What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2025-05-23 compared with 2024-05-16 · 300 added, 292 removed, 1312 unchanged (31% of the section changed)

2 unchanged sentences

The Company's management, with the participation of the Company’s Chief Executive Officer (CEO) and Chief Financial Officer (CFO), has conducted an evaluation of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered by this Annual Report on Form 10-K (this Annual Report) required by Exchange Act Rules 13a-15(b) or 15d-15(b).

Disclosure controls and procedures are designed to reasonably assure that information required to be disclosed in our reports filed or submitted under the Exchange Act, such as this Annual Report on Form 10-K, is recorded, processed, summarized and reported within the time periods s pecified in the Securities and Exchange Commission's rules and forms.

Disclosure controls and

Logitech International S.A.

| Fiscal 2025 Form 10-K | 53

procedures are designed to reasonably assure that information required to be disclosed in our reports filed or submitted under the Exchange Act, such as this Annual Report on Form 10-K, is recorded, processed, summarized and reported within the time periods s pecified in the Securities and Exchange Commission's rules and forms.

Disclosure controls and procedures are also designed to reasonably assure that this information is accumulated and communicated to our management, including the CEO and CFO, to allow timely decisions regarding required disclosure.

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The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Over time, controls may become inadequate because of changes in conditions

Logitech International S.A.

| Fiscal 2024 Form 10-K | 54

or deterioration in the degree of compliance with policies or procedures.

Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

2 unchanged sentences

During the fourth quarter of fiscal year 2025, the following officer, as defined in Rule 16a-1(f), adopted a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408.

On March 7, 2024 , Prakash Arunkundrum , our Chief Operating Officer , adopted a Rule 10b5-1 trading arrangement providing for the sale of an aggregate of up to 16,000 shares of our common stock acquired by Mr.

On January 30, 2025 , Prakash Arunkundrum , our President of Logitech for Business, adopted a Rule 10b5-1 trading arrangement providing for the sale of an aggregate of up to 14,900 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 July 31, 2024.

The trading arrangement terminates on December 15, 2024, or upon the earlier completion of all transactions thereunder.

The first date that sales of any shares are permitted to be sold under the trading arrangement will

Logitech International S.A.

| Fiscal 2025 Form 10-K | 54

be May 26, 2025.

The trading arrangement terminates on March 16, 2026 , or upon the earlier completion of all transactions thereunder.

No other officers or directors, as defined in Rule 16a-1(f), adopted and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K, during the last fiscal quarter.

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Main (510) 795-8500

We have adopted an Insider Trading Policy which applies to our executive officers, directors and employees, filed as Exhibit 19.1 to this Annual Report on Form 10-K.

We adopted an Insider Trading Policy which applies to our executive officers, directors and employees in fiscal year 2024, filed as Exhibit 19.1 to the Annual Report on Form 10-K for the year ended March 31, 2024.

Other information required by this Item may be found in the definitive Proxy Statement for the 2025 Annual Meeting of Shareholders and is incorporated herein by reference.

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3.1 Articles of Incorporation of Logitech International S.A., as amended

10-Q 0-29174 10/26/2023 3.1

0-29174 10/11/2024 3.1

3.2 Organizational Regulations of Logitech International S.A., as amended

45 unchanged sentences

| Fiscal 2025 Form 10-K | 58

Employment Agree ment between Logite ch Inc.

and Guy Gecht, Interim CEO, dated July 24, 2023

10-Q 0-29174 10/26/2023 10.1

** Employment Agreement between Logitech Inc.

and Bracken Darrell, dated as of December 18, 2015

10-Q 0-29174 1/22/2016 10.1

Incorporated by Reference

Exhibit Form File No.

Filing Date Exhibit No.

** Employment Agreement between Logitech Inc.

9 unchanged sentences

10-K 0-29174 5/17/2023 10.19

O ffer Letter between Logitech, Inc .

and Matteo Anversa , dated August 5, 2024

0-29174 8/6/2024 10.1

E mployment Agreeme nt between Logitech Inc.

and Matteo Anversa, dated Au gust 5, 2024

0-29174 8/6/2024 10.2

** Form of Director and Officer Indemnification Agreement with Logitech International S.A.

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20-F 0-29174 5/21/2003 4.2

Insider Trading Pol icy

Credit Agreement dated January 27, 2025, by and among Logitech Europe S.A., Logitech International S.A., the lenders from time to time party thereto, and PNC Bank, National Association, as Administrative Agent

0-29174 1/28/2025 10.1

Guaranty Agreement, dated January 27, 2025, by and among Logitech Europe S.A.

and Logitech International S.A.

in favor of PNC Bank, National Association, as administrative Agent

0-29174 1/28/2025 10.2

Insider Trading Policy

5/16/2024 19.1

21.1 List of Subsidiaries

4 unchanged sentences

Certification by Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Executive Clawback P olicy

Executive Clawback Policy

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 X

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101.CAL XBRL Taxonomy Extension Calculation Linkbase Document X

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Incorporated by Reference

Exhibit Form File No.

Filing Date Exhibit No.

101.DEF XBRL Taxonomy Extension Definition Linkbase Document X

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_______________________________________________________________________________

Logitech International S.A.

| Fiscal 2024 Form 10-K | 59

* This exhibit is furnished herewith, but not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section.

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Chief Executive Officer

/s/ Charles Boynton

Charles Boynton

/s/ Matteo Anversa

Matteo Anversa

Chief Financial Officer

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POWER OF ATTORNEY AND SIGNATURES

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Johanna (Hanneke) Faber and Charles Boynton, jointly and severally, his or her attorney-in-fact, with the power of substitution, for him or her in any and all capacities, to sign any amendments to this Annual Report on Form 10-K and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or substitutes, may do or cause to be done by virtue hereof.

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Johanna (Hanneke) Faber and Matteo Anversa, jointly and severally, his or her attorney-in-fact, with the power of substitution, for him or her in any and all capacities, to sign any amendments to this Annual Report on Form 10-K and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or substitutes, may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

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Chief Executive Officer (Principal Executive Officer)

/s/ Charles Boynton

Charles Boynton

/s/ Matteo Anversa

Matteo Anversa

Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) May 23, 2025

/s/ Patrick Aebischer

Patrick Aebischer

/s/ Donald Allan, Jr.

Donald Allan, Jr.

Director May 23, 2025

9 unchanged sentences

Director May 23, 2025

/s/ Owen Mahoney

Director May 23, 2025

/s/ Neela Montgomery

53 unchanged sentences

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Evaluation of the significant assumptions underlying the breakage rates for certain Customer Programs

As discussed in Notes 2 and 8 to the consolidated financial statements, the Company recorded accounts receivable allowances totaling $193.0 million and accrued Customer Program liabilities totaling $170.4 million as of March 31, 2024 for various cooperative marketing arrangements and customer incentive and pricing programs (collectively, Customer Programs).

The Company estimates the percentage of Customer Programs that will not be claimed or will not be earned by customers, which is commonly referred to as “breakage”.

Breakage reduces the Company’s allowances and accruals for certain Customer Programs and it is applied at the time of sale.

The Company uses judgment in assessing the period in which claims are expected to be submitted and the relevance of historical claim experience.

We identified the evaluation of the significant assumptions underlying the breakage rates for certain Customer Programs as a critical audit matter.

The significant assumptions in the breakage rates estimate included:

1) the determination of the period in which the claims are expected to be submitted by the customers, 2) the assessment of the relevance of historical customer claim experience, and 3) the assessment of the relevance of the historical trend of claims submitted after the expected period.

A high degree of auditor judgment was required to evaluate the significant assumptions, due to the inherent uncertainties related to such assumptions as well as recent changes in certain customers’ claim processing behavior in the current economic environment.

The following are the primary procedures we performed to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of internal control related to the process to determine the breakage rates estimate.

This included a control related to the Company’s evaluation of the significant assumptions in the breakage rates estimate.

We evaluated the underlying information related to the expected period that a customer claim will be submitted and assessed the relevance of historical claim experience by analyzing the trend in the customers’ historical claims and accruals information for certain Customer Programs.

We assessed the relevance of the historical trend of claims submitted after the expected period by analyzing the trend of historical claims received after the expected period compared to the total earned amount of each respective period.

