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10-Q Filing

GARMIN LTD CIK: 1121788 Q1 2017
Filing Information
Form Type 10-Q
Accession Number 0001615774-17-002050
Period End Date 20170331
Filing Date 20170503
Fiscal Year 2017
Fiscal Period Q1
XBRL Instance grmn-20170401.xml
Filing Contents
Balance Sheet 83 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $833.07M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $846.88M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $833.58M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $857.68M USD Point-in-time
Marketable securities AvailableForSaleSecuritiesCurrent $266.95M USD Point-in-time
Marketable securities AvailableForSaleSecuritiesCurrent $258.40M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $527.06M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $391.35M USD Point-in-time
Inventories, net InventoryNet $533.15M USD Point-in-time
Inventories, net InventoryNet $484.82M USD Point-in-time
Common shares, authorized CommonStockSharesAuthorized 198,077.00 shares Point-in-time
Common shares, authorized CommonStockSharesAuthorized 198,077.00 shares Point-in-time
Deferred costs DeferredCostsCurrent $46.12M USD Point-in-time
Deferred costs DeferredCostsCurrent $47.40M USD Point-in-time
Common shares, issued CommonStockSharesIssued 198,077.00 shares Point-in-time
Common shares, issued CommonStockSharesIssued 198,077.00 shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $89.90M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $94.31M USD Point-in-time
Common shares, outstanding CommonStockSharesOutstanding 188,565.00 shares Point-in-time
Common shares, outstanding CommonStockSharesOutstanding 188,156.00 shares Point-in-time
Total current assets AssetsCurrent $2.26B USD Point-in-time
Total current assets AssetsCurrent $2.16B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $448.97M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $482.88M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $503.84M USD Point-in-time
Marketable securities AvailableForSaleSecuritiesNoncurrent $1.21B USD Point-in-time
Marketable securities AvailableForSaleSecuritiesNoncurrent $1.21B USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsNoncurrent $113.00K USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsNoncurrent $117.00K USD Point-in-time
Noncurrent deferred income tax DeferredTaxAssetsLiabilitiesNetNoncurrent $110.29M USD Point-in-time
Noncurrent deferred income tax DeferredTaxAssetsLiabilitiesNetNoncurrent $283.44M USD Point-in-time
Noncurrent deferred costs DeferredCosts $56.15M USD Point-in-time
Noncurrent deferred costs DeferredCosts $57.58M USD Point-in-time
Intangible assets, net IntangibleAssetsNetIncludingGoodwill $305.00M USD Point-in-time
Intangible assets, net IntangibleAssetsNetIncludingGoodwill $303.41M USD Point-in-time
Other assets OtherAssetsNoncurrent $94.39M USD Point-in-time
Other assets OtherAssetsNoncurrent $84.24M USD Point-in-time
Total assets Assets $4.53B USD Point-in-time
Total assets Assets $4.60B USD Point-in-time
Accounts payable AccountsPayableCurrent $172.40M USD Point-in-time
Accounts payable AccountsPayableCurrent $136.90M USD Point-in-time
Salaries and benefits payable EmployeeRelatedLiabilitiesCurrent $88.82M USD Point-in-time
Salaries and benefits payable EmployeeRelatedLiabilitiesCurrent $69.89M USD Point-in-time
Accrued warranty costs ProductWarrantyAccrualClassifiedCurrent $37.23M USD Point-in-time
Accrued warranty costs ProductWarrantyAccrualClassifiedCurrent $34.43M USD Point-in-time
Accrued sales program costs AccruedMarketingCostsCurrent $46.47M USD Point-in-time
Accrued sales program costs AccruedMarketingCostsCurrent $80.95M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $140.45M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $146.56M USD Point-in-time
Accrued royalty costs AccruedRoyaltiesCurrent $36.52M USD Point-in-time
Accrued royalty costs AccruedRoyaltiesCurrent $26.01M USD Point-in-time
Accrued advertising expense AccruedAdvertisingCurrent $17.04M USD Point-in-time
Accrued advertising expense AccruedAdvertisingCurrent $37.44M USD Point-in-time
Other accrued expenses OtherAccruedLiabilitiesCurrent $70.47M USD Point-in-time
Other accrued expenses OtherAccruedLiabilitiesCurrent $79.99M USD Point-in-time
Income taxes payable TaxesPayableCurrent $16.16M USD Point-in-time
Income taxes payable TaxesPayableCurrent $20.29M USD Point-in-time
Dividend payable DividendsPayableCurrent - USD Point-in-time
Dividend payable DividendsPayableCurrent $96.17M USD Point-in-time
Total current liabilities LiabilitiesCurrent $571.46M USD Point-in-time
Total current liabilities LiabilitiesCurrent $782.74M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $61.22M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $62.59M USD Point-in-time
Non-current income taxes AccruedIncomeTaxesNoncurrent $121.17M USD Point-in-time
Non-current income taxes AccruedIncomeTaxesNoncurrent $124.27M USD Point-in-time
Non-current deferred revenue DeferredRevenueNoncurrent $140.41M USD Point-in-time
Non-current deferred revenue DeferredRevenueNoncurrent $138.66M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $1.59M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $1.64M USD Point-in-time
