Canton of Vaud, | None | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Registered Shares | LOGN | SIX Swiss Exchange | ||||||
ý | Smaller reporting company | ||||||||||||||||
Accelerated filer | ☐ | Emerging Growth Company | |||||||||||||||
Non-accelerated filer | ☐ |
Page | ||||||||
Part I | FINANCIAL INFORMATION | |||||||
Three months ended December 31, | Nine months ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net sales | $ | $ | $ | $ | ||||||||||||||||||||||
Cost of goods sold | ||||||||||||||||||||||||||
Amortization of intangible assets | ||||||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Marketing and selling | ||||||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
Amortization of intangible assets and acquisition-related costs | ||||||||||||||||||||||||||
Restructuring charges, net | ||||||||||||||||||||||||||
Total operating expenses | ||||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Other income (expense), net | ( | ( | ||||||||||||||||||||||||
Income before income taxes | ||||||||||||||||||||||||||
Provision for (benefit from) income taxes | ( | |||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Net income per share: | ||||||||||||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted average shares used to compute net income per share: | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Diluted | ||||||||||||||||||||||||||
Three months ended December 31, | Nine months ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Currency translation gain (loss): | ||||||||||||||||||||||||||
Currency translation gain (loss), net of taxes | ( | |||||||||||||||||||||||||
Reclassification of cumulative translation adjustments included in other income (expense), net | ||||||||||||||||||||||||||
Defined benefit plans: | ||||||||||||||||||||||||||
Net gain (loss) and prior service costs, net of taxes | ( | |||||||||||||||||||||||||
Reclassification of amortization included in other income (expense), net | ( | ( | ||||||||||||||||||||||||
Hedging gain (loss): | ||||||||||||||||||||||||||
Deferred hedging gain (loss), net of taxes | ( | ( | ( | |||||||||||||||||||||||
Reclassification of hedging loss (gain) included in cost of goods sold | ( | ( | ( | |||||||||||||||||||||||
Total other comprehensive income (loss) | ( | |||||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ |
December 31, 2023 | March 31, 2023 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable, net | ||||||||||||||
Inventories | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Non-current assets: | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Goodwill | ||||||||||||||
Other intangible assets, net | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued and other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Non-current liabilities: | ||||||||||||||
Income taxes payable | ||||||||||||||
Other non-current liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 10) | ||||||||||||||
Shareholders’ equity: | ||||||||||||||
Registered shares, CHF | ||||||||||||||
Issued shares — | ||||||||||||||
Additional shares that may be issued out of conditional capital — | ||||||||||||||
Additional shares that may be issued out of authorized capital — | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Shares in treasury, at cost — | ( | ( | ||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total shareholders’ equity | ||||||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Nine months ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation | ||||||||||||||
Amortization of intangible assets | ||||||||||||||
Loss on investments | ||||||||||||||
Share-based compensation expense | ||||||||||||||
Deferred income taxes | ( | |||||||||||||
Other | ||||||||||||||
Changes in assets and liabilities, net of acquisitions: | ||||||||||||||
Accounts receivable, net | ( | ( | ||||||||||||
Inventories | ||||||||||||||
Other assets | ||||||||||||||
Accounts payable | ( | |||||||||||||
Accrued and other liabilities | ( | |||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchases of property, plant and equipment | ( | ( | ||||||||||||
Investment in privately held companies | ( | ( | ||||||||||||
Acquisitions, net of cash acquired | ( | ( | ||||||||||||
Purchases of deferred compensation investments | ( | ( | ||||||||||||
Proceeds from sales of deferred compensation investments | ||||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Payment of cash dividends | ( | ( | ||||||||||||
Payment of contingent consideration for business acquisition | ( | ( | ||||||||||||
Purchases of registered shares | ( | ( | ||||||||||||
Proceeds from exercises of stock options and purchase rights | ||||||||||||||
Tax withholdings related to net share settlements of restricted stock units | ( | ( | ||||||||||||
Other financing activities | ( | |||||||||||||
Net cash used in financing activities | ( | ( | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | ||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | |||||||||||||
Cash and cash equivalents, beginning of the period | ||||||||||||||
Cash and cash equivalents, end of the period | $ | $ | ||||||||||||
Supplementary Cash Flow Disclosures: | ||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||
Property, plant and equipment purchased during the period and included in period end liability accounts | $ | $ | ||||||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | $ | ||||||||||||
Supplemental cash flow information: | ||||||||||||||
Income taxes paid, net | $ | $ | ||||||||||||
Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||
Registered Shares | Treasury Shares | Retained Earnings | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Purchases of registered shares | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Issuance of shares upon vesting of restricted stock units | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||
Registered Shares | Treasury Shares | Retained Earnings | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Purchases of registered shares | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Sales of shares upon exercise of stock options and purchase rights | — | — | ( | ( | — | — | |||||||||||||||||||||||||||||||||||||||||
Issuance of shares upon vesting of restricted stock units | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Cash dividends ($ | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
December 31, 2023 | $ | $ | $ | ( | $ | $ | ( | $ |
Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||
Registered Shares | Treasury Shares | Retained Earnings | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2022 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Purchases of registered shares | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Sales of shares upon exercise of stock options and purchase rights | — | — | ( | ( | — | — | |||||||||||||||||||||||||||||||||||||||||
Issuance of shares upon vesting of restricted stock units | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||
Registered Shares | Treasury Shares | Retained Earnings | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Total comprehensive income | — | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||
Purchases of registered shares | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Sales of shares upon exercise of stock options and purchase rights | — | — | ( | ( | — | — | |||||||||||||||||||||||||||||||||||||||||
Issuance of shares upon vesting of restricted stock units | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Cash dividends ($ | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
December 31, 2022 | $ | $ | $ | ( | $ | $ | ( | $ |
Three months ended December 31, 2022 | ||||||||||||||||||||
As previously reported | Reclassifications | As adjusted | ||||||||||||||||||
Gaming | $ | $ | (1) | $ | ||||||||||||||||
Keyboards & Combos | ||||||||||||||||||||
Pointing Devices | ||||||||||||||||||||
Video Collaboration | ( | (2) (3) | ||||||||||||||||||
Webcams (3) | (3) | |||||||||||||||||||
Tablet Accessories | ||||||||||||||||||||
Headsets | (2) | |||||||||||||||||||
Other | (4) (5) | |||||||||||||||||||
Mobile Speakers | ( | (4) | ||||||||||||||||||
Audio & Wearables | ( | (1) (2) (5) | ||||||||||||||||||
Total Sales | $ | $ | $ | |||||||||||||||||
Nine months ended December 31, 2022 | ||||||||||||||||||||
As previously reported | Reclassifications | As adjusted | ||||||||||||||||||
Gaming | $ | $ | (1) | $ | ||||||||||||||||
Keyboards & Combos | ||||||||||||||||||||
Pointing Devices | ||||||||||||||||||||
Video Collaboration | ( | (2) (3) | ||||||||||||||||||
Webcams (3) | (3) | |||||||||||||||||||
Tablet Accessories | ||||||||||||||||||||
Headsets | (2) | |||||||||||||||||||
Other | (4) (5) | |||||||||||||||||||
Mobile Speakers | ( | (4) | ||||||||||||||||||
Audio & Wearables | ( | (1) (2) (5) | ||||||||||||||||||
Total Sales | $ | $ | $ | |||||||||||||||||
Three months ended December 31, | Nine months ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Shares used in net income per share computation: | ||||||||||||||||||||||||||
Weighted average shares outstanding - basic | ||||||||||||||||||||||||||
Effect of potentially dilutive equivalent shares | ||||||||||||||||||||||||||
Weighted average shares outstanding - diluted | ||||||||||||||||||||||||||
Net income per share: | ||||||||||||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted | $ | $ | $ | $ |
Three months ended December 31, | Nine months ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Cost of goods sold | $ | $ | $ | $ | ||||||||||||||||||||||
Marketing and selling | ||||||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
Total share-based compensation expense | ||||||||||||||||||||||||||
Income tax benefit | ( | ( | ( | ( | ||||||||||||||||||||||
Total share-based compensation expense, net of income tax benefit | $ | $ | $ | $ |
December 31, 2023 | March 31, 2023 | |||||||||||||
Accounts receivable, net: | ||||||||||||||
Accounts receivable | $ | $ | ||||||||||||
Allowance for doubtful accounts | ( | |||||||||||||
Allowance for sales returns | ( | ( | ||||||||||||
