoption of this guidance resulted in a reduction to the Company's effective tax rate by 11.4 percentage points for the three months ended June 30, 2017. The amount of excess tax benefits or deficiencies will fluctuate from period-to-period based on the price of the Company’s stock, the volume of share-based instruments settled or vested, and the value assigned to employee equity awards under U.S. GAAP. The geographic mix of income during the three months ended June 30, 2017 included a correction related to Fiscal Year 2017 to reduce income in a high tax jurisdiction and increase income in a low tax jurisdiction. This adjustment related to the prior year resulted in a reduction to the Company’s effective tax rate by 16.2 percentage points for the three months ended June 30, 2017. Refer to Note 1, Basis of Presentation , for further details regarding this adjustment. Included in long-term income taxes payable in the condensed consolidated balance sheets as of March 31, 2017 and June 30, 2017 were unrecognized tax benefits of $12.9 million and $12.8 million , respectively, 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 $1.7 million and $1.4 million as of March 31, 2017 and June 30, 2017 , respectively. No penalties have been accrued. The Company and its subsidiaries are subject to taxation in the U.S. federal and various foreign and state jurisdictions. All federal tax matters have been concluded for tax years prior to Fiscal Year 2014. During the three months ended June 30, 2017, the Company effectively settled its protest to the California Franchise Tax Board for its 2007 and 2008 tax years. The result of our effective settlement was an immaterial refund. Foreign income tax matters for material tax jurisdictions have been concluded for tax years prior to Fiscal Year 2012. 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 | 3 Months Ended |
Jun. 30, 2017 | |
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 month periods ending June 30, 2016 and 2017 . The following table sets forth the computation of basic and diluted earnings per common share for the three months ended June 30, 2016 and 2017 : Three Months Ended (in thousands, except per share data) 2016 2017 Numerator: Net income $ 20,387 $ 18,828 Denominator: Weighted average common shares-basic 32,243 32,506 Dilutive effect of employee equity incentive plans 575 705 Weighted average common shares-diluted 32,818 33,211 Basic earnings per common share $ 0.63 $ 0.58 Diluted earnings per common share $ 0.62 $ 0.57 Potentially dilutive securities excluded from diluted earnings per common share because their effect is anti-dilutive 1,023 457 |
REVENUE AND MAJOR CUSTOMERS
REVENUE AND MAJOR CUSTOMERS | 3 Months Ended |
Jun. 30, 2017 | |
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. With respect to headsets, it makes products for use in offices and contact centers and, with mobile devices, cordless phones, computers, and gaming consoles. The following table presents net revenues by product group for the three months ended June 30, 2016 and 2017 : Three Months Ended (in thousands) 2016 2017 Net revenues from unaffiliated customers: Enterprise $ 155,897 $ 154,605 Consumer 67,209 49,321 Total net revenues $ 223,106 $ 203,926 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 months ended June 30, 2016 and 2017 . The following table presents net revenues by geography: Three Months Ended (in thousands) 2016 2017 Net revenues from unaffiliated customers: U.S. $ 128,238 $ 108,810 Europe and Africa 54,067 54,816 Asia Pacific 26,227 23,884 Americas, excluding U.S. 14,574 16,416 Total international net revenues 94,868 95,116 Total net revenues $ 223,106 $ 203,926 One customer, Ingram Micro Group, accounted for 10.1% of net revenues for the three months ended June 30, 2016 . One customer, Ingram Micro Group, accounted for 11.9% and of net revenues for the three months ended June 30, 2017 , respectively. One customer, Ingram Micro Group, accounted for 17.6% of total net accounts receivable at March 31, 2017 . One customer, Ingram Micro Group, accounted for 15.1% of total net accounts receivable at June 30, 2017 . |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On July 27, 2017 , the Company announced that its Audit Committee had declared and approved the payment of a dividend of $0.15 per share on September 8, 2017 to holders of record on August 18, 2017 . |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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, 2017 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, 2017 , which was filed with the SEC on May 10, 2017 . The results of operations for the interim period ended June 30, 2017 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. |