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 188,156 shares outstanding at April 1, 2017 and 188,565 shares outstanding at December 31, 2016 CommonStockValue $17.98M USD Point-in-time
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 188,156 shares outstanding at April 1, 2017 and 188,565 shares outstanding at December 31, 2016 CommonStockValue $17.98M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.83B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.84B USD Point-in-time
Treasury stock TreasuryStockValue $455.96M USD Point-in-time
Treasury stock TreasuryStockValue $474.86M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.06B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.29B USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $-36.76M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $32.46M USD Point-in-time
Total stockholders' equity StockholdersEquity $3.42B USD Point-in-time
Total stockholders' equity StockholdersEquity $3.70B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $4.60B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $4.53B USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
Net sales SalesRevenueNet $624.04M USD 1 Quarter
Net sales SalesRevenueNet $638.55M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $266.42M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $284.19M USD 1 Quarter
Gross profit GrossProfit $372.12M USD 1 Quarter
Gross profit GrossProfit $339.85M USD 1 Quarter
Advertising expense AdvertisingExpense $31.52M USD 1 Quarter
Advertising expense AdvertisingExpense $32.23M USD 1 Quarter
Selling, general and administrative expense SellingGeneralAndAdministrativeExpense $95.61M USD 1 Quarter
Selling, general and administrative expense SellingGeneralAndAdministrativeExpense $102.05M USD 1 Quarter
Research and development expense ResearchAndDevelopmentExpense $122.20M USD 1 Quarter
Research and development expense ResearchAndDevelopmentExpense $108.20M USD 1 Quarter
Total operating expense OperatingExpenses $255.78M USD 1 Quarter
Total operating expense OperatingExpenses $236.05M USD 1 Quarter
Operating income OperatingIncomeLoss $116.34M USD 1 Quarter
Operating income OperatingIncomeLoss $103.80M USD 1 Quarter
Interest income InvestmentIncomeInterest $8.44M USD 1 Quarter
Interest income InvestmentIncomeInterest $7.43M USD 1 Quarter
Foreign currency losses ForeignCurrencyTransactionGainLossBeforeTax $-4.84M USD 1 Quarter
Foreign currency losses ForeignCurrencyTransactionGainLossBeforeTax $-37.50M USD 1 Quarter
Other income OtherOperatingIncome $400.00K USD 1 Quarter
Other income OtherOperatingIncome $1.16M USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $-28.65M USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $3.74M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $107.55M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $87.69M USD 1 Quarter
Income tax (benefit) provision IncomeTaxExpenseBenefit $-150.12M USD 1 Quarter
Income tax (benefit) provision IncomeTaxExpenseBenefit $19.45M USD 1 Quarter
Net income NetIncomeLoss $88.09M USD 1 Quarter
Net income NetIncomeLoss $237.81M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.26 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.46 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.46 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.26 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 189,497.00 shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 188,333.00 shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 189,031.00 shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 189,651.00 shares 1 Quarter
Cash Flow Statement 78 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $88.09M USD 1 Quarter
Net income NetIncomeLoss $237.81M USD 1 Quarter
Depreciation Depreciation $13.08M USD 1 Quarter
Depreciation Depreciation $14.66M USD 1 Quarter
Amortization AdjustmentForAmortization $7.12M USD 1 Quarter
Amortization AdjustmentForAmortization $7.07M USD 1 Quarter
Loss on sale or disposal of property and equipment GainLossOnSaleOfPropertyPlantEquipment $-38.00K USD 1 Quarter
Loss on sale or disposal of property and equipment GainLossOnSaleOfPropertyPlantEquipment $-8.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $285.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $-294.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $3.91M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $-171.52M USD 1 Quarter
Unrealized foreign currency loss (gain) ForeignCurrencyTransactionGainLossUnrealized $-42.28M USD 1 Quarter
Unrealized foreign currency loss (gain) ForeignCurrencyTransactionGainLossUnrealized $5.41M USD 1 Quarter
Provision for obsolete and slow moving inventories InventoryWriteDown $8.03M USD 1 Quarter
Provision for obsolete and slow moving inventories InventoryWriteDown $7.19M USD 1 Quarter
Stock compensation expense ShareBasedCompensation $8.17M USD 1 Quarter
Stock compensation expense ShareBasedCompensation $8.21M USD 1 Quarter
Realized loss (gain) on marketable securities GainLossOnSaleOfInvestments $452.00K USD 1 Quarter
Realized loss (gain) on marketable securities GainLossOnSaleOfInvestments $-291.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-135.25M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-130.04M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $18.87M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $41.40M USD 1 Quarter
