Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||||
Mar. 31, 2017 | May 04, 2017 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Document and Entity Information | |||||
Entity Registrant Name | LOGITECH INTERNATIONAL SA | ||||
Document Period End Date | Mar. 31, 2017 | ||||
Entity Central Index Key | 1,032,975 | ||||
Document Type | 10-K | ||||
Amendment Flag | false | ||||
Current Fiscal Year End Date | --03-31 | ||||
Entity Well-known Seasoned Issuer | No | ||||
Entity Voluntary Filers | No | ||||
Entity Current Reporting Status | Yes | ||||
Entity Filer Category | Large Accelerated Filer | ||||
Entity Common Stock, Shares Outstanding | 163,570,990 | ||||
Document Fiscal Year Focus | 2,017 | ||||
Document Fiscal Period Focus | FY | ||||
Entity Public Float | $ 3,405,372,286 | $ 4,000,000,000 | $ 2,500,000,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | |
Net sales | $ 2,221,427 | $ 2,018,100 | $ 2,004,908 |
Cost of goods sold | 1,395,211 | 1,337,053 | 1,299,451 |
Amortization of intangible assets and purchase accounting effect on inventory | 6,175 | 0 | 0 |
Gross profit | 820,041 | 681,047 | 705,457 |
Operating expenses: | |||
Marketing and selling | 379,641 | 319,015 | 321,749 |
Research and development | 130,525 | 113,176 | 107,543 |
General and administrative | 100,270 | 101,012 | 125,995 |
Amortization of intangible assets and acquisition-related costs | 5,814 | 984 | 763 |
Change in fair value of contingent consideration for business acquisition | (8,092) | 0 | 0 |
Restructuring charges (credits), net | 23 | 17,802 | (4,777) |
Total operating expenses | 608,181 | 551,989 | 551,273 |
Operating income | 211,860 | 129,058 | 154,184 |
Interest income, net | 1,452 | 790 | 1,197 |
Other income (expense), net | 1,677 | 1,624 | (2,298) |
Income before income taxes | 214,989 | 131,472 | 153,083 |
Provision for income taxes | 9,113 | 3,110 | 4,654 |
Net income from continuing operations | 205,876 | 128,362 | 148,429 |
Loss from discontinued operations, net of income taxes | 0 | (9,045) | (139,146) |
Net income | $ 205,876 | $ 119,317 | $ 9,283 |
Net income (loss) per share - basic: | |||
Continuing operations (in dollars per share) | $ / shares | $ 1.27 | $ 0.79 | $ 0.91 |
Discontinued operations (in dollars per share) | $ / shares | 0 | (0.06) | (0.85) |
Net income per share - basic (in dollars per share) | $ / shares | 1.27 | 0.73 | 0.06 |
Net income (loss) per share - diluted: | |||
Continuing operations (in dollars per share) | $ / shares | 1.24 | 0.77 | 0.89 |
Discontinued operations (in dollars per share) | $ / shares | 0 | (0.05) | (0.83) |
Net income per share - diluted (in dollars per share) | $ / shares | $ 1.24 | $ 0.72 | $ 0.06 |
Weighted average shares used to compute net income (loss) per share: | |||
Basic (in shares) | shares | 162,058 | 163,296 | 163,536 |
Diluted (in shares) | shares | 165,540 | 165,792 | 166,174 |
Cash dividend per share (in dollars per share) | (per share) | $ 0.57 | $ 0.53 | $ 0.27 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 205,876 | $ 119,317 | $ 9,283 |
Currency translation gain (loss): | |||
Currency translation gain (loss), net of taxes | (5,670) | 2,273 | (19,054) |
Reclassification of currency translation loss (gain) included in other income (expense), net | 0 | 3,913 | (171) |
Defined benefit plans: | |||
Net gain (loss) and prior service credits (costs), net of taxes | 14,201 | (837) | (12,998) |
Reclassification of amortization included in operating expenses | 1,490 | 1,630 | 322 |
Hedging gain (loss): | |||
Deferred hedging gain (loss), net of taxes | 2,928 | (2,431) | 8,971 |
Reclassification of hedging gain included in cost of goods sold | (1,670) | (3,296) | (4,505) |
Other comprehensive income (loss) | 11,279 | 1,252 | (27,435) |
Total comprehensive income (loss) | $ 217,155 | $ 120,569 | $ (18,152) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 547,533 | $ 519,195 |
Accounts receivable, net | 185,179 | 142,778 |
Inventories | 253,401 | 228,786 |
Other current assets | 41,732 | 35,488 |
Total current assets | 1,027,845 | 926,247 |
Non-current assets: | ||
Property, plant and equipment, net | 85,408 | 92,860 |
Goodwill | 249,741 | 218,224 |
Other intangible assets, net | 47,564 | 0 |
Other assets | 88,119 | 86,816 |
Total assets | 1,498,677 | 1,324,147 |
Current liabilities: | ||
Accounts payable | 274,805 | 241,166 |
Accrued and other current liabilities | 232,273 | 173,764 |
Total current liabilities | 507,078 | 414,930 |
Non-current liabilities: | ||
Income taxes payable | 51,797 | 59,734 |
Other non-current liabilities | 83,691 | 89,535 |
Total liabilities | 642,566 | 564,199 |
Commitments and contingencies (Note 14) | ||
Shareholders' equity: | ||
Registered shares, CHF 0.25 par value: Issued and authorized shares - 173,106 at March 31, 2017 and March 31, 2016 Conditionally authorized shares - 50,000 at March 31, 2017 and March 31, 2016 | 30,148 | 30,148 |
Additional paid-in capital | 26,596 | 6,616 |
Less shares in treasury, at cost—10,727 at March 31, 2017 and 10,697 at March 31, 2016 | (174,037) | (128,407) |
Retained earnings | 1,074,110 | 963,576 |
Accumulated other comprehensive loss | (100,706) | (111,985) |
Total shareholders' equity | 856,111 | 759,948 |
Total liabilities and shareholders' equity | $ 1,498,677 | $ 1,324,147 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - SFr / shares | Mar. 31, 2017 | Mar. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Shares, par value (in CHF per share) | SFr 0.25 | SFr 0.25 |
Issued shares (in shares) | 173,106,620 | 173,106,620 |
Authorized shares (in shares) | 173,106,620 | 173,106,620 |
Conditionally authorized shares (in shares) | 50,000,000 | 50,000,000 |
Treasury shares (in shares) | 10,726,943 | 10,697,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 205,876 | $ 119,317 | $ 9,283 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 41,121 | 51,108 | 41,304 |
Amortization of intangible assets | 9,367 | 1,885 | 8,361 |
Share-based compensation expense | 35,890 | 27,351 | 25,825 |
Impairment of goodwill and other assets | 0 | 0 | 122,734 |
Impairment of investment | 0 | 0 | 2,298 |
Gain on equity method investment | (569) | (469) | 0 |
Loss (gain) on disposal of property, plant and equipment | 107 | 0 | (44) |
Net gain on divestiture of discontinued operations | 0 | (13,684) | 0 |
Excess tax benefits from share-based compensation | (9,661) | (2,084) | (2,831) |
Deferred income taxes | (2,397) | 6,604 | 2,240 |
Change in fair value of contingent consideration for business acquisition | (8,092) | 0 | 0 |
Changes in assets and liabilities, net of acquisitions: | |||
Accounts receivable, net | (46,553) | 25,513 | (8,018) |
Inventories | (15,428) | 31,966 | (60,510) |
Other assets | (5,309) | (1,975) | (4,284) |
Accounts payable | 24,459 | (58,104) | 60,413 |
Accrued and other liabilities | 49,917 | (4,317) | (18,139) |
Net cash provided by operating activities | 278,728 | 183,111 | 178,632 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (31,804) | (56,615) | (45,253) |
Investment in privately held companies | (960) | (2,419) | (2,550) |
Payments for divestiture of discontinued operations, net of cash sold | 0 | (1,395) | 0 |
Changes in restricted cash | 715 | (715) | 0 |
Acquisitions, net of cash acquired | (66,987) | 0 | (926) |
Purchases of trading investments | (7,052) | (9,619) | (5,034) |
Proceeds from sales of trading investments | 7,124 | 10,073 | 5,474 |
Net cash used in investing activities | (98,964) | (60,690) | (48,289) |
Cash flows from financing activities: | |||
Payment of cash dividends | (93,093) | (85,915) | (43,767) |
Repurchases of registered shares | (83,786) | (70,358) | (1,663) |
Contingent consideration related to prior acquisition | 0 | 0 | (100) |
Repurchase of ESPP awards | 0 | 0 | (1,078) |
Proceeds from sales of shares upon exercise of options and purchase rights | 39,574 | 19,767 | 4,138 |
Tax withholdings related to net share settlements of restricted stock units | (18,412) | (7,247) | (9,215) |
Excess tax benefits from share-based compensation | 9,661 | 2,084 | 2,831 |
Net cash used in financing activities | (146,056) | (141,669) | (48,854) |
Effect of exchange rate changes on cash and cash equivalents | (5,370) | 1,405 | (13,863) |
Net increase (decrease) in cash and cash equivalents | 28,338 | (17,843) | 67,626 |
Cash and cash equivalents at beginning of period | 519,195 | 537,038 | 469,412 |
Cash and cash equivalents at end of period | 547,533 | 519,195 | 537,038 |
Non-cash investing activities: | |||
Property, plant and equipment purchased during the period and included in period end liability accounts | 5,072 | 4,958 | 5,242 |
Fair value of retained cost method investment as a result of divestiture of discontinued operations | 0 | 5,591 | 0 |
Supplemental cash flow information: | |||
Income taxes paid, net | 11,323 | 11,499 | 10,838 |
The following amounts reflected in the consolidated statements of cash flows are included in discontinued operations: | |||
Depreciation | 0 | 2,207 | 2,562 |
Amortization of intangible assets | 0 | 1,438 | 7,598 |
Share-based compensation | 0 | 332 | 1,634 |
Purchases of property, plant and equipment | 0 | 1,431 | 3,598 |
Cash and cash equivalents, beginning of the period | 0 | 3,659 | 1,894 |
Cash and cash equivalents, end of the period | $ 0 | $ 0 | $ 3,659 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Registered shares | Additional paid-in capital | Treasury shares | Retained earnings | Accumulated other comprehensive loss |
Beginning of the period (in shares) at Mar. 31, 2014 | 173,106 | 10,206 | ||||
Beginning of the period at Mar. 31, 2014 | $ 804,128 | $ 30,148 | $ 0 | $ (116,510) | $ 976,292 | $ (85,802) |
Increase (Decrease) in Shareholders' Equity | ||||||
Total comprehensive loss | (18,152) | 9,283 | (27,435) | |||
Repurchases of registered shares/common stock (in shares) | 115 | |||||
Repurchases of registered shares/common stock | (1,663) | $ (1,663) | ||||
Tax effects from share-based awards | (2,200) | (2,200) | ||||
Sale of shares upon exercise of options and purchase rights | 4,138 | (2,367) | $ 6,505 | |||
Sale of shares upon exercise of options and purchase rights (in shares) | (390) | |||||
Issuance of shares upon vesting of restricted stock units | (9,215) | (20,298) | $ 22,717 | (11,634) | ||
Issuance of shares upon vesting of restricted stock units (in shares) | (1,306) | |||||
Share-based compensation | 25,943 | 25,943 | ||||
Repurchase of ESPP awards | (1,078) | (1,078) | ||||
Cash dividends | (43,767) | (43,767) | ||||
End of the period (in shares) at Mar. 31, 2015 | 173,106 | 8,625 | ||||
End of the period balance at Mar. 31, 2015 | 758,134 | $ 30,148 | 0 | $ (88,951) | 930,174 | (113,237) |
Increase (Decrease) in Shareholders' Equity | ||||||
Total comprehensive loss | 120,569 | 119,317 | 1,252 | |||
Repurchases of registered shares/common stock (in shares) | 4,951 | |||||
Repurchases of registered shares/common stock | (70,358) | $ (70,358) | ||||
Tax effects from share-based awards | (2,353) | (2,353) | ||||
Sale of shares upon exercise of options and purchase rights | 19,767 | (737) | $ 20,504 | |||
Sale of shares upon exercise of options and purchase rights (in shares) | (1,812) | |||||
Issuance of shares upon vesting of restricted stock units | (7,247) | (17,645) | $ 10,398 | |||
Issuance of shares upon vesting of restricted stock units (in shares) | (1,067) | |||||
Share-based compensation | 27,351 | 27,351 | ||||
Cash dividends | (85,915) | (85,915) | ||||
End of the period (in shares) at Mar. 31, 2016 | 173,106 | 10,697 | ||||
End of the period balance at Mar. 31, 2016 | 759,948 | $ 30,148 | 6,616 | $ (128,407) | 963,576 | (111,985) |
Increase (Decrease) in Shareholders' Equity | ||||||
Total comprehensive loss | 217,155 | 205,876 | 11,279 | |||
Repurchases of registered shares/common stock (in shares) | 4,027 | |||||
Repurchases of registered shares/common stock | (83,786) | $ (83,786) | ||||
Tax effects from share-based awards | (1,251) | (1,251) | ||||
Sale of shares upon exercise of options and purchase rights | 39,574 | 15,403 | $ 24,171 | |||
Sale of shares upon exercise of options and purchase rights (in shares) | (2,513) | |||||
Issuance of shares upon vesting of restricted stock units | (18,412) | (30,148) | $ 13,985 | (2,249) | ||
Issuance of shares upon vesting of restricted stock units (in shares) | (1,484) | |||||
Share-based compensation | 35,976 | 35,976 | ||||
Cash dividends | (93,093) | (93,093) | ||||
End of the period (in shares) at Mar. 31, 2017 | 173,106 | 10,727 | ||||
End of the period balance at Mar. 31, 2017 | $ 856,111 | $ 30,148 | $ 26,596 | $ (174,037) | $ 1,074,110 | $ (100,706) |
The Company
The Company | 12 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | The Company Logitech International S.A, together with its consolidated subsidiaries, ("Logitech" or the "Company") designs, manufactures and markets products that allow people to connect through music, gaming, video, computing, and other digital platforms. The Company sells its products to a broad network of domestic and international customers, including direct sales to retailers and indirect sales through distributors. Logitech was founded in Switzerland in 1981 and Logitech International S.A. has been the parent holding company of Logitech since 1988. Logitech International S.A. is a Swiss holding company with its registered office in Apples, Switzerland and headquarters in Lausanne, Switzerland, which conducts its business through subsidiaries in the Americas, Europe, Middle East and Africa ("EMEA") and Asia Pacific. Shares of Logitech International S.A. are listed on both the SIX Swiss Exchange under the trading symbol LOGN and the Nasdaq Global Select Market under the trading symbol LOGI. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements include the accounts of Logitech and its subsidiaries. All intercompany balances and transactions have been eliminated. The consolidated financial statements are presented in accordance with U.S. GAAP (accounting principles generally accepted in the United States of America). During the fourth quarter of fiscal year 2016, the Company completed the disposition of the Lifesize video conferencing business. As a result, the Company has classified the historical results of Lifesize video conferencing business as discontinued operations in its consolidated statements of operations. See "Note 4 - Discontinued Operations" for more information. Unless indicated otherwise, the information in the Notes to the consolidated financial statements relates to the Company's continuing operations and does not include results of Lifesize video conferencing business, which is classified as discontinued operations. Business Acquisitions During fiscal year 2017, the Company acquired Jaybird LLC and Saitek product line. See "Note 3 - Business Acquisitions" for more information. Fiscal Year The Company's fiscal year ends on March 31. Interim quarters are generally thirteen-week periods, each ending on a Friday of each quarter. For purposes of presentation, the Company has indicated its quarterly periods ending on the last day of the calendar quarter. Reclassification Certain amounts from the comparative periods in the accompanying consolidated financial statements have been reclassified to conform to the consolidated financial statement presentation as of and for the year ended March 31, 2017. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the consolidated financial statements. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Significant estimates and assumptions made by management involve the fair value of goodwill, intangible assets acquired from business acquisition, warranty liabilities, accruals for customer programs, sales return reserves, allowance for doubtful accounts, inventory valuation, restructuring charges, contingent consideration from business acquisitions and periodical reassessment of its fair value, share-based compensation expense, uncertain tax positions, and valuation allowances for deferred tax assets. Although these estimates are based on management’s best knowledge of current events and actions that may impact the Company in the future, actual results could differ materially from those estimates. Foreign Currencies The functional currency of the Company's operations is primarily the U.S. Dollar. Certain operations use the Euro, Chinese Renminbi, Swiss Franc, or other local currencies as their functional currencies. The financial statements of the Company's subsidiaries whose functional currency is other than the U.S. Dollar are translated to U.S. Dollars using period-end rates of exchange for assets and liabilities and monthly average rates for net sales, income and expenses. Cumulative translation gains and losses are included as a component of shareholders' equity in accumulated other comprehensive loss. Gains and losses arising from transactions denominated in currencies other than a subsidiary's functional currency are reported in other income (expense), net in the consolidated statements of operations. Revenue Recognition Revenue is recognized when all of the following criteria are met: • Evidence of an arrangement exists; • Delivery has occurred and title and risk of loss has transferred to a customer; • Price of a product is fixed or determinable; and • Collectability is reasonably assured. For sales of most hardware peripherals products and hardware bundled with software essential to its functionality, these criteria are met at the time delivery has occurred and title and risk of loss have transferred to the customer. Revenues from sales to distributors and authorized resellers are recognized upon shipment net of estimated product returns and expected payments for cooperative marketing arrangements, customer incentive and pricing programs. The estimated cost of these programs is recorded as a reduction of sales or as an operating expense if the Company receives a separately identifiable benefit from the customer and can reasonably estimate the fair value of that benefit. Significant management judgment and estimates are used to determine the cost of these programs in any accounting period. Certain customer programs require management to estimate the percentage of those programs which will not be claimed or will not be earned by customers based on historical experience and on the specific terms and conditions of particular programs. The percentage of these customer programs that will not be claimed or earned is commonly referred to as "breakage". The Company enters into cooperative marketing arrangements with many of its distribution and retail customers, and with certain indirect partners, allowing customers to receive a credit equal to a set percentage of their purchases of the Company's products, or a fixed dollar credit for various marketing and incentive programs. The objective of these arrangements is to encourage advertising and promotional events to increase sales of the Company's products. Accruals for these marketing arrangements are recorded at the later of the date the revenue is recognized or the date the incentive is offered, based on negotiated terms, historical experience and inventory levels in the channel. Customer incentive programs include consumer rebate and performance-based incentives. The Company offers performance-based incentives to its distribution customers, retail customers and indirect partners based on pre-determined performance criteria. Accruals for performance-based incentives are recognized as a reduction of the sale price at the time of sale. Estimates of required accruals are determined based on negotiated terms, consideration of historical experience, anticipated volume of future purchases, and inventory levels in the channel. Consumer rebates are offered from time to time at the Company's discretion for the primary benefit of end-users. Accruals for the estimated costs of consumer rebates and similar incentives are recorded at the later of the date the revenue is recognized or when the incentive is offered, based on the specific terms and conditions. The Company has agreements with certain of its customers that contain terms allowing price protection credits to be issued in the event of a subsequent price reduction. At management's discretion, the Company also offers special pricing discounts to certain customers. Special pricing discounts are usually offered only for limited time periods or for sales of selected products to specific indirect partners. Management's decision to make price reductions is influenced by product life cycle stage, market acceptance of products, the competitive environment, new product introductions and other factors. Accruals for estimated expected future pricing actions are recognized at the time of sale based on analyses of historical pricing actions by customer and by product, inventories owned by and located at distributors and retailers, current customer demand, current operating conditions, and other relevant customer and product information, such as stage of product life-cycle. The Company grants limited rights to return products. Return rights vary by customer and range from the right to return defective products to the stock rotation rights limited to a percentage of sales approved by management. Estimates of expected future product returns are recognized at the time of sale based on analyses of historical return trends by customer and by product, inventories owned by and located at distributors and retailers, current customer demand, current operating conditions, and other relevant customer and product information. Upon recognition, the Company reduces sales and cost of goods sold for the estimated return. Return trends are influenced by product life cycle status, new product introductions, market acceptance of products, sales levels, product sell-through, the type of customer, seasonality, product quality issues, competitive pressures, operational policies and procedures, and other factors. Return rates can fluctuate over time but are sufficiently predictable to allow the Company to estimate expected future product returns. In connection with the Company’s sales growth strategy in EMEA, the Company expanded its use of performance-based customer programs in the region in fiscal years 2016 and 2017. During fiscal year 2017, as customer incentive, cooperative marketing and pricing programs offered in fiscal year 2016 began to expire, EMEA experienced a significant increase in the rate of breakage on the related accruals as compared to historical levels. After considering the breakage data available through March 31, 2017, the Company revised its estimates of breakage associated with fiscal year 2017 customer incentive, cooperative marketing and pricing programs that have not yet expired as of year end. In prior periods, the Company did not have sufficient historical data on customer breakage patterns in the EMEA region to allow for a reliable estimation of future customer breakage attributable to these allowances and accruals. However, by the fourth quarter of fiscal year 2017, sufficient historical data was available to establish a model to reliably estimate the expected future customer breakage. Primarily as a result of this change in estimate, the Company recognized an increase in net sales of $14.4 million during the fourth quarter of the fiscal year ended March 31, 2017, compared with the preliminary results furnished to the SEC in the Current Report on Form 8-K on April 26, 2017. Significant management judgment and estimates are used to determine the breakage of the programs in any accounting period. The Company regularly evaluates the adequacy of its estimates for cooperative marketing arrangements, customer incentive programs and pricing programs, and product returns. Future market conditions and product transitions may require the Company to take action to change such programs. When the variables used to estimate these costs change, or if actual costs differ significantly from the estimates, the Company would be required to record incremental increases or reductions to sales, cost of goods sold or operating expenses. If, at any future time, the Company becomes unable to reasonably estimate these costs, recognition of revenue might be deferred until products are sold to users, which would adversely impact sales in the period of transition. Shipping and Handling Costs The Company's shipping and handling costs are included in cost of goods sold in the consolidated statements of operations for all periods presented. Research and Development Costs Costs related to research, design and development of products, which consist primarily of personnel, product design and infrastructure expenses, are charged to research and development expense as they are incurred. Advertising Costs Advertising costs are expensed as incurred. Advertising costs are recorded as either a marketing and selling expense or a deduction from revenue. Advertising costs paid or reimbursed by the Company to direct or indirect customers must have an identifiable benefit and an estimable fair value in order to be classified as an operating expense. If these criteria are not met, the payment is classified as a reduction of revenue. Advertising costs including those characterized as revenue deductions during fiscal years 2017 , 2016 and 2015 were $208.7 million , $181.7 million and $165.7 million , respectively, out of which $32.2 million , $23.6 million and $24.0 million , respectively, were included as operating expense in the consolidated statements of operations. Cash Equivalents The Company classifies all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. All of the Company's bank time deposits have an original maturity of three months or less and are classified as cash equivalents and are recorded at cost, which approximates fair value. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with various financial institutions to limit exposure with any one financial institution, but is exposed to credit risk in the event of default by financial institutions to the extent that cash balances with individual financial institutions are in excess of amounts that are insured. The Company sells to large distributors and retailers and, as a result, maintains individually significant receivable balances with such customers. In fiscal years 2017 , 2016 and 2015 , sales to one customer group represented 15% , 14% and 15% , respectively, of the Company's sales. In fiscal years 2017 and 2016 , sales to another customer group represented 12% and 10% , respectively, of the Company's sales. No other sales to a single customer represented more than 10% of the Company's sales during fiscal years 2017 , 2016 or 2015 . As of March 31, 2017 , two customers groups represented 18% and 12% of total accounts receivable, respectively. As of March 31, 2016 , one customer group represented 15% of total accounts receivable. Typical payment terms require customers to pay for product sales generally within 30 to 60 days; however terms may vary by customer type, by country and by selling season. Extended payment terms are sometimes offered to a limited number of customers during the second and third fiscal quarters. The Company does not modify payment terms on existing receivables. The Company manages its accounts receivable credit risk through ongoing credit evaluation of its customers' financial condition. The Company generally does not require collateral from its customers. Allowances for Doubtful Accounts Allowances for doubtful accounts are maintained for estimated losses resulting from the Company's customers' inability to make required payments. The allowances are based on the Company's regular assessment of the credit-worthiness and financial condition of specific customers, as well as its historical experience with bad debts and customer deductions, receivables aging, current economic trends, geographic or country-specific risks and the financial condition of its distribution channels. Inventories Inventories are stated at the lower of cost or market. Costs are computed under the standard cost method, which approximates actual costs determined on the first-in, first-out basis. The Company records write-downs of inventories which are obsolete or in excess of anticipated demand or market value based on a consideration of marketability and product life cycle stage, product development plans, component cost trends, demand forecasts, historical net sales, and assumptions about future demand and market conditions. As of March 31, 2017 and 2016 , the Company also recorded a liability of $7.2 million and $8.5 million , respectively, arising from firm, non-cancelable, and unhedged inventory purchase commitments in excess of anticipated demand or market value consistent with its valuation of excess and obsolete inventory. Such liability is included in accrued and other current liabilities on the consolidated balance sheets. Property, Plant and Equipment Property, plant and equipment are stated at cost. Additions and improvements are capitalized, and maintenance and repairs are expensed as incurred. The Company capitalizes the cost of software developed for internal use in connection with major projects. Costs incurred during the feasibility stage are expensed, whereas direct costs incurred during the application development stage are capitalized. Depreciation is provided using the straight-line method. Plant and buildings are depreciated over estimated useful lives from ten to twenty-five years, equipment over useful lives from three to five years, internal-use software development over useful lives from three to seven years and leasehold improvements over the lesser of the useful life of the improvement or the term of the lease. When property and equipment is retired or otherwise disposed of, the cost and accumulated depreciation are relieved from the accounts and the net gain or loss is included in operating expenses. Valuation of Long-Lived Assets The Company reviews long-lived assets, such as property and equipment, and finite-lived intangible assets, for impairment whenever events indicate that the carrying amounts might not be recoverable. Recoverability of property and equipment, and other finite-lived intangible asset is measured by comparing the projected undiscounted net cash flows associated with those assets to their carrying values. If an asset is considered impaired, it is written down to its fair value, which is determined based on the asset's projected discounted cash flows or appraised value, depending on the nature of the asset. For purposes of recognition of an impairment for assets held for use, the Company groups assets and liabilities at the lowest level for which cash flows are separately identifiable. Goodwill and Other Intangible Assets The Company's intangible assets principally include goodwill, acquired technology, trademarks, and customer relationships and contracts. Other intangible assets with finite lives, which include acquired technology, trademarks and customer relationships and contracts, and other are carried at cost and amortized using the straight-line method over their useful lives ranging from one year to ten years. Intangible assets with indefinite lives, which include only goodwill, are recorded at cost and evaluated at least annually for impairment. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. The Company conducts a goodwill impairment analysis annually at December 31 or more frequently if indicators of impairment exist or if a decision is made to sell or exit a business. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, negative developments in equity and credit markets, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill. In reviewing goodwill for impairment, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform the two-step quantitative impairment test, otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether an entity chooses to perform the qualitative assessment or proceeds directly to the two-step quantitative impairment test. Long-lived intangible assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Income Taxes The Company provides for income taxes using the asset and liability method, which requires that deferred tax assets and liabilities be recognized for the expected future tax consequences of temporary differences resulting from differing treatment of items for tax and financial reporting purposes, and for operating losses and tax credit carryforwards. In estimating future tax consequences, expected future events are taken into consideration, with the exception of potential tax law or tax rate changes. The Company records a valuation allowance to reduce deferred tax assets to amounts management believes are more likely than not to be realized. The Company's assessment of uncertain tax positions requires that management makes estimates and judgments about the application of tax law, the expected resolution of uncertain tax positions and other matters. In the event that uncertain tax positions are resolved for amounts different than the Company's estimates, or the related statutes of limitations expire without the assessment of additional income taxes, the Company will be required to adjust the amounts of the related assets and liabilities in the period in which such events occur. Such adjustments may have a material impact on the Company's income tax provision and its results of operations. Fair Value of Financial Instruments The carrying value of certain of the Company's financial instruments, including cash equivalents, accounts receivable and accounts payable approximates fair value due to their short maturities. The Company's investment securities portfolio consists of bank time deposits with an original maturity of three months or less and marketable securities (money market and mutual funds) related to a deferred compensation plan. The Company's trading investments related to the deferred compensation plan are reported at fair value based on quoted market prices. The marketable securities related to the deferred compensation plan are classified as non-current trading investments, as they are intended to fund the deferred compensation plan long-term liability. Since participants in the deferred compensation plan may select the mutual funds in which their compensation deferrals are invested within the confines of the Rabbi Trust which holds the marketable securities, the Company has designated these marketable securities as trading investments, although there is no intent to actively buy and sell securities within the objective of generating profits on short-term differences in market prices. These securities are recorded at fair value based on quoted market prices. Earnings, gains and losses on trading investments are included in other income (expense), net in the consolidated statements of operations. The Company also holds non-marketable investments in equity and other securities that are accounted for as either cost or equity method investments, which are classified as other assets. The Company reviews the fair value of its non-marketable investments on a regular basis to determine whether the investments in these companies are other-than-temporarily impaired. The Company considers investee financial performance and other information received from the investee companies, as well as any other available estimates of the fair value of the investee companies in its review. If the Company determines that the carrying value of an investment exceeds its fair value, and that difference is other than temporary, the Company writes down the value of the investment to its fair value. The carrying value of cost investments is not adjusted if there are no identified adverse events or changes in circumstances that may have a material effect on the fair value of the investments. Net Income (Loss) per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average outstanding shares. Diluted net income (loss) per share is computed using the weighted average outstanding shares and dilutive share equivalents. Dilutive share equivalents consist of share-based awards, including stock options, purchase rights under employee share purchase plan, and restricted stock units ("RSUs"). The dilutive effect of in-the-money share-based compensation awards is calculated based on the average share price for each fiscal period using the treasury stock method, which assumes that the amount used to repurchase shares includes the amount the employee must pay for exercising share-based awards, the amount of compensation cost not yet recognized for future service, and the amount of tax impact that would be recorded in additional paid-in capital when the award becomes deductible. The dilutive securities are excluded from the computation of diluted net loss per share from continuing operations as their effect would be anti-dilutive. Share-Based Compensation Expense Share-based compensation expense includes compensation expense, reduced for estimated forfeitures, for share-based awards granted based on the grant date fair value. The grant date fair value for stock options and stock purchase rights is estimated using the Black-Scholes-Merton option-pricing valuation model. The grant date fair value of RSUs which vest upon meeting certain market conditions is estimated using the Monte-Carlo simulation method. The grant date fair value of time-based and performance-based RSUs is calculated based on the market price on the date of grant, reduced by estimated dividends yield prior to vesting. With respect to awards with service conditions only, compensation expense is recognized ratably over the vesting period of the awards. For performance-based RSUs, the Company recognizes the estimated expense using a graded-vesting method over requisite service periods of one to three years when the performance condition is determined to be probable. The performance period and the service period of the market-based grants of the Company granted are both approximately three year and the estimated expense is recognized ratable over the service period. Excess tax benefits resulting from share-based awards are classified as cash flows from financing activities in the consolidated statements of cash flows. Excess tax benefits are realized tax benefits from tax deductions for exercised options and vested RSUs in excess of the deferred tax asset attributable to share-based compensation costs for such share-based awards. The Company will recognize a benefit from share-based compensation in additional paid-in capital only if an incremental tax benefit is realized after all other available tax attributes have been utilized. Refer to recent accounting pronouncements below for changes to the accounting for share-based compensation expense effective April 1, 2017. Product Warranty Accrual The Company estimates cost of product warranties at the time the related revenue is recognized based on historical warranty claim rates, historical costs, and knowledge of specific product failures that are outside of the Company's typical experience. The Company accrues a warranty liability for estimated costs to provide products, parts or services to repair or replace products in satisfaction of the warranty obligation. Each quarter, the Company reevaluates estimates to assess the adequacy of recorded warranty liabilities considering the size of the installed base of products subject to warranty protection and adjusts the amounts as necessary. When the Company experiences changes in warranty claim activity or costs associated with fulfilling those claims, the warranty liability is adjusted accordingly. If actual product failure rates or repair costs differ from estimates, revisions to the estimated warranty liabilities would be required and could materially affect the Company's results of operations. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the total change in shareholders' equity during the period other than from transactions with shareholders. Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) is comprised of currency translation adjustments from those entities not using the U.S. Dollar as their functional currency, unrealized gains and losses on marketable equity securities, net deferred gains and losses and prior service costs and credits for defined benefit pension plans, and net deferred gains and losses on hedging activity. Treasury Shares The Company periodically repurchases shares in the market at fair value. Treasury shares repurchased are recorded at cost as a reduction of total shareholders' equity. Treasury shares held may be reissued to satisfy the exercise of employee stock options and purchase rights and the vesting of restricted stock units, or may be cancelled with shareholder approval. Treasury shares that are reissued are accounted for using the first-in, first-out basis. Derivative Financial Instruments The Company enters into foreign exchange forward contracts to reduce the short-term effects of currency fluctuations on certain foreign currency receivables or payables and to hedge against exposure to changes in currency exchange rates related to its subsidiaries' forecasted inventory purchases. These forward contracts generally mature within four months. Gains and losses for changes in the fair value of the effective portion of the Company's forward contracts related to forecasted inventory purchases are deferred as a component of accumulated other comprehensive income (loss) until the hedged inventory purchases are sold, at which time the gains or losses are reclassified to cost of goods sold. Gains or losses from changes in the fair value of forward contracts that offset translation losses or gains on foreign currency receivables or payables are recognized immediately and included in other income (expense), net in the consolidated statements of operations. Restructuring Charges The Company's restructuring charges consist of employee severance, one-time termination benefits and ongoing benefits related to the reduction of its workforce, lease exit costs, and other costs. Liabilities for costs associated with a restructuring activity are measured at fair value and are recognized when the liability is incurred, as opposed to when management commits to a restructuring plan. One-time termination benefits are expensed at the date the entity notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period. Ongoing benefits are expensed when restructuring activities are probable and the benefit amounts are estimable. Costs to terminate a lease before the end of its term are recognized when the property is vacated. Other costs primarily consist of legal, consulting, and other costs related to employee terminations are expensed when incurred. Termination benefits are calculated based on regional benefit practices and local statutory requirements. Segments Accounting Standard Codification ("ASC") 280, Segment Reporting , establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The guidance defines reportable segments as operating segments that meet certain quantitative thresholds. As a result of the disposition of the Lifesize video conferencing business on December 28, 2015 described above, the composition of the Company's previously reported segments changed significantly, such that the remaining peripheral segment is the only segment reported in continuing operations. Recent Accounting Pronouncements Adopted In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments (Topic 805)” (“ASU 2015-16”), which eliminates the requirement to restate prior period financial statements for measurement period adjustments in business combinations. ASU 2015-16 requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identifie |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Business Acquisitions | Business Acquisitions Jaybird Acquisition On April 20, 2016 (the "Acquisition Date"), the Company acquired all of the equity interest of JayBird, LLC (“Jaybird”), a Utah limited liability company that develops Bluetooth earbuds, activity trackers, and accessories for sports and active lifestyles, for a purchase price of $54.2 million in cash, including a working capital adjustment and payment of a line-of-credit on behalf of Jaybird, with an additional earn-out of up to $45.0 million based on the achievement of certain net revenue growth targets over approximately a two year period (the "Jaybird Acquisition"). If the net revenue growth targets are met, the Company will pay a maximum of $25.0 million and $20.0 million in fiscal years 2018 and 2019, respectively. The Jaybird Acquisition is expected to accelerate the Company's entry into the wireless wearables space. The Jaybird transaction meets the definition of a business and is accounted for using the acquisition method. The fair value of consideration transferred for the Jaybird Acquisition consists of the following (in thousands): Purchase price $ 54,242 Fair value of contingent consideration (earn-out) 18,000 Fair value of total consideration transferred $ 72,242 The fair value of the earn-out payments at the Acquisition Date was determined by providing risk-adjusted earnings projections using a Monte Carlo Simulation, which includes inputs that are not observable in the market, and therefore representing a Level 3 measurement. The fair value of this earn-out is discussed further in "Note 10 - Fair Value Measurements" to the consolidated financial statements. The following table summarizes the allocation of the total consideration transferred to the estimated fair values of the assets acquired and liabilities assumed at the Acquisition Date (in thousands): Estimated Fair Value Cash and cash equivalents $ 255 Accounts receivable 272 Inventories 10,214 Other current assets 611 Property, plant, and equipment 1,165 Intangible assets 50,280 Other assets 27 Total identifiable assets acquired 62,824 Accounts payable (10,513 ) Accrued liabilities (1,227 ) Other current liabilities (5,226 ) Other long-term liabilities (283 ) Net identifiable assets acquired $ 45,575 Goodwill 26,667 Net assets acquired $ 72,242 Goodwill is primarily attributable to opportunities and economies of scale from combining the operations and technologies of Logitech and Jaybird. Goodwill is expected to be deductible for tax purposes. Inventory is estimated at net realizable value, which uses the estimated selling prices, less the cost of disposal and a reasonable profit allowance for the selling efforts. Upon sales of the inventory, the difference between the fair value of the inventories and the amount recognized by the acquiree immediately before the acquisition date, which is $0.7 million , is recognized in "amortization of intangibles assets and purchase accounting effect on inventory" in the consolidated statements of operations. The Company included Jaybird's estimated fair value of assets acquired and liabilities assumed in its consolidated balance sheets beginning April 20, 2016. The results of operations for Jaybird have been included in the Company's consolidated statements of operations from the Acquisition Date. The following table sets forth the components of identifiable intangible assets acquired at their estimated fair values and their estimated useful lives as of the Acquisition Date (Dollars in thousands): Fair Value Estimated Useful Life (years) Developed technology $ 18,450 4.0 Customer relationships 19,900 8.0 Trade name 9,380 6.0 Intangible assets with finite lives acquired 47,730 6.1 In-process research & development ("IPR&D") 2,550 Not Applicable Total intangible assets acquired $ 50,280 Except for IPR&D, intangible assets acquired as a result of the Jaybird Acquisition are being amortized over their estimated useful lives using the straight-line method of amortization. Amortization of acquired developed technology of $4.4 million during fiscal year 2017 is included in "amortization of intangible assets and purchase accounting effect on inventory" in the gross profit of the consolidated statements of operations. Amortization of the intangible assets of customer relationships and trade name of $3.8 million during fiscal year 2017 is included in "amortization of intangible assets and acquisition-related costs" in the operating expense of the consolidated statements of operations. Developed technology relates to existing bluetooth wireless sports earbuds. The economic useful life was determined based on the technology cycle related to developed technology of existing products, as well as the cash flows anticipated over the forecasted periods. Customer relationships represent the fair value of future projected revenue that will be derived from sales of products to existing customers of Jaybird. The economic useful life was determined based on historical customer turnover rates and the industry benchmarks. Trade name relates to the “Jaybird” trade name. The economic useful life was determined based on the expected life of the trade name and the cash flows anticipated over the forecasted periods. The value of developed technology and trade names was estimated using the relief-from-royalty method, an income approach (Level 3), which estimates the cost savings that accrue to the owner of the intangible assets that would otherwise be payable as royalties or license fees on revenues earned through the use of the asset. A royalty rate is applied to the projected revenues associated with the intangible assets to determine the amount of savings, which is then discounted to determine the fair value. The developed technology and trade names were valued using royalty rates of 10% and 2.5% , respectively, and both were discounted at a rate of 16% . The value of customer relationships was estimated using the excess earnings method, an income approach (Level 3), which converts projected revenues and costs into cash flows. To reflect the fact that certain other assets contribute to the cash flows generated, the returns for these contributory assets were removed to arrive at estimated cash flows solely attributable to the customer relationships, which was discounted at a rate of 16% . The IPR&D is accounted for as an indefinite-lived intangible asset and is not amortized until completion or abandonment of the associated research and development efforts. If the research and development efforts are completed, the IPR&D intangible asset will be amortized over the estimated useful life to be determined as of the date the efforts are completed. IPR&D is tested for impairment annually or periodically if an indicator of impairment exists during the period until completion. The IPR&D acquired was reclassified as developed technology intangible assets during the third of fiscal year 2017 when the underlying projects were completed and developed technology is amortized over its estimated useful life of five years. Saitek Acquisition On September 15, 2016, the Company completed the acquisition of the Saitek product line for a total cash consideration of approximately $13.0 million (the "Saitek Acquisition"). Out of the total consideration, $6.7 million was attributed to intangible assets, $4.9 million was attributed to goodwill, and $1.4 million was attributed to net tangible assets acquired. The Saitek Acquisition is expected to enhance the breadth and depth of the Company's product offerings and expand the Company's engineering capabilities in simulation products. The amount of goodwill generated from the Saitek Acquisition is deductible for tax purposes. The Company incurred acquisition-related costs for both the Jaybird Acquisition and the Saitek Acquisition of approximately $1.5 million , in aggregate, for fiscal year 2017 . The acquisition-related costs are included in " Amortization of intangible assets and acquisition-related costs " in the consolidated statements of operations. Pro forma results of operations for both the Jaybird Acquisition and the Saitek Acquisition have not been presented because they are not material to the consolidated statements of operations individually or in aggregate. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations | Discontinued Operations During the third quarter of fiscal year 2016, the Company's Board of Directors approved a plan to divest the Lifesize video conferencing business. On December 28, 2015 during the fourth quarter of fiscal year 2016, the Company, and Lifesize, Inc., a wholly owned subsidiary of the Company (“Lifesize”) which held the assets of the Company’s video conferencing reportable segment, entered into a stock purchase agreement (the “Stock Purchase Agreement”) with entities affiliated with three venture capital investment firms (the "Venture Investors"). Pursuant to the terms of the Stock Purchase Agreement, the Company sold 2.5 million shares of Series B Preferred Stock of Lifesize to the Venture Investors for cash proceeds of $2.5 million and retained 12 million non-voting shares of Series A Preferred Stock of Lifesize. The shares of Series A Preferred Stock of Lifesize retained by the Company represent 37.5% of the shares outstanding immediately after the closing of the transactions contemplated by the Stock Purchase Agreement (the “Closing”). Lifesize also issued 17.5 million shares of Series B Preferred Stock to the Venture Investors for cash proceeds of $17.5 million . The shares of Series B Preferred Stock held by the Venture Investors represent 62.5% of the shares outstanding immediately after the Closing. In addition, Lifesize has reserved 8 million shares of common stock for issuance pursuant to a stock plan to be adopted by Lifesize following the Closing, none of which are issued or outstanding at the Closing. The Company substantially completed its transition services for Lifesize during the third quarter of fiscal year 2017. The Company has classified the historical results of its Lifesize video conferencing business as discontinued operations in its consolidated statements of operations since the disposition of the Lifesize video conferencing business represents a strategic shift that has a major effect on the Company's operations and financial results. Evaluating whether the disposal of the business represents a strategic shift requires the Company's judgment. Also, evaluating whether the strategic shift will have a "major effect" on the Company's operations and financial results requires assessing not only quantitative factors but also the magnitude of qualitative factors. The retained Series A Preferred Stock gives the Company no voting rights or any other significant influence over the disposed Lifesize video conferencing business, and therefore is accounted for as a cost method investment which was initially recognized at fair value of $5.6 million at the date of disposition of Lifesize Video Conferencing business. The fair value was determined by using the option pricing methodology with reference to the price of Lifesize’s Series B Preferred Stock paid by Venture Investors. The fair value of the Company’s investment in Series A Preferred Stock is classified as Level 3 as the application of the option pricing methodology requires the use of significant unobservable inputs including asset volatility of 50% , expected term to exit of three years, and lack of marketability discount of 27% . Discontinued operations include results of the Lifesize video conferencing business. Discontinued operations also include other costs incurred by Logitech to effect the divestiture of the Lifesize video conferencing business. These costs include transaction charges, advisory and consulting fees and restructuring cost related to the Lifesize video conferencing business. The following table presents financial results of the video conferencing classified as discontinued operations (in thousands): Years Ended March 31, 2016 2015 Net sales $ 65,554 $ 109,039 Cost of goods sold 24,951 40,299 Gross profit 40,603 68,740 Operating expenses: Marketing and selling 32,260 56,856 Research and development 16,526 22,706 General and administrative 5,254 5,439 Impairment of goodwill (1) — 122,734 Restructuring charges (credits), net 7,900 (111 ) Operating expenses 61,940 207,624 Operating loss from discontinued operations (21,337 ) (138,884 ) Interest and other expense, net 205 426 Gain on disposal of discontinued operations 13,684 — Loss from discontinued operations before income taxes (7,858 ) (139,310 ) Provision for (benefit from) income taxes 1,187 (164 ) Net loss from discontinued operations $ (9,045 ) $ (139,146 ) (1) The Company recognized $122.7 million impairment of goodwill in its discontinued operations as result of its impairment analysis as of March 31, 2015. Refer to the Company's Annual Report on Form 10-K for fiscal year 2015. The Company recognized a gain on its divestiture of Lifesize video conferencing business as follows (in thousands): Year Ended March 31, 2016 Proceeds received from disposition of discontinued operations $ 2,500 Fair value of retained cost method investment as a result of divestiture of discontinued operations 5,591 Net liabilities of discontinued operations disposed 9,981 Currency translation loss released due to disposition of discontinued operations (1) (3,913 ) Transaction related costs (475 ) Gain on disposal of discontinued operations (2) $ 13,684 (1) Currency translation loss recognized as a result of substantial liquidation of a subsidiary using non-USD functional currency, which is part of discontinued operations (2) Gain on disposal of discontinued operation was included in loss from discontinued operations, net of income taxes, in the Company's consolidated statement of operations |
Net Income (Loss) per Share
