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