Logitech International (LOGI) 10-Q 28 Jul 22 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Jun. 30, 2022	Jul. 14, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	0-29174
Entity Registrant Name	LOGITECH INTERNATIONAL S.A.
Entity Incorporation, State or Country Code	V8
Entity Address, Address Line One	1015 Lausanne
Entity Address, Country	CH
Entity Address, Address Line Two	c/o Logitech Inc.
Entity Address, Address Line Three	7700 Gateway Boulevard
Entity Address, City or Town	Newark
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94560
City Area Code	510
Local Phone Number	795-8500
Title of 12(b) Security	Registered Shares
Trading Symbol	LOGI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		163,631,242
Entity Central Index Key	0001032975
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 1,159,865	$ 1,312,058
Cost of goods sold	697,220	739,066
Amortization of intangible assets	3,042	4,066
Gross profit	459,603	568,926
Operating expenses:
Marketing and selling	229,378	252,314
Research and development	75,517	69,246
General and administrative	35,860	40,542
Amortization of intangible assets and acquisition-related costs	3,369	5,217
Change in fair value of contingent consideration for business acquisition	0	(1,474)
Total operating expenses	344,124	365,845
Operating income	115,479	203,081
Interest income	1,449	316
Other income (expense), net	5,624	8,435
Income before income taxes	122,552	211,832
Provision for income taxes	21,716	24,991
Net income	$ 100,836	$ 186,841
Net income per share:
Basic (in dollars per share)	$ 0.61	$ 1.11
Diluted (in dollars per share)	$ 0.61	$ 1.09
Weighted average shares used to compute net income per share:
Basic (in shares)	164,679	168,372
Diluted (in shares)	166,406	172,020

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 100,836	$ 186,841
Currency translation gain (loss):
Currency translation gain (loss), net of taxes	(21,220)	804
Reclassification of cumulative translation adjustments included in other income (expense), net	0	1,046
Defined benefit plans:
Net gain (loss) and prior service costs, net of taxes	84	(500)
Reclassification of amortization included in other income (expense), net	(113)	211
Hedging gain (loss):
Deferred hedging gain, net of taxes	6,629	530
Reclassification of hedging gain included in cost of goods sold	(2,091)	(594)
Total other comprehensive income (loss)	(16,711)	1,497
Total comprehensive income	$ 84,125	$ 188,338

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,106,657	$ 1,328,716
Accounts receivable, net	706,886	675,604
Inventories	917,356	933,124
Other current assets	126,689	135,478
Total current assets	2,857,588	3,072,922
Non-current assets:
Property, plant and equipment, net	112,240	109,807
Goodwill	451,209	448,175
Other intangible assets, net	79,820	83,779
Other assets	328,855	320,722
Total assets	3,829,712	4,035,405
Current liabilities:
Accounts payable	558,983	636,306
Accrued and other current liabilities	693,784	784,848
Total current liabilities	1,252,767	1,421,154
Non-current liabilities:
Income taxes payable	82,887	83,380
Other non-current liabilities	131,700	132,133
Total liabilities	1,467,354	1,636,667
Commitments and contingencies
Shareholders’ equity:
Registered shares, CHF 0.25 par value: Issued shares - 173,106 at June 30, 2022 and March 31, 2022 Additional shares that may be be issued out of conditional capitals - 50,000 at June 30,2022 and March 31, 2022 Additional shares that may be issued out of authorized capitals - 17,311 at June 30, 2022 and March 31, 2022	30,148	30,148
Additional paid-in capital	98,800	129,925
Shares in treasury, at cost — 9,051 at June 30, 2022 and 7,855 at March 31, 2022	(722,273)	(632,893)
Retained earnings	3,076,517	2,975,681
Accumulated other comprehensive loss	(120,834)	(104,123)
Total shareholders’ equity	2,362,358	2,398,738
Total liabilities and shareholders’ equity	$ 3,829,712	$ 4,035,405

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - SFr / shares shares in Thousands	Jun. 30, 2022	Mar. 31, 2022
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)	9,051	7,855

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 100,836	$ 186,841
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	18,626	20,462
Amortization of intangible assets	6,229	8,843
Gain on investments	(11,357)	(1,071)
Share-based compensation expense	23,690	23,651
Deferred income taxes	265	(4,158)
Change in fair value of contingent consideration for business acquisition	0	(1,474)
Other	(124)	1,045
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net	(44,572)	73,308
Inventories	(324)	(115,166)
Other assets	4,932	(30,796)
Accounts payable	(70,034)	(115,620)
Accrued and other liabilities	(63,835)	(160,835)
Net cash used in operating activities	(35,668)	(114,970)
Cash flows from investing activities:
Purchases of property, plant and equipment	(19,563)	(24,514)
Investment in privately held companies	(2,088)	(501)
Acquisitions, net of cash acquired	(5,839)	(15,586)
Purchases of deferred compensation investments	(922)	(1,091)
Proceeds from sales of deferred compensation investments	943	1,345
Net cash used in investing activities	(27,469)	(40,347)
Cash flows from financing activities:
Purchases of registered shares	(120,619)	(54,872)
Proceeds from exercises of stock options and purchase rights	0	2,750
Tax withholdings related to net share settlements of restricted stock units	(24,144)	(50,411)
Net cash used in financing activities	(144,763)	(102,533)
Effect of exchange rate changes on cash and cash equivalents	(14,159)	5,244
Net decrease in cash and cash equivalents	(222,059)	(252,606)
Cash and cash equivalents, beginning of the period	1,328,716	1,750,327
Cash and cash equivalents, end of the period	1,106,657	1,497,721
Non-cash investing and financing activities:
Property, plant and equipment purchased during the period and included in period end liability accounts	14,069	13,051
Non-cash contingent consideration for acquisition	1,151	9,973
Supplemental cash flow information:
Income taxes paid, net	$ 32,901	$ 134,766

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Registered Shares	Additional Paid-in Capital	Treasury Shares	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning of the period at Mar. 31, 2021	$ 2,261,789	$ 30,148	$ 129,519	$ (279,541)	$ 2,490,578	$ (108,915)
Beginning of the period (in shares) at Mar. 31, 2021		173,106
Beginning of the period (in shares) at Mar. 31, 2021				4,799
Increase (Decrease) in Shareholders' Equity
Total comprehensive income	188,338				186,841	1,497
Purchases of registered shares	(54,872)			$ (54,872)
Purchases of registered shares (in shares)				505
Sales of shares upon exercise of stock options and purchase rights	2,750		221	$ 2,529
Sales of shares upon exercise of stock options and purchase rights (in shares)				(71)
Issuance of shares upon vesting of restricted stock units	(50,411)		(79,689)	$ 29,278
Issuance of shares upon vesting of restricted stock units (in shares)				(826)
Share-based compensation	24,897		24,897
End of the period at Jun. 30, 2021	2,372,491	$ 30,148	74,948	$ (302,606)	2,677,419	(107,418)
End of the period (in shares) at Jun. 30, 2021		173,106
End of the period (in shares) at Jun. 30, 2021				4,407
Beginning of the period at Mar. 31, 2022	$ 2,398,738	$ 30,148	129,925	$ (632,893)	2,975,681	(104,123)
Beginning of the period (in shares) at Mar. 31, 2022		173,106
Beginning of the period (in shares) at Mar. 31, 2022	7,855			7,855
Increase (Decrease) in Shareholders' Equity
Total comprehensive income	$ 84,125				100,836	(16,711)
Purchases of registered shares	(120,619)			$ (120,619)
Purchases of registered shares (in shares)				1,980
Issuance of shares upon vesting of restricted stock units	(24,144)		(55,383)	$ 31,239
Issuance of shares upon vesting of restricted stock units (in shares)				(784)
Share-based compensation	24,258		24,258
End of the period at Jun. 30, 2022	$ 2,362,358	$ 30,148	$ 98,800	$ (722,273)	$ 3,076,517	$ (120,834)
End of the period (in shares) at Jun. 30, 2022		173,106
End of the period (in shares) at Jun. 30, 2022	9,051			9,051

