Garmin Ltd. (GRMN) financial statements (2020 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)

12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
12/31/2013
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments1,4041,2021,0531,1141,0481,3641,329
Cash and cash equivalents1,0281,2028918478331,1961,179
Short-term investments376 162267215168150
Receivables707570591527531570565
Inventory, net of allowances, customer advances and progress billings753562518485501420382
Inventory753562518485501420382
Prepaid expense22     
Deferred costs25284847495157
Other undisclosed current assets1673021549082105262
Total current assets:3,0582,6652,3642,2632,2112,5112,596
Noncurrent Assets
Operating lease, right-of-use asset64
Property, plant and equipment729664596483446431415
Long-term investments and receivables1,205 1,2601,2131,3431,4071,502
Long-term investments1,205 1,2601,2131,3431,4071,502
Intangible assets, net (including goodwill), including:660417410305246436219
Goodwill467301287225188179179
Intangible assets, net (excluding goodwill)193116123805825840
Other undisclosed intangible assets, net (including goodwill)0     
Restricted cash and investments0000000
Deferred costs23297456393641
Deferred income tax assets269
Other noncurrent assets1591001079498  
Deferred tax assets, net177199110117  
Other undisclosed noncurrent assets 1,330   (129)106
Total noncurrent assets:3,1092,7172,6462,2622,2882,1822,284
TOTAL ASSETS:6,1675,3835,0104,5254,4994,6934,880
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities941825689636701812244
Accounts payable241205170172179149147
Accrued liabilities298255287263237233 
Employee-related liabilities12811310389716360
Taxes payable575234162218238
Interest and dividends payable2172009696193185 
Deferred revenue95
Deferred revenue and credits140147165204257
Deferred tax liabilities    181
Contract with customer, liability96
Other undisclosed current liabilities      403
Total current liabilities:1,0369218297838661,033905
Noncurrent Liabilities
Long-term debt and lease obligation49      
Operating lease, liability49
Liabilities, other than long-term debt288299379324288257315
Deferred revenue and credits164140129135171
Accounts payable and accrued liabilities10612713812110281 
Accrued income taxes141
Deferred revenue67
Contract with customer, liability77
Deferred tax liabilities, net93756156392
Deferred income tax liabilities115
Other liabilities0222211
Total noncurrent liabilities:337299379324288257315
Total liabilities:1,3731,2201,2081,1071,1541,2901,220
Stockholders' equity
Stockholders' equity attributable to parent, including:4,7934,1633,8023,4183,3453,4033,660
Common stock181818 1,7971,7971,797
Treasury stock, value(345)(398)(469)(456)(415)(330)(121)
Additional paid in capital1,8361,8241,8281,836627479
Accumulated other comprehensive income (loss)56856(37)(30)338
Retained earnings3,2292,7112,3692,0571,9311,8601,866
Other undisclosed stockholders' equity attributable to parent   18   
Total stockholders' equity:4,7934,1633,8023,4183,3453,4033,660
TOTAL LIABILITIES AND EQUITY:6,1675,3835,0104,5254,4994,6934,880

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

12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
12/31/2013
Revenues3,7583,3473,0873,0192,8202,8712,632
Revenue, net3,0873,0192,8202,8712,632
Cost of revenue
(Cost of Goods and Services Sold)
(1,524)(1,368)(1,304)(1,339)(1,282)(1,292)(1,225)
Other undisclosed gross profit     26 
Gross profit:2,2341,9801,7831,6801,5391,6041,407
Operating expenses(1,288)(1,201)(1,114)(1,056)(989)(914)(833)
Operating income:946778669624550691574
Nonoperating income4245136183380
Investment income, nonoperating 473733302735
Foreign currency transaction gain (loss), before tax (8)(23)(32)(23)(4)36
Income from continuing operations before income taxes:987823682630567724654
Income tax expense (benefit)(35)(129)13(119)(111)(360)(41)
Net income available to common stockholders, diluted:952694695511456364612

Comprehensive Income ($ in millions)

12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
12/31/2013
Net income:952694695511456364612
Other comprehensive income (loss)47(48) (6)(34)(35)(101)
Comprehensive income:1,000647695504422329512
Other undisclosed comprehensive income, net of tax, attributable to parent  93 1  
Comprehensive income, net of tax, attributable to parent:1,000647788504423329512

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.

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