Logitech 2013 Annual Report Download - page 190

LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The following table presents the Company’s financial assets and liabilities, that were accounted for at fair
value, excluding assets related to the Company’s defined benefit pension plans, classified by the level within the
fair value hierarchy (in thousands):
March 31, 2013 March 31, 2012
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Cash equivalents(1) .............................. $119,073 $ — $ — $160,558 $ — $ —
Trading investments for deferred compensation plan:
Money market funds ......................... 4,220 — — 3,383 — —
Mutual funds ............................... 11,379 — — 10,918 — —
Available-for-sale securities:
Collateralized debt obligations ................. — — — — — 429
Foreign exchange derivative assets ................. — 1,197 — — 658 —
Total assets at fair value.......................... $134,672 $1,197 $ — $174,859 $658 $429
Foreign exchange derivative liabilities .............. $ — $ 707 $ — $ — $245 $ —
Total liabilities at fair value ....................... $ — $ 707 $ — $ — $245 $ —
(1) Excludes cash balances of $214.7 million as of March 31, 2013 and $317.8 million as of March 31, 2012.
The following table presents the changes in the Company’s Level 3 financial assets during the fiscal years
ended March 31, 2013, 2012 and 2011 (in thousands):
March 31,
2013 2012 2011
Available-for-sale securities, beginning balance......................... $ 429 $ 1,695 $ 994
Proceeds from sales of securities.................................. (917) (6,550) —
Realized gain on sales of securities ................................ 831 6,050 —
Realized loss on sales of securities ................................ — (9) —
Reversal of unrealized gains previously recognized in
accumulated other comprehensive loss .......................... — — 744
Reversal of unrealized losses previously recognized in
accumulated other comprehensive loss .......................... (343) (757) (43)
Available-for-sale securities, ending balance ........................... $ — $ 429 $1,695
The majority of the Company’s non-financial assets and liabilities, which include goodwill, intangible assets,
inventories, and property, plant and equipment, are not required to be carried at fair value on a recurring basis.
However, if certain triggering events occur (or tested at least annually for goodwill) such that a non-financial
instrument is required to be evaluated for impairment and an impairment is recorded to reduce the non-financial
instrument’s carrying value to the fair value as a result of such triggering events, the non-financial assets and
liabilities are measured at fair value for the period such triggering events occur. For the year ended March 31, 2013,
Note 8 — Financial Instruments (Continued)
188