Logitech 2010 Annual Report Download - page 211
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ANNUAl REPORT
199
or negative performance of investment measurement options selected by each participant, was approximately
$10.3 million and $10.5 million at March 31, 2010 and 2009 and was included in other liabilities. The additional
compensation expenses related to investment performance have not been significant to date.
Note 14 — 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.
Income before income taxes for the fiscal years ended March 31, 2010, 2009 and 2008 is summarized as
follows (in thousands):
Year ended March 31,
2010 2009 2008
Income before income taxes:
Swiss ........................................... $13,352 $40,717 $145,403
Non-Swiss ....................................... 70,271 86,076 117,411
Total ......................................... $ 83,623 $ 126,793 $ 262,814
The provision for income taxes is summarized as follows (in thousands):
Year ended March 31,
2010 2009 2008
Current:
Swiss .......................................... $ 1,463 $ 53 $ 2,509
Non-Swiss ...................................... 22,279 32,274 31,055
Deferred:
Swiss .......................................... —(36)(75)
Non-Swiss ...................................... (5,076)(12,530)(1,701)
Total ........................................... $18,666 $19,761 $31,788
The difference between the provision for income taxes and the expected tax provision at the statutory income
tax rate is reconciled below (in thousands):
Year ended March 31,
2010 2009 2008
Expected tax provision at statutory income tax rates . . . . . . . . $ 7,108 $ 10,777 $ 22,339
Income taxes at different rates .......................... 10,473 9,370 12,245
Research and development tax credits .................... (1,628)(2,524)(1,572)
Unrealized investment income .......................... (428)1,004 (248)
Stock compensation .................................. 713 618 423
Transaction costs .................................... 1,257 — —
Other .............................................. 1,171 516 (1,399)
Total provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . $18,666 $19,761 $31,788