Other current and non-current assets IncreaseDecreaseInOtherOperatingAssets $3.94M USD 1 Quarter
Other current and non-current assets IncreaseDecreaseInOtherOperatingAssets $-7.53M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-45.52M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-44.18M USD 1 Quarter
Other current and non-current liabilities IncreaseDecreaseInOtherOperatingLiabilities $-31.61M USD 1 Quarter
Other current and non-current liabilities IncreaseDecreaseInOtherOperatingLiabilities $-81.04M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-8.38M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-12.34M USD 1 Quarter
Deferred cost IncreaseDecreaseInDeferredCharges $46.00K USD 1 Quarter
Deferred cost IncreaseDecreaseInDeferredCharges $2.50M USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $6.94M USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $-8.73M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $120.39M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivitiesContinuingOperations $129.39M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $13.91M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $25.54M USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment - USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $7.00K USD 1 Quarter
Purchase of intangible assets PaymentsToAcquireIntangibleAssets $1.72M USD 1 Quarter
Purchase of intangible assets PaymentsToAcquireIntangibleAssets $1.22M USD 1 Quarter
Purchase of marketable securities PaymentsToAcquireAvailableForSaleSecurities $96.05M USD 1 Quarter
Purchase of marketable securities PaymentsToAcquireAvailableForSaleSecurities $151.07M USD 1 Quarter
Redemption of marketable securities ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities $109.53M USD 1 Quarter
Redemption of marketable securities ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities $237.46M USD 1 Quarter
Change in restricted cash IncreaseDecreaseInRestrictedCash $4.00K USD 1 Quarter
Change in restricted cash IncreaseDecreaseInRestrictedCash $2.00K USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $62.14M USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Net cash (used in) provided by investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $8.63M USD 1 Quarter
Net cash (used in) provided by investing activities NetCashProvidedByUsedInInvestingActivitiesContinuingOperations $-13.28M USD 1 Quarter
Dividends paid PaymentsOfDividends $96.57M USD 1 Quarter
Dividends paid PaymentsOfDividends $96.03M USD 1 Quarter
Purchase of treasury stock under share repurchase plan PaymentsForRepurchaseOfCommonStock $19.80M USD 1 Quarter
Purchase of treasury stock under share repurchase plan PaymentsForRepurchaseOfCommonStock $27.87M USD 1 Quarter
Purchase of treasury stock related to equity awards PaymentsForRepurchaseOfCommonStockRelatedToEquityAwards $16.00K USD 1 Quarter
Purchase of treasury stock related to equity awards PaymentsForRepurchaseOfCommonStockRelatedToEquityAwards $3.45M USD 1 Quarter
Proceeds from issuance of treasury stock related to equity awards ProceedsFromSaleOfTreasuryStock - USD 1 Quarter
Proceeds from issuance of treasury stock related to equity awards ProceedsFromSaleOfTreasuryStock $103.00K USD 1 Quarter
Tax benefit from issuance of equity awards ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $2.00K USD 1 Quarter
Tax benefit from issuance of equity awards ExcessTaxBenefitFromShareBasedCompensationFinancingActivities - USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $-127.35M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivitiesContinuingOperations $-116.27M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $2.86M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $6.93M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $24.61M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-13.31M USD 1 Quarter
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $833.07M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $846.88M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $833.58M USD Point-in-time
Cash and cash equivalents at beginning of period CashAndCashEquivalentsAtCarryingValue $857.68M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $833.07M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $846.88M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $833.58M USD Point-in-time
Cash and cash equivalents at end of period CashAndCashEquivalentsAtCarryingValue $857.68M USD Point-in-time
Comprehensive Income 8 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $88.09M USD 1 Quarter
Net income NetIncomeLoss $237.81M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $6.27M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $62.32M USD 1 Quarter
Change in fair value of available-for-sale marketable securities, net of deferred taxes OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $9.30M USD 1 Quarter
Change in fair value of available-for-sale marketable securities, net of deferred taxes OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $6.90M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $103.66M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $307.04M USD 1 Quarter

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

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