Fiscal period | The Company’s fiscal year ends on the Saturday closest to the last day of March. The Company’s current and prior fiscal years end on March 31, 2018 and April 1, 2017 , respectively, and both consist of 52 weeks. The Company’s results of operations for the three months ended July 1, 2017 and July 2, 2016 both contain 13 weeks. 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. |
CASH, CASH EQUIVALENTS, AND I23
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and March 31, 2017 (in thousands): June 30, 2017 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 $ 283,289 $ — $ — $ 283,289 $ 283,289 $ — $ — Level 1: Mutual Funds 13,143 436 (27 ) 13,552 — 13,552 — US Treasury Notes 38,914 — (78 ) 38,836 — 20,417 18,419 Subtotal 52,057 436 (105 ) 52,388 — 33,969 18,419 Level 2: Government Agency Securities 52,412 — (172 ) 52,240 — 31,739 20,501 Commercial Paper 47,642 — — 47,642 7,195 40,447 — Corporate Bonds 145,498 97 (148 ) 145,447 — 73,493 71,954 Certificates of Deposits ("CDs") 18,551 9 — 18,560 — 17,344 1,216 Subtotal 264,103 106 (320 ) 263,889 7,195 163,023 93,671 Total cash, cash equivalents $ 599,449 $ 542 $ (425 ) $ 599,566 $ 290,484 $ 196,992 $ 112,090 March 31, 2017 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 $ 295,877 $ — $ — $ 295,877 $ 295,877 $ — $ — Level 1: Mutual Funds 12,079 352 (32 ) 12,399 — 12,399 — US Treasury Notes 35,960 — (68 ) 35,892 — 17,560 18,332 Subtotal 48,039 352 (100 ) 48,291 — 29,959 18,332 Level 2: Government Agency Securities 54,415 20 (164 ) 54,271 — 15,309 38,962 Commercial Paper 47,152 — — 47,152 6,093 41,059 — Corporate Bonds 141,508 64 (224 ) 141,348 — 73,676 67,672 Certificates of Deposits ("CDs") 20,383 3 — 20,386 — 18,176 2,210 Subtotal 263,458 87 (388 ) 263,157 6,093 148,220 108,844 Total cash, cash equivalents $ 607,374 $ 439 $ (488 ) $ 607,325 $ 301,970 $ 178,179 $ 127,176 |
DETAILS OF CERTAIN BALANCE SH24
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Accounts receivable, net | Accounts receivable, net: March 31, June 30, (in thousands) 2017 2017 Accounts receivable $ 184,068 $ 177,106 Provisions for returns (10,541 ) (9,886 ) Provisions for promotions, rebates, and other (31,747 ) (31,704 ) Provisions for doubtful accounts and sales allowances (603 ) (683 ) Accounts receivable, net $ 141,177 $ 134,833 |
Inventory, net | Inventory, net: March 31, June 30, (in thousands) 2017 2017 Raw materials $ 20,260 $ 21,522 Work in process 215 330 Finished goods 34,981 35,719 Inventory, net $ 55,456 $ 57,571 |
Accrued liabilities | Accrued Liabilities: March 31, June 30, (in thousands) 2017 2017 Employee compensation and benefits $ 36,415 $ 23,744 Accrued interest on 5.50% Senior Notes 10,407 3,512 Warranty obligation 6,863 6,697 VAT/Sales tax payable 5,433 4,149 Accrued other 15,167 20,937 Accrued liabilities $ 74,285 $ 59,039 |
Changes in the warranty obligation | Changes in the warranty obligation during the three months ended June 30, 2016 and 2017 were as follows: Three Months Ended (in thousands) 2016 2017 Warranty obligation at beginning of period $ 8,537 $ 8,697 Warranty provision related to products shipped 2,357 2,210 Deductions for warranty claims processed (2,427 ) (2,424 ) Adjustments related to preexisting warranties 114 44 Warranty obligation at end of period (1) $ 8,581 $ 8,527 (1) Includes both short-term and long-term portion of warranty obligation; the prior table shows only the short-term portion included in accrued liabilities on our condensed consolidated balance sheet. The long-term portion is included in other long-term liabilities. |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Debt at 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, 2017 June 30, 2017 (in thousands) Fair Value Carrying Value Fair Value Carrying Value 5.50% Senior Notes $ 505,150 $ 491,059 $ 524,710 $ 491,421 |
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 redemption 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. |
RESTRUCTURING AND OTHER RELAT26
RESTRUCTURING AND OTHER RELATED CHARGES (CREDITS) (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The associated charges are recorded in restructuring and other related charges (credits), cost of revenues, and selling, general, and administrative expense in the condensed consolidated statements of operations, as follows (in millions): Three months ended June 30, 2017 Description Total Charges Restructuring and Other Related Charges (Credits) Cost of Revenues Selling, General, and Administrative Severance benefits from reduction-in-force $ 1.5 $ 1.5 $ — $ — Lease exit charge and asset impairments in Netherlands 0.7 0.7 — — Write-off of unrecoverable indirect tax asset in Brazil 0.7 — 0.7 Asset impairments related to previous Clarity operations 0.4 0.4 — — Loss on Clarity asset sale 0.9 — 0.9 — Accelerated vesting of restricted stock 0.2 — — 0.2 Totals $ 4.4 $ 2.6 $ 1.6 $ 0.2 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
