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Canton of Vaud, Switzerland
(State or other jurisdiction of
incorporation or organization)
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None
(I.R.S. Employer
Identification No.)
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Title of each class
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Name of each exchange on which registered
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Registered Shares par value CHF 0.25 per share
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The NASDAQ Global Select Market; SIX Swiss Exchange
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Large accelerated filer
ý
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a
smaller reporting company)
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Smaller reporting company
o
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Page
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Part I
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Part II
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Part III
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Part IV
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•
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Our strategy for growth, future revenues, earnings, cash flow, uses of cash and other measures of financial performance, and market position;
|
•
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Our business strategy and investment priorities in relation to competitive offerings and evolving consumer demand trends affecting our products and markets, worldwide economic and capital market conditions, fluctuations in currency exchange rates, and current and future general regional economic conditions for fiscal year 2017 and beyond;
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•
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The scope, nature or impact of acquisition, strategic alliance and divestiture activities;
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•
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Our business and product plans and development and product innovation and their impact on future operating results and anticipated operating costs for fiscal year 2017 and beyond;
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•
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Market opportunities and our ability to take advantage of them;
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•
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Capital investments and research and development;
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•
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Our expectations regarding our share buyback and dividend programs;
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•
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The sufficiency of our cash and cash equivalents, cash generated from operations, and available borrowings under our bank lines of credit to fund capital expenditures and working capital needs; and
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•
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The effects of changes in tax, environmental and other laws and regulations in the United States and other countries in which we operate.
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•
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Music:
This market is comprised of both wired and wireless devices that capitalize on the rapid growth of streaming music. Products in this category include mobile speakers, wearables, and headsets connecting to all music services used on both PCs and mobile devices.
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•
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Gaming:
The Gaming market includes products designed for the PCs and consoles as well as gaming devices designed to deliver experiences such as virtual and augmented reality. The rapid rise of eSports, and the promise of new implementations in virtual and augmented reality present growth opportunities in this market. Our products in Gaming include gaming mice and keyboards, gaming headsets, gamepads and steering wheels.
|
•
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Video Collaboration:
Video Collaboration is focused on delivering solutions that enable real-time video, audio and content sharing capability to businesses and individuals. With the rapid adoption of cloud-based solutions that can lower the cost of adoption, our devices and solutions enable the rapid deployment of these cloud-based services through our platform agnostic, and easy to use end points and peripherals.
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•
|
Home:
The connected home is a market in its early stages of formation and growth. The push to realize the vision of the internet-of-things is delivering more and more connected devices that populate our homes, from the more traditionally connected devices like set-top boxes and digital entertainment devices to things like appliances, lighting, door locks and thermostats. We have a foundation for growth in this market through our entertainment control capabilities in devices such as our Harmony products.
|
•
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Creativity and Productivity:
This market is defined by products that enhance the users’ experiences associated with computing platforms. With ever increasing connectivity globally and the consistent growth in time spent by people on these computing platforms, we believe there are meaningful growth opportunities for our products. Our continued innovation in navigation, input and content creation on these platforms can drive growth in this market despite the secular decline of new PC sales. Pointing Devices, Keyboards & Combos, Tablet & Other Accessories, and PC Webcams comprise our product categories that address this market.
|
•
|
The Logitech G810 Orion Spectrum Mechanical Gaming Keyboard, features Romer-G switches, intelligent RGB illumination, and a wide range of options to customize colors and profiles.
|
•
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The Logitech G933 Wireless Gaming Headset, offers high-performance 7.1 channel Dolby and DTS surround sound, a lag-free 2.4 GHz wireless connection, and three customizable G keys for one-touch command over music, chat, lighting and other features.
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•
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The Logitech G900 Chaos Spectrum Gaming Mouse, features professional grade wireless technology, an advanced optical gaming sensor, a flexible ambidextrous design, and customizable lighting, for maximum performance and comfort over long gameplay sessions.
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•
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The Logitech G920 Driving Force Steering Wheel, features a powerful dual-motor force feedback transmission, hand-stitched leather-wrapped rim, and stainless steel throttle, brake and clutch pedals for an ultra-realistic driving experience.
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•
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The recently launched Logitech ConferenceCam Group offers best-in-class videoconferencing with HD 1080p video and professional audio that easily turns medium to large sized conference rooms into video-enabled collaboration rooms.
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•
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The Logitech ConferenceCam Connect is a portable, all-in-one video conference solution with HD 1080p video, and professional audio designed for huddle rooms.
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•
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The Logitech Harmony Elite and the Logitech Harmony Companion, both of which feature Logitech's Harmony Hub and Harmony Smartphone App to complete control of the home entertainment system including Bluetooth and IP devices such as PS4 and Roku as well as connected home devices such as Philips Hue lights and Nest thermostats.
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•
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The Logitech Harmony 350, 650 and 950 remotes, offer infrared (IR) only control of home entertainment devices.
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•
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The Logitech MX Master Wireless mouse is our flagship wireless mouse that is the new paradigm for precise, fast, comfortable computer navigation.
|
•
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The Logitech Wireless Mouse M325 offers micro-precise scrolling with a feel-good, contoured design.
|
•
|
The Logitech Wireless Mouse M185 is a wireless mouse with nano receiver technology that is compatible with any computer.
|
•
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The Logitech Wireless Touch Keyboard K400 Plus is a compact keyboard with an integrated touchpad and 10-meter wireless range, designed for use in the living room.
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•
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The Logitech Combo MK270 offers a wireless compact mouse and keyboard with nano technology.
|
•
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The Logitech Combo MK520 is a sleek full size keyboard and mouse combination with unifying receiver.
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•
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The Logitech CREATE Backlit Keyboard Case with Smart Connector for iPad Pro 12.9-inch provides thin and light front and back protection, full size 19 mm keys, and adjustable backlighting.
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•
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The Logitech Type-S, a keyboard case for the Samsung Galaxy Tab A 9.7, Samsung Galaxy Tab.
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•
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The Logitech Keys-To-Go, an ultra-portable, stand-alone keyboard.
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•
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Our innovation capability, including understanding of product development, technology and industrial design excellence as an emerging strength, eight of our products have been selected as 2016 iF DESIGN AWARD Winners, in addition to our patent portfolio of over 670 patents.
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•
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Our expertise in key engineering disciplines that underlie our products, and our continued enhancement of our products through the use of advanced technologies.
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•
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Our designs have an everyday place in people's lives, connecting them to the digital experiences they care about.
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•
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The Logitech and Ultimate Ears (UE) brand names are recognized worldwide as symbols of product quality, innovation, ease of use and price-performance value. Our recently acquired Jaybird brand is a leader in wireless audio wearables for sports and active lifestyles.
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•
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Our hybrid model of in-house manufacturing and third-party contract manufacturers, which allows us to effectively respond to rapidly changing demand and leverage economies of scale.
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•
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Our supply chain's extensive global reach, key distribution and strategic business relationships combined with extensive analytic modeling expertise, optimization tools and global processes.
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•
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Our global presence, capable of drawing on the strengths of our global resources, global distribution system and geographic revenue mix.
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•
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Our expertise in developing products for broad array of platforms gear such as PC, Mac, and Apple and Android mobile devices.
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•
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Our extensive retail and e-tail presence across consumer electronics, mass merchandisers and office infrastructures.
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Year Ended March 31,
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||||||||||
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2016
|
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2015
|
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2014
|
||||||
Americas
|
|
$
|
881,379
|
|
|
$
|
864,761
|
|
|
$
|
799,431
|
|
EMEA
|
|
645,694
|
|
|
670,890
|
|
|
724,671
|
|
|||
Asia Pacific
|
|
491,027
|
|
|
469,257
|
|
|
483,926
|
|
|||
|
|
$
|
2,018,100
|
|
|
$
|
2,004,908
|
|
|
$
|
2,008,028
|
|
•
|
The agreements are non-exclusive in the particular territory and contain no minimum purchase requirements.
|
•
|
Each agreement may be terminated for convenience at any time by either party. Most agreements provide for termination on 30 days written notice from either party, with two Ingram Micro agreements providing for termination on 90 days notice.
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•
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We generally offer an allowance for marketing activities equal to a negotiated percentage of sales and volume rebates related to purchase volumes or sales of specific products to specified retailers. These terms vary by agreement.
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•
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Most agreements allow price protection credits to be issued for on-hand or in-transit new inventory if we, in our sole discretion, lower the price of the product.
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•
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We grant limited stock rotation return rights, which vary by agreement.
|
•
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Each agreement has a one year term followed by one year automatic renewals.
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•
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We generally offer an allowance for marketing activities equal to a negotiated percentage of sales through transactions and additional rebates related to sales of specific products to end users. These terms vary by agreement.
|
•
|
Most agreements allow price protection credits to be issued for on-hand or in-transit new inventory if we, in our sole discretion, lower the price of the product.
|
•
|
We grant limited stock rotation return rights, which vary by agreement.
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•
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Direct competitors in the remote control market include pro-installer-focused Universal Remote Control Inc., and new “DIY” entrants from Savant Systems and Ray Enterprises. Indirect competition exists in the form of low-end “replacement remotes” such as Sony, RCA, GE, pure app-based solutions such as Peel, as well as device and/or subscriber-specific solutions from TV makers such as Samsung and Vizio and multiple-system operator (MSOs) such as Comcast and DirecTV.
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•
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Competition in the home control market exists in form of home automation platforms such as Smart Things (owned by Samsung), Amazon with their Echo product, Nest (owned by Google), Wink and many other startups in the space. Many of these products and brands are partners with Logitech as well via integrations with Harmony remotes.
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•
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1275/2008: Eco-design requirements for standby and off mode electric power consumption of electrical and electronic household and office equipment.
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•
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278/2009: Eco-design requirements for no-load condition power consumption and average active efficiency of external power supplies.
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Name
|
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Age
|
|
Nationality
|
|
Position
|
Guerrino De Luca
|
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63
|
|
Italian and U.S.
|
|
Executive Chairman of the Board
|
Bracken Darrell
|
|
53
|
|
U.S.
|
|
President and Chief Executive Officer
|
Vincent Pilette
|
|
44
|
|
Belgian
|
|
Chief Financial Officer
|
Marcel Stolk
|
|
48
|
|
Dutch
|
|
Sr. Vice President, Consumer Computing Platforms Business Group
|
L. Joseph Sullivan
|
|
62
|
|
U.S.
|
|
Sr. Vice President, Worldwide Operations
|
•
|
Our operating results are highly dependent on the volume and timing of orders received during the quarter, which are difficult to forecast. Customers generally order on an as-needed basis and we typically do not obtain firm, long-term purchase commitments from our customers. As a result, our revenues in any quarter depend primarily on orders booked and shipped in that quarter.
|
•
|
A significant portion of our quarterly retail sales typically occurs in the last weeks of each quarter, further increasing the difficulty in predicting quarterly revenues and profitability.
|
•
|
Our sales are impacted by consumer demand and current and future global economic conditions, and can therefore fluctuate abruptly and significantly during periods of uncertain economic conditions or geographic distress, as well as from shifts in distributor inventory practices and consumer buying patterns.
|
•
|
We must incur a large portion of our costs in advance of sales orders, because we must plan research and production, order components, buy tooling equipment, and enter into development, sales and marketing, and other operating commitments prior to obtaining firm commitments from our customers. This makes it difficult for us to rapidly adjust our costs during the quarter in response to a revenue shortfall, which could adversely affect our operating results.
|
•
|
In the first quarter of fiscal year 2016 we had substantially completed the implementation of our turnaround strategy that began in fiscal year 2013. As part of our turnaround strategy, we have attempted to simplify our organization, to reduce operating costs through expense reduction and global workforce reductions, to reduce the complexity of our product portfolio, and to better align costs with our current business as we
|
•
|
Fluctuations in currency exchange rates can impact our revenues, expenses and profitability because we report our financial statements in U.S. Dollars, whereas a significant portion of our revenues and expenses are in other currencies. We attempt to adjust product prices over time to offset the impact of currency movements. However, over short periods of time, during periods of weakness in consumer spending or given high levels of competition in many product categories, our ability to change local currency prices to offset the impact of currency fluctuations is limited.
|
•
|
Develop innovative, high-quality, and reliable new products and enhancements in a cost-effective and timely manner;
|
•
|
Difficulties in staffing and managing international operations;
|
•
|
Compliance with laws and regulations, including environmental, tax and anti-corruption laws, which vary from country to country and over time, increasing the costs of compliance and potential risks of non-compliance;
|
•
|
Varying laws, regulations and other legal protections, uncertain and varying enforcement of those laws and regulations, dependence on local authorities, and the importance of local networks and relationships;
|
•
|
Exposure to political and financial instability, especially with the uncertainty associated with the ongoing sovereign debt crisis in certain Euro zone countries, which may lead to currency exchange losses and collection difficulties or other losses;
|
•
|
Difficulties and increased costs in establishing sales and distribution channels in unfamiliar markets, with their own market characteristics and competition, including entrenched local competition;
|
•
|
Import or export restrictions that could affect some of our products, including those with encryption technology;
|
Location
|
|
Purpose
|
|
Approximate
Square
Footage
|
|
Ownership
|
|
|
|
Americas:
|
|
|
|
|
|
|
|
|
|
Newark, California
|
|
Silicon valley campus, research and development, product marketing, sales management, technical support and administration
|
|
127,000
|
|
|
Leased
|
|
|
Camas, Washington
|
|
Ultimate Ears Group
|
|
44,700
|
|
|
Leased
|
|
|
Irvine, California
|
|
Ultimate Ears Group
|
|
13,400
|
|
|
Leased
|
|
|
Olive Branch, Mississippi
|
|
Distribution center
|
|
397,000
|
|
|
Contracted
|
|
(1)
|
Mexico City, Mexico
|
|
Distribution center
|
|
12,800
|
|
|
Contracted
|
|
(1)
|
Montevideo, Uruguay
|
|
Distribution center
|
|
25,800
|
|
|
Contracted
|
|
(1)
|
Louveira, Brazil
|
|
Distribution center
|
|
10,312
|
|
|
Contracted
|
|
(1)
|
EMEA:
|
|
|
|
|
|
|
|
|
|
Lausanne, Switzerland
|
|
EPFL campus, research and development, product marketing, sales management, technical support and administration
|
|
46,700
|
|
|
Leased
|
|
|
Cork, Ireland
|
|
Finance, administration, research and development and design
|
|
18,400
|
|
|
Leased
|
|
|
Nijmegen, Netherlands
|
|
Finance, administration and distribution center support
|
|
15,000
|
|
|
Leased
|
|
|
Oostrum, Netherlands
|
|
Distribution center
|
|
155,600
|
|
|
Contracted
|
|
(1)
|
Asia Pacific:
|
|
|
|
|
|
|
|
|
|
Suzhou, China
|
|
High-volume manufacturing and employee dormitory
|
|
689,300
|
|
|
Owned
|
|
|
Suzhou, China
|
|
High-volume manufacturing
|
|
14,300
|
|
|
Leased
|
|
|
Hsinchu, Taiwan
|
|
Mechanical engineering, new product launches, process engineering, commodities management, logistics, quality assurance and administration
|
|
116,400
|
|
|
Leased
|
|
|
Hong Kong, China
|
|
Sales and marketing, research and development, administration and distribution center support
|
|
15,300
|
|
|
Leased
|
|
|
Shanghai, China
|
|
Sales and marketing, finance
|
|
16,900
|
|
|
Leased
|
|
|
Chennai, India
|
|
Digital Home Group engineering and quality assurance
|
|
19,200
|
|
|
Leased
|
|
|
Tokyo, Japan
|
|
Sales and marketing
|
|
10,100
|
|
|
Leased
|
|
|
Hong Kong, China
|
|
Distribution center
|
|
40,000
|
|
|
Contracted
|
|
(1)
|
Singapore, Singapore
|
|
Distribution center
|
|
60,000
|
|
|
Contracted
|
|
(1)
|
Tokyo, Japan
|
|
Distribution center
|
|
27,000
|
|
|
Contracted
|
|
(1)
|
Shenzhen, China
|
|
Distribution center
|
|
32,000
|
|
|
Contracted
|
|
(1)
|
Dayuan Township, Taiwan
|
|
Distribution center
|
|
18,100
|
|
|
Contracted
|
|
(1)
|
(1)
|
Contracted through a third-party warehouse management company.
