Logitech 2011 Annual Report Download - page 231

ANNUAl REPORT
219
The fair value of all our foreign exchange forward contracts and foreign exchange swap contracts is determined
based on quoted foreign exchange forward rates. Quoted foreign exchange forward rates are observable inputs that
are classified as Level 1 within the fair value hierarchy.
The following table presents the fair values of the Company’s derivative instruments and their locations on
the Balance Sheet as of March 31, 2011 and 2010 (in thousands):
Asset Derivatives Liability Derivatives
Fair Value Fair Value
March 31, March 31,
Location 2011 2010 Location 2011 2010
Derivatives designated as hedging instruments:
Cash Flow Hedges .................. Other assets $ — $ 136 Other liabilities $1,763 $10
— 136 1,763 10
Derivatives not designated as hedging
instruments:
Foreign Exchange
Forward Contracts ............... Other assets 486 11 Other liabilities — —
Foreign Exchange
Swap Contracts.................. Other assets 80 452 Other liabilities 118 356
566 463 118 356
$566 $599 $1,881 $366
The following table presents the amounts of gains and losses on the Company’s derivative instruments
for the fiscal years ended March 31, 2011 and 2010 and their locations on its Consolidated Financial Statements
(in thousands):
Net amount
of gain/(loss)
deferred as a
component of
accumulated
other
comprehensive
loss
Location of
gain/(Loss)
reclassified from
accumulated other
comprehensive
loss into income
Amount of
gain/(loss)
reclassified
from
accumulated
other
comprehensive
loss into income
Location of gain/
(loss) recognized in
income immediately
Amount of
gain/(loss)
recognized
in income
immediately
2011 2010 2011 2010 2011 2010
Derivatives designated as hedging
instruments:
Cash Flow Hedges . . . . . . . . $ (4,366) $1,178 Cost of goods sold $6,078 $(5,615) Other income/expense $ (5) $ (57)
(4,366)1,178 6,078 (5,615)(5)(57)
Derivatives not designated as
hedging instruments:
Foreign Exchange
Forward Contracts. . . . . — — — — Other income/expense 855 (831)
Foreign Exchange
Swap Contracts ....... — — — — Other income/expense (2,865)(2,306)
— — — — (2,010)(3,137)
$ (4,366) $1,178 $6,078 $(5,615) $(2,015) $ (3,194)