In addition, we evaluated the Company’s ability to estimate the breakage rates by comparing the estimated breakage from fiscal year 2023 to actual subsequent breakage in fiscal year 2024.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Assessment of the accruals for certain Customer Programs

As discussed in Notes 2 and 8 to the consolidated financial statements, the Company recorded accrued Customer Program liabilities of $170.4 million as of March 31, 2024.

As discussed in Notes 2 and 8 to the consolidated financial statements, the Company recorded accrued Customer Program liabilities of $173.4 million as of March 31, 2025 for customer incentives, cooperative marketing, and pricing programs (collectively, Customer Programs).

The Company records these accruals as a reduction of revenue at the time of sale.

For certain of these accruals, the Company estimated the amounts based on historical data or future commitments that are planned and controlled by the Company.

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| Fiscal 2024 Form 10-K | 65

other relevant customer and product information, such as stage of product life-cycle, which are expected to experience unusually high discounting.

The Company uses judgment in analyzing historical trends, inventories owned by and located at the customers, products sold by the direct customers to end customers or resellers, known product quality issues, negotiated terms, and other relevant customer and product information, such as stage of product life cycle, which are expected to experience unusually high discounting.

We identified the assessment of the accruals for certain Customer Programs as a critical audit matter.

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This included controls related to the Company’s assessment of whether historical experience is predictive of Customer Programs’ earned amounts and the Company’s validation of the underlying channel inventory data used to estimate the accruals for Customer Programs.

We assessed the historical experience used in estimating the accruals for certain Customer Programs using a combination of the Company’s internal historical information of sales, Customer Programs’ earned amounts, third-party contracts, and relevant and reliable third-party channel inventory and sell-through data.

We inspected selected customer contracts to assess the terms and conditions related to certain Customer Programs.

We analyzed channel inventory data trends by product and by region comparing fiscal year 2024 quarterly channel inventory weeks on-hand ratios to prior fiscal years.

We assessed the historical experience used in estimating the accruals for certain Customer Programs using a combination of the Company’s internal historical information of sales, Customer Programs’ earned amounts, and relevant and reliable third-party channel inventory and sell-through data.

In addition, we evaluated the Company’s ability to estimate the accruals for certain Customer Programs by comparing recorded accruals from fiscal year 2024 to actual subsequent Customer Programs’ earned amounts in fiscal year 2025.

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Hedging gain (loss):

Deferred hedging gain, net of taxes 1,109 2,625 6,308

Deferred hedging gain (loss), net of taxes ( 703 ) 1,109 2,625

Reclassification of hedging loss (gain) included in cost of goods sold ( 3,461 ) 3,964 ( 8,391 )

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Registered shares, CHF 0.25 par value

Issued shares:

168,994 and 173,106 at March 31, 2025 and 2024, respectively

29,432 30,148

Issued shares — 173,106 at March 31, 2024 and 2023

Additional shares that may be issued out of conditional capital — 50,000 at March 31, 2024 and 2023

Additional shares that may be issued out of authorized capital — 17,311 at March 31, 2024 and 2023

Additional paid-in capital 82,591 63,524

Shares in treasury, at cost — 19,243 and 13,763 shares at March 31, 2024 and 2023, respectively

Shares in treasury, at cost — 20,485 and 19,243 shares at March 31, 2025

and 2024, respectively

( 1,464,912 ) ( 1,351,336 )

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Purchases of property, plant and equipment ( 56,128 ) ( 55,897 ) ( 92,353 )

Investment in privately held companies ( 617 ) ( 4,357 ) ( 1,463 )

Acquisitions, net of cash acquired — ( 14,424 ) ( 8,527 )

Purchases of short-term investments — — ( 10,000 )

Proceeds from the sale of short-term investments — — 8,260

Purchases of deferred compensation investments ( 6,600 ) ( 11,571 ) ( 6,702 )

Proceeds from sales of deferred compensation investments 7,079 12,174 6,209

Other investing activities ( 1,619 ) ( 617 ) ( 4,357 )

Net cash used in investing activities ( 57,268 ) ( 70,335 ) ( 105,730 )

15 unchanged sentences

Property, plant and equipment purchased during the period and included in period end liability accounts $ 10,106 $ 11,451 $ 8,593

Fair value of contingent consideration in accrued and other liabilities $ — $ 2,151 $ 9,013

Supplemental cash flow information:

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Issuance of shares upon vesting of restricted stock units — — ( 68,710 ) ( 968 ) 39,547 — — ( 29,163 )

Issuance of shares from contingent consideration — — 116 ( 4 ) 176 — — 292

Share-based compensation — — 71,801 — — — — 71,801

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Issuance of shares upon vesting of restricted stock units — — ( 118,771 ) ( 994 ) 89,027 — — ( 29,744 )

Issuance of shares related to contingent consideration

— — 102 ( 2 ) 143 — — 245

Share-based compensation — — 83,127 — — — — 83,127

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Issuance of shares upon vesting of restricted stock units — — ( 60,422 ) ( 833 ) 89,437 ( 61,500 ) — ( 32,485 )

Issuance of shares from contingent consideration — — 102 ( 2 ) 143 — — 245

Cancellation of treasury shares ( 4,112 ) ( 716 ) — ( 4,112 ) 332,088 ( 331,372 ) — —

Share-based compensation — — 90,077 — — — — 90,077

8 unchanged sentences

Note 1— The Company

Logitech International S.A, together with its consolidated subsidiaries ("Logitech" or the "Company"), designs software-enabled hardware solutions that help businesses thrive and bring people together when working, creating, gaming and streaming.

As a point of connection between people and the digital world, the Company's mission is to extend human potential in work and play, in a way that is good for people and the planet.

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 International S.A., together with its consolidated subsidiaries ("Logitech" or the "Company"), designs software-enabled hardware solutions that help businesses thrive and bring people together when working, creating, and gaming.

As the point of connection between people and the digital world, the Company's mission is to extend human potential in work and play, in a way that is good for people and the planet.

The Company sells its products to a broad range of international customers, including direct sales to retailers, e-tailers, businesses large and small 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.

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References to "sales" in the Notes to the consolidated financial statements means net sales, except as otherwise specified.

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 15, 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.

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| Fiscal 2024 Form 10-K | 72

As a result of these changes, certain prior-period amounts for the fiscal years ending March 31, 2023 and 2022 have been reclassified to conform to the current period presentation as follows (in thousands):

Year ended March 31, 2023

As previously reported Reclassifications As adjusted

Gaming $ 1,211,485 $ 76,828 (1)

Keyboards & Combos 836,432 — 836,432

Pointing Devices 728,357 — 728,357

Video Collaboration 887,517 ( 209,594 ) (2) (3)

227,692 150,996 (3)

Tablet Accessories 254,374 — 254,374

Headsets — 176,576 (2)

Other 7,081 191,074 (4) (5)

Mobile Speakers 111,649 ( 111,649 ) (4)

Audio & Wearables 274,231 ( 274,231 ) (1) (2) (5)

Total Sales $ 4,538,818 $ — $ 4,538,818

Year ended March 31, 2022

As previously reported Reclassifications As adjusted

Gaming $ 1,451,883 $ 125,312 (1)

Keyboards & Combos 967,301 — 967,301

Pointing Devices 781,108 — 781,108

Video Collaboration 997,164 ( 329,594 ) (2) (3)

403,651 272,465 (3)

Tablet Accessories 310,123 — 310,123

Headsets — 208,318 (2)

Other 18,665 274,705 (4) (5)

Mobile Speakers 149,782 ( 149,782 ) (4)

Audio & Wearables 401,424 ( 401,424 ) (1) (2) (5)

Total Sales $ 5,481,101 $ — $ 5,481,101

(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.

Use of Estimates

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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, 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 ("Customer Programs") and related breakage when appropriate,

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| Fiscal 2024 Form 10-K | 73

inventory valuation, share-based compensation expense, uncertain tax positions, and valuation allowances for deferred tax assets.

Significant estimates and assumptions made by management involve the fair value of goodwill and intangible assets acquired from business acquisitions, pension obligations, accruals for customer incentives, cooperative marketing, and pricing programs ("Customer 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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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, changes in fiscal policies, 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 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.

In 2025, the United States introduced trade policy actions that have increased import tariffs across a wide range of countries at various rates, with certain exemptions.

The tariff policies in the U.S.

and responsive policies enacted in other countries are evolving and may have a material adverse impact on the Company's business.