Allowance for cooperative marketing arrangements | ( | ( | ||||||||||||
Allowance for customer incentive programs | ( | ( | ||||||||||||
Allowance for pricing programs | ( | ( | ||||||||||||
$ | $ | |||||||||||||
Inventories: | ||||||||||||||
Raw materials | $ | $ | ||||||||||||
Finished goods | ||||||||||||||
$ | $ | |||||||||||||
Other current assets: | ||||||||||||||
Value-added tax ("VAT") receivables | $ | $ | ||||||||||||
Prepaid expenses and other assets | ||||||||||||||
$ | $ | |||||||||||||
Property, plant and equipment, net: | ||||||||||||||
Property, plant and equipment | $ | $ | ||||||||||||
Less: accumulated depreciation and amortization | ( | ( | ||||||||||||
$ | $ | |||||||||||||
Other assets: | ||||||||||||||
Deferred tax assets | $ | $ | ||||||||||||
Right-of-use assets | ||||||||||||||
Investments in privately held companies | ||||||||||||||
Investments for deferred compensation plan | ||||||||||||||
Other assets | ||||||||||||||
$ | $ |
December 31, 2023 | March 31, 2023 | |||||||||||||
Accrued and other current liabilities: | ||||||||||||||
Accrued customer marketing, pricing and incentive programs | $ | $ | ||||||||||||
Accrued personnel expenses | ||||||||||||||
Accrued loss for inventory purchase commitments | ||||||||||||||
Accrued sales return liability | ||||||||||||||
Warranty liabilities | ||||||||||||||
VAT payable | ||||||||||||||
Income taxes payable | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Contingent consideration | ||||||||||||||
Other current liabilities | ||||||||||||||
$ | $ | |||||||||||||
Other non-current liabilities: | ||||||||||||||
Operating lease liabilities | $ | $ | ||||||||||||
Employee benefit plan obligations | ||||||||||||||
Obligation for deferred compensation plan | ||||||||||||||
Warranty liabilities | ||||||||||||||
Deferred tax liabilities | ||||||||||||||
Other non-current liabilities | ||||||||||||||
$ | $ |
December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Investments for deferred compensation plan included in other assets: | ||||||||||||||||||||||||||||||||||||||
Cash | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Common stock | ||||||||||||||||||||||||||||||||||||||
Money market funds | ||||||||||||||||||||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||||||||||||||||
Total investments for deferred compensation plan | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Currency derivative assets included in other current assets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||
Contingent consideration included in accrued and other current liabilities | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Currency derivative liabilities included in accrued and other current liabilities | $ | $ | $ | $ | $ | $ |
Nine months ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Beginning of the period | $ | $ | ||||||||||||
Fair value of contingent consideration upon acquisition | ||||||||||||||
Payments of contingent consideration | ( | ( | ||||||||||||
Effect of foreign currency exchange rate changes | ( | |||||||||||||
End of the period | $ | $ |
Three months ended December 31, | ||||||||||||||||||||||||||
Amount of Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss | Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Cash flow hedges | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Nine months ended December 31, | ||||||||||||||||||||||||||
Amount of Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss | Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Cash flow hedges | $ | ( | $ | $ | $ | ( |
As of March 31, 2023 | $ | |||||||
Acquisition | ||||||||
Effects of foreign currency translation | ||||||||
As of December 31, 2023 | $ |
December 31, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||
Trademarks and trade names | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Developed technology | ( | ( | ||||||||||||||||||||||||||||||||||||
Customer contracts/relationships | ( | ( | ||||||||||||||||||||||||||||||||||||
In-process R&D | — | — | ||||||||||||||||||||||||||||||||||||
Effects of foreign currency translation | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
Three months ended December 31, | Nine months ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Beginning of the period | $ | $ | $ | $ | |||||||||||||||||||
Provision | |||||||||||||||||||||||
Settlements | ( | ( | ( | ( | |||||||||||||||||||
Effects of foreign currency translation | ( | ||||||||||||||||||||||
End of the period | $ | $ | $ | $ |
Cumulative Translation Adjustment | Defined Benefit Plans | Deferred Hedging Losses | Total | |||||||||||||||||||||||
March 31, 2023 | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||
December 31, 2023 | $ | ( | $ | $ | ( | $ | ( |
Three months ended December 31, | Nine months ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Gaming (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Keyboards & Combos | ||||||||||||||||||||||||||
Pointing Devices | ||||||||||||||||||||||||||
Video Collaboration | ||||||||||||||||||||||||||
Webcams | ||||||||||||||||||||||||||
Tablet Accessories | ||||||||||||||||||||||||||
Headsets | ||||||||||||||||||||||||||
Other (2) | ||||||||||||||||||||||||||
Total Sales | $ | $ | $ | $ |
Three months ended December 31, | Nine months ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Americas | $ | $ | $ | $ | ||||||||||||||||||||||
EMEA | ||||||||||||||||||||||||||
Asia Pacific | ||||||||||||||||||||||||||
Total Sales | $ | $ | $ | $ |
December 31, 2023 | March 31, 2023 | |||||||||||||
Americas | $ | $ | ||||||||||||
EMEA | ||||||||||||||
Asia Pacific | ||||||||||||||
Total | $ | $ |
Termination Benefits | Contract Termination and Other | Total | ||||||||||||||||||
Accrued restructuring liability at March 31, 2023 (1) | $ | $ | $ | |||||||||||||||||
Charges (credits), net | ( | |||||||||||||||||||
Cash payments | ( | ( | ( | |||||||||||||||||
Accrued restructuring liability at December 31, 2023 (1) | $ | $ | $ | |||||||||||||||||
Sales Growth Rate | Constant Dollar Sales Growth Rate | |||||||||||||||||||||||||
Three Months Ended December 31, 2023 | Nine Months Ended December 31, 2023 | Three Months Ended December 31, 2023 | Nine Months Ended December 31, 2023 | |||||||||||||||||||||||
Americas | 5 | % | (4) | % | 4 | % | (4) | % | ||||||||||||||||||
EMEA | (3) | % | (3) | % | (9) | % | (7) | % | ||||||||||||||||||
Asia Pacific | (8) | % | (19) | % | (7) | % | (17) | % |
Three months ended December 31, | Nine months ended December 31, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||
Gaming (1) | $ | 409,043 | $ | 411,927 | (1) | % | $ | 957,576 | $ | 1,031,876 | (7) | % | ||||||||||||||||||||||||||
Keyboards & Combos | 229,432 | 220,059 | 4 | 605,201 | 648,632 | (7) | ||||||||||||||||||||||||||||||||
Pointing Devices | 206,180 | 199,106 | 4 | 572,310 | 567,589 | 1 | ||||||||||||||||||||||||||||||||
Video Collaboration | 169,522 | 173,516 | (2) | 461,257 | 534,347 | (14) | ||||||||||||||||||||||||||||||||
Webcams | 85,851 | 94,252 | (9) | 249,273 | 305,532 | (18) | ||||||||||||||||||||||||||||||||
Tablet Accessories | 64,239 | 65,157 | (1) | 198,252 | 185,945 | 7 | ||||||||||||||||||||||||||||||||
Headsets | 41,762 | 46,736 | (11) | 123,023 | 137,429 | (10) | ||||||||||||||||||||||||||||||||
Other (2) | 49,444 | 59,172 | (16) | 120,088 | 167,391 | (28) | ||||||||||||||||||||||||||||||||
Total Sales | $ | 1,255,473 | $ | 1,269,925 | (1) | % | $ | 3,286,980 | $ | 3,578,741 | (8) | % |
Three months ended December 31, | Nine months ended December 31, | |||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||||||
Net sales | $ | 1,255,473 | $ | 1,269,925 | (1) | % | $ | 3,286,980 | $ | 3,578,741 | (8) | % | ||||||||||||||||||||||||||
Gross profit | $ | 526,780 | $ | 477,268 | 10 | % | $ | 1,341,044 | $ | 1,375,651 | (3) | % | ||||||||||||||||||||||||||
Gross margin | 42.0 | % | 37.6 | % | 40.8 | % | 38.4 | % |
Three months ended December 31, | Nine months ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Marketing and selling | $ | 189,175 | $ | 196,653 | $ | 544,716 | $ | 628,122 | ||||||||||||||||||
% of sales | 15.1 | % | 15.5 | % | 16.6 | % | 17.6 | % | ||||||||||||||||||
Research and development | 72,704 | 65,640 | 211,822 | 210,166 | ||||||||||||||||||||||
% of sales | 5.8 | % | 5.2 | % | 6.4 | % | 5.9 | % | ||||||||||||||||||
General and administrative | 39,711 | 29,766 | 116,546 | 92,215 | ||||||||||||||||||||||
% of sales | 3.2 | % | 2.3 | % | 3.5 | % | 2.6 | % | ||||||||||||||||||
Amortization of intangible assets and acquisition-related costs | 2,276 | 2,810 | 8,279 | 9,052 | ||||||||||||||||||||||
% of sales | 0.2 | % | 0.2 | % | 0.3 | % | 0.3 | % | ||||||||||||||||||
Restructuring charges, net | 839 | 5,654 | 2,562 | 16,471 | ||||||||||||||||||||||
% of sales | 0.1 | % | 0.4 | % | 0.1 | % | 0.5 | % | ||||||||||||||||||
Total operating expenses | $ | 304,705 | $ | 300,523 | $ | 883,925 | $ | 956,026 | ||||||||||||||||||
% of sales | 24.3 | % | 23.7 | % | 26.9 | % | 26.7 | % |
Three months ended December 31, | Nine months ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Interest Income | $ | 12,826 | $ | 4,665 | $ | 34,508 | $ | 9,573 |
Three months ended December 31, | Nine months ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Investment gain (loss) related to the deferred compensation plan | $ | 2,061 | $ | 758 | $ | 2,761 | $ | (3,390) | ||||||||||||||||||
Currency exchange gain (loss), net | (1,850) | 1,734 | (6,648) | (3,278) | ||||||||||||||||||||||
Loss on investments, net | (604) | (1,488) | (12,213) | (13,065) | ||||||||||||||||||||||
Non-service cost net pension income and other | 582 | 402 | 2,273 | 1,366 | ||||||||||||||||||||||
Total | $ | 189 | $ | 1,406 | $ | (13,827) | $ | (18,367) |
Three months ended December 31, | Nine months ended December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Provision for (benefit from) income taxes | $ | (9,594) | $ | 42,663 | $ | 33,272 | $ | 87,751 | ||||||||||||||||||
Effective income tax rate | (4.1) | % | 23.3 | % | 7.0 | % | 21.4 | % |
As of December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Accounts receivable, net | $ | 685,777 | $ | 802,435 | ||||||||||
