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10-Q Filing

GARMIN LTD CIK: 1121788 Q1 2018
Filing Information
Form Type 10-Q
Accession Number 0001615774-18-003148
Period End Date 20180331
Filing Date 20180502
Fiscal Year 2018
Fiscal Period Q1
XBRL Instance grmn-20180331.xml
Filing Contents
Balance Sheet 81 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $898.98M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $891.49M USD Point-in-time
Marketable securities AvailableForSaleSecuritiesCurrent $161.69M USD Point-in-time
Marketable securities AvailableForSaleSecuritiesCurrent $167.75M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $409.70M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $590.88M USD Point-in-time
Inventories, net InventoryNet $517.64M USD Point-in-time
Inventories, net InventoryNet $547.41M USD Point-in-time
Common shares, authorized CommonStockSharesAuthorized 198.08M shares Point-in-time
Deferred costs DeferredCostsCurrent $30.52M USD Point-in-time
Deferred costs DeferredCostsCurrent $29.33M USD Point-in-time
Common shares, authorized CommonStockSharesAuthorized 198.08M shares Point-in-time
Common shares, issued CommonStockSharesIssued 198.08M shares Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $138.11M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $153.91M USD Point-in-time
Common shares, issued CommonStockSharesIssued 198.08M shares Point-in-time
Total current assets AssetsCurrent $2.35B USD Point-in-time
Common shares, outstanding CommonStockSharesOutstanding 188.19M shares Point-in-time
Common shares, outstanding CommonStockSharesOutstanding 188.52M shares Point-in-time
Total current assets AssetsCurrent $2.19B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $503.84M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $604.81M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $595.68M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsNoncurrent $271.00K USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsNoncurrent $279.00K USD Point-in-time
Marketable securities AvailableForSaleSecuritiesNoncurrent $1.26B USD Point-in-time
Marketable securities AvailableForSaleSecuritiesNoncurrent $1.31B USD Point-in-time
Deferred income taxes DeferredTaxAssetsLiabilitiesNetNoncurrent $199.09M USD Point-in-time
Deferred income taxes DeferredTaxAssetsLiabilitiesNetNoncurrent $195.98M USD Point-in-time
Noncurrent deferred costs DeferredCosts $32.43M USD Point-in-time
Noncurrent deferred costs DeferredCosts $33.03M USD Point-in-time
Intangible assets, net IntangibleAssetsNetIncludingGoodwill $409.80M USD Point-in-time
Intangible assets, net IntangibleAssetsNetIncludingGoodwill $421.01M USD Point-in-time
Other assets OtherAssetsNoncurrent $97.14M USD Point-in-time
Other assets OtherAssetsNoncurrent $107.35M USD Point-in-time
Total assets Assets $4.86B USD Point-in-time
Total assets Assets $4.95B USD Point-in-time
Accounts payable AccountsPayableCurrent $169.64M USD Point-in-time
Accounts payable AccountsPayableCurrent $136.13M USD Point-in-time
Salaries and benefits payable EmployeeRelatedLiabilitiesCurrent $90.14M USD Point-in-time
Salaries and benefits payable EmployeeRelatedLiabilitiesCurrent $102.80M USD Point-in-time
Accrued warranty costs ProductWarrantyAccrualClassifiedCurrent $35.42M USD Point-in-time
Accrued warranty costs ProductWarrantyAccrualClassifiedCurrent $36.83M USD Point-in-time
Accrued sales program costs AccruedMarketingCostsCurrent $93.25M USD Point-in-time
Accrued sales program costs AccruedMarketingCostsCurrent $56.27M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $98.66M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $103.14M USD Point-in-time
Accrued royalty costs AccruedRoyaltiesCurrent $32.20M USD Point-in-time
Accrued royalty costs AccruedRoyaltiesCurrent $17.45M USD Point-in-time
Accrued advertising expense AccruedAdvertisingCurrent $16.01M USD Point-in-time
Accrued advertising expense AccruedAdvertisingCurrent $30.99M USD Point-in-time
Other accrued expenses OtherAccruedLiabilitiesCurrent $69.95M USD Point-in-time
Other accrued expenses OtherAccruedLiabilitiesCurrent $93.65M USD Point-in-time
Income taxes payable TaxesPayableCurrent $37.83M USD Point-in-time
Income taxes payable TaxesPayableCurrent $33.64M USD Point-in-time
Dividend payable DividendsPayableCurrent - USD Point-in-time
Dividend payable DividendsPayableCurrent $95.97M USD Point-in-time
Total current liabilities LiabilitiesCurrent $557.84M USD Point-in-time
Total current liabilities LiabilitiesCurrent $792.12M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $74.71M USD Point-in-time
Deferred income taxes DeferredTaxLiabilitiesNoncurrent $76.61M USD Point-in-time
Noncurrent income taxes AccruedIncomeTaxesNoncurrent $138.29M USD Point-in-time
Noncurrent income taxes AccruedIncomeTaxesNoncurrent $140.37M USD Point-in-time
Noncurrent deferred revenue DeferredRevenueNoncurrent $83.22M USD Point-in-time
Noncurrent deferred revenue DeferredRevenueNoncurrent $87.06M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $1.79M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $1.88M USD Point-in-time
