Logitech 2012 Annual Report Download - page 247

LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
March 31, 2011
Level 1 Level 2 Level 3 Total
Cash ....................................... $ 3,859 $ — $— $ 3,859
Equity securities .............................. 15,546 — — 15,546
Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,142 — — 20,142
Swiss real estate fund .......................... 3,026 — — 3,026
Hedge fund .................................. — 1,942 — 1,942
Commodity fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 622 275 — 897
Other ....................................... 204 321 — 525
Total plan assets at fair value . . . . . . . . . . . . . . . . . . . . $43,399 $2,538 $ — $45,937
Refer to Note 8 for a discussion of how the defined benefit pension plan assets are classified into each of the
fair value hierarchy levels.
The funded status of the defined benefit pension plans is the fair value of plan assets as determined by the
governmental regulatory agency less benefit obligations. The funded status of the non-retirement post-employment
benefits is the fair value of the benefit obligations. Projected benefit obligations exceeded plan assets for all plans
by $43.5 million and $30.2 million as of March 31, 2012 and 2011. Amounts recognized on the balance sheet for the
plans were as follows (in thousands):
March 31,
2012 2011
Current assets .............................................. $ 752 $ 759
Current liabilities ........................................... (4,129) (3,563)
Non-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (39,337) (26,645)
Net liability ................................................ $(42,714) $(29,449)
Amounts recognized in other comprehensive income related to defined benefit pension plans were as follows
(in thousands):
March 31,
2012 2011
Net prior service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1,918) $ (2,084)
Net actuarial loss ........................................... (28,172) (16,714)
Amortization of net transition obligation ......................... (24) (34)
Accumulated other comprehensive loss .......................... (30,114) (18,832)
Deferred tax benefit ......................................... 752 759
Accumulated other comprehensive loss, net of tax . . . . . . . . . . . . . . . . . $(29,362) $(18,073)
Note 4 — Employee Benefit Plans (Continued)
ANNUAL REPORT
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