Accounts payable | $ | 527,988 | $ | 491,488 | ||||||||||
Inventories | $ | 447,262 | $ | 797,695 | ||||||||||
Three months ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Days sales in accounts receivable (“DSO”) (Days)(1) | 49 | 57 | ||||||||||||
Days accounts payable outstanding (“DPO”) (Days)(2) | 65 | 56 | ||||||||||||
Inventory turnover (“ITO”) (x)(3) | 6.5 | 4.0 |
Nine months ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net cash provided by operating activities | $ | 906,011 | $ | 317,167 | ||||||||||
Net cash used in investing activities | (59,829) | (80,711) | ||||||||||||
Net cash used in financing activities | (578,475) | (505,035) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (4,080) | (24,006) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 263,627 | $ | (292,585) |
Share Repurchase Program | Shares Approved | Approved Amounts | ||||||||||||
July 2023 (1) | 17,311 | $ | 1,000,000 |
Total Number of Shares Repurchased | Weighted Average Price Paid Per Share | Remaining Amount that May Yet Be Repurchased under the Programs | ||||||||||||||||||||||||
During the three months ended December 31, 2023 | CHF (LOGN) | USD (LOGI) | ||||||||||||||||||||||||
Month 1 | ||||||||||||||||||||||||||
October 1, 2023 to October 27, 2023 | ||||||||||||||||||||||||||
SIX | 552 | (1) | 64.35 | N/A | $ | 900,769 | ||||||||||||||||||||
Nasdaq | — | N/A | $ | — | 900,769 | |||||||||||||||||||||
Month 2 | ||||||||||||||||||||||||||
October 28, 2023 to November 24, 2023 | ||||||||||||||||||||||||||
SIX | 1,193 | (1) | 73.84 | N/A | 802,519 | |||||||||||||||||||||
Nasdaq | — | N/A | $ | — | 802,519 | |||||||||||||||||||||
Month 3 | ||||||||||||||||||||||||||
November 25, 2023 to December 29, 2023 | ||||||||||||||||||||||||||
SIX | 381 | (1) | 78.93 | N/A | 767,750 | |||||||||||||||||||||
Nasdaq | — | N/A | $ | — | 767,750 | |||||||||||||||||||||
2,126 | 72.29 | $ | 767,750 |
Exhibit No. | Description | |||||||
10.1 | ** | Employment Agreement between Logitech Europe S.A. and Johanna W. (Hanneke) Faber dated October 29, 2023 (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on October 30, 2023 (File No. 000-29174)) | ||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | * | |||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Definition Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
LOGITECH INTERNATIONAL S.A. | |||||||||||
January 25, 2024 | /s/ Johanna (Hanneke) Faber | ||||||||||
Date | Johanna (Hanneke) Faber | ||||||||||
Chief Executive Officer | |||||||||||
January 25, 2024 | /s/ Charles Boynton | ||||||||||
Date | Charles Boynton | ||||||||||
Chief Financial Officer | |||||||||||
January 25, 2024 | ||||||||
/s/ Johanna (Hanneke) Faber | ||||||||
Johanna (Hanneke) Faber Chief Executive Officer |
January 25, 2024 | ||||||||
/s/ Charles Boynton | ||||||||
Charles Boynton Chief Financial Officer |
January 25, 2024 | ||||||||
/s/ Johanna (Hanneke) Faber | ||||||||
Johanna (Hanneke) Faber | ||||||||
Chief Executive Officer | ||||||||
/s/ Charles Boynton | ||||||||
Charles Boynton | ||||||||
Chief Financial Officer |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Income Statement [Abstract] | ||||
Net sales | $ 1,255,473 | $ 1,269,925 | $ 3,286,980 | $ 3,578,741 |
Cost of goods sold | 726,252 | 789,489 | 1,937,367 | 2,193,735 |
Amortization of intangible assets | 2,441 | 3,168 | 8,569 | 9,355 |
Gross profit | 526,780 | 477,268 | 1,341,044 | 1,375,651 |
Operating expenses: | ||||
Marketing and selling | 189,175 | 196,653 | 544,716 | 628,122 |
Research and development | 72,704 | 65,640 | 211,822 | 210,166 |
General and administrative | 39,711 | 29,766 | 116,546 | 92,215 |
Amortization of intangible assets and acquisition-related costs | 2,276 | 2,810 | 8,279 | 9,052 |
Restructuring charges, net | 839 | 5,654 | 2,562 | 16,471 |
Total operating expenses | 304,705 | 300,523 | 883,925 | 956,026 |
Operating income | 222,075 | 176,745 | 457,119 | 419,625 |
Interest income | 12,826 | 4,665 | 34,508 | 9,573 |
Other income (expense), net | 189 | 1,406 | (13,827) | (18,367) |
Income before income taxes | 235,090 | 182,816 | 477,800 | 410,831 |
Provision for (benefit from) income taxes | (9,594) | 42,663 | 33,272 | 87,751 |
Net income | $ 244,684 | $ 140,153 | $ 444,528 | $ 323,080 |
Net income per share: | ||||
Basic (in dollars per share) | $ 1.57 | $ 0.87 | $ 2.82 | $ 1.98 |
Diluted (in dollars per share) | $ 1.55 | $ 0.86 | $ 2.80 | $ 1.96 |
Weighted average shares used to compute net income per share: | ||||
Basic (in shares) | 155,933 | 161,244 | 157,568 | 163,042 |
Diluted (in shares) | 157,440 | 162,529 | 158,843 | 164,427 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 244,684 | $ 140,153 | $ 444,528 | $ 323,080 |
Currency translation gain (loss): | ||||
Currency translation gain (loss), net of taxes | 25,319 | 33,076 | 13,168 | (6,207) |
Reclassification of cumulative translation adjustments included in other income (expense), net | 0 | 219 | 0 | 219 |
Defined benefit plans: | ||||
Net gain (loss) and prior service costs, net of taxes | 0 | (104) | 0 | 8 |
Reclassification of amortization included in other income (expense), net | 500 | (112) | 252 | (338) |
Hedging gain (loss): | ||||
Deferred hedging gain (loss), net of taxes | (2,539) | (6,325) | (1,165) | 5,239 |
Reclassification of hedging loss (gain) included in cost of goods sold | (863) | (4,728) | 3,493 | (11,766) |
Total other comprehensive income (loss) | 22,417 | 22,026 | 15,748 | (12,845) |
Total comprehensive income | $ 267,101 | $ 162,179 | $ 460,276 | $ 310,235 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - SFr / shares shares in Thousands |
Dec. 31, 2023 |
Mar. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Shares, par value (in CHF per share) | SFr 0.25 | SFr 0.25 |
Shares issued (in shares) | 173,106 | 173,106 |
Shares that may be issued out of conditional capital (in shares) | 50,000 | 50,000 |
Shares that may be issued out of the authorized capital (in shares) | 17,311 | 17,311 |
Treasury, at cost, shares (in shares) | 18,108 | 13,763 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) |
9 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023
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Dec. 31, 2023
$ / shares
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Dec. 31, 2022
SFr / shares
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Dec. 31, 2022
$ / shares
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Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per share (in dollars per share) | (per share) | SFr 1.06 | $ 1.19 | SFr 0.96 | $ 1.00 |
The Company and Summary of Significant Accounting Policies and Estimates |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company and Summary of Significant Accounting Policies and Estimates | The Company and Summary of Significant Accounting Policies and Estimates The Company Logitech International S.A, together with its consolidated subsidiaries ("Logitech" or the "Company"), designs, manufactures and sells products that help businesses thrive and bring people together when working, creating, gaming and streaming. The Company sells its products to a broad network of international customers, including direct sales to retailers, e-tailers and end consumers through the Company's e-commerce platform, and indirect sales to end customers 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 Hautemorges, 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. Basis of Presentation The condensed consolidated financial statements include the accounts of Logitech and its subsidiaries. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and therefore do not include all the information required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended March 31, 2023, included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on May 17, 2023. In the opinion of management, these condensed consolidated financial statements include all adjustments, consisting of only normal and recurring adjustments, necessary and in all material aspects, for a fair statement of the results of operations, comprehensive income, financial position, cash flows and changes in shareholders' equity for the periods presented. Operating results for the three and nine months ended December 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2024, or any future periods. Change in Presentation of Sales by Product Category During the first quarter of fiscal year 2024, the Company changed its presentation of Sales by Product Category, included in Note 12, to provide a simpler and clearer view of the Company's business. The change in presentation did not have an impact on previously reported total sales. These changes included reclassifications of sales between certain product categories resulting in the following: •The Webcams category (previously PC Webcams) now includes PC webcams and VC webcams; •Headsets is a new category which includes PC headsets and VC headsets; •The Mobile Speakers category is no longer a separate category as sales have been reclassified into the Other category; •The Audio & Wearables category is no longer a separate category as sales have been reclassified into other categories as discussed below. As a result of these changes, certain prior-period amounts for the three and nine months ended December 31, 2022 have been reclassified to conform to the current period presentation as follows (in thousands):