Net Income (Loss) per Share | 12 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Net Income (Loss) per Share The computations of basic and diluted net income (loss) per share for the Company were as follows (in thousands except per share amounts): Years Ended March 31, 2017 2016 2015 Net Income (loss): Continuing operations $ 205,876 $ 128,362 $ 148,429 Discontinued operations — (9,045 ) (139,146 ) Net income $ 205,876 $ 119,317 $ 9,283 Shares used in net income (loss) per share computation: Weighted average shares outstanding - basic 162,058 163,296 163,536 Effect of potentially dilutive equivalent shares 3,482 2,496 2,638 Weighted average shares outstanding - diluted 165,540 165,792 166,174 Net income (loss) per share - basic: Continuing operations $ 1.27 $ 0.79 $ 0.91 Discontinued operations $ — $ (0.06 ) $ (0.85 ) Net income per share - basic $ 1.27 $ 0.73 $ 0.06 Net income (loss) per share - diluted: Continuing operations $ 1.24 $ 0.77 $ 0.89 Discontinued operations $ — $ (0.05 ) $ (0.83 ) Net income per share - diluted $ 1.24 $ 0.72 $ 0.06 During fiscal years 2017 , 2016 and 2015 , 1.4 million , 5.2 million and 9.0 million share equivalents attributable to outstanding stock options, RSUs and ESPP were excluded from the calculation of diluted net income (loss) per share because the combined exercise price, average unamortized fair value and assumed tax benefits upon exercise of these options and ESPP or vesting of RSUs were greater than the average market price of the Company's shares, and therefore their inclusion would have been anti-dilutive. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Employee Share Purchase Plans and Stock Incentive Plans As of March 31, 2017 , the Company offers the 2006 ESPP (2006 Employee Share Purchase Plan (Non-U.S.)), the 1996 ESPP (1996 Employee Share Purchase Plan (U.S.)), the 2006 Plan (2006 Stock Incentive Plan) and the 2012 Plan (2012 Stock Inducement Equity Plan). Shares issued to employees as a result of purchases or exercises under these plans are generally issued from shares held in treasury stock. The following table summarizes share-based compensation expense and related tax benefit recognized for fiscal years 2017 , 2016 and 2015 (in thousands): Years Ended March 31, 2017 2016 2015 Cost of goods sold $ 2,663 $ 2,340 $ 2,474 Marketing and selling 14,723 9,273 8,570 Research and development 4,200 3,046 2,381 General and administrative 14,304 12,353 10,766 Restructuring — 7 — Total share-based compensation expense 35,890 27,019 24,191 Income tax benefit (8,536 ) (6,297 ) (4,814 ) Total share-based compensation expense, net of income tax $ 27,354 $ 20,722 $ 19,377 As of March 31, 2017 , 2016 and 2015 , the Company capitalized $0.6 million , $0.5 million and $0.5 million , respectively, of stock-based compensation expenses as inventory. The following table summarizes total unamortized share-based compensation expense and the remaining months over which such expense is expected to be recognized, on a weighted-average basis by type of grant (in thousands, except number of months): March 31, 2017 Unamortized Expense Remaining Months ESPP $ 1,191 4 Time-based RSUs 36,172 21 Market-based and performance-based RSUs 9,241 17 $ 46,604 Under the 1996 ESPP and 2006 ESPP plans, eligible employees may purchase shares at the lower of 85% of the fair market value at the beginning or the end of each offering period, which is generally six months. Subject to continued participation in these plans, purchase agreements are automatically executed at the end of each offering period. An aggregate of 29 million shares was reserved for issuance under the 1996 and 2006 ESPP plans. As of March 31, 2017 , a total of 6.5 million shares were available for issuance under these plans. The Company was not current with its periodic reports required to be filed with the SEC and was therefore unable to issue any shares under its Registration Statements on Form S-8 from July 31, 2014 to November 26, 2014. Given the proximity of the unavailability of those registration statements and the end of the then-current ESPP offering period, on July 31, 2014, the Compensation Committee authorized the termination of the then-current ESPP offering period and a one-time payment to each participant in an amount equal to the fifteen percent ( 15% ) discount at which shares would otherwise have been repurchased pursuant to the then-current period of the ESPPs. This one-time payment aggregating to $1.1 million was accounted for as a repurchase of equity awards that reduced additional paid-in capital, resulting in no additional compensation cost. A new ESPP offering period of seven months was initiated on January 1, 2015, which ended on July 31, 2015. Subsequent to that, the offering periods have returned to standard six months. The 2006 Plan provides for the grant to eligible employees and non-employee directors of stock options, stock appreciation rights, restricted stock and RSUs. Awards under the 2006 Plan may be conditioned on continued employment, the passage of time or the satisfaction of performance and market vesting criteria. The 2006 Plan had an expiration date of June 16, 2016 until September 5, 2012 when shareholder approved the amendment of the 2006 Plan to eliminate the expiration date. All stock options under this plan have terms not exceeding ten years and are issued at exercise prices not less than the fair market value on the date of grant. Time-based RSUs granted to employees under the 2006 Plan generally vest in four equal annual installments on the grant date anniversary. Time-based RSUs granted to non-executive board members under the 2006 Plan vest in one annual installment on the grant date anniversary, or if earlier and only if the non-executive board member is not re-elected as a director at such annual general meeting, the date of the next annual general meeting following the grant date. Performance-based RSUs granted under the 2006 plan vest contingent upon the achievement of pre-determined financial metrics. The performance period for performance-based RSUs granted in each of fiscal years 2015, 2016 and 2017 is approximately three years and the performance condition can be achieved before the end of the performance period. Market-based options granted under the 2006 Plan vest upon meeting certain share price performance criteria. Market-based RSUs granted under the 2006 Plan vest at the end of the performance period upon meeting certain share price performance criteria measured against market conditions. The performance period is approximately three years for market-based RSU granted in fiscal years 2017 , 2016 and 2015 . An aggregate of 30.6 million shares was reserved for issuance under the 2006 Plan. As of March 31, 2017 , a total of 11.2 million shares were available for issuance under this plan. Under the 2012 Plan, stock options and RSUs may be granted to eligible employees to serve as an inducement to enter into employment with the Company. Awards under the 2012 Plan may be conditioned on continued employment, the passage of time or the satisfaction of market stock performance criteria, based on individual written employment offer letter. The 2012 Plan has an expiration date of March 28, 2022. Premium-priced stock options granted under the 2012 Plan vest in full if and only when Logitech's average closing share price, over a consecutive ninety-day trading period, meets or exceeds the exercise price of each of the three tranches of the grant. An aggregate of 1.8 million shares was reserved for issuance under the 2012 Plan. As of March 31, 2017 , no shares were available for issuance under this plan. The estimates of share-based compensation expense require a number of complex and subjective assumptions including stock price volatility, employee exercise patterns, future forfeitures, probability of achievement of the set performance condition, dividend yield, related tax effects and the selection of an appropriate fair value model. The grant date fair value of the awards using the Black-Scholes-Merton option-pricing valuation model and Monte-Carlo simulation method are determined with the following assumptions and values: Employee Stock Purchase Plans Years Ended March 31, 2017 2016 2015 Dividend yield 2.50 % 3.47 % 1.97 % Risk-free interest rate 0.51 % 0.29 % 0.14 % Expected volatility 35 % 26 % 30 % Expected life (years) 0.5 0.5 0.6 Weighted average fair value $ 5.73 $ 3.29 $ 3.18 Market-based RSUs Years Ended March 31, 2017 2016 2015 Dividend yield 3.29 % 3.78 % 1.86 % Risk-free interest rate 0.86 % 0.84 % 0.83 % Expected volatility 34 % 38 % 46 % Expected life (years) 3.0 3.0 3.0 The dividend yield assumption is based on the Company's history and future expectations of dividend payouts. The unvested RSUs or unexercised options are not eligible for these dividends. The expected life is based on historical settlement rates, which the Company believes are most representative of future exercise and post-vesting termination behaviors, or the purchase offerings periods expected to remain outstanding, or the derived period based on the expected stock performance for market-based awards. Expected volatility is based on historical volatility using the Company's daily closing prices, or including the volatility of components of the NASDAQ 100 index for market-based RSUs, over the expected life. The Company considers the historical price volatility of its shares as most representative of future volatility. The risk-free interest rate assumptions are based upon the implied yield of U.S. Treasury zero-coupon issues appropriate for the expected life of the Company's share-based awards. The Company estimates awards forfeitures at the time of grant and revises those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting option and RSU forfeitures and records share-based compensation expense only for those awards that are expected to vest. Effective April 1, 2017, the Company will adopt ASU 2016-09 and will account for forfeitures as they occur. The impact from change in the accounting for forfeitures will not have a material impact on the Company's consolidated financial statements. For performance-based RSU’s, the Company estimates the probability and timing of the achievement of the set performance condition at the time of the grant based on the historical financial performance and the financial forecast in the remaining performance period and reassesses the probability in subsequent periods when actual results or new information become available. A summary of the Company's stock option activities under all stock plans for fiscal years 2017 , 2016 and 2015 is as follows (including discontinued operations for fiscal year 2015 and 2016): Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (Years) (In thousands) Outstanding, March 31, 2014 9,816 Granted — Exercised (390 ) $ 1,505 Cancelled or expired (1,550 ) Outstanding, March 31, 2015 7,876 Granted — Exercised (746 ) $ 4,026 Cancelled or expired (1,796 ) Outstanding, March 31, 2016 5,334 $ 18 Granted — $ — Exercised (1,784 ) $ 16 $ 14,627 Cancelled or expired (500 ) $ 23 Outstanding, March 31, 2017 3,050 $ 18 3.6 $ 41,853 Vested and expected to vest, March 31, 2017 3,050 $ 18 3.6 $ 41,853 Vested and exercisable, March 31, 2017 3,050 $ 18 3.6 $ 41,853 As of March 31, 2017 , the exercise price of outstanding options ranged from $4 to $38 per option. The tax benefit realized for the tax deduction from options exercised during the fiscal years 2017 , 2016 and 2015 was $4.2 million , $1.2 million and $0.5 million , respectively. A summary of the Company's time-based, market-based, and performance-based RSU activities for fiscal years 2017 , 2016 and 2015 is as follows (including discontinued operations for all the periods presented): Number of Shares Weighted-Average Grant Date Fair Value Weighted-Average Remaining Vesting Period Aggregate Fair Value (In thousands) (Years) (In thousands) Outstanding, March 31, 2014 6,088 $ 10 Granted—time-based 1,332 $ 13 Granted—market-based 523 $ 13 Granted - performance-based 55 $ 12 Vested (1,949 ) $ 10 $ 27,844 Cancelled or expired (1,110 ) $ 11 Outstanding, March 31, 2015 4,939 $ 11 Granted—time-based 2,247 $ 13 Granted—market-based 356 $ 14 Granted - performance-based 356 $ 13 Vested (1,557 ) $ 10 $ 22,823 Cancelled or expired (820 ) $ 12 Outstanding, March 31, 2016 5,521 $ 11 Granted—time-based 2,390 $ 16 Granted—market-based 160 $ 15 Granted - performance-based 604 $ 15 Vested (2,126 ) $ 11 $ 48,644 Cancelled or expired (368 ) $ 14 Outstanding, March 31, 2017 6,181 $ 14 1.2 $ 196,983 Expected to vest, March 31, 2017 4,859 $ 14 1.2 $ 154,846 The RSU outstanding as of March 31, 2017 above includes 1.7 million shares of market-based and performance-based shares. The number of shares expected to vest for these awards is calculated assuming March 31, 2017 were the end of the performance contingency period. The number of shares of common stock for market-based awards to be received at vesting will range from zero percent to 150 percent of the target number of stock units based on the Company's total stockholder return (“TSR”) relative to the performance of companies in the NASDAQ-100 Index for each measurement period, generally over a three -year period. The performance-based shares granted were to be earned based on achievement of a Non-GAAP operating margin metric. The Company presents shares granted at 100 percent of target of the number of stock units that may potentially vest. The tax benefit realized for the tax deduction from RSUs that vested during the fiscal years 2017 , 2016 and 2015 was $13.1 million , $5.1 million and $6.9 million , respectively. Defined Contribution Plans Certain of the Company's subsidiaries have defined contribution employee benefit plans covering all or a portion of their employees. Contributions to these plans are discretionary for certain plans and are based on specified or statutory requirements for others. The charges to expense for these plans for fiscal years 2017 , 2016 and 2015 , were $5.8 million , $6.8 million and $5.5 million , respectively. Defined Benefit Plans Certain of the Company's subsidiaries sponsor defined benefit pension plans or non-retirement post-employment benefits covering substantially all of their employees. Benefits are provided based on employees' years of service and earnings, or in accordance with applicable employee benefit regulations. The Company's practice is to fund amounts sufficient to meet the requirements set forth in the applicable employee benefit and tax regulations. The Company recognizes the overfunded or underfunded status of defined benefit pension plans and non-retirement post-employment benefit obligations as an asset or liability in its consolidated balance sheets, and recognizes changes in the funded status of defined benefit pension plans in the year in which the changes occur through accumulated other comprehensive income (loss), which is a component of shareholders' equity. Each plan's assets and benefit obligations are remeasured as of March 31 each year. Except for the balance as of March 31, 2016, all the amounts in this "Defined Benefit Plans" section include activities from both continuing and discontinued operations for fiscal year 2015 and 2016, and the amounts from discontinued operations are not material for those periods. The net periodic benefit cost of the defined benefit pension plans and the non-retirement post-employment benefit obligations for fiscal years 2017 , 2016 and 2015 was as follows (in thousands): Years Ended March 31, 2017 2016 2015 Service costs $ 10,385 $ 10,117 $ 7,646 Interest costs 800 1,147 1,970 Expected return on plan assets (1,724 ) (1,657 ) (2,084 ) Amortization: Net transition obligation 4 4 4 Net prior service costs (credit) recognized (117 ) (124 ) (45 ) Net actuarial loss recognized 1,032 1,854 301 Settlement and curtailment — — (13 ) $ 10,380 $ 11,341 $ 7,779 The changes in projected benefit obligations for fiscal years 2017 and 2016 were as follows (in thousands): Years Ended March 31, 2017 2016 Projected benefit obligations, beginning of the year $ 120,473 $ 113,323 Service costs 10,385 10,117 Interest costs 800 1,147 Plan participant contributions 3,020 2,990 Actuarial (gains) losses (11,081 ) (2,496 ) Benefits paid (5,214 ) (5,277 ) Plan amendment related to statutory change 65 — Administrative expense paid (132 ) — Currency exchange rate changes (3,676 ) 669 Projected benefit obligations, end of the year $ 114,640 $ 120,473 The accumulated benefit obligation for all defined benefit pension plans as of March 31, 2017 and 2016 was $94.3 million and $99.5 million , respectively. The following table presents the changes in the fair value of defined benefit pension plan assets for fiscal years 2017 and 2016 (in thousands): Years Ended March 31, 2017 2016 Fair value of plan assets, beginning of the year $ 65,279 $ 60,910 Actual return on plan assets 4,733 (1,160 ) Employer contributions 5,865 7,171 Plan participant contributions 3,020 2,990 Benefits paid (5,214 ) (5,277 ) Administrative expenses paid (132 ) — Currency exchange rate changes (2,175 ) 645 Fair value of plan assets, end of the year $ 71,376 $ 65,279 The Company's investment objectives are to ensure that the assets of its defined benefit plans are invested to provide an optimal rate of investment return on the total investment portfolio, consistent with the assumption of a reasonable risk level, and to ensure that pension funds are available to meet the plans' benefit obligations as they become due. The Company believes that a well-diversified investment portfolio will result in the highest attainable investment return with an acceptable level of overall risk. Investment strategies and allocation decisions are also governed by applicable governmental regulatory agencies. The Company's investment strategy with respect to its largest defined benefit plan, which is available only to Swiss employees, is to invest in the following allocation ranges: 29.5 - 36.5% for equities, 29.0 - 39.0% for bonds, and 5 - 15.0% for cash and cash equivalents. The Company also can invest in real estate funds, commodity funds, and hedge funds depend upon economic conditions. The following tables present the fair value of the defined benefit pension plan assets by major categories and by levels within the fair value hierarchy as of March 31, 2017 and 2016 (in thousands): March 31, 2017 2016 Level 1 Level 2 Total Level 1 Level 2 Total Cash and cash equivalents $ 11,864 $ 46 $ 11,910 $ 9,268 $ 47 $ 9,315 Equity securities 20,985 — 20,985 18,640 — 18,640 Debt securities 22,373 — 22,373 21,781 — 21,781 Swiss real estate funds 9,699 — 9,699 9,622 — 9,622 Hedge funds — 3,507 3,507 — 3,492 3,492 Insurance contracts — 61 61 — 94 94 Other 2,654 187 2,841 2,195 140 2,335 $ 67,575 $ 3,801 $ 71,376 $ 61,506 $ 3,773 $ 65,279 The funded status of the plans was as follows (in thousands): Years Ended March 31, 2017 2016 Fair value of plan assets $ 71,376 $ 65,279 Less: projected benefit obligations 114,640 120,473 Under funded status $ (43,264 ) $ (55,194 ) Amounts recognized on the balance sheet for the plans were as follows (in thousands): March 31, 2017 2016 Current liabilities $ (1,266 ) $ (1,285 ) Non-current liabilities (41,998 ) (53,909 ) Net liabilities $ (43,264 ) $ (55,194 ) Amounts recognized in accumulated other comprehensive loss related to defined benefit pension plans were as follows (in thousands): March 31, 2017 2016 2015 Net prior service credits $ 1,274 $ 1,613 $ 1,672 Net actuarial loss (11,407 ) (27,612 ) (28,751 ) Net transition obligation — (4 ) (8 ) Accumulated other comprehensive loss (10,133 ) (26,003 ) (27,087 ) Deferred tax benefit (347 ) (168 ) 123 Accumulated other comprehensive loss, net of tax $ (10,480 ) $ (26,171 ) $ (26,964 ) The following table presents the amounts included in accumulated other comprehensive loss as of March 31, 2017 , which are expected to be recognized as a component of net periodic benefit cost in fiscal year 2018 (in thousands): Year Ending March 31, 2018 Amortization of net prior service credits $ (107 ) Amortization of net actuarial loss 306 $ 199 The Company reassesses its benefit plan assumptions on a regular basis. The actuarial assumptions for the defined benefit plans for fiscal years 2017 and 2016 were as follows: Years Ended March 31, 2017 2016 Benefit Obligations: Discount rate 0.75%-7.00% 0.5%-8.00% Estimated rate of compensation increase 2.5%-10.00% 2.50%-10.00% Periodic Costs: Discount rate 0.5%-8.00% 0.75%-7.75% Estimated rate of compensation increase 2.5%-10.00% 0.0%-8.00% Expected average rate of return on plan assets 1.0%-2.75% 1.00%-2.75% The discount rate is estimated based on corporate bond yields or securities of similar quality in the respective country, with a duration approximating the period over which the benefit obligations are expected to be paid. The Company bases the compensation increase assumptions on historical experience and future expectations. The expected average rate of return for the Company's defined benefit pension plans represents the average rate of return expected to be earned on plan assets over the period that the benefit obligations are expected to be paid, based on government bond notes in the respective country, adjusted for corporate risk premiums as appropriate. The following table reflects the benefit payments that the Company expects the plans to pay in the periods noted (in thousands): Years Ending March 31, 2018 $ 5,006 2019 5,408 2020 5,720 2021 5,291 2022 5,595 2023-2027 30,614 $ 57,634 The Company expects to contribute $5.5 million to its defined benefit pension plans during fiscal year 2018 . Deferred Compensation Plan One of the Company's subsidiaries offers a deferred compensation plan that permits eligible employees to make 100% vested salary and incentive compensation deferrals within established limits. The Company does not make contributions to the plan. The deferred compensation plan's assets consist of marketable securities and are included in other assets on the consolidated balance sheets. The marketable securities are classified as trading investments and were recorded at a fair value of $15.0 million and $14.8 million as of March 31, 2017 and 2016 , respectively, based on quoted market prices. The Company also had $15.0 million and $14.8 million deferred compensation liability as of March 31, 2017 and 2016 , respectively. Earnings, gains and losses on trading investments are included in other income (expense), net and corresponding changes in deferred compensation liability are included in operating expenses and cost of goods sold. |
Other Income (Expense), net
Other Income (Expense), net | 12 Months Ended |
Mar. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense), net | Other Income (Expense), net Other income (expense), net comprises of the following (in thousands): Years Ended March 31, 2017 2016 2015 Investment income (loss) related to a deferred compensation plan $ 1,343 $ (364 ) $ 1,055 Impairment of investment — — (2,298 ) Currency exchange gain (loss), net 169 2,110 (1,175 ) Other 165 (122 ) 120 Other income (expense), net $ 1,677 $ 1,624 $ (2,298 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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 (loss) before taxes and the provision for (benefit from) income taxes is generated outside of Switzerland. Income from continuing operations before income taxes for the fiscal years 2017 , 2016 and 2015 is summarized as follows (in thousands): Years Ended March 31, 2017 2016 2015 Swiss $ 161,544 $ 80,572 $ 119,460 Non-Swiss 53,445 50,900 33,623 Income before taxes $ 214,989 $ 131,472 $ 153,083 The provision for (benefit from) income taxes is summarized as follows (in thousands): Years Ended March 31, 2017 2016 2015 Current: Swiss $ 1,934 $ 1,668 $ 1,152 Non-Swiss 9,774 (2,582 ) 579 Deferred: Non-Swiss (2,595 ) 4,024 2,923 Provision for income taxes $ 9,113 $ 3,110 $ 4,654 The difference between the provision for income taxes and the expected tax provision at the statutory income tax rate of 8.5% is reconciled below (in thousands): Years Ended March 31, 2017 2016 2015 Expected tax provision at statutory income tax rates $ 18,274 $ 11,175 $ 13,012 Income taxes at different rates (5,247 ) (2,713 ) (4,299 ) Research and development tax credits (2,309 ) (1,619 ) (1,120 ) Executive compensation 654 864 1,557 Stock-based compensation 1,794 1,446 2,261 Valuation allowance 1,024 947 764 Restructuring charges / (credits) 2 1,514 (415 ) Tax reserves (releases), net (5,570 ) (8,761 ) (6,912 ) Audit settlement — — (837 ) Other, net 491 257 643 Provision for income taxes $ 9,113 $ 3,110 $ 4,654 Deferred income tax assets and liabilities consist of the following (in thousands): March 31, 2017 2016 Deferred tax assets: Net operating loss carryforwards $ 4,306 $ 7,136 Tax credit carryforwards 5,825 2,981 Accruals 41,570 36,365 Depreciation and amortization 2,860 4,059 Share-based compensation 11,846 12,890 Gross deferred tax assets 66,407 63,431 Valuation allowance (6,626 ) (5,338 ) Gross deferred tax assets after valuation allowance 59,781 58,093 Deferred tax liabilities: Acquired intangible assets and other (4,267 ) (3,550 ) Gross deferred tax liabilities (4,267 ) (3,550 ) Deferred tax assets, net $ 55,514 $ 54,543 Management regularly assesses the ability to realize deferred tax assets recorded in the Company's entities based upon the weight of available evidence, including such factors as recent earnings history and expected future taxable income. In the event that the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such determination is made. The Company had a valuation allowance of $6.6 million at March 31, 2017 , increased from $5.3 million at March 31, 2016 primarily due to $1.0 million increase in valuation allowance for deferred tax assets in the state of California of the United States. The Company had a valuation allowance of $5.9 million as of March 31, 2017 against deferred tax assets in the state of California of the United States. The remaining valuation allowance primarily represents $0.7 million for various tax credit carryforwards. The Company determined that it is more likely than not that the Company would not generate sufficient taxable income in the future to utilize such deferred tax assets. Deferred tax assets relating to tax benefits of employee stock grants have been reduced to reflect settlement activity in fiscal years 2017 and 2016 . Settlement activity of grants in fiscal years 2017 and 2016 resulted in a "shortfall" in which tax deductions were less than previously recorded share-based compensation expense. The Company recorded a shortfall to equity of $2.1 million and $2.3 million , respectively, in fiscal years 2017 and 2016 . As of March 31, 2017 , the Company had foreign net operating loss and tax credit carryforwards for income tax purposes of $208.3 million and $47.2 million , respectively, of which $181.5 million of the net operating loss carryforwards and $27.2 million of the tax credit carryforwards, if realized, will be credited to equity since they have not met the applicable realization criteria. Unused net operating loss carryforwards will expire at various dates in fiscal years 2018 to 2036. Certain net operating loss carryforwards in the United States relate to acquisitions and, as a result, are limited in the amount that can be utilized in any one year. The tax credit carryforwards will begin to expire in fiscal year 2019. Swiss income taxes and non-Swiss withholding taxes associated with the repatriation of earnings or for other temporary differences related to investments in non-Swiss subsidiaries have not been provided for, as the Company intends to reinvest the earnings of such subsidiaries indefinitely or the Company has concluded that no additional tax liability would arise on the distribution of such earnings. If these earnings were distributed to Switzerland in the form of dividends or otherwise, or if the shares of the relevant non-Swiss subsidiaries were sold or otherwise transferred, the Company may be subject to additional Swiss income taxes and non-Swiss withholding taxes. As of March 31, 2017 , the cumulative amount of unremitted earnings of non-Swiss subsidiaries for which no income taxes have been provided is approximately $148.2 million . The amount of unrecognized deferred income tax liability related to these earnings is estimated to be approximately $3.9 million . The Company follows a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. As of March 31, 2017 and March 31, 2016 , the total amount of unrecognized tax benefits due to uncertain tax positions was $63.7 million and $69.9 million , respectively, all of which would affect the effective income tax rate if recognized. As of March 31, 2017 , the Company had $51.8 million in non-current income taxes payable and $1.5 million in current income taxes payable, including interest and penalties, related to the Company's income tax liability for uncertain tax positions. As of March 31, 2016 , the Company had $59.7 million in non-current income taxes payable and $0.1 million in current income taxes payable. The Company anticipates a settlement with the tax authorities in a foreign jurisdiction in the next twelve months and reclassed $1.4 million from non-current income taxes payable to current income taxes payable as of March 31, 2017. The aggregate changes in gross unrecognized tax benefits in fiscal years 2017 , 2016 and 2015 were as follows (in thousands): March 31, 2014 $ 91,046 Lapse of statute of limitations (14,071 ) Settlements with tax authorities (2,160 ) Decreases in balances related to tax positions taken during prior years (3,544 ) Increases in balances related to tax positions taken during the year 7,752 March 31, 2015 $ 79,023 Lapse of statute of limitations (15,518 ) Settlements with tax authorities — Decreases in balances related to tax positions taken during prior years (1,502 ) Increases in balances related to tax positions taken during the year 7,876 March 31, 2016 $ 69,879 Lapse of statute of limitations (14,161 ) Settlements with tax authorities — Decreases in balances related to tax positions taken during prior years (1,610 ) Increases in balances related to tax positions taken during the year 9,559 March 31, 2017 $ 63,667 The Company recognizes interest and penalties related to unrecognized tax positions in income tax expense. The Company recognized $0.7 million , $0.3 million and $0.8 million in interest and penalties in income tax expense during fiscal years 2017 , 2016 and 2015 , respectively. As of March 31, 2017 , 2016 and 2015 , the Company had $3.0 million , $3.6 million and $4.9 million of accrued interest and penalties related to uncertain tax positions, respectively. The Company files Swiss and foreign tax returns. The Company received final tax assessments in Switzerland through fiscal year 2014 . For other foreign jurisdictions such as the United States, the Company is generally not subject to tax examinations for years prior to fiscal year 2013 . The Company is under examination and has received assessment notices in foreign tax jurisdictions. If the examinations are resolved unfavorably, there is a possibility they may have a material negative impact on its results of operations. Although the Company has adequately provided for uncertain tax positions, the provisions on these positions may change as revised estimates are made or the underlying matters are settled or otherwise resolved. During the next 12 months, it is reasonably possible that the amount of unrecognized tax benefits could increase or decrease significantly due to chang es in tax law in various jurisdictions, new tax audits and changes in the U.S. Dollar as compared to other currencies. Excluding these factors, uncertain tax positions may decrease by as much as $8.2 million primarily from the lapse of the statutes of limitations in various jurisdictions during the next 12 months. |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Mar. 31, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Balance Sheet Components The following table presents the components of certain balance sheet asset amounts as of March 31, 2017 and 2016 (in thousands): March 31, 2017 2016 Accounts receivable: Accounts receivable $ 395,754 $ 332,553 Allowance for doubtful accounts (607 ) (667 ) Allowance for sales returns (18,800 ) (18,526 ) Allowance for cooperative marketing arrangements (28,022 ) (28,157 ) Allowance for customer incentive programs (60,857 ) (60,872 ) Allowance for pricing programs (102,289 ) (81,553 ) $ 185,179 $ 142,778 Inventories: Raw materials $ 30,582 $ 48,489 Finished goods 222,819 180,297 $ 253,401 $ 228,786 Other current assets: Value-added tax receivables $ 23,132 $ 22,572 Prepaid expenses and other assets 18,600 12,916 $ 41,732 $ 35,488 Property, plant and equipment, net: Plant, buildings and improvements $ 58,881 $ 62,150 Equipment 176,291 166,371 Computer equipment 27,812 36,018 Software 72,441 97,201 335,425 361,740 Less accumulated depreciation and amortization (263,352 ) (278,352 ) 72,073 83,388 Construction-in-process 10,537 6,771 Land 2,798 2,701 $ 85,408 $ 92,860 Other assets: Deferred tax assets $ 57,303 $ 56,208 Trading investments for deferred compensation plan 15,043 14,836 Investment in privately held companies 10,776 9,247 Other assets 4,997 6,525 $ 88,119 $ 86,816 The following table presents the components of certain balance sheet liability amounts as of March 31, 2017 and 2016 (in thousands): March 31, 2017 2016 Accrued and other current liabilities: Accrued personnel expenses $ 88,346 $ 46,025 Indirect customer incentive programs 36,409 28,721 Warranty accrual 13,424 11,880 Employee benefit plan obligation 1,266 1,285 Income taxes payable 6,232 1,553 Contingent consideration for business acquisition - current portion 2,889 — Other current liabilities 83,707 84,300 $ 232,273 $ 173,764 Other non-current liabilities: Warranty accrual $ 8,487 $ 8,500 Obligation for deferred compensation plan 15,043 14,836 Employee benefit plan obligation 41,998 53,909 Deferred tax liability 1,789 1,665 Contingent consideration for business acquisition - non-current portion 7,019 — Other non-current liabilities 9,355 10,625 $ 83,691 $ 89,535 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company considers fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company utilizes the following three-level fair value hierarchy to establish the priorities of the inputs used to measure fair value: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs other than quoted market prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The following table presents the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis, excluding assets related to the Company's defined benefit pension plans, classified by the level within the fair value hierarchy (in thousands): March 31, 2017 March 31, 2016 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 448,742 $ — $ — $ 10,000 $ — $ — Trading investments for deferred compensation plan included in other assets: Money market funds $ 2,813 $ — $ — $ 3,467 $ — $ — Mutual funds 12,230 — — 11,369 — — Total of trading investments for deferred compensation plan $ 15,043 $ — $ — $ 14,836 $ — $ — Currency exchange derivative assets included in other current assets $ — $ 48 $ — $ — $ 10 $ — Liabilities: Acquisition-related contingent consideration included in accrued and other current liabilities and other non-current liabilities $ — $ — $ 9,908 $ — $ — $ — Currency exchange derivative liabilities included in accrued and other current liabilities $ — $ 443 $ — $ — $ 1,132 $ — The following table summarizes the change in the fair value of the Company’s contingent consideration balance during fiscal years 2017 (in thousands): Year