Shareholders' Equity |
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Shareholders' Equity | Shareholders’ Equity Share Repurchases In June 2023, the Company's Board of Directors approved a three-year share repurchase program, which allows the Company to use up to $1.0 billion to repurchase its shares. The 2023 share repurchase program enables the Company to repurchase shares for cancellation, as well as to support equity incentive plans or potential acquisitions. The Swiss Takeover Board approved the 2023 share repurchase program in July 2023 and the program became effective on July 28, 2023. During the three months ended June 30, 2024, the Company repurchased 1.4 million shares for an aggregate cost of $132.1 million under the 2023 share repurchase program for cancellation, of which $20.8 million of the aggregate cost was not paid yet as of June 30, 2024. As of June 30, 2024, $503.8 million was available for repurchase under the 2023 share repurchase program. During the three months ended June 30, 2023, the Company repurchased 1.6 million shares for an aggregate cost of $95.1 million under the previous share repurchase program. This program was initially approved by the Company's Board of Directors in May 2020, to purchase Logitech shares to support equity incentive plans or potential acquisitions, and expired on July 27, 2023. 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 June 30, 2024, the Company had a total of 20.1 million shares held in treasury stock, which includes 5.6 million shares that have been repurchased for cancellation and 14.5 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”). Shares repurchased for cancellation purposes are repurchased on a second trading line on SIX. Shares may be repurchased from time to time on the open market or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Purchases may be started or stopped at any time without prior notice depending on market conditions and other factors and the program does not require the purchase of any minimum number of shares. Accumulated Other Comprehensive Loss The accumulated other comprehensive loss was as follows (in thousands):
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