Logitech 2012 Annual Report Download - page 272

LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 15 — Subsequent Events
On April 9, 2012, Bracken P. Darrell joined Logitech as President. On January 1, 2013, Mr. Darrell will
succeed Guerrino De Luca, Chairman and Chief Executive Officer, as Chief Executive Officer of Logitech. In
connection with the commencement of his employment, Mr. Darrell was granted equity inducement awards which
are described in Note 4, Employee Benefit Plans.
Fair value of future rent obligations of approximately $4 million related to the Company’s former Americas
headquarters will be charged to expense during the first quarter of fiscal year 2013 when the Company ceases use
of the facility.
On April 25, 2012, Logitech announced a restructuring plan to reduce operating costs and improve financial
results. In connection with this plan, the position of Senior Vice President, Worldwide Sales and Marketing and
the position of Executive Vice President, Products and President, Logitech Europe were eliminated. The Company
estimates pre-tax restructuring charges related to employee termination costs, contract termination costs, and other
associated costs of approximately $25 million to $40 million will be incurred in connection with the restructuring
plan, which is expected to be completed within fiscal year 2013.
Note 16 — Other Disclosures Required by Swiss Law
Balance Sheet Items
The amounts of certain balance sheet items were as follows (in thousands):
March 31,
2012 2011
Prepayments and accrued income . . . . . . . . . . . . . . . . . . . . $ 12,215 $ 10,953
Non-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $783,847 $785,170
Pension liabilities, current . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,129 $ 3,563
Fire insurance value of property, plant and equipment . . . . $165,114 $197,155
Statement of Income Items
Total personnel expenses amounted to $388.7 million, $364.2 million, and $292.3 million in fiscal years 2012,
2011, and 2010.
Compensation and Security Ownership of Board Members and Executive Officers
In accordance with the Swiss Code of Obligations, the compensation and security ownership of members of
the Board of Directors of Logitech International S.A. and of Logitech executive officers is presented below.
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