Ended March 31, 2017 Acquisition-related contingent consideration, beginning of the year $ — Fair value of contingent consideration upon acquisition 18,000 Change in fair value of contingent consideration (8,092 ) Acquisition-related contingent consideration, end of the year $ 9,908 Investment Securities The marketable securities for the Company's deferred compensation plan are recorded at a fair value of $15.0 million and $14.8 million as of March 31, 2017 and 2016 , respectively, based on quoted market prices. Quoted market prices are observable inputs that are classified as Level 1 within the fair value hierarchy. Unrealized trading gains related to trading securities for the fiscal years 2017 , 2016 and 2015 were not significant and are included in other income (expense), net in the consolidated statements of operations. Acquisition-related contingent consideration The acquisition-related contingent consideration liability arising from the Jaybird Acquisition (see "Note 3 - Business Acquisitions") represents the future potential earn-out payments of up to $45.0 million in cash based on the achievement of certain net revenue targets over approximately a two year period. If the net revenue targets are met, the Company will pay a maximum of $25.0 million and $20.0 million in fiscal years 2018 and 2019, respectively. The fair value of the earn-out as of the Acquisition Date was $18.0 million , which was determined by using a Monte Carlo Simulation that includes significant unobservable inputs such as a risk-adjusted discount rate of 16% and projected net sales of Jaybird over the earn-out period. The fair value is remeasured at each reporting period at the estimated fair value based on the inputs on the date of remeasurement, with the change in fair value recognized as "change in fair value of contingent consideration for business acquisition" in the operating expense section in the consolidated statements of operations. Projected net sales are based on our internal projections, including analysis of the target markets. The fair value of the contingent consideration was decreased to $9.9 million as of March 31, 2017. The decrease in fair value of contingent consideration results primarily from Jaybird's lower-than-expected net sales and revised projected net sales in the remaining earn-out period, primarily driven by supply constraints, an evolving product portfolio and changes in the competitive target market. Although these estimates are based on management’s best knowledge of current events, the estimates could change significantly from period to period. Any changes to the significant unobservable inputs used, including the change in the forecast of net sales for the earn-out periods, may result in a change in the fair value of contingent consideration, and could have a material impact on future results of operations. Actual payment of contingent consideration in the future could be different from the current estimated fair value of the contingent consideration. Assets Measured at Fair Value on a Nonrecurring Basis The Company’s non-marketable cost method investments, and non-financial assets, such as intangible assets and property, plant and equipment, are recorded at fair value only upon initial recognition or if an impairment is recognized. There was no impairment of long-lived assets during fiscal years 2017, 2016 or 2015. A summary of the valuation methodologies for assets and liabilities measured on a nonrecurring basis is as follows: Non-marketable cost method investments. These investments are classified as Level 3 due to the absence of quoted market prices, the inherent lack of liquidity, and the fact that inputs used to measure fair value are unobservable and require management's judgment. When certain events or circumstances indicate that impairment may exist, the Company revalues the investments using various assumptions, including the financial metrics and ratios of comparable public companies. There was no impairment during the years ended March 31, 2017 or 2016 . The primary investment included in non-marketable investments is the Company’s investment in Series A Preferred Stock of Lifesize recorded at the estimated fair value of $5.6 million on the date of Lifesize divestiture. Refer to Note 4 "Discontinued Operations" to consolidated financial statements for the valuation approach and significant inputs and assumptions. The aggregate recorded amount of cost method investments included in other assets at March 31, 2017 and March 31, 2016 was $7.4 million and $7.4 million , respectively. Non-Financial Assets . Goodwill, intangible assets, and property, plant and equipment, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur (or tested at least annually for goodwill) such that a non-financial instrument is required to be evaluated for impairment and an impairment is recorded to reduce the non-financial instrument's carrying value to the fair value as a result of such triggering events, the non-financial assets and liabilities are measured at fair value for the period such triggering events occur. See Note 2 herein, for additional information about how the Company tests various asset classes for impairment. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The following table presents the fair values of the Company's derivative instruments as of March 31, 2017 and 2016 (in thousands): Derivatives Asset Liability March 31, March 31, 2017 2016 2017 2016 Designated as hedging instruments: Cash flow hedges $ 48 $ 10 $ 402 $ 1,038 Under certain agreements with the respective counterparties to the Company's derivative contracts, subject to applicable requirements, the Company is allowed to net settle transactions of the same type with a single net amount payable by one party to the other. However, the Company presents its derivative assets and derivative liabilities on a gross basis in other current assets or accrued and other current liabilities on the consolidated balance sheets as of March 31, 2017 and 2016 . The following table presents the amounts of gains and losses on the Company's derivative instruments for fiscal years 2017 , 2016 and 2015 and their locations on its consolidated statements of operations and consolidated statements of comprehensive income (loss) (in thousands): Amount of Amount of Loss (Gain) 2017 2016 2015 2017 2016 2015 Designated as hedging instruments: Cash flow hedges $ 2,928 $ (2,432 ) $ 8,971 $ (1,670 ) $ (3,296 ) $ (4,505 ) Cash Flow Hedges: The Company enters into cash flow hedge contracts to protect against exchange rate exposure of forecasted inventory purchases. These hedging contracts mature within four months. Gains and losses in the fair value of the effective portion of the hedges are deferred as a component of accumulated other comprehensive loss until the hedged inventory purchases are sold, at which time the gains or losses are reclassified to cost of goods sold. Cash flows from such hedges are classified as operating activities in the consolidated statements of cash flows. As of March 31, 2017 , and 2016 , the notional amounts of foreign exchange forward contracts outstanding related to forecasted inventory purchases were $59.4 million and $39.8 million , respectively. The Company estimates that $0.5 million of net losses related to its cash flow hedges included in accumulated other comprehensive loss as of March 31, 2017 will be reclassified into earnings within the next 12 months. Other Derivatives: The Company also enters into foreign exchange forward and swap contracts to reduce the short-term effects of currency fluctuations on certain receivables or payables denominated in currencies other than the functional currencies of its subsidiaries. These forward and swap contracts generally mature within one month. The primary risk managed by using forward and swap contracts is the currency exchange rate risk. The gains or losses on these contracts are recognized in other income (expense), net in the consolidated statements of operations based on the changes in fair value. The notional amounts of these contracts outstanding as of March 31, 2017 and 2016 were $56.7 million and $63.7 million , respectively. Open forward and swap contracts as of March 31, 2017 and 2016 consisted of contracts in Taiwanese Dollars, Australian Dollars, Mexican Pesos, Japanese Yen, Canadian Dollars and British Pounds to be settled at future dates at pre-determined exchange rates. The fair value of all foreign exchange forward and swap contracts is determined based on observable market transactions of spot currency rates and forward rates. Cash flows from these contracts are classified as operating activities in the consolidated statements of cash flows. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company performed its annual impairment analysis of the goodwill as of December 31, 2016 by performing a qualitative assessment and concluded that it was more likely than not that the fair value of its peripherals reporting unit, the only reporting unit of the Company, exceeded its carrying amount. In assessing the qualitative factors, the Company considered the impact of these key factors: change in industry and competitive environment, growth in market capitalization to $4.0 billion as of December 31, 2016 from $2.5 billion as of December 31, 2015 , and budgeted-to-actual revenue performance for the twelve months ended December 31, 2016 . There have been no significant events or circumstances affecting the valuation of goodwill subsequent to the annual impairment test. The following table summarizes the activity in the Company's goodwill balance during fiscal years 2017 and 2016 (in thousands): Years Ended March 31, 2017 2016 Beginning of the period $ 218,224 $ 218,213 Acquisitions 31,553 — Currency exchange rate impact and other (36 ) 11 End of the period $ 249,741 $ 218,224 The Company's acquired intangible assets subject to amortization were as follows (in thousands): March 31, 2017 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademark and tradenames $ 16,500 $ (6,933 ) $ 9,567 $ 5,300 $ (5,300 ) $ — Technology 63,285 (42,831 ) 20,454 36,810 (36,810 ) — Customer contracts/relationships 25,180 (7,637 ) 17,543 5,900 (5,900 ) — $ 104,965 $ (57,401 ) $ 47,564 $ 48,010 $ (48,010 ) $ — For fiscal years 2017 , 2016 and 2015 , amortization expense for other intangible assets was, $9.4 million , $0.4 million and $0.8 million , respectively. The Company expects that annual amortization expense for fiscal years 2018, 2019, 2020, 2021 and 2022 will be $10.4 million , $10.4 million , $10.4 million , $6.0 million and $5.1 million , respectively, and $5.3 million thereafter. |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements The Company had several uncommitted, unsecured bank lines of credit aggregating $43.5 million as of March 31, 2017 . There are no financial covenants under these lines of credit with which the Company must comply. As of March 31, 2017 , the Company had outstanding bank guarantees of $20.7 million under these lines of credit. There was no borrowing outstanding under the line of credit as of March 31, 2017 or March 31, 2016 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company leases facilities under operating leases, certain of which require it to pay property taxes, insurance and maintenance costs. Operating leases for facilities are generally renewable at the Company's option and usually include escalation clauses linked to inflation. Future minimum annual rentals under non-cancelable operating leases at March 31, 2017 are as follows (in thousands): Years Ending March 31, 2018 $ 10,294 2019 8,759 2020 7,036 2021 4,907 2022 4,084 Thereafter 4,283 $ 39,363 Rent expense for fiscal years 2017 , 2016 and 2015 was $9.9 million , $10.0 million and $9.6 million , respectively. In connection with its leased facilities, the Company recognized a liability for asset retirement obligations for 2017 and 2016 representing the present value of estimated remediation costs to be incurred at lease expiration. The liabilities for asset retirement obligations were not material as of March 31, 2017 and 2016 . Product Warranties All of the Company's Peripherals products are covered by warranty to be free from defects in material and workmanship for periods ranging from one year to five years. For products launched prior to April 1, 2014, the standard warranty period was up to five years. Starting from April 1, 2014, the standard warranty for all new products launched was changed to two years from the date of purchase for European Countries and generally one year from date of purchase for all other countries. Changes in the Company's warranty liability for fiscal years 2017 and 2016 were as follows (in thousands): Years Ended March 31, 2017 2016 Beginning of the period $ 20,380 $ 21,710 Assumed from business acquisition 1,963 — Provision 15,341 9,772 Settlements (15,270 ) (11,339 ) Currency translation (503 ) 237 End of the period $ 21,911 $ 20,380 Investment Commitments During 2015, the Company entered into a limited partnership agreement for a private investment fund specialized in early-stage start-up consumer hardware electronics companies and committed to a capital contribution of $4.0 million over the life of the fund. The Company has invested $1.9 million as of March 31, 2017 , which is classified as other assets on the consolidated balance sheet. As of March 31, 2017 , $2.1 million capital contribution has not yet been called upon by the fund. Guarantees Logitech Europe S.A. guaranteed payments of two third-party contract manufacturers' purchase obligations. As of March 31, 2017 , the maximum amount of these guarantee were $3.8 million , of which $1.4 million of guaranteed purchase obligations was outstanding. Indemnifications The Company indemnifies certain of its suppliers and customers for losses arising from matters such as intellectual property disputes and product safety defects, subject to certain restrictions. The scope of these indemnities varies, but in some instances includes indemnification for damages and expenses, including reasonable attorneys' fees. As of March 31, 2017 , no amounts have been accrued for these indemnification provisions. The Company does not believe, based on historical experience and information currently available, that it is probable that any material amounts will be required to be paid under its indemnification arrangements. The Company also indemnifies its current and former directors and certain of its current and former officers. Certain costs incurred for providing such indemnification may be recoverable under various insurance policies. The Company is unable to reasonably estimate the maximum amount that could be payable under these arrangements because these exposures are not limited, the obligations are conditional in nature and the facts and circumstances involved in any situation that might arise are variable. The Stock Purchase Agreement that the Company entered into in connection with the investment by three venture capital firms in Lifesize, Inc. contains representations, warranties and covenants of Logitech and Lifesize, Inc. to the Venture Investors. Subject to certain limitations, the Company has agreed to indemnify the Venture Investors and certain persons related to the Venture Investors for certain losses resulting from breaches of or inaccuracies in such representations, warranties and covenants as well as certain other obligations, including third party expenses, restructuring costs and pre-closing tax obligations of Lifesize. Legal Proceedings From time to time the Company is involved in claims and legal proceedings which arise in the ordinary course of its business. The Company is currently subject to several such claims and a small number of legal proceedings. The Company believes that these matters lack merit and intends to vigorously defend against them. Based on currently available information, the Company does not believe that resolution of pending matters will have a material adverse effect on its financial position, cash flows or results of operations. However, litigation is subject to inherent uncertainties, and there can be no assurances that the Company's defenses will be successful or that any such lawsuit or claim would not have a material adverse impact on the Company's business, financial position, cash flows or results of operations in a particular period. Any claims or proceedings against the Company, whether meritorious or not, can have an adverse impact because of defense costs, diversion of management and operational resources, negative publicity and other factors. Any failure to obtain a necessary license or other rights, or litigation arising out of intellectual property claims, could adversely affect the Company's business. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders' Equity Share Capital The Company's nominal share capital is CHF 43,276,655 , consisting of 173,106,620 shares with a par value of CHF 0.25 each, all of which were issued and 10,726,943 of which were held in treasury shares as of March 31, 2017 . In September 2008, the Company's shareholders approved an amendment to reserve conditional capital of 25,000,000 shares for potential issuance on the exercise of rights granted under the Company's employee equity incentive plans. The shareholders also approved the creation of conditional capital representing the issuance of up to 25,000,000 shares to cover any conversion rights under a future convertible bond issuance. This conditional capital was created in order to provide financing flexibility for future expansion, investments or acquisitions. Dividends Pursuant to Swiss corporate law, Logitech International S.A. may only pay dividends in Swiss Francs. The payment of dividends is limited to certain amounts of unappropriated retained earnings (CHF 740.7 million or $740.3 million based on the exchange rate at March 31, 2017 ) and is subject to shareholder approval. In May 2017, the Board of Directors recommended that the Company pay approximately CHF 100.0 million (approximately $100.0 million based on the exchange rate on March 31, 2017) in cash dividends for fiscal year 2017. In September 2016, the Company declared and paid cash dividends of CHF 0.56 (USD equivalent of $0.57 ) per common share, totaling approximately $93.1 million in U.S. Dollars, on the Company’s outstanding common stock. In September 2015, the Company declared and paid cash dividends of CHF 0.51 (USD equivalent of $0.53 ) per common share, totaling approximately $85.9 million in U.S. Dollars, on the Company’s outstanding common stock. In December 2014, Logitech's shareholders approved a cash dividend payment of CHF 43.1 million out of retained earnings to Logitech shareholders. Eligible shareholders were paid CHF 0.26 per share ( $0.27 per share in U.S. Dollars), totaling $43.8 million in U.S. Dollars in December 2014. Legal Reserves Under Swiss corporate law, a minimum of 5% of the Company's annual net income must be retained in a legal reserve until this legal reserve equals 20% of the Company's issued and outstanding aggregate par value per share capital. These legal reserves represent an appropriation of retained earnings that are not available for distribution and totaled $9.6 million at March 31, 2017 (based on the exchange rate at March 31, 2017 ). 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. This share buyback program expired in April 2017. In March 2017, the Company's Board of Directors approved the 2017 share buyback program, which authorizes the Company to use up to $250.0 million to purchase its own shares following the expiration date of 2014 buyback program. 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. A summary of the approved and active share buyback program is 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 9,093 $ 155,358 March 2017 NA 250,000 — — Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss were as follows (in thousands): Accumulated Other Comprehensive Income (Loss) Cumulative Translation Adjustment (1) Defined Benefit Plans(1) Deferred Hedging Gains (Losses) Total March 31, 2016 $ (84,038 ) $ (26,171 ) $ (1,776 ) $ (111,985 ) Other comprehensive income (loss) (5,670 ) 15,691 1,258 11,279 March 31, 2017 $ (89,708 ) $ (10,480 ) $ (518 ) $ (100,706 ) _______________________________________ (1) Tax effect was not significant as of March 31, 2017 or 2016 . |
Segment Information
Segment Information | 12 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information As discussed in "Note 2 — Summary of Significant Accounting Policies", the Company has determined that it operates in a single operating segment that encompasses the design, manufacturing and marketing of peripherals for PCs, tablets and other digital platforms. Operating performance measures are provided directly to the Company's Chief Executive Officer (“CEO”), who is considered to be the Company’s Chief Operating Decision Maker. The CEO periodically reviews information such as net sales and operating income (loss) to make business decisions. These operating performance measures do not include restructuring charges (credits), net, share-based compensation expense, amortization of intangible assets, charges from the purchase accounting effect on inventory, acquisition-related costs, investigation and related expenses, or change in fair value of acquisition-related contingent consideration. Net sales by product categories and sales channels, excluding intercompany transactions, were as follows (in thousands): Years Ended March 31, 2017 2016 2015 Mobile Speakers $ 301,021 $ 229,718 $ 178,038 Audio-PC & Wearables 246,390 196,013 213,496 Gaming 314,362 245,101 211,911 Video Collaboration 127,009 89,322 62,215 Home Control 65,510 59,075 68,060 Pointing Devices 501,562 492,543 487,210 Keyboards & Combos 480,312 430,190 426,117 Tablet & Other Accessories 76,879 103,886 140,994 PC Webcams 107,087 98,641 96,680 Other (1) 1,295 2,570 2,725 Total net retail sales 2,221,427 1,947,059 1,887,446 OEM — 71,041 117,462 Total net sales $ 2,221,427 $ 2,018,100 $ 2,004,908 ______________________________________ (1) Other category includes products that the Company currently intends to transition out of, or have already transitioned out of, because they are no longer strategic to the Company's business. Net sales by geographic region for fiscal years 2017 , 2016 and 2015 (based on the customers' location) were as follows (in thousands): Years Ended March 31, 2017 2016 2015 Americas $ 963,674 $ 881,379 $ 864,761 EMEA 746,898 645,694 670,890 Asia Pacific 510,855 491,027 469,257 $ 2,221,427 $ 2,018,100 $ 2,004,908 The United States represented 37% , 38% and 36% of net sales for the fiscal years 2017 , 2016 and 2015 , respectively. Germany represented 17% of net sales for the fiscal year 2017 . No other single country represented more than 10% of net sales during these periods. Revenues from net sales to customers in Switzerland, the Company's home domicile, represented 2% of net sales for each of fiscal years 2017 , 2016 and 2015 . Geographic long-lived assets information, primarily fixed assets, are reported below based on the location of the asset (in thousands): March 31, 2017 2016 Americas $ 37,242 $ 40,221 EMEA 4,006 3,194 Asia Pacific 44,160 49,445 $ 85,408 $ 92,860 Long-lived assets in the United States and China were $37.1 million and $37.2 million , respectively, as of March 31, 2017 , and $40.0 million and $44.5 million , respectively, as of March 31, 2016 . No other countries represented more than 10% of the Company's total consolidated long-lived assets at March 31, 2017 or 2016 . Long-lived assets in Switzerland, the Company's home domicile, were $2.1 million and $1.7 million at March 31, 2017 and 2016 , respectively. |
Restructuring
Restructuring | 12 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring During the first quarter of fiscal year 2016, the Company implemented a restructuring plan to exit the OEM business, reorganize Lifesize to sharpen its focus on its cloud-based offering, and streamline the Company's overall cost structure through overhead and infrastructure cost reductions with a targeted resource realignment. Restructuring charges incurred under this plan primarily consisted of severance and other ongoing and one-time termination benefits. Charges and other costs related to the workforce reduction and structure realignment are presented as restructuring charges in the Consolidated Statements of Operations. On a total company basis, including the Lifesize video conferencing business as reported in discontinued operations, the Company has incurred $25.5 million under this restructuring plan, including $24.4 million for cash severance and other personnel costs. The Company substantially completed this restructuring plan by the fourth quarter of fiscal year 2016. During the fourth quarter of fiscal year 2013, the Company implemented a restructuring plan to align its organization to its strategic priorities of increasing focus on mobility products, improving profitability in PC-related products and enhancing global operational efficiencies. As part of this restructuring plan, the Company reduced its worldwide non-direct labor workforce. Restructuring charges under this plan primarily consisted of severance and other one-time termination benefits. During fiscal year 2015, the Company recorded a $4.9 million restructuring credit, on a total company basis, primarily as a result of partial termination of its lease agreement for the Silicon Valley campus, which was previously vacated and under the restructuring plan during fiscal year 2014. The Company substantially completed this restructuring plan by the fourth quarter of fiscal year 2014. The following table summarizes restructuring related activities during fiscal year 2017 and 2016 from continuing operations (in thousands): Restructuring - Continuing Operations Termination Benefits Lease Exit Costs Other Total Accrual balance at March 31, 2015 — 954 $ — $ 954 Charges, net 17,280 337 185 17,802 Cash payments (11,373 ) (1,166 ) (185 ) (12,724 ) Accrual balance at March 31, 2016 5,907 125 — 6,032 Charges, net 23 — — 23 Cash payments (5,195 ) (125 ) — (5,320 ) Accrual balance at March 31, 2017 $ 735 $ — $ — $ 735 *This balance is included in accrued and other current liabilities on the Company’s consolidated balance sheets. |
Schedule II - VALUATION AND QUA
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Mar. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | VALUATION AND QUALIFYING ACCOUNTS For the Fiscal Years Ended March 31, 2017 , 2016 and 2015 (in thousands) The Company's Schedule II includes valuation and qualifying accounts related to allowances for doubtful accounts, sales returns, cooperative marketing arrangements, customer incentive programs, and pricing programs, for direct customers and tax valuation allowances. The Company also has sales incentive programs for indirect customers with whom it does not have a direct sales and receivable relationship. These programs are recorded as accrued liabilities and are not considered valuation or qualifying accounts. Balance at Beginning of Year Charged (Credited) to Statement of Operations (1) Claims and Adjustments Applied Against Allowances (1) Balance at End of Year Allowance for doubtful accounts: 2017 $ 667 $ 47 $ (107 ) $ 607 2016 $ 707 $ 71 $ (111 ) $ 667 2015 $ 1,297 $ (334 ) $ (256 ) $ 707 Allowance for sales returns: 2017 $ 18,526 $ 78,242 $ (77,968 ) $ 18,800 2016 $ 17,236 $ 66,935 $ (65,645 ) $ 18,526 2015 $ 18,503 $ 66,785 $ (68,052 ) $ 17,236 Allowances for cooperative marketing arrangements: 2017 $ 28,157 $ 144,656 $ (144,791 ) $ 28,022 2016 $ 24,919 $ 131,410 $ (128,172 ) $ 28,157 2015 $ 23,255 $ 113,610 $ (111,946 ) $ 24,919 Allowances for customer incentive programs: 2017 $ 60,872 $ 196,363 $ (196,378 ) $ 60,857 2016 $ 47,364 $ 164,307 $ (150,799 ) $ 60,872 2015 $ 40,205 $ 142,413 $ (135,254 ) $ 47,364 Allowances for pricing programs: 2017 $ 81,553 $ 322,118 $ (301,382 ) $ 102,289 2016 $ 70,951 $ 260,698 $ (250,096 ) $ 81,553 2015 $ 68,798 $ 246,780 $ (244,627 ) $ 70,951 Tax valuation allowances: 2017 $ 5,338 $ 1,299 $ (11 ) $ 6,626 2016 $ 5,590 $ 1,255 $ (1,507 ) $ 5,338 2015 $ 4,872 $ 995 $ (277 ) $ 5,590 (1) The amounts for fiscal year 2017 include an immaterial impact from the business acquisitions during the year. Refer to Note 3 to the consolidated financial statements. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Logitech and its subsidiaries. All intercompany balances and transactions have been eliminated. The consolidated financial statements are presented in accordance with U.S. GAAP (accounting principles generally accepted in the United States of America). During the fourth quarter of fiscal year 2016, the Company completed the disposition of the Lifesize video conferencing business. As a result, the Company has classified the historical results of Lifesize video conferencing business as discontinued operations in its consolidated statements of operations. See "Note 4 - Discontinued Operations" for more information. Unless indicated otherwise, the information in the Notes to the consolidated financial statements relates to the Company's continuing operations and does not include results of Lifesize video conferencing business, which is classified as discontinued operations. |
Fiscal Year | Fiscal Year The Company's fiscal year ends on March 31. Interim quarters are generally thirteen-week periods, each ending on a Friday of each quarter. For purposes of presentation, the Company has indicated its quarterly periods ending on the last day of the calendar quarter. |
Reclassification | Reclassification Certain amounts from the comparative periods in the accompanying consolidated financial statements have been reclassified to conform to the consolidated financial statement presentation as of and for the year ended March 31, 2017. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the consolidated financial statements. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Significant estimates and assumptions made by management involve the fair value of goodwill, intangible assets acquired from business acquisition, warranty liabilities, accruals for customer programs, sales return reserves, allowance for doubtful accounts, inventory valuation, restructuring charges, contingent consideration from business acquisitions and periodical reassessment of its fair value, share-based compensation expense, uncertain tax positions, and valuation allowances for deferred tax assets. Although these estimates are based on management’s best knowledge of current events and actions that may impact the Company in the future, actual results could differ materially from those estimates. |