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 (in thousands) 2016 2017 Cost of revenues $ 842 $ 902 Research, development, and engineering 2,484 2,101 Selling, general, and administrative 5,087 6,253 Stock-based compensation included in operating expenses 7,571 8,354 Total stock-based compensation 8,413 9,256 Income tax benefit (2,772 ) (4,849 ) Total stock-based compensation, net of tax $ 5,641 $ 4,407 |
ACCUMULATED OTHER COMPREHENSI28
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
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, 2017 June 30, 2017 Accumulated unrealized gain (loss) on cash flow hedges (1) $ 529 $ (1,714 ) Accumulated foreign currency translation adjustments 4,428 4,628 Accumulated unrealized gain (loss) on investments (263 ) (209 ) Accumulated other comprehensive income $ 4,694 $ 2,705 (1) Refer to Note 12 , Foreign Currency Derivatives, which discloses the nature of the Company's derivative assets and liabilities as of March 31, 2017 and June 30, 2017 . |
FOREIGN CURRENCY DERIVATIVES (T
FOREIGN CURRENCY DERIVATIVES (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Outstanding Derivative Contracts | The gross fair value of the Company's outstanding derivative contracts at the end of each period was as follows: (in thousands) March 31, 2017 June 30, 2017 Derivative Assets (1) Non-designated hedges $ 86 $ 11 Cash flow hedges 2,034 678 Total Derivative Assets $ 2,120 $ 689 Derivative Liabilities (2) Non-designated hedges $ 286 $ 1,228 Cash flow hedges 1,109 2,910 Total Derivative Liabilities $ 1,395 $ 4,138 (1) Short-term derivative assets are recorded in 'other current assets' and long-term derivative assets are recorded in 'deferred tax and other assets'. As of June 30, 2017 the portion of derivative assets classified as long-term was immaterial. (2) Short-term derivative liabilities are recorded in 'accrued liabilities' and long-term derivative liabilities are recorded in 'other long-term liabilities'. As of June 30, 2017 the portion of derivative liabilities classified as long-term was immaterial. |
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 June 30, 2017 : (in thousands) Local Currency USD Equivalent Position Maturity EUR € 35,000 $ 39,993 Sell EUR 1 month GBP £ 7,350 $ 9,554 Sell GBP 1 month AUD A$ 13,200 $ 10,127 Sell AUD 1 month CAD C$ 2,900 $ 2,233 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 other non-operating income and (expense), net in the condensed consolidated statements of operations was as follows: Three Months Ended (in thousands) 2016 2017 Gain (loss) on foreign exchange contracts $ 1,943 $ (3,133 ) |
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 June 30, 2017 : (in thousands) Local Currency USD Equivalent Position Maturity MXN 204,460 $ 10,755 Buy MXN Monthly over 12 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 months ended June 30, 2016 and 2017 : Three Months Ended (in thousands) 2016 2017 Gain (loss) included in AOCI as of beginning of period $ (1,106 ) $ 541 Amount of gain (loss) recognized in other comprehensive income (“OCI”) (effective portion) 954 (2,345 ) Amount of gain (loss) reclassified from OCI into net revenues (effective portion) (160 ) 18 Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion) 727 42 Total amount of gain (loss) reclassified from AOCI to income (loss) (effective portion) 567 60 Gain (loss) included in AOCI as of end of period $ 415 $ (1,744 ) |
COMPUTATION OF EARNINGS PER C30
COMPUTATION OF EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
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 months ended June 30, 2016 and 2017 : Three Months Ended (in thousands, except per share data) 2016 2017 Numerator: Net income $ 20,387 $ 18,828 Denominator: Weighted average common shares-basic 32,243 32,506 Dilutive effect of employee equity incentive plans 575 705 Weighted average common shares-diluted 32,818 33,211 Basic earnings per common share $ 0.63 $ 0.58 Diluted earnings per common share $ 0.62 $ 0.57 Potentially dilutive securities excluded from diluted earnings per common share because their effect is anti-dilutive 1,023 457 |
REVENUE AND MAJOR CUSTOMERS (Ta
REVENUE AND MAJOR CUSTOMERS (Tables) | 3 Months Ended |
Jun. 30, 2017 | |
REVENUE AND MAJOR CUSTOMERS [Abstract] | |
Net Revenues by Product Group | The following table presents net revenues by product group for the three months ended June 30, 2016 and 2017 : Three Months Ended (in thousands) 2016 2017 Net revenues from unaffiliated customers: Enterprise $ 155,897 $ 154,605 Consumer 67,209 49,321 Total net revenues $ 223,106 $ 203,926 |
