Logitech 2014 Annual Report Download - page 288

LOGITECH INTERNATIONAL S.A.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Additionally, under Swiss corporate law, the Company is required to establish a reserve equal to the cost
of repurchased treasury shares owned as of year-end. The reserve for treasury shares, which is not available for
distribution, totaled $118.4 million at March 31, 2014 (based on exchange rates at March 31, 2014).
Share Repurchases
In March 2014, the Company’s Board of Directors approved the 2014 share buyback program, which authorizes
the Company to use up to $250.0 million to purchase its own shares. The Company’s share buyback program is
expected to remain in effect for a period of three years. Shares may be repurchased from time to time on the open
market, through block trades or otherwise. Purchases may be started or stopped at any time without prior notice
depending on market conditions and other factors.
In September 2008, the Company’s Board of Directors approved the September 2008 share buyback
program for $250.0 million. In November 2011, an amendment to the September 2008 share buyback program
(“September 2008—amended”) was approved by the Company’s Board of Directors to enable future purchases of
shares for cancellation. In August 2013, the September 2008 share buyback and September 2008—amended share
buyback programs expired.
A summary of the approved share buyback programs are shown in the following table (in thousands, excluding
transaction costs).
Approved Repurchased
Share Buyback Program Shares Amounts Shares Amounts
March 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,311 $250,000 — —
September 2008—amended(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,465 177,030 18,500 $170,714
September 2008(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,344 250,000 7,609 73,134
54,120 $677,030 26,109 $243,848
(1) Expired in August 2013
During fiscal year 2013, 8.6 million shares were repurchased for $87.8 million and during fiscal year 2012,
17.5 million shares were repurchased for $156.0 million. There were no share repurchases during fiscal year 2014.
During fiscal year 2013, 18.5 million of the repurchased shares were cancelled.
Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss) were as follows (in thousands):
Accumulated Other Comprehensive Income (Loss)
Cumulative
Translation
Adjustment
Defined
Benefit
Plan(1)
Deferred
Hedging
Gains (Losses) Total
March 31, 2013 (As Revised) . . . . . . . . . . . . . . . . . . . . . $(73,783) $(21,856) $ 510 $(95,129)
Other comprehensive income (loss) . . . . . . . . . . . . . . . . 2,784 7,568 (1,025) 9,327
March 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(70,999) $(14,288) $ (515) $(85,802)
(1) Net of tax of $192 as of March 31, 2014 and $315 as of March 31, 2013.
Note 13 — Shareholders’ Equity (Continued)
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