10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

(MARK ONE)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 31, 2018

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 

For the transition period from ___________ to _____________

Commission file number: 1-12696

Plantronics, Inc.

(Exact name of registrant as specified in its charter)

Delaware	77-0207692
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
345 Encinal Street, Santa Cruz, California	95060
(Address of principal executive offices)	(Zip Code)

(831) 426-5858

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
COMMON STOCK, $0.01 PAR VALUE	NEW YORK STOCK EXCHANGE

Securities registered pursuant to Section 12(g) of the Act:

NONE

(Title of Class)

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  

Yes xNo ¨

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.   

Yes ¨No x

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes xNo ¨

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes xNo ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K  is not contained herein, and will not be contained, to the best of the Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one).

Large Accelerated Filer x	Accelerated Filer ¨
Non-accelerated Filer ¨ (Do not check if a smaller reporting company)	Smaller Reporting Company ¨
	Emerging Growth Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes ¨No x

The aggregate market value of the common stock held by non-affiliates of the Registrant, based upon the closing price of $44.22 for shares of the Registrant's common stock on September 29, 2017, the last trading day of the Registrant’s most recently completed second fiscal quarter as reported by the New York Stock Exchange, was approximately $1,459,034,920.  In calculating such aggregate market value, shares of common stock owned of record or beneficially by officers, directors, and persons known to the Registrant to own more than five percent of the Registrant's voting securities as of September 29, 2017 (other than such persons of whom the Registrant became aware only through the filing of a Schedule 13G filed with the Securities and Exchange Commission) were excluded because such persons may be deemed to be affiliates.  This determination of affiliate status is for purposes of this calculation only and is not conclusive.

As of May 7, 2018, 33,261,047 shares of common stock were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant's Proxy Statement for its 2018 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended March 31, 2018.

EXPLANATORY NOTE                                                                                                                                                                                                                                       

This Amendment No. 1 on Form 10-K/A (the “Amendment”) of Plantronics, Inc. (the “Company”) amends the Company’s Annual Report on Form 10-K for the year ended March 31, 2018, originally filed with the Securities and Exchange Commission on May 9, 2018 (the “Original Report”). This Amendment is being filed solely to correct an administrative error on the cover page of the Original Report with respect to the number of shares outstanding of the Company’s common stock as of May 7, 2018. The correct number of shares of the Company’s common stock outstanding as of May 7, 2018 was 33,261,047.

This Amendment No. 1 speaks as of the original filing date of the Form 10-K, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the Original Report. No other changes have been made to the Original Report.

As required by Rule 12b-15 of the Securities Exchange Act of 1934, as amended, this Amendment contains new certifications by the Company’s principal executive officer and principal financial officer, which are being filed as exhibits to the Amendment. Because the Amendment includes no financial statements, the Company is not including certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

ITEM 15. EXHIBITS

We have filed the following documents as Exhibits to this Form 10-K/A:

Exhibit Number		Incorporation by Reference				Filed Herewith
	Exhibit Description	Form	File No.	Exhibit	Filing Date
31.1	Certification of the President and CEO Pursuant to Rule 13a-14(a)/15d-14(a), pursuant to Section 302 of the Sarbanes-Oxley Act of 2002					X
31.2	Certification of Senior VP and CFO Pursuant to Rule 13a-14(a)/15d-14(a), pursuant to Section 302 of the Sarbanes-Oxley Act of 2002					X

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		PLANTRONICS, INC.
Date:	May 16, 2018	By:	/s/ Pamela Strayer
		Name:	Pamela Strayer
		Title:	Senior Vice President and Chief Financial Officer

EX-31.1

Exhibit 31.1

Certification of the President and CEO

I, Joe Burton, certify that:

1. I have reviewed this quarterly report on Form 10-K/A of Plantronics, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

May 16, 2018	/s/ Joe Burton
	Joe Burton
	President, Chief Executive Officer and Director

EX-31.2

Exhibit 31.2

Certification of Senior Vice President and CFO

I, Pamela Strayer, certify that:

1. I have reviewed this quarterly report on Form 10-K/A of Plantronics, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

May 16, 2018	/s/ Pamela Strayer
	Pamela Strayer
	Senior Vice President and Chief Financial Officer

XML

DOCUMENT AND ENTITY INFORMATION - USD ($)	12 Months Ended
	Mar. 31, 2018	May 07, 2018	Sep. 29, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	PLANTRONICS INC /CA/
Entity Central Index Key	0000914025
Current Fiscal Year End Date	--03-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K/A
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	true
Entity Common Stock, Shares Outstanding		33,261,047
Amendment Description	This Amendment is being filed solely to correct an administrative error on the cover page of the Original Report with respect to the number of shares outstanding of the Company’s common stock as of May 7, 2018. The correct number of shares of the Company’s common stock outstanding as of May 7, 2018 was 33,261,047.
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,459,034,920

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 390,661	$ 301,970
Short-term investments	269,313	178,179
Accounts receivable, net	152,888	141,177
Inventory, net	68,276	55,456
Other current assets	18,588	22,195
Total current assets	899,726	698,977
Long-term investments	0	127,176
Property, plant, and equipment, net	142,129	150,307
Goodwill and purchased intangibles, net	15,498	15,577
Deferred tax and other assets	19,534	25,122
Total assets	1,076,887	1,017,159
Current liabilities:
Accounts payable	45,417	42,885
Accrued liabilities	80,097	74,285
Total current liabilities	125,514	117,170
Long term debt, net of issuance costs	492,509	491,059
Long-term income taxes payable	87,328	11,729
Other long-term liabilities	18,566	15,045
Total liabilities	723,917	635,003
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.01 par value per share; 1,000 shares authorized, no shares outstanding	0	0
Common stock, $0.01 par value per share; 100,000 shares authorized, 48,088 shares and 49,278 shares issued at 2017 and 2018, respectively	816	804
Additional paid-in capital	876,645	818,777
Accumulated other comprehensive income	2,870	4,694
Retained earnings	299,066	319,931
Total stockholders' equity before treasury stock	1,179,397	1,144,206
Less: Treasury stock (common: 14,672 shares and 16,027 shares at 2017 and 2018, respectively) at cost	(826,427)	(762,050)
Total stockholders' equity	352,970	382,156
Total liabilities and stockholders' equity	$ 1,076,887	$ 1,017,159

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Mar. 31, 2017
Stockholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	49,278,000	48,088,000
Treasury stock, common shares	16,027,000	14,672,000

XML

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net revenues	$ 856,903	$ 881,176	$ 856,907
Cost of revenues	417,788	439,806	422,233
Gross profit	439,115	441,370	434,674
Operating expenses:
Research, development, and engineering	84,193	88,318	90,408
Selling, general, and administrative	229,390	223,830	221,299
(Gain) loss, net from litigation settlements	(420)	4,255	(1,234)
Restructuring and other related charges (credits)	2,451	(109)	16,160
Total operating expenses	315,614	316,294	326,633
Operating income	123,501	125,076	108,041
Interest expense	(29,297)	(29,230)	(25,149)
Other non-operating income and (expense), net	6,023	5,819	(716)
Income before income taxes	100,227	101,665	82,176
Income tax expense	101,096	19,066	13,784
Net income	$ (869)	$ 82,599	$ 68,392
Earnings per common share:
Basic (in dollars per share)	$ (0.03)	$ 2.56	$ 2.00
Diluted (in dollars per share)	$ (0.03)	$ 2.51	$ 1.96
Shares used in computing earnings per common share:
Basic (in shares)	32,345	32,279	34,127
Diluted (in shares)	32,345	32,963	34,938
Cash dividends declared per common share (in dollars per share)	$ 0.60	$ 0.60	$ 0.60

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ (869)	$ 82,599	$ 68,392
Other comprehensive income (loss):
Foreign currency translation adjustments	257	(311)	376
Unrealized gains (losses) on cash flow hedges:
Unrealized cash flow hedge gains (losses) arising during the year	(6,741)	3,095	(3,786)
Net (gains) losses reclassified into net revenues for revenue hedges (effective portion)	4,715	(4,111)	(7,826)
Net (gains) losses reclassified into cost of revenues for cost of revenues hedges (effective portion)	(208)	2,663	4,801
Net unrealized gains (losses) on cash flow hedges	(2,234)	1,647	(6,811)
Unrealized holding gains (losses) during the year	48	(516)	(67)
Aggregate income tax benefit (expense) of the above items	105	115	141
Other comprehensive income (loss)	(1,824)	935	(6,361)
Comprehensive income (loss)	$ (2,693)	$ 83,534	$ 62,031

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ (869)	$ 82,599	$ 68,392
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,178	20,977	20,142
Amortization of debt issuance costs	1,450	1,450	1,208
Stock-based compensation	33,959	33,539	33,265
Deferred income taxes	7,464	(657)	(8,291)
Provision for excess and obsolete inventories	3,456	1,960	2,430
Restructuring charges	2,451	(109)	16,160
Cash payments for restructuring charges	(2,942)	(4,001)	(10,385)
Other operating activities	(305)	2,948	7,680
Changes in assets and liabilities:
Accounts receivable	(12,238)	(13,894)	8,445
Inventory	(13,309)	(3,791)	1,357
Current and other assets	(2,480)	1,386	(605)
Accounts payable	2,884	4,377	5,407
Accrued liabilities	(4,164)	13,260	4,998
Income taxes	84,613	(657)	206
Cash provided by operating activities	121,148	139,387	150,409
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of investments	197,575	157,066	102,517
Proceeds from maturities of investments	211,663	144,092	97,164
Purchase of investments	(373,281)	(300,434)	(300,620)
Capital expenditures	(12,468)	(23,176)	(30,661)
Cash used for investing activities	23,489	(22,452)	(131,600)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of common stock	(52,948)	(34,236)	(497,393)
Employees' tax withheld and paid for restricted stock and restricted stock units	(11,429)	(9,736)	(11,068)
Proceeds from issuances under stock-based compensation plans	23,927	15,202	15,384
Payment of cash dividends	(19,996)	(19,959)	(21,061)
Proceeds from revolving line of credit	8,000	0	155,749
Repayments of revolving line of credit	(8,000)	0	(190,249)
Proceeds from bonds issuance, net of issuance costs	0	0	488,401
Other financing activity	0	761	0
Cash used for financing activities	(60,446)	(47,968)	(60,237)
Effect of exchange rate changes on cash and cash equivalents	4,500	(2,263)	(156)
Net increase (decrease) in cash and cash equivalents	88,691	66,704	(41,584)
Cash and cash equivalents at beginning of year	301,970	235,266	276,850
Cash and cash equivalents at end of year	390,661	301,970	235,266
SUPPLEMENTAL DISCLOSURES
Cash paid for income taxes	9,757	20,948	25,517
Cash paid for interest	$ 27,899	$ 27,783	$ 12,833

XML

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Retained Earnings	Treasury Stock
Common stock, shares, beginning of period at Mar. 31, 2015		41,601,000
Stockholders' equity, beginning of period at Mar. 31, 2015	$ 727,397	$ 783	$ 717,848	$ 10,120	$ 209,960	$ (211,314)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	68,392				68,392
Foreign currency translation adjustments	376			376
Net unrealized gains (losses) on cash flow hedges, net of tax	(6,680)			(6,680)
Net unrealized gains (losses) on investments, net of tax	(57)			(57)
Proceeds from issuances under stock-based compensation plans, shares		1,155,000
Proceeds from issuances under stock-based compensation plans	15,384	$ 10	15,374
Repurchase of restricted common stock, shares		(158,000)
Repurchase of restricted common stock	0	$ 0
Cash dividends	(21,061)				(21,061)
Stock-based compensation	33,265		33,265
Tax benefit from stock-based awards	3,515		3,515
Repurchase of common stock, shares		(9,077,000)
Repurchase of common stock	(497,393)					(497,393)
Employees' tax withheld and paid for restricted stock and restricted stock units, shares		(201,000)
Employees' tax withheld and paid for restricted stock and restricted stock units	(11,068)	$ 0				(11,068)
Other equity changes related to compensation	329		(513)			842
Common stock, shares, end of period at Mar. 31, 2016		33,320,000
Stockholders' equity, end of period at Mar. 31, 2016	312,399	$ 793	769,489	3,759	257,291	(718,933)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	82,599				82,599
Foreign currency translation adjustments	(311)			(311)
Net unrealized gains (losses) on cash flow hedges, net of tax	1,616			1,616
Net unrealized gains (losses) on investments, net of tax	(370)			(370)
Proceeds from issuances under stock-based compensation plans, shares		1,125,000
Proceeds from issuances under stock-based compensation plans	15,204	$ 11	15,193
Repurchase of restricted common stock, shares		(47,000)
Repurchase of restricted common stock	0	$ 0
Cash dividends	(19,959)				(19,959)
Stock-based compensation	33,539		33,539
Tax benefit from stock-based awards	546		546
Repurchase of common stock, shares		(764,000)
Repurchase of common stock	(34,236)					(34,236)
Employees' tax withheld and paid for restricted stock and restricted stock units, shares		(218,000)
Employees' tax withheld and paid for restricted stock and restricted stock units	(9,736)	$ 0				(9,736)
Other equity changes related to compensation	865		10			855
Common stock, shares, end of period at Mar. 31, 2017		33,416,000
Stockholders' equity, end of period at Mar. 31, 2017	382,156	$ 804	818,777	4,694	319,931	(762,050)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	(869)				(869)
Foreign currency translation adjustments	257			257
Net unrealized gains (losses) on cash flow hedges, net of tax	(2,190)			(2,190)
Net unrealized gains (losses) on investments, net of tax	109			109
Proceeds from issuances under stock-based compensation plans, shares		1,288,000
Proceeds from issuances under stock-based compensation plans	23,927	$ 12	23,915
Repurchase of restricted common stock, shares		(98,000)
Repurchase of restricted common stock	0	$ 0
Cash dividends	(19,996)				(19,996)
Stock-based compensation	33,959		33,959
Tax benefit from stock-based awards	$ 0
Repurchase of common stock, shares	(1,139,548)	(1,140,000)
Repurchase of common stock	$ (52,948)					(52,948)
Employees' tax withheld and paid for restricted stock and restricted stock units, shares		(215,000)
Employees' tax withheld and paid for restricted stock and restricted stock units	(11,429)	$ 0				(11,429)
Other equity changes related to compensation	(6)		(6)
Common stock, shares, end of period at Mar. 31, 2018		33,251,000
Stockholders' equity, end of period at Mar. 31, 2018	$ 352,970	$ 816	$ 876,645	$ 2,870	$ 299,066	$ (826,427)

XML

THE COMPANY

12 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

THE COMPANY

Plantronics, Inc. (“Plantronics” or “the Company”) is a leading worldwide designer, manufacturer, and marketer of lightweight communications headsets, telephone headset systems, and accessories for the business and consumer markets under the Plantronics brand. The Company operates its business as one segment.

Founded in 1961, Plantronics is incorporated in the state of Delaware and trades on the New York Stock Exchange under the ticker symbol “PLT”.

XML

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Significant Accounting Policies

SIGNIFICANT ACCOUNTING POLICIES

Management's Use of Estimates and Assumptions

The Company's consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). In connection with the preparation of our financial statements, the Company is required to make assumptions and estimates about future events, and apply judgments that affect the reported amounts of assets, liabilities, net revenues, expenses, and the related disclosures. The Company bases its assumptions, estimates, and judgments on historical experience, current trends, future expectations, and other factors that management believes to be relevant at the time the consolidated financial statements are prepared. On an ongoing basis, the Company reviews its accounting policies, assumptions, estimates, and judgments, including those related to revenue and related reserves and allowances, inventory valuation, product warranty obligations, the useful lives of long-lived assets including property, plant and equipment and intangible assets, investment fair values, stock-based compensation, goodwill, income taxes, contingencies, and restructuring charges, to ensure that the consolidated financial statements are presented fairly and in accordance with U.S. GAAP. Because future events and their effects cannot be determined with certainty, actual results could differ from the Company's assumptions and estimates.

Principles of Consolidation

The consolidated financial statements include the accounts of Plantronics and its wholly owned subsidiaries.  The Company has included the results of operations of acquired companies from the date of acquisition. All intercompany balances and transactions have been eliminated.

Fiscal Year

The Company’s fiscal year ends on the Saturday closest to the last day of March. Fiscal Years 2018 and 2017 each had 52 weeks and ended on March 31, 2018 and April 1, 2017, respectively. Fiscal Year 2016 had 53 weeks and ended on April 2, 2016.  For purposes of presentation, the Company has indicated its accounting fiscal year as ending on March 31.

Financial Instruments

Cash, Cash Equivalents and Investments

All highly liquid investments with initial stated maturities of three months or less at the date of purchase are classified as cash equivalents. The Company classifies its investments as either short-term or long-term based on each instrument's underlying effective maturity date and reasonable expectations with regard to sales and redemptions of the instruments. All short-term investments have effective maturities less than 12 months, while all long-term investments have effective maturities greater than 12 months. The Company may sell its investments prior to their stated maturities for strategic purposes, in anticipation of credit deterioration, or for duration management. During the year ended March, 31, 2018, we sold our long-term investments and recognized a loss on sale of approximately $1.2 million.   

As of March 31, 2018, with the exception of assets related to the Company's deferred compensation plan and classified as trading securities, all investments were classified as available-for-sale, with unrealized gains and losses recorded as a separate component of accumulated other comprehensive income ("AOCI") in stockholders’ equity.  The specific identification method is used to determine the cost of disposed securities, with realized gains and losses reflected in other non-operating income and (expense), net.

For investments with an unrealized loss, the factors considered in the review include the credit quality of the issuer, the duration that the fair value has been less than the adjusted cost basis, severity of impairment, reason for the decline in value and potential recovery period, the financial condition and near-term prospects of the investees, and whether the Company would be required to sell an investment due to liquidity or contractual reasons before its anticipated recovery.

Foreign Currency Derivatives

The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value.  Derivative foreign currency contracts are valued using pricing models that use observable inputs. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation.  

The Company enters into foreign exchange forward contracts to reduce the impact of foreign currency fluctuations on assets and liabilities denominated in currencies other than the functional currency of the reporting entity.  The Company does not elect to obtain hedge accounting for these forward contracts. These forward contracts are carried at fair value with changes in the fair value recorded within other non-operating income and (expense), net in the consolidated statements of operations.  Gains and losses on these contracts are intended to offset the impact of foreign exchange rate changes on the underlying foreign currency denominated assets and liabilities, and therefore, do not subject the Company to material balance sheet risk. 

