Garmin Ltd. and Subsidiaries |
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Condensed Consolidated Balance Sheets (Unaudited) |
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(In thousands) |
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| December 30, 2023 |
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| December 31,
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Assets |
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Current assets: |
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Cash and cash equivalents |
| $ | 1,693,452 |
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| $ | 1,279,194 |
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Marketable securities |
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| 274,618 |
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| 173,288 |
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Accounts receivable, net |
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| 815,243 |
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| 656,847 |
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Inventories |
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| 1,345,955 |
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| 1,515,045 |
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Deferred costs |
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| 16,316 |
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| 14,862 |
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Prepaid expenses and other current assets |
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| 318,556 |
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| 315,915 |
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Total current assets |
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| 4,464,140 |
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| 3,955,151 |
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Property and equipment, net |
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| 1,224,097 |
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| 1,147,005 |
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Operating lease right-of-use assets |
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| 143,724 |
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| 138,040 |
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Noncurrent marketable securities |
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| 1,125,191 |
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| 1,208,360 |
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Deferred income tax assets |
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| 754,635 |
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| 441,071 |
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Noncurrent deferred costs |
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| 11,057 |
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| 9,831 |
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Goodwill |
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| 608,474 |
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| 567,994 |
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| Other intangible assets, net |
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| 186,601 |
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| 178,461 |
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| Other noncurrent assets |
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| 85,650 |
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| 85,257 |
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| Total assets |
| $ | 8,603,569 |
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| $ | 7,731,170 |
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| Liabilities and Stockholders ' Equity |
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| Current liabilities: |
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| Accounts payable |
| $ | 253,790 |
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| $ | 212,417 |
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| Salaries and benefits payable |
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| 190,014 |
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| 176,114 |
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| Accrued warranty costs |
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| 55,738 |
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| 50,952 |
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| Accrued sales program costs |
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| 98,610 |
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| 97,772 |
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| Other accrued expenses |
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| 245,874 |
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| 197,376 |
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| Deferred revenue |
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| 101,189 |
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| 91,092 |
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| Income taxes payable |
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| 225,475 |
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| 246,180 |
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| Dividend payable |
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| 139,997 |
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| 139,732 |
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| Total current liabilities |
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| 1,310,687 |
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| 1,211,635 |
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| Deferred income tax liabilities |
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| 114,682 |
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| 129,965 |
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| Noncurrent income taxes payable |
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| 16,521 |
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| 34,627 |
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| Noncurrent deferred revenue |
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| 36,148 |
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| 35,702 |
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| Noncurrent operating lease liabilities |
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| 113,035 |
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| 114,541 |
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| Other noncurrent liabilities |
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| 436 |
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| 360 |
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| Stockholders ' equity: |
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| Common shares (195,880 and 198,077 shares authorized and issued; 191,777 and 191,623 shares outstanding) |
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| 19,588 |
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| 17,979 |
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| Additional paid-in capital |
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| 2,125,467 |
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| 2,042,472 |
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| Treasury shares (4,103 and 6,454 shares) |
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| (330,909) |
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| (475,095) |
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| Retained earnings |
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| 5,263,528 |
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| 4,733,517 |
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| Accumulated other comprehensive income (loss) |
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| (65,614) |
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| (114,533) |
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| Total stockholders ' equity |
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| 7,012,060 |
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| 6,204,340 |
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| Total liabilities and stockholders ' equity |
| $ | 8,603,569 |
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| $ | 7,731,170 |
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Garmin announces fourth quarter and fiscal year 2023 results
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