Foreign Currencies | Foreign Currencies The functional currency of the Company's operations is primarily the U.S. Dollar. Certain operations use the Euro, Chinese Renminbi, Swiss Franc, or other local currencies as their functional currencies. The financial statements of the Company's subsidiaries whose functional currency is other than the U.S. Dollar are translated to U.S. Dollars using period-end rates of exchange for assets and liabilities and monthly average rates for net sales, income and expenses. Cumulative translation gains and losses are included as a component of shareholders' equity in accumulated other comprehensive loss. Gains and losses arising from transactions denominated in currencies other than a subsidiary's functional currency are reported in other income (expense), net in the consolidated statements of operations. |
Revenue Recognition | Revenue Recognition Revenue is recognized when all of the following criteria are met: • Evidence of an arrangement exists; • Delivery has occurred and title and risk of loss has transferred to a customer; • Price of a product is fixed or determinable; and • Collectability is reasonably assured. For sales of most hardware peripherals products and hardware bundled with software essential to its functionality, these criteria are met at the time delivery has occurred and title and risk of loss have transferred to the customer. Revenues from sales to distributors and authorized resellers are recognized upon shipment net of estimated product returns and expected payments for cooperative marketing arrangements, customer incentive and pricing programs. The estimated cost of these programs is recorded as a reduction of sales or as an operating expense if the Company receives a separately identifiable benefit from the customer and can reasonably estimate the fair value of that benefit. Significant management judgment and estimates are used to determine the cost of these programs in any accounting period. Certain customer programs require management to estimate the percentage of those programs which will not be claimed or will not be earned by customers based on historical experience and on the specific terms and conditions of particular programs. The percentage of these customer programs that will not be claimed or earned is commonly referred to as "breakage". The Company enters into cooperative marketing arrangements with many of its distribution and retail customers, and with certain indirect partners, allowing customers to receive a credit equal to a set percentage of their purchases of the Company's products, or a fixed dollar credit for various marketing and incentive programs. The objective of these arrangements is to encourage advertising and promotional events to increase sales of the Company's products. Accruals for these marketing arrangements are recorded at the later of the date the revenue is recognized or the date the incentive is offered, based on negotiated terms, historical experience and inventory levels in the channel. Customer incentive programs include consumer rebate and performance-based incentives. The Company offers performance-based incentives to its distribution customers, retail customers and indirect partners based on pre-determined performance criteria. Accruals for performance-based incentives are recognized as a reduction of the sale price at the time of sale. Estimates of required accruals are determined based on negotiated terms, consideration of historical experience, anticipated volume of future purchases, and inventory levels in the channel. Consumer rebates are offered from time to time at the Company's discretion for the primary benefit of end-users. Accruals for the estimated costs of consumer rebates and similar incentives are recorded at the later of the date the revenue is recognized or when the incentive is offered, based on the specific terms and conditions. The Company has agreements with certain of its customers that contain terms allowing price protection credits to be issued in the event of a subsequent price reduction. At management's discretion, the Company also offers special pricing discounts to certain customers. Special pricing discounts are usually offered only for limited time periods or for sales of selected products to specific indirect partners. Management's decision to make price reductions is influenced by product life cycle stage, market acceptance of products, the competitive environment, new product introductions and other factors. Accruals for estimated expected future pricing actions are recognized at the time of sale based on analyses of historical pricing actions by customer and by product, inventories owned by and located at distributors and retailers, current customer demand, current operating conditions, and other relevant customer and product information, such as stage of product life-cycle. The Company grants limited rights to return products. Return rights vary by customer and range from the right to return defective products to the stock rotation rights limited to a percentage of sales approved by management. Estimates of expected future product returns are recognized at the time of sale based on analyses of historical return trends by customer and by product, inventories owned by and located at distributors and retailers, current customer demand, current operating conditions, and other relevant customer and product information. Upon recognition, the Company reduces sales and cost of goods sold for the estimated return. Return trends are influenced by product life cycle status, new product introductions, market acceptance of products, sales levels, product sell-through, the type of customer, seasonality, product quality issues, competitive pressures, operational policies and procedures, and other factors. Return rates can fluctuate over time but are sufficiently predictable to allow the Company to estimate expected future product returns. In connection with the Company’s sales growth strategy in EMEA, the Company expanded its use of performance-based customer programs in the region in fiscal years 2016 and 2017. During fiscal year 2017, as customer incentive, cooperative marketing and pricing programs offered in fiscal year 2016 began to expire, EMEA experienced a significant increase in the rate of breakage on the related accruals as compared to historical levels. After considering the breakage data available through March 31, 2017, the Company revised its estimates of breakage associated with fiscal year 2017 customer incentive, cooperative marketing and pricing programs that have not yet expired as of year end. In prior periods, the Company did not have sufficient historical data on customer breakage patterns in the EMEA region to allow for a reliable estimation of future customer breakage attributable to these allowances and accruals. However, by the fourth quarter of fiscal year 2017, sufficient historical data was available to establish a model to reliably estimate the expected future customer breakage. Primarily as a result of this change in estimate, the Company recognized an increase in net sales of $14.4 million during the fourth quarter of the fiscal year ended March 31, 2017, compared with the preliminary results furnished to the SEC in the Current Report on Form 8-K on April 26, 2017. Significant management judgment and estimates are used to determine the breakage of the programs in any accounting period. The Company regularly evaluates the adequacy of its estimates for cooperative marketing arrangements, customer incentive programs and pricing programs, and product returns. Future market conditions and product transitions may require the Company to take action to change such programs. When the variables used to estimate these costs change, or if actual costs differ significantly from the estimates, the Company would be required to record incremental increases or reductions to sales, cost of goods sold or operating expenses. If, at any future time, the Company becomes unable to reasonably estimate these costs, recognition of revenue might be deferred until products are sold to users, which would adversely impact sales in the period of transition. |
Shipping and Handling Costs | Shipping and Handling Costs The Company's shipping and handling costs are included in cost of goods sold in the consolidated statements of operations for all periods presented. |
Research and Development Costs | Research and Development Costs Costs related to research, design and development of products, which consist primarily of personnel, product design and infrastructure expenses, are charged to research and development expense as they are incurred. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising costs are recorded as either a marketing and selling expense or a deduction from revenue. Advertising costs paid or reimbursed by the Company to direct or indirect customers must have an identifiable benefit and an estimable fair value in order to be classified as an operating expense. If these criteria are not met, the payment is classified as a reduction of revenue. |
Cash Equivalents | Cash Equivalents The Company classifies all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. All of the Company's bank time deposits have an original maturity of three months or less and are classified as cash equivalents and are recorded at cost, which approximates fair value. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with various financial institutions to limit exposure with any one financial institution, but is exposed to credit risk in the event of default by financial institutions to the extent that cash balances with individual financial institutions are in excess of amounts that are insured. The Company sells to large distributors and retailers and, as a result, maintains individually significant receivable balances with such customers. In fiscal years 2017 , 2016 and 2015 , sales to one customer group represented 15% , 14% and 15% , respectively, of the Company's sales. In fiscal years 2017 and 2016 , sales to another customer group represented 12% and 10% , respectively, of the Company's sales. No other sales to a single customer represented more than 10% of the Company's sales during fiscal years 2017 , 2016 or 2015 . As of March 31, 2017 , two customers groups represented 18% and 12% of total accounts receivable, respectively. As of March 31, 2016 , one customer group represented 15% of total accounts receivable. Typical payment terms require customers to pay for product sales generally within 30 to 60 days; however terms may vary by customer type, by country and by selling season. Extended payment terms are sometimes offered to a limited number of customers during the second and third fiscal quarters. The Company does not modify payment terms on existing receivables. The Company manages its accounts receivable credit risk through ongoing credit evaluation of its customers' financial condition. The Company generally does not require collateral from its customers. |
Allowances for Doubtful Accounts | Allowances for Doubtful Accounts Allowances for doubtful accounts are maintained for estimated losses resulting from the Company's customers' inability to make required payments. The allowances are based on the Company's regular assessment of the credit-worthiness and financial condition of specific customers, as well as its historical experience with bad debts and customer deductions, receivables aging, current economic trends, geographic or country-specific risks and the financial condition of its distribution channels. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Costs are computed under the standard cost method, which approximates actual costs determined on the first-in, first-out basis. The Company records write-downs of inventories which are obsolete or in excess of anticipated demand or market value based on a consideration of marketability and product life cycle stage, product development plans, component cost trends, demand forecasts, historical net sales, and assumptions about future demand and market conditions. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Additions and improvements are capitalized, and maintenance and repairs are expensed as incurred. The Company capitalizes the cost of software developed for internal use in connection with major projects. Costs incurred during the feasibility stage are expensed, whereas direct costs incurred during the application development stage are capitalized. Depreciation is provided using the straight-line method. Plant and buildings are depreciated over estimated useful lives from ten to twenty-five years, equipment over useful lives from three to five years, internal-use software development over useful lives from three to seven years and leasehold improvements over the lesser of the useful life of the improvement or the term of the lease. When property and equipment is retired or otherwise disposed of, the cost and accumulated depreciation are relieved from the accounts and the net gain or loss is included in operating expenses. |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets The Company reviews long-lived assets, such as property and equipment, and finite-lived intangible assets, for impairment whenever events indicate that the carrying amounts might not be recoverable. Recoverability of property and equipment, and other finite-lived intangible asset is measured by comparing the projected undiscounted net cash flows associated with those assets to their carrying values. If an asset is considered impaired, it is written down to its fair value, which is determined based on the asset's projected discounted cash flows or appraised value, depending on the nature of the asset. For purposes of recognition of an impairment for assets held for use, the Company groups assets and liabilities at the lowest level for which cash flows are separately identifiable. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company's intangible assets principally include goodwill, acquired technology, trademarks, and customer relationships and contracts. Other intangible assets with finite lives, which include acquired technology, trademarks and customer relationships and contracts, and other are carried at cost and amortized using the straight-line method over their useful lives ranging from one year to ten years. Intangible assets with indefinite lives, which include only goodwill, are recorded at cost and evaluated at least annually for impairment. Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. The Company conducts a goodwill impairment analysis annually at December 31 or more frequently if indicators of impairment exist or if a decision is made to sell or exit a business. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, negative developments in equity and credit markets, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill. In reviewing goodwill for impairment, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform the two-step quantitative impairment test, otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether an entity chooses to perform the qualitative assessment or proceeds directly to the two-step quantitative impairment test. Long-lived intangible assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. |
Income Taxes | Income Taxes The Company provides for income taxes using the asset and liability method, which requires that deferred tax assets and liabilities be recognized for the expected future tax consequences of temporary differences resulting from differing treatment of items for tax and financial reporting purposes, and for operating losses and tax credit carryforwards. In estimating future tax consequences, expected future events are taken into consideration, with the exception of potential tax law or tax rate changes. The Company records a valuation allowance to reduce deferred tax assets to amounts management believes are more likely than not to be realized. The Company's assessment of uncertain tax positions requires that management makes estimates and judgments about the application of tax law, the expected resolution of uncertain tax positions and other matters. In the event that uncertain tax positions are resolved for amounts different than the Company's estimates, or the related statutes of limitations expire without the assessment of additional income taxes, the Company will be required to adjust the amounts of the related assets and liabilities in the period in which such events occur. Such adjustments may have a material impact on the Company's income tax provision and its results of operations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying value of certain of the Company's financial instruments, including cash equivalents, accounts receivable and accounts payable approximates fair value due to their short maturities. The Company's investment securities portfolio consists of bank time deposits with an original maturity of three months or less and marketable securities (money market and mutual funds) related to a deferred compensation plan. The Company's trading investments related to the deferred compensation plan are reported at fair value based on quoted market prices. The marketable securities related to the deferred compensation plan are classified as non-current trading investments, as they are intended to fund the deferred compensation plan long-term liability. Since participants in the deferred compensation plan may select the mutual funds in which their compensation deferrals are invested within the confines of the Rabbi Trust which holds the marketable securities, the Company has designated these marketable securities as trading investments, although there is no intent to actively buy and sell securities within the objective of generating profits on short-term differences in market prices. These securities are recorded at fair value based on quoted market prices. Earnings, gains and losses on trading investments are included in other income (expense), net in the consolidated statements of operations. The Company also holds non-marketable investments in equity and other securities that are accounted for as either cost or equity method investments, which are classified as other assets. The Company reviews the fair value of its non-marketable investments on a regular basis to determine whether the investments in these companies are other-than-temporarily impaired. The Company considers investee financial performance and other information received from the investee companies, as well as any other available estimates of the fair value of the investee companies in its review. If the Company determines that the carrying value of an investment exceeds its fair value, and that difference is other than temporary, the Company writes down the value of the investment to its fair value. The carrying value of cost investments is not adjusted if there are no identified adverse events or changes in circumstances that may have a material effect on the fair value of the investments. |
Net Income (Loss) per Share | Net Income (Loss) per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average outstanding shares. Diluted net income (loss) per share is computed using the weighted average outstanding shares and dilutive share equivalents. Dilutive share equivalents consist of share-based awards, including stock options, purchase rights under employee share purchase plan, and restricted stock units ("RSUs"). The dilutive effect of in-the-money share-based compensation awards is calculated based on the average share price for each fiscal period using the treasury stock method, which assumes that the amount used to repurchase shares includes the amount the employee must pay for exercising share-based awards, the amount of compensation cost not yet recognized for future service, and the amount of tax impact that would be recorded in additional paid-in capital when the award becomes deductible. The dilutive securities are excluded from the computation of diluted net loss per share from continuing operations as their effect would be anti-dilutive. |
Share-Based Compensation Expense | Share-Based Compensation Expense Share-based compensation expense includes compensation expense, reduced for estimated forfeitures, for share-based awards granted based on the grant date fair value. The grant date fair value for stock options and stock purchase rights is estimated using the Black-Scholes-Merton option-pricing valuation model. The grant date fair value of RSUs which vest upon meeting certain market conditions is estimated using the Monte-Carlo simulation method. The grant date fair value of time-based and performance-based RSUs is calculated based on the market price on the date of grant, reduced by estimated dividends yield prior to vesting. With respect to awards with service conditions only, compensation expense is recognized ratably over the vesting period of the awards. For performance-based RSUs, the Company recognizes the estimated expense using a graded-vesting method over requisite service periods of one to three years when the performance condition is determined to be probable. The performance period and the service period of the market-based grants of the Company granted are both approximately three year and the estimated expense is recognized ratable over the service period. Excess tax benefits resulting from share-based awards are classified as cash flows from financing activities in the consolidated statements of cash flows. Excess tax benefits are realized tax benefits from tax deductions for exercised options and vested RSUs in excess of the deferred tax asset attributable to share-based compensation costs for such share-based awards. The Company will recognize a benefit from share-based compensation in additional paid-in capital only if an incremental tax benefit is realized after all other available tax attributes have been utilized. Refer to recent accounting pronouncements below for changes to the accounting for share-based compensation expense effective April 1, 2017. |
Product Warranty Accrual | Product Warranty Accrual The Company estimates cost of product warranties at the time the related revenue is recognized based on historical warranty claim rates, historical costs, and knowledge of specific product failures that are outside of the Company's typical experience. The Company accrues a warranty liability for estimated costs to provide products, parts or services to repair or replace products in satisfaction of the warranty obligation. Each quarter, the Company reevaluates estimates to assess the adequacy of recorded warranty liabilities considering the size of the installed base of products subject to warranty protection and adjusts the amounts as necessary. When the Company experiences changes in warranty claim activity or costs associated with fulfilling those claims, the warranty liability is adjusted accordingly. If actual product failure rates or repair costs differ from estimates, revisions to the estimated warranty liabilities would be required and could materially affect the Company's results of operations. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is defined as the total change in shareholders' equity during the period other than from transactions with shareholders. Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) is comprised of currency translation adjustments from those entities not using the U.S. Dollar as their functional currency, unrealized gains and losses on marketable equity securities, net deferred gains and losses and prior service costs and credits for defined benefit pension plans, and net deferred gains and losses on hedging activity. |
Treasury Shares | Treasury Shares The Company periodically repurchases shares in the market at fair value. Treasury shares repurchased are recorded at cost as a reduction of total shareholders' equity. Treasury shares held may be reissued to satisfy the exercise of employee stock options and purchase rights and the vesting of restricted stock units, or may be cancelled with shareholder approval. Treasury shares that are reissued are accounted for using the first-in, first-out basis. |
Derivative Financial Instruments | Derivative Financial Instruments The Company enters into foreign exchange forward contracts to reduce the short-term effects of currency fluctuations on certain foreign currency receivables or payables and to hedge against exposure to changes in currency exchange rates related to its subsidiaries' forecasted inventory purchases. These forward contracts generally mature within four months. Gains and losses for changes in the fair value of the effective portion of the Company's forward contracts related to forecasted inventory purchases are deferred as a component of accumulated other comprehensive income (loss) until the hedged inventory purchases are sold, at which time the gains or losses are reclassified to cost of goods sold. Gains or losses from changes in the fair value of forward contracts that offset translation losses or gains on foreign currency receivables or payables are recognized immediately and included in other income (expense), net in the consolidated statements of operations. |
Restructuring Charges | Restructuring Charges The Company's restructuring charges consist of employee severance, one-time termination benefits and ongoing benefits related to the reduction of its workforce, lease exit costs, and other costs. Liabilities for costs associated with a restructuring activity are measured at fair value and are recognized when the liability is incurred, as opposed to when management commits to a restructuring plan. One-time termination benefits are expensed at the date the entity notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period. Ongoing benefits are expensed when restructuring activities are probable and the benefit amounts are estimable. Costs to terminate a lease before the end of its term are recognized when the property is vacated. Other costs primarily consist of legal, consulting, and other costs related to employee terminations are expensed when incurred. Termination benefits are calculated based on regional benefit practices and local statutory requirements. |
Segments | Segments Accounting Standard Codification ("ASC") 280, Segment Reporting , establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The guidance defines reportable segments as operating segments that meet certain quantitative thresholds. As a result of the disposition of the Lifesize video conferencing business on December 28, 2015 described above, the composition of the Company's previously reported segments changed significantly, such that the remaining peripheral segment is the only segment reported in continuing operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted In September 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments (Topic 805)” (“ASU 2015-16”), which eliminates the requirement to restate prior period financial statements for measurement period adjustments in business combinations. ASU 2015-16 requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The Company adopted this standard during the fiscal year 2017 and the adoption did not impact its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15 "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), which gives guidance and reduces diversity in practice with respect to certain types of cash flows. The Company has early adopted this guidance during the second quarter of fiscal year 2017 and the adoption did not impact its consolidated financial statements. Recent Accounting Pronouncements To Be Adopted In May 2014, the FASB issued ASU No. 2014-9, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-9") which supersedes the revenue recognition requirements under ASC 605, Revenue Recognition. ASU 2014-9 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard requires reporting companies to disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB affirmed a one-year deferral of the effective date of the new revenue standard. The new standard will become effective for the Company on April 1, 2018. The standard allows for either a "full retrospective" adoption, meaning the standard is applied to all of the periods presented, or a "modified retrospective" adoption, meaning the standard is applied only to the most current period presented in the financial statements. Subsequently, the FASB has issued the following standards related to ASU 2014-09: ASU No. 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations" (“ASU 2016-08”); ASU No. 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing" (“ASU 2016-10”); and ASU No. 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients" (“ASU 2016-12”). The Company must adopt ASU 2016-08, ASU 2016-10 and ASU 2016-12 with ASU 2014-09 (collectively, the “new revenue standards”) effective April 1, 2018. The Company’s completed evaluation will include the impacts of the new standards on certain common practices currently employed by the Company associated with its revenue transactions, such as cooperative marketing arrangements, customer incentive programs and pricing programs offered to its customers. The Company currently expects to utilize the modified retrospective transition method. Based on its preliminary findings to date, the Company does not expect processes related to identification of contracts and performance obligations as well as the variable considerations to be significantly impacted; however, the impact to consolidated financial statements will not be available until the Company completes its full assessment. It is possible that during the fiscal year 2018, the Company may identify certain areas which may result in material impact on the Company’s consolidated financial statements, or the Company may revise its adoption method. During the fiscal year 2018, the Company plans to finalize its evaluation of the impacts of the new standards, the related disclosure requirements, and method of adoption. In July 2015, the FASB issued ASU No. 2015-11, "Simplifying the Measurement of Inventory (Topic 330)", ("ASU 2015-11"). Topic 330, Inventory, currently requires an entity to measure inventory at the lower of cost or market, with market value represented by replacement cost, net realizable value or net realizable value less a normal profit margin. The amendments in ASU 2015-11 require an entity to measure inventory at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and has adopted this guidance effective April 1, 2017. In January 2016, the FASB issued ASU 2016-01 “Financial Instruments- Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-10)”, which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not believe that the adoption of this guidance will have a material impact on its consolidated financial statements and will adopt this guidance effective April 1, 2018. In February 2016, the FASB issued ASU 2016-02 "Leases (Topic 842)" ("ASU 2016-02"), which requires the recognition of lease assets and lease liabilities arising from operating leases in the statement of financial position. