Logitech 2013 Annual Report Download - page 183
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LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 6 — 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 (benefit from) income taxes
are generated outside of Switzerland.
Income (loss) before income taxes for the fiscal years ended March 31, 2013, 2012 and 2011 is summarized
as follows (in thousands):
Year ended March 31,
2013 2012 2011
Income (loss) before income taxes:
Swiss .................................................. $(124,417) $ (66,512) $ 50,219
Non-Swiss .............................................. (129,308) 157,789 98,229
Tot al ................................................ $ (253,725) $ 91,277 $148,448
The provision for (benefit from) for income taxes is summarized as follows (in thousands):
Year ended March 31,
2013 2012 2011
Current:
Swiss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 686 $ 258 $ (1,073)
Non-Swiss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23,078) 25,187 26,218
Deferred:
Swiss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (254) —
Non-Swiss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,196) (5,372) (5,157)
Tot al . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(25,588) $19,819 $19,988
The difference between the provision for (benefit from) income taxes and the expected tax provision (benefit)
at the statutory income tax rate is reconciled below (in thousands):
Year ended March 31,
2013 2012 2011
Expected tax provision (benefit) at statutory income tax rates . . . . . . . . . . . $(21,567) $ 7,759 $12,618
Income taxes at different rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,906 11,968 5,062
Research and development tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,302) (1,666) (2,315)
Foreign tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,535) — —
Unrealized investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (315)
Stock compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,643 2,696 1,965
Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,809 (104) 2,309
Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,419 — —
Restructuring charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,336 — —
IRS audit settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35,608) — —
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311 (834) 664
Total provision (benefit) for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . $(25,588) $19,819 $19,988
ANNUAL REPORT
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