Net Revenues by Geography | The following table presents net revenues by geography: Three Months Ended (in thousands) 2016 2017 Net revenues from unaffiliated customers: U.S. $ 128,238 $ 108,810 Europe and Africa 54,067 54,816 Asia Pacific 26,227 23,884 Americas, excluding U.S. 14,574 16,416 Total international net revenues 94,868 95,116 Total net revenues $ 223,106 $ 203,926 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Income tax expense (benefit) | $ (1,777) | $ 5,928 | |
Out-of-Period Error Resulting in Overstatement of Income Tax Expense [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Income tax expense (benefit) | $ (2,800) | ||
Out-of-Period Error Resulting in Overstatement of Income Tax Expense [Member] | Restatement Adjustment [Member] | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Income tax expense (benefit) | $ 2,800 |
RECENT ACCOUNTING PRONOUNCEME33
RECENT ACCOUNTING PRONOUNCEMENTS (Details) $ in Millions | Apr. 01, 2017USD ($) |
Accounting Changes and Error Corrections [Abstract] | |
Deferred revenue | $ 1.9 |
CASH, CASH EQUIVALENTS, AND I34
CASH, CASH EQUIVALENTS, AND INVESTMENTS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 |
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ||||
Cash and cash equivalents | $ 290,484 | $ 301,970 | $ 227,473 | $ 235,266 |
Short-term investments (due in 1 year or less) | 196,992 | 178,179 | ||
Long-term investments (due in 1 to 3 years) | 112,090 | 127,176 | ||
Total cash, cash equivalents and investments measured at fair value, amortized cost | 599,449 | 607,374 | ||
Total cash, cash equivalents and investments measured at fair value, gross unrealized gains | 542 | 439 | ||
Total cash, cash equivalents and investments measured at fair value, gross unrealized losses | (425) | (488) | ||
Total cash, cash equivalents and investments measured at fair value, fair value | 599,566 | 607,325 | ||
Cash [Member] | ||||
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ||||
Cash and cash equivalents | 283,289 | 295,877 | ||
Level 1 [Member] | ||||
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Available-for-sale Securities, amortized cost basis | 52,057 | 48,039 | ||
Available-for-sale Securities, gross unrealized gains | 436 | 352 | ||
Available-for-sale Securities, gross unrealized losses | (105) | (100) | ||
Available-for-sale Securities, fair value | 52,388 | 48,291 | ||
Short-term investments (due in 1 year or less) | 33,969 | 29,959 | ||
Long-term investments (due in 1 to 3 years) | 18,419 | 18,332 | ||
Level 1 [Member] | Mutual Funds [Member] | ||||
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Available-for-sale Securities, amortized cost basis | 13,143 | 12,079 | ||
Available-for-sale Securities, gross unrealized gains | 436 | 352 | ||
Available-for-sale Securities, gross unrealized losses | (27) | (32) | ||
Available-for-sale Securities, fair value | 13,552 | 12,399 | ||
Short-term investments (due in 1 year or less) | 13,552 | 12,399 | ||
Long-term investments (due in 1 to 3 years) | 0 | 0 | ||
Level 1 [Member] | US Treasury Notes [Member] | ||||
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Available-for-sale Securities, amortized cost basis | 38,914 | 35,960 | ||
Available-for-sale Securities, gross unrealized gains | 0 | 0 | ||
Available-for-sale Securities, gross unrealized losses | (78) | (68) | ||
Available-for-sale Securities, fair value | 38,836 | 35,892 | ||
Short-term investments (due in 1 year or less) | 20,417 | 17,560 | ||
Long-term investments (due in 1 to 3 years) | 18,419 | 18,332 | ||
Level 2 [Member] | ||||
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ||||
Cash and cash equivalents | 7,195 | 6,093 | ||
Available-for-sale Securities, amortized cost basis | 264,103 | 263,458 | ||
Available-for-sale Securities, gross unrealized gains | 106 | 87 | ||
Available-for-sale Securities, gross unrealized losses | (320) | (388) | ||
Available-for-sale Securities, fair value | 263,889 | 263,157 | ||
Short-term investments (due in 1 year or less) | 163,023 | 148,220 | ||
Long-term investments (due in 1 to 3 years) | 93,671 | 108,844 | ||
Level 2 [Member] | Government Agency Securities [Member] | ||||
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Available-for-sale Securities, amortized cost basis | 52,412 | 54,415 | ||
Available-for-sale Securities, gross unrealized gains | 0 | 20 | ||
Available-for-sale Securities, gross unrealized losses | (172) | (164) | ||
Available-for-sale Securities, fair value | 52,240 | 54,271 | ||
Short-term investments (due in 1 year or less) | 31,739 | 15,309 | ||
Long-term investments (due in 1 to 3 years) | 20,501 | 38,962 | ||