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the full effect that ASU 2016-02 will have on its consolidated financial statements and will adopt the standard effective April 1, 2019. In March 2016, the FASB issued ASU 2016-09 "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). The amendment simplifies several aspects of the accounting for share-based payments, including immediate recognition of all excess tax benefits and deficiencies in the income statement, changing the threshold to qualify for equity classification up to the employees' maximum statutory tax rates, allowing an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur, and clarifying the classification on the statement of cash flows for the excess tax benefit and employee taxes paid when an employer withholds shares for tax withholding purposes. The Company has adopted the standard effective April 1, 2017. Under the new standard, the Company will account for forfeitures as they occur. The change in accounting for forfeiture will not have a material impact on its consolidated financial statements. Changes to the statements of cash flows related to the classification of excess tax benefits will be implemented on a retrospective basis. The Company further estimates the cumulative-effect adjustment to retained earnings upon adoption of the new guidance to account for gross excess tax benefits that were previously not recognized because the related tax deduction had not reduced current income taxes payable is between $75 million to $80 million , subject to an assessment of a valuation allowance to reduce the deferred tax assets to amounts that are more likely than not to be realized which the Company is in the process of evaluating. In October 2016, the FASB issued ASU 2016-16 "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory" ("ASU 2016-16"), which eliminates the deferral of income tax effects of intra-entity asset transfers until the transferred asset is sold to an unrelated party or recovered through use. ASU 2016-16, however, does not apply to intra-entity transfer of inventory. The guidance is effective for annual periods beginning after December 15, 2017 and interim reporting periods within those annual periods. Early adoption is permitted but only in the first interim period of a fiscal year. The cumulative effect of change on equity upon adoption is to be quantified under the modified retrospective approach and recorded as of the beginning of the period of adoption. The Company is evaluating the full effect that ASU 2016-16 will have on its consolidated financial statements and will adopt the standard effective April 1, 2018. In December 2016, the FASB issued ASU 2016-18 "Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"), which requires that a statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The standard is effective for annual periods beginning after December 15, 2017 and interim reporting periods within those annual periods, with early adoption permitted. The adoption of this standard should be applied using a retrospective transition method to each period presented. The Company does not expect the adoption of ASU 2016-18 will have a material impact on its consolidated financial statements and is evaluating the timing of adoption of this standard. In January 2017, the FASB issued ASU 2017-04, "Simplifying the Test for Goodwill Impairment (Topic 330)" ("ASU 2017-04"), which removes Step 2 from the goodwill impairment test. The standard will be effective for the Company for annual or any interim goodwill impairments in fiscal year beginning December 15, 2019, with early adoption permitted. The Company does not expect the adoption of ASU 2017-04 will have an impact on its consolidated financial statements and has adopted this guidance effective April 1, 2017. In March 2017, the FASB issued ASU 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" ("ASU 2017-07"), which requires that the Company disaggregate the service cost component from the other components of net benefit cost, and also provides guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. The standard is effective for the Company for annual periods beginning after December 15, 2017, including interim periods within those annual periods, with early adoption permitted. The Company does not expect the adoption of ASU 2017-07 will have a material impact on its consolidated financial statements and has adopted this guidance effective April 1, 2017. In May 2017, the FASB issued ASU 2017-09, "Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting" ("ASU 2017-09"), which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The standard is effective for the Company for annual periods beginning after December 15, 2017, with early adoption permitted, including adoption in any interim period for which financial statements have not yet been issued. The Company does not expect the adoption of ASU 2017-07 will have a material impact on its consolidated financial statements and has adopted this guidance effective April 1, 2017. |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Aggregate Consideration in Business Combinations | The fair value of consideration transferred for the Jaybird Acquisition consists of the following (in thousands): Purchase price $ 54,242 Fair value of contingent consideration (earn-out) 18,000 Fair value of total consideration transferred $ 72,242 |
Schedule of Allocation of Purchase Consideration | The following table summarizes the allocation of the total consideration transferred to the estimated fair values of the assets acquired and liabilities assumed at the Acquisition Date (in thousands): Estimated Fair Value Cash and cash equivalents $ 255 Accounts receivable 272 Inventories 10,214 Other current assets 611 Property, plant, and equipment 1,165 Intangible assets 50,280 Other assets 27 Total identifiable assets acquired 62,824 Accounts payable (10,513 ) Accrued liabilities (1,227 ) Other current liabilities (5,226 ) Other long-term liabilities (283 ) Net identifiable assets acquired $ 45,575 Goodwill 26,667 Net assets acquired $ 72,242 |
Schedule of Intangible Assets Acquired | The following table sets forth the components of identifiable intangible assets acquired at their estimated fair values and their estimated useful lives as of the Acquisition Date (Dollars in thousands): Fair Value Estimated Useful Life (years) Developed technology $ 18,450 4.0 Customer relationships 19,900 8.0 Trade name 9,380 6.0 Intangible assets with finite lives acquired 47,730 6.1 In-process research & development ("IPR&D") 2,550 Not Applicable Total intangible assets acquired $ 50,280 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The Company recognized a gain on its divestiture of Lifesize video conferencing business as follows (in thousands): Year Ended March 31, 2016 Proceeds received from disposition of discontinued operations $ 2,500 Fair value of retained cost method investment as a result of divestiture of discontinued operations 5,591 Net liabilities of discontinued operations disposed 9,981 Currency translation loss released due to disposition of discontinued operations (1) (3,913 ) Transaction related costs (475 ) Gain on disposal of discontinued operations (2) $ 13,684 (1) Currency translation loss recognized as a result of substantial liquidation of a subsidiary using non-USD functional currency, which is part of discontinued operations (2) Gain on disposal of discontinued operation was included in loss from discontinued operations, net of income taxes, in the Company's consolidated statement of operations The following table presents financial results of the video conferencing classified as discontinued operations (in thousands): Years Ended March 31, 2016 2015 Net sales $ 65,554 $ 109,039 Cost of goods sold 24,951 40,299 Gross profit 40,603 68,740 Operating expenses: Marketing and selling 32,260 56,856 Research and development 16,526 22,706 General and administrative 5,254 5,439 Impairment of goodwill (1) — 122,734 Restructuring charges (credits), net 7,900 (111 ) Operating expenses 61,940 207,624 Operating loss from discontinued operations (21,337 ) (138,884 ) Interest and other expense, net 205 426 Gain on disposal of discontinued operations 13,684 — Loss from discontinued operations before income taxes (7,858 ) (139,310 ) Provision for (benefit from) income taxes 1,187 (164 ) Net loss from discontinued operations $ (9,045 ) $ (139,146 ) (1) The Company recognized $122.7 million impairment of goodwill in its discontinued operations as result of its impairment analysis as of March 31, 2015. Refer to the Company's Annual Report on Form 10-K for fiscal year 2015. |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of computations of basic and diluted net income (loss) per share | The computations of basic and diluted net income (loss) per share for the Company were as follows (in thousands except per share amounts): Years Ended March 31, 2017 2016 2015 Net Income (loss): Continuing operations $ 205,876 $ 128,362 $ 148,429 Discontinued operations — (9,045 ) (139,146 ) Net income $ 205,876 $ 119,317 $ 9,283 Shares used in net income (loss) per share computation: Weighted average shares outstanding - basic 162,058 163,296 163,536 Effect of potentially dilutive equivalent shares 3,482 2,496 2,638 Weighted average shares outstanding - diluted 165,540 165,792 166,174 Net income (loss) per share - basic: Continuing operations $ 1.27 $ 0.79 $ 0.91 Discontinued operations $ — $ (0.06 ) $ (0.85 ) Net income per share - basic $ 1.27 $ 0.73 $ 0.06 Net income (loss) per share - diluted: Continuing operations $ 1.24 $ 0.77 $ 0.89 Discontinued operations $ — $ (0.05 ) $ (0.83 ) Net income per share - diluted $ 1.24 $ 0.72 $ 0.06 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of share-based compensation expense and related tax benefit recognized | The following table summarizes share-based compensation expense and related tax benefit recognized for fiscal years 2017 , 2016 and 2015 (in thousands): Years Ended March 31, 2017 2016 2015 Cost of goods sold $ 2,663 $ 2,340 $ 2,474 Marketing and selling 14,723 9,273 8,570 Research and development 4,200 3,046 2,381 General and administrative 14,304 12,353 10,766 Restructuring — 7 — Total share-based compensation expense 35,890 27,019 24,191 Income tax benefit (8,536 ) (6,297 ) (4,814 ) Total share-based compensation expense, net of income tax $ 27,354 $ 20,722 $ 19,377 |
Summary of unamortized share-based compensation expense and the remaining months over which such expense is expected to be recognized | The following table summarizes total unamortized share-based compensation expense and the remaining months over which such expense is expected to be recognized, on a weighted-average basis by type of grant (in thousands, except number of months): March 31, 2017 Unamortized Expense Remaining Months ESPP $ 1,191 4 Time-based RSUs 36,172 21 Market-based and performance-based RSUs 9,241 17 $ 46,604 |
Schedule of assumptions applied for the fair value of market-based RSUs using the Monte-Carlo simulation method | The grant date fair value of the awards using the Black-Scholes-Merton option-pricing valuation model and Monte-Carlo simulation method are determined with the following assumptions and values: Employee Stock Purchase Plans Years Ended March 31, 2017 2016 2015 Dividend yield 2.50 % 3.47 % 1.97 % Risk-free interest rate 0.51 % 0.29 % 0.14 % Expected volatility 35 % 26 % 30 % Expected life (years) 0.5 0.5 0.6 Weighted average fair value $ 5.73 $ 3.29 $ 3.18 Market-based RSUs Years Ended March 31, 2017 2016 2015 Dividend yield 3.29 % 3.78 % 1.86 % Risk-free interest rate 0.86 % 0.84 % 0.83 % Expected volatility 34 % 38 % 46 % Expected life (years) 3.0 3.0 3.0 |
Summary of stock option activity | A summary of the Company's stock option activities under all stock plans for fiscal years 2017 , 2016 and 2015 is as follows (including discontinued operations for fiscal year 2015 and 2016): Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (Years) (In thousands) Outstanding, March 31, 2014 9,816 Granted — Exercised (390 ) $ 1,505 Cancelled or expired (1,550 ) Outstanding, March 31, 2015 7,876 Granted — Exercised (746 ) $ 4,026 Cancelled or expired (1,796 ) Outstanding, March 31, 2016 5,334 $ 18 Granted — $ — Exercised (1,784 ) $ 16 $ 14,627 Cancelled or expired (500 ) $ 23 Outstanding, March 31, 2017 3,050 $ 18 3.6 $ 41,853 Vested and expected to vest, March 31, 2017 3,050 $ 18 3.6 $ 41,853 Vested and exercisable, March 31, 2017 3,050 $ 18 3.6 $ 41,853 |
Summary of time- and performance-based RSU activity | A summary of the Company's time-based, market-based, and performance-based RSU activities for fiscal years 2017 , 2016 and 2015 is as follows (including discontinued operations for all the periods presented): Number of Shares Weighted-Average Grant Date Fair Value Weighted-Average Remaining Vesting Period Aggregate Fair Value (In thousands) (Years) (In thousands) Outstanding, March 31, 2014 6,088 $ 10 Granted—time-based 1,332 $ 13 Granted—market-based 523 $ 13 Granted - performance-based 55 $ 12 Vested (1,949 ) $ 10 $ 27,844 Cancelled or expired (1,110 ) $ 11 Outstanding, March 31, 2015 4,939 $ 11 Granted—time-based 2,247 $ 13 Granted—market-based 356 $ 14 Granted - performance-based 356 $ 13 Vested (1,557 ) $ 10 $ 22,823 Cancelled or expired (820 ) $ 12 Outstanding, March 31, 2016 5,521 $ 11 Granted—time-based 2,390 $ 16 Granted—market-based 160 $ 15 Granted - performance-based 604 $ 15 Vested (2,126 ) $ 11 $ 48,644 Cancelled or expired (368 ) $ 14 Outstanding, March 31, 2017 6,181 $ 14 1.2 $ 196,983 Expected to vest, March 31, 2017 4,859 $ 14 1.2 $ 154,846 |
Schedule of net periodic benefit costs | The net periodic benefit cost of the defined benefit pension plans and the non-retirement post-employment benefit obligations for fiscal years 2017 , 2016 and 2015 was as follows (in thousands): Years Ended March 31, 2017 2016 2015 Service costs $ 10,385 $ 10,117 $ 7,646 Interest costs 800 1,147 1,970 Expected return on plan assets (1,724 ) (1,657 ) (2,084 ) Amortization: Net transition obligation 4 4 4 Net prior service costs (credit) recognized (117 ) (124 ) (45 ) Net actuarial loss recognized 1,032 1,854 301 Settlement and curtailment — — (13 ) $ 10,380 $ 11,341 $ 7,779 |
Schedule of changes in projected benefit obligations | The changes in projected benefit obligations for fiscal years 2017 and 2016 were as follows (in thousands): Years Ended March 31, 2017 2016 Projected benefit obligations, beginning of the year $ 120,473 $ 113,323 Service costs 10,385 10,117 Interest costs 800 1,147 Plan participant contributions 3,020 2,990 Actuarial (gains) losses (11,081 ) (2,496 ) Benefits paid (5,214 ) (5,277 ) Plan amendment related to statutory change 65 — Administrative expense paid (132 ) — Currency exchange rate changes (3,676 ) 669 Projected benefit obligations, end of the year $ 114,640 $ 120,473 |
Schedule of changes in the fair value of defined benefit pension plan assets | The following table presents the changes in the fair value of defined benefit pension plan assets for fiscal years 2017 and 2016 (in thousands): Years Ended March 31, 2017 2016 Fair value of plan assets, beginning of the year $ 65,279 $ 60,910 Actual return on plan assets 4,733 (1,160 ) Employer contributions 5,865 7,171 Plan participant contributions 3,020 2,990 Benefits paid (5,214 ) (5,277 ) Administrative expenses paid (132 ) — Currency exchange rate changes (2,175 ) 645 Fair value of plan assets, end of the year $ 71,376 $ 65,279 |
Schedule of fair value of the defined benefit pension plan assets by major categories and by levels within the fair value hierarchy | The following tables present the fair value of the defined benefit pension plan assets by major categories and by levels within the fair value hierarchy as of March 31, 2017 and 2016 (in thousands): March 31, 2017 2016 Level 1 Level 2 Total Level 1 Level 2 Total Cash and cash equivalents $ 11,864 $ 46 $ 11,910 $ 9,268 $ 47 $ 9,315 Equity securities 20,985 — 20,985 18,640 — 18,640 Debt securities 22,373 — 22,373 21,781 — 21,781 Swiss real estate funds 9,699 — 9,699 9,622 — 9,622 Hedge funds — 3,507 3,507 — 3,492 3,492 Insurance contracts — 61 61 — 94 94 Other 2,654 187 2,841 2,195 140 2,335 $ 67,575 $ 3,801 $ 71,376 $ 61,506 $ 3,773 $ 65,279 |
Schedule of net funded status | The funded status of the plans was as follows (in thousands): Years Ended March 31, 2017 2016 Fair value of plan assets $ 71,376 $ 65,279 Less: projected benefit obligations 114,640 120,473 Under funded status $ (43,264 ) $ (55,194 ) |
Schedule of amounts recognized on the balance sheet for the plans | Amounts recognized on the balance sheet for the plans were as follows (in thousands): March 31, 2017 2016 Current liabilities $ (1,266 ) $ (1,285 ) Non-current liabilities (41,998 ) (53,909 ) Net liabilities $ (43,264 ) $ (55,194 ) |
Schedule of amounts recognized in other comprehensive income (loss) | Amounts recognized in accumulated other comprehensive loss related to defined benefit pension plans were as follows (in thousands): March 31, 2017 2016 2015 Net prior service credits $ 1,274 $ 1,613 $ 1,672 Net actuarial loss (11,407 ) (27,612 ) (28,751 ) Net transition obligation — (4 ) (8 ) Accumulated other comprehensive loss (10,133 ) (26,003 ) (27,087 ) Deferred tax benefit (347 ) (168 ) 123 Accumulated other comprehensive loss, net of tax $ (10,480 ) $ (26,171 ) $ (26,964 ) |
Schedule of amounts in accumulated other comprehensive income (loss) to be recognized over next fiscal year | The following table presents the amounts included in accumulated other comprehensive loss as of March 31, 2017 , which are expected to be recognized as a component of net periodic benefit cost in fiscal year 2018 (in thousands): Year Ending March 31, 2018 Amortization of net prior service credits $ (107 ) Amortization of net actuarial loss 306 $ 199 |
Schedule of actuarial assumptions for the pension plans | The Company reassesses its benefit plan assumptions on a regular basis. The actuarial assumptions for the defined benefit plans for fiscal years 2017 and 2016 were as follows: Years Ended March 31, 2017 2016 Benefit Obligations: Discount rate 0.75%-7.00% 0.5%-8.00% Estimated rate of compensation increase 2.5%-10.00% 2.50%-10.00% Periodic Costs: Discount rate 0.5%-8.00% 0.75%-7.75% Estimated rate of compensation increase 2.5%-10.00% 0.0%-8.00% Expected average rate of return on plan assets 1.0%-2.75% 1.00%-2.75% |
Schedule of expected benefit payments | The following table reflects the benefit payments that the Company expects the plans to pay in the periods noted (in thousands): Years Ending March 31, 2018 $ 5,006 2019 5,408 2020 5,720 2021 5,291 2022 5,595 2023-2027 30,614 $ 57,634 |
Other Income (Expense), net (Ta
Other Income (Expense), net (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of interest and other income (expense), net | Other income (expense), net comprises of the following (in thousands): Years Ended March 31, 2017 2016 2015 Investment income (loss) related to a deferred compensation plan $ 1,343 $ (364 ) $ 1,055 Impairment of investment — — (2,298 ) Currency exchange gain (loss), net 169 2,110 (1,175 ) Other 165 (122 ) 120 Other income (expense), net $ 1,677 $ 1,624 $ (2,298 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of income (loss) before income taxes | Income from continuing operations before income taxes for the fiscal years 2017 , 2016 and 2015 is summarized as follows (in thousands): Years Ended March 31, 2017 2016 2015 Swiss $ 161,544 $ 80,572 $ 119,460 Non-Swiss 53,445 50,900 33,623 Income before taxes $ 214,989 $ 131,472 $ 153,083 |
Schedule of provision (benefit) for income taxes | The provision for (benefit from) income taxes is summarized as follows (in thousands): Years Ended March 31, 2017 2016 2015 Current: Swiss $ 1,934 $ 1,668 $ 1,152 Non-Swiss 9,774 (2,582 ) 579 Deferred: Non-Swiss (2,595 ) 4,024 2,923 Provision for income taxes $ 9,113 $ 3,110 $ 4,654 |
Schedule of difference between the provision (benefit) for income taxes and expected tax provision (benefit) at the statutory income tax rate | The difference between the provision for income taxes and the expected tax provision at the statutory income tax rate of 8.5% is reconciled below (in thousands): Years Ended March 31, 2017 2016 2015 Expected tax provision at statutory income tax rates $ 18,274 $ 11,175 $ 13,012 Income taxes at different rates (5,247 ) (2,713 ) (4,299 ) Research and development tax credits (2,309 ) (1,619 ) (1,120 ) Executive compensation 654 864 1,557 Stock-based compensation 1,794 1,446 2,261 Valuation allowance 1,024 947 764 Restructuring charges / (credits) 2 1,514 (415 ) Tax reserves (releases), net (5,570 ) (8,761 ) (6,912 ) Audit settlement — — (837 ) Other, net 491 257 643 Provision for income taxes $ 9,113 $ 3,110 $ 4,654 |
Schedule of deferred income tax assets and liabilities | Deferred income tax assets and liabilities consist of the following (in thousands): March 31, 2017 2016 Deferred tax assets: Net operating loss carryforwards $ 4,306 $ 7,136 Tax credit carryforwards 5,825 2,981 Accruals 41,570 36,365 Depreciation and amortization 2,860 4,059 Share-based compensation 11,846 12,890 Gross deferred tax assets 66,407 63,431 Valuation allowance (6,626 ) (5,338 ) Gross deferred tax assets after valuation allowance 59,781 58,093 Deferred tax liabilities: Acquired intangible assets and other (4,267 ) (3,550 ) Gross deferred tax liabilities (4,267 ) (3,550 ) Deferred tax assets, net $ 55,514 $ 54,543 |
Summary of aggregate changes in gross unrecognized tax benefits | The aggregate changes in gross unrecognized tax benefits in fiscal years 2017 , 2016 and 2015 were as follows (in thousands): March 31, 2014 $ 91,046 Lapse of statute of limitations (14,071 ) Settlements with tax authorities (2,160 ) Decreases in balances related to tax positions taken during prior years (3,544 ) Increases in balances related to tax positions taken during the year 7,752 March 31, 2015 $ 79,023 Lapse of statute of limitations (15,518 ) Settlements with tax authorities — Decreases in balances related to tax positions taken during prior years (1,502 ) Increases in balances related to tax positions taken during the year 7,876 March 31, 2016 $ 69,879 Lapse of statute of limitations (14,161 ) Settlements with tax authorities — Decreases in balances related to tax positions taken during prior years (1,610 ) Increases in balances related to tax positions taken during the year 9,559 March 31, 2017 $ 63,667 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of components of balance sheet asset | The following table presents the components of certain balance sheet asset amounts as of March 31, 2017 and 2016 (in thousands): March 31, 2017 2016 Accounts receivable: Accounts receivable $ 395,754 $ 332,553 Allowance for doubtful accounts (607 ) (667 ) Allowance for sales returns (18,800 ) (18,526 ) Allowance for cooperative marketing arrangements (28,022 ) (28,157 ) Allowance for customer incentive programs (60,857 ) (60,872 ) Allowance for pricing programs (102,289 ) (81,553 ) $ 185,179 $ 142,778 Inventories: Raw materials $ 30,582 $ 48,489 Finished goods 222,819 180,297 $ 253,401 $ 228,786 Other current assets: Value-added tax receivables $ 23,132 $ 22,572 Prepaid expenses and other assets 18,600 12,916 $ 41,732 $ 35,488 Property, plant and equipment, net: Plant, buildings and improvements $ 58,881 $ 62,150 Equipment 176,291 166,371 Computer equipment 27,812 36,018 Software 72,441 97,201 335,425 361,740 Less accumulated depreciation and amortization (263,352 ) (278,352 ) 72,073 83,388 Construction-in-process 10,537 6,771 Land 2,798 2,701 $ 85,408 $ 92,860 Other assets: Deferred tax assets $ 57,303 $ 56,208 Trading investments for deferred compensation plan 15,043 14,836 Investment in privately held companies 10,776 9,247 Other assets 4,997 6,525 $ 88,119 $ 86,816 |
Schedule of components of balance sheet liability | The following table presents the components of certain balance sheet liability amounts as of March 31, 2017 and 2016 (in thousands): March 31, 2017 2016 Accrued and other current liabilities: Accrued personnel expenses $ 88,346 $ 46,025 Indirect customer incentive programs 36,409 28,721 Warranty accrual 13,424 11,880 Employee benefit plan obligation 1,266 1,285 Income taxes payable 6,232 1,553 Contingent consideration for business acquisition - current portion 2,889 — Other current liabilities 83,707 84,300 $ 232,273 $ 173,764 Other non-current liabilities: Warranty accrual $ 8,487 $ 8,500 Obligation for deferred compensation plan 15,043 14,836 Employee benefit plan obligation 41,998 53,909 Deferred tax liability 1,789 1,665 Contingent consideration for business acquisition - non-current portion 7,019 — Other non-current liabilities 9,355 10,625 $ 83,691 $ 89,535 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities accounted for at fair value and classified by level within the fair value hierarchy | The following table presents the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis, excluding assets related to the Company's defined benefit pension plans, classified by the level within the fair value hierarchy (in thousands): March 31, 2017 March 31, 2016 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 448,742 $ — $ — $ 10,000 $ — $ — Trading investments for deferred compensation plan included in other assets: Money market funds $ 2,813 $ — $ — $ 3,467 $ — $ — Mutual funds 12,230 — — 11,369 — — Total of trading investments for deferred compensation plan $ 15,043 $ — $ — $ 14,836 $ — $ — Currency exchange derivative assets included in other current assets $ — $ 48 $ — $ — $ 10 $ — Liabilities: Acquisition-related contingent consideration included in accrued and other current liabilities and other non-current liabilities $ — $ — $ 9,908 $ — $ — $ — Currency exchange derivative liabilities included in accrued and other current liabilities $ — $ 443 $ — $ — $ 1,132 $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the change in the fair value of the Company’s contingent consideration balance during fiscal years 2017 (in thousands): Year Ended March 31, 2017 Acquisition-related contingent consideration, beginning of the year $ — Fair value of contingent consideration upon acquisition 18,000 Change in fair value of contingent consideration (8,092 ) Acquisition-related contingent consideration, end of the year $ 9,908 |
Derivative Financial Instrume35
Derivative Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivative Instruments | The following table presents the fair values of the Company's derivative instruments as of March 31, 2017 and 2016 (in thousands): Derivatives Asset Liability March 31, March 31, 2017 2016 2017 2016 Designated as hedging instruments: Cash flow hedges $ 48 $ 10 $ 402 $ 1,038 |
Schedule of Gains and Losses on Derivative Instruments | The following table presents the amounts of gains and losses on the Company's derivative instruments for fiscal years 2017 , 2016 and 2015 and their locations on its consolidated statements of operations and consolidated statements of comprehensive income (loss) (in thousands): Amount of Amount of Loss (Gain) 2017 2016 2015 2017 2016 2015 Designated as hedging instruments: Cash flow hedges $ 2,928 $ (2,432 ) $ 8,971 $ (1,670 ) $ (3,296 ) $ (4,505 ) |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill Activity | The following table summarizes the activity in the Company's goodwill balance during fiscal years 2017 and 2016 (in thousands): Years Ended March 31, 2017 2016 Beginning of the period $ 218,224 $ 218,213 Acquisitions 31,553 — Currency exchange rate impact and other (36 ) 11 End of the period $ 249,741 $ 218,224 |
Schedule of Finite-Lived Intangible Assets | The Company's acquired intangible assets subject to amortization were as follows (in thousands): March 31, 2017 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Trademark and tradenames $ 16,500 $ (6,933 ) $ 9,567 $ 5,300 $ (5,300 ) $ — Technology 63,285 (42,831 ) 20,454 36,810 (36,810 ) — Customer contracts/relationships 25,180 (7,637 ) 17,543 5,900 (5,900 ) — $ 104,965 $ (57,401 ) $ 47,564 $ 48,010 $ (48,010 ) $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum annual rentals under non-cancelable operating leases | Future minimum annual rentals under non-cancelable operating leases at March 31, 2017 are as follows (in thousands): Years Ending March 31, 2018 $ 10,294 2019 8,759 2020 7,036 2021 4,907 2022 4,084 Thereafter 4,283 $ 39,363 |
Schedule of warranty liability | Changes in the Company's warranty liability for fiscal years 2017 and 2016 were as follows (in thousands): Years Ended March 31, 2017 2016 Beginning of the period $ 20,380 $ 21,710 Assumed from business acquisition 1,963 — Provision 15,341 9,772 Settlements (15,270 ) (11,339 ) Currency translation (503 ) 237 End of the period $ 21,911 $ 20,380 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of repurchased shares under share buyback program | A summary of the approved and active share buyback program is 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 9,093 $ 155,358 March 2017 NA 250,000 — — |
Schedule of components of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive loss were as follows (in thousands): Accumulated Other Comprehensive Income (Loss) Cumulative Translation Adjustment (1) Defined Benefit Plans(1) Deferred Hedging Gains (Losses) Total March 31, 2016 $ (84,038 ) $ (26,171 ) $ (1,776 ) $ (111,985 ) Other comprehensive income (loss) (5,670 ) 15,691 1,258 11,279 March 31, 2017 $ (89,708 ) $ (10,480 ) $ (518 ) $ (100,706 ) _______________________________________ (1) Tax effect was not significant as of March 31, 2017 or 2016 . |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of net sales by product categories, excluding intercompany transactions | Net sales by product categories and sales channels, excluding intercompany transactions, were as follows (in thousands): Years Ended March 31, 2017 2016 2015 Mobile Speakers $ 301,021 $ 229,718 $ 178,038 Audio-PC & Wearables 246,390 196,013 213,496 Gaming 314,362 245,101 211,911 Video Collaboration 127,009 89,322 62,215 Home Control 65,510 59,075 68,060 Pointing Devices 501,562 492,543 487,210 Keyboards & Combos 480,312 430,190 426,117 Tablet & Other Accessories 76,879 103,886 140,994 PC Webcams 107,087 98,641 96,680 Other (1) 1,295 2,570 2,725 Total net retail sales 2,221,427 1,947,059 1,887,446 OEM — 71,041 117,462 Total net sales $ 2,221,427 $ 2,018,100 $ 2,004,908 ______________________________________ (1) Other category includes products that the Company currently intends to transition out of, or have already transitioned out of, because they are no longer strategic to the Company's business. |
Schedule of net sales to unaffiliated customers by geographic region | Net sales by geographic region for fiscal years 2017 , 2016 and 2015 (based on the customers' location) were as follows (in thousands): Years Ended March 31, 2017 2016 2015 Americas $ 963,674 $ 881,379 $ 864,761 EMEA 746,898 645,694 670,890 Asia Pacific 510,855 491,027 469,257 $ 2,221,427 $ 2,018,100 $ 2,004,908 |
