Logitech 2013 Annual Report Download - page 198
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LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 11 — Commitments and Contingencies
Operating Leases
The Company leases facilities under operating leases, certain of which require it to pay property taxes,
insurance and maintenance costs. Operating leases for facilities are generally renewable at the Company’s option
and usually include escalation clauses linked to inflation. Future minimum annual rentals under non-cancelable
operating leases at March 31, 2013 are as follows (in thousands):
Year ending March 31,
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18,018
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,704
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,565
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,326
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,850
Thereafter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,500
$90,963
During fiscal year 2013, the Company determined that rent expense amounts previously reported for fiscal
years 2012 and 2011 were not properly stated due to the identification of certain sites reporting on a cash basis
rather than on an accrual basis in the previously disclosed amounts. The table below presents revised amounts along
with amounts previously reported in its Form 10-K for fiscal year 2012.
Year ended March 31,
2013 2012 2011
As Reported Adjustment As Revised As Reported Adjustment As Revised
Rent expense . . . . . . . . . . . . . . . . $25,268 $23,500 $1,609 $25,109 $19,800 $2,115 $21,915
In connection with its leased facilities, the Company has recognized a liability for asset retirement obligations
representing the present value of estimated remediation costs to be incurred at lease expiration. The following table
describes changes to the Company’s asset retirement obligation liability for the years ended March 31, 2013 and
2012 (in thousands):
Year Ended
March 31,
2013 2012
Asset retirement obligation, beginning of year. . . . . . . . . . . . . . . . . . . . . . . . . . . $1,918 $1,636
Liabilities incurred. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 66
Liabilities settled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (201) (85)
Accretion expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 92
Revisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 218
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (58) (9)
Asset retirement obligation, end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,750 $1,918
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