(1) Reclassification of Blue Microphones from "Audio & Wearables" to the Gaming category. (2) Reclassification of VC headsets and PC headsets to the new Headsets category from "Video Collaboration" and "Audio & Wearables," respectively. (3) The Webcams category includes amounts previously reported as "PC Webcams" as well as amounts from VC webcams reclassified from "Video Collaboration." (4) Reclassification of all amounts previously reported in "Mobile Speakers" to the Other category. (5) Reclassification of PC speakers previously reported in "Audio & Wearables" to the Other category. Changes in Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies during the three and nine months ended December 31, 2023 compared with the significant accounting policies described in its Annual Report on Form 10-K for the fiscal year ended March 31, 2023. 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 condensed consolidated financial statements and accompanying notes. 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 and intangible assets acquired from business acquisitions, contingent consideration for a business acquisition and periodic reassessment of its fair value, valuation of investment in privately held companies classified under Level 3 fair value hierarchy, pension obligations, accruals for customer incentives, cooperative marketing, and pricing programs and related breakage when appropriate, inventory valuation, 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. Risks and Uncertainties Impacts of Macroeconomic and Geopolitical Conditions on the Company's Business The Company's business has been impacted by adverse macroeconomic and geopolitical conditions. These conditions include inflation, interest rate and foreign currency fluctuations, slowdown of economic activity around the world, and lower consumer and enterprise spending. The global and regional economic and political conditions adversely affected demand for the Company's products. In addition, these conditions, including recent transportation issues in the Red Sea, have caused and may continue to cause volatility in the cost of materials and logistics, and transportation delays, and as a result may impact the pricing of the Company's products, product availability and the Company's results of operations. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standard Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker. In addition, ASU 2023-07 requires that all existing annual disclosures about segment profit or loss must be provided on an interim basis and clarifies that single reportable segment entities are subject to the disclosure requirement under Topic 280 in its entirety. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years beginning after December 15, 2024. A public entity should apply ASU 2023-07 retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional disclosures related to rate reconciliation, income taxes paid, and other disclosures. Under ASU 2023-09, for each annual periods presented, public entities are required to (1) disclose specific categories in the tabular rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires all reporting entities to disclose on an annual basis the amount of income taxes paid disaggregated by federal, state, and foreign taxes as well as the amount of income taxes paid by individual jurisdiction. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 and can be applied on a prospective basis with an option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.
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Net Income Per Share |
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share | Net Income Per Share The following table summarizes the computations of basic and diluted net income per share for the three and nine months ended December 31, 2023 and 2022 (in thousands, except per share amounts):
Share equivalents attributable to outstanding stock options, restricted stock units and employee share purchase plans totaling 0.8 million and 1.6 million for the three months ended December 31, 2023 and 2022, respectively, and 1.3 million and 2.0 million for the nine months ended December 31, 2023 and 2022, respectively, were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive. A small number of performance-based restricted stock units were not included in the dilutive net income per share calculation because all necessary conditions had not been satisfied by the end of the respective period, and those shares were not issuable if the end of the reporting period were the end of the performance contingency period.
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Employee Benefit Plans |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans Employee Share Purchase Plans and Stock Incentive Plans As of December 31, 2023, the Company offers the 2006 Employee Share Purchase Plan (Non-U.S.), as amended and restated ("2006 ESPP"), the 1996 Employee Share Purchase Plan (U.S.), as amended and restated ("1996 ESPP"), and the 2006 Stock Incentive Plan ("2006 Plan") as amended and restated. 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 the share-based compensation expense and total income tax benefit recognized for share-based awards for the three and nine months ended December 31, 2023 and 2022 (in thousands):
The income tax benefit in the respective periods primarily consisted of tax benefits related to the share-based compensation expense for the period and direct tax benefit realized, including net excess tax benefits recognized from share-based awards vested or exercised during the period. Share-based compensation costs capitalized as part of inventory were $1.4 million and $1.3 million for the three months ended December 31, 2023 and 2022, respectively, and $4.8 million and $4.4 million for the nine months ended December 31, 2023 and 2022, 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 costs of $1.9 million and $2.7 million recorded for the three months ended December 31, 2023 and 2022, respectively, and $5.7 million and $8.3 million recorded for the nine months ended December 31, 2023 and 2022, respectively, were primarily related to service costs.
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Income Taxes |
9 Months Ended |
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Dec. 31, 2023 | |
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 before taxes and the provision for (benefit from) income taxes are generated outside of Switzerland. The income tax provision (benefit) for the three and nine months ended December 31, 2023 was a benefit of $9.6 million and a provision of $33.3 million based on an effective income tax rate of (4.1)% and 7.0% of pre-tax income, respectively. The income tax provision for the same periods ended December 31, 2022 was $42.7 million and $87.8 million based on effective income tax rate of 23.3% and 21.4% of pre-tax income, respectively. The change in the effective income tax rate for the three and nine months ended December 31, 2023, compared with the same periods ended December 31, 2022 was primarily due to the mix of income and losses in the various tax jurisdictions in which the Company operates as well as the favorable tax impacts from share-based compensation, an agreement to remeasure the tax basis of goodwill under the Swiss Federal Act on Tax Reform and AHV Financing (“TRAF”) with the canton of Vaud, remeasurement of the Company’s Swiss deferred tax assets due to a change in tax rate, and Foreign-Derived Intangible Income ("FDII") incentive provided by the Tax Cuts and Jobs Act. The canton of Vaud completed the legislative process to enact TRAF, a reform to better align the Swiss tax system to international tax standards, on March 10, 2020 to take effect as of January 1, 2020. In March 2020, the Company reached an agreement with the Vaud Tax Administration that would allow for an increase in the tax basis of goodwill, as a transition measure under TRAF, to be amortized over ten years beginning on January 1, 2020. During the three months ended December 31, 2023, the Company reached an agreement to remeasure the tax basis of goodwill under TRAF with the canton of Vaud, which resulted in an income tax benefit of $25.1 million, net of assessment of uncertain tax positions. The remeasurement of the step-up will be amortized over the remaining ten-year amortization period. On December 29, 2023, a change to the cantonal tax legislation was published. According to the law approved by the Vaud parliament, a progressive scale will be applicable for cantonal tax purposes resulting in an increase from the current tax rate of 13.61% to 14.28% effective fiscal year 2025. The increase in tax rate resulted in a tax benefit of $5.1 million due to a remeasurement of the Company's Swiss deferred tax assets in the fiscal quarter ended December 31, 2023. The Tax Cuts and Jobs Act enacted Section 250, which provides for a deduction with respect to Global Intangible Low-Taxed Income ("GILTI") and FDII in the US. The application of this tax incentive is inherently complex. During the three months ended December 31, 2023, the Company analyzed the applicability of FDII and determined that this tax incentive applies to fiscal 2021 to 2023 tax years. As a result, the Company realized a tax benefit of $17.9 million related to FDII. The Company has also concluded that any GILTI tax since the enactment of Tax Cuts and Jobs Act would be immaterial. Although the Company has adequately provided for uncertain tax positions, the provisions related to these positions may change as revised estimates are made or the underlying matters are settled or otherwise resolved. During fiscal year 2024, the Company continues to review its tax positions and to provide for or reverse unrecognized tax benefits as they arise. During the next twelve months, while it is reasonably possible that the amount of unrecognized tax benefits could increase or decrease significantly, it is not possible to provide a range of potential changes. On August 16, 2022, the “Inflation Reduction Act” (H.R. 5376) ("IRA") was signed into law in the United States. The IRA established a new corporate alternative minimum tax based on financial statement income adjusted for certain items. The new minimum tax is effective for tax years beginning after December 31, 2022. The IRA is not expected to have a material impact to the Company's financial statements for the tax year ending March 31, 2024. On December 22, 2023, the Federal Council enacted the relevant ordinance for implementing a (Qualified) Domestic Minimum Tax (QDMTT) in Switzerland for tax years beginning from January 1, 2024. The Company is currently evaluating the impact of this ordinance on its consolidated financial statements.