The Company has significant international revenues and costs denominated in foreign currencies, subjecting it to foreign currency risk. The Company purchases foreign currency option contracts and cross-currency swaps that qualify as cash flow hedges, with maturities of up to 24 months, to reduce the volatility of cash flows related primarily to forecasted revenue and expenses. All outstanding derivatives are recognized on the balance sheet at fair value. The effective portion of the designated derivative's gain or loss is initially reported as a component of AOCI and is subsequently reclassified into the financial statement line item in which the hedged item is recorded in the same period the forecasted transaction affects earnings.

The Company does not hold or issue derivative financial instruments for speculative trading purposes.  The Company enters into derivatives only with counterparties that are among the largest United States ("U.S.") banks, ranked by assets, in order to minimize its credit risk and to date, no such counterparty has failed to meet its financial obligations under such contracts. 

Provision for Doubtful Accounts

The Company maintains a provision for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments.  Plantronics regularly performs credit evaluations of its customers’ financial conditions and considers factors such as historical experience, credit quality, age of the accounts receivable balances, geographic or country-specific risks, and economic conditions that may affect a customer’s ability to pay.  

Inventory and Related Reserves

Inventories are valued at the lower of cost or net realizable value.  Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. The Company writes down inventories that have become obsolete or are in excess of anticipated demand or net realizable value. Our estimate of write downs for excess and obsolete inventory is based on a detailed analysis of on-hand inventory and purchase commitments in excess of forecasted demand. 

A substantial portion of the raw materials, components and subassemblies (together, “parts”) used in the Company's products are provided by its suppliers on a consignment basis. These consigned inventories are not recorded on the Company's consolidated balance sheet until it takes title to the parts, which occurs when they are consumed in the production process. The Company provides forecasts to its suppliers covering up to thirteen weeks of demand and places purchase orders when the parts are consumed in the production process, at which time all right, title, and interest in and to the parts transfers to the Company. Prior to consumption in the production process, the Company's suppliers bear the risk of loss and retain title to the consigned inventory.

The terms of the agreements allow the Company to return parts in excess of maximum order quantities to the suppliers at the supplier’s expense. Returns for other reasons are negotiated with the suppliers on a case-by-case basis and to date have been immaterial. As of March 31, 2018, the Company’s aggregate commitment to suppliers for parts used in the manufacture of the Company’s products was $190.0 million, which the Company expects to utilize in the normal course of business, net of an immaterial purchase commitments reserve. The Company’s purchase commitments reserve reflects the Company’s estimate of purchase commitments it does not expect to use in normal ongoing operations within the next twelve months. As of March 31, 2018 and 2017, the off-balance sheet consigned inventory balances were $48.8 million and $52.3 million, respectively.

Product Warranty Obligations

The Company records a liability for the estimated costs of warranties at the time the related revenue is recognized. The specific warranty terms and conditions range from one to two years starting from the delivery date to the end user and vary depending upon the product sold and the country in which the Company does business. Factors that affect the warranty obligations include product failure rates, estimated return rates, the amount of time lapsed from the date of sale to the date of return, material usage, service related costs incurred in correcting product failure claims, and knowledge of specific product failures that are outside of the Company’s typical experience.

Goodwill and Purchased Intangibles

Goodwill has been measured as the excess of the cost of acquisition over the amount assigned to tangible and identifiable intangible assets acquired less liabilities assumed.  At least annually, in the fourth quarter of each fiscal year or more frequently if indicators of impairment exist, management performs a review to determine if the carrying value of goodwill is impaired. The identification and measurement of goodwill impairment involves the estimation of fair value at the Company’s reporting unit level.  The Company determines its reporting units by assessing whether discrete financial information is available and if segment management regularly reviews the results of that component. The Company has determined it has one reporting unit.

The Company performs an initial assessment of qualitative factors to determine whether the existence of events and circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of relevant events and circumstances, the Company determines that it is more likely than not that the fair value of the reporting unit exceeds its carrying value and there is no indication of impairment, no further testing is performed; however, if the Company concludes otherwise, the first step of the two-step impairment test must be performed by estimating the fair value of the reporting unit and comparing it with its carrying value, including goodwill.

Intangible assets other than goodwill are carried at cost and amortized over their estimated useful lives. The Company reviews identifiable finite-lived intangible assets to be held and used for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from use of the asset and its ultimate disposition. Measurement of any impairment loss is based on the amount by which the carrying value of the asset exceeds its fair market value.

Property, Plant and Equipment

Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets, which range from two to thirty years.  Amortization of leasehold improvements is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the remaining lease term. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the assets.

Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company recognizes an impairment charge in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to the asset group. No material impairment losses were incurred in the periods presented.

Fair Value Measurements

All financial assets and liabilities are recognized or disclosed at fair value in the financial statements. 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 derivative foreign currency contracts, Government Agency Securities, Commercial Paper, Corporate Bonds, Certificates of Deposits ("CDs"), and 5.50% senior notes (the "5.50% Senior Notes").

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. 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.

The fair value of the Company's 5.50% Senior Notes is determined based on observable market inputs, including the trading price of the 5.50% Senior Notes.

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 a variable rate that approximates rates currently available to the Company. 

Revenue Recognition

The Company sells substantially all of its products to end users through distributors, retailers, and carriers. The Company's revenue is derived from the sale of headsets, telephone headset systems, and accessories for the business and consumer markets and is recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collection is reasonably assured. These criteria are usually met at the time of product shipment; however, the Company defers revenue when any significant obligations remain and for Fiscal Years 2016, 2017, and 2018 this accounted for less than 1% of the Company's net revenues. Customer contracts and/or purchase orders are used to determine the existence of an arrangement. Product is considered delivered once it has been shipped and title and risk of loss have been transferred to the customer. The Company assesses whether a price is fixed or determinable based upon the selling terms associated with the transaction and whether the sales price is subject to refund or adjustment. The Company assesses collectability based on a customer's credit quality, historical experience, and geographic or country-specific risks and economic conditions that may affect a customer's ability to pay.

Revenue is recorded net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Shipping and handling costs incurred in connection with the sale of products are included in cost of revenues.

Sales through retail and distribution channels are made primarily under agreements or commitments allowing for rights of return and include various sales incentive programs, such as back end rebates, discounts, marketing development funds, price protection, and other sales incentives. The Company can reasonably estimate back end rebates, discounts and similar incentives due to an established sales history with its customers and records the estimated reserves and allowances at the time the related revenue is recognized. The Company recognizes marketing development funds at the later of when the related revenue is recognized or the program is offered to the channel partner. The nature of the sales incentive programs offered to channel partners is such that the Company cannot identify a benefit that is sufficiently separable from the channel partners’ purchase of products, nor does it have the infrastructure to establish fair value for the multitude of activities supported by these programs. As a result, substantially all sales incentives to our channel partners in the form of cash consideration, are recorded as a reduction to revenue.

Sales return reserves are estimated based on historical data, relevant current data, and the monitoring of inventory build-up in the distribution channel.

When a sales arrangement contains multiple elements, such as hardware and software products and/or services, the Company allocates revenue to each element based on relative selling prices. The selling price for a deliverable is based on its vendor specific objective evidence ("VSOE"), if available, third party evidence ("TPE") if VSOE is not available, or estimated selling price ("ESP") if neither VSOE nor TPE is available. In multiple element arrangements where more-than-incidental software deliverables are included, the Company allocates revenue to each separate unit of accounting for each of the non-software deliverables and to the software deliverables as a group using the relative selling prices of each of the deliverables in the arrangement based on the aforementioned selling price hierarchy.

Advertising Costs

The Company expenses all advertising costs as incurred.  Advertising expense for the years ended March 31, 2016, 2017, and 2018 was $2.0 million, $1.8 million, and $0.9 million, respectively.

Income Taxes

Deferred income taxes are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. The Company records a valuation allowance against particular deferred income tax assets if it is more likely than not that those assets will not be realized. The provision for income taxes comprises the Company's current tax liability and changes in deferred income tax assets and liabilities.

Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite its belief that its tax return positions are in accordance with applicable tax laws. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit, new tax legislation, or the change of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made. The provision for income taxes includes the effect of reserve provisions and changes to reserves that are considered appropriate, as well as the related net interest and penalties.

The Company follows the tax law ordering to determine when excess tax benefits have been realized.

The Company is subject to income taxes in the U.S. and foreign jurisdictions. At any one time, multiple tax years are subject to audit by various tax authorities.

Earnings Per Share

The Company has a share-based compensation plan under which employees, non-employee directors, and consultants may be granted share-based payment 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. Historically, the two-class method of calculating earnings per share did not have a material impact on the Company's earnings per share calculation under the treasury stock method. During periods of net loss, no effect is given to participating securities since they do not share in the losses of the Company. For further details refer to Note 17, Computation of Earnings Per Common Share.

Comprehensive Income

Comprehensive income consists of two components, net income and other comprehensive income.  Other comprehensive income refers to income, expenses, gains, and losses that under U.S. GAAP are recorded as an element of stockholders’ equity but are excluded from net income.  Accumulated other comprehensive income, as presented in the accompanying consolidated balance sheets, consists of foreign currency translation adjustments, unrealized gains and losses on derivatives designated as cash flow hedges, net of tax, and unrealized gains and losses on marketable securities classified as available-for-sale, net of tax.

Foreign Operations and Currency Translation

The Company's functional currency is the U.S. Dollar (“USD") .  Assets and liabilities denominated in currencies other than the USD, are re-measured at the period-end rates for monetary assets and liabilities and at historical rates for non-monetary assets and liabilities.  Revenues and expenses are re-measured at average monthly rates, which approximate actual rates.  Currency transaction gains and losses are recognized in other non-operating income and (expense), net.

Stock-Based Compensation Expense

The Company applies the provisions of the Compensation - Stock Compensation Topic of the FASB ASC 718, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and non-employee directors based on estimated fair values. 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 Company adopted the new stock-based compensation accounting guidance effective in Fiscal Year 2018. 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 adoption of this guidance had an immaterial impact on the Company's effective tax rate for the year ended March 31, 2018. 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. For further details refer to Note 16, Income Taxes.

Treasury Shares

From time to time, the Company repurchases shares of its common stock, depending on market conditions, in the open market or through privately negotiated transactions, in accordance with programs authorized by the Board of Directors.  Repurchased shares are held as treasury stock until such time as they are retired or re-issued. Retirements of treasury stock are non-cash equity transactions in which the reacquired shares are returned to the status of authorized but unissued shares and the cost is recorded as a reduction to both retained earnings and treasury stock. The stock repurchase programs are intended to offset the impact of dilution resulting from the Company's stock-based compensation programs.

Concentration of Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, short-term and long-term investments, and trade accounts receivable.  

Plantronics’ investment policy limits investments to highly-rated securities. In addition, the Company limits the amount of credit exposure to any one issuer and restricts placement of these investments to issuers evaluated as creditworthy.  As of March 31, 2017 and 2018 the Company's investments were composed of Mutual Funds, US Treasury Notes, Government Agency Securities, Commercial Paper, Corporate Bonds, and Certificates of Deposits ("CDs").

Concentrations of credit risk with respect to trade receivables are limited due to the large number of customers that comprise the Company’s customer base and their dispersion across different geographies and markets. One customer Ingram Micro Group accounted for 17.6% of total net accounts receivable as of March 31, 2017. Two customers, D & H Distributing Company and Ingram Micro Group, accounted for 13.0% and 12.4%, respectively, of total net accounts receivable as of March 31, 2018. The Company does not believe other significant concentrations of credit risk exist. Plantronics performs ongoing credit evaluations of its customers' financial condition and requires no collateral from its customers.  The Company maintains a provision for doubtful accounts based upon expected collectibility of all accounts receivable.

Certain inventory components required by the Company are only available from a limited number of suppliers.  The rapid rate of technological change and the necessity of developing and manufacturing products with short lifecycles may intensify these risks.  The inability to obtain components as required, or to develop alternative sources, as required in the future, could result in delays or reductions in product shipments, which in turn could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. 

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 Years 2017 and 2018.

Reclassifications

Certain prior year amounts have been reclassified for consistency with current year presentation. Each of the reclassifications was immaterial and had no effect on the Company's results of operations.

XML

RECENT ACCOUNTING PRONOUNCEMENTS

12 Months Ended

Mar. 31, 2018

New Accounting Pronouncements and Changes in Accounting Principles [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 substantially completed its review of the impact of this guidance, and does not anticipate a material impact on its revenue recognition policies. 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 transfer of control, 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 March 31, 2018, deferred revenue under Topic 605 for these licenses was $2.3 million. The Company expects the remaining balance of such deferred revenue will be eliminated as a cumulative effect adjustment to opening retained earnings upon 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 immaterial amounts in a given period.

• 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, an entity shall estimate an amount of variable consideration by using a prescribed method that best depicts the amount of consideration to which it will be entitled and is required to consider whether appropriate groupings with similar characteristics have been applied when leveraging the portfolio practical expedient. In cases where there is uncertainty around the variable consideration amount, a constraint, or an adjustment to ensure that a significant revenue reversal will not occur, on that consideration must be considered. Based on analysis of prior periods, we anticipate that impact of estimating variable consideration using one of the prescribed methods and introducing a constraint will not materially impact revenue.

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. The Company is currently evaluating what impact, if any, the adoption of this standard will have on its consolidated financial statements and related disclosures.

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 financial statements and related disclosures.

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 statements and related disclosures.

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 material impact on the Company's consolidated financial statements or related disclosures.

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 material impact on the Company's consolidated financial statements or related disclosures.

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 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 statements and related disclosures, but expects the impact to be immaterial.

In August 2017, the FASB issued guidance that eliminates the requirement to separately measure and report hedge ineffectiveness and that generally requires, for qualifying hedges, the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also modifies the accounting for components excluded from the assessment of hedge effectiveness, eases documentation and assessment requirements, and modifies certain disclosure requirements. The new standard must be adopted using a modified retrospective transition with a cumulative effect adjustment recorded to opening retained earnings as of the initial adoption 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 statements and related disclosures, 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 year ended March 31, 2018 included excess tax benefits that did not materially reduce the Company's effective tax rate. The provision for income taxes for the year ended March 31, 2018 included excess tax benefits of $2.7 million. The recognized excess tax benefits resulted from share-based compensation awards that vested or settled in Fiscal Year 2018. 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 $3.5 million and $1.4 million of excess tax benefits from financing activities to operating activities in the consolidated statement of cash flows for the years ended March 31, 2016 and 2017. The Company also excluded the related tax benefits when 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.

XML

CASH, CASH EQUIVALENTS AND INVESTMENTS

12 Months Ended

Mar. 31, 2018

CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract]

Cash, Cash Equivalents and Investments

CASH, CASH EQUIVALENTS, AND INVESTMENTS

The following tables summarize the Company’s cash, cash equivalents, and investments’ adjusted cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category recorded as cash and cash equivalents, short-term, or long-term investments as of March 31, 2017 and 2018 (in thousands):

March 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash & Cash Equivalents		Short-term investments (due in 1 year or less)		Long-term investments (due in 1 to 3 years)
Cash	$	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 and investments measured at fair value	$	607,374	$	439	$	(488	)	$	607,325	$	301,970	$	178,179	$	127,176

March 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash & Cash Equivalents		Short-term investments (due in 1 year or less)		Long-term investments (due in 1 to 3 years)
Cash	$	308,734	$	—	$	—		$	308,734	$	308,734	$	—	$	—
Level 1:
Mutual Funds	13,336		186		(67		)	13,455		—		13,455		—
US Treasury Notes	129,373		7		(60		)	129,320		30,178		99,142		—
Money Market Funds	344		—		—			344		344		—		—
Subtotal	143,053		193		(127		)	143,119		30,522		112,597		—
Level 2:
Government Agency Securities	46,354		—		(56		)	46,298		6,978		39,320		—
Municipal Bonds	3,591		—		—			3,591		3,591		—		—
Commercial Paper	84,512		—		—			84,512		40,836		43,676		—
Corporate Bonds	54,701		—		(212		)	54,489		—		54,489		—
Certificates of Deposits ("CDs")	19,231		—		—			19,231		—		19,231		—
Subtotal	208,389		—		(268		)	208,121		51,405		156,716		—
Total cash, cash equivalents and investments measured at fair value	$	660,176	$	193	$	(395	)	$	659,974	$	390,661	$	269,313	$	—

As of March 31, 2017 and 2018, 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. During the year ended March, 31, 2018, we sold our long-term investments and recognized a loss on sale of approximately $1.2 million. The Company did not incur any material realized or unrealized gains or losses during Fiscal Year 2017.

There were no transfers between fair value measurement levels during Fiscal Years 2017 and 2018.

XML

DEFERRED COMPENSATION

12 Months Ended

Mar. 31, 2018

Compensation Related Costs [Abstract]

Deferred Compensation

DEFERRED COMPENSATION

As of March 31, 2018, the Company held investments in mutual funds totaling $13.5 million, all of which related to debt and equity securities that are held in a rabbi trust under non-qualified deferred compensation plans. The total related deferred compensation liability was $14.1 million at March 31, 2018. As of March 31, 2017 the Company held bank deposits of $0.8 million and investments in mutual funds totaling $12.4 million, all of which related to debt and equity securities that are held in a rabbi trust under non-qualified deferred compensation plans. The total related deferred compensation liability at March 31, 2017 was $13.7 million.

The bank deposits are recorded on the consolidated balance sheets under "cash and cash equivalents". The securities are classified as trading securities and are recorded on the consolidated balance sheets under "short-term investments". The liability is recorded on the consolidated balance sheets under "other long-term liabilities" and "accrued liabilities".

XML

DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS

12 Months Ended

Mar. 31, 2018

Balance Sheet Related Disclosures [Abstract]

Details of Certain Balance Sheet Accounts

DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS

Accounts receivable, net:

	March 31,
(in thousands)	2017			2018
Accounts receivable	$	184,068		$	202,270
Provisions for returns	(10,541		)	(10,225		)
Provisions for promotions and rebates	(31,747		)	(38,284		)
Provisions for doubtful accounts and sales allowances	(603		)	(873		)
Accounts receivable, net	$	141,177		$	152,888

Inventory, net:

	March 31,
(in thousands)	2017		2018
Raw materials	$	20,260	$	28,789
Work in process	215		450
Finished goods	34,981		39,037
Inventory, net	$	55,456	$	68,276

Property, plant, and equipment, net:

	March 31,
(in thousands)	2017			2018
Land	$	16,418		$	16,564
Buildings and improvements (useful life: 7-30 years)	115,909			115,401
Machinery and equipment (useful life: 2-10 years)	108,477			112,719
Software (useful life: 5-10 years)	46,806			50,631
Construction in progress	6,899			5,428
Property, plant, and equipment, gross	294,509			300,743
Accumulated depreciation and amortization	(144,202		)	(158,614		)
Property, plant, and equipment, net	$	150,307		$	142,129

Depreciation and amortization expense for Fiscal Years 2016, 2017, and 2018 was $19.9 million, $20.7 million, and $21.1 million, respectively.