|
|
|
SIX Swiss Exchange
|
||||
|
|
High CHF
|
|
Low CHF
|
||
Fiscal Year Ended March 31, 2016
|
|
|
|
|
||
First quarter
|
|
15.20
|
|
|
12.70
|
|
Second quarter
|
|
14.20
|
|
|
12.15
|
|
Third quarter
|
|
15.70
|
|
|
12.30
|
|
Fourth quarter
|
|
16.45
|
|
|
13.40
|
|
Fiscal Year Ended March 31, 2015
|
|
|
|
|
|
|
First quarter
|
|
13.80
|
|
|
11.00
|
|
Second quarter
|
|
13.95
|
|
|
11.15
|
|
Third quarter
|
|
14.60
|
|
|
10.75
|
|
Fourth quarter
|
|
14.25
|
|
|
11.60
|
|
|
|
Nasdaq Global Select Market
|
||||||
|
|
High
|
|
Low
|
||||
Fiscal Year Ended March 31, 2016
|
|
|
|
|
|
|
||
First quarter
|
|
$
|
16.25
|
|
|
$
|
13.13
|
|
Second quarter
|
|
14.87
|
|
|
12.79
|
|
||
Third quarter
|
|
15.73
|
|
|
12.58
|
|
||
Fourth quarter
|
|
16.56
|
|
|
13.48
|
|
||
Fiscal Year Ended March 31, 2015
|
|
|
|
|
|
|
||
First quarter
|
|
$
|
15.46
|
|
|
$
|
12.34
|
|
Second quarter
|
|
15.35
|
|
|
12.56
|
|
||
Third quarter
|
|
15.00
|
|
|
11.51
|
|
||
Fourth quarter
|
|
15.21
|
|
|
12.50
|
|
|
|
|
|
Weighted Average Price Per Share
|
|
Amount
Available for
Repurchase
|
|||||||
During Fiscal Year Ended
|
|
Shares
Repurchased
|
|
CHF
|
|
USD
|
|
||||||
March 31, 2014
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
250,000
|
|
March 31, 2015
|
|
115
|
|
|
—
|
|
|
14.43
|
|
|
248,337
|
|
|
March 31, 2016
|
|
4,951
|
|
|
13.52
|
|
|
14.63
|
|
|
178,298
|
|
|
|
|
5,066
|
|
|
|
|
|
|
|
|
|
|
Share Buyback Program
|
Shares
|
|
Approved Amounts
|
|||
March 2014
|
17,311
|
|
|
$
|
250,000
|
|
|
|
March 31,
|
||||||||||||||||||||||
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
||||||||||||
Logitech
|
|
$
|
100
|
|
|
$
|
43
|
|
|
$
|
42
|
|
|
$
|
92
|
|
|
$
|
83
|
|
|
$
|
104
|
|
Nasdaq Composite Index
|
|
$
|
100
|
|
|
$
|
114
|
|
|
$
|
122
|
|
|
$
|
160
|
|
|
$
|
187
|
|
|
$
|
187
|
|
S&P 500 Information and Technology Index
|
|
$
|
100
|
|
|
$
|
120
|
|
|
$
|
119
|
|
|
$
|
149
|
|
|
$
|
176
|
|
|
$
|
191
|
|
|
|
Years ended March 31,
|
||||||||||||||||||
|
|
2016
(2)
|
|
2015
(2)
|
|
2014
(2)
|
|
2013
(2)
|
|
2012
(2)
|
||||||||||
|
|
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
||||||||||
|
|
(in thousands, except for per share amounts)
|
||||||||||||||||||
Consolidated statement of operations and cash flow data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net sales
|
|
$
|
2,018,100
|
|
|
$
|
2,004,908
|
|
|
$
|
2,008,028
|
|
|
$
|
1,962,237
|
|
|
$
|
2,168,742
|
|
Cost of goods sold
|
|
1,337,053
|
|
|
1,299,451
|
|
|
1,346,489
|
|
|
1,331,579
|
|
|
1,449,489
|
|
|||||
Gross profit
|
|
681,047
|
|
|
705,457
|
|
|
661,539
|
|
|
630,658
|
|
|
719,253
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Marketing and selling
|
|
319,015
|
|
|
321,749
|
|
|
322,707
|
|
|
360,245
|
|
|
350,218
|
|
|||||
Research and development
|
|
113,624
|
|
|
108,306
|
|
|
112,446
|
|
|
123,864
|
|
|
129,717
|
|
|||||
General and administrative
|
|
101,548
|
|
|
125,995
|
|
|
112,689
|
|
|
108,480
|
|
|
101,621
|
|
|||||
Impairment of goodwill and other assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,188
|
|
|
—
|
|
|||||
Restructuring charges (credits), net (1)
|
|
17,802
|
|
|
(4,777
|
)
|
|
8,001
|
|
|
39,455
|
|
|
—
|
|
|||||
Total operating expenses
|
|
551,989
|
|
|
551,273
|
|
|
555,843
|
|
|
634,232
|
|
|
581,556
|
|
|||||
Operating income (loss)
|
|
129,058
|
|
|
154,184
|
|
|
105,696
|
|
|
(3,574
|
)
|
|
137,697
|
|
|||||
Interest income (expense), net
|
|
790
|
|
|
1,197
|
|
|
(431
|
)
|
|
870
|
|
|
2,634
|
|
|||||
Other income (expense), net
|
|
1,624
|
|
|
(2,298
|
)
|
|
2,039
|
|
|
(2,139
|
)
|
|
7,933
|
|
|||||
Income (loss) from continuing operations before income taxes
|
|
131,472
|
|
|
153,083
|
|
|
107,304
|
|
|
(4,843
|
)
|
|
148,264
|
|
|||||
Provision for (benefit from) income taxes
|
|
3,110
|
|
|
4,654
|
|
|
1,313
|
|
|
(26,376
|
)
|
|
21,545
|
|
|||||
Net income from continuing operations
|
|
128,362
|
|
|
148,429
|
|
|
105,991
|
|
|
21,533
|
|
|
126,719
|
|
|||||
Loss from discontinued operations, net of income taxes
|
|
(9,045
|
)
|
|
(139,146
|
)
|
|
(31,687
|
)
|
|
(249,051
|
)
|
|
(22,482
|
)
|
|||||
Net income (loss)
|
|
119,317
|
|
|
9,283
|
|
|
74,304
|
|
|
(227,518
|
)
|
|
104,237
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss) per share - basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Continuing operations
|
|
$
|
0.79
|
|
|
$
|
0.91
|
|
|
$
|
0.66
|
|
|
$
|
0.14
|
|
|
$
|
0.73
|
|
Discontinued operations
|
|
$
|
(0.06
|
)
|
|
$
|
(0.85
|
)
|
|
$
|
(0.20
|
)
|
|
$
|
(1.58
|
)
|
|
$
|
(0.13
|
)
|
Net income (loss) per share - diluted
|
|
$
|
0.73
|
|
|
$
|
0.06
|
|
|
$
|
0.46
|
|
|
$
|
(1.44
|
)
|
|
$
|
0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) per share - diluted:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
|
$
|
0.77
|
|
|
$
|
0.89
|
|
|
$
|
0.65
|
|
|
$
|
0.14
|
|
|
$
|
0.72
|
|
Discontinued operations
|
|
$
|
(0.05
|
)
|
|
$
|
(0.83
|
)
|
|
$
|
(0.19
|
)
|
|
$
|
(1.57
|
)
|
|
$
|
(0.13
|
)
|
Net income (loss) per share - diluted
|
|
$
|
0.72
|
|
|
$
|
0.06
|
|
|
$
|
0.46
|
|
|
$
|
(1.43
|
)
|
|
$
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average shares used to compute net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic
|
|
163,296
|
|
|
163,536
|
|
|
160,619
|
|
|
158,468
|
|
|
174,648
|
|
|||||
Diluted
|
|
165,792
|
|
|
166,174
|
|
|
162,526
|
|
|
159,445
|
|
|
175,591
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividend per share
|
|
$
|
0.53
|
|
|
$
|
0.27
|
|
|
$
|
0.22
|
|
|
$
|
0.85
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities
|
|
$
|
183,111
|
|
|
$
|
178,632
|
|
|
$
|
205,421
|
|
|
$
|
122,389
|
|
|
$
|
202,534
|
|
Net cash used in investing activities
|
|
$
|
(60,690
|
)
|
|
$
|
(48,289
|
)
|
|
$
|
(46,803
|
)
|
|
$
|
(57,723
|
)
|
|
$
|
(57,602
|
)
|
|
|
March 31,
|
||||||||||||||||||
|
|
2016
|
|
2015
|
|
2014
(3)
|
|
2013
(3)
|
|
2012
(3)
|
||||||||||
Consolidated balance sheet data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
|
$
|
519,195
|
|
|
$
|
533,380
|
|
|
$
|
467,518
|
|
|
$
|
331,498
|
|
|
$
|
474,961
|
|
Total assets
|
|
$
|
1,324,147
|
|
|
$
|
1,426,680
|
|
|
$
|
1,451,390
|
|
|
$
|
1,382,333
|
|
|
$
|
1,858,009
|
|
Total shareholders' equity
|
|
$
|
759,948
|
|
|
$
|
758,134
|
|
|
$
|
804,128
|
|
|
$
|
721,953
|
|
|
$
|
1,131,791
|
|
(1)
|
During Fiscal year 2016, we incurred restructuring charges of
$17.8 million
related to the restructuring plan we implemented in fiscal 2016. The
$4.8 million
in restructuring credits during fiscal year 2015 were related to restructuring plans we implemented in fiscal year 2014. The
$8.0 million
and
$39.5 million
in restructuring costs during fiscal years 2014 and 2013 were related to restructuring plans we implemented in fiscal years 2014 and 2013.
|
(2)
|
On December 28, 2015, we divested our Lifesize video conferencing business and, as a result, we have reflected the Lifesize video conferencing business as discontinued operations in our consolidated statements of operations and, as such, the results of that business have been excluded from all line items of statements of operations other than “Loss from discontinued operations, net of income taxes” for all periods presented.
|
(3)
|
The above condensed consolidated cash and cash equivalents exclude Lifesize video conferencing business which is presented as discontinued operations. See Note 3, "Discontinued Operations" to our consolidated financial statements for additional information.
|
|
|
Years Ended March 31,
|
|
Change
|
||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||||||||
Retail
|
|
$
|
1,947,059
|
|
|
$
|
1,887,446
|
|
|
$
|
1,866,279
|
|
|
3
|
%
|
|
1
|
%
|
OEM
|
|
71,041
|
|
|
117,462
|
|
|
141,749
|
|
|
(40
|
)
|
|
(17
|
)
|
|||
Total net sales
|
|
$
|
2,018,100
|
|
|
$
|
2,004,908
|
|
|
$
|
2,008,028
|
|
|
1
|
|
|
—
|
|
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||
Americas
|
|
3
|
%
|
|
8
|
%
|
EMEA
|
|
(1
|
)
|
|
(7
|
)
|
Asia Pacific
|
|
10
|
|
|
2
|
|
|
|
Years Ended March 31,
|
|
Change
|
||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||||||||
Mobile Speakers
|
|
$
|
229,718
|
|
|
$
|
178,038
|
|
|
$
|
87,414
|
|
|
29
|
%
|
|
104
|
%
|
Audio-PC & Wearables
|
|
196,013
|
|
|
213,496
|
|
|
250,037
|
|
|
(8
|
)
|
|
(15
|
)
|
|||
Gaming
|
|
245,101
|
|
|
211,911
|
|
|
186,926
|
|
|
16
|
|
|
13
|
|
|||
Video Collaboration
|
|
89,322
|
|
|
62,215
|
|
|
29,058
|
|
|
44
|
|
|
114
|
|
|||
Home Control
|
|
59,075
|
|
|
68,060
|
|
|
67,371
|
|
|
(13
|
)
|
|
1
|
|
|||
Pointing Devices
|
|
492,543
|
|
|
487,210
|
|
|
506,884
|
|
|
1
|
|
|
(4
|
)
|
|||
Keyboards & Combos
|
|
430,190
|
|
|
426,117
|
|
|
415,314
|
|
|
1
|
|
|
3
|
|
|||
Tablet & Other Accessories
|
|
103,886
|
|
|
140,994
|
|
|
172,484
|
|
|
(26
|
)
|
|
(18
|
)
|
|||
PC Webcams
|
|
98,641
|
|
|
96,680
|
|
|
113,791
|
|
|
2
|
|
|
(15
|
)
|
|||
Other
(1)
|
|
2,570
|
|
|
2,725
|
|
|
37,000
|
|
|
(6
|
)
|
|
(93
|
)
|
|||
Total net retail sales
|
|
$
|
1,947,059
|
|
|
$
|
1,887,446
|
|
|
$
|
1,866,279
|
|
|
3
|
|
|
1
|
|
(1)
|
Other category includes products that we currently intend to transition out of, or have already transitioned out of, because they are no longer strategic to our business.
|
|
|
Years Ended March 31,
|
|
Change
|
||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||||||||
Net sales
|
|
$
|
2,018,100
|
|
|
$
|
2,004,908
|
|
|
$
|
2,008,028
|
|
|
1
|
%
|
|
—
|
%
|
Cost of goods sold
|
|
1,337,053
|
|
|
1,299,451
|
|
|
1,346,489
|
|
|
3
|
|
|
(3
|
)
|
|||
Gross profit
|
|
$
|
681,047
|
|
|
$
|
705,457
|
|
|
$
|
661,539
|
|
|
(3
|
)
|
|
7
|
|
Gross margin
|
|
33.7
|
%
|
|
35.2
|
%
|
|
32.9
|
%
|
|
|
|
|
|
|
|
|
Years Ended March 31,
|
|
Change
|
||||||||||||||
|
|
2016
|
|
2015
|
|
2014
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||||||||
Marketing and selling
|
|
$
|
319,015
|
|
|
$
|
321,749
|
|
|
$
|
322,707
|
|
|
(1
|
)%
|
|
—
|
%
|
% of net sales
|
|
15.8
|
%
|
|
16.0
|
%
|
|
16.1
|
%
|
|
|
|
|
|
|
|||
Research and development
|
|
113,624
|
|
|
108,306
|
|
|
112,446
|
|
|
5
|
|
|
(4
|
)
|
|||
% of net sales
|
|
5.6
|
%
|
|
5.4
|
%
|
|
5.6
|
%
|
|
|
|
|
|
|
|||
General and administrative
|
|
101,548
|
|
|
125,995
|
|
|
112,689
|
|
|
(19
|
)
|
|
12
|
|
|||
% of net sales
|
|
5.0
|
%
|
|
6.3
|
%
|
|
5.6
|
%
|
|
|
|
|
|
|
|||
Restructuring charges (Credits), net
|
|
17,802
|
|
|
(4,777
|
)
|
|
8,001
|
|
|
(473
|
)
|
|
(160
|
)
|
|||
% of net sales
|
|
0.9
|
%
|
|
(0.2
|
)%
|
|
0.4
|
%
|
|
|
|
|
|
|
|||
Total operating expenses
|
|
$
|
551,989
|
|
|
$551,273
|
|
$
|
555,843
|
|
|
—
|
|
|
(1
|
)
|
||
% of net sales
|
|
27.4
|
%
|
|
27.5
|
%
|
|
27.7
|
%
|
|
|
|
|
|
|
|
|
Restructuring - Continuing Operations
|
||||||||||||||
|
|
Termination
Benefits |
|
Lease Exit
Costs |
|
Other
|
|
Total
|
||||||||
Accrual balance at March 31, 2014
|
|
$
|
—
|
|
|
$
|
7,309
|
|
|
$
|
—
|
|
|
$
|
7,309
|
|
Credits, net
|
|
—
|
|
|
(4,777
|
)
|
|
—
|
|
|
(4,777
|
)
|
||||
Cash payments
|
|
—
|
|
|
(1,578
|
)
|
|
—
|
|
|
(1,578
|
)
|
||||
Accrual balance at March 31, 2015
|
|
—
|
|
|
954
|
|
|
—
|
|
|
954
|
|
||||
Charges, net
|
|
17,280
|
|
|
337
|
|
|
185
|
|
|
17,802
|
|
||||
Cash payments
|
|
(11,373
|
)
|
|
(1,166
|
)
|
|
(185
|
)
|
|
(12,724
|
)
|
||||
Accrual balance at March 31, 2016
|
|
$
|
5,907
|
|
|
$
|
125
|
|
|
$
|
—
|
|
|
$
|
6,032
|
|
|
|
Restructuring - Discontinued Operations
|
||||||||||||||
|
|
Termination
Benefits |
|
Lease Exit
Costs |
|
Other
|
|
Total
|
||||||||
Accrual balance at March 31, 2014
|
|
$
|
142
|
|
|
$
|
110
|
|
|
$
|
—
|
|
|
$
|
252
|
|
Charges
|
|
(86
|
)
|
|
(25
|
)
|
|
—
|
|
|
(111
|
)
|
||||
Cash payments
|
|
(56
|
)
|
|
—
|
|
|
—
|
|
|
(56
|
)
|
||||
Accrual balance at March 31, 2015
|
|
—
|
|
|
85
|
|
|
—
|
|
|
85
|
|
||||
Charges, net
|
|
7,095
|
|
|
—
|
|
|
805
|
|
|
7,900
|
|
||||
Cash payments
|
|
(6,460
|
)
|
|
(14
|
)
|
|
(805
|
)
|
|
(7,279
|
)
|
||||
Adjustment as a result of disposition of discontinued operations
|
|
(267
|
)
|
|
(71
|
)
|
|
—
|
|
|
(338
|
)
|
||||
Accrual balance at March 31, 2016
|
|
$
|
368
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
368
|
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Investment income (loss) related to deferred compensation plan
|
|
$
|
(364
|
)
|
|
$
|
1,055
|
|
|
$
|
1,487
|
|
Impairment of investments
|
|
—
|
|
|
(2,298
|
)
|
|
(624
|
)
|
|||
Currency exchange gain (loss), net
|
|
2,110
|
|
|
(1,175
|
)
|
|
(62
|
)
|
|||
Other
|
|
(122
|
)
|
|
120
|
|
|
1,238
|
|
|||
|
|
$
|
1,624
|
|
|
$
|
(2,298
|
)
|
|
$
|
2,039
|
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Provision for income taxes
|
|
$
|
3,110
|
|
|
$
|
4,654
|
|
|
$
|
1,313
|
|
Effective income tax rate
|
|
2.4
|
%
|
|
3.0
|
%
|
|
1.2
|
%
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net cash provided by operating activities
|
|
$
|
183,111
|
|
|
$
|
178,632
|
|
|
$
|
205,421
|
|
Net cash used in investing activities
|
|
(60,690
|
)
|
|
(48,289
|
)
|
|
(46,803
|
)
|
|||
Net cash used in financing activities
|
|
(141,669
|
)
|
|
(48,854
|
)
|
|
(22,681
|
)
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
|
1,405
|
|
|
(13,863
|
)
|
|
(349
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
$
|
(17,843
|
)
|
|
$
|
67,626
|
|
|
$
|
135,588
|
|
|
|
March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Accounts receivable, net
|
|
$
|
142,778
|
|
|
$
|
167,196
|
|
|
$
|
166,877
|
|
Inventories
|
|
228,786
|
|
|
255,980
|
|
|
212,599
|
|
|||
Days sales in accounts receivable ("DSO")(Days)(1)
|
|
30
|
|
|
34
|
|
|
33
|
|
|||
Inventory turnover ("ITO")(x)(2)
|
|
5.0
|
|
|
4.7
|
|
|
6.0
|
|
(1)
|
DSO is determined using ending accounts receivable as of the most recent quarter-end and net sales for the most recent quarter.
|
(2)
|
ITO is determined using ending inventories and annualized cost of goods sold (based on the most recent quarterly cost of goods sold).
