Logitech 2012 Annual Report Download - page 254

LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 7 — Balance Sheet Components
The following provides the components of certain balance sheet asset amounts as of March 31, 2012 and 2011
(in thousands):
March 31,
2012 2011
Accounts receivable:
Accounts receivable ................................................. $ 376,917 $ 435,331
Allowance for doubtful accounts....................................... (2,472) (4,086)
Allowance for returns ............................................... (24,599) (29,666)
Allowances for cooperative marketing arrangements....................... (24,109) (28,669)
Allowances for customer incentive programs ............................. (42,262) (52,358)
Allowances for pricing programs ...................................... (60,371) (62,258)
$ 223,104 $ 258,294
Inventories:
Raw materials...................................................... $ 38,613 $ 37,126
Work-in-process .................................................... 73 3
Finished goods ..................................................... 258,386 243,685
$ 297,072 $ 280,814
Other current assets:
Tax and VAT refund receivables ....................................... $ 19,360 $ 17,810
Deferred taxes ..................................................... 25,587 27,018
Prepaid expenses and other ........................................... 21,043 14,519
$ 65,990 $ 59,347
Property, plant and equipment:
Plant, buildings and improvements ..................................... $ 48,555 $ 52,681
Equipment ........................................................ 148,059 137,248
Computer equipment ................................................ 40,353 60,344
Computer software.................................................. 75,758 85,338
312,725 335,611
Less: accumulated depreciation........................................ (249,657) (260,283)
63,068 75,328
Construction-in-progress ............................................. 28,968 5,974
Land ............................................................. 2,848 2,858
$ 94,884 $ 84,160
Other assets:
Deferred taxes ..................................................... $ 61,358 $ 55,897
Trading investments................................................. 14,301 13,113
Deposits and other .................................................. 7,374 10,200
$ 83,033 $ 79,210
Inventories are stated at the lower of cost or market. Inventory as of March 31, 2012 includes an adjustment
of $8.5 million to reflect the lower of cost or market on the Company’s inventory of Logitech Revue and related
peripherals on hand. In the three months ended June 30, 2011, a valuation adjustment of $34.1 million was charged
to cost of goods sold, as the result of management’s decision in early July 2011 to reduce the retail price of Logitech
Revue from $249 to $99.
244