Included in software are unamortized capitalized software costs relating to both purchased and internally developed software of $24.4 million and $23.6 million at March 31, 2017 and 2018, respectively.  Amortization expense related to capitalized software costs in Fiscal Years 2016, 2017, and 2018 was $4.1 million, $4.4 million, and $4.9 million, respectively.

Included in construction in progress at March 31, 2018 was tooling for new products, machinery and equipment, building improvements at our U.S. headquarters, and IT-related expenditures. None of the items were individually material.

Accrued liabilities:

	March 31,
(in thousands)	2017		2018
Employee compensation and benefits	$	36,415	$	28,599
Accrued interest on 5.50% Senior Notes	10,407		10,331
Warranty obligation, short-term portion	6,863		7,550
VAT/Sales Tax Payable	5,433		5,353
Derivative liabilities	1,323		2,947
Accrued other	13,844		25,317
Accrued liabilities	$	74,285	$	80,097

Changes in the warranty obligation, which are included as a component of accrued liabilities in the consolidated balance sheets, are as follows:

	Year ended March 31,
(in thousands)	2017			2018
Warranty obligation at beginning of year	$	8,537		$	8,697
Warranty provision related to products shipped	9,451			9,923
Deductions for warranty claims processed	(9,824		)	(10,193		)
Adjustments related to preexisting warranties	533			1,177
Warranty obligation at end of year 1	$	8,697		$	9,604

¹Includes 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 consolidated balance sheet. The long-term portion is included in other long-term liabilities.

XML

GOODWILL

12 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Goodwill as of March 31, 2017 and 2018 was $15.5 million, net of accumulated impairment of $54.6 million. In Fiscal Years 2017 and 2018, for purposes of the annual goodwill impairment test, the Company determined there to be no reporting units below its operating segment; therefore, the annual goodwill impairment analysis was performed at the segment level in both of these years. In the fourth quarter of Fiscal Years 2017 and 2018, the Company evaluated qualitative factors that may affect the fair value of the reporting unit and concluded there to be no indication of goodwill impairment.

XML

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

COMMITMENTS AND CONTINGENCIES

Minimum Future Rental Payments  

Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of March 31, 2018 are as follows:

Fiscal Year Ending March 31, 2018	(in thousands)
2019	$	2,556
2020	2,142
2021	1,823
2022	1,322
2023	823
Thereafter	1,304
Total minimum future rental payments	$	9,970

Total rent expense for operating leases was approximately $2.9 million, $2.8 million, and $2.6 million in Fiscal Years 2016, 2017, and 2018, respectively.

Unconditional Purchase Obligations

The Company purchases services and components 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 March 31, 2018, the Company had outstanding off-balance sheet third-party manufacturing, component purchase, and other general and administrative commitments of $190.0 million.

Other Guarantees and Obligations

In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners, purchasers of assets or subsidiaries and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company's breach of agreements or representations and warranties made by the Company, services to be provided by the Company, intellectual property infringement claims made by third parties or, with respect to the sale of assets of a subsidiary, matters related to the Company's conduct of business and tax matters prior to the sale. From time to time, the Company indemnifies customers against combinations of loss, expense, or liability arising from various triggering events relating to the sale and use of its products and services.  

In addition, the Company also provides 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") filed a complaint against the Company in the United States District Court for the District of Delaware (“Court”), alleging violations of Sections 1 and 2 of the Sherman Act, Section 3 of the Clayton Act, and tortious interference with business relations in connection with the Company’s distribution of corded and wireless headsets. The case was assigned to Judge Leonard P. Stark. GN sought injunctive relief, total damages in an unspecified amount, plus attorneys’ fees and costs, as well as unspecified legal and equitable relief. GN generally alleged that the Company’s exclusive dealing arrangements with certain distributors stifled competition in the relevant market. In July 2016, the Court issued a sanctions order against Plantronics in the amount of approximately $4.9 million for allegations of spoliation of evidence.

The case was tried to a jury in October 2017, resulting in a verdict in favor of the Company. GN filed a motion for new trial in November 2017, and that motion was denied by the Court in January 2018. The Company filed a motion for attorneys’ fees in November 2017, and that motion was denied by the Court in January 2018. The Company also filed a motion for certain recoverable costs, and the parties stipulated to an amount of approximately $0.2 million which GN paid the Company. If the jury verdict were to be appealed and later overturned on appeal, the Company would have to repay that amount to GN.

On February 12, 2018, GN filed a notice of intent to appeal both the denial of the new trial motion and the Court’s July 2016 spoliation order. The Court has set a briefing schedule for the parties to file their appellate briefs.

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 a spoliation order issued in the GN litigation matter.  The Company 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 GSA found “no cause” for debarment of Plantronics and terminated the proceeding against the Company in August 2017. The GSA required a letter of assurances be filed if additional issues arose, and that requirement was terminated following the successful jury verdict in October 2017.

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 not accrued any amount because none have been deemed probable and estimable. 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.

Polycom Acquisition

On March 28, 2018, we entered into the Purchase Agreement to acquire Polycom for $2.0 billion. The Polycom Transaction has been unanimously approved by the boards of directors of both companies, is subject to regulatory approvals and other customary closing conditions, and is expected to close by the end of the third calendar quarter of 2018.

XML

DEBT

12 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Debt

DEBT

5.50% Notes

In May 2015, Plantronics issued $500.0 million aggregate principal amount of 5.50% Senior Notes. The 5.50% Senior Notes mature on May 31, 2023, and bear interest at a rate of 5.50% per annum, payable semi-annually on May 15 and November 15 of each year, commencing on November 15, 2015. The Company received net proceeds of $488.4 million from issuance of the 5.50% Senior Notes, net of issuance costs of $11.6 million, which are presented in our consolidated balance sheet as a reduction to the outstanding amount payable and are being amortized to interest expense, using the effective interest method, over the term of the 5.50% Senior Notes. 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.

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				March 31, 2018
(in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
5.50% Senior Notes	$	505,150	$	491,059	$	497,095	$	492,509

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	105.50%

⁽¹⁾ If the Company redeems the notes prior to the applicable date, the price is principal plus a make-whole premium equal to the present value of the remaining scheduled interest payments as described in the applicable indenture, together with accrued and unpaid interest.

⁽²⁾ If the Company redeems the notes on or after the applicable date, the price is principal plus a premium which declines over time as specified in the applicable indenture, together with accrued and unpaid interest.

⁽³⁾ If the Company redeems the notes prior to the applicable date with net cash proceeds of one or more equity offerings, the price is equal to the amount specified above, together with accrued and unpaid interest, subject to a maximum redemption of 35% of the aggregate principal amount of the respective note being redeemed.

In addition, upon the occurrence of certain change of control triggering events, the Company may be required to repurchase the 5.50% Senior Notes, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. The 5.50% Senior Notes contain restrictive covenants that, among other things, limit Plantronics' ability to create certain liens and enter into sale and leaseback transactions; create, assume, incur, or guarantee additional indebtedness of Plantronics’ subsidiaries without such subsidiary guaranteeing the 5.50% Senior Notes on an unsecured unsubordinated basis; and consolidate or merge with, or convey, transfer or lease all or substantially all of the assets of Plantronics and its subsidiaries to another person. As of March 31, 2018, 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 Amended Credit Agreement will bear interest, at the Company’s election, at (i) the Bank’s announced prime rate less 1.20% per annum or (ii) a daily one-month LIBOR rate plus 1.40% per annum. Interest is payable quarterly in arrears on the first day of each April, July, October, and January, commencing July 1, 2015. Principal, together with all accrued and unpaid interest, on the revolving loans is due and payable on May 9, 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 April, July, October, and January, commencing July 1, 2015.

The Company may prepay the loans and terminate the commitments under the Amended Credit Agreement at any time, without premium or penalty, subject to the reimbursement of certain costs. As of March 31, 2018, 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 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, 2018, the Company was in compliance with all covenants.

XML

RESTRUCTURING AND OTHER RELATED CHARGES

12 Months Ended

Mar. 31, 2018

Restructuring and Related Activities [Abstract]

Restructuring and Other Related Charges

RESTRUCTURING AND OTHER RELATED CHARGES (CREDITS)

During 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 the Company, 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 is leasing 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 March 31, 2018, the remaining obligation related to accrued severance is immaterial and is expected to be settled within 12 months.

The associated charges for year ended March 31, 2018 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:

	Year ended March 31, 2018
(in millions)	Total Charges		Restructuring and Other Related Charges (Credits)		Cost of Revenues		Selling, General, and Administrative
Severance benefits from reduction-in-force	$	1.4	$	1.4	$	—	$	—
Lease exit charges 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	$	4.3	$	2.5	$	1.6	$	0.2

XML

STOCK PLANS AND STOCK-BASED COMPENSATION

12 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Plans and Stock-Based Compensation

STOCK PLANS AND STOCK-BASED COMPENSATION

2003 Stock Plan

On May 5, 2003, the Board of Directors ("Board") adopted the Plantronics, Inc. 2003 Stock Plan ("2003 Stock Plan") which was approved by the stockholders in June 27, 2003. The 2003 Stock Plan, which will continue in effect until terminated by the Board, allows for the issuance of the Company's common stock through the granting of non-qualified stock options, restricted stock, and restricted stock units.  As of March 31, 2018, there have been 15,900,000 shares of common stock (which number is subject to adjustment in the event of stock splits, reverse stock splits, recapitalization or certain corporate reorganizations) cumulatively reserved since inception of the 2003 Stock Plan for issuance to employees, non-employee directors, and consultants of Plantronics. The Company settles stock option exercises, grants of restricted stock, and releases of vested restricted stock units with newly issued common shares.

The exercise price of stock options may not be less than 100% of the fair market value of the Company's common stock on the date of grant. The term of an option may not exceed 7 years from the date it is granted. Stock options granted to employees vest over a three-year period, and stock options granted to non-employee directors vest over a four-year period.

No participant shall receive restricted stock or restricted stock units in any fiscal year having an aggregate initial value greater than $2.0 million. Restricted stock and restricted stock units granted to employees subsequent to May 2013 vest over a three-year period, and restricted stock and restricted stock units granted from May 2011 to April 2013 vest over a four-year period. Restricted stock granted to non-employee directors subsequent to August 2014 vests over a one-year period, and restricted stock granted from August 2001 to August 2013 vests over a four-year period.

At March 31, 2018, options to purchase 922,975 shares of common stock and 1,253,561 shares of unvested restricted stock and restricted stock units were outstanding. There were 2,297,174 shares available for future grant under the 2003 Stock Plan.

2002 ESPP

On June 10, 2002, the Board adopted the 2002 Employee Stock Purchase Plan ("ESPP"), which was approved by the stockholders on July 17, 2002, to provide eligible employees with an opportunity to purchase the Company's common stock through payroll deductions. The ESPP qualifies under Section 423 of the Internal Revenue Code. Under the ESPP, which is effective until terminated by the Board, the purchase price of the Company's common stock is equal to 85% of the lesser of the closing price of the common stock on (i) the first day of the offering period or (ii) the last day of the offering period. Each offering period is six months long.  There were 168,948, 151,648, and 156,355 shares issued under the ESPP in Fiscal Years 2016, 2017, and 2018 respectively.  At March 31, 2018, there were 274,323 shares reserved for future issuance under the ESPP. The total cash received from employees as a result of stock issuances under the ESPP during Fiscal Year 2018 was $5.7 million, net of taxes.

Stock-based Compensation

The following table summarizes the amount of stock-based compensation expense included in the consolidated statements of operations for the periods presented:

	Fiscal Year Ended March 31,
(in thousands)	2016			2017			2018
Cost of revenues	$	3,306		$	3,244		$	3,622
Research, development and engineering	9,908			8,616			8,071
Selling, general and administrative	20,051			21,679			22,266
Stock-based compensation expense included in operating expenses	29,959			30,295			30,337
Total stock-based compensation	33,265			33,539			33,959
Income tax benefit	(10,950		)	(10,768		)	(7,880		)
Total stock-based compensation expense, net of tax	$	22,315		$	22,771		$	26,079

Stock Plan Activity

Stock Options

The following is a summary of the Company’s stock option activity during Fiscal Year 2018:

	Options Outstanding
	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in thousands)				(in years)	(in thousands)
Outstanding at March 31, 2017	1,417		$	43.41
Options granted	15		$	52.11
Options exercised	(505	)	$	36.04
Options forfeited or expired	(4	)	$	53.23
Outstanding at March 31, 2018	923		$	47.53	3.8	$	11,853
Vested or expected to vest at March 31, 2018	918		$	47.54	3.8	$	11,781
Exercisable at March 31, 2018	758		$	47.69	3.5	$	9,612

The total intrinsic values of options exercised during Fiscal Years 2016, 2017, and 2018 were $6.9 million, $5.5 million, and $9.4 million respectively. Intrinsic value is defined as the amount by which the fair value of the underlying stock exceeds the exercise price at the time of option exercise. The total cash received from employees as a result of employee stock option exercises during Fiscal Year 2018 was $18.2 million, net of taxes. The total net tax benefit attributable to stock options exercised during the year ended March 31, 2018 was $3.3 million.

As of March 31, 2018, the total unrecognized compensation cost related to unvested stock options was $1.6 million and is expected to be recognized over a weighted average period of 1.3 years.

Restricted Stock

Restricted stock consists of awards of restricted stock and restricted stock units ("RSUs"). The following is a summary of the Company’s restricted stock activity during Fiscal Year 2018:

	Number of Shares		Weighted Average Grant Date Fair Value
	(in thousands)
Unvested at March 31, 2017	1,172		$	47.86
Restricted stock granted	784		$	53.62
Restricted stock vested	(577	)	$	48.12
Restricted stock forfeited	(125	)	$	50.30
Non-vested at March 31, 2018	1,254		$	51.09

The weighted average grant-date fair value of restricted stock is based on the quoted market price of the Company's common stock on the date of grant. The weighted average grant-date fair values of restricted stock granted during Fiscal Years 2016, 2017, and 2018 were $54.66, $44.82, and 53.62, respectively. The total grant-date fair values of restricted stock that vested during Fiscal Years 2016, 2017, and 2018 were $24.2 million, $28.9 million, and $27.8 million, respectively.

As of March 31, 2018, the total unrecognized compensation cost related to non-vested restricted stock awards was $36.7 million and is expected to be recognized over a weighted average period of 1.6 years.

Valuation Assumptions

The Company estimates the fair value of stock options and ESPP shares using a Black-Scholes option valuation model.  At the date of grant, the Company estimated the fair value of each stock option grant and purchase right granted under the ESPP using the following weighted average assumptions:

	Employee Stock Options									ESPP
Fiscal Year Ended March 31,	2016			2017			2018			2016			2017			2018
Expected volatility	27.0		%	31.1		%	29.1		%	33.5		%	28.8		%	30.5		%
Risk-free interest rate	1.4		%	1.1		%	1.7		%	0.3		%	0.6		%	1.5		%
Expected dividends	1.1		%	1.4		%	1.2		%	1.4		%	1.1		%	1.2		%
Expected life (in years)	4.2			4.4			4.6			0.5			0.5			0.5
Weighted-average grant date fair value	$	11.39		$	10.39		$	12.58		$	10.33		$	12.03		$	11.78

The expected stock price volatility for the years ended March 31, 2016, 2017, and 2018 was determined based on an equally weighted average of historical and implied volatility.  Implied volatility is based on the volatility of the Company’s publicly traded options on its common stock with terms of six months or less.  The Company determined that a blend of implied volatility and historical volatility is more reflective of market conditions and a better indicator of expected volatility than using exclusively historical volatility.  The expected life was determined based on historical experience of similar awards, giving consideration to the contractual terms of the stock-based awards, vesting schedules, and expectations of future employee behavior.  The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option.  The dividend yield assumption is based on our current dividend and the market price of our common stock at the date of grant.

XML

COMMON STOCK REPURCHASES

12 Months Ended

Mar. 31, 2018

Equity [Abstract]

Common Stock Repurchases

COMMON STOCK REPURCHASES

From time to time, the Board authorizes 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 such time they are retired or re-issued. During the years ended March 31, 2016, 2017, and 2018, the Company repurchased 9,077,223, 764,176, and 1,139,548 shares of its common stock, respectively, for a total cost of $497.4 million, $34.2 million, and $52.9 million respectively, at an average price per share of $54.80, $44.80, and $46.46, respectively.

The Company financed the repurchases using a combination of funds generated from operations and borrowings under its revolving line of credit. All repurchases in Fiscal Years 2016, 2017, and 2018 were made in the open market. As of March 31, 2018, there remained 730,105 shares authorized for repurchase under the program approved by the Board on July 27, 2017.

During the years ended March 31, 2016, 2017, and 2018, the Company withheld shares valued at $11.1 million, $9.7 million, and $11.4 million, 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 consolidated statements of cash flows. These share withholdings have the effect of share repurchases by the Company because they reduce the number of shares outstanding as a result of the vesting.

There were no retirements of treasury stock during Fiscal Years 2016, 2017, and 2018.

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME

12 Months Ended

Mar. 31, 2018

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income

ACCUMULATED OTHER COMPREHENSIVE INCOME

The components of accumulated other comprehensive income, net of associated tax impacts, were as follows:

	March 31,
(in thousands)	2017			2018
Accumulated unrealized gain (loss) on cash flow hedges (1)	$	529		$	(1,663	)
Accumulated foreign currency translation adjustments	4,428			4,685
Accumulated unrealized gain on investments	(263		)	(152		)
Accumulated other comprehensive income	$	4,694		$	2,870

⁽¹⁾ Refer to Note 15, Foreign Currency Derivatives, which discloses the nature of the Company's derivative assets and liabilities as of March 31, 2017andMarch 31, 2018.

XML

EMPLOYEE BENEFIT PLANS

12 Months Ended

Mar. 31, 2018

EMPLOYEE BENEFIT PLANS [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

The Company has a defined contribution benefit plan under Section 401(k) of the Internal Revenue Code, which covers substantially all U.S. employees. Eligible employees may contribute pre-tax amounts to the plan through payroll withholdings, subject to certain limitations. Under the plan, the Company currently matches 50% of the first 6% of employees' compensation and provides a non-elective Company contribution equal to 3% of base salary. All matching contributions are currently 100% vested immediately. The Company reserves the right to modify its policies at any time, including increasing, decreasing, or eliminating contribution matching and vesting requirements. Total Company contributions in Fiscal Years 2016, 2017, and 2018 were $4.7 million, $4.2 million, and $4.5 million, respectively.