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Balance Sheet Components |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Components | Balance Sheet Components The following table presents the components of certain balance sheet asset amounts (in thousands):
The following table presents the components of certain balance sheet liability amounts (in thousands):
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Fair Value Measurements |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 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):
Contingent Consideration for Business Acquisitions The following table summarizes the change in the Company's contingent consideration balance during the nine months ended December 31, 2023 and 2022 (in thousands):
The contingent consideration arising from a technology acquisition on May 19, 2021, represented the future potential earn-out payments of up to $10.0 million payable in cash upon the achievement of three technical development milestones to be completed as of December 31, 2021, June 30, 2022, and June 30, 2023. The fair value of the contingent consideration was $10.0 million at the acquisition date, which was determined using a probability-weighted expected payment model and discounted at the estimated cost of debt. During fiscal year 2022, the Company paid $0.9 million for the contingent consideration related to the first technical development milestone. During fiscal year 2023, the Company paid $4.0 million for the contingent consideration related to the second technical development milestone. During the second quarter of fiscal year 2024, the Company paid $3.3 million for the contingent consideration related to the third technical development milestone. The contingent consideration arising from a technology acquisition on January 4, 2021, represented the future potential earn-out payments of up to $3.0 million payable in cash upon the achievement of two technical development milestones to be completed as of December 31, 2021 and March 31, 2022. The fair value of the contingent consideration was determined using a probability-weighted expected payment model and discounted at the estimated cost of debt. During fiscal year 2023, the Company paid $2.0 million for the contingent consideration related to the first technical development milestone. During the second quarter of fiscal year 2024, the Company paid $1.0 million for the contingent consideration related to the second technical development milestone. Investments for Deferred Compensation Plan The marketable securities for the Company's deferred compensation plan were recorded at a fair value of $29.9 million and $28.2 million, as of December 31, 2023 and March 31, 2023, respectively, based on quoted market prices. Quoted market prices are observable inputs that are classified as Level 1 within the fair value hierarchy. Unrealized gains (losses) related to marketable securities for the three and nine months ended December 31, 2023 and 2022 were not material and were included in other income (expense), net, and corresponding changes in the deferred compensation liability were included in operating expenses and cost of goods sold, in the Company's condensed consolidated statements of operations. Equity Method Investments The Company has certain non-marketable investments included in other assets that are accounted for as equity method investments, with a carrying value of $18.4 million and $20.5 million as of December 31, 2023 and March 31, 2023, respectively. Gains (losses) related to equity method investments for the three and nine months ended December 31, 2023 and 2022 were not material and are included in other income (expense), net, in the Company's condensed consolidated statements of operations. During the second quarter of fiscal year 2023, the Company recorded an impairment charge, before tax, of $21.4 million for one of its equity method investments as it was determined that the carrying value of the investment was not recoverable. The impairment charge is included in other income (expense), net, in the Company's condensed consolidated statement of operations for the nine months ended December 31, 2022. There was no impairment of equity method investments during the three and nine months ended December 31, 2023. Assets Measured at Fair Value on a Nonrecurring Basis Financial Assets The Company has certain equity investments without readily determinable fair values 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. The carrying value is also adjusted for observable price changes with the same or similar security from the same issuer. The amount of these equity investments without readily determinable fair values included in other assets was $12.1 million and $12.6 million as of December 31, 2023 and March 31, 2023, respectively. During the first quarter of fiscal year 2023, the Company recorded an unrealized gain, before tax, of $6.9 million for its investment in a private company as a result of observable price changes for similar securities issued by this company (level 2 fair value measurement). There were no impairment charges related to these financial assets during the three and nine months ended December 31, 2023 and 2022, other than immaterial impairment charges related to certain investments without readily determinable fair values. During the first quarter of fiscal year 2024, the Company recorded an impairment loss, before tax, of $9.6 million as a result of the write-off of a note receivable which has been deemed no longer recoverable. This note receivable was previously obtained in conjunction with an exchange transaction related to the Company's investment in a privately held company. The impairment loss is included in other income (expense), net, in the Company's condensed consolidated statement of operations for the nine months ended December 31, 2023. 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 the Company is required to evaluate these non-financial assets for impairment, whether due to certain triggering events or because of the required annual impairment test, and a resulting impairment is recorded to reduce the carrying value to the fair value, the non-financial assets are measured at fair value during such period. There was no impairment of non-financial assets during the three and nine months ended December 31, 2023 and 2022.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments 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 and accrued and other current liabilities, respectively, on the condensed consolidated balance sheets as of December 31, 2023 and March 31, 2023. See Note 6 for the fair values of the Company’s derivative instruments as of December 31, 2023 and March 31, 2023. 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 approximately 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 condensed consolidated statements of cash flows. Hedging relationships are discontinued when the hedging contract is no longer eligible for hedge accounting, or is sold, terminated or exercised, or when the Company removes hedge designation for the contract. Gains and losses in the fair value of the effective portion of the discontinued hedges continue to be reported in accumulated other comprehensive loss until the hedged inventory purchases are sold, unless it is probable that the forecasted inventory purchases will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter. The notional amounts of foreign currency exchange forward contracts outstanding related to forecasted inventory purchases were $91.2 million and $72.6 million as of December 31, 2023 and March 31, 2023, respectively. The Company had $1.6 million of net loss related to its cash flow hedges included in accumulated other comprehensive loss as of December 31, 2023, which will be reclassified into earnings within the next twelve months. The following table presents the amounts of gain (loss) on the Company’s derivative instruments designated as hedging instruments for the three and nine months ended December 31, 2023 and 2022 and their locations on its condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (in thousands):
The Company presents the earnings impact from forward points in the same line item that is used to present the earnings impact of the hedged item, i.e. cost of goods sold, for hedging forecasted inventory purchases and such amount is not material for all periods presented. Other Derivatives The Company also enters into foreign currency exchange forward and swap contracts to reduce the short-term effects of currency exchange rate fluctuations on certain receivables or payables denominated in currencies other than the functional currencies of its subsidiaries. These contracts generally mature within approximately 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 not material and included in other income (expense), net, in the condensed consolidated statements of operations based on the changes in fair value. The notional amounts of these contracts outstanding as of December 31, 2023 and March 31, 2023 were $78.2 million and $111.2 million, respectively. Foreign currency exchange forward and swap contracts outstanding as of December 31, 2023 primarily consisted of contracts in Canadian Dollar, Brazilian Real, and New Taiwan Dollar to be settled at future dates at predetermined exchange rates. |
Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company conducts its impairment analysis of goodwill annually at December 31 or more frequently if changes in facts and circumstances indicate that it is more likely than not that the fair value of the Company’s reporting unit may be less than its carrying amount. The Company conducted its annual impairment analysis of goodwill as of December 31, 2023 by performing a qualitative assessment and concluded that it was more likely than not that the fair value of its reporting unit exceeds its carrying amount. In assessing the qualitative factors, the Company considered the impact of change in industry and competitive environment, the Company's market capitalization and budgeted-to-actual revenue performance for the last twelve months. The following table summarizes the activities in the Company’s goodwill balance (in thousands):
The Company's acquired intangible assets were as follows (in thousands):
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Financing Arrangements |
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Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Product Warranties Changes in the Company’s warranty liabilities for the three and nine months ended December 31, 2023 and 2022 were as follows (in thousands):
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 December 31, 2023, no material 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. Legal Proceedings From time to time the Company is involved in claims and legal proceedings that arise in the ordinary course of its business. The Company is currently subject to several such claims and legal proceedings. The Company intends to vigorously defend against them. Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. The Company follows ASC ("Accounting Standards Codification") 450 in determining the accounting and disclosure for these contingencies. Based on currently available information, the Company does not believe that resolution of pending matters will have a material adverse effect on its financial condition, cash flows and 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 condition, cash flows and results of operations in a particular period. Any claims or proceedings against the Company 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.