The Company and Summary of Sign

The Company and Summary of Significant Accounting Policies and Estimates	3 Months Ended
	Jun. 30, 2022
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 markets products that help connect people to digital and cloud experiences. Forty years ago, Logitech created products to improve experiences around the personal computer ("PC") platform, and today it is a multi-brand, multi-category company designing products that enable better experiences consuming, sharing and creating any digital content such as computing, gaming, video, and music, whether it is on a computer, mobile device or in the cloud. The Company sells its products to a broad network of domestic and international customers, including direct sales to retailers, e-tailers and enterprise customers, and indirect sales through distributors. Logitech was founded in Switzerland in 1981 and Logitech International S.A. has been the parent holding company of Logitech since 1988. Logitech International S.A. is a Swiss holding company with its registered office in 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 of America ("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, 2022, included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on May 18, 2022. 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 months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2023, or any future periods. Changes in Significant Accounting Policies Other than the recent accounting pronouncements adopted and discussed below under Recent Accounting Pronouncements Adopted , there have bee n no material changes in the Company’s significant accounting policies during the three months ended June 30, 2022 compared with the significant accounting policies described in its Annual Report on Form 10-K for the fiscal year ended March 31, 2022. 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 During the first quarter of fiscal year 2023, the Company was impacted by adverse macroeconomic and geopolitical conditions. These conditions include but are not limited to inflation, foreign currency fluctuations, and lower consumer spending. The Company also continues to be affected by supply chain challenges, and the war in Ukraine has further increased existing global supply chain, logistics, and inflationary challenges. Such global or regional economic and political conditions adversely affect demand for the Company's products. These conditions also have an impact on its suppliers, contract manufacturers, logistics providers, and distributors, causing increases in cost of materials and higher shipping and transportation rates, and as a result impacting the pricing of its products. Price increases may not successfully offset cost increases or may cause the Company to lose market share and in turn adversely impact its results of operations. Impacts of COVID-19 on the Company's Business In March 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic, which continues to spread throughout the world. The COVID-19 pandemic has resulted in, and could continue to result in, industry-wide global supply chain challenges, including manufacturing, transportation and logistics. The Company purchases certain products and key components from a limited number of sources, and depends on the supply chain, including freight, to receive components, transport finished goods and deliver its products across the world. While the Company proactively manages its supply chain, it expects to continue to be impacted by higher logistics and component costs, prolonged delays, and challenges with component availability. Most recently, Shanghai, China, experienced a two-month lockdown beginning in late March 2022 due to another outbreak of COVID-19, resulting in a lockdown of the city, closures of ports and airports, and disruption of commercial activities, further constraining the Company's supply chain. If additional lockdowns or similar measures are instituted in Shanghai or Suzhou, where the Company's manufacturing facility is located, or other places where the Company's suppliers and partners are located, such measures, depending on their duration, could cause additional negative impact on the Company's business and results of operations. It is still difficult to predict the progression, the duration and all of the effects of COVID-19, how restrictions and shelter-at-home guidelines will continue evolving on a global basis, how consumer demand, supply chain challenges, including inventory and logistical effects and costs, may change over time, and the impact on the Company's future sales and results of operations. The full extent of the impact of the COVID-19 pandemic on the Company's business and operational and financial performance remains uncertain and will depend on many factors outside the Company's control. Recent Accounting Pronouncements Adopted In October 2021, the Financial Accounting Standard Board ("FASB") issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers " (ASU 2021-08). The update requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers , as if it had originated the contracts. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The Company early adopted the standard effective April 1, 2022 and applies the standard prospectively to business combinations that occurred on or after April 1, 2022. The adoption of ASU 2021-08 did not have a material impact on the Company's condensed consolidated financial statements.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Jun. 30, 2022
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 months ended June 30, 2022 and 2021 (in thousands, except per share amounts): Three Months Ended 2022 2021 Net income $ 100,836 $ 186,841 Shares used in net income per share computation: Weighted average shares outstanding - basic 164,679 168,372 Effect of potentially dilutive equivalent shares 1,727 3,648 Weighted average shares outstanding - diluted 166,406 172,020 Net income per share: Basic $ 0.61 $ 1.11 Diluted $ 0.61 $ 1.09 Share equivalents attributable to outstanding stock options, restricted stock units ("RSUs") and employee share purchase plans ("ESPP") totaling 3.4 million and 0.5 million for the three months ended June 30, 2022 and 2021, 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 awards were not included in the 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.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Employee Benefit Plans	Employee Benefit Plans Employee Share Purchase Plans and Stock Incentive Plans As of June 30, 2022, the Company offers the 2006 Employee Share Purchase Plan, as amended and restated (Non-U.S.) ("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 months ended June 30, 2022 and 2021 (in thousands): Three Months Ended 2022 2021 Cost of goods sold $ 1,461 $ 1,369 Marketing and selling 9,797 8,530 Research and development 5,532 5,061 General and administrative 6,900 8,691 Total share-based compensation expense 23,690 23,651 Income tax benefit (4,322) (16,594) Total share-based compensation expense, net of income tax benefit $ 19,368 $ 7,057 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. During the three months ended June 30, 2022 and 2021, share-based compensation costs of $1.8 million and $1.7 million, respectively, were capitalized as part of inventory. 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 recorded of $2.8 million and $3.3 million for the three months ended June 30, 2022 and 2021, respectively, were primarily related to service costs.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2022
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 for the three months ended June 30, 2022 was $21.7 million based on an effective income tax rate of 17.7% of pre-tax income, compared to an income tax provision of $25.0 million based on an effective income tax rate of 11.8% of pre-tax income for the three months ended June 30, 2021. The change in the effective income tax rate for the three months ended June 30, 2022, compared to the same period ended June 30, 2021 was primarily due to the mix of income and losses in the various tax jurisdictions in which the Company operates. There were discrete tax benefits of $1.4 million and $1.2 million from the recognition of excess tax benefits in the United States and reversal of uncertain tax positions from the expiration of statutes of limitations, respectively, in the three month period ended June 30, 2022, compared with $13.7 million and $1.0 million, respectively, in the three month period ended June 30, 2021. As of June 30, 2022 and March 31, 2022, the total amount of unrecognized tax benefits due to uncertain tax positions was $174.3 million and $176.0 million, respectively, all of which would affect the effective income tax rate if recognized. As of June 30, 2022 and March 31, 2022, the Company had $82.9 million and $83.4 million, respectively, in non-current income taxes payable including interest and penalties, related to the Company's income tax liability for uncertain tax positions. The Company recognizes interest and penalties related to unrecognized tax positions in the income tax provision. As of June 30, 2022 and March 31, 2022, the Company had $4.3 million and $3.6 million, respectively, of accrued interest and penalties related to uncertain tax positions in non-current income taxes payable. 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 2023, the Company continues to review its tax positions and provide for or reverse unrecognized tax benefits as they arise. During the next twelve months, it is reasonably possible that the amount of unrecognized tax benefits could increase or decrease significantly due to changes in tax law in various jurisdictions, new tax audits and changes in the U.S. dollar as compared to other currencies. Excluding these factors, uncertain tax positions may decrease by as much as $4.2 million from the lapse of the statutes of limitations in various jurisdictions during the next twelve months.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Jun. 30, 2022
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): June 30, 2022 March 31, 2022 Accounts receivable, net: Accounts receivable $ 961,266 $ 964,766 Allowance for doubtful accounts (174) (2,212) Allowance for sales returns (9,779) (12,321) Allowance for cooperative marketing arrangements (47,025) (56,372) Allowance for customer incentive programs (95,215) (97,460) Allowance for pricing programs (102,187) (120,797) $ 706,886 $ 675,604 Inventories: Raw materials $ 243,780 $ 226,155 Finished goods 673,576 706,969 $ 917,356 $ 933,124 Other current assets: Value-added tax ("VAT") receivables $ 44,018 $ 58,850 Prepaid expenses and other assets 82,671 76,628 $ 126,689 $ 135,478 Property, plant and equipment, net: Property, plant and equipment $ 477,941 $ 459,413 Less: accumulated depreciation and amortization (365,701) (349,606) $ 112,240 $ 109,807 Other assets: Deferred tax assets $ 187,544 $ 193,629 Investments in privately held companies 56,512 43,068 Right-of-use assets 41,422 40,661 Investments for deferred compensation plan 28,310 28,431 Other assets 15,067 14,933 $ 328,855 $ 320,722 June 30, 2022 March 31, 2022 Accrued and other current liabilities: Accrued customer marketing, pricing and incentive programs $ 214,342 $ 232,393 Accrued personnel expenses 115,168 165,090 Accrued sales return liability 43,737 40,507 Warranty accrual 31,368 32,987 Accrued payables - non-inventory 20,661 26,722 VAT payable 20,443 39,602 Income taxes payable 19,239 35,355 Operating lease liabilities 13,121 13,690 Contingent consideration 12,013 8,042 Other current liabilities 203,692 190,460 $ 693,784 $ 784,848 Other non-current liabilities: Employee benefit plan obligations $ 48,604 $ 50,741 Operating lease liabilities 28,873 28,207 Obligation for deferred compensation plan 28,310 28,431 Warranty accrual 12,473 13,232 Deferred tax liabilities 3,154 1,962 Contingent consideration 1,388 4,217 Other non-current liabilities 8,898 5,343 $ 131,700 $ 132,133

