Garmin Ltd. (GRMN) financial statements (2021 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)
Annual | Quarterly

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments1,8461,4041,2021,0531,1141,0481,364
Cash and cash equivalents1,4581,0281,2028918478331,196
Short-term investments388376 162267215168
Receivables849707570591527531570
Inventory, net of allowances, customer advances and progress billings762753562518485501420
Inventory762753562518485501420
Prepaid expense 22    
Deferred costs20252848474951
Other undisclosed current assets1921673021549082105
Total current assets:3,6693,0582,6652,3642,2632,2112,511
Noncurrent Assets
Operating lease, right-of-use asset9564✕✕✕✕✕
Property, plant and equipment856729664596483446431
Long-term investments and receivables1,1311,205 1,2601,2131,3431,407
Long-term investments1,1311,205 1,2601,2131,3431,407
Intangible assets, net (including goodwill), including:829660417410305246436
Goodwill584467301287225188179
Intangible assets, net (excluding goodwill)2441931161238058258
Other undisclosed intangible assets, net (including goodwill)(0)0     
Restricted cash and investments0000000
Deferred costs17232974563936
Deferred income tax assets245269✕✕✕✕✕
Other noncurrent assets1901591001079498 
Deferred tax assets, net✕✕177199110117 
Other undisclosed noncurrent assets  1,330   (129)
Total noncurrent assets:3,3623,1092,7172,6462,2622,2882,182
TOTAL ASSETS:7,0316,1675,3835,0104,5254,4994,693
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities1,077941825689636701812
Accounts payable259241205170172179149
Accrued liabilities334298255287263237233
Employee-related liabilities182128113103897163
Taxes payable695752341622182
Interest and dividends payable2342172009696193185
Deferred revenue8795✕✕✕✕✕
Deferred revenue and credits✕✕✕140147165204
Deferred tax liabilities✕✕    18
Contract with customer, liability✕✕96✕✕✕✕
Total current liabilities:1,1641,0369218297838661,033
Noncurrent Liabilities
Long-term debt and lease obligation7649     
Operating lease, liability7649✕✕✕✕✕
Liabilities, other than long-term debt275288299379324288257
Deferred revenue and credits✕✕✕164140129135
Accounts payable and accrued liabilities9310612713812110281
Deferred revenue5067✕✕✕✕✕
Contract with customer, liability✕✕77✕✕✕✕
Deferred tax liabilities, net✕✕9375615639
Deferred income tax liabilities117115✕✕✕✕✕
Other liabilities15022221
Total noncurrent liabilities:351337299379324288257
Total liabilities:1,5151,3731,2201,2081,1071,1541,290
Stockholders' equity
Stockholders' equity attributable to parent, including:5,5164,7934,1633,8023,4183,3453,403
Common stock18181818 1,7971,797
Treasury stock, value(320)(345)(398)(469)(456)(415)(330)
Additional paid in capital1,8801,8361,8241,8281,8366274
Accumulated other comprehensive income (loss)18356856(37)(30)3
Retained earnings3,7543,2292,7112,3692,0571,9311,860
Other undisclosed stockholders' equity attributable to parent    18  
Total stockholders' equity:5,5164,7934,1633,8023,4183,3453,403
TOTAL LIABILITIES AND EQUITY:7,0316,1675,3835,0104,5254,4994,693

Income statement (P&L) ($ in millions)
Annual | Quarterly

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
Revenues4,1873,7583,3473,0873,0192,8202,871
Revenue, net✕✕✕3,0873,0192,8202,871
Cost of revenue
(Cost of Goods and Services Sold)		(1,705)(1,524)(1,368)(1,304)(1,339)(1,282)(1,292)
Other undisclosed gross profit      26
Gross profit:2,4812,2341,9801,7831,6801,5391,604
Operating expenses(1,427)(1,288)(1,201)(1,114)(1,056)(989)(914)
Operating income:1,054946778669624550691
Nonoperating income4942451361833
Investment income, nonoperating  4737333027
Foreign currency transaction gain (loss), before tax3 (8)(23)(32)(23)(4)
Other nonoperating income96    2
Income from continuing operations before income taxes:1,103987823682630567724
Income tax expense (benefit)(111)(35)(129)13(119)(111)(360)
Net income available to common stockholders, diluted:992952694695511456364

Comprehensive Income ($ in millions)
Annual | Quarterly

12/31/2020
12/31/2019
12/31/2018
12/31/2017
12/31/2016
12/31/2015
12/31/2014
Net income:992952694695511456364
Other comprehensive income (loss)12847(48) (6)(34)(35)
Comprehensive income:1,1201,000647695504422329
Other undisclosed comprehensive income, net of tax, attributable to parent   93 1 
Comprehensive income, net of tax, attributable to parent:1,1201,000647788504423329

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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