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Purchases of property, plant and equipment
|
|
$
|
(56,615
|
)
|
|
$
|
(45,253
|
)
|
|
$
|
(46,658
|
)
|
Investment in privately held companies
|
|
(2,419
|
)
|
|
(2,550
|
)
|
|
(300
|
)
|
|||
Payments for divestiture of discontinued operations, net of cash sold
|
|
(1,395
|
)
|
|
—
|
|
|
—
|
|
|||
Changes in restricted cash
|
|
(715
|
)
|
|
—
|
|
|
—
|
|
|||
Acquisitions, net of cash acquired
|
|
—
|
|
|
(926
|
)
|
|
(650
|
)
|
|||
Proceeds from return of investment from strategic investments
|
|
—
|
|
|
—
|
|
|
261
|
|
|||
Purchase of trading investments
|
|
(9,619
|
)
|
|
(5,034
|
)
|
|
(8,450
|
)
|
|||
Proceeds from sales of trading investments
|
|
10,073
|
|
|
5,474
|
|
|
8,994
|
|
|||
|
|
$
|
(60,690
|
)
|
|
$
|
(48,289
|
)
|
|
$
|
(46,803
|
)
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Payment of cash dividends
|
|
$
|
(85,915
|
)
|
|
$
|
(43,767
|
)
|
|
$
|
(36,123
|
)
|
Purchases of treasury shares
|
|
(70,358
|
)
|
|
(1,663
|
)
|
|
—
|
|
|||
Contingent consideration related to prior acquisition
|
|
—
|
|
|
(100
|
)
|
|
—
|
|
|||
Repurchase of ESPP awards
|
|
—
|
|
|
(1,078
|
)
|
|
—
|
|
|||
Proceeds from sales of shares upon exercise of options and purchase rights
|
|
19,767
|
|
|
4,138
|
|
|
16,914
|
|
|||
Tax withholdings related to net share settlements of restricted stock units
|
|
(7,247
|
)
|
|
(9,215
|
)
|
|
(5,718
|
)
|
|||
Excess tax benefits from share-based compensation
|
|
2,084
|
|
|
2,831
|
|
|
2,246
|
|
|||
|
|
$
|
(141,669
|
)
|
|
$
|
(48,854
|
)
|
|
$
|
(22,681
|
)
|
|
|
|
|
Payments Due by Period
|
||||||||||||||||
|
|
March 31, 2016
|
<1 year
|
|
1-3 years
|
|
4-5 years
|
|
>5 years
|
|||||||||||
Inventory commitments
|
|
$
|
158,063
|
|
|
$
|
158,063
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Capital commitments
|
|
6,188
|
|
|
6,188
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Expected contribution to employee benefit plan
|
|
4,881
|
|
|
4,881
|
|
|
*
|
|
|
*
|
|
|
*
|
|
|||||
Operating leases obligations
|
|
31,974
|
|
|
7,558
|
|
|
10,254
|
|
|
7,623
|
|
|
6,539
|
|
|||||
|
|
$
|
201,106
|
|
|
$
|
176,690
|
|
|
$
|
10,254
|
|
|
$
|
7,623
|
|
|
$
|
6,539
|
|
|
|
|
|
March 31, 2016
|
||||||||||
Currency
|
|
|
|
Net Exposed
Long (Short)
Currency
|
|
Currency Exchange Gain
(Loss) from 10% Change
in Base Currency
|
||||||||
Base Currency
|
|
Transaction
Currency
|
|
Position
|
|
Appreciation
|
|
Depreciation
|
||||||
U.S. Dollar
|
|
Japanese Yen
|
|
$
|
14,487
|
|
|
$
|
(1,317
|
)
|
|
$
|
1,610
|
|
U.S. Dollar
|
|
Mexican Peso
|
|
13,431
|
|
|
(1,221
|
)
|
|
1,492
|
|
|||
U.S. Dollar
|
|
Canadian Dollar
|
|
12,670
|
|
|
(1,152
|
)
|
|
1,408
|
|
|||
U.S. Dollar
|
|
Australian Dollar
|
|
10,588
|
|
|
(963
|
)
|
|
1,176
|
|
|||
U.S. Dollar
|
|
Indian Rupee
|
|
1,275
|
|
|
(116
|
)
|
|
142
|
|
|||
U.S. Dollar
|
|
Russian Ruble
|
|
543
|
|
|
(49
|
)
|
|
60
|
|
|||
U.S. Dollar
|
|
Korean Wan
|
|
(799
|
)
|
|
73
|
|
|
(89
|
)
|
|||
U.S. Dollar
|
|
Chinese Renminbi
|
|
(3,452
|
)
|
|
314
|
|
|
(384
|
)
|
|||
U.S. Dollar
|
|
Singapore Dollar
|
|
(5,570
|
)
|
|
506
|
|
|
(619
|
)
|
|||
U.S. Dollar
|
|
Taiwanese Dollar
|
|
(14,242
|
)
|
|
1,295
|
|
|
(1,582
|
)
|
|||
Euro
|
|
British Pound
|
|
3,780
|
|
|
(344
|
)
|
|
420
|
|
|||
Euro
|
|
Turkish Lira
|
|
2,001
|
|
|
(182
|
)
|
|
222
|
|
|||
Euro
|
|
U.S. Dollar
|
|
1,768
|
|
|
(161
|
)
|
|
196
|
|
|||
Euro
|
|
Croatian Kuna
|
|
640
|
|
|
(58
|
)
|
|
71
|
|
|||
Euro
|
|
Swedish Krona
|
|
(1,168
|
)
|
|
106
|
|
|
(130
|
)
|
|||
Swiss Franc
|
|
British Pound
|
|
(758
|
)
|
|
69
|
|
|
(84
|
)
|
|||
|
|
|
|
$
|
35,194
|
|
|
$
|
(3,200
|
)
|
|
$
|
3,909
|
|
•
|
Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
|
•
|
Full, fair, accurate, timely, and understandable disclosure in reports and documents that we file with, or submit to, the Commission and in other public communications made by us;
|
•
|
Compliance with applicable governmental laws, rules and regulations;
|
•
|
The prompt internal reporting to an appropriate person or persons identified in the code of violations of any of the provisions described above; and
|
•
|
Accountability for adherence to the code.
|
(a)
|
The following documents are filed as part of this Annual Report on Form 10-K:
|
|
|
|
|
|
|
Incorporated by Reference
|
|
|
||||||
Exhibit No.
|
|
|
|
Exhibit
|
|
Form
|
|
File No.
|
|
Filing Date
|
|
Exhibit No.
|
|
Filed
Herewith
|
2.1
|
|
|
|
Agreement and Plan of Merger, dated as of November 10, 2009, as amended by the First Amendment to Agreement and Plan of Merger, entered into as of November 16, 2009, both by and among Logitech Inc., Agora Acquisition Corporation, Lifesize Communications, Inc., Shareholder Representative Services LLC, as stockholder representative, and U.S. Bank National Association, as escrow agent.
|
|
8-K
|
|
0-29174
|
|
12/14/2009
|
|
2.1
|
|
|
2.2
|
|
***
|
|
Securities Purchase Agreement, dated as of April 12, 2016, by and among Logitech Europe S.A., JayBird, LLC, the unitholders of JayBird, LLC, and Judd Armstrong (as the sellers' representative)
|
|
|
|
|
|
|
|
|
|
X
|
3.1
|
|
|
|
Articles of Incorporation of Logitech International S.A., as amended
|
|
10-Q
|
|
0-29174
|
|
1/27/2015
|
|
3.1
|
|
|
3.2
|
|
|
|
Organizational Regulations of Logitech International S.A., as amended
|
|
10-K
|
|
0-29174
|
|
6/1/2009
|
|
3.2
|
|
|
10.1
|
|
**
|
|
1996 Stock Plan, as amended
|
|
S-8
|
|
333-100854
|
|
5/27/2003
|
|
4.2
|
|
|
10.2
|
|
**
|
|
Logitech International S.A. 2006 Stock Incentive Plan, as amended and restated effective September 5, 2012
|
|
DEFA14A
|
|
0-29174
|
|
8/10/2012
|
|
App. A
|
|
|
10.3
|
|
**
|
|
Representative form of Performance Restricted Stock Unit agreement (executives) under the Logitech International S.A. 2006 Stock Incentive Plan for grants in 2008 to 2010
|
|
10-K
|
|
0-29174
|
|
6/1/2009
|
|
10.3
|
|
|
10.4
|
|
**
|
|
Logitech Inc. Management Deferred Compensation Plan
|
|
10-Q
|
|
0-29174
|
|
11/4/2008
|
|
10.1
|
|
|
10.5
|
|
**
|
|
1996 Employee Share Purchase Plan (U.S.), as amended and restated
|
|
DEFA14A
|
|
0-29174
|
|
7/23/2013
|
|
App. A
|
|
|
10.6
|
|
**
|
|
2006 Employee Share Purchase Plan (Non-U.S.), as amended and restated
|
|
DEFA14A
|
|
0-29174
|
|
7/23/2013
|
|
App. B
|
|
|
10.7
|
|
**
|
|
Form of Director and Officer Indemnification Agreement with Logitech International S.A.
|
|
20-F
|
|
0-29174
|
|
5/21/2003
|
|
4.1
|
|
|
10.8
|
|
**
|
|
Form of Director and Officer Indemnification Agreement with Logitech Inc.
|
|
20-F
|
|
0-29174
|
|
5/21/2003
|
|
4.2
|
|
|
10.9
|
|
**
|
|
Logitech Management Performance Bonus Plan, as amended and restated
|
|
DEFA14A
|
|
0-29174
|
|
7/23/2013
|
|
App. C
|
|
|
10.10
|
|
**
|
|
Employment agreement dated January 28, 2008 between Logitech Inc. and Guerrino De Luca
|
|
10-K
|
|
0-29174
|
|
5/30/2008
|
|
10.1
|
|
|
10.11
|
|
**
|
|
Representative form of stock option agreement (non-executive board members) under the Logitech International S.A. 2006 Stock Incentive Plan
|
|
10-Q
|
|
0-29174
|
|
11/4/2009
|
|
10.1
|
|
|
10.12
|
|
**
|
|
Representative form of stock option agreement (employees) under the Logitech International S.A. 2006 Stock Incentive Plan
|
|
10-Q
|
|
0-29174
|
|
11/4/2009
|
|
10.2
|
|
|
10.13
|
|
**
|
|
Representative form of restricted stock unit agreement (non-executive board members) under the Logitech International S.A. 2006 Stock Incentive Plan
|
|
10-Q
|
|
0-29174
|
|
11/4/2009
|
|
10.3
|
|
|
10.14
|
|
**
|
|
Representative form of restricted stock unit agreement (executives) under the Logitech International S.A. 2006 Stock Incentive Plan
|
|
10-Q
|
|
0-29174
|
|
11/4/2009
|
|
10.4
|
|
|
10.15
|
|
**
|
|
Representative form of Performance Restricted Stock Unit agreement (executives) under the Logitech International S.A. 2006 Stock Incentive Plan for grants in 2011
|
|
10-K
|
|
0-29174
|
|
5/27/2011
|
|
10.3
|
|
|
10.16
|
|
**
|
|
2012 Stock Inducement Equity Plan
|
|
S-8
|
|
333-180726
|
|
4/13/2012
|
|
10.1
|
|
|
10.17
|
|
**
|
|
Representative form of stock option agreement under the 2012 Stock Inducement Equity Plan
|
|
S-8
|
|
333-180726
|
|
4/13/2012
|
|
10.2
|
|
|
10.18
|
|
**
|
|
Representative form of restricted stock unit agreement under the 2012 Stock Inducement Equity Plan
|
|
S-8
|
|
333-180726
|
|
4/13/2012
|
|
10.3
|
|
|
10.19
|
|
**
|
|
Representative form of restricted stock unit agreement (executives and other employees) under the Logitech International S.A. 2006 Stock Incentive Plan for grants starting in 2013
|
|
10-Q
|
|
0-29174
|
|
2/5/2013
|
|
10.1
|
|
|
10.20
|
|
**
|
|
Representative form of performance stock option agreement (executives and other employees) under the Logitech International S.A. 2006 Stock Incentive Plan
|
|
10-Q
|
|
0-29174
|
|
2/5/2013
|
|
10.2
|
|
|
10.21
|
|
**
|
|
Representative form of performance restricted stock unit agreement (non-executive employees) under the Logitech International S.A. 2006 Stock Incentive Plan
|
|
10-Q
|
|
0-29174
|
|
2/5/2013
|
|
10.3
|
|
|
10.22
|
|
**
|
|
Representative form of performance share unit agreement (executives and other employees) under the Logitech International S.A. 2006 Stock Incentive Plan for grants starting in April 2013
|
|
10-K
|
|
0-29174
|
|
5/30/2013
|
|
10.4
|
|
|
10.23
|
|
**
|
|
Form of restricted stock unit agreement for new hire grants to Vincent Pilette on September 15, 2013 under the Logitech International S.A. 2006 Stock Incentive Plan
|
|
10-Q
|
|
0-29174
|
|
11/5/2013
|
|
10.2
|
|
|
10.24
|
|
**
|
|
Form of performance share unit agreement for new hire grants to Vincent Pilette on September 15, 2013 under the Logitech International S.A. 2006 Stock Incentive Plan
|
|
10-Q
|
|
0-29174
|
|
11/5/2013
|
|
10.3
|
|
|
10.25
|
|
**
|
|
Form of restricted stock unit agreement for grant to Guerrino De Luca on October 15, 2013 under the Logitech International S.A. 2006 Stock Incentive Plan
|
|
10-Q
|
|
0-29174
|
|
11/5/2013
|
|
10.4
|
|
|
10.26
|
|
**
|
|
Employment Agreement between Logitech Inc. and Bracken Darrel, dated as of December 18, 2015
|
|
10-Q
|
|
0-29174
|
|
1/22/2016
|
|
10.1
|
|
|
10.27
|
|
**
|
|
Employment Agreement between Logitech Inc. and Vincent Pilette, dated as of December 18, 2015
|
|
10-Q
|
|
0-29174
|
|
1/22/2016
|
|
10.2
|
|
|
10.28
|
|
**
|
|
Employment Agreement between Logitech Inc. and L. Joseph Sullivan, dated as of December 18, 2015
|
|
10-Q
|
|
0-29174
|
|
1/22/2016
|
|
10.3
|
|
|
10.29
|
|
**
|
|
Employment Contract between Logitech Inc. and Marcel Stolk, dated as of December 18, 2015
|
|
10-Q
|
|
0-29174
|
|
1/22/2016
|
|
10.4
|
|
|
10.30
|
|
|
|
Series B Preferred Stock Purchase Agreement, dated as of December 28, 2015, by and between Logitech International S.A., Lifesize, Inc., and Investors associated with Redpoint Ventures, Sutter Hill Ventures and Meritech Capital Partners.
|
|
10-Q
|
|
0-29174
|
|
1/22/2016
|
|
10.5
|
|
|
10.31
|
|
**
|
|
Representative form of restricted stock unit agreement (executives and other employees) under the Logitech International S.A. 2006 Stock Incentive Plan
|
|
|
|
|
|
|
|
|
|
X
|
10.32
|
|
**
|
|
Representative form of performance share unit agreement (executives and other employees) under the Logitech International S.A. 2006 Stock Incentive Plan
|
|
|
|
|
|
|
|
|
|
X
|
21.1
|
|
|
|
List of subsidiaries of Logitech International S.A.