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2022
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): June 30, 2022 March 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 665,410 $ — $ — $ 762,055 $ — $ — Investments for deferred compensation plan included in other assets: Cash $ 138 $ — $ — $ 108 $ — $ — Common stock 1,631 — — 2,329 — — Money market funds 7,991 — — 6,765 — — Mutual funds 18,550 — — 19,229 — — Total of investments for deferred compensation plan $ 28,310 $ — $ — $ 28,431 $ — $ — Currency derivative assets $ — $ 3,147 $ — $ — $ 1,517 $ — Liabilities: Contingent consideration included in accrued and other current liabilities $ — $ — $ 12,013 $ — $ — $ 8,042 Contingent consideration included in other non-current liabilities $ — $ — $ 1,142 $ — $ — $ 3,971 Currency derivative liabilities $ — $ 160 $ — $ — $ 165 $ — Contingent Consideration for Business Acquisitions The following table summarizes the change in the fair value of the Company's contingent consideration balance during the three months ended June 30, 2022 and 2021 (in thousands): Three Months Ended 2022 2021 Beginning of the period $ 12,259 $ 6,967 Fair value of contingent consideration upon acquisition (1) 1,142 9,973 Change in fair value of contingent consideration — (1,474) End of the period $ 13,401 $ 15,466 (1) Represents the contingent consideration related to the technology acquisitions during the periods. The contingent consideration arising from the technology acquisition on May 19, 2021, represents the future potential earn-out payments of up to $10.0 million payable in cash only upon the achievement of three technical development milestones required to be completed as of December 31, 2021, June 30, 2022, and June 30, 2023. The fair value of the contingent consideration as of the acquisition date was $10.0 million, which was determined using a probability-weighted expected payment model and discounted at the estimated cost of debt. During the third quarter of fiscal year 2022, $0.9 million of the contingent consideration was released from other current liabilities upon cash settlement of the contingent consideration for the first technical development milestone. During the first quarter of fiscal year 2023, the second technical development milestone was achieved and the related contingent consideration is expected to be paid in fiscal year 2023. The contingent consideration arising from the Mevo Acquisition on February 17, 2021 represents the future potential earn-out payments of up to $17.0 million payable in cash only upon the achievement of certain net sales for the period from December 26, 2020 to December 31, 2021. As of March 31, 2021 the fair value of the contingent consideration was $3.4 million. A s of December 31, 2021, the fair value of the contingent consideration was released from other current liabilities as the net sales milestone was not achieved upon completion of the earn-out period. The contingent consideration arising from the technology acquisition on January 4, 2021, represents the future potential earn-out payments of up to $3.0 million payable in cash upon the achievement of two technical development milestones required to be completed as of December 31, 2021 and March 31, 2022. The fair value of the contingent amount was determined using a probability-weighted expected payment model and discounted at the estimated cost of debt. The contingent consideration is expected to be paid in fiscal year 2023. Although the estimate of contingent consideration is based on management’s best knowledge of current events, the estimate could change significantly from period to period. Actual results that differ from the assumptions used and any changes to the significant assumptions and unobservable inputs used could have an impact on future results of operations. Investment for Deferred Compensation Plan The marketable securities for the Company's deferred compensation plan were recorded at a fair value of $28.3 million and $28.4 million, as of June 30, 2022 and March 31, 2022, 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 months ended June 30, 2022 and 2021 were not material and were included in other income (expense), net 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 under the equity method of accounting, with a carrying value of $44.8 million and $40.2 million as of June 30, 2022 and March 31, 2022, respectively. Unrealized gains (losses) related to equity investments for the three months ended June 30, 2022 and 2021 were not material and are included in other income (expense), net in the Company's condensed consolidated statements of operations. There was no impairment of these assets during the three months ended June 30, 2022 or 2021. Other Assets Measured at Fair Value on a Nonrecurring Basis Financial Assets. The Company has certain 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 investments included in other assets was $11.7 million and $2.9 million as of June 30, 2022 and March 31, 2022, respectively. During the three months ended June 30, 2022, 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 was no impairment of these assets during the three months ended June 30, 2022 or 2021. Non-Financial Assets. Goodwill, intangible assets, and property, plant and equipment, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur (or tested at least annually for goodwill) such that a non-financial instrument is required to be evaluated for impairment and an impairment is recorded to reduce the non-financial instrument's carrying value to the fair value as a result of such triggering events, the non-financial assets and liabilities are measured at fair value during such period. There was no impairment of non-financial assets during the three months ended June 30, 2022 and 2021.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and March 31, 2022. See Note 6 for the fair values of the Company’s derivative instruments as of June 30, 2022 or March 31, 2022. Cash Flow Hedges The Company enters into cash flow hedge contracts to protect against exchange rate exposure of forecasted inventory purchases. These hedging contracts mature within four months. Gains and losses in the fair value of the effective portion of the hedges are deferred as a component of accumulated other comprehensive loss until the hedged inventory purchases are sold, at which time the gains or losses are reclassified to cost of goods sold. Cash flows from such hedges are classified as operating activities in the condensed consolidated statements of cash flows. Hedging relationships are discontinued when 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 $96.2 million and $125.4 million as of June 30, 2022 and March 31, 2022, respectively. The Company had $6.4 million of net gains related to its cash flow hedges included in accumulated other comprehensive loss as of June 30, 2022, which will be reclassified into earnings within the next twelve months. The following table presents the amounts of gains on the Company’s derivative instruments designated as hedging instruments for the three months ended June 30, 2022 and 2021 and their locations on its condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (in thousands): Three Months Ended Amount of Gain Amount of Gain 2022 2021 2022 2021 Cash flow hedges $ 6,629 $ 530 $ (2,091) $ (594) 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 a 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 i n 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 June 30, 2022 and March 31, 2022 were $206.4 million and $226.5 million, respectively. Foreign currency exchange forward and swap contracts outstanding as of June 30, 2022 and March 31, 2022 consisted of contracts in Japanese Yen, Australian Dollars, Canadian Dollars, Chinese Renminbi, Mexican Pesos, New Taiwan Dollars, and Brazilian Real, to be settled at future dates at pre-determined exchange rates.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The Company conducts its impairment analysis of goodwill and indefinite life intangible assets 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. There have been no triggering events identified affecting the valuation of goodwill and indefinite life intangible assets during the three months ended June 30, 2022 and 2021. The following table summarizes the activities in the Company’s goodwill balance (in thousands): As of March 31, 2022 $ 448,175 Acquisition 4,980 Effects of foreign currency translation (1,946) As of June 30, 2022 $ 451,209 The Company's acquired intangible assets were as follows (in thousands): June 30, 2022 March 31, 2022 Gross Carrying Amount Accumulated Net Carrying Amount Gross Carrying Amount Accumulated Net Carrying Amount Trademark and trade names $ 36,790 $ (23,470) $ 13,320 $ 36,790 $ (22,295) $ 14,495 Developed technology 122,075 (86,631) 35,444 119,407 (83,540) 35,867 Customer contracts/relationships 71,110 (42,612) 28,498 71,110 (40,971) 30,139 In-process R&D 3,526 — 3,526 3,826 — 3,826 Effects of foreign currency translation (1,183) 215 (968) (634) 86 (548) Total $ 232,318 $ (152,498) $ 79,820 $ 230,499 $ (146,720) $ 83,779

