Logitech 2014 Annual Report Download - page 268

LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 5 — Employee Benefit Plans (Continued)
The funded status of the defined benefit pension plans is the fair value of plan assets less benefit obligations.
The funded status of the non-retirement post-employment benefits is the fair value of the benefit obligations.
Projected benefit obligations exceeded plan assets for all plans by $39.0 million and $41.5 million as of
March 31, 2014 and 2013.
Amounts recognized on the balance sheet for the plans were as follows (in thousands):
March 31,
2014 2013
As Revised
Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ —
Current liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,100) (994)
Non-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (37,899) (40,551)
Net liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(38,999) $(41,545)
Amounts recognized in accumulated other comprehensive loss related to defined benefit pension plans were
as follows (in thousands):
March 31,
2014 2013 2012
As Revised
Net prior service costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (2,149) $ (2,307) $ (1,918)
Net actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,319) (19,850) (28,172)
Amortization of net transition obligation . . . . . . . . . . . . . . . . . (12) (14) (24)
Accumulated other comprehensive loss . . . . . . . . . . . . . . . (14,480) (22,171) (30,114)
Deferred tax benefit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192 315 752
Accumulated other comprehensive loss, net of tax . . . . . . . $(14,288) $(21,856) $(29,362)
Changes in accumulated other comprehensive loss related to the defined benefit pension plans were as
follows (in thousands):
Years Ended March 31,
2014 2013 2012
As Revised As Restated
Accumulated other comprehensive loss, beginning of year . . . $(21,856) $(29,362) $(18,073)
Transition obligation recognized . . . . . . . . . . . . . . . . . . . . . 4 5 —
Prior service cost (credit) recognized . . . . . . . . . . . . . . . . . 210 153 (15)
Actuarial loss recognized . . . . . . . . . . . . . . . . . . . . . . . . . . 1,056 1,199 275
Curtailment loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 761 2,600 —
Settlement gain recognized . . . . . . . . . . . . . . . . . . . . . . . . . 747 2,276 —
Gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,087 1,351 (11,808)
Prior service credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (944) —
Deferred tax benefit (expense). . . . . . . . . . . . . . . . . . . . . . . (123) (435) 170
Foreign currency exchange rate changes. . . . . . . . . . . . . . . (1,174) 1,301 89
Accumulated other comprehensive loss, end of year . . . . . . . . $(14,288) $(21,856) $(29,362)
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