Garmin Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

September 30,

2023

December 31,
2022

Assets

Current assets:

Cash and cash equivalents

$

1,422,855

$

1,279,194

Marketable securities

273,050

173,288

Accounts receivable, net

721,137

656,847

Inventories

1,439,894

1,515,045

Deferred costs

15,296

14,862

Prepaid expenses and other current assets

284,682

315,915

Total current assets

4,156,914

3,955,151

Property and equipment, net

1,187,375

1,147,005

Operating lease right-of-use assets

140,635

138,040

Noncurrent marketable securities

1,081,674

1,208,360

Deferred income tax assets

514,876

441,071

Noncurrent deferred costs

10,538

9,831

Goodwill

594,449

567,994

Other intangible assets, net

185,835

178,461

Other noncurrent assets

92,726

85,257

Total assets

$

7,965,022

$

7,731,170

Liabilities and Stockholders '  Equity

Current liabilities:

Accounts payable

$

268,030

$

212,417

Salaries and benefits payable

196,665

176,114

Accrued warranty costs

53,533

50,952

Accrued sales program costs

71,558

97,772

Other accrued expenses

208,717

197,376

Deferred revenue

98,289

91,092

Income taxes payable

151,559

246,180

Dividend payable

279,447

139,732

Total current liabilities

1,327,798

1,211,635

Deferred income tax liabilities

116,419

129,965

Noncurrent income taxes payable

24,577

34,627

Noncurrent deferred revenue

35,525

35,702

Noncurrent operating lease liabilities

111,035

114,541

Other noncurrent liabilities

388

360

Stockholders ' equity:

Shares (195,880 and 198,077 shares authorized and issued;

    191,387 and 191,623 shares outstanding)

19,588

17,979

Additional paid-in capital

2,100,357

2,042,472

Treasury stock (4,493 and 6,454 shares)

(331,393)

(475,095)

Retained earnings

4,721,555

4,733,517

Accumulated other comprehensive income (loss)

(160,827)

(114,533)

Total stockholders ' equity

6,349,280

6,204,340

Total liabilities and stockholders ' equity

$

7,965,022

$

7,731,170