In addition, the Company's business has continued to be impacted by ongoing macroeconomic and geopolitical conditions.

These conditions include inflation, interest rate and foreign currency fluctuations, uncertainty in

Logitech International S.A.

| Fiscal 2025 Form 10-K | 71

consumer and enterprise demand, low economic growth in certain regions, changes in fiscal policies and geopolitical conflicts.

The global and regional economic and political conditions, as well as changes in trade policies, have caused and may continue to cause volatility in demand for the Company's products as well as the cost of tariffs, materials and logistics, and transportation delays, and as a result have impacted and may continue to impact the pricing of the Company's products, product availability and the Company's results of operations.

The functional currency of the Company's operations is primarily the U.S.

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The Company’s sales contracts with its customers have a one year or shorter term.

The Company elects not disclosing the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less.

The Company also provides post-contract customer support (“PCS”) for certain products and related software, which includes unspecified software updates and upgrades, bug fixes and maintenance.

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The transaction price allocated to PCS is recognized as revenue on a straight-line basis, which reflects the pattern of delivery of PCS, over the estimated term of the support.

The Company also recognizes revenue from subscription services that provide professional streamers with access to streaming software and tools that represent a single stand-ready performance obligation.

Subscriptions are paid for at the time of or in advance of delivering the services.

The proceeds received in advance from such arrangements is recognized as deferred revenue and then recognized as revenue ratably over the subscription period.

The Company also recognizes revenue from subscription services that provide professional streamers with access to streaming software and tools as well as from Video Collaboration support services.

These services represent stand-ready performance obligations.

Payments for these services are made at the time of or in advance of delivering the services.

The proceeds received in advance from such arrangements is recognized as deferred revenue and then recognized as revenue ratably over the service period up to five years .

See Note 8 for the current and non-current deferred revenue associated with the Company’s remaining performance obligations to be recognized within the next 12 months and thereafter, respectively.

The Company normally requires payment from customers within thirty to sixty days from the invoice date.

However, terms may vary by customer type, by country and by selling season.

Extended payment terms are sometimes offered to a limited number of customers during the second and third fiscal quarters.

The Company generally does not modify payment terms on existing receivables.

The Company's contracts with customers do not include significant financing components as the period between the satisfaction of performance obligations and timing of payment are generally within one year.

Logitech International S.A.

| Fiscal 2024 Form 10-K | 74

The transaction price received by the Company from sales to its distributors, retail companies ("retailers"), and authorized resellers is calculated as selling price net of variable consideration which may include product returns and the Company’s payments for Customer Programs related to current period product revenue.

The estimated impact of these programs is recorded as a reduction of transaction price or as an operating expense if the Company receives a distinct good or service from the customer and can reasonably estimate the fair value of that good or service received.

Customer Programs require management to estimate the percentage of those programs which will not be claimed in the current period or will not be earned by customers, which is commonly referred to as "breakage." Breakage is estimated based on historical claim experience, the period in which customer claims are expected to be submitted, specific terms and conditions with customers and other factors.

Customer Programs require management to estimate the percentage of those programs which will not be claimed in the current period or will not be earned by customers, which is commonly referred to as

Logitech International S.A.

| Fiscal 2025 Form 10-K | 72

"breakage." Breakage is estimated based on historical claim experience, the period in which customer claims are expected to be submitted, specific terms and conditions with customers and other factors.

The Company accounts for breakage as part of variable consideration, subject to constraint, and records the estimated impact in the same period when revenue is recognized at the expected value.

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The Company regularly evaluates the adequacy of its estimates for Customer Programs and product returns.

Future market conditions and product transitions may require the Company to take action to change such programs

Logitech International S.A.

| Fiscal 2024 Form 10-K | 75

and related estimates.

Future market conditions and product transitions may require the Company to take action to change such programs and related estimates.

When the variables used to estimate these costs change, or if actual costs differ significantly from the estimates, the Company would be required to increase or reduce revenue or operating expenses to reflect the impact.

During the year ended March 31, 2025, changes to these estimates related to performance obligations satisfied in prior periods were not material.

Logitech International S.A.

| Fiscal 2025 Form 10-K | 73

Sales taxes and value-added taxes (“VAT”) collected from customers, if applicable, which are remitted to governmental authorities are not included in revenue, and are reflected as a liability on the consolidated balance sheets.

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The Company sells to large distributors, retailers, and e-tailers and, as a result, maintains individually significant receivable balances with such customers.

The Company had the following customers that individually comprised 10% or more of its gross sales:

Logitech International S.A.

| Fiscal 2025 Form 10-K | 74

The Company had the following customers that individually comprised 10% or more of its gross sales:

Years Ended March 31,

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Depreciation expense is recognized using the straight-line method.

Plant and buildings are depreciated over estimated useful lives of twenty-five years , equipment over useful lives from three to five years , internal-use

Plant and buildings are depreciated over estimated useful lives of twenty-five years , equipment over useful lives from three to five years , internal-use software over useful lives from three to seven years , tooling over useful lives from six months to one year , and leasehold improvements over the lesser of the term of the lease or the estimated useful life of leasehold improvements.

Logitech International S.A.

| Fiscal 2025 Form 10-K | 75

software over useful lives from three to seven years , tooling over useful lives from six months to one year , and leasehold improvements over the lesser of the term of the lease or ten years .

When property and equipment is retired or otherwise disposed of, the cost and accumulated depreciation are relieved from the accounts and the net gain or loss is included in cost of goods sold or operating expenses, depending on the nature of the property and equipment.

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The Company operates as one reporting unit.

For the year ended March 31, 2024, the Company

For the year ended March 31, 2025, the Company elected to perform a qualitative assessment and concluded that it was more likely than not that the fair value of its reporting unit exceeds its carrying amount.

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| Fiscal 2025 Form 10-K | 76

elected to perform a qualitative assessment and concluded that it was more likely than not that the fair value of its reporting unit exceeds its carrying amount.

The Company provides for income taxes using the asset and liability method, which requires that deferred tax assets and liabilities be recognized for the expected future tax consequences of temporary differences resulting from differing treatment of items for tax and financial reporting purposes, and for operating losses and tax credit carryforwards.

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In the event that uncertain tax positions are resolved for amounts different than the Company's estimates, or the related statutes of limitations expire without the assessment of additional income taxes, the Company will be required to adjust the amounts of the related assets and liabilities in the period in which such events occur.

Such adjustments may have a material impact on the Company's income tax provision and its results of operations.

Such adjustments may have an impact on the Company's income tax provision and its results of operations.

Fair Value of Financial Instruments

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The grant date fair value of restricted stock units which vest upon meeting certain market- and performance-based conditions ("PSUs") is estimated using the Monte-Carlo simulation method including the effect of the market condition.

Stock-based compensation expense is recognized ratably over the respective requisite

Stock-based compensation expense is recognized ratably over the respective requisite service periods of the awards and forfeitures are accounted for when they occur.

For PSUs, the Company recognizes compensation expense using its estimate of probable outcome at the end of the performance period

Logitech International S.A.

| Fiscal 2025 Form 10-K | 77

service periods of the awards and forfeitures are accounted for when they occur.

For PSUs, the Company recognizes compensation expense using its estimate of probable outcome at the end of the performance period (i.e., the estimated performance against the performance targets).

(i.e., the estimated performance against the performance targets).

The Company periodically adjusts the cumulative stock-based compensation expense recorded when the probable outcome for the PSUs is updated based upon changes in actual and forecasted financial results.

6 unchanged sentences

The Company accrues a warranty liability for estimated costs to provide products, parts or services to repair or replace products in satisfaction of the warranty obligation.

Each quarter, the Company reevaluates estimates to assess the adequacy of recorded warranty liabilities.

Each quarter, the Company re-evaluates its estimates to assess the adequacy of recorded warranty liabilities.

When the Company experiences changes in warranty claim activity or costs associated with fulfilling those claims, the warranty liability is adjusted accordingly.

9 unchanged sentences

Treasury shares that are reissued are accounted for using the first-in, first-out basis.

When treasury shares are reissued, gains from re-issuance of treasury shares are credited to additional paid-in capital while losses from re-issuance of treasury shares are charged to additional paid-in capital to the extent that there are previously recorded gains to offset the losses, otherwise charged to retained earnings in the consolidated balance sheets.