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Shareholders' Equity |
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Shareholders' Equity | Shareholders’ Equity Share Repurchases 2020 Share Repurchase Program In May 2020, the Company's Board of Directors approved the 2020 share repurchase program, which authorized the Company to use up to $250.0 million to purchase Logitech shares to support equity incentive plans or potential acquisitions. Shares may be repurchased from time to time on the open market, through block trades or otherwise. Purchases may be started or stopped at any time without prior notice depending on market conditions and other factors. In April 2021, the Company's Board of Directors approved an increase of $750.0 million to the 2020 share repurchase program, to an aggregate amount of $1.0 billion. The Swiss Takeover Board approved this increase and it became effective on May 21, 2021. In July 2022, the Company’s Board of Directors approved an increase of $500 million to the 2020 share repurchase program, to an aggregate amount of up to $1.5 billion. The Swiss Takeover Board approved this increase and it became effective on August 19, 2022. The 2020 share repurchase program expired on July 27, 2023. The Company repurchased 16.7 million shares for an aggregate cost of $1.2 billion under the 2020 share repurchase program, of which 2.6 million shares for an aggregate cost of $159.1 million were repurchased during fiscal year 2024 prior to the expiration of the program. 2023 Share Repurchase Program In June 2023, the Company's Board of Directors approved a new, three-year share repurchase program, which allows the Company to use up to $1.0 billion to repurchase its shares. The 2023 share repurchase program enables the Company to repurchase shares for cancellation, as well as to support equity incentive plans or potential acquisitions. The Swiss Takeover Board approved the 2023 share repurchase program in July 2023 and the program became effective on July 28, 2023. During the nine months ended December 31, 2023, the Company repurchased 3.0 million shares for an aggregate cost of $232.5 million under the 2023 share repurchase program for cancellation, of which $14.8 million of the aggregate cost was not paid yet as of December 31, 2023. As of December 31, 2023, $767.8 million was available for repurchase under the 2023 share repurchase program. Swiss law limits a company’s ability to hold or repurchase its own shares. The aggregate par value of all shares held in treasury by the Company and its subsidiaries may not exceed 10% of the share capital of the Company, which for the Company corresponds to approximately 17.3 million registered shares. This limitation does not apply to shares repurchased for cancellation, due to the Board of Directors’ authority under the Company’s capital band set forth in the Company’s Articles of Incorporation to cancel shares up to a limit of 10% of the Company's current share capital. As of December 31, 2023, the Company had a total of 18.1 million shares held in treasury stock, which includes 3.0 million shares that have been repurchased for cancellation. To the extent that the shares are repurchased to support equity incentive plans or potential acquisitions, the shares are repurchased on the ordinary trading line of SIX Swiss Exchange (“SIX”) and/or The Nasdaq Global Select Market (“Nasdaq”). Shares repurchased for cancellation purposes are repurchased on a second trading line on SIX. Shares may be repurchased from time to time on the open market or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Purchases may be started or stopped at any time without prior notice depending on market conditions and other factors and the program does not require the purchase of any minimum number of shares. Dividends During the nine months ended December 31, 2023, the Company declared and paid cash dividends of CHF 1.06 (USD equivalent of $1.19 based on the exchange rate on the date of declaration) per share, totaling $187.2 million on the Company's outstanding shares. During the nine months ended December 31, 2022, the Company declared and paid cash dividends of CHF 0.96 (USD equivalent of $1.00 based on the exchange rate on the date of declaration) per share, totaling $162.7 million on the Company's outstanding shares. Any future dividends will be subject to approval of the Company's shareholders. Accumulated Other Comprehensive Income (Loss) The accumulated other comprehensive income (loss) was as follows (in thousands):
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Segment Information |
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Segment Information | Segment Information The Company operates in a single operating segment that encompasses the design, manufacturing and marketing of peripherals for gaming, PCs, tablets, video conferencing, and other digital platforms. Operating performance measures are provided directly to the Company's CEO, who is considered to be the Company’s Chief Operating Decision Maker. The CEO periodically reviews information such as sales and adjusted operating income (loss) to make business decisions. These operating performance measures do not include restructuring charges (credits), net, share-based compensation expense, amortization and impairment of intangible assets, acquisition-related costs, and change in fair value of contingent consideration from business acquisitions. During the first quarter of fiscal year 2024, the Company changed its presentation of Sales by Product Category to provide a simpler and clearer view of the Company's business. The change in presentation did not have an impact on previously reported total sales. As a result of these changes, certain prior-period amounts for the three and nine months ended December 31, 2022 have been reclassified to conform to the current period presentation. See Note 1 for further information on the change in presentation. Sales by product category in the current presentation for the three and nine months ended December 31, 2023 and 2022 were as follows (in thousands):
(1) Gaming includes streaming services revenue generated by Streamlabs. (2) Other primarily consists of mobile speakers and PC speakers. Sales by geographic region (based on the customers’ locations) for the three and nine months ended December 31, 2023 and 2022 were as follows (in thousands):
Revenue from sales to customers in the United States, Germany and China each represented 10% or more of the total consolidated sales for each of the periods presented herein. No other countries represented 10% or more of the Company’s total consolidated sales for the periods presented herein. Switzerland, the Company’s country of domicile, represented 3% and 4% of the Company's total consolidated sales for the three months ended December 31, 2023 and 2022, respectively, and 2% and 3% for the nine months ended December 31, 2023 and 2022, respectively. Three customers of the Company each represented 10% or more of the total consolidated gross sales for each of the three and nine months ended December 31, 2023 and 2022. Property, plant and equipment, net (excluding software) and right-of-use assets by geographic region were as follows (in thousands):
Property, plant and equipment, net (excluding software) and right-of-use assets in the United States, China, and Ireland were $67.8 million, $37.6 million and $16.9 million, respectively, as of December 31, 2023, and $58.7 million, $48.8 million, and $17.7 million, respectively, as of March 31, 2023. No other countries represented more than 10% of the Company’s total consolidated property, plant and equipment, net (excluding software) and right-of-use assets as of December 31, 2023 or March 31, 2023. Property, plant and equipment, net (excluding software) and right-of-use assets in Switzerland, the Company’s country of domicile, were $9.8 million and $13.7 million as of December 31, 2023 and March 31, 2023, respectively.
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Restructuring |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | Restructuring During the second quarter of fiscal year 2023, the Company initiated a restructuring plan to realign its business group and engineering structure with its go-to-market strategy to more effectively compete within the enterprise market and to better serve end-users. During the fourth quarter of fiscal year 2023, the Company undertook further actions to remove organization layers as well as streamline its marketing organization to increase efficiency. These actions resulted in charges related to employee severance and other termination benefits as well as contract termination and other costs. The Company expects to substantially complete these restructuring activities within fiscal year 2024. The following table summarizes restructuring-related activities during the nine months ended December 31, 2023 (in thousands):
(1) The accrual balances are included in accrued and other current liabilities on the Company’s condensed consolidated balance sheets.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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Pay vs Performance Disclosure | ||||
Net income | $ 244,684 | $ 140,153 | $ 444,528 | $ 323,080 |
Insider Trading Arrangements |
3 Months Ended | 9 Months Ended |
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Dec. 31, 2023
shares
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Dec. 31, 2023
shares
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Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Prakash Arunkundrum [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On November 3, 2023, Prakash Arunkundrum, our Chief Operating Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale of an aggregate of up to 30,916 shares of our common stock acquired by Mr. Arunkundrum under our equity plans. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The first date that sales of any shares are permitted to be sold under the trading arrangement will be February 2, 2024. The trading arrangement terminates on October 2, 2024, or upon the earlier completion of all transactions thereunder.
