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 investments1,8461,8461,4041,2021,0531,1141,048
Cash and cash equivalents1,4981,4581,0281,202891847833
Short-term investments348388376 162267215
Receivables843849707570591527531
Inventory, net of allowances, customer advances and progress billings1,228762753562518485501
Inventory1,228762753562518485501
Prepaid expense  22   
Deferred costs16202528484749
Other undisclosed current assets3291921673021549082
Total current assets:4,2623,6693,0582,6652,3642,2632,211
Noncurrent Assets
Operating lease, right-of-use asset899564
Property, plant and equipment1,067856729664596483446
Long-term investments and receivables1,2691,1311,205 1,2601,2131,343
Long-term investments1,2691,1311,205 1,2601,2131,343
Intangible assets, net (including goodwill), including:791829660417410305246
Goodwill575584467301287225188
Intangible assets, net (excluding goodwill)2162441931161238058
Other undisclosed intangible assets, net (including goodwill)(0)(0)0    
Restricted cash and investments 000000
Deferred costs12172329745639
Deferred income tax assets260245269
Other noncurrent assets1031901591001079498
Deferred tax assets, net177199110117
Other undisclosed noncurrent assets   1,330   
Total noncurrent assets:3,5933,3623,1092,7172,6462,2622,288
TOTAL ASSETS:7,8547,0316,1675,3835,0104,5254,499
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities1,3601,077941825689636701
Accounts payable370259241205170172179
Accrued liabilities393334298255287263237
Employee-related liabilities2111821281131038971
Taxes payable128695752341622
Interest and dividends payable2582342172009696193
Deferred revenue888795
Deferred revenue and credits140147165
Contract with customer, liability96
Total current liabilities:1,4481,1641,036921829783866
Noncurrent Liabilities
Long-term debt and lease obligation707649    
Operating lease, liability707649
Liabilities, other than long-term debt222275288299379324288
Deferred revenue and credits164140129
Accounts payable and accrued liabilities6393106127138121102
Deferred revenue425067
Contract with customer, liability77
Deferred tax liabilities, net93756156
Deferred income tax liabilities118117115
Other liabilities01502222
Total noncurrent liabilities:292351337299379324288
Total liabilities:1,7401,5151,3731,2201,2081,1071,154
Stockholders' equity
Stockholders' equity attributable to parent, including:6,1145,5164,7934,1633,8023,4183,345
Common stock1818181818 1,797
Treasury stock, value(303)(320)(345)(398)(469)(456)(415)
Additional paid in capital1,9611,8801,8361,8241,8281,83662
Accumulated other comprehensive income (loss)11818356856(37)(30)
Retained earnings4,3213,7543,2292,7112,3692,0571,931
Other undisclosed stockholders' equity attributable to parent     18 
Total stockholders' equity:6,1145,5164,7934,1633,8023,4183,345
TOTAL LIABILITIES AND EQUITY:7,8547,0316,1675,3835,0104,5254,499

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
Revenues4,9834,1873,7583,3473,0873,0192,820
Revenue, net3,0873,0192,820
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:2,8902,4812,2341,9801,7831,6801,539
Operating expenses(1,672)(1,427)(1,288)(1,201)(1,114)(1,056)(989)
Operating income:1,2191,054946778669624550
Nonoperating income (expense)(12)49424513618
Investment income, nonoperating   47373330
Foreign currency transaction gain (loss), before tax(45)3 (8)(23)(32)(23)
Other nonoperating income596    
Income from continuing operations before income taxes:1,2071,103987823682630567
Income tax expense (benefit)(125)(111)(35)(129)13(119)(111)
Net income available to common stockholders, diluted:1,082992952694695511456

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:1,082992952694695511456
Other comprehensive income (loss)(6)12847(48) (6)(34)
Comprehensive income:1,0761,1201,000647695504422
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(59)   93 1
Comprehensive income, net of tax, attributable to parent:1,0171,1201,000647788504423

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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