Level 2 [Member] | Commercial Paper [Member] | ||||
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ||||
Cash and cash equivalents | 7,195 | 6,093 | ||
Available-for-sale Securities, amortized cost basis | 47,642 | 47,152 | ||
Available-for-sale Securities, gross unrealized gains | 0 | 0 | ||
Available-for-sale Securities, gross unrealized losses | 0 | 0 | ||
Available-for-sale Securities, fair value | 47,642 | 47,152 | ||
Short-term investments (due in 1 year or less) | 40,447 | 41,059 | ||
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 | 145,498 | 141,508 | ||
Available-for-sale Securities, gross unrealized gains | 97 | 64 | ||
Available-for-sale Securities, gross unrealized losses | (148) | (224) | ||
Available-for-sale Securities, fair value | 145,447 | 141,348 | ||
Short-term investments (due in 1 year or less) | 73,493 | 73,676 | ||
Long-term investments (due in 1 to 3 years) | 71,954 | 67,672 | ||
Level 2 [Member] | Certificates of Deposit [Member] | ||||
Schedule of Cash, Cash Equivalents and Investments [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Available-for-sale Securities, amortized cost basis | 18,551 | 20,383 | ||
Available-for-sale Securities, gross unrealized gains | 9 | 3 | ||
Available-for-sale Securities, gross unrealized losses | 0 | 0 | ||
Available-for-sale Securities, fair value | 18,560 | 20,386 | ||
Short-term investments (due in 1 year or less) | 17,344 | 18,176 | ||
Long-term investments (due in 1 to 3 years) | $ 1,216 | $ 2,210 |
DEFERRED COMPENSATION (Details)
DEFERRED COMPENSATION (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Bank deposits held | $ 290,484 | $ 301,970 | $ 227,473 | $ 235,266 |
Other long-term liabilities [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred compensation liability, noncurrent | 14,900 | 13,700 | ||
Short-term investments [Member] | Mutual Funds [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Investments | 13,600 | 12,400 | ||
Bank Time Deposits [Member] | Cash and Cash Equivalents [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Bank deposits held | $ 800 | $ 800 |
DETAILS OF CERTAIN BALANCE SH36
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Accounts Receivable, net (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Accounts receivable, net [Line Items] | ||
Accounts receivable | $ 177,106 | $ 184,068 |
Accounts receivable, net | 134,833 | 141,177 |
Provision for returns [Member] | ||
Accounts receivable, net [Line Items] | ||
Accounts receivable, reserves | (9,886) | (10,541) |
Provision for promotions, rebates and other [Member] | ||
Accounts receivable, net [Line Items] | ||
Accounts receivable, reserves | (31,704) | (31,747) |
Provisions for doubtful accounts and sales allowances [Member] | ||
Accounts receivable, net [Line Items] | ||
Accounts receivable, reserves | $ (683) | $ (603) |
DETAILS OF CERTAIN BALANCE SH37
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Inventory, net (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Inventory, Net [Abstract] | ||
Raw materials | $ 21,522 | $ 20,260 |
Work in process | 330 | 215 |
Finished goods | 35,719 | 34,981 |
Inventory, net | $ 57,571 | $ 55,456 |
DETAILS OF CERTAIN BALANCE SH38
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | May 31, 2015 |
Accrued Liabilities [Abstract] | |||
Employee compensation and benefits | $ 23,744 | $ 36,415 | |
Accrued interest on 5.50% Senior Notes | 3,512 | 10,407 | |
Warranty obligation | 6,697 | 6,863 | |
VAT/Sales tax payable | 4,149 | 5,433 | |
Accrued other | 20,937 | 15,167 | |
Accrued liabilities | $ 59,039 | $ 74,285 | |
5.50% Senior Notes [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate of debt instrument | 5.50% | 5.50% |
DETAILS OF CERTAIN BALANCE SH39
DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Warranty Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Changes in the Warranty Obligation [Roll Forward] | ||
Warranty obligation at beginning of period | $ 8,697 | $ 8,537 |
Warranty provision related to products shipped | 2,210 | 2,357 |
Deductions for warranty claims processed | (2,424) | (2,427) |
Adjustments related to preexisting warranties | 44 | 114 |
Warranty obligation at end of period | $ 8,527 | $ 8,581 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | Dec. 07, 2016 | Sep. 01, 2016 | Jul. 06, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Loss Contingencies [Line Items] | |||||
Unconditional purchase obligations | $ 178.6 | ||||
GN Netcom, Inc. vs. Plantronics, Inc. [Member] | |||||
Loss Contingencies [Line Items] | |||||
Punitive sanctions awarded against Plantronics, Inc. | $ 3 | ||||
Accrued amounts | $ 5 | ||||
GN Netcom, Inc. vs. Plantronics, Inc. [Member] | Punitive Sanctions [Member] | |||||