Financing Arrangements

Financing Arrangements	3 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements The Company had several uncommitted, unsecured bank lines of credit aggregating $185.9 million and $195.0 million as of June 30, 2022 and March 31, 2022, respectively. There are no financial covenants under these lines of credit with which the Company must comply. As of June 30, 2022 and March 31, 2022, the Company had outstanding bank guarantees of $23.9 million and $25.5 million, respectively, under these lines of credit. There was no borrowing outstanding under these lines of credit as of June 30, 2022 or March 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Product Warranties Changes in the Company’s warranty liability for the three months ended June 30, 2022 and 2021 were as follows (in thousands): Three Months Ended 2022 2021 Beginning of the period $ 46,219 $ 48,832 Provision 6,623 8,446 Settlements (8,281) (8,315) Effects of foreign currency translation (720) 130 End of the period $ 43,841 $ 49,093 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 June 30, 2022, 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 which arise in the ordinary course of its business. The Company is currently subject to several such claims and a small number of legal proceedings. The Company believes that these matters lack merit and intends to vigorously defend against them. Based on currently available information, the Company does not believe that resolution of pending matters will have a material adverse effect on its financial position, cash flows or results of operations. However, litigation is subject to inherent uncertainties, and there can be no assurances that the Company's defenses will be successful or that any such lawsuit or claim would not have a material adverse impact on the Company's business, financial position, cash flows or results of operations in a particular period. Any claims or proceedings against the Company, whether meritorious or not, can have an adverse impact because of defense costs, diversion of management and operational resources, negative publicity and other factors. Any failure to obtain a necessary license or other rights, or litigation arising out of intellectual property claims, could adversely affect the Company's business.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Share Repurchases 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 up to 17.3 million of Logitech shares. The Company's share repurchase program is expected to remain in effect for a period of three years through July 27, 2023. 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 of 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. As of June 30, 2022, $303.1 million is still available for repurchase under the 2020 repurchase program. 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 to purchase up to 17.3 million of Logitech shares. This increase is subject to approval by the Swiss Takeover Board. Accumulated Other Comprehensive Income (Loss) The accumulated other comprehensive income (loss) was as follows (in thousands): Cumulative Defined Deferred Hedging Gains Total March 31, 2022 $ (102,461) $ (3,495) $ 1,833 $ (104,123) Other comprehensive income (loss) (21,220) (29) 4,538 (16,711) June 30, 2022 $ (123,681) $ (3,524) $ 6,371 $ (120,834)