|
|
|
|
|
|
|
|
|
|
X
|
23.1.1
|
|
|
|
Consent of Independent Registered Public Accounting Firm - KPMG LLP
|
|
|
|
|
|
|
|
|
|
X
|
23.1.2
|
|
|
|
Consent of Independent Registered Public Accounting Firm - PricewaterhouseCoopers LLP
|
|
|
|
|
|
|
|
|
|
X
|
24.1
|
|
|
|
Power of Attorney (incorporated by reference to the signature page of this Annual Report on Form 10-K)
|
|
|
|
|
|
|
|
|
|
X
|
31.1
|
|
|
|
Certification by Chief Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
|
X
|
31.2
|
|
|
|
Certification by Chief Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
|
X
|
32.1
|
|
*
|
|
Certification by Chief Executive Officer and Chief Financial Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
|
|
|
|
X
|
101.INS
|
|
|
|
XBRL Instance Document
|
|
|
|
|
|
|
|
|
|
X
|
101.SCH
|
|
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
|
|
|
|
X
|
101.CAL
|
|
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.DEF
|
|
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.LAB
|
|
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.PRE
|
|
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
LOGITECH INTERNATIONAL S.A.
|
|
|
/s/ BRACKEN DARRELL
|
|
|
Bracken Darrell
President and Chief Executive Officer
|
|
|
/s/ VINCENT PILETTE
|
|
|
Vincent Pilette
Chief Financial Officer
|
|
|
May 23, 2016
|
|
|
|
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ GUERRINO DE LUCA
Guerrino De Luca
|
|
Chairman of the Board
|
|
May 23, 2016
|
/s/ BRACKEN DARRELL
Bracken Darrell
|
|
President and Chief Executive Officer
|
|
May 23, 2016
|
/s/ VINCENT PILETTE
Vincent Pilette
|
|
Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
|
|
May 23, 2016
|
/s/ DIDIER HIRSCH
Didier Hirsch
|
|
Director
|
|
May 23, 2016
|
/s/ DIMITRI PANAYOTOPOULOS
Dimitri Panayotopoulos
|
|
Director
|
|
May 23, 2016
|
/s/ EDOUARD BUGNION
Edouard Bugnion
|
|
Director
|
|
May 23, 2016
|
/s/ KEE-LOCK CHUA
Kee-Lock Chua
|
|
Director
|
|
May 23, 2016
|
/s/ LUNG YEH
Lung Yeh
|
|
Director
|
|
May 23, 2016
|
/s/ NEIL HUNT
Neil Hunt
|
|
Director
|
|
May 23, 2016
|
/s/ SALLY DAVIS
Sally Davis
|
|
Director
|
|
May 23, 2016
|
/s/ SUE GOVE
Sue Gove
|
|
Director
|
|
May 23, 2016
|
|
Page
|
INDEX TO SUPPLEMENTARY DATA
|
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net sales
|
|
$
|
2,018,100
|
|
|
$
|
2,004,908
|
|
|
$
|
2,008,028
|
|
Cost of goods sold
|
|
1,337,053
|
|
|
1,299,451
|
|
|
1,346,489
|
|
|||
Gross profit
|
|
681,047
|
|
|
705,457
|
|
|
661,539
|
|
|||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|||
Marketing and selling
|
|
319,015
|
|
|
321,749
|
|
|
322,707
|
|
|||
Research and development
|
|
113,624
|
|
|
108,306
|
|
|
112,446
|
|
|||
General and administrative
|
|
101,548
|
|
|
125,995
|
|
|
112,689
|
|
|||
Restructuring charges (credits), net
|
|
17,802
|
|
|
(4,777
|
)
|
|
8,001
|
|
|||
Total operating expenses
|
|
551,989
|
|
|
551,273
|
|
|
555,843
|
|
|||
Operating income
|
|
129,058
|
|
|
154,184
|
|
|
105,696
|
|
|||
Interest income (expense), net
|
|
790
|
|
|
1,197
|
|
|
(431
|
)
|
|||
Other income (expense), net
|
|
1,624
|
|
|
(2,298
|
)
|
|
2,039
|
|
|||
Income from continuing operations before income taxes
|
|
131,472
|
|
|
153,083
|
|
|
107,304
|
|
|||
Provision for income taxes
|
|
3,110
|
|
|
4,654
|
|
|
1,313
|
|
|||
Net income from continuing operations
|
|
$
|
128,362
|
|
|
$
|
148,429
|
|
|
$
|
105,991
|
|
Loss from discontinued operations, net of income taxes
|
|
(9,045
|
)
|
|
(139,146
|
)
|
|
(31,687
|
)
|
|||
Net income
|
|
$
|
119,317
|
|
|
$
|
9,283
|
|
|
$
|
74,304
|
|
|
|
|
|
|
|
|
||||||
Net income (loss) per share - basic:
|
|
|
|
|
|
|
|
|
|
|||
Continuing operations
|
|
$
|
0.79
|
|
|
$
|
0.91
|
|
|
$
|
0.66
|
|
Discontinued operations
|
|
(0.06
|
)
|
|
(0.85
|
)
|
|
(0.20
|
)
|
|||
Net income per share - basic
|
|
$
|
0.73
|
|
|
$
|
0.06
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net income (loss) per share - diluted:
|
|
|
|
|
|
|
|
|
|
|||
Continuing operations
|
|
$
|
0.77
|
|
|
$
|
0.89
|
|
|
$
|
0.65
|
|
Discontinued operations
|
|
(0.05
|
)
|
|
(0.83
|
)
|
|
(0.19
|
)
|
|||
Net income per share - diluted
|
|
$
|
0.72
|
|
|
$
|
0.06
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
||||||
Weighted average shares used to compute net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
163,296
|
|
|
163,536
|
|
|
160,619
|
|
|||
Diluted
|
|
165,792
|
|
|
166,174
|
|
|
162,526
|
|
|||
|
|
|
|
|
|
|
||||||
Cash dividends per share
|
|
$
|
0.53
|
|
|
$
|
0.27
|
|
|
$
|
0.22
|
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net income
|
|
$
|
119,317
|
|
|
$
|
9,283
|
|
|
$
|
74,304
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|||
Currency translation gain (loss):
|
|
|
|
|
|
|
|
|
|
|||
Currency translation gain (loss), net of taxes
|
|
2,273
|
|
|
(19,054
|
)
|
|
2,119
|
|
|||
Reclassification of currency translation loss (gain) included in other income (expense), net
|
|
3,913
|
|
|
(171
|
)
|
|
665
|
|
|||
Defined benefit plans:
|
|
|
|
|
|
|
|
|
|
|||
Net gain (loss) and prior service credits (costs), net of taxes
|
|
(837
|
)
|
|
(12,998
|
)
|
|
5,551
|
|
|||
Reclassification of amortization included in operating expenses
|
|
1,630
|
|
|
322
|
|
|
2,017
|
|
|||
Hedging gain (loss):
|
|
|
|
|
|
|
|
|
|
|||
Deferred hedging gain (loss), net of taxes
|
|
(2,431
|
)
|
|
8,971
|
|
|
(3,497
|
)
|
|||
Reclassification of hedging loss (gain) included in cost of goods sold
|
|
(3,296
|
)
|
|
(4,505
|
)
|
|
2,472
|
|
|||
Other comprehensive income (loss)
|
|
1,252
|
|
|
(27,435
|
)
|
|
9,327
|
|
|||
Total comprehensive income (loss)
|
|
$
|
120,569
|
|
|
$
|
(18,152
|
)
|
|
$
|
83,631
|
|
|
|
March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Assets
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
519,195
|
|
|
$
|
533,380
|
|
Accounts receivable, net
|
|
142,778
|
|
|
167,196
|
|
||
Inventories
|
|
228,786
|
|
|
255,980
|
|
||
Other current assets
|
|
35,488
|
|
|
63,362
|
|
||
Current assets of discontinued operations
|
|
—
|
|
|
32,102
|
|
||
Total current assets
|
|
926,247
|
|
|
1,052,020
|
|
||
Non-current assets:
|
|
|
|
|
|
|
||
Property, plant and equipment, net
|
|
92,860
|
|
|
86,478
|
|
||
Goodwill
|
|
218,224
|
|
|
218,213
|
|
||
Other assets
|
|
86,816
|
|
|
62,333
|
|
||
Long-term assets of discontinued operations
|
|
—
|
|
|
7,636
|
|
||
Total assets
|
|
$
|
1,324,147
|
|
|
$
|
1,426,680
|
|
Liabilities and Shareholders' Equity
|
|
|
|
|
|
|||
Current liabilities:
|
|
|
|
|
|
|||
Accounts payable
|
|
$
|
241,166
|
|
|
$
|
292,797
|
|
Accrued and other current liabilities
|
|
173,764
|
|
|
163,344
|
|
||
Current liabilities of discontinued operations
|
|
—
|
|
|
38,766
|
|
||
Total current liabilities
|
|
414,930
|
|
|
494,907
|
|
||
Non-current liabilities:
|
|
|
|
|
|
|
||
Income taxes payable
|
|
59,734
|
|
|
72,107
|
|
||
Other non-current liabilities
|
|
89,535
|
|
|
91,195
|
|
||
Long-term liabilities of discontinued operations
|
|
—
|
|
|
10,337
|
|
||
Total liabilities
|
|
564,199
|
|
|
668,546
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
|
|
|
||
Shareholders' equity:
|
|
|
|
|
|
|||
Registered shares, CHF 0.25 par value:
|
|
30,148
|
|
|
30,148
|
|
||
Issued and authorized shares—173,106 at March 31, 2016 and 2015
|
|
|
|
|
|
|||
Conditionally authorized shares—50,000 at March 31, 2016 and 2015
|
|
|
|
|
|
|||
Additional paid-in capital
|
|
6,616
|
|
|
—
|
|
||
Less shares in treasury, at cost—10,697 at March 31, 2016 and 8,625 at March 31, 2015
|
|
(128,407
|
)
|
|
(88,951
|
)
|
||
Retained earnings
|
|
963,576
|
|
|
930,174
|
|
||
Accumulated other comprehensive loss
|
|
(111,985
|
)
|
|
(113,237
|
)
|
||
Total shareholders' equity
|
|
759,948
|
|
|
758,134
|
|
||
Total liabilities and shareholders' equity
|
|
$
|
1,324,147
|
|
|
$
|
1,426,680
|
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
119,317
|
|
|
$
|
9,283
|
|
|
$
|
74,304
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|||
Depreciation
|
|
51,108
|
|
|
41,304
|
|
|
48,967
|
|
|||
Amortization of other intangible assets
|
|
1,885
|
|
|
8,361
|
|
|
17,771
|
|
|||
Share-based compensation expense
|
|
27,351
|
|
|
25,825
|
|
|
25,546
|
|
|||
Impairment of goodwill and other assets
|
|
—
|
|
|
122,734
|
|
|
—
|
|
|||
Impairment of investments
|
|
—
|
|
|
2,298
|
|
|
624
|
|
|||
Equity in net income of equity method investees
|
|
(469
|
)
|
|
—
|
|
|
—
|
|
|||
Loss (gain) on disposal of property, plant and equipment
|
|
—
|
|
|
(44
|
)
|
|
4,411
|
|
|||
Net gain on divestiture of discontinued operations
|
|
(13,684
|
)
|
|
—
|
|
|
—
|
|
|||
Excess tax benefits from share-based compensation
|
|
(2,084
|
)
|
|
(2,831
|
)
|
|
(2,246
|
)
|
|||
Deferred income taxes
|
|
6,604
|
|
|
2,240
|
|
|
(4,828
|
)
|
|||
Changes in assets and liabilities, net of acquisitions:
|
|
|
|
|
|
|
|
|
|
|||
Accounts receivable, net
|
|
25,513
|
|
|
(8,018
|
)
|
|
(219
|
)
|
|||
Inventories
|
|
31,966
|
|
|
(60,510
|
)
|
|
49,471
|
|
|||
Other assets
|
|
(1,975
|
)
|
|
(4,284
|
)
|
|
(1,388
|
)
|
|||
Accounts payable
|
|
(58,104
|
)
|
|
60,413
|
|
|
(21,322
|
)
|
|||
Accrued and other liabilities
|
|
(4,317
|
)
|
|
(18,139
|
)
|
|
14,330
|
|
|||
Net cash provided by operating activities
|
|
183,111
|
|
|
178,632
|
|
|
205,421
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|||
Purchases of property, plant and equipment
|
|
(56,615
|
)
|
|
(45,253
|
)
|
|
(46,658
|
)
|
|||
Investment in privately held companies
|
|
(2,419
|
)
|
|
(2,550
|
)
|
|
(300
|
)
|
|||
Payments for divestiture of discontinued operations, net of cash sold
|
|
(1,395
|
)
|
|
—
|
|
|
—
|
|
|||
Changes in restricted cash
|
|
(715
|
)
|
|
—
|
|
|
—
|
|
|||
Acquisitions, net of cash acquired
|
|
—
|
|
|
(926
|
)
|
|
(650
|
)
|
|||
Proceeds from return of investment from strategic investments
|
|
—
|
|
|
—
|
|
|
261
|
|
|||
Purchase of trading investments
|
|
(9,619
|
)
|
|
(5,034
|
)
|
|
(8,450
|
)
|
|||
Proceeds from sales of trading investments
|
|
10,073
|
|
|
5,474
|
|
|
8,994
|
|
|||
Net cash used in investing activities
|
|
(60,690
|
)
|
|
(48,289
|
)
|
|
(46,803
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|||
Payment of cash dividends
|
|
(85,915
|
)
|
|
(43,767
|
)
|
|
(36,123
|
)
|
|||
Purchases of treasury shares
|
|
(70,358
|
)
|
|
(1,663
|
)
|
|
—
|
|
|||
Contingent consideration related to prior acquisition
|
|
—
|
|
|
(100
|
)
|
|
—
|
|
|||
Repurchase of ESPP awards
|
|
—
|
|
|
(1,078
|
)
|
|
—
|
|
|||
Proceeds from sales of shares upon exercise of options and purchase rights
|
|
19,767
|
|
|
4,138
|
|
|
16,914
|
|
|||
Tax withholdings related to net share settlements of restricted stock units
|
|
(7,247
|
)
|
|
(9,215
|
)
|
|
(5,718
|
)
|
|||
Excess tax benefits from share-based compensation
|
|
2,084
|
|
|
2,831
|
|
|
2,246
|
|
|||
Net cash used in financing activities
|
|
(141,669
|
)
|
|
(48,854
|
)
|
|
(22,681
|
)
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
|
1,405
|
|
|
(13,863
|
)
|
|
(349
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
(17,843
|
)
|
|
67,626
|
|
|
135,588
|
|
|||
Cash and cash equivalents at beginning of period
|
|
537,038
|
|
|
469,412
|
|
|
333,824
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
519,195
|
|
|
$
|
537,038
|
|
|
$
|
469,412
|
|
|
|
|
|
|
|
|
||||||
Supplementary Cash Flow Disclosures:
|
|
|
|
|
|
|
||||||
Non-cash investing activities:
|
|
|
|
|
|
|
|
|
|
|||
Property, plant and equipment purchased during the period and included in period end liability accounts
|
|
$
|
4,958
|
|
|
$
|
5,242
|
|
|
$
|
5,204
|
|
Fair value of retained cost method investment as a result of divestiture of discontinued operations
|
|
$
|
5,591
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
|
|||
Interest paid
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,080
|
|
Income taxes paid, net
|
|
$
|
11,499
|
|
|
$
|
10,838
|
|
|
$
|
9,189
|
|
The following amounts reflected in the consolidated statements of cash flows are included in discontinued operations:
|
||||||||||||
Depreciation
|
|
$
|
2,207
|
|
|
$
|
2,562
|
|
|
$
|
3,402
|
|
Amortization of other intangible assets
|
|
$
|
1,438
|
|
|
$
|
7,598
|
|
|
$
|
15,369
|
|
Share-based compensation
|
|
$
|
332
|
|
|
$
|
1,634
|
|
|
$
|
2,318
|
|
Purchases of property, plant and equipment
|
|
$
|
1,431
|
|
|
$
|
3,598
|
|
|
$
|
4,233
|
|
Cash and cash equivalents, beginning of the period
|
|
$
|
3,659
|
|
|
$
|
1,894
|
|
|
$
|
2,326
|
|
Cash and cash equivalents, end of the period
|
|
$
|
—
|
|
|
$
|
3,659
|
|
|
$
|
1,894
|
|
|
Registered shares
|
|
Additional
paid-in
capital
|
|
Treasury shares
|
|
Retained
earnings
|
|
Accumulated
other
comprehensive
loss
|
|
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
Total
|
|||||||||||||||||||
March 31, 2013
|
173,106
|
|
|
$
|
30,148
|
|
|
$
|
—
|
|
|
13,855
|
|
|
$
|
(179,990
|
)
|
|
$
|
966,924
|
|
|
$
|
(95,129
|
)
|
|
$
|
721,953
|
|
Total comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74,304
|
|
|
9,327
|
|
|
83,631
|
|
||||||
Tax effects from share-based awards
|
—
|
|
|
—
|
|
|
(2,046
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,046
|
)
|
||||||
Sale of shares upon exercise of options and purchase rights
|
—
|
|
|
—
|
|
|
339
|
|
|
(2,601
|
)
|
|
45,388
|
|
|
(28,813
|
)
|
|
—
|
|
|
16,914
|
|
||||||
Issuance of shares upon vesting of restricted stock units
|
—
|
|
|
—
|
|
|
(23,810
|
)
|
|
(1,048
|
)
|
|
18,092
|
|
|
—
|
|
|
—
|
|
|
(5,718
|
)
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
25,517
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,517
|
|
||||||
Cash dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36,123
|
)
|
|
—
|
|
|
(36,123
|
)
|
||||||
March 31, 2014
|
173,106
|
|
|
$
|
30,148
|
|
|
$
|
—
|
|
|
10,206
|
|
|
$
|
(116,510
|
)
|
|
$
|
976,292
|
|
|
$
|
(85,802
|
)
|
|
$
|
804,128
|
|
Total comprehensive income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,283
|
|
|
(27,435
|
)
|
|
(18,152
|
)
|
||||||
Purchase of treasury shares
|
—
|
|
|
—
|
|
|
—
|
|
|
115
|
|
|
(1,663
|
)
|
|
—
|
|
|
—
|
|
|
(1,663
|
)
|
||||||
Tax effects from share-based awards
|
—
|
|
|
—
|
|
|
(2,200
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,200
|
)
|
||||||
Sale of shares upon exercise of options and purchase rights
|
—
|
|
|
—
|
|
|
(2,367
|
)
|
|
(390
|
)
|
|
6,505
|
|
|
—
|
|
|
—
|
|
|
4,138
|
|
||||||
Issuance of shares upon vesting of restricted stock units
|
—
|
|
|
—
|
|
|
(20,298
|
)
|
|
(1,306
|
)
|
|
22,717
|
|
|
(11,634
|
)
|
|
—
|
|
|
(9,215
|
)
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
25,943
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,943
|
|
||||||
Repurchase of ESPP awards
|
—
|
|
|
—
|
|
|
(1,078
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,078
|
)
|
||||||
Cash dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(43,767
|
)
|
|
—
|
|
|
(43,767
|
)
|
||||||
March 31, 2015
|
173,106
|
|
|
$
|
30,148
|
|
|
$
|
—
|
|
|
8,625
|
|
|
$
|
(88,951
|
)
|
|
$
|
930,174
|
|
|
$
|
(113,237
|
)
|
|
$
|
758,134
|
|
Total comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119,317
|
|
|
1,252
|
|
|
120,569
|
|
||||||
Purchase of treasury shares
|
—
|
|
|
—
|
|
|
—
|
|
|
4,951
|
|
|
(70,358
|
)
|
|
—
|
|
|
—
|
|
|
(70,358
|
)
|
||||||
Tax effects from share-based awards
|
—
|
|
|
—
|
|
|
(2,353
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,353
|
)
|
||||||
Sale of shares upon exercise of options and purchase rights
|
—
|
|
|
—
|
|
|
(737
|
)
|
|
(1,812
|
)
|
|
20,504
|
|
|
—
|
|
|
—
|
|
|
19,767
|
|
||||||
Issuance of shares upon vesting of restricted stock units
|
—
|
|
|
—
|
|
|
(17,645
|
)
|
|
(1,067
|
)
|
|
10,398
|
|
|
|
|
|
—
|
|
|
(7,247
|
)
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
27,351
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,351
|
|
||||||
Cash dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(85,915
|
)
|
|
—
|
|
|
(85,915
|
)
|
||||||
March 31, 2016
|
173,106
|
|
|
$
|
30,148
|
|
|
$
|
6,616
|
|
|
10,697
|
|
|
$
|
(128,407
|
)
|
|
$
|
963,576
|
|
|
$
|
(111,985
|
)
|
|
$
|
759,948
|
|
•
|
Evidence of an arrangement between the Company and the customer exists;
|
•
|
Delivery has occurred and title and risk of loss has transferred to the customer;
|
•
|
The price of the product is fixed or determinable; and
|
•
|
Collectability of the receivable is reasonably assured.