Schedule of long-lived assets by geographic region | Geographic long-lived assets information, primarily fixed assets, are reported below based on the location of the asset (in thousands): March 31, 2017 2016 Americas $ 37,242 $ 40,221 EMEA 4,006 3,194 Asia Pacific 44,160 49,445 $ 85,408 $ 92,860 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Summary of restructuring related activities | The following table summarizes restructuring related activities during fiscal year 2017 and 2016 from continuing operations (in thousands): Restructuring - Continuing Operations Termination Benefits Lease Exit Costs Other Total Accrual balance at March 31, 2015 — 954 $ — $ 954 Charges, net 17,280 337 185 17,802 Cash payments (11,373 ) (1,166 ) (185 ) (12,724 ) Accrual balance at March 31, 2016 5,907 125 — 6,032 Charges, net 23 — — 23 Cash payments (5,195 ) (125 ) — (5,320 ) Accrual balance at March 31, 2017 $ 735 $ — $ — $ 735 *This balance is included in accrued and other current liabilities on the Company’s consolidated balance sheets. |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Apr. 01, 2017 | |
Advertising Costs | ||||
Advertising costs | $ 208,700 | $ 181,700 | $ 165,700 | |
Inventories | ||||
Inventory liability | 7,200 | 8,500 | ||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Deferred tax assets | 66,407 | 63,431 | ||
Change in Accounting Estimate [Abstract] | ||||
Net sales | 2,221,427 | $ 2,018,100 | $ 2,004,908 | |
Change in Accounting Method Accounted for as Change in Estimate | ||||
Change in Accounting Estimate [Abstract] | ||||
Net sales | $ 14,400 | |||
Minimum | ||||
Concentration of Credit Risk | ||||
Customer payment term | 30 days | |||
Other Intangible Assets | ||||
Estimated useful life | 1 year | |||
Maximum | ||||
Concentration of Credit Risk | ||||
Customer payment term | 60 days | |||
Other Intangible Assets | ||||
Estimated useful life | 10 years | |||
Plant and buildings | Minimum | ||||
Property, Plant and Equipment | ||||
Estimated useful life | 10 years | |||
Plant and buildings | Maximum | ||||
Property, Plant and Equipment | ||||
Estimated useful life | 25 years | |||
Equipment | Minimum | ||||
Property, Plant and Equipment | ||||
Estimated useful life | 3 years | |||
Equipment | Maximum | ||||
Property, Plant and Equipment | ||||
Estimated useful life | 5 years | |||
Internal-use software development | Minimum | ||||
Property, Plant and Equipment | ||||
Estimated useful life | 3 years | |||
Internal-use software development | Maximum | ||||
Property, Plant and Equipment | ||||
Estimated useful life | 7 years | |||
Customer One | Customer Concentration | Consolidated net sales | ||||
Concentration of Credit Risk | ||||
Concentration credit risk by major customer (as a percent) | 15.00% | 14.00% | 15.00% | |
Customer One | Credit concentration | Accounts receivable | ||||
Concentration of Credit Risk | ||||
Concentration credit risk by major customer (as a percent) | 18.00% | 15.00% | ||
Customer Two | Customer Concentration | Consolidated net sales | ||||
Concentration of Credit Risk | ||||
Concentration credit risk by major customer (as a percent) | 12.00% | 10.00% | ||
Customer Two | Credit concentration | Accounts receivable | ||||
Concentration of Credit Risk | ||||
Concentration credit risk by major customer (as a percent) | 12.00% | |||
Performance-based RSU | Minimum | ||||
Share-based Compensation Expense | ||||
Share based compensation expense recognition period | 1 year | |||
Performance-based RSU | Maximum | ||||
Share-based Compensation Expense | ||||
Share based compensation expense recognition period | 3 years | |||
Market Based RSUs | 2006 Plan | ||||
Share-based Compensation Expense | ||||
Vesting period | 3 years | 3 years | 3 years | |
Accounting Standards Update 2016-09 | Subsequent Event | Minimum | ||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Deferred tax assets | $ 75,000 | |||
Accounting Standards Update 2016-09 | Subsequent Event | Maximum | ||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Deferred tax assets | 80,000 | |||
Retained earnings | Accounting Standards Update 2016-09 | Subsequent Event | Minimum | ||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Cumulative effect of new accounting principle in period of adoption | 75,000 | |||
Retained earnings | Accounting Standards Update 2016-09 | Subsequent Event | Maximum | ||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Cumulative effect of new accounting principle in period of adoption | $ 80,000 | |||
Operating Expense | ||||
Advertising Costs | ||||
Advertising costs | $ 32,200 | $ 23,600 | $ 24,000 | |
Designated as hedging instruments: | Cash flow hedges | Foreign Exchange Forward | ||||
Share-based Compensation Expense | ||||
Derivative term of contract | 4 months |
Business Acquisitions (Narrati
Business Acquisitions (Narrative) (Details) - USD ($) | Sep. 15, 2016 | Apr. 20, 2016 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Business Acquisition [Line Items] | |||||||
Amortization of intangible assets | $ 9,367,000 | $ 1,885,000 | $ 8,361,000 | ||||
Goodwill | 249,741,000 | $ 218,224,000 | $ 218,213,000 | ||||
Acquisition-related costs | 1,500,000 | ||||||
Jaybird LLC of Salt Lake City | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price | $ 54,242,000 | ||||||
Purchase accounting effect on inventories | 700,000 | ||||||
Estimated useful life | 6 years 1 month 6 days | ||||||
Intangible assets | $ 50,280,000 | ||||||
Goodwill | 26,667,000 | ||||||
Saitek Acquisition | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price | $ 13,000,000 | ||||||
Intangible assets | 6,700,000 | ||||||
Goodwill | 4,900,000 | ||||||
Net tangible assets acquired | $ 1,400,000 | ||||||
Revenue Growth | Jaybird LLC of Salt Lake City | |||||||
Business Acquisition [Line Items] | |||||||
Maximum earn-out | $ 45,000,000 | ||||||
Earn-out term | 2 years | ||||||
Scenario, Forecast | Revenue Growth | Jaybird LLC of Salt Lake City | |||||||
Business Acquisition [Line Items] | |||||||
Earn-out payments (up to) | $ 20,000,000 | $ 25,000,000 | |||||
Developed technology | Jaybird LLC of Salt Lake City | |||||||
Business Acquisition [Line Items] | |||||||
Amortization of intangible assets | $ 4,400,000 | ||||||
Estimated useful life | 4 years | 5 years | |||||
Customer relationships | Jaybird LLC of Salt Lake City | |||||||
Business Acquisition [Line Items] | |||||||
Estimated useful life | 8 years | ||||||
Trade name | Jaybird LLC of Salt Lake City | |||||||
Business Acquisition [Line Items] | |||||||
Estimated useful life | 6 years | ||||||
Customer Relationships and Trade Names | Jaybird LLC of Salt Lake City | |||||||
Business Acquisition [Line Items] | |||||||
Amortization of intangible assets | $ 3,800,000 | ||||||
Level 3 | Revenue Growth | Jaybird LLC of Salt Lake City | |||||||
Business Acquisition [Line Items] | |||||||
Discount rate for value measurement | 16.00% | ||||||
Level 3 | Developed technology | Jaybird LLC of Salt Lake City | |||||||
Business Acquisition [Line Items] | |||||||
Royalty rate for value measurement | 10.00% | ||||||
Discount rate for value measurement | 16.00% | ||||||
Level 3 | Customer relationships | Jaybird LLC of Salt Lake City | |||||||
Business Acquisition [Line Items] | |||||||
Discount rate for value measurement | 16.00% | ||||||
Level 3 | Trade name | Jaybird LLC of Salt Lake City | |||||||
Business Acquisition [Line Items] | |||||||
Royalty rate for value measurement | 2.50% |
Business Acquisitions (Schedul
Business Acquisitions (Schedule of Consideration in Business Combinations) (Details) - Jaybird LLC of Salt Lake City $ in Thousands | Apr. 20, 2016USD ($) |
Business Acquisition [Line Items] | |
Purchase price | $ 54,242 |
Fair value of contingent consideration (earn-out) | 18,000 |
Fair value of total consideration transferred | $ 72,242 |
Business Acquisitions (Recogni
Business Acquisitions (Recognized Identifiable Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Apr. 20, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 249,741 | $ 218,224 | $ 218,213 | |
Jaybird LLC of Salt Lake City | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 255 | |||
Accounts receivable | 272 | |||
Inventories | 10,214 | |||
Other current assets | 611 | |||
Property, plant, and equipment | 1,165 | |||
Intangible assets | 50,280 | |||
Other assets | 27 | |||
Total identifiable assets acquired | 62,824 | |||
Accounts payable | (10,513) | |||
Accrued liabilities | (1,227) | |||
Other current liabilities | (5,226) | |||
Other long-term liabilities | (283) | |||
Net identifiable assets acquired | 45,575 | |||
Goodwill | 26,667 | |||
Net assets acquired | $ 72,242 |
Business Acquisitions (Sched45
Business Acquisitions (Schedule of Intangible Assets Acquired) (Details) - Jaybird LLC of Salt Lake City - USD ($) $ in Thousands | Apr. 20, 2016 | Mar. 31, 2017 |
Business Acquisition [Line Items] | ||
Finite-lived intangible assets acquired | $ 47,730 | |
Estimated useful life | 6 years 1 month 6 days | |
Total intangible assets | $ 50,280 | |
Developed technology | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible assets acquired | $ 18,450 | |
Estimated useful life | 4 years | 5 years |
Customer relationships | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible assets acquired | $ 19,900 | |
Estimated useful life | 8 years | |
Trade name | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible assets acquired | $ 9,380 | |
Estimated useful life | 6 years | |
In-process research & development (IPR&D) | ||
Business Acquisition [Line Items] | ||
Indefinite-lived intangible assets acquired | $ 2,550 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Millions | Dec. 28, 2015USD ($)firmshares |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of venture firms invested in Lifesize | firm | 3 |
Lifesize | Series B Preferred Stock | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of shares sold in transaction (in shares) | 17,500,000 |
Proceeds from sale of shares | $ | $ 17.5 |
Percentage of ownership from investor | 62.50% |
Lifesize | Registered shares | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of shares reserved for issuance under a stock plan (in shares) | 8,000,000 |
Lifesize | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Ownership after transaction | 37.50% |
Lifesize | Series B Preferred Stock | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of shares sold in transaction (in shares) | 2,500,000 |
Proceeds from sale of shares | $ | $ 2.5 |
Lifesize | Series A Preferred Stock | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of shares retained (in shares) | 12,000,000 |
Level 3 | Lifesize | Fair Value, Measurements, Nonrecurring | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cost method investments | $ | $ 5.6 |
Fair value inputs, volatility rate | 50.00% |
Expected term to exit | 3 years |
Discount for lack of marketability | 27.00% |
Discontinued Operations (Video
Discontinued Operations (Video Conference Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment of goodwill | $ 0 | $ 0 | $ 122,734 |
Net loss from discontinued operations | $ 0 | (9,045) | (139,146) |
Lifesize | Discontinued Operations, Disposed of by Sale | Video conferencing | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | 65,554 | 109,039 | |
Cost of goods sold | 24,951 | 40,299 | |
Gross profit | 40,603 | 68,740 | |
Marketing and selling | 32,260 | 56,856 | |
Research and development | 16,526 | 22,706 | |
General and administrative | 5,254 | 5,439 | |
Impairment of goodwill | 0 | 122,734 | |
Restructuring charges (credits), net | 7,900 | (111) | |
Operating expenses | 61,940 | 207,624 | |
Operating loss from discontinued operations | (21,337) | (138,884) | |
Interest and other expense, net | 205 | 426 | |
Gain on disposal of discontinued operations | 13,684 | 0 | |
Loss from discontinued operations before income taxes | (7,858) | (139,310) | |
Provision for (benefit from) income taxes | 1,187 | (164) | |
Net loss from discontinued operations | $ (9,045) | $ (139,146) |
Discontinued Operations (Gain o
Discontinued Operations (Gain on Divestiture) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Fair value of retained cost method investment as a result of divestiture of discontinued operations | $ 0 | $ 5,591 | $ 0 |
Video conferencing | Lifesize | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds received from disposition of discontinued operations | 2,500 | ||
Fair value of retained cost method investment as a result of divestiture of discontinued operations | 5,591 | ||
Net liabilities of discontinued operations disposed | (9,981) | ||
Currency translation loss released due to disposition of discontinued operations | (3,913) | ||
Transaction related costs | (475) | ||
Gain on disposal of discontinued operations | $ 13,684 | $ 0 |
Net Income (Loss) per Share (C
Net Income (Loss) per Share (Computation of Basic and Diluted Net Income per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net Income (loss): | |||
Continuing operations | $ 205,876 | $ 128,362 | $ 148,429 |
Discontinued operations | 0 | (9,045) | (139,146) |
Net income | $ 205,876 | $ 119,317 | $ 9,283 |
Shares used in net income (loss) per share computation: | |||
Weighted average shares outstanding - basic (in shares) | 162,058 | 163,296 | 163,536 |
Effect of potentially dilutive equivalent shares (in shares) | 3,482 | 2,496 | 2,638 |
Weighted average shares outstanding - diluted (in shares) | 165,540 | 165,792 | 166,174 |
Net income (loss) per share - basic: | |||
Continuing operations (in dollars per share) | $ 1.27 | $ 0.79 | $ 0.91 |
Discontinued operations (in dollars per share) | 0 | (0.06) | (0.85) |
Net income per share - basic (in dollars per share) | 1.27 | 0.73 | 0.06 |
Net income (loss) per share - diluted: | |||
Continuing operations (in dollars per share) | 1.24 | 0.77 | 0.89 |
Discontinued operations (in dollars per share) | 0 | (0.05) | (0.83) |
Net income per share - diluted (in dollars per share) | $ 1.24 | $ 0.72 | $ 0.06 |
Anti-dilutive equivalents shares excluded (in shares) | 1,400 | 5,200 | 9,000 |
Employee Benefit Plans (Share-B
Employee Benefit Plans (Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based compensation expense and related tax benefit | |||
Total share-based compensation expense | $ 35,890 | $ 27,019 | $ 24,191 |
Income tax benefit | (8,536) | (6,297) | (4,814) |
Total share-based compensation expense, net of income tax | 27,354 | 20,722 | 19,377 |
Cost of goods sold | |||
Share-based compensation expense and related tax benefit | |||
Total share-based compensation expense | 2,663 | 2,340 | 2,474 |
Marketing and selling | |||
Share-based compensation expense and related tax benefit | |||
Total share-based compensation expense | 14,723 | 9,273 | 8,570 |
Research and development | |||
Share-based compensation expense and related tax benefit | |||
Total share-based compensation expense | 4,200 | 3,046 | 2,381 |
General and administrative | |||
Share-based compensation expense and related tax benefit | |||
Total share-based compensation expense | 14,304 | 12,353 | 10,766 |
Restructuring | |||
Share-based compensation expense and related tax benefit | |||
Total share-based compensation expense | $ 0 | $ 7 | $ 0 |
Employee Benefit Plans (Additio
Employee Benefit Plans (Additional Information For Share Based Compensation) (Details) $ / shares in Units, $ in Thousands | Jul. 31, 2014USD ($) | Jul. 31, 2015 | Mar. 31, 2017USD ($)installment$ / sharesshares | Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($)shares | Mar. 31, 2014shares |
Employee Benefit Plan | ||||||
Share-based compensation expenses capitalized as inventory | $ | $ 600 | $ 500 | $ 500 | |||
Offering period of ESPP Plan | 7 months | 6 months | ||||
Amount of one-time payment to each participant of the offering expressed as percentage of amount of shares that would have been purchased pursuant to the ESPP | 15.00% | |||||
Repurchase of ESPP awards | $ | $ 1,100 | $ 0 | 0 | 1,078 | ||
1996 ESPP and 2006 ESPP | ||||||
Employee Benefit Plan | ||||||
Purchase price of shares expressed as percentage of the fair market value | 85.00% | |||||
Number of shares reserved for issuance (in shares) | 29,000,000 | |||||
Number of shares available for issuance (in shares) | 6,500,000 | |||||
2006 Plan | ||||||
Employee Benefit Plan | ||||||
Number of shares reserved for issuance (in shares) | 30,600,000 | |||||
Number of shares available for issuance (in shares) | 11,200,000 | |||||
2012 Stock Inducement Equity Plan | ||||||
Employee Benefit Plan | ||||||
Number of shares reserved for issuance (in shares) | 1,800,000 | |||||
Threshold for consecutive trading days | 90 days | |||||
Number of shares available for issuance (in shares) | 0 | |||||
Employee Stock Option | ||||||
Employee Benefit Plan | ||||||
Exercise price, lower range limit (in dollars per share) | $ / shares | $ 4 | |||||
Exercise price, upper range limit (in dollars per share) | $ / shares | $ 38 | |||||
Tax benefit realized for the tax deduction from options exercised | $ | $ 4,200 | $ 1,200 | $ 500 | |||
Employee Stock Option | 2006 Plan | ||||||
Employee Benefit Plan | ||||||
Expiration period | 10 years | |||||
Time-based RSUs | 2006 Plan | ||||||
Employee Benefit Plan | ||||||
Vesting installment | installment | 4 | |||||
Market-based and performance-based RSUs | ||||||
Employee Benefit Plan | ||||||
RSUs outstanding (in shares) | 1,700,000 | |||||
Market Based RSUs | ||||||
Employee Benefit Plan | ||||||
TSR Period | 3 years | |||||
Percent of granted of target number | 100.00% | |||||
Market Based RSUs | 2006 Plan | ||||||
Employee Benefit Plan | ||||||
Vesting period | 3 years | 3 years | 3 years | |||
Performance-based RSUs | 2006 Plan | ||||||
Employee Benefit Plan | ||||||
Vesting period | 3 years | 3 years | 3 years | |||
Restricted Stock Units (RSUs) | ||||||
Employee Benefit Plan | ||||||
RSUs outstanding (in shares) | 6,181,000 | 5,521,000 | 4,939,000 | 6,088,000 | ||
Tax benefit realized for the tax deduction from RSUs vested during period | $ | $ 13,100 | $ 5,100 | $ 6,900 | |||
Minimum | Market Based RSUs | ||||||
Employee Benefit Plan | ||||||
Percent of TSR | 0.00% | |||||
Maximum | Market Based RSUs | ||||||
Employee Benefit Plan | ||||||
Percent of TSR | 150.00% | |||||
Non-Executive Board Members | Time-based RSUs | 2006 Plan | ||||||
Employee Benefit Plan | ||||||
Vesting installment | installment | 1 |
Employee Benefit Plans (Unamort
Employee Benefit Plans (Unamortized Share-Based Compensation Expense) (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2017USD ($) | |
Employee Benefit Plan | |
Unamortized Expense | $ 46,604 |
ESPP | |
Employee Benefit Plan | |
Unamortized Expense | $ 1,191 |
Remaining Months | 4 months |
Time-based RSUs | |
Employee Benefit Plan | |
Unamortized Expense | $ 36,172 |
Remaining Months | 21 months |
Market-based and performance-based RSUs | |
Employee Benefit Plan | |
Unamortized Expense | $ 9,241 |
Remaining Months | 17 months |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Stock Purchase Plans | |||
Employee Benefit Plan | |||
Dividend yield | 2.50% | 3.47% | 1.97% |
Risk-free interest rate | 0.51% | 0.29% | 0.14% |
Expected volatility | 35.00% | 26.00% | 30.00% |
Expected life (years) | 6 months | 6 months | 7 months |
Weighted average fair value (in dollars per share) | $ 5.73 | $ 3.29 | $ 3.18 |
Market Based RSUs | |||
Employee Benefit Plan | |||
Dividend yield | 3.29% | 3.78% | 1.86% |
Risk-free interest rate | 0.86% | 0.84% | 0.83% |
Expected volatility | 34.00% | 38.00% | 46.00% |
Expected life (years) | 3 years | 3 years | 3 years |
Employee Benefit Plans (Stock O
Employee Benefit Plans (Stock Option Activity) (Details) - Employee Stock Option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Number of Shares | |||
Options outstanding, beginning of period (in shares) | 5,334 | 7,876 | 9,816 |
Granted (in shares) | 0 | 0 | 0 |
Exercised (in shares) | (1,784) | (746) | (390) |
Cancelled or expired (in shares) | (500) | (1,796) | (1,550) |
Options outstanding, end of period (in shares) | 3,050 | 5,334 | 7,876 |
Vested and expected to vest, March 31, 2017 (in shares) | 3,050 | ||
Vested and exercisable, March 31, 2017 (in shares) | 3,050 | ||
Weighted-Average Exercise Price | |||
Options outstanding, beginning of period, Weighted Average Exercise Price (in dollars per share) | $ 18 | ||
Granted, Weighted Average Exercise Price (in dollars per share) | 0 | ||
Exercised, Weighted Average Exercise Price (in dollars per share) | 16 | ||
Cancelled or expired, Weighted Average Exercise Price (in dollars per share) | 23 | ||
Options outstanding, end of period, Weighted Average Exercise Price (in dollars per share) | 18 | $ 18 | |
Vested and expected to vest, March 31, 2017 (in dollars per share) | 18 | ||
Vested and exercisable, March 31, 2017 (in dollars per share) | $ 18 | ||
Weighted-Average Remaining Contractual Term | |||
Outstanding, March 31, 2017 | 3 years 7 months 6 days | ||
Vested and expected to vest, March 31, 2017 | 3 years 7 months 6 days | ||
Vested and exercisable, March 31, 2017 | 3 years 7 months 6 days | ||
Aggregate Intrinsic Value | |||
Exercised | $ 14,627 | $ 4,026 | $ 1,505 |
Outstanding, March 31, 2017 | 41,853 | ||
Vested and expected to vest, March 31, 2017 | 41,853 | ||
Vested and exercisable, March 31, 2017 | $ 41,853 |
Employee Benefit Plans (RSU rol
Employee Benefit Plans (RSU rollforward) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Restricted Stock Units (RSUs) | |||
Number of Shares | |||
RSUs Outstanding, beginning of period (in shares) | 5,521 | 4,939 | 6,088 |
Vested (in shares) | (2,126) | (1,557) | (1,949) |
Cancelled or expired (in shares) | (368) | (820) | (1,110) |
RSUs Outstanding, end of period (in shares) | 6,181 | 5,521 | 4,939 |
Expected to vest (in shares) | 4,859 | ||
Weighted-Average Grant Date Fair Value | |||
RSUs Outstanding, beginning of period (in dollars per share) | $ 11 | $ 11 | $ 10 |
Vested (in dollars per share) | 11 | 10 | 10 |
Cancelled or expired (in dollars per share) | 14 | 12 | 11 |
RSUs Outstanding, end of period (in dollars per share) | 14 | $ 11 | $ 11 |
Expected to vest (in dollars per share) | $ 14 | ||
Weighted-Average Remaining Vesting Period | |||
Outstanding, March 31, 2017 | 1 year 2 months 12 days | ||
Expected to vest, March 31, 2017 | 1 year 2 months 12 days | ||
Aggregate Fair Value | |||
Vested | $ 48,644 | $ 22,823 | $ 27,844 |
Outstanding, March 31, 2017 | 196,983 | ||
Expected to vest, March 31, 2017 | $ 154,846 | ||
Time-based RSUs | |||
Number of Shares | |||
Granted (in shares) | 2,390 | 2,247 | 1,332 |
Weighted-Average Grant Date Fair Value | |||
Granted (in dollars per share) | $ 16 | $ 13 | $ 13 |
Market Based RSUs | |||
Number of Shares | |||
Granted (in shares) | 160 | 356 | 523 |
Weighted-Average Grant Date Fair Value | |||
Granted (in dollars per share) | $ 15 | $ 14 | $ 13 |
Performance-based RSUs | |||
Number of Shares | |||
Granted (in shares) | 604 | 356 | 55 |
Weighted-Average Grant Date Fair Value | |||
Granted (in dollars per share) | $ 15 | $ 13 | $ 12 |
Employee Benefit Plans (Defined
Employee Benefit Plans (Defined Contribution Plans Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Expense for defined contribution plans | $ 5.8 | $ 6.8 | $ 5.5 |
Employee Benefit Plans (Defin57
Employee Benefit Plans (Defined Benefit Plans Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 94.3 | $ 99.5 |
Company's expected contribution to defined benefit pension plans in next fiscal year | $ 5.5 | |
Swiss defined benefit pension plan | Minimum | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 29.50% | |
Swiss defined benefit pension plan | Minimum | Bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 29.00% | |
Swiss defined benefit pension plan | Minimum | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 5.00% | |
Swiss defined benefit pension plan | Maximum | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 36.50% | |
Swiss defined benefit pension plan | Maximum | Bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 39.00% | |
Swiss defined benefit pension plan | Maximum | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target plan asset allocations | 15.00% |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Cost, Defined Benefit Pension) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Service costs | $ 10,385 | $ 10,117 | $ 7,646 |
Interest costs | 800 | 1,147 | 1,970 |
Expected return on plan assets | (1,724) | (1,657) | (2,084) |
Net transition obligation | 4 | 4 | 4 |
Net prior service costs (credit) recognized | (117) | (124) | (45) |
Net actuarial loss recognized | 1,032 | 1,854 | 301 |
Settlement and curtailment | (13) | ||
Net periodic benefit cost | $ 10,380 | $ 11,341 | $ 7,779 |
Employee Benefit Plans (Project
Employee Benefit Plans (Projected Benefit Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Changes in projected benefit obligations | |||
Projected benefit obligations, beginning of the year | $ 120,473 | $ 113,323 | |
Service costs | 10,385 | 10,117 | $ 7,646 |
Interest costs | 800 | 1,147 | 1,970 |
Plan participant contributions | 3,020 | 2,990 | |
Actuarial (gains) losses | (11,081) | (2,496) | |
Benefits paid | (5,214) | (5,277) | |
Plan amendment related to statutory change | 65 | 0 | |
Administrative expense paid | (132) | 0 | |
Currency exchange rate changes | (3,676) | 669 | |
Projected benefit obligations, end of the year | $ 114,640 | $ 120,473 | $ 113,323 |
Employee Benefit Plans (Fair 60
Employee Benefit Plans (Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets, beginning of year | $ 65,279 | $ 60,910 |
Actual return on plan assets | 4,733 | (1,160) |
Employer contributions | 5,865 | 7,171 |
Plan participant contributions | 3,020 | 2,990 |
Benefits paid | (5,214) | (5,277) |
Administrative expenses paid | (132) | 0 |
Currency exchange rate changes | (2,175) | 645 |
Fair value of plan assets, end of year | $ 71,376 | $ 65,279 |
Employee Benefit Plans (Plan As
Employee Benefit Plans (Plan Asset Details) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Defined benefit plans | |||
Fair value of plan assets | $ 71,376 | $ 65,279 | $ 60,910 |
Level 1 | |||
Defined benefit plans | |||
Fair value of plan assets | 67,575 | 61,506 | |
Level 2 | |||
Defined benefit plans | |||
Fair value of plan assets | 3,801 | 3,773 | |
Cash and cash equivalents | |||
Defined benefit plans | |||
Fair value of plan assets | 11,910 | 9,315 | |
Cash and cash equivalents | Level 1 | |||
Defined benefit plans | |||
Fair value of plan assets | 11,864 | 9,268 | |
Cash and cash equivalents | Level 2 | |||
Defined benefit plans | |||
Fair value of plan assets | 46 | 47 | |
Equity securities | |||
Defined benefit plans | |||
Fair value of plan assets | 20,985 | 18,640 | |
Equity securities | Level 1 | |||
Defined benefit plans | |||
Fair value of plan assets | 20,985 | 18,640 | |
Debt securities | |||
Defined benefit plans | |||
Fair value of plan assets | 22,373 | 21,781 | |
Debt securities | Level 1 | |||
Defined benefit plans | |||
Fair value of plan assets | 22,373 | 21,781 | |
Swiss real estate funds | |||
Defined benefit plans | |||
Fair value of plan assets | 9,699 | 9,622 | |
Swiss real estate funds | Level 1 | |||
Defined benefit plans | |||
Fair value of plan assets | 9,699 | 9,622 | |
Hedge funds | |||
Defined benefit plans | |||
Fair value of plan assets | 3,507 | 3,492 | |
Hedge funds | Level 2 | |||
Defined benefit plans | |||
Fair value of plan assets | 3,507 | 3,492 | |
Insurance contracts | |||
Defined benefit plans | |||
Fair value of plan assets | 61 | 94 | |
Insurance contracts | Level 2 | |||
Defined benefit plans | |||
Fair value of plan assets | 61 | 94 | |
Other | |||
Defined benefit plans | |||
Fair value of plan assets | 2,841 | 2,335 | |
Other | Level 1 | |||
Defined benefit plans | |||
Fair value of plan assets | 2,654 | 2,195 | |
Other | Level 2 | |||
Defined benefit plans | |||
Fair value of plan assets | $ 187 | $ 140 |
Employee Benefit Plans (Funded
Employee Benefit Plans (Funded Status of Plan) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Fair value of plan assets | $ 71,376 | $ 65,279 | $ 60,910 |
Less: projected benefit obligations | 114,640 | 120,473 | $ 113,323 |
Under funded status | $ (43,264) | $ (55,194) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized on Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Current liabilities | $ (1,266) | $ (1,285) |
Non-current liabilities | (41,998) | (53,909) |
Net liabilities | $ (43,264) | $ (55,194) |
Employee Benefit Plans (Amoun64
Employee Benefit Plans (Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Net prior service credits | $ 1,274 | $ 1,613 | $ 1,672 |
Net actuarial loss | (11,407) | (27,612) | (28,751) |
Net transition obligation | 0 | (4) | (8) |
Accumulated other comprehensive loss | (10,133) | (26,003) | (27,087) |
Deferred tax benefit | (347) | (168) | 123 |
Accumulated other comprehensive loss, net of tax | $ (10,480) | $ (26,171) | $ (26,964) |
Employee Benefit Plans (Amount
Employee Benefit Plans (Amount to be Amortized from Accumulated Other Comprehensive Income (Loss)) (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2017USD ($) | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Amortization of net prior service credits | $ (107) |
Amortization of net actuarial loss | 306 |
Total | $ 199 |
Employee Benefit Plans (Actuari
Employee Benefit Plans (Actuarial Assumptions) (Details) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Minimum | ||
Benefit Obligations: | ||
Discount rate (as a percent) | 0.75% | 0.50% |
Estimated rate of compensation increase (as a percent) | 2.50% | 2.50% |
Periodic Costs: | ||
Discount rate (as a percent) | 0.50% | 0.75% |
Estimated rate of compensation increase (as a percent) | 2.50% | 0.00% |
Expected average rate of return on plan assets (as a percent) | 1.00% | 1.00% |
Maximum | ||
Benefit Obligations: | ||
Discount rate (as a percent) | 7.00% | 8.00% |
Estimated rate of compensation increase (as a percent) | 10.00% | 10.00% |
Periodic Costs: | ||
Discount rate (as a percent) | 8.00% | 7.75% |
Estimated rate of compensation increase (as a percent) | 10.00% | 8.00% |
Expected average rate of return on plan assets (as a percent) | 2.75% | 2.75% |
Employee Benefit Plans (Benefit
Employee Benefit Plans (Benefit Payments) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
2,018 | $ 5,006 |
2,019 | 5,408 |
2,020 | 5,720 |
2,021 | 5,291 |
2,022 | 5,595 |
2023-2027 | 30,614 |
Total | $ 57,634 |
Employee Benefit Plans (Deferre
Employee Benefit Plans (Deferred Compensation Plan Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Deferred Compensation Plan | ||
Fair value of marketable securities | $ 15,043 | $ 14,836 |
Deferred compensation liability | $ 15,043 | 14,836 |
Deferred Compensation Plan | ||
Deferred Compensation Plan | ||
Percentage of vested salary and incentive compensation deferrals permitted to eligible employees | 100.00% | |
Deferred compensation liability | $ 15,000 | 14,800 |
Deferred Compensation Plan | Other assets | ||
Deferred Compensation Plan | ||
Fair value of marketable securities | $ 15,000 | $ 14,800 |
Other Income (Expense), net (De
Other Income (Expense), net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Other income (expense), net | |||
Investment income (loss) related to a deferred compensation plan | $ 1,343 | $ (364) | $ 1,055 |
Impairment of investment | 0 | 0 | (2,298) |
Currency exchange gain (loss), net | 169 | 2,110 | (1,175) |
Other | 165 | (122) | 120 |
Other income (expense), net | $ 1,677 | $ 1,624 | $ (2,298) |
