Logitech 2008 Annual Report Download - page 98

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F-28
LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table presents the changes in the fair value of plan assets for fiscal years 2008 and 2007
(in thousands):
March 31,
2008 2007
Fair value of plan assets, beginning of year ........ $27,362 $22,280
Actual return on plan assets .................... (2,050) 1,133
Employer contributions ....................... 3,041 2,232
Plan participant contributions................... 1,430 997
Benefits paid ................................ (500) (628)
Administrative expenses paid .................. (211) —
Foreign currency exchange rate changes .......... 5,987 1,348
Fair value of plan assets, end of year ............. $35,059 $27,362
The defined benefit pension plans have the following asset allocations. Investment strategies are
determined by the insurer or the applicable governmental regulatory agency.
March 31,
2008 2007
Cash ....................................... 4.3% 5.3%
Equity securities .............................. 30.7% 34.8%
Debt securities ............................... 44.0% 48.0%
Real estate ................................... 5.5% 4.4%
Other ....................................... 15.5% 7.5%
100.0% 100.0%
The funded status of the defined benefit pension plans is the fair value of plan assets less benefit obligations.
Projected benefit obligations exceeded plan assets by $14.7 million and $7.4 million as of March 31, 2008 and
2007. Amounts recognized on the balance sheet for the plans were as follows (in thousands):
March 31,
2008 2007
Current assets ............................... $ 902 $ 859
Current liabilities ............................ (2,440) (654)
Non-current liabilities ........................ (12,309) (6,770)
Net (liability) asset ........................... $(13,847) $ (6,565)
Amounts recognized in other comprehensive income were as follows (in thousands):
March 31,
2008 2007
Net actuarial loss .............................. $9,842 $3,536
Amortization of net transition obligation ............ 46 51
Accumulated other comprehensive income .......... 9,888 3,587
Deferred tax benefit ............................ (821) (859)
Accumulated other comprehensive loss, net of tax .... $9,067 $2,728