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net sales
|
|
$
|
65,554
|
|
|
$
|
109,039
|
|
|
$
|
120,684
|
|
Cost of goods sold
|
|
24,951
|
|
|
40,299
|
|
|
54,355
|
|
|||
Gross profit
|
|
40,603
|
|
|
68,740
|
|
|
66,329
|
|
|||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|||
Marketing and selling
|
|
32,260
|
|
|
56,856
|
|
|
57,040
|
|
|||
Research and development
|
|
16,526
|
|
|
22,706
|
|
|
26,939
|
|
|||
General and administrative
|
|
5,254
|
|
|
5,439
|
|
|
6,251
|
|
|||
Impairment of goodwill (#)
|
|
—
|
|
|
122,734
|
|
|
—
|
|
|||
Restructuring charges (credits), net
|
|
7,900
|
|
|
(111
|
)
|
|
5,810
|
|
|||
Operating expenses
|
|
61,940
|
|
|
207,624
|
|
|
96,040
|
|
|||
Operating loss from discontinued operations
|
|
(21,337
|
)
|
|
(138,884
|
)
|
|
(29,711
|
)
|
|||
Interest expense and other, net
|
|
205
|
|
|
426
|
|
|
11
|
|
|||
Gain on disposal of discontinued operations
|
|
13,684
|
|
|
—
|
|
|
—
|
|
|||
Loss from discontinued operations before income taxes
|
|
(7,858
|
)
|
|
(139,310
|
)
|
|
(29,722
|
)
|
|||
Provision for (benefit from) income taxes
|
|
1,187
|
|
|
(164
|
)
|
|
1,965
|
|
|||
Net loss from discontinued operations
|
|
$
|
(9,045
|
)
|
|
$
|
(139,146
|
)
|
|
$
|
(31,687
|
)
|
|
|
Immediately before the disposition
|
|
March 31,
2015 |
||||
Carrying amounts of assets included as part of discontinued operations:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
3,895
|
|
|
$
|
3,659
|
|
Accounts receivable, net
|
|
10,360
|
|
|
12,627
|
|
||
Inventories
|
|
12,708
|
|
|
14,749
|
|
||
Other current assets
|
|
1,930
|
|
|
1,067
|
|
||
Total current assets
|
|
28,893
|
|
|
32,102
|
|
||
Property, plant and equipment, net
|
|
3,962
|
|
|
5,115
|
|
||
Other assets
|
|
1,125
|
|
|
2,521
|
|
||
Total non-current assets
|
|
5,087
|
|
|
7,636
|
|
||
Total assets classified as assets from discontinued operations on the consolidated balance sheets
|
|
$
|
33,980
|
|
|
$
|
39,738
|
|
|
|
|
|
|
||||
Carrying amounts of liabilities included as part of discontinued operations:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
2,382
|
|
|
$
|
7,198
|
|
Accrued and other current liabilities
|
|
31,664
|
|
|
31,568
|
|
||
Total current liabilities
|
|
34,046
|
|
|
38,766
|
|
||
Non-current liabilities
|
|
9,915
|
|
|
10,337
|
|
||
Total liabilities classified as liabilities from discontinued operations on the consolidated balance sheets
|
|
$
|
43,961
|
|
|
$
|
49,103
|
|
|
|
Year Ended
|
||
|
|
March 31, 2016
|
||
Proceeds received from disposition of discontinued operations
|
|
$
|
2,500
|
|
Fair value of retained cost method investment as a result of divestiture of discontinued operations
|
|
5,591
|
|
|
Net liabilities of discontinued operations disposed
|
|
9,981
|
|
|
Currency translation loss released due to disposition of discontinued operations (1)
|
|
(3,913
|
)
|
|
Transaction related costs
|
|
(475
|
)
|
|
Gain on disposal of discontinued operations (2)
|
|
$
|
13,684
|
|
(1)
|
Currency translation loss recognized as a result of substantial liquidation of a subsidiary using non-USD functional currency, which is part of discontinued operations
|
(2)
|
Gain on disposal of discontinued operation was included in loss from discontinued operations, net of income taxes, in the Company's consolidated statement of operations
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net Income (loss):
|
|
|
|
|
|
|
||||||
Continuing operations
|
|
$
|
128,362
|
|
|
$
|
148,429
|
|
|
$
|
105,991
|
|
Discontinued operations
|
|
(9,045
|
)
|
|
(139,146
|
)
|
|
(31,687
|
)
|
|||
Net income
|
|
$
|
119,317
|
|
|
$
|
9,283
|
|
|
$
|
74,304
|
|
|
|
|
|
|
|
|
||||||
Shares used in net income (loss) per share computation:
|
|
|
|
|
|
|
||||||
Weighted average shares outstanding - basic
|
|
163,296
|
|
|
163,536
|
|
|
160,619
|
|
|||
Effect of potentially dilutive equivalent shares
|
|
2,496
|
|
|
2,638
|
|
|
1,907
|
|
|||
Weighted average shares outstanding - diluted
|
|
165,792
|
|
|
166,174
|
|
|
162,526
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Net income (loss) per share - basic:
|
|
|
|
|
|
|
||||||
Continuing operations
|
|
$
|
0.79
|
|
|
$
|
0.91
|
|
|
$
|
0.66
|
|
Discontinued operations
|
|
$
|
(0.06
|
)
|
|
$
|
(0.85
|
)
|
|
$
|
(0.20
|
)
|
Net income per share - basic
|
|
$
|
0.73
|
|
|
$
|
0.06
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
||||||
Net income (loss) per share - diluted:
|
|
|
|
|
|
|
||||||
Continuing operations
|
|
$
|
0.77
|
|
|
$
|
0.89
|
|
|
$
|
0.65
|
|
Discontinued operations
|
|
$
|
(0.05
|
)
|
|
$
|
(0.83
|
)
|
|
$
|
(0.19
|
)
|
Net income per share - diluted
|
|
$
|
0.72
|
|
|
$
|
0.06
|
|
|
$
|
0.46
|
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Cost of goods sold
|
|
$
|
2,340
|
|
|
$
|
2,474
|
|
|
$
|
2,518
|
|
Marketing and selling
|
|
9,273
|
|
|
8,570
|
|
|
7,848
|
|
|||
Research and development
|
|
3,046
|
|
|
2,381
|
|
|
2,811
|
|
|||
General and administrative
|
|
12,353
|
|
|
10,766
|
|
|
10,051
|
|
|||
Restructuring
|
|
7
|
|
|
—
|
|
|
—
|
|
|||
Total share-based compensation expense
|
|
27,019
|
|
|
24,191
|
|
|
23,228
|
|
|||
Income tax benefit
|
|
(6,297
|
)
|
|
(4,814
|
)
|
|
(4,447
|
)
|
|||
Total share-based compensation expense, net of income tax
|
|
$
|
20,722
|
|
|
$
|
19,377
|
|
|
$
|
18,781
|
|
|
|
March 31, 2016
|
||||
|
|
Unamortized
Expense
|
|
Remaining
Months
|
||
Stock options and ESPP
|
|
$
|
964
|
|
|
4
|
Time-based RSUs
|
|
25,734
|
|
|
22
|
|
Market-based and performance-based RSUs
|
|
9,529
|
|
|
18
|
|
|
|
$
|
36,227
|
|
|
|
Employee Stock Purchase Plans
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Dividend yield
|
|
3.47
|
%
|
|
1.97
|
%
|
|
0.43
|
%
|
|||
Risk-free interest rate
|
|
0.29
|
%
|
|
0.14
|
%
|
|
0.07
|
%
|
|||
Expected volatility
|
|
26
|
%
|
|
30
|
%
|
|
36
|
%
|
|||
Expected life (years)
|
|
0.5
|
|
|
0.6
|
|
|
0.5
|
|
|||
Weighted average fair value
|
|
$
|
3.29
|
|
|
$
|
3.18
|
|
|
$
|
2.46
|
|
Market-based RSUs
|
|
Years Ended March 31,
|
|||||||
|
|
2016
|
|
2015
|
|
2014
|
|||
Dividend yield
|
|
3.78
|
%
|
|
1.86
|
%
|
|
0.75
|
%
|
Risk-free interest rate
|
|
0.84
|
%
|
|
0.83
|
%
|
|
1.09
|
%
|
Expected volatility
|
|
38
|
%
|
|
46
|
%
|
|
46
|
%
|
Expected life (years)
|
|
3.0
|
|
|
3.0
|
|
|
2.9
|
|
|
|
Number of Shares
|
|
Weighted-Average Exercise Price
|
|
Weighted-Average Remaining Contractual Term
|
|
Aggregate Intrinsic Value
|
|||||
|
|
(In thousands)
|
|
|
|
(Years)
|
|
(In thousands)
|
|||||
Outstanding, March 31, 2013
|
|
13,684
|
|
|
|
|
|
|
|
|
|||
Granted
|
|
—
|
|
|
|
|
|
|
|
|
|||
Exercised
|
|
(551
|
)
|
|
|
|
|
|
|
$
|
2,045
|
|
|
Cancelled or expired
|
|
(3,317
|
)
|
|
|
|
|
|
|
|
|||
Outstanding, March 31, 2014
|
|
9,816
|
|
|
|
|
|
|
|
|
|||
Granted
|
|
—
|
|
|
|
|
|
|
|
|
|||
Exercised
|
|
(390
|
)
|
|
|
|
|
|
|
$
|
1,505
|
|
|
Cancelled or expired
|
|
(1,550
|
)
|
|
|
|
|
|
|
|
|||
Outstanding, March 31, 2015
|
|
7,876
|
|
|
$
|
18
|
|
|
|
|
|
|
|
Granted
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
Exercised
|
|
(746
|
)
|
|
$
|
10
|
|
|
|
|
$
|
4,026
|
|
Cancelled or expired
|
|
(1,796
|
)
|
|
$
|
20
|
|
|
|
|
|
|
|
Outstanding, March 31, 2016
|
|
5,334
|
|
|
$
|
18
|
|
|
4.0
|
|
$
|
12,436
|
|
Vested and expected to vest, March 31, 2016
|
|
4,004
|
|
|
$
|
19
|
|
|
3.2
|
|
$
|
8,119
|
|
Vested and exercisable, March 31, 2016
|
|
3,879
|
|
|
$
|
20
|
|
|
3.1
|
|
$
|
7,134
|
|
|
|
Number of Shares
|
|
Weighted-Average Grant Date Fair Value
|
|
Weighted-Average Remaining Vesting Period
|
|
Aggregate
Fair Value
|
|||||
|
|
(In thousands)
|
|
|
|
(Years)
|
|
(In thousands)
|
|||||
Outstanding, March 31, 2013
|
|
4,642
|
|
|
$
|
10
|
|
|
|
|
|
||
Granted—time-based
|
|
3,104
|
|
|
$
|
11
|
|
|
|
|
|
||
Granted—market-based
|
|
1,060
|
|
|
$
|
8
|
|
|
|
|
|
||
Vested
|
|
(1,560
|
)
|
|
$
|
9
|
|
|
|
|
$
|
17,810
|
|
Cancelled or expired
|
|
(1,158
|
)
|
|
$
|
15
|
|
|
|
|
|
||
Outstanding, March 31, 2014
|
|
6,088
|
|
|
$
|
10
|
|
|
|
|
|
||
Granted—time-based
|
|
1,332
|
|
|
$
|
13
|
|
|
|
|
|
||
Granted—market-based
|
|
523
|
|
|
$
|
13
|
|
|
|
|
|
||
Granted - performance-based
|
|
55
|
|
|
$
|
12
|
|
|
|
|
|
||
Vested
|
|
(1,949
|
)
|
|
$
|
10
|
|
|
|
|
$
|
27,844
|
|
Cancelled or expired
|
|
(1,110
|
)
|
|
$
|
11
|
|
|
|
|
|
||
Outstanding, March 31, 2015
|
|
4,939
|
|
|
$
|
11
|
|
|
|
|
|
||
Granted—time-based
|
|
2,247
|
|
|
$
|
13
|
|
|
|
|
|
||
Granted—market-based
|
|
356
|
|
|
$
|
14
|
|
|
|
|
|
||
Granted - performance-based
|
|
356
|
|
|
$
|
13
|
|
|
|
|
|
||
Vested
|
|
(1,557
|
)
|
|
$
|
10
|
|
|
|
|
$
|
22,823
|
|
Cancelled or expired
|
|
(820
|
)
|
|
$
|
12
|
|
|
|
|
|
||
Outstanding, March 31, 2016
|
|
5,521
|
|
|
$
|
12
|
|
|
1.5
|
|
$
|
87,837
|
|
Expected to vest, March 31, 2016
|
|
4,687
|
|
|
$
|
12
|
|
|
1.2
|
|
$
|
74,352
|
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Service costs
|
|
$
|
10,117
|
|
|
$
|
7,646
|
|
|
$
|
8,591
|
|
Interest costs
|
|
1,147
|
|
|
1,970
|
|
|
1,794
|
|
|||
Expected return on plan assets
|
|
(1,657
|
)
|
|
(2,084
|
)
|
|
(1,727
|
)
|
|||
Amortization:
|
|
|
|
|
|
|
||||||
Net transition obligation
|
|
4
|
|
|
4
|
|
|
4
|
|
|||
Net prior service costs (credit) recognized
|
|
(124
|
)
|
|
(45
|
)
|
|
210
|
|
|||
Net actuarial loss recognized
|
|
1,854
|
|
|
301
|
|
|
592
|
|
|||
Settlement and curtailment
|
|
—
|
|
|
(13
|
)
|
|
769
|
|
|||
|
|
$
|
11,341
|
|
|
$
|
7,779
|
|
|
$
|
10,233
|
|
|
|
Years Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Projected benefit obligations, beginning of the year
|
|
$
|
113,323
|
|
|
$
|
102,383
|
|
Service costs
|
|
10,117
|
|
|
7,646
|
|
||
Interest costs
|
|
1,147
|
|
|
1,970
|
|
||
Plan participant contributions
|
|
2,990
|
|
|
2,914
|
|
||
Actuarial (gains) losses
|
|
(2,496
|
)
|
|
16,768
|
|
||
Benefits paid
|
|
(5,277
|
)
|
|
(5,307
|
)
|
||
Plan amendment related to statutory change
|
|
—
|
|
|
(3,936
|
)
|
||
Settlement and curtailment
|
|
—
|
|
|
(157
|
)
|
||
Administrative expense paid
|
|
—
|
|
|
(160
|
)
|
||
Currency exchange rate changes
|
|
669
|
|
|
(8,798
|
)
|
||
Projected benefit obligations, end of the year
|
|
$
|
120,473
|
|
|
$
|
113,323
|
|
|
|
Years Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Fair value of plan assets, beginning of the year
|
|
$
|
60,910
|
|
|
$
|
63,384
|
|
Actual return on plan assets
|
|
(1,160