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|
Name | Prakash Arunkundrum | |
Title | Chief Operating Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | November 3, 2023 | |
Arrangement Duration | 243 days | |
Aggregate Available | 30,916 | 30,916 |
Samantha Harnett [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On November 9, 2023, Samantha Harnett, our Chief Legal Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale of an aggregate of 850 shares of our common stock acquired by Ms. Harnett under our equity plans. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The first date that sales of any shares are permitted to be sold under the trading arrangement will be February 8, 2024. The trading arrangement terminates on May 9, 2024, or upon the earlier completion of all transactions thereunder. | |
Name | Samantha Harnett | |
Title | Chief Legal Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | November 9, 2023 | |
Arrangement Duration | 91 days | |
Aggregate Available | 850 | 850 |
The Company and Summary of Significant Accounting Policies and Estimates (Policies) |
9 Months Ended |
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Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of Presentation The condensed consolidated financial statements include the accounts of Logitech and its subsidiaries. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and therefore do not include all the information required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended March 31, 2023, included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on May 17, 2023. In the opinion of management, these condensed consolidated financial statements include all adjustments, consisting of only normal and recurring adjustments, necessary and in all material aspects, for a fair statement of the results of operations, comprehensive income, financial position, cash flows and changes in shareholders' equity for the periods presented. Operating results for the three and nine months ended December 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2024, or any future periods.
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Changes in Significant Accounting Policies and Recent Accounting Pronouncements Not Yet Adopted | Changes in Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies during the three and nine months ended December 31, 2023 compared with the significant accounting policies described in its Annual Report on Form 10-K for the fiscal year ended March 31, 2023. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standard Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker. In addition, ASU 2023-07 requires that all existing annual disclosures about segment profit or loss must be provided on an interim basis and clarifies that single reportable segment entities are subject to the disclosure requirement under Topic 280 in its entirety. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years beginning after December 15, 2024. A public entity should apply ASU 2023-07 retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional disclosures related to rate reconciliation, income taxes paid, and other disclosures. Under ASU 2023-09, for each annual periods presented, public entities are required to (1) disclose specific categories in the tabular rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires all reporting entities to disclose on an annual basis the amount of income taxes paid disaggregated by federal, state, and foreign taxes as well as the amount of income taxes paid by individual jurisdiction. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 and can be applied on a prospective basis with an option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.
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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 condensed consolidated financial statements and accompanying notes. 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 and intangible assets acquired from business acquisitions, contingent consideration for a business acquisition and periodic reassessment of its fair value, valuation of investment in privately held companies classified under Level 3 fair value hierarchy, pension obligations, accruals for customer incentives, cooperative marketing, and pricing programs and related breakage when appropriate, inventory valuation, 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.
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Risks and Uncertainties | Risks and Uncertainties Impacts of Macroeconomic and Geopolitical Conditions on the Company's Business The Company's business has been impacted by adverse macroeconomic and geopolitical conditions. These conditions include inflation, interest rate and foreign currency fluctuations, slowdown of economic activity around the world, and lower consumer and enterprise spending. The global and regional economic and political conditions adversely affected demand for the Company's products. In addition, these conditions, including recent transportation issues in the Red Sea, have caused and may continue to cause volatility in the cost of materials and logistics, and transportation delays, and as a result may impact the pricing of the Company's products, product availability and the Company's results of operations.
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The Company and Summary of Significant Accounting Policies and Estimates (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reclassification Adjustments | As a result of these changes, certain prior-period amounts for the three and nine months ended December 31, 2022 have been reclassified to conform to the current period presentation as follows (in thousands):
(1) Reclassification of Blue Microphones from "Audio & Wearables" to the Gaming category. (2) Reclassification of VC headsets and PC headsets to the new Headsets category from "Video Collaboration" and "Audio & Wearables," respectively. (3) The Webcams category includes amounts previously reported as "PC Webcams" as well as amounts from VC webcams reclassified from "Video Collaboration." (4) Reclassification of all amounts previously reported in "Mobile Speakers" to the Other category. (5) Reclassification of PC speakers previously reported in "Audio & Wearables" to the Other category.
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Net Income Per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computations of Basic and Diluted Net Income Per Share | The following table summarizes the computations of basic and diluted net income per share for the three and nine months ended December 31, 2023 and 2022 (in thousands, except per share amounts):
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Employee Benefit Plans (Tables) |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation Expenses and Related Tax Benefits Recognized | The following table summarizes the share-based compensation expense and total income tax benefit recognized for share-based awards for the three and nine months ended December 31, 2023 and 2022 (in thousands):
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Balance Sheet Components (Tables) |
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Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Certain Balance Sheet Asset Amounts | The following table presents the components of certain balance sheet asset amounts (in thousands):
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Schedule of Components of Certain Balance Sheet Liability Amounts | The following table presents the components of certain balance sheet liability amounts (in thousands):
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Fair Value Measurements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Assets and Liabilities, Classified by Level | 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):
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Schedule of Change in Fair Value of Contingent Consideration | The following table summarizes the change in the Company's contingent consideration balance during the nine months ended December 31, 2023 and 2022 (in thousands):
|
Derivative Financial Instruments (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Gains on Derivative Instruments | The following table presents the amounts of gain (loss) on the Company’s derivative instruments designated as hedging instruments for the three and nine months ended December 31, 2023 and 2022 and their locations on its condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (in thousands):
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Goodwill and Other Intangible Assets (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activity in Goodwill Balance | The following table summarizes the activities in the Company’s goodwill balance (in thousands):
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Schedule of Intangible Assets Subject to Amortization | The Company's acquired intangible assets were as follows (in thousands):
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Warranty Liabilities | Changes in the Company’s warranty liabilities for the three and nine months ended December 31, 2023 and 2022 were as follows (in thousands):
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Shareholders' Equity (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Accumulated Other Comprehensive Income (Loss) | The accumulated other comprehensive income (loss) was as follows (in thousands):
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Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Sales by Product Categories, Excluding Intercompany Transactions | Sales by product category in the current presentation for the three and nine months ended December 31, 2023 and 2022 were as follows (in thousands):
(1) Gaming includes streaming services revenue generated by Streamlabs. (2) Other primarily consists of mobile speakers and PC speakers.
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Schedule of Net Sales by Geographic Region | Sales by geographic region (based on the customers’ locations) for the three and nine months ended December 31, 2023 and 2022 were as follows (in thousands):
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Schedule of Long-Lived Assets by Geographic Region | Property, plant and equipment, net (excluding software) and right-of-use assets by geographic region were as follows (in thousands):
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Restructuring (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring-Related Activities | The following table summarizes restructuring-related activities during the nine months ended December 31, 2023 (in thousands):
(1) The accrual balances are included in accrued and other current liabilities on the Company’s condensed consolidated balance sheets.