XML

FOREIGN CURRENCY DERIVATIVES

12 Months Ended

Mar. 31, 2018

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 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 due to credit risk that it would incur if parties to derivative contracts failed completely to perform according to the terms of the Company's agreements was equal to the net asset value of the Company's derivatives as of March 31, 2018.  The Company seeks to mitigate such risk by limiting its counterparties to several large financial institutions.  In addition, the Company monitors the potential risk of loss with any single 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 Plantronics and the counterparty as a result of multiple, separate derivative transactions. As of March 31, 2018, the Company has International Swaps and Derivatives Association (ISDA) agreements with four applicable banks and financial institutions which contain netting provisions. Plantronics has elected to present the fair value of derivative assets and liabilities within the Company's consolidated balance sheet on a gross basis even when derivative transactions are subject to master netting arrangements and may otherwise qualify for net presentation. However, the following tables provide information as if the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria in the event of default or termination as stipulated by the terms of netting arrangements with each of the counterparties.

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 March 31, 2018, no cash collateral had been received or pledged related to these derivative instruments.

Offsetting of Financial Assets/Liabilities under Master Netting Agreements with Derivative Counterparties

As of March 31, 2017:

	Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Liabilities			Cash Collateral Received		Net Amount of Derivative Assets
Derivatives subject to master netting agreements	$	2,120	$	(1,395	)	$	—	$	725
Derivatives not subject to master netting agreements	—							—
Total	$	2,120						$	725

	Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets			Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)				Gross Amount of Eligible Offsetting Recognized Derivative Assets		Cash Collateral Received		Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements	$	(1,395	)	$	1,395	$	—	$	—
Derivatives not subject to master netting agreements	—							—
Total	$	(1,395	)					$	—

As of March 31, 2018:

	Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Liabilities			Cash Collateral Received		Net Amount of Derivative Assets
Derivatives subject to master netting agreements	$	772	$	(772	)	$	—	$	—
Derivatives not subject to master netting agreements	—							—
Total	$	772						$	—

	Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets			Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)				Gross Amount of Eligible Offsetting Recognized Derivative Assets		Cash Collateral Received		Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements	$	(3,037	)	$	772	$	—	$	(2,265	)
Derivatives not subject to master netting agreements	—							—
Total	$	(3,037	)					$	(2,265	)

The Company's derivative instruments are measured using Level 2 fair value inputs.

Non-Designated Hedges

As of March 31, 2018, 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 March 31, 2018:

	Local Currency		USD Equivalent		Position	Maturity
	(in thousands)		(in thousands)
EUR	€	32,050	$	39,557	Sell EUR	1 month
GBP	£	10,900	$	15,313	Sell GBP	1 month
AUD	A$	13,600	$	10,456	Sell AUD	1 month
CAD	C$	2,500	$	1,939	Sell CAD	1 month

Effect of Non-Designated Derivative Contracts on the Consolidated Statements of Operations

The effect of non-designated derivative contracts on results of operations recognized in other non-operating income and (expense), net in the consolidated statements of operations was as follows:

	Fiscal Year Ended March 31,
(in thousands)	2016		2017		2018
Gain on foreign exchange contracts	$	494	$	4,599	$	7,405

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 6 to 12 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		March 31, 2018
	EUR	GBP	EUR	GBP
Option contracts	€73.5	£23.9	€77.8	£23.7
Forward contracts	€11.2	£3.3	€16.7	£3.7

There were no material gains or losses in AOCI as of March 31, 2018 to be recognized during the next 12 months due to the recognition of the hedged forecasted revenue.

Cross-currency Swaps

The Company hedges a portion of the forecasted Mexican Peso (“MXN”) denominated expenditures with a cross-currency swap. There were no material gains or losses in AOCI as of March 31, 2018 to be recognized during the next 12 months due to the recognition of the hedged forecasted expenses. As of March 31, 2017 and 2018, the Company had foreign currency swap contracts of approximately MXN 287.2 million and MXN 31.8 million, respectively.

The following table summarizes the notional value of the Company's outstanding MXN currency swaps and approximate USD Equivalent at March 31, 2018:

	Local Currency	USD Equivalent		Position	Maturity
	(in thousands)	(in thousands)
MX$	31,830	$	1,599	Buy MXN	Monthly over	3 months

Effect of Designated Derivative Contracts on AOCI and Consolidated Statements of Operations

The following table presents the pre-tax effects of derivative instruments designated as cash flow hedges on AOCI and the consolidated statements of operations for fiscal years ended March 31, 2016, 2017, and 2018:

(in thousands)	2016			2017			2018
Gain (loss) included in AOCI as of beginning of period	$	5,705		$	(1,106	)	$	541
Amount of gain (loss) recognized in OCI (effective portion)	(3,786		)	3,095			(6,741		)
Amount of (gain) loss reclassified from OCI into net revenues (effective portion)	(7,826		)	(4,111		)	4,715
Amount of (gain) loss reclassified from OCI into cost of revenues (effective portion)	4,801			2,663			(208		)
Total amount of (gain) loss reclassified from AOCI to consolidated statements of operations (effective portion)	(3,025		)	(1,448		)	4,507
Gain (loss) included in AOCI as of end of period	$	(1,106	)	$	541		$	(1,693	)

The Company recognized immaterial loss in the consolidated statements of operations on the ineffective portion of the cash flow hedges reported in other non-operating income and (expense), net during the year ended March 31, 2018 and 2016 compared to an immaterial gain in Fiscal Year 2017.

XML

INCOME TAXES

12 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

Income tax expense for Fiscal Years 2016, 2017, and 2018 consisted of the following:

	Fiscal Year Ended March 31,
(in thousands)	2016			2017			2018
Current:
Federal	$	15,702		$	10,591		$	82,523
State	1,934			457			4,274
Foreign	4,644			7,731			6,860
Total current provision for income taxes	22,280			18,779			93,657
Deferred:
Federal	(7,767		)	1,022			9,002
State	(1,103		)	(117		)	(1,585		)
Foreign	374			(618		)	22
Total deferred income tax expense (benefit)	(8,496		)	287			7,439
Income tax expense	$	13,784		$	19,066		$	101,096

The components of income before income taxes for Fiscal Years 2016, 2017, and 2018 are as follows:

	Fiscal Year Ended March 31,
(in thousands)	2016		2017		2018
United States	$	42,184	$	43,377	$	17,654
Foreign	39,992		58,288		82,573
Income before income taxes	$	82,176	$	101,665	$	100,227

The following is a reconciliation between statutory federal income taxes and the income tax expense for Fiscal Years 2016, 2017, and 2018:

	Fiscal Year Ended March 31,
(in thousands)	2016			2017			2018
Tax expense at statutory rate	$	28,762		$	35,583		$	31,631
Foreign operations taxed at different rates	(9,478		)	(13,183		)	(17,970		)
State taxes, net of federal benefit	831			340			2,689
Research and development credit	(3,133		)	(3,119		)	(2,023		)
Unwind of stock based compensation cost sharing	(2,855		)	—			—
Impact of Tax Act	—			—			87,790
Stock based compensation	(487		)	(365		)	(1,771		)
Other, net	144			(190		)	750
Income tax expense	$	13,784		$	19,066		$	101,096

Deferred tax assets and liabilities represent the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes.  

Significant components of the Company's deferred tax assets and liabilities as of March 31, 2017 and 2018 are as follows:

	March 31,
(in thousands)	2017			2018
Accruals and other reserves	$	8,526		$	4,809
Deferred Compensation	4,859			3,467
Net operating loss carry forward	2,221			1,540
Stock compensation	12,821			8,384
Tax credits	4,530			6,504
Other deferred tax assets	1,711			1,070
Valuation allowance	(2,209		)	(2,514		)
Total deferred tax assets	32,459			23,260
Deferred gains on sales of properties	(1,771		)	(1,160		)
Unremitted earnings of certain subsidiaries	—			(1,976		)
Fixed asset depreciation	(7,351		)	(4,150		)
Total deferred tax liabilities	(9,122		)	(7,286		)
Net deferred tax assets(1)	$	23,337		$	15,974

⁽¹⁾ The Company's deferred tax assets for the fiscal year ending March 31, 2017 and March 31, 2018, are included as a component of other assets on the consolidated balance sheets.

The Company has California research and development credit carryforwards for income tax purposes of $10.4 million that can be carried forward indefinitely. The Company has Chinese net operating losses of $4.3 million that expire in different periods through Fiscal Year 2024.

The Company evaluates its deferred tax assets, including a determination of whether a valuation allowance is necessary, based upon its ability to utilize the assets using a more likely than not analysis.  Deferred tax assets are only recorded to the extent that they are realizable based upon past and future income.  The Company has a long-established earnings history with taxable income in its carryback years and forecasted future earnings.  The Company has concluded that no valuation allowance is required, except for the specific items discussed below.

The valuation allowance of $2.5 million as of March 31, 2018 was related to the net operating losses of a foreign subsidiary with an insufficient recent history of earnings to support the realization of their deferred tax assets, as well as to excess California research credit carryforwards. The valuation allowance of $2.2 million as of March 31, 2017 was related to the net operating losses of foreign subsidiaries with an insufficient history of recent earnings to support the realization of their deferred tax assets, as well as to excess California research credit carryforwards. During the year ending March 31, 2018, the valuation allowance increased by $0.3 million, which was mostly related to California research credit carryforwards that were generated during the year ending March 31, 2018 and for which it is more likely than not these deferred tax assets will not be realized.

The impact of an uncertain income tax position on income tax expense must be recognized at the largest amount that is more likely than not to be sustained.  An uncertain income tax position will not be recognized unless it has a greater than 50% likelihood of being sustained.  As of March 31, 2016, 2017, and 2018, the Company had $12.7 million, $12.9 million, and $12.6 million, respectively, of unrecognized tax benefits.  The unrecognized tax benefits as of March 31, 2018 would favorably impact the effective tax rate in future periods if recognized.

A reconciliation of the change in the amount of gross unrecognized income tax benefits for the periods is as follows:

	March 31,
(in thousands)	2016			2017			2018
Balance at beginning of period	$	12,821		$	12,692		$	12,854
Increase (decrease) of unrecognized tax benefits related to prior fiscal years	(598		)	(2		)	(1,310		)
Increase of unrecognized tax benefits related to the current year	2,252			2,195			3,085
Reductions to unrecognized tax benefits related to settlements with taxing authorities	(149		)	—			(115		)
Reductions to unrecognized tax benefits related to lapse of applicable statute of limitations	(1,634		)	(2,031		)	(1,902		)
Balance at end of period	$	12,692		$	12,854		$	12,612

The Company's continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. The interest related to unrecognized tax benefits was $1.7 million and $1.4 million as of March 31, 2017 and 2018, respectively. No penalties have been accrued.

The Company and its subsidiaries are subject to taxation in various foreign and state jurisdictions, including the U.S. All federal tax matters have been concluded for tax years prior to Fiscal Year 2014. Foreign and State income tax matters for material tax jurisdictions have been concluded for tax years prior to Fiscal Year 2011 and Fiscal Year 2013, respectively.

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.

On December 22, 2017, the Tax Cuts and Jobs Act (H.R. 1) (the “Act”) was signed into law in the United States.  The Act includes several changes to existing tax law, including, among other things, a permanent reduction in the corporate income tax rate from 35% to 21% and applying new taxes on certain foreign source earnings.

In addition, we were subject to a one-time deemed repatriation of accumulated foreign subsidiary unremitted earnings (hereafter, the "toll charge"), which the Company will elect to pay over an eight-year period as permitted under the Act.  The Company recorded a 79.7 million toll charge as part of income tax expense for the Fiscal year ended March 31, 2018, representing a provisional estimate based on a 15.5% tax applied to foreign unremitted cash and cash equivalents and an 8% tax applied to permanently reinvested foreign assets. As part of the Act, the Company also completed its re-measurement of deferred tax assets as of March 31, 2018 to the new future federal tax rate of 21%, thereby reducing the Company’s deferred tax assets by $4.6 million.  The Company expects to repatriate substantially all of its unremitted foreign subsidiary earnings and has recorded income tax expenses of $5.0 million related to state income taxes and foreign withholding taxes that will become due over the repatriation period. Finally, the Company files its federal tax return on a fiscal year-end and is therefore required to pro-rate the new and old tax rates during Fiscal Year 2018.  The blended, annualized tax rate applied to Fiscal Year 2018 income is 31.56%. 

In accordance with SAB 118, the provisional estimate for the toll charge will be finalized when the Company completes its substantive review of unremitted foreign earnings through examination of statutory filings and tax returns of the Company's foreign subsidiaries and fiscal branches that span a 30-year period. The Company must also analyze the impact of foreign exchange rates and inflation on the historical information to support foreign tax credits available to offset the toll charge. In addition, the Company's estimate of the toll charge obligation may change due to legislative technical corrections, the IRS' promulgation of regulations to interpret the Act, and changes in accounting standards for income taxes or related interpretations in response to the Act. This review and finalization of the toll charge provisional estimate will be completed within a twelve month measurement period from the date of enactment.

The Company recorded a correction to the geographic mix of income during the three months ended June 30, 2017 related to Fiscal Year 2017, which reduced income in a high tax jurisdiction and increased income in a low tax jurisdiction. This correction resulted in a reduction of $2.8 million to the Company’s income tax expense for the year ended March 31, 2018 as compared to the prior fiscal year end. For additional details regarding this correction refer to Note 2, Significant accounting Policies.

The Company adopted new stock-based compensation accounting guidance effective the beginning of Fiscal Year 2018. Excess tax benefits associated with employee equity plans were previously recorded in additional paid-in capital and the adoption of this guidance had an immaterial impact on the Company's effective tax rate for the three months ended December 31, 2017, but resulted in a $2.7 million reduction to income tax expense for the twelve months ended March 31, 2018. 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.

XML

COMPUTATION OF EARNINGS PER COMMON SHARE

12 Months Ended

Mar. 31, 2018

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.

Prior to the second quarter of Fiscal Year 2018, the impact of the two-class method was not considered material and therefore, earnings per share was reported as calculated under the treasury stock method. During periods of net loss, no effect is given to participating securities since they do not share in the losses of the Company.

The following table sets forth the computation of basic and diluted earnings per common share for the years ended March 31, 2018, 2017 and 2016:

(in thousands, except earnings per share data)	Fiscal Year Ended March 31,
	2016		2017		2018
Numerator:
Net income	$	68,392	$	82,599	$	(869	)
Denominator:
Weighted average common shares-basic	34,127		32,279		32,345
Dilutive effect of employee equity incentive plans	811		684		—
Weighted average shares-diluted	34,938		32,963		32,345
Basic earnings per common share	$	2.00	$	2.56	$	(0.03	)
Diluted earnings per common share	$	1.96	$	2.51	$	(0.03	)
Potentially dilutive securities excluded from diluted earnings per share because their effect is anti-dilutive	326		574		543

XML

GEOGRAPHIC INFORMATION

12 Months Ended

Mar. 31, 2018

Segments, Geographical Areas [Abstract]

Geographic Information

GEOGRAPHIC INFORMATION

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, with mobile devices, cordless phones, and with computers and gaming consoles.  Major product categories include Enterprise, which includes corded and cordless communication headsets, audio processors, and telephone systems; and Consumer, which includes Bluetooth and corded products for mobile device applications, personal computer ("PC") and gaming headsets.  

The following table presents net revenues by product group:

	Fiscal Year Ended March 31,
(in thousands)	2016		2017		2018
Net revenues from unaffiliated customers:
Enterprise	$	626,666	$	628,654	$	649,739
Consumer	230,241		252,522		207,164
Total net revenues	$	856,907	$	881,176	$	856,903

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 years ended March 31, 2016, 2017, and 2018.

The following table presents net revenues by geography:

	Fiscal Year Ended March 31,
(in thousands)	2016		2017		2018
Net revenues from unaffiliated customers:
U.S.	$	482,622	$	482,215	$	434,053
Europe and Africa	217,633		226,620		250,763
Asia Pacific	105,687		106,295		99,779
Americas, excluding U.S.	50,965		66,046		72,308
Total International net revenues	374,285		398,961		422,850
Total net revenues	$	856,907	$	881,176	$	856,903

One customer, Ingram Micro Group, accounted for 10.9% of total net revenues in Fiscal Year 2018 and 2017. No customer accounted for 10% or more of total net revenues in Fiscal Years 2016

The following table presents long-lived assets by geographic area on a consolidated basis:

	Fiscal Year Ended March 31,
(in thousands)	2017		2018
U.S.	$	69,085	$	64,975
Mexico	42,923		41,036
The Netherlands	22,637		20,752
Other countries	15,662		15,366
Total long-lived assets	$	150,307	$	142,129

XML

SUBSEQUENT EVENTS

12 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On May 1, 2018, the Audit Committee approved the payment of a dividend of $0.15 per share on June 8, 2018 to holders of record on May 18, 2018.

XML

SUPPLEMENTARY QUARTERLY FINANCIAL DATA

12 Months Ended

Mar. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Supplementary Quarterly Financial Data

SUPPLEMENTARY QUARTERLY FINANCIAL DATA

(Unaudited)

Each of the Company's fiscal years ends on the Saturday closest to the last day of March.  The Company's Fiscal Year 2018 and Fiscal Year 2017 consisted of 52 weeks. Our interim fiscal quarters for the first, second, third, and fourth quarter of Fiscal Year 2018 ended on July 1 2017, September 30, 2017, December 30, 2017, and March 31, 2018, respectively, and our interim fiscal quarters for the first, second, third, and fourth quarter of Fiscal Year 2017 ended on July 2, 2016, October 1, 2016, December 31, 2016, and April 1, 2017, respectively. All interim fiscal quarters presented below consisted of 13 weeks. For purposes of presentation, the Company has indicated its accounting fiscal year as ending on March 31 and our interim quarterly periods as ending on the last calendar day of the applicable month end.

(in thousands, except per share data)	Quarter Ended
	June 30, 2017		September 30, 2017		December 31, 2017			March 31, 2018
Net revenues	$	203,926	$	210,300	$	226,534		$	216,143
Gross profit	$	103,283	$	107,632	$	114,125		$	114,075
Net income	$	18,828	$	19,953	$	(49,504	)	$	9,854
Basic net income per common share	$	0.58	$	0.59	$	(1.54	)	$	0.30
Diluted net income per common share	$	0.57	$	0.59	$	(1.54	)	$	0.29
Cash dividends declared per common share	$	0.15	$	0.15	$	0.15		$	0.15

(in thousands, except per share data)	Quarter Ended
	June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017
Net revenues	$	223,106	$	216,183	$	232,933	$	208,954
Gross profit	$	113,073	$	110,446	$	110,180	$	107,671
Net income	$	20,387	$	20,474	$	22,221	$	19,517
Basic net income per common share	$	0.63	$	0.63	$	0.69	$	0.60
Diluted net income per common share	$	0.62	$	0.63	$	0.68	$	0.59
Cash dividends declared per common share	$	0.15	$	0.15	$	0.15	$	0.15

XML

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Mar. 31, 2018

Valuation and Qualifying Accounts [Abstract]

SCHEDULE II: VALUATION AND QUALITYING ACCOUNTS AND RESERVES

PLANTRONICS, INC.

