10-Q Filing

GARMIN LTD CIK: 1121788 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0000950170-21-000047`
Period End Date	20210331
Filing Date	20210428
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	grmn-20210327_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 38 Stockholders Equity 25 Comprehensive Income 8

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Common shares, par value (in CHF dollars per share)	`CommonStockParOrStatedValuePerShare`	0.10	CHF	Point-in-time
Common shares, par value (in CHF dollars per share)	`CommonStockParOrStatedValuePerShare`	0.10	CHF	Point-in-time
Common shares, authorized	`CommonStockSharesAuthorized`	198.08M	shares	Point-in-time
Common shares, authorized	`CommonStockSharesAuthorized`	198.08M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.46B	USD	Point-in-time
Common shares, issued	`CommonStockSharesIssued`	198.08M	shares	Point-in-time
Common shares, issued	`CommonStockSharesIssued`	198.08M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.60B	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$342.66M	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	191.57M	shares	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	192.14M	shares	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$387.64M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$849.47M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$558.19M	USD	Point-in-time
Inventories	`InventoryNet`	$837.93M	USD	Point-in-time
Inventories	`InventoryNet`	$762.08M	USD	Point-in-time
Deferred costs	`DeferredCostsCurrent`	$20.14M	USD	Point-in-time
Deferred costs	`DeferredCostsCurrent`	$18.18M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$201.49M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$191.57M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.56B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.67B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$754.55M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$861.38M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$855.54M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$94.63M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$92.94M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesNoncurrent`	$1.21B	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesDebtSecuritiesNoncurrent`	$1.13B	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$248.85M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$245.46M	USD	Point-in-time
Noncurrent deferred costs	`DeferredCosts`	$16.51M	USD	Point-in-time
Noncurrent deferred costs	`DeferredCosts`	$14.52M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$828.57M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$822.23M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$189.09M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$190.15M	USD	Point-in-time
Total assets	`Assets`	$7.00B	USD	Point-in-time
Total assets	`Assets`	$7.03B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$258.88M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$250.79M	USD	Point-in-time
Salaries and benefits payable	`EmployeeRelatedLiabilitiesCurrent`	$148.56M	USD	Point-in-time
Salaries and benefits payable	`EmployeeRelatedLiabilitiesCurrent`	$181.94M	USD	Point-in-time
Accrued warranty costs	`ProductWarrantyAccrualClassifiedCurrent`	$42.64M	USD	Point-in-time
Accrued warranty costs	`ProductWarrantyAccrualClassifiedCurrent`	$39.29M	USD	Point-in-time
Accrued sales program costs	`AccruedMarketingCostsCurrent`	$64.56M	USD	Point-in-time
Accrued sales program costs	`AccruedMarketingCostsCurrent`	$109.89M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$83.89M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$86.86M	USD	Point-in-time
Accrued advertising expense	`AccruedAdvertisingCurrent`	$31.95M	USD	Point-in-time
Accrued advertising expense	`AccruedAdvertisingCurrent`	$23.80M	USD	Point-in-time
Other accrued expenses	`OtherAccruedLiabilitiesCurrent`	$149.82M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$67.06M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$68.58M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	$117.20M	USD	Point-in-time
Dividend payable	`DividendsPayableCurrent`	$233.64M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.16B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$933.12M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$116.84M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$117.60M	USD	Point-in-time
Noncurrent income taxes	`AccruedIncomeTaxesNoncurrent`	$92.81M	USD	Point-in-time
Noncurrent income taxes	`AccruedIncomeTaxesNoncurrent`	$95.50M	USD	Point-in-time
Noncurrent deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$49.93M	USD	Point-in-time
Noncurrent deferred revenue	`ContractWithCustomerLiabilityNoncurrent`	$44.86M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$75.96M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$74.74M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$18.08M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$15.49M	USD	Point-in-time
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 192,144 shares outstanding at March 27, 2021 and 191,571 shares outstanding at December 26, 2020	`CommonStockValue`	$17.98M	USD	Point-in-time
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 192,144 shares outstanding at March 27, 2021 and 191,571 shares outstanding at December 26, 2020	`CommonStockValue`	$17.98M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.89B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.88B	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$320.02M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$309.52M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.97B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$3.75B	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$183.43M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$140.25M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$4.79B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$5.52B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$5.72B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$4.93B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$7.03B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$7.00B	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$856.11M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.07B	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$430.77M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$349.17M	USD	1 Quarter
Gross profit	`GrossProfit`	$641.56M	USD	1 Quarter
Gross profit	`GrossProfit`	$506.94M	USD	1 Quarter
Advertising expense	`AdvertisingExpense`	$31.06M	USD	1 Quarter
Advertising expense	`AdvertisingExpense`	$26.88M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$137.19M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$157.62M	USD	1 Quarter
Research and development expense	`ResearchAndDevelopmentExpense`	$165.39M	USD	1 Quarter
Research and development expense	`ResearchAndDevelopmentExpense`	$203.21M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$329.46M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$391.90M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$249.66M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$177.48M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$12.03M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$7.65M	USD	1 Quarter
Foreign currency losses	`ForeignCurrencyTransactionGainLossBeforeTax`	$-8.28M	USD	1 Quarter
Foreign currency losses	`ForeignCurrencyTransactionGainLossBeforeTax`	$-15.42M	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$3.55M	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$1.48M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$153.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$855.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$177.63M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$250.51M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$30.48M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$16.45M	USD	1 Quarter
Net income	`NetIncomeLoss`	$220.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$161.18M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.84	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.15	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.84	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.14	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	190.80M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	191.90M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	191.68M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	192.81M	shares	1 Quarter

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Adjustment related to unrealized gains (losses) on available-for-sale securities income tax effects	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$2.81M	USD	1 Quarter
Adjustment related to unrealized gains (losses) on available-for-sale securities income tax effects	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$2.23M	USD	1 Quarter
Beginning balance, value	`StockholdersEquity`	$4.79B	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$5.52B	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$5.72B	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$4.93B	USD	Point-in-time
Net income	`NetIncomeLoss`	$220.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$161.18M	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-6.18M	USD	1 Quarter
Translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-35.29M	USD	1 Quarter
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-17.89M	USD	1 Quarter
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-7.88M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$137.11M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$176.85M	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$188.00K	USD	1 Quarter
Dividends declared	`DividendsCommonStockCash`	$217.00K	USD	1 Quarter
Issuance of treasury stock related to equity awards	`StockIssuedDuringPeriodValueTreasuryStockReissued`	$17.66M	USD	1 Quarter
Stock compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$22.70M	USD	1 Quarter
Stock compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$15.56M	USD	1 Quarter
Purchase of treasury stock related to equity awards	`TreasuryStockValueAcquiredCostMethod`	$17.28M	USD	1 Quarter
Purchase of treasury stock related to equity awards	`TreasuryStockValueAcquiredCostMethod`	$11.58M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$4.79B	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$5.52B	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$5.72B	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$4.93B	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$220.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$161.18M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-6.18M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-35.29M	USD	1 Quarter
Change in fair value of available-for-sale marketable securities, net of deferred taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-7.88M	USD	1 Quarter
Change in fair value of available-for-sale marketable securities, net of deferred taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-17.89M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$137.11M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$176.85M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.