When treasury shares are canceled, the Company deducts the par value from registered shares and reflects the excess of share repurchase cost over par value as a reduction to retained earnings.

Derivative Financial Instruments

1 unchanged sentence

Gains or losses from changes in the fair value of forward contracts that offset transaction losses or gains on foreign currency receivables or payables are recognized immediately and included in other income (expense), net in the consolidated statements of operations.

Gains and losses for changes in the fair value of the effective portion of the Company's forward contracts related to forecasted inventory purchases are deferred as a component of accumulated other comprehensive loss until the hedged inventory purchases are sold, at which time the gains or losses are reclassified to cost of goods sold.

Gains and losses for changes in the fair value of the effective portion of the Company's forward contracts related to forecasted inventory purchases are deferred as a component of accumulated other comprehensive gain (loss) until the hedged inventory purchases are sold, at which time the gains or losses are reclassified to cost of goods sold.

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.

Logitech International S.A.

| Fiscal 2024 Form 10-K | 80

Restructuring Charges

1 unchanged sentence

Liabilities for costs associated with a restructuring activity are measured at fair value and are recognized when the liability is incurred, as opposed to when management commits to a restructuring plan.

One-time termination benefits are expensed at the date the entity notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period.

One-time termination benefits are expensed at the date the entity notifies the employee, unless the employee must provide future service, in which case the benefits are

Logitech International S.A.

| Fiscal 2025 Form 10-K | 78

expensed ratably over the future service period.

Ongoing benefits are expensed when restructuring activities are probable and the benefit amounts are estimable.

1 unchanged sentence

Termination benefits are calculated based on regional benefit practices and local statutory requirements.

New Accounting Pronouncements Not Yet Adopted

Recent Accounting Pronouncements Adopted

In November 2023, the Financial Accounting Standard Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280):

2 unchanged sentences

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.

The Company has adopted this standard for its fiscal year 2025 annual financial statements and interim financial statements thereafter and has applied the standard retrospectively to all prior periods presented in the financial statements.

See Note 15 for further information.

New Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

6 unchanged sentences

The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses .

ASU 2024-03 requires all public entities to disclose in the notes to the financial statements the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each expense caption of the income statement.

ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027.

ASU 2024-03 can be applied either prospectively or retrospectively.

Early adoption is permitted.

The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements and related disclosures.

Note 3— Net Income Per Share

10 unchanged sentences

Diluted $ 4.13 $ 3.87 $ 2.23

Share equivalents attributable to outstanding stock options, restricted stock units and employee share purchase plans ("ESPP") totaling 1.1 million, 2.0 million, and 2.0 million shares during fiscal years 2024, 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 PSUs were not included in the dilutive net income per share calculation

Logitech International S.A.

| Fiscal 2025 Form 10-K | 79

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.

Share equivalents attributable to outstanding stock options, restricted stock units and employee share purchase plans ("ESPP") totaling 0.7 million, 1.1 million, and 2.0 million shares during fiscal years 2025, 2024 and 2023, respectively, were excluded from the calculation of diluted net income per share because their effect would have been antidilutive.

A small number of PSUs 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.

Note 4— Employee Stock-Based Compensation

13 unchanged sentences

Service-based restricted stock units ("RSUs") granted to employees under the 2006 Plan generally vest in four equal annual installments on the grant date anniversary.

RSUs granted to non-executive board members under the 2006 Plan vest on the grant date anniversary, or if earlier and only if the non-executive board member is not re-elected as a director at the annual general meeting, the date of the next annual general meeting following the grant date.

RSUs granted to non-executive board members under the 2006 Plan vest on the grant date anniversary, or earlier on the date of the next annual general meeting following the grant date if the non-executive board member is not re-elected as a director at the annual general meeting.

Restricted stock units with certain market- and performance-based conditions ("PSUs") granted to employees under the 2006 Plan generally vest at the end of the three-year performance period upon meeting predetermined financial metrics over three years , with the number of shares to be received upon vesting determined based on constant currency revenue growth rate, adjusted operating income (loss) and the Company's total shareholder return ("TSR") relative to the performance of companies in the Russell 3000 Index over the same three years period.

10 unchanged sentences

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 $ 6.3 million, $ 5.6 million, and $ 5.2 million for the fiscal year ended March 31, 2024, 2023 and 2022, respectively.

Logitech International S.A.

| Fiscal 2025 Form 10-K | 80

Share-based compensation costs capitalized as part of inventory were $ 7.6 million, $ 6.3 million, and $ 5.6 million for the fiscal year ended March 31, 2025, 2024 and 2023, respectively.

As of March 31, 2025, there was $ 129.5 million of total future stock-based compensation cost to be recognized over a weighted-average period of 2.3 years.

The estimates of share-based compensation expense require a number of complex and subjective assumptions including stock price volatility, employee exercise patterns, probability of achievement of the set performance condition, dividend yield, related tax effects and the selection of an appropriate fair value model.

The grant date fair value of the stock options and ESPP using the Black-Scholes-Merton option-pricing valuation model and the grant date fair value of the PSUs using the Monte-Carlo simulation method are determined with the following assumptions:

Stock Options (1)

The grant date fair value of the ESPP using the Black-Scholes-Merton option-pricing valuation model and the grant date fair value of the PSUs using the Monte-Carlo simulation method are determined with the following assumptions:

Employee Stock Purchase Plans

Year Ended March 31, Years Ended March 31,

Years Ended March 31,

2025 2024 2023

4 unchanged sentences

Weighted average grant date fair value per share $ 21.74 $ 19.02 $ 16.32

(1) No stock options were granted for fiscal years 2024 and 2023.

PSUs Years Ended March 31,

5 unchanged sentences

The expected dividend rate assumption is based on the Company's history and future expectations of dividend payouts.

The unvested PSUs or unexercised options are not eligible for these dividends.

Unvested PSUs are not eligible for these dividends.

The expected term is based on the purchase offerings periods expected to remain outstanding for employee stock purchase plan or the performance period for PSUs.

The expected term for stock options represents the estimated period of time until option exercise.

Since the Company has limited historical stock option exercise experience, the Company used the simplified method in estimating the expected term, which is calculated as the average of the sum of the vesting term and the original contractual term of the stock options.

Expected volatility is based on historical volatility using the Company's daily closing prices, or including the volatility of components of the Russell 3000 Index for PSUs, over the expected term.

9 unchanged sentences

Outstanding, March 31, 2022

Exercised ( 71 ) $ 5,573

( 155 ) $ 6,482

Outstanding, March 31, 2023

4 unchanged sentences

Exercised ( 111 ) $ 80 $ 1,483

Forfeited ( 176 ) $ 80

Outstanding, March 31, 2025

26 unchanged sentences

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.

Certain subsidiaries of the Company sponsor defined benefit pension plans or non-retirement post-employment benefits covering substantially all of their employees.

Benefits are provided based on employees' years

12 unchanged sentences

Amortization:

Net prior service credit recognized ( 500 ) ( 458 ) ( 465 )

Net actuarial gain recognized ( 179 ) ( 3,047 ) ( 2,158 )

Net prior service cost (credit) recognized 309 ( 500 ) ( 458 )

Net actuarial loss (gain) recognized 450 ( 179 ) ( 3,047 )

Curtailment gain — — ( 4,225 )

9 unchanged sentences

Plan participant contributions 6,676 6,731

Actuarial loss (gain)

Actuarial loss

13,691 13,737

3 unchanged sentences

Settlement — ( 22,522 )

Curtailment — ( 3,923 )

Administrative expense paid ( 157 ) ( 158 )

2 unchanged sentences

The accumulated benefit obligation for all defined benefit pension plans as of March 31, 2025 and 2024 was $ 227.7 million and $ 184.8 million, respectively.

Actuarial loss (gain) related to the change in the benefit obligation for the Company's pension plans for fiscal years 2024 and 2023 w ere primarily due to changes in discount rate.

Actuarial loss related to the change in the benefit obligation for the Company's pension plans for fiscal years 2025 and 2024 w ere primarily due to changes in discount rate.

Logitech International S.A.

