Garmin Ltd. (GRMN) financial statements (2023 and earlier)
Company profile
| Business Address |
MUHLENTALSTRASSE 2 SCHAFFHAUSEN, CH-8200 |
| State of Incorp. | |
| Fiscal Year End | December 31 |
| 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)
| 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | 12/31/2015 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 1,846 | 1,846 | 1,404 | 1,202 | 1,053 | 1,114 | 1,048 | ||
| Cash and cash equivalents | 1,498 | 1,458 | 1,028 | 1,202 | 891 | 847 | 833 | ||
| Short-term investments | 348 | 388 | 376 | 162 | 267 | 215 | |||
| Receivables | 843 | 849 | 707 | 570 | 591 | 527 | 531 | ||
| Inventory, net of allowances, customer advances and progress billings | 1,228 | 762 | 753 | 562 | 518 | 485 | 501 | ||
| Inventory | 1,228 | 762 | 753 | 562 | 518 | 485 | 501 | ||
| Prepaid expense | 2 | 2 | |||||||
| Deferred costs | 16 | 20 | 25 | 28 | 48 | 47 | 49 | ||
| Other undisclosed current assets | 329 | 192 | 167 | 302 | 154 | 90 | 82 | ||
| Total current assets: | 4,262 | 3,669 | 3,058 | 2,665 | 2,364 | 2,263 | 2,211 | ||
| Noncurrent Assets | |||||||||
| Operating lease, right-of-use asset | 89 | 95 | 64 | ✕ | ✕ | ✕ | ✕ | ||
| Property, plant and equipment | 1,067 | 856 | 729 | 664 | 596 | 483 | 446 | ||
| Long-term investments and receivables | 1,269 | 1,131 | 1,205 | 1,260 | 1,213 | 1,343 | |||
| Long-term investments | 1,269 | 1,131 | 1,205 | 1,260 | 1,213 | 1,343 | |||
| Intangible assets, net (including goodwill), including: | 791 | 829 | 660 | 417 | 410 | 305 | 246 | ||
| Goodwill | 575 | 584 | 467 | 301 | 287 | 225 | 188 | ||
| Intangible assets, net (excluding goodwill) | 216 | 244 | 193 | 116 | 123 | 80 | 58 | ||
| Other undisclosed intangible assets, net (including goodwill) | (0) | (0) | 0 | ||||||
| Restricted cash and investments | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Deferred costs | 12 | 17 | 23 | 29 | 74 | 56 | 39 | ||
| Deferred income tax assets | 260 | 245 | 269 | ✕ | ✕ | ✕ | ✕ | ||
| Other noncurrent assets | 103 | 190 | 159 | 100 | 107 | 94 | 98 | ||
| Deferred tax assets, net | ✕ | ✕ | ✕ | 177 | 199 | 110 | 117 | ||
| Other undisclosed noncurrent assets | 1,330 | ||||||||
| Total noncurrent assets: | 3,593 | 3,362 | 3,109 | 2,717 | 2,646 | 2,262 | 2,288 | ||
| TOTAL ASSETS: | 7,854 | 7,031 | 6,167 | 5,383 | 5,010 | 4,525 | 4,499 | ||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 1,360 | 1,077 | 941 | 825 | 689 | 636 | 701 | ||
| Accounts payable | 370 | 259 | 241 | 205 | 170 | 172 | 179 | ||
| Accrued liabilities | 393 | 334 | 298 | 255 | 287 | 263 | 237 | ||
| Employee-related liabilities | 211 | 182 | 128 | 113 | 103 | 89 | 71 | ||
| Taxes payable | 128 | 69 | 57 | 52 | 34 | 16 | 22 | ||
| Interest and dividends payable | 258 | 234 | 217 | 200 | 96 | 96 | 193 | ||
| Deferred revenue | 88 | 87 | 95 | ✕ | ✕ | ✕ | ✕ | ||
| Deferred revenue and credits | ✕ | ✕ | ✕ | ✕ | 140 | 147 | 165 | ||
| Contract with customer, liability | ✕ | ✕ | ✕ | 96 | ✕ | ✕ | ✕ | ||
| Total current liabilities: | 1,448 | 1,164 | 1,036 | 921 | 829 | 783 | 866 | ||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation | 70 | 76 | 49 | ||||||
| Operating lease, liability | 70 | 76 | 49 | ✕ | ✕ | ✕ | ✕ | ||
| Liabilities, other than long-term debt | 222 | 275 | 288 | 299 | 379 | 324 | 288 | ||
| Deferred revenue and credits | ✕ | ✕ | ✕ | ✕ | 164 | 140 | 129 | ||