Segment Information

Segment Information	3 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information The Company operates in a single operating segment that encompasses the design, manufacturing and marketing of peripherals for PCs, tablets and other digital platforms. Operating performance measures are provided directly to the Company's 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 share-based compensation expense, amortization of intangible assets, acquisition-related costs and change in fair value of contingent consideration from business acquisition. Sales by product categories and sales channels, excluding intercompany transactions, for the three months ended June 30, 2022 and 2021 were as follows (in thousands): Three Months Ended 2022 2021 Pointing Devices $ 183,283 $ 182,878 Keyboards & Combos 227,720 218,357 PC Webcams 59,386 109,918 Tablet & Other Accessories 66,585 79,272 Gaming (1) 282,806 335,397 Video Collaboration 246,242 234,885 Mobile Speakers 22,310 28,484 Audio & Wearables 69,446 116,607 Other (2) 2,087 6,260 Total Sales $ 1,159,865 $ 1,312,058 (1) Gaming includes streaming services revenue generated by Streamlabs. (2) Other includes Smart Home. Sales by geographic region (based on the customers’ locations) for the three months ended June 30, 2022 and 2021 were as follows (in thousands): Three Months Ended 2022 2021 Americas $ 502,307 $ 612,566 EMEA 290,479 357,957 Asia Pacific 367,079 341,535 Total sales $ 1,159,865 $ 1,312,058 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 home domicile, represented 2% and 3% of the Company's total consolidated sales for the three months ended June 30, 2022 and 2021, respectively. Three and two customers of the Company each represented 10% or more of the total consolidated sales for the three months ended June 30, 2022 and 2021, respectively. Property, plant and equipment, net (excluding software) and right-of-use assets by geographic region were as follows (in thousands): June 30, 2022 March 31, 2022 Americas $ 20,198 $ 22,578 EMEA 26,903 23,830 Asia Pacific 88,704 87,265 Total $ 135,805 $ 133,673

The Company and Summary of Si_2

The Company and Summary of Significant Accounting Policies and Estimates (Policies)	3 Months Ended
	Jun. 30, 2022
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 of America ("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, 2022, included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on May 18, 2022. 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 months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2023, or any future periods.
Changes in Significant Accounting Policies and Recent Accounting Pronouncements Adopted	Changes in Significant Accounting Policies Other than the recent accounting pronouncements adopted and discussed below under Recent Accounting Pronouncements Adopted , there have bee n no material changes in the Company’s significant accounting policies during the three months ended June 30, 2022 compared with the significant accounting policies described in its Annual Report on Form 10-K for the fiscal year ended March 31, 2022. Recent Accounting Pronouncements Adopted In October 2021, the Financial Accounting Standard Board ("FASB") issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers " (ASU 2021-08). The update requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers , as if it had originated the contracts. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The Company early adopted the standard effective April 1, 2022 and applies the standard prospectively to business combinations that occurred on or after April 1, 2022. The adoption of ASU 2021-08 did not have a material impact on the Company's condensed consolidated financial statements.
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
Risks and Uncertainties	Risks and Uncertainties Impacts of Macroeconomic and Geopolitical Conditions on the Company's Business During the first quarter of fiscal year 2023, the Company was impacted by adverse macroeconomic and geopolitical conditions. These conditions include but are not limited to inflation, foreign currency fluctuations, and lower consumer spending. The Company also continues to be affected by supply chain challenges, and the war in Ukraine has further increased existing global supply chain, logistics, and inflationary challenges. Such global or regional economic and political conditions adversely affect demand for the Company's products. These conditions also have an impact on its suppliers, contract manufacturers, logistics providers, and distributors, causing increases in cost of materials and higher shipping and transportation rates, and as a result impacting the pricing of its products. Price increases may not successfully offset cost increases or may cause the Company to lose market share and in turn adversely impact its results of operations. Impacts of COVID-19 on the Company's Business In March 2020, the World Health Organization declared the outbreak of COVID-19 as a pandemic, which continues to spread throughout the world. The COVID-19 pandemic has resulted in, and could continue to result in, industry-wide global supply chain challenges, including manufacturing, transportation and logistics. The Company purchases certain products and key components from a limited number of sources, and depends on the supply chain, including freight, to receive components, transport finished goods and deliver its products across the world. While the Company proactively manages its supply chain, it expects to continue to be impacted by higher logistics and component costs, prolonged delays, and challenges with component availability. Most recently, Shanghai, China, experienced a two-month lockdown beginning in late March 2022 due to another outbreak of COVID-19, resulting in a lockdown of the city, closures of ports and airports, and disruption of commercial activities, further constraining the Company's supply chain. If additional lockdowns or similar measures are instituted in Shanghai or Suzhou, where the Company's manufacturing facility is located, or other places where the Company's suppliers and partners are located, such measures, depending on their duration, could cause additional negative impact on the Company's business and results of operations.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Jun. 30, 2022
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 months ended June 30, 2022 and 2021 (in thousands, except per share amounts): Three Months Ended 2022 2021 Net income $ 100,836 $ 186,841 Shares used in net income per share computation: Weighted average shares outstanding - basic 164,679 168,372 Effect of potentially dilutive equivalent shares 1,727 3,648 Weighted average shares outstanding - diluted 166,406 172,020 Net income per share: Basic $ 0.61 $ 1.11 Diluted $ 0.61 $ 1.09

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary 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 months ended June 30, 2022 and 2021 (in thousands): Three Months Ended 2022 2021 Cost of goods sold $ 1,461 $ 1,369 Marketing and selling 9,797 8,530 Research and development 5,532 5,061 General and administrative 6,900 8,691 Total share-based compensation expense 23,690 23,651 Income tax benefit (4,322) (16,594) Total share-based compensation expense, net of income tax benefit $ 19,368 $ 7,057

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Jun. 30, 2022
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): June 30, 2022 March 31, 2022 Accounts receivable, net: Accounts receivable $ 961,266 $ 964,766 Allowance for doubtful accounts (174) (2,212) Allowance for sales returns (9,779) (12,321) Allowance for cooperative marketing arrangements (47,025) (56,372) Allowance for customer incentive programs (95,215) (97,460) Allowance for pricing programs (102,187) (120,797) $ 706,886 $ 675,604 Inventories: Raw materials $ 243,780 $ 226,155 Finished goods 673,576 706,969 $ 917,356 $ 933,124 Other current assets: Value-added tax ("VAT") receivables $ 44,018 $ 58,850 Prepaid expenses and other assets 82,671 76,628 $ 126,689 $ 135,478 Property, plant and equipment, net: Property, plant and equipment $ 477,941 $ 459,413 Less: accumulated depreciation and amortization (365,701) (349,606) $ 112,240 $ 109,807 Other assets: Deferred tax assets $ 187,544 $ 193,629 Investments in privately held companies 56,512 43,068 Right-of-use assets 41,422 40,661 Investments for deferred compensation plan 28,310 28,431 Other assets 15,067 14,933 $ 328,855 $ 320,722
Schedule of Components of Certain Balance Sheet Liability Amounts	The following table presents the components of certain balance sheet liability amounts (in thousands): June 30, 2022 March 31, 2022 Accrued and other current liabilities: Accrued customer marketing, pricing and incentive programs $ 214,342 $ 232,393 Accrued personnel expenses 115,168 165,090 Accrued sales return liability 43,737 40,507 Warranty accrual 31,368 32,987 Accrued payables - non-inventory 20,661 26,722 VAT payable 20,443 39,602 Income taxes payable 19,239 35,355 Operating lease liabilities 13,121 13,690 Contingent consideration 12,013 8,042 Other current liabilities 203,692 190,460 $ 693,784 $ 784,848 Other non-current liabilities: Employee benefit plan obligations $ 48,604 $ 50,741 Operating lease liabilities 28,873 28,207 Obligation for deferred compensation plan 28,310 28,431 Warranty accrual 12,473 13,232 Deferred tax liabilities 3,154 1,962 Contingent consideration 1,388 4,217 Other non-current liabilities 8,898 5,343 $ 131,700 $ 132,133