SCHEDULE II: VALUATION AND QUALIFYING

ACCOUNTS

(in thousands)

		Balance at Beginning of Year		Charged to Expenses or Other Accounts		Deductions			Balance at End of Year
Provision for doubtful accounts and sales allowances:	(1)
Year ended March 31, 2016		$	1,221	$	719	$	(1,376	)	$	564
Year ended March 31, 2017		564		621		(582		)	603
Year ended March 31, 2018		$	603	$	784	$	(514	)	$	873
Provision for returns:	(2)
Year ended March 31, 2016		$	6,194	$	27,635	$	(26,515	)	$	7,314
Year ended March 31, 2017		7,314		35,485		(32,258		)	10,541
Year ended March 31, 2018		$	10,541	$	30,472	$	(30,788	)	$	10,225
Provision for promotions and rebates:	(3)
Year ended March 31, 2016		$	15,401	$	111,244	$	(98,908	)	$	27,737
Year ended March 31, 2017		27,737		150,085		(146,075		)	31,747
Year ended March 31, 2018		$	31,747	$	183,929	$	(177,392	)	$	38,284
Valuation allowance for deferred tax assets:	(4)
Year ended March 31, 2016		$	1,940	$	1,962	$	(1,940	)	$	1,962
Year ended March 31, 2017		1,962		1,130		(883		)	2,209
Year ended March 31, 2018		$	2,209	$	981	$	(676	)	$	2,514

⁽¹⁾  Amounts charged to expenses or other accounts are reflected in the consolidated statements of operations as part of selling, general, and administrative expenses for doubtful accounts and as a reduction to net revenues for sales allowances.

⁽²⁾  Amounts charged to expenses or other accounts are reflected in the consolidated statements of operations as a reduction to net revenues.

⁽³⁾  Amounts charged to expenses or other accounts are reflected in the consolidated statements of operations as a reduction to net revenues.

⁽⁴⁾  Amounts charged to expenses or other accounts are reflected in the consolidated statements of operations as a component of income tax expense.

All other schedules have been omitted because the required information is either not present or not present in the amounts sufficient to require submission of the schedule, or because the information required is included in the consolidated financial statements or notes thereto.

XML

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Management's Use of Estimates and Assumptions

Management's Use of Estimates and Assumptions

The Company's consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). In connection with the preparation of our financial statements, the Company is required to make assumptions and estimates about future events, and apply judgments that affect the reported amounts of assets, liabilities, net revenues, expenses, and the related disclosures. The Company bases its assumptions, estimates, and judgments on historical experience, current trends, future expectations, and other factors that management believes to be relevant at the time the consolidated financial statements are prepared. On an ongoing basis, the Company reviews its accounting policies, assumptions, estimates, and judgments, including those related to revenue and related reserves and allowances, inventory valuation, product warranty obligations, the useful lives of long-lived assets including property, plant and equipment and intangible assets, investment fair values, stock-based compensation, goodwill, income taxes, contingencies, and restructuring charges, to ensure that the consolidated financial statements are presented fairly and in accordance with U.S. GAAP. Because future events and their effects cannot be determined with certainty, actual results could differ from the Company's assumptions and estimates.

Principles of Consolidation

Principles of Consolidation

The consolidated financial statements include the accounts of Plantronics and its wholly owned subsidiaries.  The Company has included the results of operations of acquired companies from the date of acquisition. All intercompany balances and transactions have been eliminated.

Fiscal Year

Fiscal Year

The Company’s fiscal year ends on the Saturday closest to the last day of March. Fiscal Years 2018 and 2017 each had 52 weeks and ended on March 31, 2018 and April 1, 2017, respectively. Fiscal Year 2016 had 53 weeks and ended on April 2, 2016.  For purposes of presentation, the Company has indicated its accounting fiscal year as ending on March 31.

Financial Instruments

Financial Instruments

Cash, Cash Equivalents and Investments

All highly liquid investments with initial stated maturities of three months or less at the date of purchase are classified as cash equivalents. The Company classifies its investments as either short-term or long-term based on each instrument's underlying effective maturity date and reasonable expectations with regard to sales and redemptions of the instruments. All short-term investments have effective maturities less than 12 months, while all long-term investments have effective maturities greater than 12 months. The Company may sell its investments prior to their stated maturities for strategic purposes, in anticipation of credit deterioration, or for duration management. During the year ended March, 31, 2018, we sold our long-term investments and recognized a loss on sale of approximately $1.2 million.   

As of March 31, 2018, with the exception of assets related to the Company's deferred compensation plan and classified as trading securities, all investments were classified as available-for-sale, with unrealized gains and losses recorded as a separate component of accumulated other comprehensive income ("AOCI") in stockholders’ equity.  The specific identification method is used to determine the cost of disposed securities, with realized gains and losses reflected in other non-operating income and (expense), net.

For investments with an unrealized loss, the factors considered in the review include the credit quality of the issuer, the duration that the fair value has been less than the adjusted cost basis, severity of impairment, reason for the decline in value and potential recovery period, the financial condition and near-term prospects of the investees, and whether the Company would be required to sell an investment due to liquidity or contractual reasons before its anticipated recovery.

Foreign Currency Derivatives

The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value.  Derivative foreign currency contracts are valued using pricing models that use observable inputs. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation.  

The Company enters into foreign exchange forward contracts to reduce the impact of foreign currency fluctuations on assets and liabilities denominated in currencies other than the functional currency of the reporting entity.  The Company does not elect to obtain hedge accounting for these forward contracts. These forward contracts are carried at fair value with changes in the fair value recorded within other non-operating income and (expense), net in the consolidated statements of operations.  Gains and losses on these contracts are intended to offset the impact of foreign exchange rate changes on the underlying foreign currency denominated assets and liabilities, and therefore, do not subject the Company to material balance sheet risk. 

The Company has significant international revenues and costs denominated in foreign currencies, subjecting it to foreign currency risk. The Company purchases foreign currency option contracts and cross-currency swaps that qualify as cash flow hedges, with maturities of up to 24 months, to reduce the volatility of cash flows related primarily to forecasted revenue and expenses. All outstanding derivatives are recognized on the balance sheet at fair value. The effective portion of the designated derivative's gain or loss is initially reported as a component of AOCI and is subsequently reclassified into the financial statement line item in which the hedged item is recorded in the same period the forecasted transaction affects earnings.

The Company does not hold or issue derivative financial instruments for speculative trading purposes.  The Company enters into derivatives only with counterparties that are among the largest United States ("U.S.") banks, ranked by assets, in order to minimize its credit risk and to date, no such counterparty has failed to meet its financial obligations under such contracts. 

Provision for Doubtful Accounts

Provision for Doubtful Accounts

The Company maintains a provision for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments.  Plantronics regularly performs credit evaluations of its customers’ financial conditions and considers factors such as historical experience, credit quality, age of the accounts receivable balances, geographic or country-specific risks, and economic conditions that may affect a customer’s ability to pay.

Inventory and Related Reserves

Inventory and Related Reserves

Inventories are valued at the lower of cost or net realizable value.  Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. The Company writes down inventories that have become obsolete or are in excess of anticipated demand or net realizable value. Our estimate of write downs for excess and obsolete inventory is based on a detailed analysis of on-hand inventory and purchase commitments in excess of forecasted demand. 

A substantial portion of the raw materials, components and subassemblies (together, “parts”) used in the Company's products are provided by its suppliers on a consignment basis. These consigned inventories are not recorded on the Company's consolidated balance sheet until it takes title to the parts, which occurs when they are consumed in the production process. The Company provides forecasts to its suppliers covering up to thirteen weeks of demand and places purchase orders when the parts are consumed in the production process, at which time all right, title, and interest in and to the parts transfers to the Company. Prior to consumption in the production process, the Company's suppliers bear the risk of loss and retain title to the consigned inventory.

The terms of the agreements allow the Company to return parts in excess of maximum order quantities to the suppliers at the supplier’s expense. Returns for other reasons are negotiated with the suppliers on a case-by-case basis and to date have been immaterial. As of March 31, 2018, the Company’s aggregate commitment to suppliers for parts used in the manufacture of the Company’s products was $190.0 million, which the Company expects to utilize in the normal course of business, net of an immaterial purchase commitments reserve. The Company’s purchase commitments reserve reflects the Company’s estimate of purchase commitments it does not expect to use in normal ongoing operations within the next twelve months. As of March 31, 2018 and 2017, the off-balance sheet consigned inventory balances were $48.8 million and $52.3 million, respectively.

Product Warranty Obligations

Product Warranty Obligations

The Company records a liability for the estimated costs of warranties at the time the related revenue is recognized. The specific warranty terms and conditions range from one to two years starting from the delivery date to the end user and vary depending upon the product sold and the country in which the Company does business. Factors that affect the warranty obligations include product failure rates, estimated return rates, the amount of time lapsed from the date of sale to the date of return, material usage, service related costs incurred in correcting product failure claims, and knowledge of specific product failures that are outside of the Company’s typical experience.

Goodwill and Purchased Intangibles

Goodwill and Purchased Intangibles

Goodwill has been measured as the excess of the cost of acquisition over the amount assigned to tangible and identifiable intangible assets acquired less liabilities assumed.  At least annually, in the fourth quarter of each fiscal year or more frequently if indicators of impairment exist, management performs a review to determine if the carrying value of goodwill is impaired. The identification and measurement of goodwill impairment involves the estimation of fair value at the Company’s reporting unit level.  The Company determines its reporting units by assessing whether discrete financial information is available and if segment management regularly reviews the results of that component. The Company has determined it has one reporting unit.

The Company performs an initial assessment of qualitative factors to determine whether the existence of events and circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of relevant events and circumstances, the Company determines that it is more likely than not that the fair value of the reporting unit exceeds its carrying value and there is no indication of impairment, no further testing is performed; however, if the Company concludes otherwise, the first step of the two-step impairment test must be performed by estimating the fair value of the reporting unit and comparing it with its carrying value, including goodwill.

Intangible assets other than goodwill are carried at cost and amortized over their estimated useful lives. The Company reviews identifiable finite-lived intangible assets to be held and used for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Determination of recoverability is based on the lowest level of identifiable estimated undiscounted cash flows resulting from use of the asset and its ultimate disposition. Measurement of any impairment loss is based on the amount by which the carrying value of the asset exceeds its fair market value.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment is stated at cost less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets, which range from two to thirty years.  Amortization of leasehold improvements is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the remaining lease term. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the assets.

Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company recognizes an impairment charge in the event the net book value of such assets exceeds the future undiscounted cash flows attributable to the asset group. No material impairment losses were incurred in the periods presented.

Fair Value Measurements

Fair Value Measurements

All financial assets and liabilities are recognized or disclosed at fair value in the financial statements. 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 derivative foreign currency contracts, Government Agency Securities, Commercial Paper, Corporate Bonds, Certificates of Deposits ("CDs"), and 5.50% senior notes (the "5.50% Senior Notes").

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. 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.

The fair value of the Company's 5.50% Senior Notes is determined based on observable market inputs, including the trading price of the 5.50% Senior Notes.

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 a variable rate that approximates rates currently available to the Company. 

Revenue Recognition

Revenue Recognition

The Company sells substantially all of its products to end users through distributors, retailers, and carriers. The Company's revenue is derived from the sale of headsets, telephone headset systems, and accessories for the business and consumer markets and is recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collection is reasonably assured. These criteria are usually met at the time of product shipment; however, the Company defers revenue when any significant obligations remain and for Fiscal Years 2016, 2017, and 2018 this accounted for less than 1% of the Company's net revenues. Customer contracts and/or purchase orders are used to determine the existence of an arrangement. Product is considered delivered once it has been shipped and title and risk of loss have been transferred to the customer. The Company assesses whether a price is fixed or determinable based upon the selling terms associated with the transaction and whether the sales price is subject to refund or adjustment. The Company assesses collectability based on a customer's credit quality, historical experience, and geographic or country-specific risks and economic conditions that may affect a customer's ability to pay.

Revenue is recorded net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded as current liabilities until remitted to the relevant government authority. Shipping and handling costs incurred in connection with the sale of products are included in cost of revenues.

Sales through retail and distribution channels are made primarily under agreements or commitments allowing for rights of return and include various sales incentive programs, such as back end rebates, discounts, marketing development funds, price protection, and other sales incentives. The Company can reasonably estimate back end rebates, discounts and similar incentives due to an established sales history with its customers and records the estimated reserves and allowances at the time the related revenue is recognized. The Company recognizes marketing development funds at the later of when the related revenue is recognized or the program is offered to the channel partner. The nature of the sales incentive programs offered to channel partners is such that the Company cannot identify a benefit that is sufficiently separable from the channel partners’ purchase of products, nor does it have the infrastructure to establish fair value for the multitude of activities supported by these programs. As a result, substantially all sales incentives to our channel partners in the form of cash consideration, are recorded as a reduction to revenue.

Sales return reserves are estimated based on historical data, relevant current data, and the monitoring of inventory build-up in the distribution channel.

When a sales arrangement contains multiple elements, such as hardware and software products and/or services, the Company allocates revenue to each element based on relative selling prices. The selling price for a deliverable is based on its vendor specific objective evidence ("VSOE"), if available, third party evidence ("TPE") if VSOE is not available, or estimated selling price ("ESP") if neither VSOE nor TPE is available. In multiple element arrangements where more-than-incidental software deliverables are included, the Company allocates revenue to each separate unit of accounting for each of the non-software deliverables and to the software deliverables as a group using the relative selling prices of each of the deliverables in the arrangement based on the aforementioned selling price hierarchy.

Advertising Costs

Advertising Costs

The Company expenses all advertising costs as incurred.

Income Taxes

Income Taxes

Deferred income taxes are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. The Company records a valuation allowance against particular deferred income tax assets if it is more likely than not that those assets will not be realized. The provision for income taxes comprises the Company's current tax liability and changes in deferred income tax assets and liabilities.

Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite its belief that its tax return positions are in accordance with applicable tax laws. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit, new tax legislation, or the change of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made. The provision for income taxes includes the effect of reserve provisions and changes to reserves that are considered appropriate, as well as the related net interest and penalties.

The Company follows the tax law ordering to determine when excess tax benefits have been realized.

The Company is subject to income taxes in the U.S. and foreign jurisdictions. At any one time, multiple tax years are subject to audit by various tax authorities.

Earnings Per Share

Earnings Per Share

Comprehensive Income

Comprehensive Income

Comprehensive income consists of two components, net income and other comprehensive income.  Other comprehensive income refers to income, expenses, gains, and losses that under U.S. GAAP are recorded as an element of stockholders’ equity but are excluded from net income.  Accumulated other comprehensive income, as presented in the accompanying consolidated balance sheets, consists of foreign currency translation adjustments, unrealized gains and losses on derivatives designated as cash flow hedges, net of tax, and unrealized gains and losses on marketable securities classified as available-for-sale, net of tax.

Foreign Operations and Currency Translation

Foreign Operations and Currency Translation

The Company's functional currency is the U.S. Dollar (“USD") .  Assets and liabilities denominated in currencies other than the USD, are re-measured at the period-end rates for monetary assets and liabilities and at historical rates for non-monetary assets and liabilities.  Revenues and expenses are re-measured at average monthly rates, which approximate actual rates.  Currency transaction gains and losses are recognized in other non-operating income and (expense), net.

Stock-Based Compensation Expense

Stock-Based Compensation Expense

The Company applies the provisions of the Compensation - Stock Compensation Topic of the FASB ASC 718, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and non-employee directors based on estimated fair values. 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 Company adopted the new stock-based compensation accounting guidance effective in Fiscal Year 2018. 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 adoption of this guidance had an immaterial impact on the Company's effective tax rate for the year ended March 31, 2018. 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. For further details refer to Note 16, Income Taxes.

Treasury Shares

Treasury Shares

From time to time, the Company repurchases shares of its common stock, depending on market conditions, in the open market or through privately negotiated transactions, in accordance with programs authorized by the Board of Directors.  Repurchased shares are held as treasury stock until such time as they are retired or re-issued. Retirements of treasury stock are non-cash equity transactions in which the reacquired shares are returned to the status of authorized but unissued shares and the cost is recorded as a reduction to both retained earnings and treasury stock. The stock repurchase programs are intended to offset the impact of dilution resulting from the Company's stock-based compensation programs.

Concentration of Risk

Concentration of Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, short-term and long-term investments, and trade accounts receivable.  

Plantronics’ investment policy limits investments to highly-rated securities. In addition, the Company limits the amount of credit exposure to any one issuer and restricts placement of these investments to issuers evaluated as creditworthy.  As of March 31, 2017 and 2018 the Company's investments were composed of Mutual Funds, US Treasury Notes, Government Agency Securities, Commercial Paper, Corporate Bonds, and Certificates of Deposits ("CDs").

Concentrations of credit risk with respect to trade receivables are limited due to the large number of customers that comprise the Company’s customer base and their dispersion across different geographies and markets. One customer Ingram Micro Group accounted for 17.6% of total net accounts receivable as of March 31, 2017. Two customers, D & H Distributing Company and Ingram Micro Group, accounted for 13.0% and 12.4%, respectively, of total net accounts receivable as of March 31, 2018. The Company does not believe other significant concentrations of credit risk exist. Plantronics performs ongoing credit evaluations of its customers' financial condition and requires no collateral from its customers.  The Company maintains a provision for doubtful accounts based upon expected collectibility of all accounts receivable.

Certain inventory components required by the Company are only available from a limited number of suppliers.  The rapid rate of technological change and the necessity of developing and manufacturing products with short lifecycles may intensify these risks.  The inability to obtain components as required, or to develop alternative sources, as required in the future, could result in delays or reductions in product shipments, which in turn could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. 

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 Years 2017 and 2018.

Reclassifications

Certain prior year amounts have been reclassified for consistency with current year presentation. Each of the reclassifications was immaterial and had no effect on the Company's results of operations.