41 unchanged sentences

Net prior service credits $ 820 $ 1,385

Net actuarial gain (loss) ( 6,445 ) 5,690

Accumulated other comprehensive income (loss) ( 5,060 ) 7,891

Net actuarial loss ( 22,696 ) ( 6,445 )

Accumulated other comprehensive loss ( 21,876 ) ( 5,060 )

Deferred taxes ( 3,400 ) ( 3,335 )

Accumulated other comprehensive income (loss), net of tax $ ( 8,395 ) $ 4,525

Accumulated other comprehensive loss, net of tax $ ( 25,276 ) $ ( 8,395 )

The actuarial assumptions for the defined benefit plans were as follows:

45 unchanged sentences

Note 6— Other Income (Expense), Net

Other income (expense), net comprises of the following (in thousands):

Other income (expense), net, comprises the following (in thousands):

Years Ended March 31,

7 unchanged sentences

Other income (expense), net $ ( 2,980 ) $ ( 16,376 ) $ ( 13,278 )

(1) Includes realized gain (loss) on sales of investments, unrealized gain (loss) from the change in fair value of investments, gain (loss) on equity-method investments, and impairment of investments during the periods presented, as applicable (see Note 9).

(1) Includes unrealized gain (loss) from the change in fair value of investments, income (loss) on equity-method investments, and impairment of investments during the periods presented, as applicable (see Note 9).

(2) Includes the components of net periodic benefit cost of defined benefit plans other than the service cost component (see Note 5).

3 unchanged sentences

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 is generated outside of Switzerland.

Further, a portion of the Company's income before taxes and the provision for income taxes is generated outside of Switzerland.

Income from continuing operations before income taxes for fiscal years 2025, 2024 and 2023 is summarized as follows (in thousands):

4 unchanged sentences

Income before taxes $ 706,872 $ 621,596 $ 463,522

The provision for (benefit from) income taxes is summarized as follows (in thousands):

The provision for income taxes is summarized as follows (in thousands):

Years Ended March 31,

5 unchanged sentences

Provision for income taxes $ 75,343 $ 9,453 $ 98,947

The difference between the provision for (benefit from) income taxes and the expected tax provision (tax benefit) at the Swiss statutory income tax rate of 8.5 % is reconciled below (in thousands):

The difference between the provision for income taxes and the expected tax provision at the Swiss statutory income tax rate of 8.5 % is reconciled below (in thousands):

Years Ended March 31,

3 unchanged sentences

Research and development tax credits ( 6,797 ) ( 9,738 ) ( 152 )

Swiss Tax Ruling

Swiss Tax Benefits

— ( 50,051 ) —

4 unchanged sentences

Impairment — — 1,881

Restructuring charges / (credits) — ( 1,764 ) —

Unrecognized tax benefits 11,535 13,284 16,577

Audit settlement — — ( 3,655 )

Restructuring credits

( 817 ) — ( 1,764 )

Unrecognized tax benefits/ Audit resolution and statute lapse

( 43,333 ) 11,535 13,284

FDII deduction ( 1,424 ) ( 18,675 ) —

3 unchanged sentences

| Fiscal 2025 Form 10-K | 87

The effective income tax rate in 2025 includes the tax effect of audit resolutions and the expiration of statutes of limitation of uncertain tax positions totaling $ 53.3 million, offset by the increase to unrecognized tax benefits in 2025 of $ 10.0 million.

The effective tax rate in 2024 includes the discrete tax benefits recognized in fiscal year 2024 for the benefit of future Swiss tax deductions, the remeasurement of the tax basis of goodwill under TRAF (as defined below), FDII (as defined below) incentive provided by the Tax Cuts and Jobs Act and remeasurement of our Swiss deferred tax assets due to a change in tax rate.

On March 28, 2024, the Swiss canton of Vaud confirmed a future tax benefit to be recognized for ten years .

This resulted in the Company recording an income tax benefit of $ 50.1 million during the fiscal year ended March 31, 2024, which will be utilized over a ten-year period.

The canton of Vaud completed the legislative process to enact the Swiss Federal Act on Tax Reform and AHV Financing (“TRAF”) , a reform to better align the Swiss tax system to international tax standards on March 20, 2020 that took 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 fiscal year ended March 31, 2024, 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 for uncertain tax positions.

In March 2020, the Company increased the tax basis of goodwill, as a transition measure under TRAF, to be amortized over ten years beginning on January 1, 2020.

During the fiscal year ended March 31, 2024, the Company remeasured the tax basis of goodwill under TRAF, which resulted in an income tax benefit of $ 25.1 million, net of assessment for 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 year ended March 31, 2024.

On March 28, 2024, the Company executed a Swiss Tax Ruling with the canton of Vaud that provides future tax benefit for ten years.

The Swiss Tax Ruling resulted in an income tax benefit of $ 50.1 million, which will be utilized over a ten-year period.

The Tax Cuts and Jobs Act enacted Section 250, which provides for a deduction with respect to Global Intangible Low-Taxed Income ("GILTI") and Foreign-Derived Intangible Income ("FDII") in the US.

The application of this tax incentive is inherently complex.

During the fiscal year ended March 31, 2024, the Company analyzed the applicability of FDII and determined that this tax incentive applies in fiscal 2021 to 2023 tax years.

During the fiscal year ended March 31, 2024, the Company analyzed the applicability of FDII and determined that this tax incentive applies to fiscal years 2021, 2022 and 2023.

As a result, the Company realized a tax benefit of $ 18.7 million related to FDII.

The Company has also concluded that any GILTI tax since the enactment of Tax Cuts and Jobs Act is immaterial.

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 then 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 year ended March 31, 2024.

The Base Erosion and Profit Shifting Project (the “BEPS Project”) undertaken by the Organization for Economic Co-operation and Development (the “OECD”) recommended changes to numerous long-standing tax principles, including a proposal to reallocate profits among tax jurisdictions in which companies do business (“Pillar One”) and establishing a minimum tax on global income (“Pillar Two”).

For the year ended March 31, 2025, the Company assessed its exposure to the OECD Pillar Two global minimum tax rules.

The Company has determined that, for the fiscal year 2025, certain jurisdictions in which it operates should qualify for the transitional Country-by-Country Reporting ("CbCR") safe harbor, as outlined in the OECD Administrative Guidance and enacted domestic legislation.

The Company's CbCR has been prepared in accordance with the requirements for a Qualified CbCR, using qualified financial statements, and has been reviewed to ensure accuracy and completeness.

Based on this data, the Company met safe harbor qualifications and therefore is not required to perform a detailed Pillar Two top-up tax calculation for the current reporting period.

No Pillar Two top-up tax expense has been recognized in the year ended March 31, 2025.

The OECD and participating countries continue to issue underlying rules and administrative guidance related to Pillar Two, and the Company continues to monitor the relevant developments.

Logitech International S.A.

| Fiscal 2025 Form 10-K | 88

Deferred income tax assets and liabilities consist of the following (in thousands):

1 unchanged sentence

Tax attributes carryforward $ 43,536 $ 43,846

Future tax deduction from Swiss Tax Ruling 49,755 —

Future tax deduction from Swiss Tax Benefits 48,267 49,755

Accruals 72,114 77,302

Depreciation and amortization 121 707

Tax step-up of goodwill from TRAF 86,519 105,942

10 unchanged sentences

The Company had a valuation allowance against deferred tax assets of $ 36.5 million at March 31, 2025, compared to $ 35.5 million at March 31, 2024.

The Company had a valuation allowance of $ 35.3 million as of March 31, 2024 against deferred tax assets in the state of California, an increase from $ 30.8 million as of March 31,

Logitech International S.A.

| Fiscal 2024 Form 10-K | 90

2023 from activities during the year.

The Company had a valuation allowance of $ 36.4 million as of March 31, 2025 against deferred tax assets in the state of California, an increase from $ 35.3 million as of March 31, 2024 from activities during the year.

The Company determined that it is more likely than not that the Company would not generate sufficient taxable income in the future to utilize such deferred tax assets.

1 unchanged sentence

The Company had net operating loss and tax credit carryforwards in the United States for income tax purposes of $ 2.3 million and $ 76.0 million, respectively, as of March 31, 2025.

Unused net operating loss carryforwards will expire at various dates beginning in fiscal year 2030.

Certain net operating loss carryforwards in the United States relate to acquisitions and, as a result, are limited in the amount that can be utilized in any one year.

The net operating loss carryforwards in the United States relate to acquisitions and, as a result, are limited in the amount that can be utilized in any one year and have no expiration.

The tax credit carryforwards will begin to expire in fiscal year 2026.