|
)
|
|
136
|
|
||
Employer contributions
|
|
7,171
|
|
|
5,731
|
|
||
Plan participant contributions
|
|
2,990
|
|
|
2,914
|
|
||
Benefits paid
|
|
(5,277
|
)
|
|
(5,307
|
)
|
||
Settlement and curtailment
|
|
—
|
|
|
(157
|
)
|
||
Administrative expenses paid
|
|
—
|
|
|
(160
|
)
|
||
Currency exchange rate changes
|
|
645
|
|
|
(5,631
|
)
|
||
Fair value of plan assets, end of the year
|
|
$
|
65,279
|
|
|
$
|
60,910
|
|
|
|
March 31,
|
||||||||||||||||||||||||||||||
|
|
2016
|
|
2015
|
||||||||||||||||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Cash
|
|
$
|
9,268
|
|
|
$
|
47
|
|
|
$
|
—
|
|
|
$
|
9,315
|
|
|
$
|
7,958
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
8,004
|
|
Equity securities
|
|
18,640
|
|
|
—
|
|
|
—
|
|
|
18,640
|
|
|
20,476
|
|
|
—
|
|
|
—
|
|
|
20,476
|
|
||||||||
Debt securities
|
|
21,781
|
|
|
—
|
|
|
—
|
|
|
21,781
|
|
|
20,357
|
|
|
—
|
|
|
—
|
|
|
20,357
|
|
||||||||
Swiss real estate funds
|
|
9,622
|
|
|
—
|
|
|
—
|
|
|
9,622
|
|
|
8,586
|
|
|
—
|
|
|
—
|
|
|
8,586
|
|
||||||||
Hedge funds
|
|
—
|
|
|
3,492
|
|
|
—
|
|
|
3,492
|
|
|
—
|
|
|
3,251
|
|
|
—
|
|
|
3,251
|
|
||||||||
Insurance contracts
|
|
—
|
|
|
94
|
|
|
—
|
|
|
94
|
|
|
—
|
|
|
114
|
|
|
—
|
|
|
114
|
|
||||||||
Other
|
|
2,195
|
|
|
140
|
|
|
—
|
|
|
2,335
|
|
|
28
|
|
|
94
|
|
|
—
|
|
|
122
|
|
||||||||
|
|
$
|
61,506
|
|
|
$
|
3,773
|
|
|
$
|
—
|
|
|
$
|
65,279
|
|
|
$
|
57,405
|
|
|
$
|
3,505
|
|
|
$
|
—
|
|
|
$
|
60,910
|
|
|
|
Years Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Fair value of plan assets
|
|
$
|
65,279
|
|
|
$
|
60,910
|
|
Less: Projected benefit obligations
|
|
120,473
|
|
|
113,323
|
|
||
Under funded status
|
|
$
|
(55,194
|
)
|
|
$
|
(52,413
|
)
|
|
|
March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Current liabilities
|
|
$
|
(1,285
|
)
|
|
$
|
(1,232
|
)
|
Non-current liabilities
|
|
(53,909
|
)
|
|
(51,181
|
)
|
||
Net liabilities
|
|
$
|
(55,194
|
)
|
|
$
|
(52,413
|
)
|
|
|
March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Net prior service costs (credits)
|
|
$
|
1,613
|
|
|
$
|
1,672
|
|
|
$
|
(2,149
|
)
|
Net actuarial loss
|
|
(27,612
|
)
|
|
(28,751
|
)
|
|
(12,319
|
)
|
|||
Net transition obligation
|
|
(4
|
)
|
|
(8
|
)
|
|
(12
|
)
|
|||
Accumulated other comprehensive loss
|
|
(26,003
|
)
|
|
(27,087
|
)
|
|
(14,480
|
)
|
|||
Deferred tax benefit
|
|
(168
|
)
|
|
123
|
|
|
192
|
|
|||
Accumulated other comprehensive loss, net of tax
|
|
$
|
(26,171
|
)
|
|
$
|
(26,964
|
)
|
|
$
|
(14,288
|
)
|
|
|
Year Ending
March 31, 2017
|
||
Amortization of net transition obligation
|
|
$
|
4
|
|
Amortization of net prior service credits
|
|
(128
|
)
|
|
Amortization of net actuarial loss
|
|
1,650
|
|
|
|
|
$
|
1,526
|
|
|
|
Years Ended March 31,
|
||
|
|
2016
|
|
2015
|
Benefit Obligations:
|
|
|
|
|
Discount rate
|
|
0.5%-8.00%
|
|
0.75%-7.75%
|
Estimated rate of compensation increase
|
|
2.50%-10.00%
|
|
2.50%-8.00%
|
Periodic Costs:
|
|
|
|
|
Discount rate
|
|
0.75%-7.75%
|
|
1.50%-9.25%
|
Estimated rate of compensation increase
|
|
0.0%-8.00%
|
|
2.50%-8.00%
|
Expected average rate of return on plan assets
|
|
1.00%-2.75%
|
|
0.75%-3.50%
|
Years Ending March 31,
|
|
|
||
2017
|
|
$
|
4,751
|
|
2018
|
|
4,954
|
|
|
2019
|
|
5,307
|
|
|
2020
|
|
6,026
|
|
|
2021
|
|
5,241
|
|
|
2022-2026
|
|
29,520
|
|
|
|
|
$
|
55,799
|
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Interest income
|
|
$
|
790
|
|
|
$
|
1,197
|
|
|
$
|
1,797
|
|
Interest expense
|
|
—
|
|
|
—
|
|
|
(2,228
|
)
|
|||
Interest income (expense), net
|
|
$
|
790
|
|
|
$
|
1,197
|
|
|
$
|
(431
|
)
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Investment income (loss) related to deferred compensation plan
|
|
$
|
(364
|
)
|
|
$
|
1,055
|
|
|
$
|
1,487
|
|
Impairment of investments
|
|
—
|
|
|
(2,298
|
)
|
|
(624
|
)
|
|||
Currency exchange gain (loss), net
|
|
2,110
|
|
|
(1,175
|
)
|
|
(62
|
)
|
|||
Other
|
|
(122
|
)
|
|
120
|
|
|
1,238
|
|
|||
Other income (expense), net
|
|
$
|
1,624
|
|
|
$
|
(2,298
|
)
|
|
$
|
2,039
|
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Swiss
|
|
$
|
80,572
|
|
|
$
|
119,460
|
|
|
$
|
62,544
|
|
Non-Swiss
|
|
50,900
|
|
|
33,623
|
|
|
44,760
|
|
|||
Income before taxes
|
|
$
|
131,472
|
|
|
$
|
153,083
|
|
|
$
|
107,304
|
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Current:
|
|
|
|
|
|
|
||||||
Swiss
|
|
$
|
1,668
|
|
|
$
|
1,152
|
|
|
$
|
814
|
|
Non-Swiss
|
|
(2,582
|
)
|
|
579
|
|
|
6,219
|
|
|||
Deferred:
|
|
|
|
|
|
|
||||||
Non-Swiss
|
|
4,024
|
|
|
2,923
|
|
|
(5,720
|
)
|
|||
Provision for income taxes
|
|
$
|
3,110
|
|
|
$
|
4,654
|
|
|
$
|
1,313
|
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Expected tax provision at statutory income tax rates
|
|
$
|
11,175
|
|
|
$
|
13,012
|
|
|
$
|
9,121
|
|
Income taxes at different rates
|
|
(2,713
|
)
|
|
(4,299
|
)
|
|
(2,523
|
)
|
|||
Research and development tax credits
|
|
(1,619
|
)
|
|
(1,120
|
)
|
|
(1,229
|
)
|
|||
Executive compensation
|
|
864
|
|
|
1,557
|
|
|
—
|
|
|||
Stock-based compensation
|
|
1,446
|
|
|
2,261
|
|
|
1,608
|
|
|||
Valuation allowance
|
|
947
|
|
|
764
|
|
|
182
|
|
|||
Restructuring charges / (credits)
|
|
1,514
|
|
|
(415
|
)
|
|
1,174
|
|
|||
Tax reserves (releases), net
|
|
(8,761
|
)
|
|
(6,912
|
)
|
|
(6,209
|
)
|
|||
Audit settlement
|
|
—
|
|
|
(837
|
)
|
|
(400
|
)
|
|||
Other, net
|
|
257
|
|
|
643
|
|
|
(411
|
)
|
|||
Provision for income taxes
|
|
$
|
3,110
|
|
|
$
|
4,654
|
|
|
$
|
1,313
|
|
|
|
March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Deferred tax assets:
|
|
|
|
|
|
|
||
Net operating loss carryforwards
|
|
$
|
7,136
|
|
|
$
|
8,372
|
|
Tax credit carryforwards
|
|
2,981
|
|
|
2,739
|
|
||
Accruals
|
|
36,365
|
|
|
44,363
|
|
||
Depreciation and amortization
|
|
4,059
|
|
|
4,396
|
|
||
Share-based compensation
|
|
12,890
|
|
|
14,183
|
|
||
Gross deferred tax assets
|
|
63,431
|
|
|
74,053
|
|
||
Valuation allowance
|
|
(5,338
|
)
|
|
(5,590
|
)
|
||
Gross deferred tax assets after valuation allowance
|
|
58,093
|
|
|
68,463
|
|
||
Deferred tax liabilities:
|
|
|
|
|
|
|
||
Acquired intangible assets and other
|
|
(3,550
|
)
|
|
(3,299
|
)
|
||
Gross deferred tax liabilities
|
|
(3,550
|
)
|
|
(3,299
|
)
|
||
Deferred tax assets, net
|
|
$
|
54,543
|
|
|
$
|
65,164
|
|
March 31, 2013
|
|
$
|
95,698
|
|
Lapse of statute of limitations
|
|
(12,514
|
)
|
|
Settlements with tax authorities
|
|
(100
|
)
|
|
Decreases in balances related to tax positions taken during prior years
|
|
(778
|
)
|
|
Increases in balances related to tax positions taken during the year
|
|
8,740
|
|
|
March 31, 2014
|
|
$
|
91,046
|
|
Lapse of statute of limitations
|
|
(14,071
|
)
|
|
Settlements with tax authorities
|
|
(2,160
|
)
|
|
Decreases in balances related to tax positions taken during prior years
|
|
(3,544
|
)
|
|
Increases in balances related to tax positions taken during the year
|
|
7,752
|
|
|
March 31, 2015
|
|
$
|
79,023
|
|
Lapse of statute of limitations
|
|
(15,518
|
)
|
|
Settlements with tax authorities
|
|
—
|
|
|
Decreases in balances related to tax positions taken during prior years
|
|
(1,502
|
)
|
|
Increases in balances related to tax positions taken during the year
|
|
7,876
|
|
|
March 31, 2016
|
|
$
|
69,879
|
|
|
|
March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Accounts receivable:
|
|
|
|
|
|
|||
Accounts receivable
|
|
$
|
332,553
|
|
|
$
|
328,373
|
|
Allowance for doubtful accounts
|
|
(667
|
)
|
|
(707
|
)
|
||
Allowance for sales returns
|
|
(18,526
|
)
|
|
(17,236
|
)
|
||
Allowance for cooperative marketing arrangements (*)
|
|
(28,157
|
)
|
|
(24,919
|
)
|
||
Allowance for customer incentive programs (*)
|
|
(60,872
|
)
|
|
(47,364
|
)
|
||
Allowance for pricing programs (*)
|
|
(81,553
|
)
|
|
(70,951
|
)
|
||
|
|
$
|
142,778
|
|
|
$
|
167,196
|
|
Inventories:
|
|
|
|
|
|
|
||
Raw materials
|
|
$
|
48,489
|
|
|
$
|
36,044
|
|
Finished goods
|
|
180,297
|
|
|
219,936
|
|
||
|
|
$
|
228,786
|
|
|
$
|
255,980
|
|
Other current assets:
|
|
|
|
|
|
|
||
Income tax and value-added tax receivables
|
|
$
|
22,572
|
|
|
$
|
19,318
|
|
Deferred tax assets (**)
|
|
—
|
|
|
27,790
|
|
||
Prepaid expenses and other assets
|
|
12,916
|
|
|
16,254
|
|
||
|
|
$
|
35,488
|
|
|
$
|
63,362
|
|
Property, plant and equipment, net:
|
|
|
|
|
|
|
||
Plant, buildings and improvements
|
|
$
|
62,150
|
|
|
$
|
60,205
|
|
Equipment
|
|
166,371
|
|
|
132,907
|
|
||
Computer equipment
|
|
36,018
|
|
|
32,178
|
|
||
Software
|
|
97,201
|
|
|
76,184
|
|
||
|
|
361,740
|
|
|
301,474
|
|
||
Less accumulated depreciation and amortization
|
|
(278,352
|
)
|
|
(246,084
|
)
|
||
|
|
83,388
|
|
|
55,390
|
|
||
Construction-in-process
|
|
6,771
|
|
|
28,341
|
|
||
Land
|
|
2,701
|
|
|
2,747
|
|
||
|
|
$
|
92,860
|
|
|
$
|
86,478
|
|
Other assets:
|
|
|
|
|
|
|
||
Deferred tax assets (**)
|
|
$
|
56,208
|
|
|
$
|
39,310
|
|
Trading investments for deferred compensation plan
|
|
14,836
|
|
|
17,237
|
|
||
Investment in privately held companies
|
|
9,247
|
|
|
768
|
|
||
Other assets
|
|
6,525
|
|
|
5,018
|
|
||
|
|
$
|
86,816
|
|
|
$
|
62,333
|
|
|
|
March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Accrued and other current liabilities:
|
|
|
|
|
|
|
||
Accrued personnel expenses
|
|
$
|
46,025
|
|
|
$
|
46,022
|
|
Indirect customer incentive programs (*)
|
|
28,721
|
|
|
19,730
|
|
||
Warranty accrual
|
|
11,880
|
|
|
12,630
|
|
||
Employee benefit plan obligation
|
|
1,285
|
|
|
1,219
|
|
||
Income taxes payable
|
|
1,553
|
|
|
5,759
|
|
||
Other liabilities
|
|
84,300
|
|
|
77,984
|
|
||
|
|
$
|
173,764
|
|
|
$
|
163,344
|
|
Non-current liabilities:
|
|
|
|
|
|
|
||
Warranty accrual
|
|
$
|
8,500
|
|
|
$
|
9,080
|
|
Obligation for deferred compensation plan
|
|
14,836
|
|
|
17,237
|
|
||
Employee benefit plan obligation
|
|
53,909
|
|
|
51,081
|
|
||
Deferred tax liability (**)
|
|
1,665
|
|
|
1,936
|
|
||
Other liabilities
|
|
10,625
|
|
|
11,861
|
|
||
|
|
$
|
89,535
|
|
|
$
|
91,195
|
|
(*)
|
The increase in the allowances for cooperative marketing arrangements, customer incentive programs, pricing programs, and accrued liabilities for indirect customer incentive programs is primarily due to increases in retail sales, timing of claims processed, and increases in the marketing activities, partially offset by price increases.