XML

CASH, CASH EQUIVALENTS AND INVESTMENTS (Tables)

12 Months Ended

Mar. 31, 2018

CASH, CASH EQUIVALENTS AND INVESTMENTS [Abstract]

Cash, Cash Equivalents and Investments

The following tables summarize the Company’s cash, cash equivalents, and investments’ adjusted cost, gross unrealized gains, gross unrealized losses, and fair value by significant investment category recorded as cash and cash equivalents, short-term, or long-term investments as of March 31, 2017 and 2018 (in thousands):

March 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash & Cash Equivalents		Short-term investments (due in 1 year or less)		Long-term investments (due in 1 to 3 years)
Cash	$	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 and investments measured at fair value	$	607,374	$	439	$	(488	)	$	607,325	$	301,970	$	178,179	$	127,176

March 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash & Cash Equivalents		Short-term investments (due in 1 year or less)		Long-term investments (due in 1 to 3 years)
Cash	$	308,734	$	—	$	—		$	308,734	$	308,734	$	—	$	—
Level 1:
Mutual Funds	13,336		186		(67		)	13,455		—		13,455		—
US Treasury Notes	129,373		7		(60		)	129,320		30,178		99,142		—
Money Market Funds	344		—		—			344		344		—		—
Subtotal	143,053		193		(127		)	143,119		30,522		112,597		—
Level 2:
Government Agency Securities	46,354		—		(56		)	46,298		6,978		39,320		—
Municipal Bonds	3,591		—		—			3,591		3,591		—		—
Commercial Paper	84,512		—		—			84,512		40,836		43,676		—
Corporate Bonds	54,701		—		(212		)	54,489		—		54,489		—
Certificates of Deposits ("CDs")	19,231		—		—			19,231		—		19,231		—
Subtotal	208,389		—		(268		)	208,121		51,405		156,716		—
Total cash, cash equivalents and investments measured at fair value	$	660,176	$	193	$	(395	)	$	659,974	$	390,661	$	269,313	$	—

XML

DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS (Tables)

12 Months Ended

Mar. 31, 2018

Balance Sheet Related Disclosures [Abstract]

Accounts receivable, net

Accounts receivable, net:

	March 31,
(in thousands)	2017			2018
Accounts receivable	$	184,068		$	202,270
Provisions for returns	(10,541		)	(10,225		)
Provisions for promotions and rebates	(31,747		)	(38,284		)
Provisions for doubtful accounts and sales allowances	(603		)	(873		)
Accounts receivable, net	$	141,177		$	152,888

Inventory, net

Inventory, net:

	March 31,
(in thousands)	2017		2018
Raw materials	$	20,260	$	28,789
Work in process	215		450
Finished goods	34,981		39,037
Inventory, net	$	55,456	$	68,276

Property, Plant and Equipment

Property, plant, and equipment, net:

	March 31,
(in thousands)	2017			2018
Land	$	16,418		$	16,564
Buildings and improvements (useful life: 7-30 years)	115,909			115,401
Machinery and equipment (useful life: 2-10 years)	108,477			112,719
Software (useful life: 5-10 years)	46,806			50,631
Construction in progress	6,899			5,428
Property, plant, and equipment, gross	294,509			300,743
Accumulated depreciation and amortization	(144,202		)	(158,614		)
Property, plant, and equipment, net	$	150,307		$	142,129

Accrued Liabilities

Accrued liabilities:

	March 31,
(in thousands)	2017		2018
Employee compensation and benefits	$	36,415	$	28,599
Accrued interest on 5.50% Senior Notes	10,407		10,331
Warranty obligation, short-term portion	6,863		7,550
VAT/Sales Tax Payable	5,433		5,353
Derivative liabilities	1,323		2,947
Accrued other	13,844		25,317
Accrued liabilities	$	74,285	$	80,097

Changes in the warranty obligation accrual

Changes in the warranty obligation, which are included as a component of accrued liabilities in the consolidated balance sheets, are as follows:

	Year ended March 31,
(in thousands)	2017			2018
Warranty obligation at beginning of year	$	8,537		$	8,697
Warranty provision related to products shipped	9,451			9,923
Deductions for warranty claims processed	(9,824		)	(10,193		)
Adjustments related to preexisting warranties	533			1,177
Warranty obligation at end of year 1	$	8,697		$	9,604

¹Includes 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 consolidated balance sheet. The long-term portion is included in other long-term liabilities.

XML

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Mar. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Minimum future rental payments under non-cancelable operating leases having remaining terms in excess of one year as of March 31, 2018 are as follows:

Fiscal Year Ending March 31, 2018	(in thousands)
2019	$	2,556
2020	2,142
2021	1,823
2022	1,322
2023	823
Thereafter	1,304
Total minimum future rental payments	$	9,970

XML

DEBT (Tables)

12 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Summary of debt, fair value

	March 31, 2017				March 31, 2018
(in thousands)	Fair Value		Carrying Value		Fair Value		Carrying Value
5.50% Senior Notes	$	505,150	$	491,059	$	497,095	$	492,509

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	105.50%

⁽¹⁾ If the Company redeems the notes prior to the applicable date, the price is principal plus a make-whole premium equal to the present value of the remaining scheduled interest payments as described in the applicable indenture, together with accrued and unpaid interest.

⁽²⁾ If the Company redeems the notes on or after the applicable date, the price is principal plus a premium which declines over time as specified in the applicable indenture, together with accrued and unpaid interest.

⁽³⁾ If the Company redeems the notes prior to the applicable date with net cash proceeds of one or more equity offerings, the price is equal to the amount specified above, together with accrued and unpaid interest, subject to a maximum redemption of 35% of the aggregate principal amount of the respective note being redeemed.

XML

RESTRUCTURING AND OTHER RELATED CHARGES (Tables)

12 Months Ended

Mar. 31, 2018

Restructuring and Related Activities [Abstract]

Restructuring and Other Related Charges (Credits)

The associated charges for year ended March 31, 2018 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:

	Year ended March 31, 2018
(in millions)	Total Charges		Restructuring and Other Related Charges (Credits)		Cost of Revenues		Selling, General, and Administrative
Severance benefits from reduction-in-force	$	1.4	$	1.4	$	—	$	—
Lease exit charges 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	$	4.3	$	2.5	$	1.6	$	0.2

XML

STOCK PLANS AND STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Mar. 31, 2018

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 expense included in the consolidated statements of operations for the periods presented:

	Fiscal Year Ended March 31,
(in thousands)	2016			2017			2018
Cost of revenues	$	3,306		$	3,244		$	3,622
Research, development and engineering	9,908			8,616			8,071
Selling, general and administrative	20,051			21,679			22,266
Stock-based compensation expense included in operating expenses	29,959			30,295			30,337
Total stock-based compensation	33,265			33,539			33,959
Income tax benefit	(10,950		)	(10,768		)	(7,880		)
Total stock-based compensation expense, net of tax	$	22,315		$	22,771		$	26,079

Summary of Stock Option Activity

The following is a summary of the Company’s stock option activity during Fiscal Year 2018:

	Options Outstanding
	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
	(in thousands)				(in years)	(in thousands)
Outstanding at March 31, 2017	1,417		$	43.41
Options granted	15		$	52.11
Options exercised	(505	)	$	36.04
Options forfeited or expired	(4	)	$	53.23
Outstanding at March 31, 2018	923		$	47.53	3.8	$	11,853
Vested or expected to vest at March 31, 2018	918		$	47.54	3.8	$	11,781
Exercisable at March 31, 2018	758		$	47.69	3.5	$	9,612

Summary of Restricted Stock Activity

The following is a summary of the Company’s restricted stock activity during Fiscal Year 2018:

	Number of Shares		Weighted Average Grant Date Fair Value
	(in thousands)
Unvested at March 31, 2017	1,172		$	47.86
Restricted stock granted	784		$	53.62
Restricted stock vested	(577	)	$	48.12
Restricted stock forfeited	(125	)	$	50.30
Non-vested at March 31, 2018	1,254		$	51.09

Valuation Assumptions

The Company estimates the fair value of stock options and ESPP shares using a Black-Scholes option valuation model.  At the date of grant, the Company estimated the fair value of each stock option grant and purchase right granted under the ESPP using the following weighted average assumptions:

	Employee Stock Options									ESPP
Fiscal Year Ended March 31,	2016			2017			2018			2016			2017			2018
Expected volatility	27.0		%	31.1		%	29.1		%	33.5		%	28.8		%	30.5		%
Risk-free interest rate	1.4		%	1.1		%	1.7		%	0.3		%	0.6		%	1.5		%
Expected dividends	1.1		%	1.4		%	1.2		%	1.4		%	1.1		%	1.2		%
Expected life (in years)	4.2			4.4			4.6			0.5			0.5			0.5
Weighted-average grant date fair value	$	11.39		$	10.39		$	12.58		$	10.33		$	12.03		$	11.78

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)

12 Months Ended

Mar. 31, 2018

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income, net of associated tax impacts, were as follows:

	March 31,
(in thousands)	2017			2018
Accumulated unrealized gain (loss) on cash flow hedges (1)	$	529		$	(1,663	)
Accumulated foreign currency translation adjustments	4,428			4,685
Accumulated unrealized gain on investments	(263		)	(152		)
Accumulated other comprehensive income	$	4,694		$	2,870

⁽¹⁾ Refer to Note 15, Foreign Currency Derivatives, which discloses the nature of the Company's derivative assets and liabilities as of March 31, 2017andMarch 31, 2018.

XML

FOREIGN CURRENCY DERIVATIVES (Tables)

12 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Offsetting Financial Assets Under Master Netting Agreements

As of March 31, 2017:

	Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Liabilities			Cash Collateral Received		Net Amount of Derivative Assets
Derivatives subject to master netting agreements	$	2,120	$	(1,395	)	$	—	$	725
Derivatives not subject to master netting agreements	—							—
Total	$	2,120						$	725

As of March 31, 2018:

	Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheets		Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)			Gross Amount of Eligible Offsetting Recognized Derivative Liabilities			Cash Collateral Received		Net Amount of Derivative Assets
Derivatives subject to master netting agreements	$	772	$	(772	)	$	—	$	—
Derivatives not subject to master netting agreements	—							—
Total	$	772						$	—

Offsetting Financial Liabilities Under Master Netting Agreements

	Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets			Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)				Gross Amount of Eligible Offsetting Recognized Derivative Assets		Cash Collateral Received		Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements	$	(1,395	)	$	1,395	$	—	$	—
Derivatives not subject to master netting agreements	—							—
Total	$	(1,395	)					$	—

	Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheets			Gross Amounts Not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
(in thousands)				Gross Amount of Eligible Offsetting Recognized Derivative Assets		Cash Collateral Received		Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements	$	(3,037	)	$	772	$	—	$	(2,265	)
Derivatives not subject to master netting agreements	—							—
Total	$	(3,037	)					$	(2,265	)

Notional Amounts of Outstanding Foreign Exchange Contracts and Approximate U.S. Dollar Equivalent

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		March 31, 2018
	EUR	GBP	EUR	GBP
Option contracts	€73.5	£23.9	€77.8	£23.7
Forward contracts	€11.2	£3.3	€16.7	£3.7

The following table summarizes the notional value of the Company’s outstanding foreign exchange currency contracts and approximate U.S. Dollar ("USD") equivalent at March 31, 2018:

	Local Currency		USD Equivalent		Position	Maturity
	(in thousands)		(in thousands)
EUR	€	32,050	$	39,557	Sell EUR	1 month
GBP	£	10,900	$	15,313	Sell GBP	1 month
AUD	A$	13,600	$	10,456	Sell AUD	1 month
CAD	C$	2,500	$	1,939	Sell CAD	1 month

Effect of Non-Designated Derivative Contracts On Results of Operations Recognized in Interest and Other Income (Expense), Net in Statements of Operations

The effect of non-designated derivative contracts on results of operations recognized in other non-operating income and (expense), net in the consolidated statements of operations was as follows:

	Fiscal Year Ended March 31,
(in thousands)	2016		2017		2018
Gain on foreign exchange contracts	$	494	$	4,599	$	7,405

Notional Value of Outstanding Currency Swaps and Approximate U.S. Dollar Equivalent

The following table summarizes the notional value of the Company's outstanding MXN currency swaps and approximate USD Equivalent at March 31, 2018:

	Local Currency	USD Equivalent		Position	Maturity
	(in thousands)	(in thousands)
MX$	31,830	$	1,599	Buy MXN	Monthly over	3 months

Balance of Designated Derivative Contracts and the Pre-Tax Impact on Accumulated Other Comprehensive Income

The following table presents the pre-tax effects of derivative instruments designated as cash flow hedges on AOCI and the consolidated statements of operations for fiscal years ended March 31, 2016, 2017, and 2018:

(in thousands)	2016			2017			2018
Gain (loss) included in AOCI as of beginning of period	$	5,705		$	(1,106	)	$	541
Amount of gain (loss) recognized in OCI (effective portion)	(3,786		)	3,095			(6,741		)
Amount of (gain) loss reclassified from OCI into net revenues (effective portion)	(7,826		)	(4,111		)	4,715
Amount of (gain) loss reclassified from OCI into cost of revenues (effective portion)	4,801			2,663			(208		)
Total amount of (gain) loss reclassified from AOCI to consolidated statements of operations (effective portion)	(3,025		)	(1,448		)	4,507
Gain (loss) included in AOCI as of end of period	$	(1,106	)	$	541		$	(1,693	)

XML

INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense for Fiscal Years 2016, 2017, and 2018 consisted of the following:

	Fiscal Year Ended March 31,
(in thousands)	2016			2017			2018
Current:
Federal	$	15,702		$	10,591		$	82,523
State	1,934			457			4,274
Foreign	4,644			7,731			6,860
Total current provision for income taxes	22,280			18,779			93,657
Deferred:
Federal	(7,767		)	1,022			9,002
State	(1,103		)	(117		)	(1,585		)
Foreign	374			(618		)	22
Total deferred income tax expense (benefit)	(8,496		)	287			7,439
Income tax expense	$	13,784		$	19,066		$	101,096

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before income taxes for Fiscal Years 2016, 2017, and 2018 are as follows:

	Fiscal Year Ended March 31,
(in thousands)	2016		2017		2018
United States	$	42,184	$	43,377	$	17,654
Foreign	39,992		58,288		82,573
Income before income taxes	$	82,176	$	101,665	$	100,227

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation between statutory federal income taxes and the income tax expense for Fiscal Years 2016, 2017, and 2018:

	Fiscal Year Ended March 31,
(in thousands)	2016			2017			2018
Tax expense at statutory rate	$	28,762		$	35,583		$	31,631
Foreign operations taxed at different rates	(9,478		)	(13,183		)	(17,970		)
State taxes, net of federal benefit	831			340			2,689
Research and development credit	(3,133		)	(3,119		)	(2,023		)
Unwind of stock based compensation cost sharing	(2,855		)	—			—
Impact of Tax Act	—			—			87,790
Stock based compensation	(487		)	(365		)	(1,771		)
Other, net	144			(190		)	750
Income tax expense	$	13,784		$	19,066		$	101,096

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities as of March 31, 2017 and 2018 are as follows:

	March 31,
(in thousands)	2017			2018
Accruals and other reserves	$	8,526		$	4,809
Deferred Compensation	4,859			3,467
Net operating loss carry forward	2,221			1,540
Stock compensation	12,821			8,384
Tax credits	4,530			6,504
Other deferred tax assets	1,711			1,070
Valuation allowance	(2,209		)	(2,514		)
Total deferred tax assets	32,459			23,260
Deferred gains on sales of properties	(1,771		)	(1,160		)
Unremitted earnings of certain subsidiaries	—			(1,976		)
Fixed asset depreciation	(7,351		)	(4,150		)
Total deferred tax liabilities	(9,122		)	(7,286		)
Net deferred tax assets(1)	$	23,337		$	15,974

⁽¹⁾ The Company's deferred tax assets for the fiscal year ending March 31, 2017 and March 31, 2018, are included as a component of other assets on the consolidated balance sheets.