7 unchanged sentences

As of March 31, 2025 and 2024, the total amount of unrecognized tax benefits due to uncertain tax positions was $ 152.0 million and $ 192.7 million, respectively, all of which would affect the effective income tax rate if recognized.

Logitech International S.A.

| Fiscal 2025 Form 10-K | 89

As of March 31, 2025 and 2024, the Company had $ 88.5 million and $ 112.6 million, respectively, in non-current income taxes payable, including interest and penalties, related to the Company's income tax liability for uncertain tax positions.

2 unchanged sentences

Lapse of statute of limitations ( 3,586 )

Settlements with taxing authorities

Increases in balances related to tax positions taken during the year 15,214

1 unchanged sentence

Lapse of statute of limitations ( 3,863 )

Settlements with taxing authorities 41

Increases in balances related to tax positions taken during prior years

Increases in balances related to tax positions taken during the year $ 22,332

2 unchanged sentences

Settlements with taxing authorities ( 32,314 )

Increases in balances related to tax positions taken during prior years

Increases (decreases) in balances related to tax positions taken during prior years

Increases in balances related to tax positions taken during the year 2,213

March 31, 2025 $ 151,984

The Company recognizes interest and penalties related to unrecognized tax positions in income tax expense.

The Company recognizes interest and penalties related to unrecognized tax positions as income tax expense.

The Company recognized $( 0.6 ) million and $ 1.7 million, in interest and penalties related to unrecognized tax positions in income tax expense during fiscal years 2025 and 2024, respectively.

In 2025, the interest accrual was reduced in excess of the current year accrual build as a result of audit settlements and statute lapses.

As of March 31, 2025 and 2024, the Company had $ 7.2 million, and $ 7.8 million, respectively, of accrued interest and penalties related to uncertain tax positions.

Logitech International S.A.

| Fiscal 2024 Form 10-K | 91

The Company files Swiss and foreign tax returns.

The Company received final tax assessments in Switzerland through fiscal year 2023.

For other material foreign jurisdictions such as the United States and China, the Company is generally not subject to tax examinations for years prior to fiscal year 2020 and calendar year 2020, respectively.

In the United States, the federal and state tax agencies have the authority to examine periods prior to fiscal year 2020, to the extent allowed by law, where tax attributes were generated, carried forward, and being utilized in subsequent years.

The Company is under examination in foreign tax jurisdictions.

If the examinations are resolved unfavorably, there is a possibility they may have a material negative impact on its results of operations.

As a result of these audit settlements the Company released $ 31.8 million of previously recorded unrecognized tax benefits which was fully recognized as a reduction of income tax expense in the year ended March 31, 2025.

In the United States, the federal and state tax agencies have the authority to examine periods prior to fiscal year 2021, to the extent allowed by law, but only to the extent tax attributes were generated, carried forward, and are being utilized in subsequent years.

The statute of limitations in the United States otherwise lapsed for fiscal year 2021 in fiscal year 2025.

The Company is under examination in several foreign tax jurisdictions.

If the examinations are resolved unfavorably, there is a possibility they may have a negative impact on its results of operations.

Although the Company has adequately provided for uncertain tax positions, the provisions on these positions may change as revised estimates are made or the underlying matters are settled or otherwise resolved.

6 unchanged sentences

Accounts receivable $ 708,693 $ 744,836

Allowance for doubtful accounts — ( 86 )

Allowance for sales returns ( 10,180 ) ( 10,146 )

Allowance for cooperative marketing arrangements ( 44,457 ) ( 41,634 )

1 unchanged sentence

Allowance for pricing programs ( 105,876 ) ( 91,280 )

Other allowances ( 37,250 ) ( 10,180 )

$ 454,546 $ 541,715

20 unchanged sentences

Right-of-use assets 75,239 61,163

Investments in privately held companies 28,662 33,323

Investments for deferred compensation plan 29,006 29,174

Investments in privately held companies 27,980 28,662

Other assets 9,672 6,364

4 unchanged sentences

Accrued and other current liabilities:

Accrued customer marketing, pricing and incentive programs $ 170,371 $ 206,546

Accrued personnel expenses $ 180,763 $ 145,473

Accrued sales return liability 30,098 49,462

Accrued loss for inventory purchase commitments 29,349 46,608

VAT payable 28,253 33,328

Accrued customer marketing, pricing and incentive programs 173,401 170,371

Warranty liabilities 34,428 30,270

Income taxes payable 26,841 24,196

VAT payable 29,648 28,253

Accrued sales return liability 27,913 30,098

Deferred revenue (1)

25,798 19,262

Accrued loss for inventory purchase commitments 19,614 29,349

Operating lease liabilities 15,780 15,107

Contingent consideration 1,215 6,629

Other current liabilities 152,317 144,883

3 unchanged sentences

Employee benefit plan obligations 57,338 42,707

Obligation for deferred compensation plan 29,174 28,213

Deferred revenue (1)

38,216 21,097

Obligation for deferred compensation plan 29,006 29,174

Warranty liabilities 14,756 14,384

2 unchanged sentences

$ 221,512 $ 172,590

(1) Includes deferred revenue for PCS and other services.

(1) Includes deferred revenue for post-contract customer support and other services.

Note 9— Fair Value Measurements

23 unchanged sentences

Currency derivative liabilities included in accrued and other current liabilities $ — $ 2,849 $ — $ — $ 573 $ —

Contingent Consideration for Business Acquisitions

The following table summarizes the change in the Company's contingent consideration balance during fiscal year 2024 and 2023 (in thousands):

Year Ended March 31,

Beginning of the period $ 6,629 $ 12,259

Fair value of contingent consideration upon acquisition — 2,151

Change in fair value of contingent consideration ( 250 ) —

Settlements of contingent consideration

( 5,247 ) ( 5,954 )

Effect of foreign currency exchange rate changes 83 ( 1,827 )

End of the period $ 1,215 $ 6,629

Investments for Deferred Compensation Plan

4 unchanged sentences

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 $ 18.0 million as of March 31, 2025 and 2024, respectively.

G ains (losses) related to equity method investments for fiscal years 2024, 2023 and 2022 were not material a nd are included in other income (expense), net in the Company's consolidated statements of operations (see Note 6).

Logitech International S.A.

| Fiscal 2024 Form 10-K | 95

Income (loss) related to equity method investments for fiscal years 2025, 2024 and 2023 was not material a nd is included in other income (expense), net in the Company's consolidated statements of operations (see Note 6).

During 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.

6 unchanged sentences

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 value included in other assets was $ 10.1 million and $ 12.6 million as of March 31, 2024 and 2023, respectively.

The amount of these equity investments without readily determinable fair value included in other assets was $ 8.8 million and $ 10.1 million as of March 31, 2025 and

Logitech International S.A.

| Fiscal 2025 Form 10-K | 93

2024, respectively.

During 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 was no impairment of these investments during fiscal year 2022 and the impairment charges related to these investments were not material during fiscal years 2023 and 2024.

During 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.

The impairment charges related to these investments were not material during fiscal years 2025 and 2024.

During 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 was 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.

4 unchanged sentences

See Note 2 for additional information about how the Company tests various asset classes for impairment.

During fiscal year 2024 and fiscal year 2022, the Company recorded impairment charges of $ 3.5 million and $ 7.0 million, respectively, related to intangible as sets.

There was no impairment of non-financial assets during the fiscal year of 2023.

During fiscal year 2024, the Company recorded impairment charges of $ 3.5 million related to intangible as sets.

There was no impairment of non-financial assets during fiscal years 2025 and 2023.

Note 10— Derivative Financial Instruments

10 unchanged sentences

The notional amounts of foreign currency exchange forward contracts outstanding related to forecasted invento ry purch ases were $ 74.6 million and $ 90.5 million as of March 31, 2025 and 2024, respectively.

Logitech International S.A.

| Fiscal 2024 Form 10-K | 96

Company had $ 1.1 million of net gain related to its cash flow hedges included in accumulated other comprehensive loss as of March 31, 2024, which will be reclassified into earnings within the next twelve months.

The Company had $ 3.0 million of net loss related to its cash flow hedges included in accumulated other comprehensive loss as of March 31, 2025, 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 fiscal years 2025, 2024 and 2023 and their locations on its consolidated statements of operations and consolidated statements of comprehensive income (in thousands):

9 unchanged sentences

Cash flow hedges $ ( 703 ) $ 1,109 $ 2,625 $ ( 3,461 ) $ 3,964 $ ( 8,391 )

Logitech International S.A.

| Fiscal 2025 Form 10-K | 94

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.