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 188,521 shares outstanding at March 31, 2018; and 188,189 shares outstanding at December 30, 2017; CommonStockValue $17.98M USD Point-in-time
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 188,521 shares outstanding at March 31, 2018; and 188,189 shares outstanding at December 30, 2017; CommonStockValue $17.98M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.82B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $1.83B USD Point-in-time
Treasury stock TreasuryStockValue $468.82M USD Point-in-time
Treasury stock TreasuryStockValue $450.16M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.55B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $2.42B USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $64.44M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $56.43M USD Point-in-time
Total stockholders' equity StockholdersEquity $4.00B USD Point-in-time
Total stockholders' equity StockholdersEquity $3.85B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $4.86B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $4.95B USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
Net sales SalesRevenueNet $641.51M USD 1 Quarter
Net sales SalesRevenueNet $710.87M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $268.70M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $284.34M USD 1 Quarter
Gross profit GrossProfit $372.81M USD 1 Quarter
Gross profit GrossProfit $426.54M USD 1 Quarter
Advertising expense AdvertisingExpense $25.31M USD 1 Quarter
Advertising expense AdvertisingExpense $31.52M USD 1 Quarter
Selling, general and administrative expense SellingGeneralAndAdministrativeExpense $117.06M USD 1 Quarter
Selling, general and administrative expense SellingGeneralAndAdministrativeExpense $102.05M USD 1 Quarter
Research and development expense ResearchAndDevelopmentExpense $141.96M USD 1 Quarter
Research and development expense ResearchAndDevelopmentExpense $122.20M USD 1 Quarter
Total operating expense OperatingExpenses $284.33M USD 1 Quarter
Total operating expense OperatingExpenses $255.78M USD 1 Quarter
Operating income OperatingIncomeLoss $142.20M USD 1 Quarter
Operating income OperatingIncomeLoss $117.03M USD 1 Quarter
Interest income InvestmentIncomeInterest $10.23M USD 1 Quarter
Interest income InvestmentIncomeInterest $8.44M USD 1 Quarter
Foreign currency gains (losses) ForeignCurrencyTransactionGainLossBeforeTax $-37.50M USD 1 Quarter
Foreign currency gains (losses) ForeignCurrencyTransactionGainLossBeforeTax $816.00K USD 1 Quarter
Other income OtherNonoperatingIncome $400.00K USD 1 Quarter
Other income OtherNonoperatingIncome $735.00K USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $-28.65M USD 1 Quarter
Total other income (expense) NonoperatingIncomeExpense $11.78M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $88.38M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $153.98M USD 1 Quarter
Income tax provision (benefit) IncomeTaxExpenseBenefit $24.61M USD 1 Quarter
Income tax provision (benefit) IncomeTaxExpenseBenefit $-150.03M USD 1 Quarter
Net income NetIncomeLoss $129.37M USD 1 Quarter
Net income NetIncomeLoss $238.40M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.69 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.27 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.26 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.68 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 188.33M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 188.32M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 189.29M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 189.03M shares 1 Quarter
Cash Flow Statement 74 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $129.37M USD 1 Quarter
Net income NetIncomeLoss $238.40M USD 1 Quarter
Depreciation Depreciation $14.66M USD 1 Quarter
Depreciation Depreciation $16.01M USD 1 Quarter
Amortization AdjustmentForAmortization $7.07M USD 1 Quarter
Amortization AdjustmentForAmortization $7.13M USD 1 Quarter
(Gain) loss on sale or disposal of property and equipment GainLossOnSaleOfPropertyPlantEquipment $-8.00K USD 1 Quarter
(Gain) loss on sale or disposal of property and equipment GainLossOnSaleOfPropertyPlantEquipment $15.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $57.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $-294.00K USD 1 Quarter
Provision for obsolete and slow moving inventories InventoryWriteDown $7.19M USD 1 Quarter
Provision for obsolete and slow moving inventories InventoryWriteDown $3.96M USD 1 Quarter
Unrealized foreign currency (gain) loss ForeignCurrencyTransactionGainLossUnrealized $-42.57M USD 1 Quarter
Unrealized foreign currency (gain) loss ForeignCurrencyTransactionGainLossUnrealized $517.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $-171.43M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $416.00K USD 1 Quarter
Stock compensation expense ShareBasedCompensation $8.21M USD 1 Quarter
Stock compensation expense ShareBasedCompensation $13.44M USD 1 Quarter
Realized losses on marketable securities GainLossOnSaleOfInvestments $-291.00K USD 1 Quarter
