Garmin Ltd. (GRMN) Financial Statements (2024 and earlier)

Company Profile

Business Address MUHLENTALSTRASSE 2
SCHAFFHAUSEN, CH-8200
State of Incorp.
Fiscal Year End December 31
Industry (SIC) 3812 - Search, Detection, Navigation, Guidance, Aeronautical, and Nautical Systems and Instruments (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in millions)

3/31/2024
MRQ
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments1,9681,4521,8461,8461,4041,202
Cash and cash equivalents1,6931,2791,4981,4581,0281,202
Short-term investments275173348388376 
Receivables815657843849707570
Inventory, net of allowances, customer advances and progress billings1,3461,5151,228762753562
Inventory1,3461,5151,228762753562
Prepaid expense     22
Deferred costs161516202528
Other undisclosed current assets319316329192167302
Total current assets:4,4643,9554,2623,6693,0582,665
Noncurrent Assets
Operating lease, right-of-use asset144138899564
Property, plant and equipment1,2241,1471,067856729664
Long-term investments and receivables1,1251,2081,2691,1311,205 
Long-term investments1,1251,2081,2691,1311,205 
Intangible assets, net (including goodwill), including:795746791829660417
Goodwill608568575584467301
Intangible assets, net (excluding goodwill)187178216244193116
Other undisclosed intangible assets, net (including goodwill)   (0)(0)0 
Restricted cash and investments    000
Deferred costs111012172329
Deferred income tax assets755441260245269
Other noncurrent assets8685103190159100
Deferred tax assets, net177
Other undisclosed noncurrent assets      1,330
Total noncurrent assets:4,1393,7763,5933,3623,1092,717
TOTAL ASSETS:8,6047,7317,8547,0316,1675,383
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities1,2091,1211,3601,077941825
Interest and dividends payable258234217200
Taxes payable128695752
Employee-related liabilities211182128113
Accounts payable254212370259241205
Accrued liabilities956908393334298255
Deferred revenue10191888795
Contract with customer, liability96
Total current liabilities:1,3111,2121,4481,1641,036921
Noncurrent Liabilities
Long-term debt and lease obligation:   707649 
Liabilities, other than long-term debt281315222275288299
Accounts payable and accrued liabilities17356393106127
Deferred revenue3636425067
Contract with customer, liability77
Deferred tax liabilities, net93
Deferred income tax liabilities115130118117115
Other liabilities0001502
Operating lease, liability113115707649
Total noncurrent liabilities:281315292351337299
Total liabilities:1,5921,5271,7401,5151,3731,220
Equity
Equity, attributable to parent7,0126,2046,1145,5164,7934,163
Common stock201818181818
Treasury stock, value(331)(475)(303)(320)(345)(398)
Additional paid in capital2,1252,0421,9611,8801,8361,824
Accumulated other comprehensive income (loss)(66)(115)118183568
Retained earnings5,2644,7344,3213,7543,2292,711
Total equity:7,0126,2046,1145,5164,7934,163
TOTAL LIABILITIES AND EQUITY:8,6047,7317,8547,0316,1675,383

Income Statement (P&L) ($ in millions)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Revenues5,2284,8604,9834,1873,7583,347
Cost of revenue
(Cost of Goods and Services Sold)
(2,223)(2,054)(2,092)(1,705)(1,524)(1,368)
Gross profit:3,0052,8072,8902,4812,2341,980
Operating expenses(1,913)(1,779)(1,672)(1,427)(1,288)(1,201)
Operating income:1,0921,0281,2191,054946778
Nonoperating income (expense)10837(12)494245
Investment income, nonoperating      47
Gain (loss), foreign currency transaction, before tax26(11)(45)3 (8)
Other nonoperating income48596 
Income from continuing operations before income taxes:1,2001,0651,2071,103987823
Income tax expense (benefit)89(91)(125)(111)(35)(129)
Income from continuing operations:1,2909741,082992952694
Income before gain (loss) on sale of properties:1,082992952694
Net income available to common stockholders, diluted:1,2909741,082992952694

Comprehensive Income ($ in millions)

3/31/2024
TTM
12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
Net income:1,2909741,082992952694
Other comprehensive income (loss)(11)(25)(6)12847(48)
Comprehensive income:1,2799491,0761,1201,000647
Other undisclosed comprehensive income (loss), net of tax, attributable to parent60(208)(59)   
Comprehensive income, net of tax, attributable to parent:1,3397411,0171,1201,000647

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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