Garmin Ltd. and Subsidiaries |
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Condensed Consolidated Balance Sheets (Unaudited) |
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(In thousands) |
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| September 28, 2024 |
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| December 30,
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Assets |
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Current assets: |
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Cash and cash equivalents |
| $ | 2,009,361 |
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| $ | 1,693,452 |
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Marketable securities |
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| 414,701 |
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| 274,618 |
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Accounts receivable, net |
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| 922,034 |
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| 815,243 |
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Inventories |
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| 1,505,536 |
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| 1,345,955 |
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Deferred costs |
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| 23,385 |
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| 16,316 |
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Prepaid expenses and other current assets |
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| 334,488 |
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| 318,556 |
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Total current assets |
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| 5,209,505 |
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| 4,464,140 |
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Property and equipment, net |
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| 1,220,113 |
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| 1,224,097 |
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Operating lease right-of-use assets |
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| 137,665 |
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| 143,724 |
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Noncurrent marketable securities |
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| 1,106,532 |
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| 1,125,191 |
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Deferred income tax assets |
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| 787,849 |
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| 754,635 |
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Noncurrent deferred costs |
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| 7,994 |
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| 11,057 |
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| Goodwill |
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| 611,884 |
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| 608,474 |
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| Other intangible assets, net |
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| 168,230 |
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| 186,601 |
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| Other noncurrent assets |
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| 97,960 |
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| 85,650 |
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| Total assets |
| $ | 9,347,732 |
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| $ | 8,603,569 |
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| Liabilities and Stockholders ' Equity |
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| Current liabilities: |
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| Accounts payable |
| $ | 374,025 |
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| $ | 253,790 |
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| Salaries and benefits payable |
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| 218,941 |
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| 190,014 |
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| Accrued warranty costs |
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| 57,983 |
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| 55,738 |
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| Accrued sales program costs |
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| 75,802 |
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| 98,610 |
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| Other accrued expenses |
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| 222,925 |
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| 245,874 |
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| Deferred revenue |
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| 113,049 |
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| 101,189 |
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| Income taxes payable |
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| 227,735 |
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| 225,475 |
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| Dividend payable |
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| 288,204 |
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| 139,997 |
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| Total current liabilities |
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| 1,578,664 |
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| 1,310,687 |
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| Deferred income tax liabilities |
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| 104,996 |
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| 114,682 |
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| Noncurrent income taxes payable |
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| 16,864 |
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| 16,521 |
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| Noncurrent deferred revenue |
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| 30,227 |
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| 36,148 |
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| Noncurrent operating lease liabilities |
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| 109,832 |
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| 113,035 |
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| Other noncurrent liabilities |
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| 602 |
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| 436 |
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| Stockholders' equity: |
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| Common shares (194,901 and 195,880 shares authorized and issued; 192,136 and 191,777 shares outstanding) |
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| 19,490 |
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| 19,588 |
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| Additional paid-in capital |
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| 2,218,170 |
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| 2,125,467 |
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| Treasury shares (2,765 and 4,103 shares) |
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| (243,994) |
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| (330,909) |
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| Retained earnings |
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| 5,563,576 |
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| 5,263,528 |
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| Accumulated other comprehensive income (loss) |
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| (50,695) |
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| (65,614) |
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| Total stockholders' equity |
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| 7,506,547 |
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| 7,012,060 |
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| Total liabilities and stockholders' equity |
| $ | 9,347,732 |
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| $ | 8,603,569 |
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Garmin announces third quarter 2024 results
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