|
•
|
Level 1—Quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2—Observable inputs other than quoted market prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
|
•
|
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
|
|
|
March 31, 2016
|
|
March 31, 2015
|
||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 1
|
|
Level 2
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash equivalents
|
|
$
|
10,000
|
|
|
$
|
—
|
|
|
$
|
264,647
|
|
|
$
|
—
|
|
|
|
$
|
10,000
|
|
|
$
|
—
|
|
|
$
|
264,647
|
|
|
$
|
—
|
|
Trading investments for deferred compensation plan:
|
|
|
|
|
|
|
|
|
|
|
||||||
Money market funds
|
|
$
|
3,467
|
|
|
$
|
—
|
|
|
$
|
2,936
|
|
|
$
|
—
|
|
Mutual funds
|
|
11,369
|
|
|
—
|
|
|
14,301
|
|
|
—
|
|
||||
|
|
$
|
14,836
|
|
|
$
|
—
|
|
|
$
|
17,237
|
|
|
$
|
—
|
|
Foreign exchange derivative assets
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
2,080
|
|
Foreign exchange derivative liabilities
|
|
$
|
—
|
|
|
$
|
1,132
|
|
|
$
|
—
|
|
|
$
|
75
|
|
|
|
Derivatives
|
||||||||||||||
|
|
Asset
|
|
Liability
|
||||||||||||
|
|
March 31,
|
|
March 31,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash flow hedges
|
|
$
|
10
|
|
|
$
|
2,080
|
|
|
$
|
1,038
|
|
|
$
|
—
|
|
Not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign exchange contracts
|
|
—
|
|
|
—
|
|
|
94
|
|
|
75
|
|
||||
|
|
$
|
10
|
|
|
$
|
2,080
|
|
|
$
|
1,132
|
|
|
$
|
75
|
|
|
Amount of
Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss After Reclassification to Costs of Goods Sold |
|
Amount of Loss (Gain)
Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold |
|
Amount of
Gain (Loss) Immediately Recognized in Other Income (Expense), Net |
||||||||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2015
|
|
2014
|
||||||||||||||||||
Designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flow hedges
|
$
|
(5,727
|
)
|
|
$
|
4,466
|
|
|
$
|
(1,025
|
)
|
|
$
|
(3,296
|
)
|
|
$
|
(4,505
|
)
|
|
$
|
2,472
|
|
|
$
|
292
|
|
|
$
|
20
|
|
|
$
|
(126
|
)
|
Not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Foreign exchange contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(781
|
)
|
|
2,479
|
|
|
824
|
|
|||||||||
|
$
|
(5,727
|
)
|
|
$
|
4,466
|
|
|
$
|
(1,025
|
)
|
|
$
|
(3,296
|
)
|
|
$
|
(4,505
|
)
|
|
$
|
2,472
|
|
|
$
|
(489
|
)
|
|
$
|
2,499
|
|
|
$
|
698
|
|
|
|
Years Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Beginning of the period
|
|
$
|
218,213
|
|
|
$
|
219,415
|
|
Acquisitions
|
|
—
|
|
|
988
|
|
||
Currency exchange rate impact and other
|
|
11
|
|
|
(2,190
|
)
|
||
End of the period
|
|
$
|
218,224
|
|
|
$
|
218,213
|
|
|
|
Years Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Beginning of the period
|
|
$
|
21,710
|
|
|
$
|
24,380
|
|
Provision
|
|
9,772
|
|
|
10,958
|
|
||
Settlements
|
|
(11,339
|
)
|
|
(12,027
|
)
|
||
Currency translation
|
|
237
|
|
|
(1,601
|
)
|
||
End of the period
|
|
$
|
20,380
|
|
|
$
|
21,710
|
|
|
|
Approved
|
|
Repurchased
|
||||||||||
Share Buyback Program
|
|
Shares
|
|
Amounts
|
|
Shares
|
|
Amounts
|
||||||
March 2014
|
|
17,311
|
|
|
$
|
250,000
|
|
|
5,066
|
|
|
$
|
71,702
|
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||||
|
|
Cumulative
Translation
Adjustment (1)
|
|
Defined
Benefit
Plans(1)
|
|
Deferred
Hedging
Gains (Losses)
|
|
Total
|
||||||||
March 31, 2015
|
|
$
|
(90,224
|
)
|
|
$
|
(26,964
|
)
|
|
$
|
3,951
|
|
|
$
|
(113,237
|
)
|
Other comprehensive income (loss)
|
|
6,186
|
|
|
793
|
|
|
(5,727
|
)
|
|
1,252
|
|
||||
March 31, 2016
|
|
$
|
(84,038
|
)
|
|
$
|
(26,171
|
)
|
|
$
|
(1,776
|
)
|
|
$
|
(111,985
|
)
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Mobile Speakers
|
|
229,718
|
|
|
178,038
|
|
|
87,414
|
|
|||
Audio-PC & Wearables
|
|
196,013
|
|
|
213,496
|
|
|
250,037
|
|
|||
Gaming
|
|
245,101
|
|
|
211,911
|
|
|
186,926
|
|
|||
Video Collaboration
|
|
89,322
|
|
|
62,215
|
|
|
29,058
|
|
|||
Home Control
|
|
59,075
|
|
|
68,060
|
|
|
67,371
|
|
|||
Pointing Devices
|
|
492,543
|
|
|
487,210
|
|
|
506,884
|
|
|||
Keyboards & Combos
|
|
430,190
|
|
|
426,117
|
|
|
415,314
|
|
|||
Tablet & Other Accessories
|
|
103,886
|
|
|
140,994
|
|
|
172,484
|
|
|||
PC Webcams
|
|
98,641
|
|
|
96,680
|
|
|
113,791
|
|
|||
Other
(1)
|
|
2,570
|
|
|
2,725
|
|
|
37,000
|
|
|||
Total net retail sales
|
|
1,947,059
|
|
|
1,887,446
|
|
|
1,866,279
|
|
|||
OEM
|
|
71,041
|
|
|
117,462
|
|
|
141,749
|
|
|||
Total net sales
|
|
$
|
2,018,100
|
|
|
$
|
2,004,908
|
|
|
$
|
2,008,028
|
|
(1)
|
Other category includes products that the Company currently intends to transition out of, or have already transitioned out of, because they are no longer strategic to the Company's business.
|
|
|
Years Ended March 31,
|
||||||||||
|
|
2016
|
|
2015
|
|
2014
|
||||||
Americas
|
|
$
|
881,379
|
|
|
$
|
864,761
|
|
|
$
|
799,431
|
|
EMEA
|
|
645,694
|
|
|
670,890
|
|
|
724,671
|
|
|||
Asia Pacific
|
|
491,027
|
|
|
469,257
|
|
|
483,926
|
|
|||
|
|
$
|
2,018,100
|
|
|
$
|
2,004,908
|
|
|
$
|
2,008,028
|
|
|
|
Restructuring - Continuing Operations
|
|
||||||||||||||
|
|
Termination
Benefits
|
|
Lease Exit
Costs
|
|
Other
|
|
Total
|
|
||||||||
Accrual balance at March 31, 2014
|
|
$
|
—
|
|
|
$
|
7,309
|
|
|
$
|
—
|
|
|
$
|
7,309
|
|
|
Credits, net
|
|
—
|
|
|
(4,777
|
)
|
|
—
|
|
|
(4,777
|
)
|
|
||||
Cash payments
|
|
—
|
|
|
(1,578
|
)
|
|
—
|
|
|
(1,578
|
)
|
|
||||
Accrual balance at March 31, 2015
|
|
—
|
|
|
954
|
|
|
—
|
|
|
954
|
|
|
||||
Charges, net
|
|
17,280
|
|
|
337
|
|
|
185
|
|
|
17,802
|
|
|
||||
Cash payments
|
|
(11,373
|
)
|
|
(1,166
|
)
|
|
(185
|
)
|
|
(12,724
|
)
|
|
||||
Accrual balance at March 31, 2016
|
|
$
|
5,907
|
|
|
$
|
125
|
|
|
$
|
—
|
|
|
$
|
6,032
|
|
*
|
|
|
Restructuring - Discontinued Operations
|
|
||||||||||||||
|
|
Termination
Benefits |
|
Lease Exit
Costs |
|
Other
|
|
Total
|
|
||||||||
Accrual balance at March 31, 2014
|
|
$
|
142
|
|
|
$
|
110
|
|
|
$
|
—
|
|
|
$
|
252
|
|
|
Charges
|
|
(86
|
)
|
|
(25
|
)
|
|
—
|
|
|
(111
|
)
|
|
||||
Cash payments
|
|
(56
|
)
|
|
—
|
|
|
—
|
|
|
(56
|
)
|
|
||||
Accrual balance at March 31, 2015
|
|
—
|
|
|
85
|
|
|
—
|
|
|
85
|
|
|
||||
Charges, net
|
|
7,095
|
|
|
—
|
|
|
805
|
|
|
7,900
|
|
|
||||
Cash payments
|
|
(6,460
|
)
|
|
(14
|
)
|
|
(805
|
)
|
|
(7,279
|
)
|
|
||||
Adjustment as a result of disposition of discontinued operations
|
|
(267
|
)
|
|
(71
|
)
|
|
—
|
|
|
(338
|
)
|
|
||||
Accrual balance at March 31, 2016
|
|
$
|
368
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
368
|
|
*
|
|
Year ended March 31, 2016 (3)
|
|
Year ended March 31, 2015 (3)
|
||||||||||||||||||||||||||||
|
Q1 (2)
|
|
Q2 (2)
|
|
Q3 (2)
|
|
Q4 (2)
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4 (1)
|
||||||||||||||||
Net sales
|
$
|
447,686
|
|
|
$
|
518,494
|
|
|
$
|
621,079
|
|
|
$
|
430,841
|
|
|
$
|
456,446
|
|
|
$
|
501,857
|
|
|
$
|
604,322
|
|
|
$
|
442,283
|
|
Cost of goods sold
|
289,753
|
|
|
345,977
|
|
|
412,582
|
|
|
288,741
|
|
|
291,641
|
|
|
315,486
|
|
|
391,715
|
|
|
300,609
|
|
||||||||
Gross profit
|
157,933
|
|
|
172,517
|
|
|
208,497
|
|
|
142,100
|
|
|
164,805
|
|
|
186,371
|
|
|
212,607
|
|
|
141,674
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Marketing and selling
|
75,796
|
|
|
78,833
|
|
|
87,295
|
|
|
77,091
|
|
|
77,178
|
|
|
81,439
|
|
|
87,486
|
|
|
75,646
|
|
||||||||
Research and development
|
28,170
|
|
|
28,893
|
|
|
29,273
|
|
|
27,288
|
|
|
25,737
|
|
|
26,875
|
|
|
27,397
|
|
|
28,297
|
|
||||||||
General and administrative
|
28,812
|
|
|
25,074
|
|
|
24,080
|
|
|
23,582
|
|
|
35,251
|
|
|
33,339
|
|
|
28,172
|
|
|
29,233
|
|
||||||||
Restructuring charges (credits), net
|
11,538
|
|
|
3,146
|
|
|
(666
|
)
|
|
3,784
|
|
|
(35
|
)
|
|
—
|
|
|
—
|
|
|
(4,742
|
)
|
||||||||
Total operating expenses
|
144,316
|
|
|
135,946
|
|
|
139,982
|
|
|
131,745
|
|
|
138,131
|
|
|
141,653
|
|
|
143,055
|
|
|
128,434
|
|
||||||||
Operating income
|
13,617
|
|
|
36,571
|
|
|
68,515
|
|
|
10,355
|
|
|
26,674
|
|
|
44,718
|
|
|
69,552
|
|
|
13,240
|
|
||||||||
Interest income, net
|
255
|
|
|
189
|
|
|
105
|
|
|
241
|
|
|
251
|
|
|
349
|
|
|
224
|
|
|
373
|
|
||||||||
Other income (expense), net
|
(1,019
|
)
|
|
(737
|
)
|
|
862
|
|
|
2,518
|
|
|
(171
|
)
|
|
(843
|
)
|
|
(2,688
|
)
|
|
1,404
|
|
||||||||
Income from continuing operations before income taxes
|
12,853
|
|
|
36,023
|
|
|
69,482
|
|
|
13,114
|
|
|
26,754
|
|
|
44,224
|
|
|
67,088
|
|
|
15,017
|
|
||||||||
Provision for (benefit from) income taxes
|
(7
|
)
|
|
5,571
|
|
|
1,442
|
|
|
(3,896
|
)
|
|
2,769
|
|
|
5,016
|
|
|
670
|
|
|
(3,801
|
)
|
||||||||
Net Income from continuing operations
|
12,860
|
|
|
30,452
|
|
|
68,040
|
|
|
17,010
|
|
|
23,985
|
|
|
39,208
|
|
|
66,418
|
|
|
18,818
|
|
||||||||
Income (loss) from discontinued operations, net of income taxes
|
(5,423
|
)
|
|
(12,355
|
)
|
|
(2,954
|
)
|
|
11,687
|
|
|
(4,310
|
)
|
|
(3,117
|
)
|
|
(3,634
|
)
|
|
(128,085
|
)
|
||||||||
Net income (loss)
|
$
|
7,437
|
|
|
$
|
18,097
|
|
|
$
|
65,086
|
|
|
$
|
28,697
|
|
|
$
|
19,675
|
|
|
$
|
36,091
|
|
|
$
|
62,784
|
|
|
$
|
(109,267
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income (loss) per share - Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
0.08
|
|
|
$
|
0.19
|
|
|
$
|
0.42
|
|
|
$
|
0.10
|
|
|
$
|
0.15
|
|
|
$
|
0.24
|
|
|
$
|
0.41
|
|
|
$
|
0.11
|
|
Discontinued operations
|
$
|
(0.03
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
0.08
|
|
|
$
|
(0.03
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.77
|
)
|
Net income (loss) per share - basic
|
$
|
0.05
|
|
|
$
|
0.11
|
|
|
$
|
0.40
|
|
|
$
|
0.18
|
|
|
$
|
0.12
|
|
|
$
|
0.22
|
|
|
$
|
0.38
|
|
|
$
|
(0.66
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income (loss) per share - Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Continuing operations
|
$
|
0.08
|
|
|
$
|
0.18
|
|
|
$
|
0.41
|
|
|
$
|
0.10
|
|
|
$
|
0.14
|
|
|
$
|
0.24
|
|
|
$
|
0.40
|
|
|
$
|
0.11
|
|
Discontinued operations
|
$
|
(0.04
|
)
|
|
$
|
(0.07
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.77
|
)
|
Net income (loss) per share - diluted
|
$
|
0.04
|
|
|
$
|
0.11
|
|
|
$
|
0.39
|
|
|
$
|
0.17
|
|
|
$
|
0.12
|
|
|
$
|
0.22
|
|
|
$
|
0.38
|
|
|
$
|
(0.66
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Shares used to compute net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
164,431
|
|
|
163,515
|
|
|
162,669
|
|
|
162,671
|
|
|
163,012
|
|
|
163,230
|
|
|
163,533
|
|
|
164,319
|
|
||||||||
Diluted
|
166,895
|
|
|
165,841
|
|
|
165,168
|
|
|
165,365
|
|
|
165,833
|
|
|
166,065
|
|
|
166,321
|
|
|
166,424
|
|
(1)
|
The Company recognized $4.7 million restructuring credits as result of partial termination of its lease agreement for Silicon Valley campus, which was previously vacated and under a restructuring plan during fiscal 2014.
|
(2)
|
During Fiscal year 2016, the Company incurred restructuring charges of
$17.8 million
related to the restructuring plan implemented in fiscal 2016. The
$4.8 million
in restructuring credits during fiscal year 2015 were related to restructuring plans the Company implemented in fiscal year 2014.
|
(3)
|
On December 28, 2015, the Company divested its Lifesize video conferencing business and, as a result, the Company reflected the Lifesize video conferencing business as discontinued operations in the consolidated statements of operations and, as such, the results of that business have been excluded from all line items other than “Loss from discontinued operations, net of income taxes” for all periods presented.