Loss Contingencies [Line Items] | |||||
Accrued amounts | 3 | ||||
Payment of punitive damages | $ 1.9 | $ 3 | |||
GN Netcom, Inc. vs. Plantronics, Inc. [Member] | Estimate of Fees and Costs Incurred [Member] | |||||
Loss Contingencies [Line Items] | |||||
Accrued amounts | $ 2 |
DEBT (Details)
DEBT (Details) - USD ($) | May 02, 2016 | May 09, 2011 | May 31, 2015 | Jun. 30, 2017 | Mar. 31, 2017 |
Debt Disclosure [Line Items] | |||||
Initiation date of credit agreement | May 9, 2011 | ||||
Amendment date of Credit Agreement | Apr. 28, 2017 | ||||
Credit facility expiration date | May 9, 2020 | ||||
Commitment fee percentage | 0.37% | ||||
Outstanding borrowings under line of credit | $ 0 | $ 0 | |||
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% | 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] | Senior Notes [Member] | 5.50% Senior Notes [Member] | |||||
Debt Disclosure [Line Items] | |||||
Long-term debt, 5.50% Senior Notes | $ 524,710,000 | 505,150,000 | |||
Level 2 [Member] | Carrying Value [Member] | Senior Notes [Member] | 5.50% Senior Notes [Member] | |||||
Debt Disclosure [Line Items] | |||||
Long-term debt, 5.50% Senior Notes | $ 491,421,000 | $ 491,059,000 | |||
Revolving Credit Facility [Member] | |||||
Debt Disclosure [Line Items] | |||||
Maximum borrowing capacity of unsecured revolving credit facility | $ 100,000,000 |
RESTRUCTURING AND OTHER RELAT42
RESTRUCTURING AND OTHER RELATED CHARGES (CREDITS) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | $ 2,573 | $ (1,048) |
Totals | 4,400 | |
Restructuring Charges [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 2,600 | |
Cost of revenues [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 1,600 | |
Selling, General and Administrative Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 200 | |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 1,500 | |
Employee Severance [Member] | Restructuring Charges [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 1,500 | |
Employee Severance [Member] | Cost of revenues [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 0 | |
Employee Severance [Member] | Selling, General and Administrative Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 0 | |
Lease Exit Charge and Asset Impairment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 700 | |
Lease Exit Charge and Asset Impairment [Member] | Restructuring Charges [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 700 | |
Lease Exit Charge and Asset Impairment [Member] | Cost of revenues [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 0 | |
Lease Exit Charge and Asset Impairment [Member] | Selling, General and Administrative Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 0 | |
Write-off of Unrecoverable Indirect Tax Asset [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 700 | |
Write-off of Unrecoverable Indirect Tax Asset [Member] | Restructuring Charges [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 0 | |
Write-off of Unrecoverable Indirect Tax Asset [Member] | Cost of revenues [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 700 | |
Asset Impairments Related to Previous Operations [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 400 | |
Asset Impairments Related to Previous Operations [Member] | Restructuring Charges [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 400 | |
Asset Impairments Related to Previous Operations [Member] | Cost of revenues [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 0 | |
Asset Impairments Related to Previous Operations [Member] | Selling, General and Administrative Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 0 | |
Loss on Asset Sale [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 900 | |
Loss on Asset Sale [Member] | Restructuring Charges [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 0 | |
Loss on Asset Sale [Member] | Cost of revenues [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 900 | |
Loss on Asset Sale [Member] | Selling, General and Administrative Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 0 | |
Accelerated Vesting of Restricted Stock [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 200 | |
Accelerated Vesting of Restricted Stock [Member] | Restructuring Charges [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 0 | |
Accelerated Vesting of Restricted Stock [Member] | Cost of revenues [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | 0 | |
Accelerated Vesting of Restricted Stock [Member] | Selling, General and Administrative Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges (credits) | $ 200 | |
Clarity [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Term of lease | 12 months | |
