Logitech 2008 Annual Report Download - page 89
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F-19
LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 6 — Balance Sheet Components
The following provides a breakout of certain balance sheet components (in thousands):
March 31,
2008 2007
Accounts receivable:
Accounts receivable .......................................... $ 504,406 $ 404,373
Allowance for doubtful accounts ................................ (2,497) (3,322)
Allowance for returns......................................... (21,099) (15,821)
Allowances for customer programs .............................. (107,191) (74,853)
$ 373,619 $ 310,377
Inventories:
Raw materials............................................... $ 46,315 $ 41,542
Work-in-process ............................................. 13 251
Finished goods .............................................. 199,409 176,171
$ 245,737 $ 217,964
Other current assets:
Tax and VAT refund receivables ................................ $ 23,882 $ 19,695
Deferred taxes .............................................. 18,961 22,705
Prepaid expenses and other .................................... 17,825 25,857
$ 60,668 $ 68,257
Property, plant and equipment:
Plant and buildings........................................... $ 33,815 $ 31,351
Equipment ................................................. 123,104 95,915
Computer equipment ......................................... 47,027 34,469
Computer software........................................... 51,552 49,804
255,498 211,539
Less: accumulated depreciation ................................. (167,153) (135,225)
88,345 76,314
Construction-in-progress ...................................... 12,866 7,715
Land...................................................... 3,250 3,025
$ 104,461 $ 87,054
Other assets:
Deferred taxes .............................................. $ 22,618 $ 20,639
Cash surrender value of life insurance contracts .................... 12,793 10,888
Deposits and other ........................................... 4,631 2,551
$ 40,042 $ 34,078
Accrued liabilities:
Accrued marketing expenses................................... $ 30,764 $ 29,881
Accrued personnel expenses ................................... 52,895 34,450
Income taxes payable – current ................................. 15,051 93,245
Accrued freight and duty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,969 12,246
Deferred payment for Intrigue Technologies acquisition.............. — 33,685
Other accrued liabilities ....................................... 43,415 24,803
$ 156,094 $ 228,310
Long-term liabilities:
Income taxes payable – non-current ............................. $ 95,013 $ —
Obligation for management deferred compensation ................. 14,934 12,424
Other long-term liabilities ..................................... 13,846 12,220
$ 123,793 $ 24,644