| Accounts payable and accrued liabilities | 63 | 93 | 106 | 127 | 138 | 121 | 102 | ||
| Deferred revenue | 42 | 50 | 67 | ✕ | ✕ | ✕ | ✕ | ||
| Contract with customer, liability | ✕ | ✕ | ✕ | 77 | ✕ | ✕ | ✕ | ||
| Deferred tax liabilities, net | ✕ | ✕ | ✕ | 93 | 75 | 61 | 56 | ||
| Deferred income tax liabilities | 118 | 117 | 115 | ✕ | ✕ | ✕ | ✕ | ||
| Other liabilities | 0 | 15 | 0 | 2 | 2 | 2 | 2 | ||
| Total noncurrent liabilities: | 292 | 351 | 337 | 299 | 379 | 324 | 288 | ||
| Total liabilities: | 1,740 | 1,515 | 1,373 | 1,220 | 1,208 | 1,107 | 1,154 | ||
| Stockholders' equity | |||||||||
| Stockholders' equity attributable to parent, including: | 6,114 | 5,516 | 4,793 | 4,163 | 3,802 | 3,418 | 3,345 | ||
| Common stock | 18 | 18 | 18 | 18 | 18 | 1,797 | |||
| Treasury stock, value | (303) | (320) | (345) | (398) | (469) | (456) | (415) | ||
| Additional paid in capital | 1,961 | 1,880 | 1,836 | 1,824 | 1,828 | 1,836 | 62 | ||
| Accumulated other comprehensive income (loss) | 118 | 183 | 56 | 8 | 56 | (37) | (30) | ||
| Retained earnings | 4,321 | 3,754 | 3,229 | 2,711 | 2,369 | 2,057 | 1,931 | ||
| Other undisclosed stockholders' equity attributable to parent | 18 | ||||||||
| Total stockholders' equity: | 6,114 | 5,516 | 4,793 | 4,163 | 3,802 | 3,418 | 3,345 | ||
| TOTAL LIABILITIES AND EQUITY: | 7,854 | 7,031 | 6,167 | 5,383 | 5,010 | 4,525 | 4,499 | ||
Income statement (P&L) ($ in millions)
| 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | 12/31/2015 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 4,983 | 4,187 | 3,758 | 3,347 | 3,087 | 3,019 | 2,820 | |
| Revenue, net | ✕ | ✕ | ✕ | ✕ | 3,087 | 3,019 | 2,820 | |
| Cost of revenue (Cost of Goods and Services Sold) | (2,092) | (1,705) | (1,524) | (1,368) | (1,304) | (1,339) | (1,282) | |
| Gross profit: | 2,890 | 2,481 | 2,234 | 1,980 | 1,783 | 1,680 | 1,539 | |
| Operating expenses | (1,672) | (1,427) | (1,288) | (1,201) | (1,114) | (1,056) | (989) | |
| Operating income: | 1,219 | 1,054 | 946 | 778 | 669 | 624 | 550 | |
| Nonoperating income (expense) | (12) | 49 | 42 | 45 | 13 | 6 | 18 | |
| Investment income, nonoperating | 47 | 37 | 33 | 30 | ||||
| Foreign currency transaction gain (loss), before tax | (45) | 3 | (8) | (23) | (32) | (23) | ||
| Other nonoperating income | 5 | 9 | 6 | |||||
| Income from continuing operations before income taxes: | 1,207 | 1,103 | 987 | 823 | 682 | 630 | 567 | |
| Income tax expense (benefit) | (125) | (111) | (35) | (129) | 13 | (119) | (111) | |
| Net income available to common stockholders, diluted: | 1,082 | 992 | 952 | 694 | 695 | 511 | 456 | |
Comprehensive Income ($ in millions)
| 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | 12/31/2016 | 12/31/2015 | ||
|---|---|---|---|---|---|---|---|---|
| Net income: | 1,082 | 992 | 952 | 694 | 695 | 511 | 456 | |
| Other comprehensive income (loss) | (6) | 128 | 47 | (48) | (6) | (34) | ||
| Comprehensive income: | 1,076 | 1,120 | 1,000 | 647 | 695 | 504 | 422 | |
| Other undisclosed comprehensive income (loss), net of tax, attributable to parent | (59) | 93 | 1 | |||||
| Comprehensive income, net of tax, attributable to parent: | 1,017 | 1,120 | 1,000 | 647 | 788 | 504 | 423 | |
Statements sources
The financial statements are based on the company's filings with the 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.