Term of transition services agreement | 1 year |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 9,256 | $ 8,413 |
Income tax benefit | (4,849) | (2,772) |
Total stock-based compensation, net of tax | 4,407 | 5,641 |
Cost of revenues [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 902 | 842 |
Research, development, and engineering [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 2,101 | 2,484 |
Selling, general, and administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 6,253 | 5,087 |
Stock-based compensation expense included in operating expenses [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 8,354 | $ 7,571 |
COMMON STOCK REPURCHASES (Detai
COMMON STOCK REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Equity [Abstract] | ||
Remaining shares authorized for repurchase under program | 617,128 | |
Shares repurchased | 252,707 | 441,738 |
Total cost of shares repurchased | $ 13,492 | $ 18,639 |
Average cost per share of shares repurchased (in dollars per share) | $ 53.39 | $ 42.19 |
Value of shares withheld in satisfaction of employee tax withholding obligations | $ 10,485 | $ 8,792 |
ACCUMULATED OTHER COMPREHENSI45
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Accumulated unrealized gain (loss) on cash flow hedges | [1] | $ (1,714) | $ 529 |
Accumulated foreign currency translation adjustments | 4,628 | 4,428 | |
Accumulated unrealized gain (loss) on investments | (209) | (263) | |
Accumulated other comprehensive income | $ 2,705 | $ 4,694 | |
[1] | Refer to Note 12, Foreign Currency Derivatives, which discloses the nature of the Company's derivative assets and liabilities as of March 31, 2017 and June 30, 2017. |
FORIEGN CURRENCY DERIVATIVES (D
FORIEGN CURRENCY DERIVATIVES (Details) MXN in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017MXN | Jun. 30, 2017MXNfinancial_institution | Jun. 30, 2017USD ($)financial_institution | |
Derivative [Line Items] | |||
Number of financial institutions company has International Swap and Derivatives Association agreements | 4 | 4 | |
Foreign currency swap contract [Member] | |||
Derivative [Line Items] | |||
Notional amount of contracts | MXN 287,200 | MXN 204,460 | $ 10,755 |
Cash flow hedges [Member] | Options [Member] | Minimum [Member] | |||
Derivative [Line Items] | |||
Term of derivative contract | 6 months | ||
Cash flow hedges [Member] | Options [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Term of derivative contract | 11 months | ||
Cash flow hedges [Member] | Forwards [Member] | |||
Derivative [Line Items] | |||
Term of derivative contract | 3 months |
FOREIGN CURRENCY DERIVATIVES (D
FOREIGN CURRENCY DERIVATIVES (Details 1) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 |
Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Total Derivative Assets | $ 689 | $ 2,120 |
Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Total Derivative Assets | 11 | 86 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Total Derivative Liabilities | 4,138 | 1,395 |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Total Derivative Liabilities | 1,228 | 286 |
Cash flow hedges [Member] | Other Current Assets [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Total Derivative Assets | 678 | 2,034 |
Cash flow hedges [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Total Derivative Liabilities | $ 2,910 | $ 1,109 |
FOREIGN CURRENCY DERIVATIVES 48
FOREIGN CURRENCY DERIVATIVES (Details 2) - 3 months ended Jun. 30, 2017 € in Thousands, £ in Thousands, CAD in Thousands, AUD in Thousands, $ in Thousands | EUR (€) | GBP (£) | AUD | USD ($) | CAD |
Foreign Exchange Forward, EURO [Member] | |||||
Derivative [Line Items] | |||||
Notional amount of contracts | € 35,000 | $ 39,993 | |||
Position | Sell EUR | ||||
Maturity | 1 month | ||||
Foreign Exchange Forward, GBP [Member] | |||||
Derivative [Line Items] | |||||
Notional amount of contracts | £ 7,350 | 9,554 | |||
Position | Sell GBP | ||||
Maturity | 1 month | ||||
Foreign Exchange Forward, AUD [Member] | |||||
Derivative [Line Items] | |||||
Notional amount of contracts | AUD 13,200 | 10,127 | |||
Position | Sell AUD | ||||
Maturity | 1 month | ||||
Foreign Exchange Forward, CAD [Member] | |||||
Derivative [Line Items] | |||||
Notional amount of contracts | $ 2,233 | CAD 2,900 | |||
Position | Sell CAD | ||||
Maturity | 1 month |
FOREIGN CURRENCY DERIVATIVES 49
FOREIGN CURRENCY DERIVATIVES (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Gain (loss) on foreign exchange contracts | $ (3,133) | $ 1,943 |
FOREIGN CURRENCY DERIVATIVES 50
FOREIGN CURRENCY DERIVATIVES (Details 4) | Jun. 30, 2017EUR (€) | Jun. 30, 2017GBP (£) | Mar. 31, 2017EUR (€) | Mar. 31, 2017GBP (£) |
Foreign Exchange Option [Member] | ||||
Derivative [Line Items] | ||||