Income Taxes (Income (Loss) Bef
Income Taxes (Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Swiss | $ 161,544 | $ 80,572 | $ 119,460 |
Non-Swiss | 53,445 | 50,900 | 33,623 |
Income before income taxes | $ 214,989 | $ 131,472 | $ 153,083 |
Income Taxes (Provision for (Be
Income Taxes (Provision for (Benefit From) Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Current: | |||
Swiss | $ 1,934 | $ 1,668 | $ 1,152 |
Non-Swiss | 9,774 | (2,582) | 579 |
Deferred: | |||
Non-Swiss | (2,595) | 4,024 | 2,923 |
Provision for income taxes | $ 9,113 | $ 3,110 | $ 4,654 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Expected tax provision at statutory income tax rates | $ 18,274 | $ 11,175 | $ 13,012 |
Income taxes at different rates | (5,247) | (2,713) | (4,299) |
Research and development tax credits | (2,309) | (1,619) | (1,120) |
Executive compensation | 654 | 864 | 1,557 |
Stock-based compensation | 1,794 | 1,446 | 2,261 |
Valuation allowance | 1,024 | 947 | 764 |
Restructuring charges / (credits) | 2 | 1,514 | (415) |
Tax reserves (releases), net | (5,570) | (8,761) | (6,912) |
Audit settlement | 0 | 0 | (837) |
Other, net | 491 | 257 | 643 |
Provision for income taxes | $ 9,113 | $ 3,110 | $ 4,654 |
Income Taxes (Deferred Income T
Income Taxes (Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 4,306 | $ 7,136 |
Tax credit carryforwards | 5,825 | 2,981 |
Accruals | 41,570 | 36,365 |
Depreciation and amortization | 2,860 | 4,059 |
Share-based compensation | 11,846 | 12,890 |
Gross deferred tax assets | 66,407 | 63,431 |
Valuation allowance | (6,626) | (5,338) |
Gross deferred tax assets after valuation allowance | 59,781 | 58,093 |
Deferred tax liabilities: | ||
Acquired intangible assets and other | (4,267) | (3,550) |
Gross deferred tax liabilities | (4,267) | (3,550) |
Deferred tax assets, net | $ 55,514 | $ 54,543 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at the beginning of the period | $ 69,879 | $ 79,023 | $ 91,046 |
Lapse of statute of limitations | (14,161) | (15,518) | (14,071) |
Settlements with tax authorities | 0 | 0 | (2,160) |
Decreases in balances related to tax positions taken during prior years | (1,610) | (1,502) | (3,544) |
Increases in balances related to tax positions taken during the year | 9,559 | 7,876 | 7,752 |
Balance at the end of the period | $ 63,667 | $ 69,879 | $ 79,023 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Net operating loss and tax credit carryforwards | ||||
Statutory income tax rate (as a percent) | 8.50% | 8.50% | 8.50% | |
Valuation allowance | $ 6,626 | $ 5,338 | ||
Shortfall to equity | 2,100 | 2,300 | ||
Cumulative amount of unremitted earnings of non-Swiss subsidiaries | 148,200 | |||
Deferred income tax liability | 3,900 | |||
Unrecognized tax benefits, uncertain tax positions | 63,667 | 69,879 | $ 79,023 | $ 91,046 |
Reclassification income tax from noncurrent to current | (51,797) | (59,734) | ||
Reclassified income tax payable | 6,232 | 1,553 | ||
Interest and penalties in income tax expense | 700 | 300 | 800 | |
Accrued interest and penalties related to uncertain tax positions | 3,000 | 3,600 | $ 4,900 | |
Possible decreases in balances related to lapse of statutes of limitations | 8,200 | |||
Foreign | ||||
Net operating loss and tax credit carryforwards | ||||
Foreign net operating loss carryforwards | 208,300 | |||
Foreign tax credit carryforwards | 47,200 | |||
Net operating loss if realized, to be credited to equity | 181,500 | |||
Tax credit carryforwards if realized, to be credited to equity | 27,200 | |||
Non-current income tax payable | ||||
Net operating loss and tax credit carryforwards | ||||
Unrecognized tax benefits, uncertain tax positions | 51,800 | 59,700 | ||
Current income tax payable | ||||
Net operating loss and tax credit carryforwards | ||||
Unrecognized tax benefits, uncertain tax positions | 1,500 | $ 100 | ||
California Franchise Tax Board | State and Local Jurisdiction | ||||
Net operating loss and tax credit carryforwards | ||||
Valuation allowance | 5,900 | |||
Increase (decrease) in valuation allowance for foreign tax credit carryforwards | 1,000 | |||
Various Tax Credit Carryforwards | ||||
Net operating loss and tax credit carryforwards | ||||
Valuation allowance | 700 | |||
Reclassification Adjustment | Reclassification From Noncurrent To Current | ||||
Net operating loss and tax credit carryforwards | ||||
Reclassification income tax from noncurrent to current | 1,400 | |||
Reclassified income tax payable | $ 1,400 |
Balance Sheet Components (Asset
Balance Sheet Components (Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Accounts receivable: | ||
Accounts receivable | $ 395,754 | $ 332,553 |
Accounts receivable, net | 185,179 | 142,778 |
Inventories: | ||
Raw materials | 30,582 | 48,489 |
Finished goods | 222,819 | 180,297 |
Inventory, net | 253,401 | 228,786 |
Other current assets: | ||
Value-added tax receivables | 23,132 | 22,572 |
Prepaid expenses and other assets | 18,600 | 12,916 |
Other current assets, total | 41,732 | 35,488 |
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 335,425 | 361,740 |
Less accumulated depreciation and amortization | (263,352) | (278,352) |
Property, plant and equipment before land and construction in progress | 72,073 | 83,388 |
Property, plant and equipment, net | 85,408 | 92,860 |
Other assets: | ||
Deferred tax assets | 57,303 | 56,208 |
Trading investments for deferred compensation plan | 15,043 | 14,836 |
Investment in privately held companies | 10,776 | 9,247 |
Other assets | 4,997 | 6,525 |
Other assets, total | 88,119 | 86,816 |
Plant, buildings and improvements | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 58,881 | 62,150 |
Equipment | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 176,291 | 166,371 |
Computer equipment | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 27,812 | 36,018 |
Software | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 72,441 | 97,201 |
Construction-in-process | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 10,537 | 6,771 |
Land | ||
Property, plant and equipment, net: | ||
Property, plant and equipment, gross | 2,798 | 2,701 |
Allowance for doubtful accounts | ||
Accounts receivable: | ||
Allowance for receivables | (607) | (667) |
Allowance for sales returns | ||
Accounts receivable: | ||
Allowance for receivables | (18,800) | (18,526) |
Allowance for cooperative marketing arrangements | ||
Accounts receivable: | ||
Allowance for receivables | (28,022) | (28,157) |
Allowance for customer incentive programs | ||
Accounts receivable: | ||
Allowance for receivables | (60,857) | (60,872) |
Allowance for customer incentive programs | ||
Accounts receivable: | ||
Allowance for receivables | $ (102,289) | $ (81,553) |
Balance Sheet Components (Balan
Balance Sheet Components (Balance Sheet Liability) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Accrued and other current liabilities: | ||
Accrued personnel expenses | $ 88,346 | $ 46,025 |
Indirect customer incentive programs | 36,409 | 28,721 |
Warranty accrual | 13,424 | 11,880 |
Employee benefit plan obligation | 1,266 | 1,285 |
Income taxes payable | 6,232 | 1,553 |
Contingent consideration for business acquisition - current portion | 2,889 | 0 |
Other current liabilities | 83,707 | 84,300 |
Accrued and other current liabilities | 232,273 | 173,764 |
Other non-current liabilities: | ||
Warranty accrual | 8,487 | 8,500 |
Obligation for deferred compensation plan | 15,043 | 14,836 |
Employee benefit plan obligation | 41,998 | 53,909 |
Deferred tax liability | 1,789 | 1,665 |
Contingent consideration for business acquisition - non-current portion | 7,019 | 0 |
Other non-current liabilities | 9,355 | 10,625 |
Non-current liabilities | $ 83,691 | $ 89,535 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities, Classified by Level) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Trading investments for deferred compensation plan | $ 15,043 | $ 14,836 |
Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 448,742 | 10,000 |
Trading investments for deferred compensation plan | 15,043 | 14,836 |
Acquisition-related contingent consideration included in accrued and other current liabilities and other non-current liabilities | 0 | 0 |
Level 1 | Money market funds | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Trading investments for deferred compensation plan | 2,813 | 3,467 |
Level 1 | Mutual funds | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Trading investments for deferred compensation plan | 12,230 | 11,369 |
Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 0 | 0 |
Trading investments for deferred compensation plan | 0 | 0 |
Acquisition-related contingent consideration included in accrued and other current liabilities and other non-current liabilities | 0 | 0 |
Level 2 | Money market funds | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Trading investments for deferred compensation plan | 0 | 0 |
Level 2 | Mutual funds | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Trading investments for deferred compensation plan | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash equivalents | 0 | 0 |
Trading investments for deferred compensation plan | 0 | 0 |
Acquisition-related contingent consideration included in accrued and other current liabilities and other non-current liabilities | 9,908 | 0 |
Level 3 | Money market funds | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Trading investments for deferred compensation plan | 0 | 0 |
Level 3 | Mutual funds | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Trading investments for deferred compensation plan | 0 | 0 |
Foreign exchange contract | Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign exchange derivative assets | 0 | 0 |
Currency exchange derivative liabilities included in accrued and other current liabilities | 0 | 0 |
Foreign exchange contract | Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign exchange derivative assets | 48 | 10 |
Currency exchange derivative liabilities included in accrued and other current liabilities | 443 | 1,132 |
Foreign exchange contract | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Foreign exchange derivative assets | 0 | 0 |
Currency exchange derivative liabilities included in accrued and other current liabilities | $ 0 | $ 0 |
Fair Value Measurements (Change
Fair Value Measurements (Change in Fair Value of Contingent Consideration) (Details) - Contingent Consideration $ in Thousands | 12 Months Ended |
Mar. 31, 2017USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning of period | $ 0 |
Fair value of contingent consideration upon acquisition | 18,000 |
Change in fair value of contingent consideration | (8,092) |
End of period | $ 9,908 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | Apr. 20, 2016 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 28, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||
Trading investments for deferred compensation plan | $ 15,043,000 | $ 14,836,000 | ||||
Fair Value, Measurements, Recurring | Level 1 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||
Trading investments for deferred compensation plan | 15,043,000 | 14,836,000 | ||||
Fair value of contingent consideration (earn-out) | 0 | 0 | ||||
Fair Value, Measurements, Recurring | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||
Trading investments for deferred compensation plan | 0 | 0 | ||||
Fair value of contingent consideration (earn-out) | 9,908,000 | 0 | ||||
Lifesize | Fair Value, Measurements, Nonrecurring | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||
Cost method investments | $ 5,600,000 | |||||
Other Assets | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||
Cost method investments | 7,400,000 | 7,400,000 | ||||
Jaybird LLC of Salt Lake City | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||
Fair value of contingent consideration (earn-out) | $ 18,000,000 | |||||
Jaybird LLC of Salt Lake City | Revenue Growth | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||
Maximum earn-out | $ 45,000,000 | |||||
Earn-out term | 2 years | |||||
Jaybird LLC of Salt Lake City | Revenue Growth | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||
Discount rate for value measurement | 16.00% | |||||
Jaybird LLC of Salt Lake City | Revenue Growth | Fair Value, Measurements, Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||
Fair value of contingent consideration (earn-out) | $ 18,000,000 | |||||
Scenario, Forecast | Jaybird LLC of Salt Lake City | Revenue Growth | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||
Earn-out payments (up to) | $ 20,000,000 | $ 25,000,000 | ||||
Contingent Consideration | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||||||
Fair value of contingent consideration | $ 9,908,000 | $ 0 |
Derivative Financial Instrume81
Derivative Financial Instruments (Fair Value of Derivative Instruments) (Details) - Cash flow hedges - Designated as hedging instruments: - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Asset | $ 48 | $ 10 |
Liability | $ 402 | $ 1,038 |
Derivative Financial Instrume82
Derivative Financial Instruments (Gains and Losses on Derivative Instruments) (Details) - Designated as hedging instruments: - Cash flow hedges - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss | $ 2,928 | $ (2,432) | $ 8,971 |
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold | $ (1,670) | $ (3,296) | $ (4,505) |
Derivative Financial Instrume83
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative [Line Items] | ||
Estimate of time to transfer gain (loss) from other comprehensive income (loss) | 12 months | |
Designated as hedging instruments: | Foreign Exchange Forward And Swap | ||
Derivative [Line Items] | ||
Derivative term of contract | 1 month | |
Designated as hedging instruments: | Foreign Exchange Forward | Cash flow hedges | ||
Derivative [Line Items] | ||
Derivative term of contract | 4 months | |
Derivative notional amount | $ 59.4 | $ 39.8 |
Not Designated as Hedging Instrument | Foreign Exchange Forward | ||
Derivative [Line Items] | ||
Derivative notional amount | 56.7 | $ 63.7 |
Deferred Hedging Gains (Losses) | ||
Derivative [Line Items] | ||
Net losses to be reclassified into earnings in the next 12 months | $ (0.5) |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | |||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Market capitalization | $ 3,405,372,286 | $ 4,000,000,000 | $ 2,500,000,000 | |||
Amortization of intangible assets | $ 9,367,000 | $ 1,885,000 | $ 8,361,000 | |||
2,018 | 10,400,000 | |||||
2,019 | 10,400,000 | |||||
2,020 | 10,400,000 | |||||
2,021 | 6,000,000 | |||||
2,022 | 5,100,000 | |||||
Thereafter | 5,300,000 | |||||
Continuing Operations | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Amortization of intangible assets | $ 9,400,000 | $ 400,000 | $ 800,000 |
Goodwill and Other Intangible85
Goodwill and Other Intangible Assets (Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill [Roll Forward] | ||
Beginning of the period | $ 218,224 | $ 218,213 |
Acquisitions | 31,553 | 0 |
Currency exchange rate impact and other | (36) | 11 |
End of the period | $ 249,741 | $ 218,224 |
Goodwill and Other Intangible86
Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 104,965 | $ 48,010 |
Accumulated Amortization | (57,401) | (48,010) |
Net Carrying Amount | 47,564 | 0 |
Trademark and tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,500 | 5,300 |
Accumulated Amortization | (6,933) | (5,300) |
Net Carrying Amount | 9,567 | 0 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 63,285 | 36,810 |
Accumulated Amortization | (42,831) | (36,810) |
Net Carrying Amount | 20,454 | 0 |
Customer contracts/relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 25,180 | 5,900 |
Accumulated Amortization | (7,637) | (5,900) |
Net Carrying Amount | $ 17,543 | $ 0 |
Financing Arrangements (Details
Financing Arrangements (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Financing Arrangements | ||
Borrowing outstanding | $ 0 | $ 0 |
Line of Credit | ||
Financing Arrangements | ||
Maximum borrowing capacity | 43,500,000 | |
Letters of credit outstanding | $ 20,700,000 |
Commitments and Contingencies88
Commitments and Contingencies (Operating Leases) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Future minimum annual rentals under non-cancelable operating leases | |
2,018 | $ 10,294 |
2,019 | 8,759 |
2,020 | 7,036 |
2,021 | 4,907 |
2,022 | 4,084 |
Thereafter | 4,283 |
Total | $ 39,363 |
Commitments and Contingencies89
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | Apr. 01, 2014 | Mar. 31, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2017 |
Commitment and Contingency [Line Items] | ||||||
Rent expense | $ 9.9 | $ 10 | $ 9.6 | |||
Private Investment Fund in Start-Up | ||||||
Commitment and Contingency [Line Items] | ||||||
Committed capital contribution | 2.1 | $ 4 | $ 2.1 | |||
Amount invested in limited partnership | 1.9 | |||||
Parent Guarantee for purchases obligation of third-party contract manufacturer | ||||||
Commitment and Contingency [Line Items] | ||||||
Maximum amount of the guarantees | 3.8 | 3.8 | ||||
Guarantees outstanding | $ 1.4 | $ 1.4 | ||||
Minimum | ||||||
Commitment and Contingency [Line Items] | ||||||
Product warranty period | 1 year | |||||
Maximum | ||||||
Commitment and Contingency [Line Items] | ||||||
Product warranty period | 5 years | |||||
European Countries | ||||||
Commitment and Contingency [Line Items] | ||||||
Product warranty period | 2 years | 5 years | ||||
All Other Countries | ||||||
Commitment and Contingency [Line Items] | ||||||
Product warranty period | 1 year |
Commitments and Contingencies90
Commitments and Contingencies (Product Warranties) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Changes in the warranty liability: | ||
Beginning of the period | $ 20,380 | $ 21,710 |
Assumed from business acquisition | 1,963 | 0 |
Provision | 15,341 | 9,772 |
Settlements | (15,270) | (11,339) |
Currency translation | (503) | 237 |
End of the period | $ 21,911 | $ 20,380 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) | 1 Months Ended | 12 Months Ended | 37 Months Ended | |||||||||||||
May 26, 2017USD ($) | May 26, 2017CHF (SFr) | Mar. 31, 2017USD ($)shares | Sep. 30, 2016USD ($)$ / shares | Sep. 30, 2016SFr / shares | Sep. 30, 2015USD ($)$ / shares | Sep. 30, 2015SFr / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2014CHF (SFr)SFr / shares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / shares | Mar. 31, 2017USD ($)shares | Mar. 31, 2017CHF (SFr)SFr / sharesshares | Mar. 31, 2016SFr / shares | Sep. 30, 2008shares | |
Shareholder's equity | ||||||||||||||||
Nominal share capital issued (CHF) | SFr | SFr 43,276,655 | |||||||||||||||
Shares, issued (in shares) | shares | 173,106,620 | 173,106,620 | 173,106,620 | 173,106,620 | 173,106,620 | |||||||||||
Shares, par value (in CHF per share) | SFr / shares | SFr 0.25 | SFr 0.25 | ||||||||||||||
Treasury shares (in shares) | shares | 10,726,943 | 10,726,943 | 10,697,000 | 10,726,943 | 10,726,943 | |||||||||||
Conditionally authorized shares (in shares) | shares | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||
Dividends | ||||||||||||||||
Unappropriated retained earnings | $ 740,300,000 | $ 740,300,000 | $ 740,300,000 | SFr 740,700,000 | ||||||||||||
Payment of cash dividends | $ | $ 93,100,000 | $ 85,900,000 | $ 43,800,000 | $ 93,093,000 | $ 85,915,000 | $ 43,767,000 | ||||||||||
Cash dividends per share (in dollars/CHF per share) | (per share) | $ 0.57 | SFr 0.56 | $ 0.53 | SFr 0.51 | $ 0.27 | SFr 0.26 | $ 0.57 | $ 0.53 | $ 0.27 | |||||||
Approved dividend out of retained earnings (CHF) | SFr | SFr 43,100,000 | |||||||||||||||
Legal Reserves | ||||||||||||||||
Minimum percentage of annual net income to be retained in legal reserves | 5.00% | |||||||||||||||
Threshold of legal reserves as a percentage of issued and outstanding aggregate par value per share capital at which a minimum percentage of annual net income is no longer required to be retained | 20.00% | 20.00% | 20.00% | 20.00% | ||||||||||||
Portion of appropriated retained earnings representing legal reserves | $ | $ 9,600,000 | $ 9,600,000 | $ 9,600,000 | |||||||||||||
Share Repurchases | ||||||||||||||||
Share repurchase, amount | $ | 83,786,000 | $ 70,358,000 | $ 1,663,000 | |||||||||||||
Common Stock Capital Shares Reserved For Future Issuance Employee Equity Incentive Plans | ||||||||||||||||
Shareholder's equity | ||||||||||||||||
Conditionally authorized shares (in shares) | shares | 25,000,000 | |||||||||||||||
Common Stock Capital Shares Reserved For Future Issuance Conversion Rights Under Future Convertible Bond Issuance | ||||||||||||||||
Shareholder's equity | ||||||||||||||||
Conditionally authorized shares (in shares) | shares | 25,000,000 | |||||||||||||||
March 2014 program | ||||||||||||||||
Share Repurchases | ||||||||||||||||
Share repurchase, authorized amount | $ | 250,000,000 | 250,000,000 | $ 250,000,000 | $ 250,000,000 | ||||||||||||
Repurchases of registered shares/common stock (in shares) | shares | 9,093,000 | |||||||||||||||
Share repurchase, amount | $ | $ 155,358,000 | |||||||||||||||
March 2017 program | ||||||||||||||||
Share Repurchases | ||||||||||||||||
Share repurchase, authorized amount | $ | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | |||||||||||||
Period for which repurchase program will remain in effect | 3 years | |||||||||||||||
Repurchases of registered shares/common stock (in shares) | shares | 0 | |||||||||||||||
Share repurchase, amount | $ | $ 0 | |||||||||||||||
Scenario, Forecast | Subsequent Event | ||||||||||||||||
Dividends | ||||||||||||||||
Payment of cash dividends | $ 100,000,000 | SFr 100,000,000 |
Shareholders' Equity (Share Buy
Shareholders' Equity (Share Buyback Programs) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 37 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2017 | |
Class of Stock [Line Items] | |||||
Shares repurchased, amount | $ 83,786,000 | $ 70,358,000 | $ 1,663,000 | ||
March 2014 program | |||||
Class of Stock [Line Items] | |||||
Shares approved (in shares) | 17,311,000 | 17,311,000 | 17,311,000 | ||
Shares approved, amount | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | |
Shares repurchased (in shares) | 9,093,000 | ||||
Shares repurchased, amount | $ 155,358,000 | ||||
March 2017 program | |||||
Class of Stock [Line Items] | |||||
Shares approved, amount | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | ||
Shares repurchased (in shares) | 0 | ||||
Shares repurchased, amount | $ 0 |
Shareholders' Equity (Accumulat
Shareholders' Equity (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) | |||
Beginning of the period | $ 759,948 | $ 758,134 | $ 804,128 |
Other comprehensive income (loss) | 11,279 | 1,252 | (27,435) |
End of the period balance | 856,111 | 759,948 | 758,134 |
Cumulative Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning of the period | (84,038) | ||
Other comprehensive income (loss) | (5,670) | ||
End of the period balance | (89,708) | (84,038) | |
Defined Benefit Plan | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning of the period | (26,171) | ||
Other comprehensive income (loss) | 15,691 | ||
End of the period balance | (10,480) | (26,171) | |
Deferred Hedging Gains (Losses) | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning of the period | (1,776) | ||
Other comprehensive income (loss) | 1,258 | ||
End of the period balance | (518) | (1,776) | |
Accumulated other comprehensive loss | |||
Accumulated Other Comprehensive Income (Loss) | |||
Beginning of the period | (111,985) | (113,237) | (85,802) |
Other comprehensive income (loss) | 11,279 | ||
End of the period balance | $ (100,706) | $ (111,985) | $ (113,237) |
Segment Information (Net Sales
Segment Information (Net Sales by Product Categories) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Total net sales | $ 2,221,427 | $ 2,018,100 | $ 2,004,908 |
Mobile Speakers | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Total net sales | 301,021 | 229,718 | 178,038 |
Audio-PC & Wearables | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Total net sales | 246,390 | 196,013 | 213,496 |
Gaming | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Total net sales | 314,362 | 245,101 | 211,911 |
Video Collaboration | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Total net sales | 127,009 | 89,322 | 62,215 |
Home Control | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Total net sales | 65,510 | 59,075 | 68,060 |
Pointing Devices | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Total net sales | 501,562 | 492,543 | 487,210 |
Keyboards & Combos | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Total net sales | 480,312 | 430,190 | 426,117 |
Tablet & Other Accessories | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Total net sales | 76,879 | 103,886 | 140,994 |
PC Webcams | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Total net sales | 107,087 | 98,641 | 96,680 |
Other | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Total net sales | 1,295 | 2,570 | 2,725 |
Total net retail sales | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Total net sales | 2,221,427 | 1,947,059 | 1,887,446 |
OEM | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Total net sales | $ 0 | $ 71,041 | $ 117,462 |
Segment Information (Net Sale95
Segment Information (Net Sales by Geographic Region) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Net sales | $ 2,221,427 | $ 2,018,100 | $ 2,004,908 |
Americas | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Net sales | 963,674 | 881,379 | 864,761 |
EMEA | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Net sales | 746,898 | 645,694 | 670,890 |
Asia Pacific | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Net sales | $ 510,855 | $ 491,027 | $ 469,257 |
Geographic Concentration | Consolidated net sales | United States | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Concentration credit risk by major customer (as a percent) | 37.00% | 38.00% | 36.00% |
Geographic Concentration | Consolidated net sales | Germany | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Concentration credit risk by major customer (as a percent) | 17.00% | ||
Geographic Concentration | Consolidated net sales | Switzerland | |||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||
Concentration credit risk by major customer (as a percent) | 2.00% | 2.00% | 2.00% |
Segment Information (Geographic
Segment Information (Geographic Long-Lived Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Mar. 31, 2016 |
Net sales to unaffiliated customers and long-lived assets by geographic region | ||
Total long-lived assets | $ 85,408 | $ 92,860 |
Americas | ||
Net sales to unaffiliated customers and long-lived assets by geographic region | ||
Total long-lived assets | 37,242 | 40,221 |
EMEA | ||
Net sales to unaffiliated customers and long-lived assets by geographic region | ||
Total long-lived assets | 4,006 | 3,194 |
Asia Pacific | ||
Net sales to unaffiliated customers and long-lived assets by geographic region | ||
Total long-lived assets | 44,160 | 49,445 |
China | ||
Net sales to unaffiliated customers and long-lived assets by geographic region | ||
Total long-lived assets | 37,200 | 44,500 |
United States | ||
Net sales to unaffiliated customers and long-lived assets by geographic region | ||
Total long-lived assets | 37,100 | 40,000 |
Switzerland | ||
Net sales to unaffiliated customers and long-lived assets by geographic region | ||
Total long-lived assets | $ 2,100 | $ 1,700 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring related charges: | |||
Restructuring costs incurred | $ 25,500 | ||
Restructuring reserve | |||
Charges, net | 23 | $ 17,802 | $ (4,777) |
Termination Benefits | |||
Restructuring related charges: | |||
Restructuring costs incurred | 24,400 | ||
Lease Exit Costs | |||
Restructuring related charges: | |||
Restructuring costs incurred | 4,900 | ||
Continuing Operations | |||
Restructuring reserve | |||
Balance at the beginning of the period | 6,032 | 954 | |
Charges, net | 23 | 17,802 | |
Cash payments | (5,320) | (12,724) | |
Balance at the end of the period | 735 | 6,032 | 954 |
Continuing Operations | Termination Benefits | |||
Restructuring reserve | |||
Balance at the beginning of the period | 5,907 | 0 | |
Charges, net | 23 | 17,280 | |
Cash payments | (5,195) | (11,373) | |
Balance at the end of the period | 735 | 5,907 | 0 |
Continuing Operations | Lease Exit Costs | |||
Restructuring reserve | |||
Balance at the beginning of the period | 125 | 954 | |
Charges, net | 0 | 337 | |
Cash payments | (125) | (1,166) | |
Balance at the end of the period | 0 | 125 | 954 |
Continuing Operations | Other | |||
Restructuring reserve | |||
Balance at the beginning of the period | 0 | 0 | |
Charges, net | 0 | 185 | |
Cash payments | 0 | (185) | |
Balance at the end of the period | $ 0 | $ 0 | $ 0 |
Schedule II - VALUATION AND Q98
Schedule II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Allowance for doubtful accounts | |||
VALUATION AND QUALIFYING ACCOUNTS | |||
Balance at Beginning of Year | $ 667 | $ 707 | $ 1,297 |
Charged (Credited) to Statement of Operations (1) | 47 | 71 | (334) |
Claims and Adjustments Applied Against Allowances (1) | (107) | (111) | (256) |
Balance at End of Year | 607 | 667 | 707 |
Allowance for sales returns | |||
VALUATION AND QUALIFYING ACCOUNTS | |||
Balance at Beginning of Year | 18,526 | 17,236 | 18,503 |
Charged (Credited) to Statement of Operations (1) | 78,242 | 66,935 | 66,785 |
Claims and Adjustments Applied Against Allowances (1) | (77,968) | (65,645) | (68,052) |
Balance at End of Year | 18,800 | 18,526 | 17,236 |
Allowance for cooperative marketing arrangements | |||
VALUATION AND QUALIFYING ACCOUNTS | |||
Balance at Beginning of Year | 28,157 | 24,919 | 23,255 |
Charged (Credited) to Statement of Operations (1) | 144,656 | 131,410 | 113,610 |
Claims and Adjustments Applied Against Allowances (1) | (144,791) | (128,172) | (111,946) |
Balance at End of Year | 28,022 | 28,157 | 24,919 |
Allowance for customer incentive programs | |||
VALUATION AND QUALIFYING ACCOUNTS | |||
Balance at Beginning of Year | 60,872 | 47,364 | 40,205 |
Charged (Credited) to Statement of Operations (1) | 196,363 | 164,307 | 142,413 |
Claims and Adjustments Applied Against Allowances (1) | (196,378) | (150,799) | (135,254) |
Balance at End of Year | 60,857 | 60,872 | 47,364 |
Allowance for customer incentive programs | |||
VALUATION AND QUALIFYING ACCOUNTS | |||
Balance at Beginning of Year | 81,553 | 70,951 | 68,798 |
Charged (Credited) to Statement of Operations (1) | 322,118 | 260,698 | 246,780 |
Claims and Adjustments Applied Against Allowances (1) | (301,382) | (250,096) | (244,627) |
Balance at End of Year | 102,289 | 81,553 | 70,951 |
Tax valuation allowances | |||
VALUATION AND QUALIFYING ACCOUNTS | |||
Balance at Beginning of Year | 5,338 | 5,590 | 4,872 |
Charged (Credited) to Statement of Operations (1) | 1,299 | 1,255 | 995 |
Claims and Adjustments Applied Against Allowances (1) | (11) | (1,507) | (277) |
Balance at End of Year | $ 6,626 | $ 5,338 | $ 5,590 |