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the change in the amount of gross unrecognized income tax benefits for the periods is as follows:

	March 31,
(in thousands)	2016			2017			2018
Balance at beginning of period	$	12,821		$	12,692		$	12,854
Increase (decrease) of unrecognized tax benefits related to prior fiscal years	(598		)	(2		)	(1,310		)
Increase of unrecognized tax benefits related to the current year	2,252			2,195			3,085
Reductions to unrecognized tax benefits related to settlements with taxing authorities	(149		)	—			(115		)
Reductions to unrecognized tax benefits related to lapse of applicable statute of limitations	(1,634		)	(2,031		)	(1,902		)
Balance at end of period	$	12,692		$	12,854		$	12,612

XML

COMPUTATION OF EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

Mar. 31, 2018

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 years ended March 31, 2018, 2017 and 2016:

(in thousands, except earnings per share data)	Fiscal Year Ended March 31,
	2016		2017		2018
Numerator:
Net income	$	68,392	$	82,599	$	(869	)
Denominator:
Weighted average common shares-basic	34,127		32,279		32,345
Dilutive effect of employee equity incentive plans	811		684		—
Weighted average shares-diluted	34,938		32,963		32,345
Basic earnings per common share	$	2.00	$	2.56	$	(0.03	)
Diluted earnings per common share	$	1.96	$	2.51	$	(0.03	)
Potentially dilutive securities excluded from diluted earnings per share because their effect is anti-dilutive	326		574		543

XML

GEOGRAPHIC INFORMATION (Tables)

12 Months Ended

Mar. 31, 2018

Segments, Geographical Areas [Abstract]

Revenue from External Customers by Products and Services

The following table presents net revenues by product group:

	Fiscal Year Ended March 31,
(in thousands)	2016		2017		2018
Net revenues from unaffiliated customers:
Enterprise	$	626,666	$	628,654	$	649,739
Consumer	230,241		252,522		207,164
Total net revenues	$	856,907	$	881,176	$	856,903

Net Revenues by Geography

The following table presents net revenues by geography:

	Fiscal Year Ended March 31,
(in thousands)	2016		2017		2018
Net revenues from unaffiliated customers:
U.S.	$	482,622	$	482,215	$	434,053
Europe and Africa	217,633		226,620		250,763
Asia Pacific	105,687		106,295		99,779
Americas, excluding U.S.	50,965		66,046		72,308
Total International net revenues	374,285		398,961		422,850
Total net revenues	$	856,907	$	881,176	$	856,903

Schedule of Long-Lived Assets, by Geographic Areas

The following table presents long-lived assets by geographic area on a consolidated basis:

	Fiscal Year Ended March 31,
(in thousands)	2017		2018
U.S.	$	69,085	$	64,975
Mexico	42,923		41,036
The Netherlands	22,637		20,752
Other countries	15,662		15,366
Total long-lived assets	$	150,307	$	142,129

XML

SUPPLEMENTARY QUARTERLY FINANCIAL DATA (Tables)

12 Months Ended

Mar. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

(in thousands, except per share data)	Quarter Ended
	June 30, 2017		September 30, 2017		December 31, 2017			March 31, 2018
Net revenues	$	203,926	$	210,300	$	226,534		$	216,143
Gross profit	$	103,283	$	107,632	$	114,125		$	114,075
Net income	$	18,828	$	19,953	$	(49,504	)	$	9,854
Basic net income per common share	$	0.58	$	0.59	$	(1.54	)	$	0.30
Diluted net income per common share	$	0.57	$	0.59	$	(1.54	)	$	0.29
Cash dividends declared per common share	$	0.15	$	0.15	$	0.15		$	0.15

(in thousands, except per share data)	Quarter Ended
	June 30, 2016		September 30, 2016		December 31, 2016		March 31, 2017
Net revenues	$	223,106	$	216,183	$	232,933	$	208,954
Gross profit	$	113,073	$	110,446	$	110,180	$	107,671
Net income	$	20,387	$	20,474	$	22,221	$	19,517
Basic net income per common share	$	0.63	$	0.63	$	0.69	$	0.60
Diluted net income per common share	$	0.62	$	0.63	$	0.68	$	0.59
Cash dividends declared per common share	$	0.15	$	0.15	$	0.15	$	0.15

XML

SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2017 USD ($)	Mar. 31, 2018 USD ($) Customer	Mar. 31, 2017 USD ($) Customer	Mar. 31, 2016 USD ($)	Mar. 31, 2015	May 31, 2015
Product Information [Line Items]
Duration of fiscal year		364 days	371 days	364 days	364 days
Loss on sale of long-term investments		$ 1,200
Unconditional purchase obligations		190,000
Off-balance sheet consigned inventory		48,800	$ 52,300
Advertising expense		$ 900	$ 1,800	$ 2,000
Number of customers accounting for 10% or more of net accounts receivable | Customer		2	1
Income tax expense		$ 101,096	$ 19,066	$ 13,784
Minimum
Product Information [Line Items]
Product warranty terms		1 year
Maximum
Product Information [Line Items]
Product warranty terms		2 years
Customer concentration risk | Accounts receivable
Product Information [Line Items]
Concentration risk percentage			17.60%
5.50% Senior Notes | Senior notes
Product Information [Line Items]
Stated interest rate		5.50%				5.50%
Out-of-Period Error Resulting in Overstatement of Income Tax Expense
Product Information [Line Items]
Income tax expense	$ (2,800)
Out-of-Period Error Resulting in Overstatement of Income Tax Expense | Restatement Adjustment
Product Information [Line Items]
Income tax expense			$ 2,800
D & H Distributing | Customer concentration risk | Accounts receivable
Product Information [Line Items]
Concentration risk percentage		13.00%
Ingram Micro | Customer concentration risk | Accounts receivable
Product Information [Line Items]
Concentration risk percentage		12.40%

XML

RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred revenue	$ 2,300
Excess tax benefits	2,700
Reclassification of excess tax benefits from financing activities	60,446	$ 47,968	$ 60,237
Reclassification of excess tax benefits into operating activities	$ 121,148	139,387	150,409
ASU 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification of excess tax benefits from financing activities		1,400	3,500
Reclassification of excess tax benefits into operating activities		$ 1,400	$ 3,500

XML

CASH, CASH EQUIVALENTS AND INVESTMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	$ 390,661	$ 301,970	$ 235,266	$ 276,850
Short-term investments (due in 1 year or less)	269,313	178,179
Long-term investments (due in 1 to 3 years)	0	127,176
Total cash, cash equivalents and investments measured at fair value, amortized cost	660,176	607,374
Total cash, cash equivalents and investments measured at fair value, gross unrealized gain	193	439
Total cash, cash equivalents and investments measured at fair value, gross unrealized loss	(395)	(488)
Total cash, cash equivalents and investments measured at fair value, fair value	659,974	607,325
Loss on sale of long-term investments	1,200
Level 1
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	30,522	0
Available-for-sale Securities, amortized cost basis	143,053	48,039
Available-for-sale Securities, gross unrealized gains	193	352
Available-for-sale Securities, gross unrealized losses	(127)	(100)
Available-for-sale Securities, fair value	143,119	48,291
Short-term investments (due in 1 year or less)	112,597	29,959
Long-term investments (due in 1 to 3 years)	0	18,332
Level 2
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	51,405	6,093
Available-for-sale Securities, amortized cost basis	208,389	263,458
Available-for-sale Securities, gross unrealized gains	0	87
Available-for-sale Securities, gross unrealized losses	(268)	(388)
Available-for-sale Securities, fair value	208,121	263,157
Short-term investments (due in 1 year or less)	156,716	148,220
Long-term investments (due in 1 to 3 years)	0	108,844
Cash
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	308,734	295,877
Money Market Funds | Level 1
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	344
Available-for-sale Securities, amortized cost basis	344
Available-for-sale Securities, gross unrealized gains	0
Available-for-sale Securities, gross unrealized losses	0
Available-for-sale Securities, fair value	344
Mutual Funds | Level 1
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	0	0
Available-for-sale Securities, amortized cost basis	13,336	12,079
Available-for-sale Securities, gross unrealized gains	186	352
Available-for-sale Securities, gross unrealized losses	(67)	(32)
Available-for-sale Securities, fair value	13,455	12,399
Short-term investments (due in 1 year or less)	13,455	12,399
Long-term investments (due in 1 to 3 years)	0	0
US Treasury Notes | Level 1
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	30,178	0
Available-for-sale Securities, amortized cost basis	129,373	35,960
Available-for-sale Securities, gross unrealized gains	7	0
Available-for-sale Securities, gross unrealized losses	(60)	(68)
Available-for-sale Securities, fair value	129,320	35,892
Short-term investments (due in 1 year or less)	99,142	17,560
Long-term investments (due in 1 to 3 years)	0	18,332
Money Market Funds | Level 1
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Short-term investments (due in 1 year or less)	0
Long-term investments (due in 1 to 3 years)	0
Government Agency Securities | Level 2
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	6,978	0
Available-for-sale Securities, amortized cost basis	46,354	54,415
Available-for-sale Securities, gross unrealized gains	0	20
Available-for-sale Securities, gross unrealized losses	(56)	(164)
Available-for-sale Securities, fair value	46,298	54,271
Short-term investments (due in 1 year or less)	39,320	15,309
Long-term investments (due in 1 to 3 years)	0	38,962
Municipal Bonds | Level 2
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	3,591
Available-for-sale Securities, amortized cost basis	3,591
Available-for-sale Securities, gross unrealized gains	0
Available-for-sale Securities, gross unrealized losses	0
Available-for-sale Securities, fair value	3,591
Short-term investments (due in 1 year or less)	0
Long-term investments (due in 1 to 3 years)	0
Commercial Paper-not included in Cash and Cash Equivalents | Level 2
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	40,836	6,093
Available-for-sale Securities, amortized cost basis	84,512	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	84,512	47,152
Short-term investments (due in 1 year or less)	43,676	41,059
Long-term investments (due in 1 to 3 years)	0	0
Corporate Bonds | Level 2
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	0	0
Available-for-sale Securities, amortized cost basis	54,701	141,508
Available-for-sale Securities, gross unrealized gains	0	64
Available-for-sale Securities, gross unrealized losses	(212)	(224)
Available-for-sale Securities, fair value	54,489	141,348
Short-term investments (due in 1 year or less)	54,489	73,676
Long-term investments (due in 1 to 3 years)	0	67,672
Certificates of Deposits (CDs) | Level 2
Schedule of Cash, Cash Equivalents and Investments [Line Items]
Cash and cash equivalents	0	0
Available-for-sale Securities, amortized cost basis	19,231	20,383
Available-for-sale Securities, gross unrealized gains	0	3
Available-for-sale Securities, gross unrealized losses	0	0
Available-for-sale Securities, fair value	19,231	20,386
Short-term investments (due in 1 year or less)	19,231	18,176
Long-term investments (due in 1 to 3 years)	$ 0	$ 2,210

XML

DEFERRED COMPENSATION (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Cash and cash equivalents	$ 390,661	$ 301,970	$ 235,266	$ 276,850
Other long-term liabilities
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Deferred compensation liability, noncurrent	14,100	13,700
Mutual Funds | Short-term investments
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Investments	$ 13,500	12,400
Bank time deposits | Cash and cash equivalents
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Cash and cash equivalents		$ 800

XML

DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 202,270	$ 184,068
Accounts receivable, net	152,888	141,177
Provision For Returns
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable reserves	(10,225)	(10,541)
Provision for promotions and rebates
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable reserves	(38,284)	(31,747)
Provision for doubtful accounts and sales allowances
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable reserves	$ (873)	$ (603)

XML

DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Inventory, net (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 28,789	$ 20,260
Work in process	450	215
Finished goods	39,037	34,981
Inventory, net	$ 68,276	$ 55,456

XML

DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Property, Plant and Equipment, Net [Abstract]
Land	$ 16,564	$ 16,418
Buildings and improvements (useful life: 7-30 years)	115,401	115,909
Machinery and equipment (useful life: 2-10 years)	112,719	108,477
Software (useful life: 5-10 years)	50,631	46,806
Construction in progress	5,428	6,899
Property, plant, and equipment, gross	300,743	294,509
Accumulated depreciation and amortization	(158,614)	(144,202)
Property, plant, and equipment, net	142,129	150,307
Depreciation and amortization expense	21,100	20,700	$ 19,900
Unamortized capitalized software costs	23,600	24,400
Amortization expense related to capitalized software costs	$ 4,900	$ 4,400	$ 4,100
Building and improvements | Minimum
Property, Plant and Equipment, Net [Abstract]
Useful life	7 years
Building and improvements | Maximum
Property, Plant and Equipment, Net [Abstract]
Useful life	30 years
Machinery and equipment | Minimum
Property, Plant and Equipment, Net [Abstract]
Useful life	2 years
Machinery and equipment | Maximum
Property, Plant and Equipment, Net [Abstract]
Useful life	10 years
Software | Minimum
Property, Plant and Equipment, Net [Abstract]
Useful life	5 years
Software | Maximum
Property, Plant and Equipment, Net [Abstract]
Useful life	10 years

XML

DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017	May 31, 2015
Accrued Liabilities [Abstract]
Employee compensation and benefits	$ 28,599	$ 36,415
Accrued interest on 5.50% Senior Notes	10,331	10,407
Warranty obligation, short-term portion	7,550	6,863
VAT/Sales Tax Payable	5,353	5,433
Restructuring and other related charges	2,947	1,323
Accrued other	25,317	13,844
Accrued liabilities	$ 80,097	$ 74,285
5.50% Senior Notes | Senior notes
Debt Instrument [Line Items]
Stated interest rate	5.50%		5.50%

XML

DETAILS OF CERTAIN BALANCE SHEET ACCOUNTS - Product Warranty Accrual (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Movement in Standard Product Warranty Accrual [Roll Forward]
Warranty obligation at beginning of year	$ 8,697	$ 8,537
Warranty provision related to products shipped	9,923	9,451
Deductions for warranty claims processed	(10,193)	(9,824)
Adjustments related to preexisting warranties	1,177	533
Warranty obligation at end of year	$ 9,604	$ 8,697

XML

GOODWILL (Details) - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 15.5	$ 15.5
Accumulated impairment	$ 54.6	$ 54.6

XML

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Jul. 31, 2016
Operating Leases, Future Minimum Payments Due [Abstract]
2019		$ 2,556
2020		2,142
2021		1,823
2022		1,322
2023		823
Thereafter		1,304
Total minimum future rental payments		9,970
Total rent expense for operating leases		2,600	$ 2,800	$ 2,900
Unconditional purchase obligations		190,000
GN Netcom, Inc. vs. Plantronics, Inc.
Loss Contingencies [Line Items]
Litigation Settlement, Amount Awarded from Other Party		$ 200
GN Netcom, Inc. vs. Plantronics, Inc. | Punitive Sanctions
Loss Contingencies [Line Items]
Accrued amounts					$ 4,900
Forecast | Polycom
Loss Contingencies [Line Items]
Payments to Acquire Businesses, Gross	$ 2,000,000

XML

DEBT (Details)		1 Months Ended	12 Months Ended
	Apr. 28, 2017 USD ($)	May 31, 2015 USD ($)	Mar. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)
Debt Disclosure [Line Items]
Proceeds from issuance of senior notes, net of issuance costs			$ 0	$ 0	$ 488,401,000
Credit facility expiration date			May 09, 2020
Commitment fee percentage			0.37%
Outstanding borrowings under line of credit			$ 0
EBITDA	3.25
Minimum required liquid funds			$ 300,000,000.0
Line Of Credit Facility Interest Rate Spread Below The Banks Announced Prime Rate
Debt Disclosure [Line Items]
Basis spread of variable rate			1.20%
Line Of Credit Facility Interest Rate Spread Above A Daily One Month LIBOR Rate
Debt Disclosure [Line Items]
Basis spread of variable rate			1.40%
Senior notes | 5.50% Senior Notes
Debt Disclosure [Line Items]
Principal amount of debt issued		$ 500,000,000.0
Stated interest rate		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%
Fair Value | Level 2 | Senior notes | 5.50% Senior Notes
Debt Disclosure [Line Items]
Long term debt, 5.50% Senior Notes			$ 497,095,000	505,150,000
Carrying Value | Level 2 | Senior notes | 5.50% Senior Notes
Debt Disclosure [Line Items]
Long term debt, 5.50% Senior Notes			$ 492,509,000	$ 491,059,000
Minimum | Senior notes | 5.50% Senior Notes
Debt Disclosure [Line Items]
Debt redemption notice period		30 days
Maximum | Senior notes | 5.50% Senior Notes
Debt Disclosure [Line Items]
Debt redemption notice period		60 days
Percentage of debt redeemed		35.00%
Revolving Credit Facility
Debt Disclosure [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000.0

XML

RESTRUCTURING AND OTHER RELATED CHARGES (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2,451	$ (109)	$ 16,160
Restructuring costs, asset impairment charges and other	4,300
Restructuring and Other Related Charges (Credits)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,500
Cost of Revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,600
Selling, General, and Administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	200
Severance benefits from reduction-in-force
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,400
Severance benefits from reduction-in-force | Restructuring and Other Related Charges (Credits)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,400
Severance benefits from reduction-in-force | Cost of Revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Severance benefits from reduction-in-force | Selling, General, and Administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Lease exit charges and asset impairments in Netherlands
Restructuring Cost and Reserve [Line Items]
Restructuring charges	700
Lease exit charges and asset impairments in Netherlands | Restructuring and Other Related Charges (Credits)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	700
Lease exit charges and asset impairments in Netherlands | Cost of Revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Lease exit charges and asset impairments in Netherlands | Selling, General, and Administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Write-off of unrecoverable indirect tax asset in Brazil
Restructuring Cost and Reserve [Line Items]
Restructuring charges	700
Write-off of unrecoverable indirect tax asset in Brazil | Restructuring and Other Related Charges (Credits)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Write-off of unrecoverable indirect tax asset in Brazil | Cost of Revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	700
Write-off of unrecoverable indirect tax asset in Brazil | Selling, General, and Administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Asset impairments related to previous Clarity operations
Restructuring Cost and Reserve [Line Items]
Restructuring charges	400
Asset impairments related to previous Clarity operations | Restructuring and Other Related Charges (Credits)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	400
Asset impairments related to previous Clarity operations | Cost of Revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Asset impairments related to previous Clarity operations | Selling, General, and Administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Loss on Clarity asset sale
Restructuring Cost and Reserve [Line Items]
Restructuring charges	900
Loss on Clarity asset sale | Restructuring and Other Related Charges (Credits)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Loss on Clarity asset sale | Cost of Revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	900
Loss on Clarity asset sale | Selling, General, and Administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Accelerated vesting of restricted stock
Restructuring Cost and Reserve [Line Items]
Restructuring charges	200
Accelerated vesting of restricted stock | Restructuring and Other Related Charges (Credits)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Accelerated vesting of restricted stock | Cost of Revenues
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Accelerated vesting of restricted stock | Selling, General, and Administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 200
Disposal Group, Held-for-sale | Clarity
Restructuring Cost and Reserve [Line Items]
Lease term	12 months
Transition services agreement term	1 year

XML

STOCK PLANS AND STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended			24 Months Ended	145 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Apr. 30, 2013	Aug. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved under plan (shares)	15,900,000
Percent of estimated fair market value at the date of grant (percentage)	100.00%
Options to purchase shares of common stock (shares)	922,975
Shares available for future grant (shares)	2,297,174
2002 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved under plan (shares)	274,323
Percentage of fair market value at date of grant (percentage)	85.00%
Shares issued under the ESPP	156,355	151,648	168,948
Total cash received from employees as a result of stock issuances under the ESPP, net of taxes	$ 5.7
Offering period	6 months
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term of option	7 years
Options to purchase shares of common stock (shares)	923,000	1,417,000
Total intrinsic value	$ 9.4	$ 5.5	$ 6.9
Total cash received from employees as a result of exercises, net of taxes	18.2
Total net tax benefit attributable to stock options exercised	3.3
Total unrecognized compensation cost	$ 1.6
Period for recognition for unrecognized compensation cost	1 year 110 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial value of restricted stock and restricted stock units received (maximum)	$ 2.0
Unvested restricted stock and restricted stock units (shares)	1,253,561	1,172,000
Total unrecognized compensation cost	$ 36.7
Period for recognition for unrecognized compensation cost	1 year 219 days
Weighted average grant date fair value (in dollars per share)	$ 53.62	$ 44.82	$ 54.66
Total grant date fair value	$ 27.8	$ 28.9	$ 24.2
Employee | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period (years)	3 years
Employee | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period (years)	3 years			4 years
Director | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period (years)	4 years
Director | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period (years)	1 year				4 years

XML

STOCK PLANS AND STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 33,959	$ 33,539	$ 33,265
Income tax benefit	(7,880)	(10,768)	(10,950)
Total stock-based compensation expense, net of tax	26,079	22,771	22,315
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	3,622	3,244	3,306
Research, development and engineering
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	8,071	8,616	9,908
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	22,266	21,679	20,051
Stock-based compensation expense included in operating expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 30,337	$ 30,295	$ 29,959

