Garmin Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

December 30,

2023

December 31,
2022

Assets

Current assets:

Cash and cash equivalents

$

1,693,452

$

1,279,194

Marketable securities

274,618

173,288

Accounts receivable, net

815,243

656,847

Inventories

1,345,955

1,515,045

Deferred costs

16,316

14,862

Prepaid expenses and other current assets

318,556

315,915

Total current assets

4,464,140

3,955,151

Property and equipment, net

1,224,097

1,147,005

Operating lease right-of-use assets

143,724

138,040

Noncurrent marketable securities

1,125,191

1,208,360

Deferred income tax assets

754,635

441,071

Noncurrent deferred costs

11,057

9,831

Goodwill

608,474

567,994

Other intangible assets, net

186,601

178,461

Other noncurrent assets

85,650

85,257

Total assets

$

8,603,569

$

7,731,170

Liabilities and Stockholders ' Equity

Current liabilities:

Accounts payable

$

253,790

$

212,417

Salaries and benefits payable

190,014

176,114

Accrued warranty costs

55,738

50,952

Accrued sales program costs

98,610

97,772

Other accrued expenses

245,874

197,376

Deferred revenue

101,189

91,092

Income taxes payable

225,475

246,180

Dividend payable

139,997

139,732

Total current liabilities

1,310,687

1,211,635

Deferred income tax liabilities

114,682

129,965

Noncurrent income taxes payable

16,521

34,627

Noncurrent deferred revenue

36,148

35,702

Noncurrent operating lease liabilities

113,035

114,541

Other noncurrent liabilities

436

360

Stockholders ' equity:

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

   191,777 and 191,623 shares outstanding)

19,588

17,979

Additional paid-in capital

2,125,467

2,042,472

Treasury shares (4,103 and 6,454 shares)

(330,909)

(475,095)

Retained earnings

5,263,528

4,733,517

Accumulated other comprehensive income (loss)

(65,614)

(114,533)

Total stockholders ' equity

7,012,060

6,204,340

Total liabilities and stockholders ' equity

$

8,603,569

$

7,731,170