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Net Income Per Share - Computations of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Net income | ||||
Net income | $ 244,684 | $ 140,153 | $ 444,528 | $ 323,080 |
Net income | $ 244,684 | $ 140,153 | $ 444,528 | $ 323,080 |
Shares used in net income per share computation: | ||||
Weighted average shares outstanding - basic (in shares) | 155,933 | 161,244 | 157,568 | 163,042 |
Effect of potentially dilutive equivalent shares (in shares) | 1,507 | 1,285 | 1,275 | 1,385 |
Weighted average shares outstanding - diluted (in shares) | 157,440 | 162,529 | 158,843 | 164,427 |
Net income per share: | ||||
Basic (in dollars per share) | $ 1.57 | $ 0.87 | $ 2.82 | $ 1.98 |
Diluted (in dollars per share) | $ 1.55 | $ 0.86 | $ 2.80 | $ 1.96 |
Net Income Per Share - Narrative (Details) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Earnings Per Share [Abstract] | ||||
Anti-dilutive equivalents shares excluded (in shares) | 0.8 | 1.6 | 1.3 | 2.0 |
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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Share-Based Payment Arrangement [Abstract] | ||||
Share-based compensation expenses capitalized as inventory | $ 1.4 | $ 1.3 | $ 4.8 | $ 4.4 |
Net periodic benefit cost | $ 1.9 | $ 2.7 | $ 5.7 | $ 8.3 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Dec. 29, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Income Tax Contingency [Line Items] | |||||
Provision for (benefit from) income taxes | $ (9,594) | $ 42,663 | $ 33,272 | $ 87,751 | |
Effective income tax rates (as a percent) | (4.10%) | 23.30% | 7.00% | 21.40% | |
Expense (benefit) related to reversal of uncertain tax positions | $ (25,100) | ||||
Expense (benefit) due to remeasurement of deferred tax assets | $ (5,100) | ||||
Recognition of excess tax benefits | $ 17,900 | ||||
Maximum | |||||
Income Tax Contingency [Line Items] | |||||
Effective income tax rates (as a percent) | 14.28% | ||||
Minimum | |||||
Income Tax Contingency [Line Items] | |||||
Effective income tax rates (as a percent) | 13.61% |
Fair Value Measurements - Change in Fair Value of Contingent Consideration (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Change in Fair Value of Contingent Consideration [Roll Forward] | ||
Beginning of the period | $ 6,629 | $ 12,259 |
Fair value of contingent consideration upon acquisition | 0 | 2,151 |
Payments of contingent consideration | (5,002) | (5,954) |
Effect of foreign currency exchange rate changes | 182 | (1,843) |
End of the period | $ 1,809 | $ 6,613 |
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Mar. 31, 2023 |
|
Foreign exchange forward | Designated as hedging instruments | Cash flow hedges | ||
Derivative [Line Items] | ||
Derivative term of contract | 4 months | |
Derivative, notional amount | $ 91.2 | $ 72.6 |
Cash flow hedge gains to be reclassified within twelve months | $ (1.6) | |
Foreign exchange forward and swap | Not designated as hedging instrument | ||
Derivative [Line Items] | ||
Derivative term of contract | 1 month | |
Derivative, notional amount | $ 78.2 | $ 111.2 |
Derivative Financial Instruments - Gains and Losses on Derivative Instruments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Amounts of gains and losses on the derivative instruments | ||||
Amount of Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss | $ (2,539) | $ (6,325) | $ (1,165) | $ 5,239 |
Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold | (863) | (4,728) | 3,493 | (11,766) |
Designated as hedging instruments | Cash flow hedges | ||||
Amounts of gains and losses on the derivative instruments | ||||
Amount of Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss | (2,539) | (6,325) | (1,165) | 5,239 |
Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold | $ (863) | $ (4,728) | $ 3,493 | $ (11,766) |
Goodwill and Other Intangible Assets - Schedule of Activity In Goodwill Balance (Details) $ in Thousands |
9 Months Ended |
---|---|
Dec. 31, 2023
USD ($)
| |
Goodwill | |
Balance at the beginning of the period | $ 454,610 |
Acquisition | 8,117 |
Effects of foreign currency translation | 1,251 |
Balance at the end of the period | $ 463,978 |
Financing Arrangements - Narrative (Details) - USD ($) |
Dec. 31, 2023 |
Mar. 31, 2023 |
---|---|---|
Financing Arrangements | ||
Outstanding borrowings | $ 0 | $ 0 |
Line of credit | ||
Financing Arrangements | ||
Maximum borrowing capacity | 176,100,000 | 181,300,000 |
Outstanding bank guarantees | $ 11,100,000 | $ 13,600,000 |
Commitments and Contingencies - Schedule of Changes in Warranty Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Changes in the warranty liability: | ||||
Beginning of the period | $ 40,265 | $ 41,960 | $ 40,886 | $ 46,219 |
Provision | 11,249 | 8,920 | 30,734 | 23,440 |
Settlements | (10,158) | (8,979) | (29,914) | (26,358) |
Effects of foreign currency translation | 421 | 730 | 71 | (670) |
End of the period | $ 41,777 | $ 42,631 | $ 41,777 | $ 42,631 |
Commitments and Contingencies - Narrative (Details) |
Dec. 31, 2023
USD ($)
|
---|---|
Indemnification Agreement | |
Other Commitments [Line Items] | |
Amount accrued for indemnification provisions | $ 0 |
Shareholders' Equity - Narrative (Details) $ / shares in Units, shares in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | 39 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023
USD ($)
shares
|
Jul. 31, 2022
USD ($)
|
Apr. 30, 2021
USD ($)
|
Dec. 31, 2023
USD ($)
shares
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2023
USD ($)
SFr / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
|
Dec. 31, 2022
SFr / shares
|
Jul. 27, 2023
USD ($)
shares
|
Mar. 31, 2023
shares
|
May 31, 2020
USD ($)
|
|
Class of Stock [Line Items] | ||||||||||||
Stock repurchased (in shares) | shares | 3,000 | |||||||||||
Aggregate purchase price | $ 172,422,000 | $ 90,170,000 | $ 391,594,000 | $ 327,731,000 | ||||||||
Maximum percentage of shares held by the company and its subsidiaries | 10.00% | |||||||||||
Maximum shares available for purchase (in shares) | shares | 17,300 | |||||||||||
Stock repurchase program, cancel, percentage | 10.00% | |||||||||||
Treasury, at cost, shares (in shares) | shares | 18,108 | 18,108 | 18,108 | 13,763 | ||||||||
Cash dividends per share (in dollars per share) | (per share) | $ 1.19 | SFr 1.06 | $ 1.00 | SFr 0.96 | ||||||||
Payment of cash dividends | $ 187,199,000 | $ 162,681,000 | ||||||||||
2020 Share Repurchase Program | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Authorized amount in buyback program | $ 1,500,000,000 | $ 1,000,000,000 | $ 250,000,000 | |||||||||
Increase in authorized amount | $ 500,000,000 | $ 750,000,000 | ||||||||||
Stock repurchased (in shares) | shares | 2,600 | 16,700 | ||||||||||
Aggregate purchase price | $ 159,100,000 | $ 1,200,000,000 | ||||||||||
2023 Share Repurchase Program | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Authorized amount in buyback program | $ 1,000,000,000 | |||||||||||
Stock repurchased (in shares) | shares | 3,000 | |||||||||||
Aggregate purchase price | $ 232,500,000 | |||||||||||
Period to complete share repurchase program | 3 years | |||||||||||
Aggregate cost of share | 14,800,000 | |||||||||||
Amount available for repurchase | $ 767,800,000 | $ 767,800,000 | SFr 767,800,000 |
Segment Information - Net Sales and Long-Lived Assets by Geographic Region (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2023 |
|
Net sales to unaffiliated customers and long-lived assets by geographic region | |||||
Total Sales | $ 1,255,473 | $ 1,269,925 | $ 3,286,980 | $ 3,578,741 | |
Property, plant and equipment, net | 158,569 | 158,569 | $ 168,012 | ||
Americas | |||||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||||
Total Sales | 538,530 | 513,835 | 1,446,104 | 1,508,318 | |
Property, plant and equipment, net | 68,996 | 68,996 | 59,183 | ||
EMEA | |||||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||||
Total Sales | 416,618 | 428,532 | 987,301 | 1,016,187 | |
Property, plant and equipment, net | 32,839 | 32,839 | 38,890 | ||
Asia Pacific | |||||
Net sales to unaffiliated customers and long-lived assets by geographic region | |||||
Total Sales | 300,325 | $ 327,558 | 853,575 | $ 1,054,236 | |
Property, plant and equipment, net | $ 56,734 | $ 56,734 | $ 69,939 |
Segment Information - Narrative (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022 |
Dec. 31, 2023
USD ($)
segment
|
Dec. 31, 2022 |
Mar. 31, 2023
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||
Number of operating segments (in segments) | segment | 1 | ||||
Long lived assets | $ 158,569 | $ 158,569 | $ 168,012 | ||
United States | |||||
Segment Reporting Information [Line Items] | |||||
Long lived assets | 67,800 | 67,800 | 58,700 | ||
China | |||||
Segment Reporting Information [Line Items] | |||||
Long lived assets | 37,600 | 37,600 | 48,800 | ||
Ireland | |||||
Segment Reporting Information [Line Items] | |||||
Long lived assets | 16,900 | 16,900 | 17,700 | ||
Switzerland | |||||
Segment Reporting Information [Line Items] | |||||
Long lived assets | $ 9,800 | $ 9,800 | $ 13,700 | ||
Geographic concentration | Consolidated net sales from continuing operations | Switzerland | |||||
Segment Reporting Information [Line Items] | |||||
Percentage of consolidated net sales | 3.00% | 4.00% | 2.00% | 3.00% |
Restructuring - Schedule of Restructuring-Related Activities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | $ 19,534 | |||
Charges (credits), net | $ 839 | $ 5,654 | 2,562 | $ 16,471 |
Cash payments | (19,269) | |||
Ending balance | 2,827 | 2,827 | ||
Termination Benefits | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 14,177 | |||
Charges (credits), net | 4,310 | |||
Cash payments | (17,688) | |||
Ending balance | 799 | 799 | ||
Contract Termination and Other | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 5,357 | |||
Charges (credits), net | (1,748) | |||
Cash payments | (1,581) | |||
Ending balance | $ 2,028 | $ 2,028 |
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