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jun. 30, 2022
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): June 30, 2022 March 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 665,410 $ — $ — $ 762,055 $ — $ — Investments for deferred compensation plan included in other assets: Cash $ 138 $ — $ — $ 108 $ — $ — Common stock 1,631 — — 2,329 — — Money market funds 7,991 — — 6,765 — — Mutual funds 18,550 — — 19,229 — — Total of investments for deferred compensation plan $ 28,310 $ — $ — $ 28,431 $ — $ — Currency derivative assets $ — $ 3,147 $ — $ — $ 1,517 $ — Liabilities: Contingent consideration included in accrued and other current liabilities $ — $ — $ 12,013 $ — $ — $ 8,042 Contingent consideration included in other non-current liabilities $ — $ — $ 1,142 $ — $ — $ 3,971 Currency derivative liabilities $ — $ 160 $ — $ — $ 165 $ —
Change in Fair Value of Contingent Consideration	The following table summarizes the change in the fair value of the Company's contingent consideration balance during the three months ended June 30, 2022 and 2021 (in thousands): Three Months Ended 2022 2021 Beginning of the period $ 12,259 $ 6,967 Fair value of contingent consideration upon acquisition (1) 1,142 9,973 Change in fair value of contingent consideration — (1,474) End of the period $ 13,401 $ 15,466

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Gains and Losses on Derivative Instruments	The following table presents the amounts of gains on the Company’s derivative instruments designated as hedging instruments for the three months ended June 30, 2022 and 2021 and their locations on its condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (in thousands): Three Months Ended Amount of Gain Amount of Gain 2022 2021 2022 2021 Cash flow hedges $ 6,629 $ 530 $ (2,091) $ (594)

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Activity In Goodwill Balance	The following table summarizes the activities in the Company’s goodwill balance (in thousands): As of March 31, 2022 $ 448,175 Acquisition 4,980 Effects of foreign currency translation (1,946) As of June 30, 2022 $ 451,209
Schedule of Intangible Assets Subject to Amortization	The Company's acquired intangible assets were as follows (in thousands): June 30, 2022 March 31, 2022 Gross Carrying Amount Accumulated Net Carrying Amount Gross Carrying Amount Accumulated Net Carrying Amount Trademark and trade names $ 36,790 $ (23,470) $ 13,320 $ 36,790 $ (22,295) $ 14,495 Developed technology 122,075 (86,631) 35,444 119,407 (83,540) 35,867 Customer contracts/relationships 71,110 (42,612) 28,498 71,110 (40,971) 30,139 In-process R&D 3,526 — 3,526 3,826 — 3,826 Effects of foreign currency translation (1,183) 215 (968) (634) 86 (548) Total $ 232,318 $ (152,498) $ 79,820 $ 230,499 $ (146,720) $ 83,779

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Changes in Warranty Liability	Changes in the Company’s warranty liability for the three months ended June 30, 2022 and 2021 were as follows (in thousands): Three Months Ended 2022 2021 Beginning of the period $ 46,219 $ 48,832 Provision 6,623 8,446 Settlements (8,281) (8,315) Effects of foreign currency translation (720) 130 End of the period $ 43,841 $ 49,093

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Schedule of Components of Accumulated Other Comprehensive Income (Loss)	The accumulated other comprehensive income (loss) was as follows (in thousands): Cumulative Defined Deferred Hedging Gains Total March 31, 2022 $ (102,461) $ (3,495) $ 1,833 $ (104,123) Other comprehensive income (loss) (21,220) (29) 4,538 (16,711) June 30, 2022 $ (123,681) $ (3,524) $ 6,371 $ (120,834)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of Net Sales by Product Categories, Excluding Intercompany Transactions	Sales by product categories and sales channels, excluding intercompany transactions, for the three months ended June 30, 2022 and 2021 were as follows (in thousands): Three Months Ended 2022 2021 Pointing Devices $ 183,283 $ 182,878 Keyboards & Combos 227,720 218,357 PC Webcams 59,386 109,918 Tablet & Other Accessories 66,585 79,272 Gaming (1) 282,806 335,397 Video Collaboration 246,242 234,885 Mobile Speakers 22,310 28,484 Audio & Wearables 69,446 116,607 Other (2) 2,087 6,260 Total Sales $ 1,159,865 $ 1,312,058 (1) Gaming includes streaming services revenue generated by Streamlabs. (2) Other includes Smart Home.
Schedule of Net Sales by Geographic Region	Sales by geographic region (based on the customers’ locations) for the three months ended June 30, 2022 and 2021 were as follows (in thousands): Three Months Ended 2022 2021 Americas $ 502,307 $ 612,566 EMEA 290,479 357,957 Asia Pacific 367,079 341,535 Total sales $ 1,159,865 $ 1,312,058
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): June 30, 2022 March 31, 2022 Americas $ 20,198 $ 22,578 EMEA 26,903 23,830 Asia Pacific 88,704 87,265 Total $ 135,805 $ 133,673

Net Income Per Share - Computat

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
	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 100,836	$ 186,841
Shares used in net income per share computation:
Weighted average shares outstanding - basic (in shares)	164,679	168,372
Effect of potentially dilutive equivalent shares (in shares)	1,727	3,648
Weighted average shares outstanding - diluted (in shares)	166,406	172,020
Net income per share:
Basic (in dollars per share)	$ 0.61	$ 1.11
Diluted (in dollars per share)	$ 0.61	$ 1.09
Anti-dilutive equivalents shares excluded (in shares)	3,400	500

Employee Benefit Plans - Share-

Employee Benefit Plans - Share-based Compensation Expenses and Related Tax Benefits Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based compensation expense and related tax benefit
Total share-based compensation expense	$ 23,690	$ 23,651
Income tax benefit	(4,322)	(16,594)
Total share-based compensation expense, net of income tax benefit	19,368	7,057
Cost of goods sold
Share-based compensation expense and related tax benefit
Total share-based compensation expense	1,461	1,369
Marketing and selling
Share-based compensation expense and related tax benefit
Total share-based compensation expense	9,797	8,530
Research and development
Share-based compensation expense and related tax benefit
Total share-based compensation expense	5,532	5,061
General and administrative
Share-based compensation expense and related tax benefit
Total share-based compensation expense	$ 6,900	$ 8,691

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement [Abstract]
Share-based compensation expenses capitalized as inventory	$ 1.8	$ 1.7
Net periodic benefit cost	$ 2.8	$ 3.3

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Operating Loss Carryforwards [Line Items]
Provision for income taxes	$ 21,716	$ 24,991
Effective income tax rates (as a percent)	17.70%	11.80%
Discrete tax benefits from recognition of excess tax benefits	$ 1,400	$ 13,700
Reversal of uncertain tax positions	1,200	$ 1,000
Unrecognized tax benefits	174,300		$ 176,000
Accrued interest and penalties related to uncertain tax positions	4,300		3,600
Expected decrease in uncertain tax positions	4,200
Non-current income tax payable
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 82,900		$ 83,400

