Logitech 2003 Annual Report Download - page 76
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F-19
LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Pension Plans
Defined Contribution Plans
Certain of the Company's subsidiaries have defined contribution employee benefit plans covering all or a portion
of their employees. Contributions to these plans are discretionary for certain plans and are based on specified or
statutory requirements for others. The charges to expense for these plans for the years ended March 31, 2003, 2002
and 2001, were $3,397,000, $2,707,000 and $1,275,000.
Defined Benefit Plan
One of the Company's subsidiaries sponsors a noncontributory defined benefit pension plan covering
substantially all of its employees. Retirement benefits are provided based on employees' years of service and
earnings. The Company's practice is to fund amounts sufficient to meet the requirements set forth in the applicable
employee benefit and tax regulations. Net pension costs for the years ended March 31, 2003, 2002 and 2001 were
$427,000, $321,000 and $193,000. The plan’s net pension liability at March 31, 2003 and 2002 was $789,000 and
$530,000.
Note 11 — Income Taxes:
The Company is incorporated in Switzerland but operates in various countries with differing tax laws and rates.
Further, a portion of the Company's income before taxes and the provision for income taxes are generated outside of
Switzerland. The portion of the Company’s income before taxes for fiscal year 2003, 2002 and 2001 that is subject to
foreign income taxes was $52.2 million, $40.8 million and $29.9 million. Consequently, the weighted average
expected tax rate may vary from period to period to reflect the generation of taxable income in different tax
jurisdictions.
The provision for income taxes consists of the following:
2003 2002 2001
Current:
Swiss.................................................................................................... 2,277$ 1,900$ 852$
Foreign................................................................................................
.
23,353 18,407 10,641
Deferred:
Swiss.................................................................................................... 1,425 - -
Foreign................................................................................................
.
(2,346) (1,568) 593
Total..................................................................................................... 24,709$ 18,739$ 12,086$
Year ended March 31,
(In thousands)