Notional amount of contracts | € 78,500,000 | £ 24,000,000 | € 73,500,000 | £ 23,900,000 |
Foreign Exchange Forward [Member] | ||||
Derivative [Line Items] | ||||
Notional amount of contracts | € 14,900,000 | £ 2,800,000 | € 11,200,000 | £ 3,300,000 |
FOREIGN CURRENCY DERIVATIVES 51
FOREIGN CURRENCY DERIVATIVES (Details 5) - Foreign currency swap contract [Member] MXN in Thousands, $ in Thousands | 3 Months Ended | ||
Jun. 30, 2017MXN | Jun. 30, 2017USD ($) | Mar. 31, 2017MXN | |
Derivative [Line Items] | |||
Notional amount of contracts | MXN 204,460 | $ 10,755 | MXN 287,200 |
Position | Buy MXN | ||
Maturity | 12 months |
FOREIGN CURRENCY DERIVATIVES 52
FOREIGN CURRENCY DERIVATIVES (Details 6) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Gain (Loss) Included in Accumulated Other Comprehensive Income [Roll Forward] | ||
Gain (loss) included in AOCI as of beginning of period | $ 541 | $ (1,106) |
Amount of gain (loss) recognized in other comprehensive income (“OCI”) (effective portion) | (2,345) | 954 |
Amount of gain (loss) reclassified from OCI into net revenues (effective portion) | 203,926 | 223,106 |
Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion) | (100,643) | (110,033) |
Total amount of gain (loss) reclassified from AOCI to income (loss) (effective portion) | 60 | 567 |
Gain (loss) included in AOCI as of end of period | (1,744) | 415 |
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) | 18 | (160) |
Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion) | $ 42 | $ 727 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate | (10.40%) | 22.50% | |
Unrecognized tax benefits | $ 12,800,000 | $ 12,900,000 | |
Accrued interest related to unrecognized tax benefits | 1,400,000 | 1,700,000 | |
Accrued penalties | $ 0 | $ 0 |
COMPUTATION OF EARNINGS PER C54
COMPUTATION OF EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Numerator: | ||
Net income | $ 18,828 | $ 20,387 |
Earnings per common share: | ||
Weighted average common shares-basic | 32,506 | 32,243 |
Dilutive effect of employee equity incentive plans | 705 | 575 |
Weighted average common shares-diluted | 33,211 | 32,818 |
Basic earnings per common share (in dollars per share) | $ 0.58 | $ 0.63 |
Diluted earnings per common share (in dollars per share) | $ 0.57 | $ 0.62 |
Potentially dilutive securities excluded from diluted earnings per common share because their effect is anti-dilutive | 457 | 1,023 |
REVENUE AND MAJOR CUSTOMERS (De
REVENUE AND MAJOR CUSTOMERS (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($)Customer | Jun. 30, 2016USD ($)Customer | Mar. 31, 2017Customer | Mar. 31, 2016Customer | |
Revenue from External Customer [Line Items] | ||||
Net revenues | $ 203,926 | $ 223,106 | ||
US [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues | 108,810 | 128,238 | ||
Europe and Africa [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues | 54,816 | 54,067 | ||
Asia Pacific [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues | 23,884 | 26,227 | ||
Americas, excluding U.S. [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues | 16,416 | 14,574 | ||
Total international net revenues [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues | 95,116 | 94,868 | ||
Enterprise [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues | 154,605 | 155,897 | ||
Consumer [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenues | $ 49,321 | $ 67,209 | ||
Net Revenues [Member] | Customer Concentration Risk [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Number of major customers, ten percent or greater, net revenues | Customer | 1 | 0 | 1 | 0 |
Net Revenues [Member] | Customer Concentration Risk [Member] | Ingram Micro [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Number of major customers, ten percent or greater, net revenues | Customer | 1 | 1 | ||
Concentration risk percentage | 11.90% | 10.10% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Ingram Micro [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Number of major customers, ten percent or greater, net accounts receivable | Customer | 1 | 1 | ||
Concentration risk percentage | 15.10% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Synnex Corp. [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Number of major customers, ten percent or greater, net accounts receivable | Customer | 1 | |||
Concentration risk percentage | 17.60% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - $ / shares | Jul. 27, 2017 | Aug. 18, 2017 |
Subsequent Event [Line Items] | ||
Dividends declared date | Jul. 27, 2017 | |
Cash dividend payable per share (in dollars per share) | $ 0.15 | |
Dividend payable date | Sep. 8, 2017 | |
Date of stockholders on record for dividends declared | Aug. 18, 2017 |