Realized losses on marketable securities GainLossOnSaleOfInvestments $-196.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-135.25M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-187.69M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $41.40M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $26.45M USD 1 Quarter
Other current and non-current assets IncreaseDecreaseInOtherOperatingAssets $-7.53M USD 1 Quarter
Other current and non-current assets IncreaseDecreaseInOtherOperatingAssets $-9.04M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-36.71M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-44.18M USD 1 Quarter
Other current and non-current liabilities IncreaseDecreaseInOtherOperatingLiabilities $-81.04M USD 1 Quarter
Other current and non-current liabilities IncreaseDecreaseInOtherOperatingLiabilities $-99.94M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-8.37M USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $-12.04M USD 1 Quarter
Deferred costs IncreaseDecreaseInDeferredCharges $-2.65M USD 1 Quarter
Deferred costs IncreaseDecreaseInDeferredCharges $-1.81M USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $6.94M USD 1 Quarter
Income taxes payable IncreaseDecreaseInAccruedIncomeTaxesPayable $17.06M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $120.39M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $214.19M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $26.34M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $25.54M USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $121.00K USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $7.00K USD 1 Quarter
Purchase of intangible assets PaymentsToAcquireIntangibleAssets $1.22M USD 1 Quarter
Purchase of intangible assets PaymentsToAcquireIntangibleAssets $1.62M USD 1 Quarter
Purchase of marketable securities PaymentsToAcquireAvailableForSaleSecurities $140.62M USD 1 Quarter
Purchase of marketable securities PaymentsToAcquireAvailableForSaleSecurities $96.05M USD 1 Quarter
Redemption of marketable securities ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities $65.25M USD 1 Quarter
Redemption of marketable securities ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities $109.53M USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $9.42M USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-112.62M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-13.28M USD 1 Quarter
Dividends PaymentsOfDividends $96.15M USD 1 Quarter
Dividends PaymentsOfDividends $96.03M USD 1 Quarter
Proceeds from issuance of treasury stock related to equity awards ProceedsFromSaleOfTreasuryStock $1.93M USD 1 Quarter
Proceeds from issuance of treasury stock related to equity awards ProceedsFromSaleOfTreasuryStock - USD 1 Quarter
Purchase of treasury stock related to equity awards PaymentsForRepurchaseOfCommonStockRelatedToEquityAwards $6.56M USD 1 Quarter
Purchase of treasury stock related to equity awards PaymentsForRepurchaseOfCommonStockRelatedToEquityAwards $3.45M USD 1 Quarter
Purchase of treasury stock under share repurchase plan PaymentsForRepurchaseOfCommonStock $27.87M USD 1 Quarter
Purchase of treasury stock under share repurchase plan PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-127.35M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-100.78M USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash EffectOfExchangeRateOnCashAndCashEquivalents $6.72M USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash EffectOfExchangeRateOnCashAndCashEquivalents $6.93M USD 1 Quarter
Net increase (decrease) in cash, cash equivalents, and restricted cash CashAndCashEquivalentsPeriodIncreaseDecrease $7.50M USD 1 Quarter
Net increase (decrease) in cash, cash equivalents, and restricted cash CashAndCashEquivalentsPeriodIncreaseDecrease $-13.30M USD 1 Quarter
Cash, cash equivalents, and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $833.69M USD Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $847.00M USD Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $891.76M USD Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $899.26M USD Point-in-time
Cash, cash equivalents, and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $833.69M USD Point-in-time
Cash, cash equivalents, and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $847.00M USD Point-in-time
Cash, cash equivalents, and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $891.76M USD Point-in-time
Cash, cash equivalents, and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $899.26M USD Point-in-time
Comprehensive Income 8 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $129.37M USD 1 Quarter
Net income NetIncomeLoss $238.40M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $23.50M USD 1 Quarter
Foreign currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $62.61M USD 1 Quarter
Change in fair value of available-for-sale marketable securities, net of deferred taxes OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-15.03M 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 $137.84M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $307.92M USD 1 Quarter

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

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