|
|
|
Balance at
Beginning of
Year
|
|
Charged
(Credited) to
Statement of
Operations
|
|
Claims and
Adjustments
Applied Against
Allowances
|
|
Balance at
End of
Year
|
||||||||
Allowance for doubtful accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2016
|
|
$
|
707
|
|
|
$
|
71
|
|
|
$
|
(111
|
)
|
|
$
|
667
|
|
2015
|
|
$
|
1,297
|
|
|
$
|
(334
|
)
|
|
$
|
(256
|
)
|
|
$
|
707
|
|
2014
|
|
$
|
1,724
|
|
|
$
|
670
|
|
|
$
|
(1,097
|
)
|
|
$
|
1,297
|
|
Allowance for sales returns:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2016
|
|
$
|
17,236
|
|
|
$
|
66,935
|
|
|
$
|
(65,645
|
)
|
|
$
|
18,526
|
|
2015
|
|
$
|
18,503
|
|
|
$
|
66,785
|
|
|
$
|
(68,052
|
)
|
|
$
|
17,236
|
|
2014
|
|
$
|
20,284
|
|
|
$
|
60,113
|
|
|
$
|
(61,894
|
)
|
|
$
|
18,503
|
|
Allowances for cooperative marketing arrangements:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2016
|
|
$
|
24,919
|
|
|
$
|
131,410
|
|
|
$
|
(128,172
|
)
|
|
$
|
28,157
|
|
2015
|
|
$
|
23,255
|
|
|
$
|
113,610
|
|
|
$
|
(111,946
|
)
|
|
$
|
24,919
|
|
2014
|
|
$
|
23,186
|
|
|
$
|
100,005
|
|
|
$
|
(99,936
|
)
|
|
$
|
23,255
|
|
Allowances for customer incentive programs:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2016
|
|
$
|
47,364
|
|
|
$
|
164,307
|
|
|
$
|
(150,799
|
)
|
|
$
|
60,872
|
|
2015
|
|
$
|
40,205
|
|
|
$
|
142,413
|
|
|
$
|
(135,254
|
)
|
|
$
|
47,364
|
|
2014
|
|
$
|
41,554
|
|
|
$
|
104,719
|
|
|
$
|
(106,068
|
)
|
|
$
|
40,205
|
|
Allowances for pricing programs:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2016
|
|
$
|
70,951
|
|
|
$
|
260,698
|
|
|
$
|
(250,096
|
)
|
|
$
|
81,553
|
|
2015
|
|
$
|
68,798
|
|
|
$
|
246,780
|
|
|
$
|
(244,627
|
)
|
|
$
|
70,951
|
|
2014
|
|
$
|
54,931
|
|
|
$
|
217,967
|
|
|
$
|
(204,100
|
)
|
|
$
|
68,798
|
|
Tax valuation allowances:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2016
|
|
$
|
5,590
|
|
|
$
|
1,255
|
|
|
$
|
(1,507
|
)
|
|
$
|
5,338
|
|
2015
|
|
$
|
4,872
|
|
|
$
|
995
|
|
|
$
|
(277
|
)
|
|
$
|
5,590
|
|
2014
|
|
$
|
6,014
|
|
|
$
|
515
|
|
|
$
|
(1,657
|
)
|
|
$
|
4,872
|
|
Bonus Payees
|
Section 1.8(a)
|
Business
|
Recitals
|
Buyer
|
Preamble
|
Buyer Closing Certificate
|
Section 7.2(c)
|
Buyer Indemnified Parties
|
Section 9.1(a)
|
Buyer Losses
|
Section 9.1(b)
|
Buyer Prepared Returns
|
Section 6.9(c)(ii)
|
Cap
|
Section 9.4(b)
|
CERCLA
|
Section 11.1
|
Claim
|
Section 6.10
|
Class A Units
|
Recitals
|
Class P1 Units
|
Recitals
|
Class P2 Units
|
Recitals
|
Closing
|
Section 2.1
|
Closing Balance Sheet
|
Section 1.3(a)
|
Closing Date
|
Section 2.1
|
Closing Date Payment
|
Section 1.2
|
Closing Working Capital
|
Section 1.3(a)
|
Company
|
Preamble
|
Company Employees
|
Section 6.6
|
Company Privacy Policy
|
Section 3.15(m)
|
Company Products
|
Section 3.15(a)
|
Company Released Parties
|
Section 6.10
|
Company Source Code
|
Section 3.15(j)
|
Company’s Closing Certificate
|
Section 7.3(c)
|
Confidential Information
|
Section 6.11
|
Current Assets
|
Section 1.3(a)
|
Current Liabilities
|
Section 1.3(a)
|
Data Room
|
Section 6.2(a)
|
Disclosure Schedules
|
Article 3
|
Earnout
|
Section 1.7
|
Earnout Payments
|
Section 1.7
|
Earnout Period One
|
Section 1.7(a)
|
Earnout Period Two
|
Section 1.7(b)
|
Earnout Statement
|
Section 1.7(d)
|
Effective Time
|
Section 2.1
|
Employment Agreements
|
Section 3.13(b), Recitals
|
Environmental Permits
|
Section 3.11(a)
|
Escrow Agent
|
Section 1.4(a)
|
Escrow Agreement
|
Section 1.5
|
Estimated Closing Working Capital
|
Section 1.3(a)
|
Estimated Closing Working Capital Shortfall
|
Section 1.3(a)
|
FATCA
|
Section 3.9(d)
|
Final Closing Working Capital
|
Section 1.3(e)
|
Financial Statements
|
Section 3.6(a)
|
Fundamental Representations
|
Section 9.3(a), Section 9.3(a)
|
Government Officials
|
Section 3.9(d)
|
Governmental Authorizations
|
Section 3.9(b)
|
Inbound Intellectual Property Contracts
|
Section 3.15(e)(ii)
|
Indemnification Cap
|
Section 9.4(b)
|
Indemnified Taxes
|
Section 6.9
|
Indemnifying Parties
|
Section 9.1(a)
|
Indemnity Escrow Amount
|
Section 1.2(b)
|
Indemnity Escrow Funds
|
Section 1.4(a)
|
Independent Accounting Firm
|
Section 1.3(d)
|
Initial Representative
|
Section 10.13 (a)
|
Intellectual Property Contracts
|
Section 3.15(e)(ii)
|
Interim Period
|
Section 6.9(b)
|
Leases
|
Section 3.7(b)
|
Losses
|
Section 9.1(a)
|
Majority of the Sellers
|
Section 10.13 (b)
|
Material Contracts
|
Section 3.8(a)
|
Material Customers
|
Section 3.19
|
Material Suppliers
|
Section 3.19
|
Net Revenue
|
Section 1.7(c)
|
New Plans
|
Section 6.6
|
Non-Competition Agreements
|
Recitals
|
Notice of Working Capital Disagreement
|
Section 1.3(b)
|
Old Plans
|
Section 6.6
|
Ordinary Course Tax Provisions
|
Section 3.12(h)
|
Outbound Intellectual Property Contracts
|
Section 3.15(e)(i)
|
Outside Date
|
Section 8.1(d)
|
Parties
|
Preamble
|
Party
|
Preamble
|
Pro Rata Percentages
|
Section 1.2
|
PTO
|
Section 3.13(a)
|
Purchase
|
Recitals
|
Purchase Price
|
Section 1.2, Section 1.2(a)
|
Purchased Units
|
Recitals
|
Reference Balance Sheet
|
Section 3.6(a)
|
Registered IP Rights
|
Section 3.15(b)
|
Regulatory Law
|
Section 6.3(d)
|
Releasor
|
Section 6.10
|
Representatives
|
Section 6.2(a)
|
Seller
|
Preamble
|
Sellers
|
Preamble
|
Sellers’ Closing Certificate
|
Section 7.3(d)
|
Sellers’ Representative
|
Section 10.13(a), Preamble
|
Sellers’ Representative Fund
|
Section 1.2(g)
|
SLEU
|
Preamble
|
Stock Power
|
Section 2.2(a)
|
Systems
|
Section 3.15(l)
|
Target Net Working Capital
|
Section 1.3(a)
|
Tax Contest
|
Section 6.9(d)(i)
|
Terminating Buyer Breach
|
Section 8.1(c)
|
Terminating Company Breach
|
Section 8.1(b)
|
Termination Date
|
Section 8.1
|
Third-Party Claim
|
Section 9.2(a)
|
Threshold Amount
|
Section 9.4(a)
|
Transfer Taxes
|
Section 6.9(f)
|
WARN Act
|
Section 3.13(e)
|
Working Capital Shortfall
|
Section 1.3(e)
|
1.
|
Grant of Restricted Stock Units
. The Company hereby grants to the Participant named below the number of Restricted Stock Units corresponding to Shares specified below, subject to the terms and conditions of this Agreement and of the Plan, which is incorporated in this Agreement by reference:
|
2.
|
Vesting
. The Restricted Stock Units subject to this Award shall vest [INSERT VESTING CRITERIA] (each such date being a “
Vesting Date
”), subject to the Participant’s continuous Service through the applicable Vesting Date, until all Restricted Stock Units subject to this Award are vested in full. In no event shall any Restricted Stock Units vest after the Participant’s termination of Service. [AS APPLICABLE: Notwithstanding the foregoing, the Restricted Stock Units shall be subject to the provisions contained in
Addendum A
, which is attached to this Agreement [AS APPLICABLE AND FOR PARTICIPANTS OTHER THAN MEMBERS OF THE GROUP MANAGEMENT TEAM AND OTHER THAN MEMBERS OF THE BOARD ONLY: , and to the terms and conditions of any change of control severance agreement between the Company or Employer (as defined in Section 7) and the Participant (a “COC Severance Agreement”)].]
|
14.
|
Data Privacy
.
|
1.
|
Grant of Restricted Stock Units
. The Company hereby grants to the Participant named below the number of Restricted Stock Units corresponding to Shares specified below, subject to the terms and conditions of this Agreement and of the Plan, which is incorporated in this Agreement by reference:
|
2.
|
Vesting, Performance Conditions and Adjustment
.
|
9.
|
Responsibility for Taxes
.
|
13.
|
Nature of Grant
. In accepting the grant, the Participant acknowledges, understands and agrees that:
|
14.
|
Data Privacy
.
|
15.
|
Exchange Control and Foreign Asset/Account Reporting Acknowledgement
. Local foreign exchange laws may affect the grant of the Restricted Stock Units, the receipt of Shares upon settlement of the Restricted Stock Units, the sale of Shares received upon settlement of the Restricted Stock Units and/or the receipt of dividends or dividend equivalents (if any). Such laws may affect the Participant’s ability to hold funds outside of the Participant’s country and may require the repatriation of any cash, dividends or dividend equivalents received in connection with the Restricted Stock Units. The Participant may also be subject to foreign asset/account reporting requirements as a result of the acquisition, holding or transfer of Shares or cash resulting from participation in the Plan, to or from a brokerage/bank account or legal entity located outside the Participant’s country. The applicable laws of the Participant’s country may require that he or she report such assets, account, the balances therein, or the transactions related thereto to the applicable authorities in such country. The Participant is responsible for being aware of and satisfying any exchange control and foreign asset/account reporting requirements that may be necessary in connection with the Restricted Stock Units. Neither the Company nor any of its Subsidiaries or Affiliates will be responsible for such requirements
|
16.
|
Adjustments Upon Changes in Capitalization
. In the event of a declaration of a stock dividend, a stock split, combination or reclassification of shares, extraordinary dividend of cash and/or assets, recapitalization, reorganization or any similar event affecting the Shares or other securities of the Company, the Administrator shall equitably adjust the number and kind of Restricted Stock Units or other securities which are subject to this Agreement, in order to reflect such change and thereby preclude a dilution or enlargement of benefits under this Agreement.
|
17.
|
Entire Agreement; Governing Law
. The Plan, this Agreement [AS APPLICABLE: (including Addendum A)] [AS APPLICABLE AND FOR PARTICIPANTS OTHER THAN MEMBERS OF THE GROUP MANAGEMENT TEAM AND OTHER THAN MEMBERS OF THE BOARD ONLY: and any COC Severance Agreement] constitute the entire agreement of the parties with respect to the subject matter of this Agreement and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter of this Agreement. This Agreement is governed by the internal substantive laws, but not the choice of law rules of Switzerland (the Company’s jurisdiction of organization).
|
18.
|
Language
. If the Participant has received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.
|
19.
|
Electronic Delivery
. The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.
|
20.
|
Severability
. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.
|
21.
|
Appendix
. The Restricted Stock Units and any Shares subject to the Restricted Stock Units shall be subject to any special terms and conditions set forth in the Appendix to this Agreement for the Participant’s country. Moreover, if the Participant relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to the Participant, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement.
|
22.
|
Imposition of Other Requirements
.
The Company reserves the right to impose other requirements on the Participant’s participation in the Plan, on the Restricted Stock Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
|
23.
|
Permitted Modifications to Comply with Laws
. The Company reserves the right to unilaterally amend this Agreement[AS APPLICABLE: , prior to a Change of Control (as defined in Addendum A to this Agreement),] solely if an amendment is determined to be reasonably necessary by the Company’s or the Employer’s legal counsel for the Company and the Employer to comply with existing or adopted applicable ordinances, laws, rules or regulations (“Laws”) (even if such Laws have not yet taken
|
24.
|
Insider Trading Restrictions/Market Abuse Laws
. Depending on Participant’s country, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant’s ability to acquire or sell Shares or rights to Shares (
e.g.
, Restricted Stock Units) during such times as Participant is considered to have “inside information” regarding the Company (as defined by the laws in Participant’s country). Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. Neither the Company nor any of its Subsidiaries or Affiliates will be responsible for such restrictions or liable for the failure on the Participant’s part to know and abide by such restrictions. The Participant should consult with his or her own personal legal advisers to ensure compliance with local laws.
|
|
|
|
Name of Subsidiary
|
|
Jurisdiction of Incorporation
|
AMERICAS
|
|
|
Logitech Inc.
|
|
United States of America
|
Logitech (Slim Devices) Inc.
|
|
United States of America
|
Logitech (Streaming Media) Inc.
|
|
United States of America
|
WiLife, Inc.
|
|
United States of America
|
Ultimate Ears Incorporated
|
|
United States of America
|
UE Acquisition Inc.
|
|
United States of America
|
SightSpeed, Inc.
|
|
United States of America
|
LifeSize Communications, Inc.
|
|
United States of America
|
Logitech Latin America, Inc.
|
|
United States of America
|
Logitech Argentina S.R.L.
|
|
Argentina
|
Dexxa Accessorios De Informatica Do Brasil Ltda.
|
|
Brazil
|
Logitech Canada Inc.
|
|
Canada
|
Logitech de Mexico S.A. de C.V.
|
|
Mexico
|
Logitech Servicios Latinoamérica, S.A. de C.V.
|
|
Mexico
|
EUROPE
|
|
|
Logitech S.A.
|
|
Switzerland
|
Logitech Europe S.A.
|
|
Switzerland
|
Labtec Europe S.A.
|
|
Switzerland
|
Logitech (Streaming Media) SA
|
|
Switzerland
|
Logitech Schweiz AG
|
|
Switzerland
|
Logitech Upicto GmbH
|
|
Switzerland
|
Logitech Ireland Services Limited
|
|
Ireland
|
Logitech GmbH
|
|
Federal Republic of Germany
|
Logitech UK Limited
|
|
United Kingdom
|
Logitech (Jersey) Limited
|
|
Jersey, Channel Islands
|
SAS Logitech France
|
|
Republic of France
|
Logitech Benelux B.V.
|
|
Kingdom of the Netherlands
|
Logitech Italia SRL
|
|
Republic of Italy
|
Logitech Mirial SRL
|
|
Republic of Italy
|
Logitech Norway AS
|
|
Norway
|
Logitech Espana BCN SL
|
|
Spain
|
Logitech Nordic AB
|
|
Sweden
|
Logitech Poland Spolka Z.O.O.
|
|
Poland
|
Logitech Middle East FZ-LLC
|
|
United Arab Emirates
|
Name of Subsidiary
|
|
Jurisdiction of Incorporation
|
Logitech Hellas MEPE
|
|
Greece
|
Limited Liability Company "Logitech"
|
|
Russia
|
Logi Peripherals Technologies (South Africa) (Proprietary) Limited
|
|
South Africa
|
ASIA PACIFIC
|
|
|
Logitech Technology (Suzhou) Co., Ltd.
|
|
People's Republic of China
|
Logitech (Beijing) Trading Company Limited
|
|
People's Republic of China
|
Logitech Technology (Shenzhen) Consulting Co., Ltd
|
|
People's Republic of China
|
Logitech (China) Technology Co., Ltd.
|
|
People's Republic of China
|
Logitech Far East, Ltd.
|
|
Taiwan, Republic of China
|
Logitech Asia Logistics Limited
|
|
Hong Kong
|
Logitech Asia Pacific Limited
|
|
Hong Kong
|
Logitech Hong Kong, Limited
|
|
Hong Kong
|
Logitech Service Asia Pacific Pte. Ltd.
|
|
Republic of Singapore
|
Logitech Singapore Pte. Ltd.
|
|
Republic of Singapore
|
Logi Computer Peripherals (Malaysia) Sdn. Bhd
|
|
Malaysia
|
Logicool Co., Ltd.
|
|
Japan
|
Logitech Electronic (India) Private Limited
|
|
India
|
Logitech Engineering & Designs India Private Limited
|
|
India
|
Logitech Korea Ltd.
|
|
Korea
|
Logitech New Zealand Co., Ltd.
|
|
New Zealand
|
Logitech Australia Computer Peripherals Pty, Limited
|
|
Commonwealth of Australia
|
Logitech JB Australia Pty Ltd
|
|
Commonwealth of Australia
|
|
|
|
May 23, 2016
|
|
|
/s/ BRACKEN DARRELL
|
|
|
Bracken Darrell
President and Chief Executive Officer
|
|
|
|
|
|
May 23, 2016
|
|
|
/s/ VINCENT PILETTE
|
|
|
Vincent Pilette
Chief Financial Officer
|
|
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
|
May 23, 2016
|
|
|
/s/ BRACKEN DARRELL
|
|
|
Bracken Darrell
President and Chief Executive Officer
|
|
|
|
|
|
/s/ VINCENT PILETTE
|
|
|
Vincent Pilette
Chief Financial Officer
|
|
|