XML

STOCK PLANS AND STOCK-BASED COMPENSATION Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2018 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, March 31, 2018 (shares)	922,975
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, March 31, 2017 (shares)	1,417,000
Options granted (shares)	15,000
Options exercised (shares)	(505,000)
Options forfeited or expired (shares)	(4,000)
Options outstanding, March 31, 2018 (shares)	923,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted average exercise price of options outstanding at March 31, 2017 (in dollars per share) | $ / shares	$ 43.41
Weighted average exercise price of options granted (in dollars per share) | $ / shares	52.11
Weighted average exercise price of options exercised (in dollars per share) | $ / shares	36.04
Weighted average exercise price of options forfeited or expired (in dollars per share) | $ / shares	53.23
Weighted average exercise price of options outstanding at March 31, 2018 (in dollars per share) | $ / shares	$ 47.53
Weighted average remaining contractual life of options outstanding at March 31, 2018 (in years)	3 years 292 days
Aggregate intrinsic value of options outstanding at March 31, 2018 | $	$ 11,853
Vested or expected to vest at March 31, 2018 (in shares)	918,000
Weighted average exercise price of options vested or expected to vest at March 31, 2018 (in dollars per share) | $ / shares	$ 47.54
Weighted average remaining contractual life of options vested or expected to vest at March 31, 2018 (in years)	3 years 292 days
Aggregate intrinsic value of options vested or expected to vest at March 31, 2018 | $	$ 11,781
Exercisable at March 31, 2018 (in shares)	758,000
Weighted average exercise price of options exercisable at March 31, 2018 (in dollars per share) | $ / shares	$ 47.69
Weighted average remaining contractual life of options exercisable at March 31, 2018 (in years)	3 years 183 days
Aggregate intrinsic value of options exercisable at March 31, 2018 | $	$ 9,612

XML

STOCK PLANS AND STOCK-BASED COMPENSATION Restricted Stock Activity (Details) - Restricted Stock - $ / shares	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Non-vested Restricted Stock at March 31, 2017 (shares)	1,172,000
Restricted stock granted (shares)	784,000
Restricted stock vested (shares)	(577,000)
Restricted stock forfeited (shares)	(125,000)
Non-vested Restricted Stock at March 31, 2018 (shares)	1,253,561	1,172,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value or restricted stock, March 31, 2017 (in dollars per share)	$ 47.86
Weighted average grant date fair value of restricted stock granted (in dollars per share)	53.62	$ 44.82	$ 54.66
Weighted average grant date fair value of restricted stock vested (in dollars per share)	48.12
Weighted average grant date fair value of restricted stock forfeited (in dollars per share)	50.30
Weighted average grant date fair value or restricted stock, March 31, 2018 (in dollars per share)	$ 51.09	$ 47.86

XML

STOCK PLANS AND STOCK-BASED COMPENSATION Valuation Assumptions (Details) - $ / shares	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	29.10%	31.10%	27.00%
Risk-free interest rate	1.70%	1.10%	1.40%
Expected dividends	1.20%	1.40%	1.10%
Expected life (in years)	4 years 7 months 6 days	4 years 146 days	4 years 73 days
Weighted-average grant date fair value (in dollars per share)	$ 12.58	$ 10.39	$ 11.39
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	30.50%	28.80%	33.50%
Risk-free interest rate	1.50%	0.60%	0.30%
Expected dividends	1.20%	1.10%	1.40%
Expected life (in years)	6 months	183 days	183 days
Weighted-average grant date fair value (in dollars per share)	$ 11.78	$ 12.03	$ 10.33

XML

COMMON STOCK REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, shares	1,139,548
Repurchase of common stock	$ 52,948	$ 34,236	$ 497,393
Repurchase of common stock, average price per share (in dollars per share)	$ 46.46
Remaining shares authorized for repurchase under program	730,105
Value of shares withheld in satisfaction of employee tax withholding obligations	$ 11,429	$ 9,736	$ 11,068
Treasury stock retired (shares)	0	0	0
Open Market Repurchases
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock, shares		764,176	9,077,223
Repurchase of common stock		$ 34,200	$ 497,400
Repurchase of common stock, average price per share (in dollars per share)		$ 44.80	$ 54.80

XML

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated unrealized gain (loss) on cash flow hedges	$ (1,663)	$ 529
Accumulated foreign currency translation adjustments	4,685	4,428
Accumulated unrealized gain on investments	(152)	(263)
Accumulated other comprehensive income	$ 2,870	$ 4,694

XML

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
EMPLOYEE BENEFIT PLANS [Abstract]
Company match	50.00%
Portion of employee compensation matched under 401(k)	6.00%
Non-elective company contribution as percentage of employee salary	3.00%
Vesting of matching contributions	100.00%
Company contributions	$ 4.5	$ 4.2	$ 4.7

XML

FOREIGN CURRENCY DERIVATIVES (Details) $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Mar. 31, 2018 USD ($) financial_institution	Mar. 31, 2018 EUR (€) financial_institution	Mar. 31, 2018 CAD ($) financial_institution	Mar. 31, 2018 GBP (£) financial_institution	Mar. 31, 2018 AUD ($) financial_institution	Mar. 31, 2018 MXN ($) financial_institution	Mar. 31, 2017 EUR (€)	Mar. 31, 2017 GBP (£)
Derivative [Line Items]
Number of financial institutions the company has International Swap and Derivatives Association agreements		4	4	4	4	4	4
Foreign Exchange Forward, EURO
Derivative [Line Items]
Notional amount of non-designated hedge		$ 39,557	€ 32,050,000
Derivative, Currency Sold		Sell EUR
Derivative, Remaining Maturity		1 month
Foreign Exchange Forward, GBP
Derivative [Line Items]
Notional amount of non-designated hedge		$ 15,313			£ 10,900,000
Derivative, Currency Sold		Sell GBP
Derivative, Remaining Maturity		1 month
Foreign Exchange Forward, AUD
Derivative [Line Items]
Notional amount of non-designated hedge		$ 10,456				$ 13,600
Derivative, Currency Sold		Sell AUD
Derivative, Remaining Maturity		1 month
Foreign Exchange Forward, CAD
Derivative [Line Items]
Notional amount of non-designated hedge		$ 1,939		$ 2,500
Derivative, Currency Sold		Sell CAD
Derivative, Remaining Maturity		1 month
Option contracts
Derivative [Line Items]
Notional amount of non-designated hedge			77,800,000.0		23,700,000.0			€ 73,500,000.0	£ 23,900,000.0
Forward contracts
Derivative [Line Items]
Notional amount of non-designated hedge			€ 16,700,000.0		£ 3,700,000.0			€ 11,200,000.0	£ 3,300,000.0
Foreign currency swap contract
Derivative [Line Items]
Notional amount of non-designated hedge		$ 1,599					$ 31,830
Derivative, Currency Bought	Buy MXN
Derivative, Remaining Maturity		3 months
Minimum | Options
Derivative [Line Items]
Term of contract		6 months
Maximum | Options
Derivative [Line Items]
Term of contract		12 months
Cash flow hedge | Forwards
Derivative [Line Items]
Term of contract		3 months

XML

FOREIGN CURRENCY DERIVATIVES (Details 1) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Derivative Asset [Abstract]
Derivatives subject to master netting agreements, gross amount	$ 772	$ 2,120
Derivative asset not subject to master netting agreements	0	0
Gross Amount of Derivative Assets	772	2,120
Gross Amounts Not Offset, Derivative Liabilities	(772)	(1,395)
Cash Collateral Received	0	0
Net Amount of Derivative Assets, subject to master netting agreements	0	725
Net Amount of Derivative Assets	0	725
Derivative Liability [Abstract]
Derivatives subject to master netting agreements, gross amount	(3,037)	(1,395)
Derivative liability not subject to master netting agreements	0	0
Gross Amount of Derivative Liabilities	(3,037)	(1,395)
Gross Amounts Not Offset, Derivative Assets	772	1,395
Cash Collateral Received	0	0
Net Amount of Derivative Liabilities, subject to master netting agreements	(2,265)	0
Net Amount of Derivative Liabilities	$ (2,265)	$ 0

XML

FOREIGN CURRENCY DERIVATIVES (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Not Designated as Hedging Instrument
Derivative [Line Items]
Gain on foreign exchange contracts	$ 7,405	$ 4,599	$ 494

XML

FOREIGN CURRENCY DERIVATIVES FOREIGN CURRENCY DERIVATIVES (Details 3) $ in Thousands, $ in Thousands	Mar. 31, 2018 USD ($)	Mar. 31, 2018 EUR (€)	Mar. 31, 2018 GBP (£)	Mar. 31, 2018 MXN ($)	Mar. 31, 2017 EUR (€)	Mar. 31, 2017 GBP (£)
Option contracts
Derivative [Line Items]
Notional amount of cash flow hedge		€ 77,800,000.0	£ 23,700,000.0		€ 73,500,000.0	£ 23,900,000.0
Forward contracts
Derivative [Line Items]
Notional amount of cash flow hedge		€ 16,700,000.0	£ 3,700,000.0		€ 11,200,000.0	£ 3,300,000.0
Foreign currency swap contract
Derivative [Line Items]
Notional amount of cash flow hedge	$ 1,599			$ 31,830

XML

FOREIGN CURRENCY DERIVATIVES (Details 4) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Effect of Derivative Contracts on Accumulated Other Comprehensive Income and Statements of Operations [Roll Forward]
Gain (loss) included in AOCI as of beginning of period				$ (1,106)				$ 5,705	$ 541	$ (1,106)	$ 5,705
Amount of gain (loss) recognized in OCI (effective portion)									(6,741)	3,095	(3,786)
Amount of gain (loss) reclassified from OCI into net revenues (effective portion)	$ 216,143	$ 226,534	$ 210,300	$ 203,926	$ 208,954	$ 232,933	$ 216,183	$ 223,106	856,903	881,176	856,907
Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion)									(417,788)	(439,806)	(422,233)
Total amount of gain (loss) reclassified from AOCI to income (loss) (effective portion)									4,507	(1,448)	(3,025)
Gain (loss) included in AOCI as of end of period	$ 541				$ (1,106)				(1,693)	541	(1,106)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Effect of Derivative Contracts on Accumulated Other Comprehensive Income and Statements of Operations [Roll Forward]
Amount of gain (loss) reclassified from OCI into net revenues (effective portion)									4,715	(4,111)	(7,826)
Amount of gain (loss) reclassified from OCI into cost of revenues (effective portion)									$ (208)	$ 2,663	$ 4,801

XML

INCOME TAXES (Details) - USD ($)		9 Months Ended	12 Months Ended
		Dec. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Current:
Federal			$ 82,523,000	$ 10,591,000	$ 15,702,000
State			4,274,000	457,000	1,934,000
Foreign			6,860,000	7,731,000	4,644,000
Total current provision for income taxes			93,657,000	18,779,000	22,280,000
Deferred:
Federal			9,002,000	1,022,000	(7,767,000)
State			(1,585,000)	(117,000)	(1,103,000)
Foreign			22,000	(618,000)	374,000
Total deferred benefit for income taxes			7,439,000	287,000	(8,496,000)
Income tax expense			101,096,000	19,066,000	13,784,000
Components of income before income taxes
United States			17,654,000	43,377,000	42,184,000
Foreign			82,573,000	58,288,000	39,992,000
Income before income taxes			100,227,000	101,665,000	82,176,000
Reconciliation between statutory federal income taxes and income tax expense
Tax expense at statutory rate			31,631,000	35,583,000	28,762,000
Foreign operations taxed at different rates			(17,970,000)	(13,183,000)	(9,478,000)
State taxes, net of federal benefit			2,689,000	340,000	831,000
Research and development credit			(2,023,000)	(3,119,000)	(3,133,000)
Unwind of stock based compensation cost sharing			0	0	(2,855,000)
Impact of Tax Act			87,790,000	0	0
Stock based compensation			(1,771,000)	(365,000)	(487,000)
Other, net			750,000	(190,000)	144,000
Income tax expense			101,096,000	19,066,000	13,784,000
Components of Deferred Tax Assets
Accruals and other reserves			4,809,000	8,526,000
Deferred Compensation			3,467,000	4,859,000
Net operating loss carry forward			1,540,000	2,221,000
Stock compensation			8,384,000	12,821,000
Tax credits			6,504,000	4,530,000
Other deferred tax assets			1,070,000	1,711,000
Valuation allowance			(2,514,000)	(2,209,000)
Total deferred tax assets			23,260,000	32,459,000
Components of Deferred Tax Liabilities
Deferred gains on sales of properties			(1,160,000)	(1,771,000)
Unremitted earnings of certain subsidiaries			(1,976,000)	0
Fixed asset depreciation			(4,150,000)	(7,351,000)
Total deferred tax liabilities			(7,286,000)	(9,122,000)
Net deferred tax assets	[1]		15,974,000	23,337,000
Increase in valuation allowance			300,000
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period		$ 12,854,000	12,854,000	12,692,000	12,821,000
Increase (decrease) of unrecognized tax benefits related to prior fiscal years			(1,310,000)	(2,000)	(598,000)
Increase of unrecognized tax benefits related to the current year			3,085,000	2,195,000	2,252,000
Reductions to unrecognized tax benefits related to settlements with taxing authorities			(115,000)	0	(149,000)
Reductions to unrecognized tax benefits related to lapse of applicable statute of limitations			(1,902,000)	(2,031,000)	(1,634,000)
Balance at end of period			12,612,000	12,854,000	$ 12,692,000
Tax penalties accrued			0	0
Interest related to unrecognized tax benefits			1,400,000	$ 1,700,000
Toll charge			79,700,000
Reduction in deferred tax assets			(4,600,000)
Undistributed foreign earnings			$ 5,000,000
Blended tax rate			31.56%
Transition tax, period under review		30 years
Excess tax benefits			$ 2,700,000
California Franchise Tax Board [Member]
Components of Deferred Tax Liabilities
Research and development credit carryforwards			10,400,000
State Administration of Taxation, China [Member]
Components of Deferred Tax Assets
Net operating loss carry forward			$ 4,300,000

[1] The Company's deferred tax assets for the fiscal year ending March 31, 2017 and March 31, 2018, are included as a component of other assets on the consolidated balance sheets.

XML

COMPUTATION OF EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net income	$ 9,854	$ (49,504)	$ 19,953	$ 18,828	$ 19,517	$ 22,221	$ 20,474	$ 20,387	$ (869)	$ 82,599	$ 68,392
Earnings Per Share, Basic and Diluted
Weighted average common shares-basic									32,345	32,279	34,127
Dilutive effect of employee equity incentive plans									0	684	811
Weighted average common shares-diluted									32,345	32,963	34,938
Basic net income per common share (in dollars per share)	$ 0.30	$ (1.54)	$ 0.59	$ 0.58	$ 0.60	$ 0.69	$ 0.63	$ 0.63	$ (0.03)	$ 2.56	$ 2.00
Diluted net income per common share (in dollars per share)	$ 0.29	$ (1.54)	$ 0.59	$ 0.57	$ 0.59	$ 0.68	$ 0.63	$ 0.62	$ (0.03)	$ 2.51	$ 1.96
Potentially dilutive securities excluded from diluted earnings per share because their effect is anti-dilutive									543	574	326

XML

GEOGRAPHIC INFORMATION (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2018 USD ($) Customer country	Mar. 31, 2017 USD ($) Customer country	Mar. 31, 2016 USD ($)	Mar. 31, 2015 Customer country
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 216,143	$ 226,534	$ 210,300	$ 203,926	$ 208,954	$ 232,933	$ 216,183	$ 223,106	$ 856,903	$ 881,176	$ 856,907
Number of countries, 10% or more of Net Revenues, excluding the U.S. | country									0	0		0
Number of customers representing 10% or more of Net Revenues | Customer									1	1		0
Long-Lived Assets	150,307								$ 142,129	$ 150,307
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									434,053	482,215	482,622
Long-Lived Assets	69,085								64,975	69,085
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	42,923								41,036	42,923
Europe and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									250,763	226,620	217,633
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									99,779	106,295	105,687
Americas, excluding U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									72,308	66,046	50,965
The Netherlands
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	22,637								20,752	22,637
Other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-Lived Assets	$ 15,662								15,366	15,662
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									422,850	398,961	374,285
Enterprise
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									649,739	628,654	626,666
Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues									$ 207,164	$ 252,522	$ 230,241
Ingram Micro | Customer concentration risk | Revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk percentage										10.90%

XML

SUBSEQUENT EVENTS (Details) - Subsequent event	May 01, 2018 $ / shares
Subsequent Event [Line Items]
Dividend declaration date	May 01, 2018
Cash dividend payable per share	$ 0.15
Date on which dividend will be paid	Jun. 08, 2018
Stockholders of record date for dividend	May 18, 2018

XML

SUPPLEMENTARY QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Duration of fiscal year									364 days	371 days	364 days	364 days
Net revenues	$ 216,143	$ 226,534	$ 210,300	$ 203,926	$ 208,954	$ 232,933	$ 216,183	$ 223,106	$ 856,903	$ 881,176	$ 856,907
Gross Profit	114,075	114,125	107,632	103,283	107,671	110,180	110,446	113,073	439,115	441,370	434,674
Net income	$ 9,854	$ (49,504)	$ 19,953	$ 18,828	$ 19,517	$ 22,221	$ 20,474	$ 20,387	$ (869)	$ 82,599	$ 68,392
Basic net income per common share (in dollars per share)	$ 0.30	$ (1.54)	$ 0.59	$ 0.58	$ 0.60	$ 0.69	$ 0.63	$ 0.63	$ (0.03)	$ 2.56	$ 2.00
Diluted net income per common share (in dollars per share)	0.29	(1.54)	0.59	0.57	0.59	0.68	0.63	0.62	(0.03)	2.51	1.96
Cash dividends declared per common share (in dollars per share)	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.60	$ 0.60	$ 0.60

XML

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2016
Provision for doubtful accounts and sales allowances
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 603	$ 564	$ 1,221
Charged to Expenses or Other Accounts	784	621	719
Deductions	(514)	(582)	(1,376)
Balance at End of Year	873	603	564
Provision for returns
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	10,541	7,314	6,194
Charged to Expenses or Other Accounts	30,472	35,485	27,635
Deductions	(30,788)	(32,258)	(26,515)
Balance at End of Year	10,225	10,541	7,314
Provision for promotions and rebates
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	31,747	27,737	15,401
Charged to Expenses or Other Accounts	183,929	150,085	111,244
Deductions	(177,392)	(146,075)	(98,908)
Balance at End of Year	38,284	31,747	27,737
Valuation allowance for deferred tax assets
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	2,209	1,962	1,940
Charged to Expenses or Other Accounts	981	1,130	1,962
Deductions	(676)	(883)	(1,940)
Balance at End of Year	$ 2,514	$ 2,209	$ 1,962