2019 BBNC Annual Report | Page 36

TAXES The following table displays our income tax (benefit) expense for the fiscal year ended (in thousands): FISCAL YEAR 2019 Current income tax expense (benefit) $ Deferred income tax expense (benefit) Total income tax expense (benefit) Total tax expense (benefit) is comprised of current and deferred federal and state taxes which are primarily income based. To a lesser extent, the Corporation is subject to certain foreign income tax expense. Current tax expense represents expected taxes the Corporation will pay to taxing authorities on taxable income generat- ed within the fiscal year plus or minus any prior year tax adjustments. Deferred tax expense represents the current year change in deferred tax assets net of changes in the Corporation’s deferred tax liabilities. Deferred tax assets and liabilities arise in the normal course of business and $ 2018 2017 (233) (6,471) 21,160 14,243 (39,877) 2,404 14,010 (46,348) 23,564 represent future differences between taxable income and book income reported in the Corporation’s annual report. These differences are expected and exist because of a lack of parity with respect to when certain items of income and expense are recognized under the tax code compared to treatment under U.S. generally accepted accounting principles. Our average blended tax rate is approximately 25.0% of earnings from operations. BALANCE SHEET The following table displays key balance sheet data as of March 31, for the fiscal year ended (in thousands): FISCAL YEAR 2019 Cash and cash equivalents 2017 13,180 24,615 85,159 Marketable securities 150,808 150,763 139,563 Other current assets 228,659 220,019 180,898 Investment in unconsolidated affiliates 33,154 29,994 19,187 Other investments 41,842 42,359 35,519 3,071 3,139 3,994 (146) 14,096 — 156,560 148,344 155,240 72,478 66,531 66,942 Other assets Deferred taxes (liability) asset Property, plant and equipment, net Goodwill and intangible assets Total assets 699,752 699,860 686,502 Current liabilities 189,982 185,254 179,365 — 34,575 109,822 509,624 480,031 397,315 Long-term liabilities Total shareholders’ equity 34 $ 2018 BBNC FY2019 ANNUAL REPORT