Logitech 2014 Annual Report Download - page 271

LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
by $64.5 million in 2012. The overstatement and understatement is due to the elimination of Swiss loss related
to stock equity plans were erroneously presented as Non-Swiss in each year. In addition, Swiss loss before
taxes increased by ($2.2) million and decreased by $31.7 million in fiscal year 2013 and 2012, respectively to
reflect adjustments from the revision and restatement of the respective financial statements.
The provision for (benefit from) income taxes is summarized as follows (in thousands):
Years Ended March 31,
2014 2013 2012
As Revised As Restated
Current:
Swiss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 127 $ 672 $ 401
Non-Swiss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,580 (23,146) 24,312
Deferred:
Swiss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (254)
Non-Swiss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,429) (3,336) (4,369)
Provision for (benefit from) income taxes . . . . . . . . . . . . . . . . . . . . $
3,278 $ (25,810 ) $ 20,090
The difference between the provision for (benefit from) income taxes and the expected tax provision (benefit)
at the statutory income tax rate of 8.5% is reconciled below (in thousands):
Years Ended March 31,
2014 2013 2012
As Revised As Restated
Expected tax provision (benefit) at statutory income tax rates . . . . . . . . . . $ 6,594 $(21,533) $10,568
Income taxes at different rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 497 5,714 2,875
Research and development tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,393) (3,302) (1,666)
Foreign tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (1,535) —
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,608 1,643 2,696
Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 3,809 (104)
Impairment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 18,419 —
Restructuring charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,174 4,336 —
Tax reserves (releases), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,660) 1,935 6,555
Audit settlement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (400) (35,608) —
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (324) 312 (834)
Provision for (benefit from) income taxes. . . . . . . . . . . . . . . . . . . . . . . $
3,278 $ (25,810 ) $ 20,090
The federal research tax credit in the United States has expired as of December 31, 2013. The income tax
expense for the fiscal year ended March 31, 2014 reflected a $0.8 million tax benefit for research tax credits.
Note 7 — Income Taxes (Continued)
ANNUAl REPORT
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