Balance Sheet Components - Comp

Balance Sheet Components - Components of Certain Balance Sheet Asset Amounts (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Accounts receivable, net:
Accounts receivable	$ 961,266	$ 964,766
Accounts receivable, net	706,886	675,604
Inventories:
Raw materials	243,780	226,155
Finished goods	673,576	706,969
Inventory, net	917,356	933,124
Other current assets:
Value-added tax ("VAT") receivables	44,018	58,850
Prepaid expenses and other assets	82,671	76,628
Other current assets, total	126,689	135,478
Property, plant and equipment, net:
Property, plant and equipment	477,941	459,413
Less: accumulated depreciation and amortization	(365,701)	(349,606)
Property, plant and equipment, net	112,240	109,807
Other assets:
Deferred tax assets	187,544	193,629
Investments in privately held companies	56,512	43,068
Right-of-use assets	41,422	40,661
Investments for deferred compensation plan	28,310	28,431
Other assets	15,067	14,933
Other assets, total	328,855	320,722
Allowance for doubtful accounts
Accounts receivable, net:
Valuation allowance for accounts receivable	(174)	(2,212)
Allowance for sales returns
Accounts receivable, net:
Valuation allowance for accounts receivable	(9,779)	(12,321)
Allowance for cooperative marketing arrangements
Accounts receivable, net:
Valuation allowance for accounts receivable	(47,025)	(56,372)
Allowance for customer incentive programs
Accounts receivable, net:
Valuation allowance for accounts receivable	(95,215)	(97,460)
Allowance for pricing programs
Accounts receivable, net:
Valuation allowance for accounts receivable	$ (102,187)	$ (120,797)

Balance Sheet Components - Co_2

Balance Sheet Components - Components of Certain Balance Sheet Liability Amounts (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Accrued and other current liabilities:
Accrued customer marketing, pricing and incentive programs	$ 214,342	$ 232,393
Accrued personnel expenses	115,168	165,090
Accrued sales return liability	43,737	40,507
Warranty accrual	31,368	32,987
Accrued payables - non-inventory	20,661	26,722
VAT payable	20,443	39,602
Income taxes payable	19,239	35,355
Operating lease liabilities	13,121	13,690
Contingent consideration	12,013	8,042
Other current liabilities	203,692	190,460
Accrued and other current liabilities	693,784	784,848
Other non-current liabilities:
Employee benefit plan obligations	48,604	50,741
Operating lease liabilities	28,873	28,207
Obligation for deferred compensation plan	28,310	28,431
Warranty accrual	12,473	13,232
Deferred tax liabilities	3,154	1,962
Contingent consideration	1,388	4,217
Other non-current liabilities	8,898	5,343
Non-current liabilities	$ 131,700	$ 132,133

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities, Classified by Level (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Assets:
Investments for deferred compensation plan	$ 28,310	$ 28,431
Liabilities:
Contingent consideration included in accrued and other current liabilities	12,013	8,042
Contingent consideration included in other non-current liabilities	1,388	4,217
Fair Value, Measurements, Recurring | Level 1
Assets:
Cash equivalents	665,410	762,055
Investments for deferred compensation plan	28,310	28,431
Currency derivative assets included in other current assets	0	0
Liabilities:
Contingent consideration included in accrued and other current liabilities	0	0
Contingent consideration included in other non-current liabilities	0	0
Currency derivative liabilities included in accrued and other current liabilities	0	0
Fair Value, Measurements, Recurring | Level 1 | Cash
Assets:
Investments for deferred compensation plan	138	108
Fair Value, Measurements, Recurring | Level 1 | Common stock
Assets:
Investments for deferred compensation plan	1,631	2,329
Fair Value, Measurements, Recurring | Level 1 | Money market funds
Assets:
Investments for deferred compensation plan	7,991	6,765
Fair Value, Measurements, Recurring | Level 1 | Mutual funds
Assets:
Investments for deferred compensation plan	18,550	19,229
Fair Value, Measurements, Recurring | Level 2
Assets:
Cash equivalents	0	0
Investments for deferred compensation plan	0	0
Currency derivative assets included in other current assets	3,147	1,517
Liabilities:
Contingent consideration included in accrued and other current liabilities	0	0
Contingent consideration included in other non-current liabilities	0	0
Currency derivative liabilities included in accrued and other current liabilities	160	165
Fair Value, Measurements, Recurring | Level 2 | Cash
Assets:
Investments for deferred compensation plan	0	0
Fair Value, Measurements, Recurring | Level 2 | Common stock
Assets:
Investments for deferred compensation plan	0	0
Fair Value, Measurements, Recurring | Level 2 | Money market funds
Assets:
Investments for deferred compensation plan	0	0
Fair Value, Measurements, Recurring | Level 2 | Mutual funds
Assets:
Investments for deferred compensation plan	0	0
Fair Value, Measurements, Recurring | Level 3
Assets:
Cash equivalents	0	0
Investments for deferred compensation plan	0	0
Currency derivative assets included in other current assets	0	0
Liabilities:
Contingent consideration included in accrued and other current liabilities	12,013	8,042
Contingent consideration included in other non-current liabilities	1,142	3,971
Currency derivative liabilities included in accrued and other current liabilities	0	0
Fair Value, Measurements, Recurring | Level 3 | Cash
Assets:
Investments for deferred compensation plan	0	0
Fair Value, Measurements, Recurring | Level 3 | Common stock
Assets:
Investments for deferred compensation plan	0	0
Fair Value, Measurements, Recurring | Level 3 | Money market funds
Assets:
Investments for deferred compensation plan	0	0
Fair Value, Measurements, Recurring | Level 3 | Mutual funds
Assets:
Investments for deferred compensation plan	$ 0	$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Change in Fair Value of Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Change in Fair Value of Contingent Consideration [Roll Forward]
Beginning of the period	$ 12,259	$ 6,967
Fair value of contingent consideration upon acquisition	1,142	9,973
Change in fair value of contingent consideration	0	(1,474)
End of the period	$ 13,401	$ 15,466

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)				3 Months Ended
	May 19, 2021 USD ($) milestone	Feb. 17, 2021 USD ($)	Jan. 04, 2021 USD ($) milestone	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of contingent consideration upon acquisition				$ 1,142,000		$ 9,973,000
Payment of contingent consideration for business acquisition					$ 900,000
Investments for deferred compensation plan				28,310,000			$ 28,431,000
Equity method investments				44,800,000			40,200,000
Impairment of non-marketable investments				0		0
Investments included in other assets				11,700,000			2,900,000
Unrealized gain, before tax				6,900,000
Impairment of long-lived assets held-for-use				0		0
Impairment of non-financial assets				0		$ 0
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments for deferred compensation plan				$ 28,310,000			$ 28,431,000
Small Technology Acquisition
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Future potential earn-out payments	$ 10,000,000		$ 3,000,000
Number of technical development milestones | milestone	3		2
Fair value of contingent consideration upon acquisition	$ 10,000,000
Mevo
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Future potential earn-out payments		$ 17,000,000
Contingent consideration		$ 3,400,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022
Not Designated as Hedging Instrument | Foreign Exchange Forward And Swap
Derivative [Line Items]
Derivative term of contract	1 month
Derivative, notional amount	$ 206.4	$ 226.5
Foreign Exchange Forward | Designated as hedging instruments | Cash flow hedges
Derivative [Line Items]
Derivative term of contract	4 months
Derivative, notional amount	$ 96.2	$ 125.4
Cash flow hedge gains to be reclassified within twelve months	$ 6.4