6 unchanged sentences

The notional amounts of these contracts outstanding as of March 31, 2025 and 2024 were $ 131.8 million and $ 79.4 million, respectively.

Foreign currency exchange forward and swap contracts outstanding as of March 31, 2024 primarily consisted of contracts in New Taiwan Dollar, Canadian Dollar, and Brazilian Real to be settled at future dates at predetermined exchange rates.

The fair value of all foreign currency exchange forward and swap contracts is determined based on observable market transactions of spot currency rates and forward rates.

3 unchanged sentences

The Company conducted its annual impairment analysis of goodwill as of December 31, 2024 by performing a qualitative assessment and concluded that it was more likely than not that the fair value of its reporting unit exceeded 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 twelve months ended December 31, 2023.

There have bee n no trig gering events identified affecting the valuation of goodwill subsequent to the annual impairment test.

5 unchanged sentences

End of the period $ 463,230 $ 461,978

Logitech International S.A.

| Fiscal 2024 Form 10-K | 97

The Company's acquired intangible assets were as follows (in thousands):

5 unchanged sentences

Customer contracts/relationships 69,087 ( 58,646 ) 10,441 69,087 ( 51,061 ) 18,026

In-process R&D — — — 3,526 — 3,526

Effects of foreign currency translation ( 620 ) 137 ( 483 ) ( 1,019 ) 379 ( 640 )

1 unchanged sentence

For fiscal years 2025, 2024 and 2023, amortization expense for intangible assets was $ 20.1 million, $ 21.7 million and $ 24.4 million, respectively.

The Company expects that annual amortization expense for fiscal years 2025, 2026, 2027, 2028 and 2029 will be $ 19.8 million, $ 12.9 million, $ 5.7 million, $ 4.1 million and $ 1.8 million, respectively, and $ 0.3 million thereafter.

The Company expects that annual amortization expense for fiscal years 2026, 2027, 2028, 2029 and 2030 will be $ 12.8 million, $ 5.6 million, $ 4.1 million, $ 1.8 million and $ 0.3 million, respectively.

Logitech International S.A.

| Fiscal 2025 Form 10-K | 95

Note 12— Financing Arrangements

The Company had several uncommitted, unsecured bank lines of credit and letters of credit aggregating $ 172.5 million and $ 181.3 million as of March 31, 2024 and 2023, respectively.

On January 27, 2025, the Company entered into an unsecured revolving credit facility with a syndicate of banks (the "Credit Agreement").

The Credit Agreement provides a revolving line of credit of up to $ 750.0 million to the Company including the issuance of letters of credit of up to $ 100.0 million.

The Credit Agreement terminates on January 27, 2030 unless extended in accordance with its terms.

The Credit Agreement contains (1) an increase option allowing the Company to secure up to $ 250.0 million of additional commitments and (2) an extension option to extend the term by one-year which may be exercised no more than two times, subject to certain requirements.

Loans under the Credit Agreement are available in U.S.

Dollars, Euro, Sterling, Yen, Swiss Francs, Canadian Dollars, Australian Dollars and any other currency agreed to by each lender.

Proceeds of loans made under the Credit Agreement may be used for general corporate purposes.

The Credit Agreement contains a maximum net debt to adjusted EBITDA ratio, compliance with which is a condition to the Company's ability to borrow.

Borrowings under the Credit Agreement will bear interest at a rate determined by reference to benchmark rates plus an applicable spread (ranging from 0 to 1.5 %) based on the Company's net leverage ratio or credit rating at the time of the borrowing.

Undrawn balances available under the Credit Agreement are subject to commitment fees at the applicable rate determined by reference to the Company's net leverage ratio or credit rating.

There has been no borrowing outstanding under the Credit Agreement as of March 31, 2025.

In addition, the Company had several uncommitted, unsecured bank lines of credit and letters of credit aggregating to $ 172.2 million and $ 172.5 million as of March 31, 2025 and 2024, respectively.

There are no financial covenants under the lines of credit with which the Company must comply.

32 unchanged sentences

Share Capital

The Company's nominal share capital is CHF 43.3 million, consisting of 173,106,620 issued shares with a par value of CHF 0.25 each, of which 19,243,358 were held in treasury shares as of March 31, 2024.

The Company has reserved conditional capital of 25,000,000 shares for potential issuance on the exercise of rights granted under the Company's employee equity incentive plans and additional conditional capital for financing purposes, representing the issuance of up to 25,000,000 shares to cover any conversion rights under a future convertible bond issuance.

At the 2020 Annual General Meeting, the shareholders of the Company authorized the Board of Directors to issue up to an additional 17,310,662 shares of the Company until September 9, 2022, which was authorized at the 2022 Annual General Meeting to be extended to September 14, 2024.

Pursuant to Swiss corporate law, the payment of dividends is limited to certain amounts of unappropriated retained earnings (approximately CHF 1.0 billion, or USD equivalent of $ 1.1 billion as of March 31, 2024) and is subject to shareholder approval.

As of March 31, 2025, the Company's nominal share capital is CHF 42.2 million, consisting of 168,994,142 issued shares with a par value of CHF 0.25 each, of which 20,485,124 were held in treasury shares.

The capital band under Swiss law allows a company's board of directors to adjust the company's share capital within a predefined range based on a general authority granted by the company's shareholders.

At the 2023 Annual General Meeting ("AGM"), the Company's shareholders approved an amendment to the Company’s Articles of Incorporation to introduce a capital band provision authorizing the Board of Directors to adjust the Company's share capital, without additional shareholder approval, within a range of 155,795,958 registered shares to 190,417,282 registered shares for the five-year period ending on September 13, 2028.

In addition, the Company has reserved conditional capital (1) up to 25,000,000 shares for potential issuance for the exercise of rights granted under the Company's employee equity incentive plans, and (2) up to 25,000,000 shares for issuance to cover any conversion rights under any potential future convertible bond issuance.

In September 2024, the Company's Board of Directors approved the cancellation of 4.1 million treasury shares, which were repurchased in fiscal year 2024 for an aggregate cost of $ 332.1 million under the 2023 share repurchase program.

The cancellation became effective in the third quarter of fiscal year 2025, and as a result both the number of registered shares issued and the number of treasury shares outstanding decreased by 4.1 million shares.

Upon cancellation of these shares, the Company deducted the par value from registered shares and reflected the excess of share repurchase cost over par value as a reduction to retained earnings.

Pursuant to Swiss corporate law, the payment of dividends is limited to certain amounts of unappropriated retained earnings (approximately CHF 812.0 million, or USD equivalent of $ 921.8 million as of March 31, 2025) and is subject to shareholder approval.

In May 2025, the Board of Directors recommended that the Company pay cash dividends for fiscal year 2025 of CHF 1.26 per share (USD equivalent of approximately $ 1.43 per share, which would result in a gross aggregate dividend of approximately $ 212.4 million, based on the exchange rate and shares outstanding, net of treasury shares, on March 31, 2025).

3 unchanged sentences

Any future dividends will be subject to the approval of the Company's shareholders.

Logitech International S.A.

| Fiscal 2025 Form 10-K | 97

Legal Reserves

3 unchanged sentences

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

Logitech International S.A.

| Fiscal 2024 Form 10-K | 99

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.

In 2021 and 2022, the Company's Board of Directors approved increases to the 2020 share repurchase program, to an aggregate amount of up to $ 1.5 billion.

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

2 unchanged sentences

The Swiss Takeover Board approved the 2023 share repurchase program in July 2023 and the program became effective on July 28, 2023.

During the fiscal year ended 2024, the Company repurchased 4.5 million shares for an aggregate cost of $ 364.7 million under the 2023 share repurchase program, of which $ 19.5 million of the aggregate cost was not paid yet as of March 31, 2024.

4.1 million shares for an aggregate cost of $ 332.1 million were repurchased for cancellation and the remaining shares were repurchased to support equity incentive plans.

As of March 31, 2025, $ 48.3 million was available for repurchase under the 2023 share repurchase program.

In March 2025, the Company's Board of Directors approved an increase of $ 600.0 million to the 2023 share repurchase program, to an aggregate amount of $ 1.6 billion.

