Logitech 2014 Annual Report Download - page 251

LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Consolidated Statements of Cash Flows
The following table presents the impact of correcting adjustments on the Company’s previously-reported
consolidated statements of cash flows for fiscal years 2013 and 2012 (in thousands):
Year ended March 31, 2013 Year ended March 31, 2012
As Reported Adjustments As Revised As Reported Adjustments As Restated
Cash flows from operating activities:
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (225,567) $ — $ (227,518) $ 72,771 $ 30,730(1) $ 104,237
(1,342)(2) 82(2)
— (1,294)(3)
(609)(4) 1,948(4)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,419 6,589(2) 51,766 45,968 6,310(2) 52,277
758(4) (1)(4)
Amortization of other intangible assets . . . . . . . . . . . . . . . . . 23,571 — 23,571 27,198 — 27,198
Share-based compensation expense . . . . . . . . . . . . . . . . . . . . 25,198 — 25,198 31,529 — 31,529
Impairment of goodwill and other assets . . . . . . . . . . . . . . . . 216,688 — 216,688 — — —
Impairment of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,600 — 3,600 — — —
Loss (gain) on disposal of property, plant and equipment. . . — 2,007(4) 2,007 (8,967) 2,434(4) (6,533)
Gain on sales of available-for-sale securities. . . . . . . . . . . . . (831) — (831) (6,109) — (6,109)
Inventory valuation adjustment . . . . . . . . . . . . . . . . . . . . . . . — — — 34,074 (34,074)(1) —
Excess tax benefits from share-based compensation . . . . . . (26) — (26) (37) — (37)
Deferred income taxes and other . . . . . . . . . . . . . . . . . . . . . . 11,552 (14,761)(4) (3,209) 137 (2,386)(4) (2,249)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,667 606(4) 45,273 29,279 — 29,279
Inventories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,954 (845)(4) 23,109 (36,621) 3,344(4) (33,277)
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,420) 6,801(4) 5,381 (4,621) 2,051(4) (2,570)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (34,069) 663(4) (33,406) 3,622 (295)(4) 3,327
Accrued and other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . (14,594) — (9,214) 7,919 1,294(3) 5,462
5,380(4) (3,751)(4)
Net cash provided by operating activities . . . . . . . . . . . . 117,142 5,247 122,389 196,142 6,392 202,534
Cash flows from investing activities:
Purchases of property, plant and equipment . . . . . . . . . . . . . (49,240) (5,247)(2) (54,487) (47,807) (6,392)(2) (54,199)
Purchase of strategic investment . . . . . . . . . . . . . . . . . . . . . . (4,420) — (4,420) — — —
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . — — — (18,814) — (18,814)
Proceeds from sales of available-for-sale securities . . . . . . . 917 — 917 6,550 — 6,550
Proceeds from sales of property and plant. . . . . . . . . . . . . . . — — — 8,967 — 8,967
Purchases of trading investments. . . . . . . . . . . . . . . . . . . . . . (4,196) — (4,196) (7,505) — (7,505)
Proceeds from sales of trading investments. . . . . . . . . . . . . . 4,463 — 4,463 7,399 — 7,399
Net cash used in investing activities . . . . . . . . . . . . . . . . (52,476) (5,247) (57,723) (51,210) (6,392) (57,602)
Cash flows from financing activities:
Payment of cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . (133,462) — (133,462) — — —
Purchases of treasury shares. . . . . . . . . . . . . . . . . . . . . . . . . . (87,812) — (87,812) (156,036) — (156,036)
Proceeds from sales of shares upon exercise of
options and purchase rights . . . . . . . . . . . . . . . . . . . . . . . 15,982 — 15,982 17,591 — 17,591
Tax withholdings related to net share settlements of
restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,375) — (2,375) (966) — (966)
Excess tax benefits from share-based compensation . . . . . . 26 — 26 37 — 37
Net cash used in financing activities. . . . . . . . . . . . . . . . (207,641) — (207,641) (139,374) — (139,374)
Effect of exchange rate changes on cash and cash
equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,571) — (1,571) (5,119) — (5,119)
Net increase (decrease) in cash and
cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . (144,546) — (144,546) 439 — 439
Cash and cash equivalents at beginning of period . . . . . . . . . . . . 478,370 — 478,370 477,931 — 477,931
Cash and cash equivalents at end of period. . . . . . . . . . . . . . . . . . $ 333,824 $ — $ 333,824 $ 478,370 $ — $ 478,370
Non-cash investing activities:
Property, plant and equipment purchased during the period
and included in period end liability accounts . . . . . . . . . $ 4,828 $ — $ 4,828 $ 5,454 $ — $ 5,454
Supplemental cash flow information:
Interest paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,293 $ — $ 1,293 $ 110 $ — $ 110
Income taxes paid, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,108 $ — $ 14,108 $ 14,422 $ — $ 14,422
Note 2 — Restatement and Revision of Previously Issued Consolidated Financial Statements (Continued)
ANNUAl REPORT
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