Derivative Financial Instrume_4

Derivative Financial Instruments - Gains and Losses on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Amounts of gains and losses on the derivative instruments
Amount of Gain Deferred as a Component of Accumulated Other Comprehensive Loss	$ 6,629	$ 530
Amount of Gain Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold	(2,091)	(594)
Designated as hedging instruments | Cash flow hedges
Amounts of gains and losses on the derivative instruments
Amount of Gain Deferred as a Component of Accumulated Other Comprehensive Loss	6,629	530
Amount of Gain Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold	$ (2,091)	$ (594)

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Activity In Goodwill Balance (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill
Balance at the beginning of the period	$ 448,175
Acquisition	4,980
Effects of foreign currency translation	(1,946)
Balance at the end of the period	$ 451,209

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 232,318	$ 230,499
Accumulated Amortization	(152,498)	(146,720)
Net Carrying Amount	79,820	83,779
Effects of foreign currency translation, Gross Carrying Amount	(1,183)	(634)
Effects of foreign currency translation, Accumulated Amortization	215	86
Effects of foreign currency translation, Net Carrying Amount	(968)	(548)
In-process R&D
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,526	3,826
Net Carrying Amount	3,526	3,826
Trademark and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	36,790	36,790
Accumulated Amortization	(23,470)	(22,295)
Net Carrying Amount	13,320	14,495
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	122,075	119,407
Accumulated Amortization	(86,631)	(83,540)
Net Carrying Amount	35,444	35,867
Customer contracts/relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	71,110	71,110
Accumulated Amortization	(42,612)	(40,971)
Net Carrying Amount	$ 28,498	$ 30,139

Financing Arrangements (Details

Financing Arrangements (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Financing Arrangements
Outstanding borrowings	$ 0	$ 0
Line of Credit
Financing Arrangements
Maximum borrowing capacity	185,900,000	195,000,000
Outstanding bank guarantees	$ 23,900,000	$ 25,500,000

Commitments and Contingencies -

Commitments and Contingencies - Changes in Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Changes in the warranty liability:
Beginning of the period	$ 46,219	$ 48,832
Provision	6,623	8,446
Settlements	(8,281)	(8,315)
Effects of foreign currency translation	(720)	130
End of the period	$ 43,841	$ 49,093

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details)	Jun. 30, 2022 USD ($)
Indemnification agreement
Other Commitments [Line Items]
Amount accrued for indemnification provisions	$ 0

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - May 2020 - USD ($)	1 Months Ended
	Jul. 25, 2022	Apr. 30, 2021	May 31, 2020	Jun. 30, 2022
Class of Stock [Line Items]
Authorized amount in buyback program		$ 1,000,000,000	$ 250,000,000
Shares authorized to be repurchased (in shares)			17,300,000
Period to complete share repurchase program			3 years
Increase in authorized amount		$ 750,000,000
Amount available for repurchase				$ 303,100,000
Subsequent Event
Class of Stock [Line Items]
Authorized amount in buyback program	$ 1,500,000,000
Shares authorized to be repurchased (in shares)	17,300,000
Increase in authorized amount	$ 500,000,000

Shareholders' Equity - Componen

Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss)
Beginning of the period	$ 2,398,738	$ 2,261,789
Other comprehensive income (loss)	(16,711)	1,497
End of the period	2,362,358	2,372,491
Cumulative Translation Adjustment
Accumulated Other Comprehensive Income (Loss)
Beginning of the period	(102,461)
Other comprehensive income (loss)	(21,220)
End of the period	(123,681)
Defined Benefit Plans
Accumulated Other Comprehensive Income (Loss)
Beginning of the period	(3,495)
Other comprehensive income (loss)	(29)
End of the period	(3,524)
Deferred Hedging Gains
Accumulated Other Comprehensive Income (Loss)
Beginning of the period	1,833
Other comprehensive income (loss)	4,538
End of the period	6,371
Total
Accumulated Other Comprehensive Income (Loss)
Beginning of the period	(104,123)	(108,915)
End of the period	$ (120,834)	$ (107,418)

Segment Information - Net Sales

Segment Information - Net Sales by Product Categories, Excluding Intercompany Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net sales	$ 1,159,865	$ 1,312,058
Pointing Devices
Segment Reporting Information [Line Items]
Net sales	183,283	182,878
Keyboards & Combos
Segment Reporting Information [Line Items]
Net sales	227,720	218,357
PC Webcams
Segment Reporting Information [Line Items]
Net sales	59,386	109,918
Tablet & Other Accessories
Segment Reporting Information [Line Items]
Net sales	66,585	79,272
Gaming
Segment Reporting Information [Line Items]
Net sales	282,806	335,397
Video Collaboration
Segment Reporting Information [Line Items]
Net sales	246,242	234,885
Mobile Speakers
Segment Reporting Information [Line Items]
Net sales	22,310	28,484
Audio & Wearables
Segment Reporting Information [Line Items]
Net sales	69,446	116,607
Other
Segment Reporting Information [Line Items]
Net sales	$ 2,087	$ 6,260

Segment Information - Net Sal_2

Segment Information - Net Sales and Long-Lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Net sales to unaffiliated customers and long-lived assets by geographic region
Net sales	$ 1,159,865	$ 1,312,058
Property, plant and equipment, net	135,805		$ 133,673
Americas
Net sales to unaffiliated customers and long-lived assets by geographic region
Net sales	502,307	612,566
Property, plant and equipment, net	20,198		22,578
EMEA
Net sales to unaffiliated customers and long-lived assets by geographic region
Net sales	290,479	357,957
Property, plant and equipment, net	26,903		23,830
Asia Pacific
Net sales to unaffiliated customers and long-lived assets by geographic region
Net sales	367,079	$ 341,535
Property, plant and equipment, net	$ 88,704		$ 87,265

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021	Mar. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	1
Long lived assets	$ 135,805		$ 133,673
Switzerland
Segment Reporting Information [Line Items]
Long lived assets	13,800		13,600
United States
Segment Reporting Information [Line Items]
Long lived assets	19,400		21,700
China
Segment Reporting Information [Line Items]
Long lived assets	$ 66,300		$ 66,800
Geographic Concentration | Consolidated net sales from continuing operations | Switzerland
Segment Reporting Information [Line Items]
Percentage of consolidated net sales	2%	3%