The Swiss Takeover Board approved this increase in April 2025 and it became effective on April 2, 2025.

The following table summarizes the Company's share repurchase activities for fiscal years 2025, 2024 and 2023 (in thousands):

Years Ended March 31,

2025 2024 2023

2023 Share Repurchase Program:

Number of shares repurchased (1)

6,679 4,459 —

Aggregate cost of shares repurchased (1) (2)

$ 588,028 $ 364,639 $ —

2020 Share Repurchase Program:

Number of shares repurchased (3)

— 2,641 7,562

Aggregate cost of shares repurchased

$ — $ 159,112 $ 418,346

(1) In fiscal year 2025, all shares were repurchased for cancellation.

In fiscal year 2024, 4.1 million shares in an aggregate cost of $ 332.1 million were repurchased for cancellation and the remaining shares were repurchased to support equity incentive plans.

(2) Includes an aggregate cost of $ 18.7 million and $ 19.5 million, respectively, that was not yet paid as of March 31, 2025 and 2024.

(3) Shares were repurchased to support equity incentive plans.

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 March 31, 2024, the Company had a total of 19.2 million shares held in treasury stock, which includes 4.1 million shares that have been repurchased for cancellation.

As of March 31, 2025, the Company had a total of 20.5 million shares held in treasury stock, which includes 6.7 million shares that have been

Logitech International S.A.

| Fiscal 2025 Form 10-K | 98

repurchased for cancellation and 13.8 million shares that have been purchased to support equity incentive plans or potential acquisitions.

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”).

11 unchanged sentences

March 31, 2025 $ ( 118,652 ) $ ( 25,276 ) $ ( 3,024 ) $ ( 146,952 )

Note 15— Segment Information

The Company manages its business activities on a consolidated basis and operates as a single operating segment:

The operating segment encompasses the design, manufacturing and sales of peripherals for gaming, PCs, tablets, video conferencing, and other digital platforms.

The Company's Chief Operating Decision Maker (the “CODM”) is the Chief Executive Officer.

The CODM periodically reviews information such as sales and net income to make business decisions and evaluate performance.

The CODM uses net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the Peripherals segment or into other parts of the entity, such as for acquisitions, share repurchase or to pay dividends.

The CODM also monitors budget versus actual net income results.

The following table presents segment revenue, gross profit, and net income for the periods presented:

Years Ended March 31,

2025 2024 2023

$ 4,554,900 $ 4,298,467 $ 4,538,818

Significant segment expenses

Cost of goods sold (1)

2,572,724 2,501,414 2,800,803

Marketing and selling (1)

774,036 694,530 774,475

Research and development (1)

288,828 269,407 265,504

General and administrative (1)

144,680 133,787 109,504

other segment items

Share-based compensation expense 89,913 82,889 70,782

Amortization of intangible assets and acquisition-related costs 20,249 21,962 24,708

Interest income

( 54,997 ) ( 50,636 ) ( 18,331 )

12,595 23,518 47,851

Provision for income taxes

75,343 9,453 98,947

$ 631,529 $ 612,143 $ 364,575

(1) The difference between the amounts included in the table above and the amounts included in the consolidated

statements of operations is related to share-based compensation expense (see Note 4).

(2) Includes restructuring charges, net, impairment of intangible assets, change in fair value of contingent

consideration for business acquisition, and other income (expense), net, as applicable.

Logitech International S.A.

| Fiscal 2025 Form 10-K | 99

Note 15— 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, 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 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 fiscal years ended 2023 and 2022 have been reclassified to conform to the current period presentation.

See Note 2 for further information on the change in presentation.

Sales by product category in the current presentation were as follows (in thousands):

Sales by product category for fiscal years 2025, 2024 and 2023 were as follows (in thousands):

Years Ended March 31,

22 unchanged sentences

No other country represented more than 10% of sales during these periods presented herein.

Revenue from sales to customers in Switzerland, the Company's country of domicile, represented 2 % of sale s for fiscal year 2024, and 3 % of sales for each of fiscal years 2023 and 2022.

Logitech International S.A.

| Fiscal 2024 Form 10-K | 101

Revenue from sales to customers in Switzerland, the Company's country of domicile, represented 3 %, 2 %, and 3 % of sale s for fiscal year 2025, 2024 and 2023, respectively.

Property, plant and equipment, net (excluding software) and right-of-use assets by geographic region were as follows (in thousands):

7 unchanged sentences

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 March 31, 2025 or 2024.

Logitech International S.A.

| Fiscal 2025 Form 10-K | 100

Note 16— Restructuring

2 unchanged sentences

These actions resulted in charges related to employee severance and other termination benefits as well as contract termination and other costs.

These restructuring activities have been substantially completed during fiscal year 2024.

These restructuring activities were substantially completed during fiscal year 2024.

During the fourth quarter of fiscal year 2025, the Company initiated a restructuring plan to reorganize certain functions to enable increased productivity and efficiency.

This plan resulted in charges related to employee severance and other termination benefits.

The Company expects to substantially complete this restructuring within the next twelve months.

The following table summarizes restructuring-related activities during fiscal years 2025, 2024 and 2023 (in thousands):

10 unchanged sentences

$ 1,813 $ 1,455 $ 3,268

Charges, net 9,846 ( 231 ) 9,615

Cash payments ( 2,562 ) ( 241 ) ( 2,803 )

Accrued restructuring liability at March 31, 2025 (1)

$ 9,097 $ 983 $ 10,080

(1) The accrual balances are included in accrued and other current liabilities on the Company’s consolidated balance sheets.

Note 17 — Leases

The Company is a lessee in various non cancellable operating leases, primarily real estate facilities for office space.

As of March 31, 2024, t he Company's lease arrangements are comprised of operating leases with various expiration dates through December 31, 2033 .

The lease term for all of the Company’s leases includes the noncancellable period of the lease.

The Company is a lessee in various non-cancelable operating leases, primarily real estate facilities for office space.

As of March 31, 2025, t he Company's lease arrangements are comprised of operating leases with various expiration dates through July 31, 2035 .

The lease term for all of the Company’s leases includes the non-cancelable period of the lease.

Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore are not factored into the Company's determination of the duration of the lease arrangement.

1 unchanged sentence

The total operating lease costs including short-term lease costs were $ 19.3 million, $ 19.5 million and $ 21.2 million for the years ended March 31, 2025, 2024, and 2023, respectively.

Total variable lease costs were not

Logitech International S.A.

| Fiscal 2024 Form 10-K | 102

material during the years ended March 31, 2024, 2023 and 2022.

Total variable lease costs were not material during the years ended March 31, 2025, 2024 and 2023.

The total operating and variable lease costs were included in cost of goods sold, marketing and selling, research and development, and general and administrative in the Company's consolidated statements of operations.

4 unchanged sentences

ROU assets obtained in the exchange for operating lease liabilities $ 26,767 $ 8,593 $ 43,093

Logitech International S.A.

| Fiscal 2025 Form 10-K | 101

Future lease payments included in the measurement of operating lease liabilities as of March 31, 2025 for the following five fiscal years and thereafter are as follows (in thousands):

4 unchanged sentences

imputed interest ( 13,099 )

tenant improvement allowance

Present value of lease liabilities $ 92,402

15 unchanged sentences

Allowances (1)

Allowance for doubtful accounts:

2024 $ 86 $ ( 86 ) $ — $ —

2023 $ 2,212 $ ( 2,019 ) $ ( 107 ) $ 86

2022 $ 1,161 $ 1,691 $ ( 640 ) $ 2,212

Allowance for sales returns:

2024 $ 10,146 $ 141,995 $ ( 141,961 ) $ 10,180

2023 $ 12,321 $ 157,619 $ ( 159,794 ) $ 10,146

2022 $ 14,438 $ 162,381 $ ( 164,498 ) $ 12,321

Allowance for cooperative marketing arrangements:

10 unchanged sentences

2023 $ 120,797 $ 784,835 $ ( 806,810 ) $ 98,822

Other allowances:

2025 $ 10,180 $ 170,495 $ ( 143,425 ) $ 37,250

2024 $ 10,232 $ 141,909 $ ( 141,961 ) $ 10,180

2023 $ 14,533 $ 155,600 $ ( 159,901 ) $ 10,232

Tax valuation allowance:

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures