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Garmin Ltd – ‘10-K’ for 12/27/14 – ‘R16’

On:  Wednesday, 2/18/15, at 2:47pm ET   ·   For:  12/27/14   ·   Accession #:  1144204-15-10586   ·   File #:  0-31983

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/18/15  Garmin Ltd                        10-K       12/27/14   88:13M                                    Toppan Merrill/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    936K 
 2: EX-21.1     Subsidiaries List                                   HTML     34K 
 3: EX-23.1     Consent of Experts or Counsel                       HTML     29K 
 4: EX-31.1     Certification -- §302 - SOA'02                      HTML     31K 
 5: EX-31.2     Certification -- §302 - SOA'02                      HTML     31K 
 6: EX-32.1     Certification -- §906 - SOA'02                      HTML     28K 
 7: EX-32.2     Certification -- §906 - SOA'02                      HTML     28K 
60: R1          Document And Entity Information                     HTML     58K 
47: R2          Consolidated Balance Sheets                         HTML    206K 
58: R3          Consolidated Balance Sheets (Parenthetical)         HTML     43K 
62: R4          Consolidated Statements of Income                   HTML    107K 
81: R5          Consolidated Statements of Comprehensive Income     HTML     49K 
49: R6          Consolidated Statements of Stockholders' Equity     HTML    142K 
57: R7          Consolidated Statements of Stockholders' Equity     HTML     29K 
                (Parenthetical)                                                  
43: R8          Consolidated Statements of Cash Flows               HTML    191K 
33: R9          Description of the Business                         HTML     30K 
82: R10         Summary of Significant Accounting Policies          HTML    178K 
64: R11         Marketable Securities                               HTML    183K 
63: R12         Commitments and Contingencies                       HTML     43K 
69: R13         Employee Benefit Plans                              HTML     32K 
70: R14         Income Taxes                                        HTML    181K 
67: R15         Fair Value of Financial Instruments                 HTML     45K 
71: R16         Segment Information                                 HTML    146K 
59: R17         Stock Compensation Plans                            HTML    141K 
61: R18         Earnings Per Share                                  HTML     63K 
66: R19         Share Repurchase Plan                               HTML     29K 
88: R20         Accumulated Other Comprehensive Income              HTML     63K 
77: R21         Selected Quarterly Information (Unaudited)          HTML     62K 
53: R22         Subsequent Events                                   HTML     35K 
65: R23         Schedule Ii - Valuation and Qualifying Accounts     HTML    105K 
55: R24         Summary of Significant Accounting Policies          HTML    268K 
                (Policies)                                                       
24: R25         Summary of Significant Accounting Policies          HTML    119K 
                (Tables)                                                         
78: R26         Marketable Securities (Tables)                      HTML    178K 
85: R27         Commitments and Contingencies (Tables)              HTML     37K 
38: R28         Income Taxes (Tables)                               HTML    165K 
37: R29         Fair Value of Financial Instruments (Tables)        HTML     45K 
41: R30         Segment Information (Tables)                        HTML    142K 
42: R31         Stock Compensation Plans (Tables)                   HTML    131K 
44: R32         Earnings Per Share (Tables)                         HTML     61K 
21: R33         Accumulated Other Comprehensive Income (Tables)     HTML     64K 
75: R34         Selected Quarterly Information (Unaudited)          HTML     60K 
                (Tables)                                                         
51: R35         Subsequent Events (Tables)                          HTML     35K 
54: R36         Summary of Significant Accounting Policies          HTML     42K 
                (Inventories) (Details)                                          
28: R37         Summary of Significant Accounting Policies          HTML     38K 
                (Property and Equipment Estimated Useful Lives)                  
                (Details)                                                        
87: R38         Summary of Significant Accounting Policies          HTML     49K 
                (Dividends Payable) (Details)                                    
14: R39         Summary of Significant Accounting Policies (Change  HTML     35K 
                in Carrying Amount of Goodwill) (Details)                        
45: R40         Summary of Significant Accounting Policies          HTML     42K 
                (Product Warranty) (Details)                                     
80: R41         Summary of Significant Accounting Policies          HTML    148K 
                (Additional Information) (Details)                               
26: R42         Marketable Securities (Available for Sale           HTML     87K 
                Securities Measured at Estimated Fair Value on                   
                Recurring Basis) (Details)                                       
36: R43         Marketable Securities (Classified as                HTML     85K 
                Available-For-Sale Securities) (Details)                         
40: R44         Marketable Securities (Schedule of                  HTML     69K 
                Available-for-sale-securities Unrealized Loss on                 
                Investments) (Details)                                           
48: R45         Marketable Securities (Amortized Cost and           HTML     65K 
                Estimated Fair Value of Marketable Securities by                 
                Contractual Maturity) (Details)                                  
20: R46         Marketable Securities (Additional Information)      HTML     43K 
                (Details)                                                        
32: R47         Commitments and Contingencies (Future Minimum       HTML     47K 
                Lease Payments) (Details)                                        
16: R48         Commitments and Contingencies (Additional           HTML     40K 
                Information) (Details)                                           
79: R49         Employee Benefit Plans (Additional Information)     HTML     40K 
                (Details)                                                        
25: R50         Income Taxes (Income Tax Provision Benefit)         HTML     72K 
                (Details)                                                        
76: R51         Income Taxes (Sources and Tax Effects of            HTML     71K 
                Differences of Income Tax Provision from Amount                  
                Computed by Applying Statutory Federal Income Tax                
                Rate to Income Before Taxes, Including Impact of                 
                Establishing Tax Contingency Accruals) (Details)                 
29: R52         Income Taxes (Significant Components of Deferred    HTML    106K 
                Tax Assets and Liabilities) (Details)                            
46: R53         Income Taxes (Unrecognized Tax Benefits) (Details)  HTML     46K 
15: R54         Income Taxes (Additional Information) (Details)     HTML    143K 
19: R55         Fair Value of Financial Instruments (Carrying       HTML     46K 
                Amounts and Fair Values of Financial Instruments)                
                (Details)                                                        
39: R56         Segment Information (Net Sales Operating Income     HTML     85K 
                and Income Before Taxes for Reportable Segments)                 
                (Details)                                                        
22: R57         Segment Information (Net Sales and Property and     HTML     76K 
                Equipment Net by Geographic Area) (Details)                      
83: R58         Stock Compensation Plans (Stock-Based Compensation  HTML     73K 
                Activity Stock Options and SARs) (Details)                       
50: R59         Stock Compensation Plans (Stock-Based Compensation  HTML     77K 
                Related Information Stock Options and SARs)                      
                (Details)                                                        
68: R60         Stock Compensation Plans (Stock-Based Compensation  HTML     63K 
                Activity Restricted Stock Units) (Details)                       
31: R61         Stock Compensation Plans (Weighted-Average          HTML     44K 
                Assumptions Used for Fair Value of Options                       
                Estimated Using Black-Scholes Option Pricing                     
                Model) (Details)                                                 
34: R62         Stock Compensation Plans (Additional Information)   HTML    142K 
                (Details)                                                        
74: R63         Earnings Per Share (Computation of Basic and        HTML     63K 
                Diluted Net Income Per Share) (Details)                          
72: R64         Earnings Per Share (Additional Information)         HTML     30K 
                (Details)                                                        
52: R65         Share Repurchase Plan (Additional Information)      HTML     36K 
                (Details)                                                        
73: R66         Accumulated Other Comprehensive Income (Changes in  HTML    102K 
                Accumulated Other Comprehensive Income) (Details)                
30: R67         Accumulated Other Comprehensive Income              HTML     43K 
                (Reclassifications Out of AOCI) (Details)                        
56: R68         Selected Quarterly Information (Unaudited)          HTML     52K 
                (Quarterly Information) (Details)                                
84: R69         Subsequent Events -(Other disclosures required by   HTML     28K 
                Swiss law) (Details)                                             
18: R70         Subsequent Events (Additional Information)          HTML     38K 
                (Details)                                                        
23: R71         Schedule Ii - Valuation and Qualifying Accounts     HTML     73K 
                (Details)                                                        
86: XML         IDEA XML File -- Filing Summary                      XML    140K 
17: EXCEL       IDEA Workbook of Financial Reports                  XLSX    219K 
35: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS   2.26M 
 8: EX-101.INS  XBRL Instance -- grmn-20141227                       XML   3.34M 
10: EX-101.CAL  XBRL Calculations -- grmn-20141227_cal               XML    212K 
11: EX-101.DEF  XBRL Definitions -- grmn-20141227_def                XML   1.21M 
12: EX-101.LAB  XBRL Labels -- grmn-20141227_lab                     XML   1.49M 
13: EX-101.PRE  XBRL Presentations -- grmn-20141227_pre              XML   1.28M 
 9: EX-101.SCH  XBRL Schema -- grmn-20141227                         XSD    183K 
27: ZIP         XBRL Zipped Folder -- 0001144204-15-010586-xbrl      Zip    241K

‘R16’   —   Segment Information

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v2.4.1.9
Segment Information
 12 Months Ended
Segment Information
8. Segment Information
 
The Company has identified five reportable segments for external reporting purposes – auto/mobile, aviation, marine, outdoor and fitness. There are three operating segments (auto PND, auto OEM and mobile) that are not reported separately but aggregated within the auto/mobile reportable segment. Each operating segment is individually reviewed and evaluated by our Chief Operating Decision Maker (CODM), who allocates resources and assesses performance of each segment individually.
 
All of the Company’s reportable segments offer products through the Company’s network of independent dealers and distributors as well as through OEM’s. However, the nature of products and types of customers for the five reportable segments vary. The Company’s marine, auto/mobile, outdoor, and fitness segments include portable global positioning system (GPS) receivers and accessories sold primarily to retail outlets. These products are produced primarily by the Company’s subsidiary in Taiwan. The Company’s aviation products are portable and panel mount avionics for Visual Flight Rules and Instrument Flight Rules navigation and are sold primarily to aviation dealers and certain aircraft manufacturers.
 
The Company’s Chief Executive Officer has been identified as the CODM. The CODM evaluates performance and allocates resources based on income before income taxes of each segment. Income before income taxes represents net sales less operating expenses including certain allocated general and administrative costs, interest income and expense, foreign currency adjustments, and other non-operating corporate expenses. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. There are no inter-segment sales or transfers.
 
The Company’s reportable segments share many common resources, infrastructures and assets in the normal course of business. Thus, the Company does not report accounts receivable, inventories, property and equipment, intangible assets, or capital expenditures by segment to the CODM.
 
Revenues, interest income, and income before income taxes for each of the Company’s reportable segments are presented below:
 
 
 
Fiscal Year Ended December 27, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Auto/
 
 
 
 
 
 
Aviation
 
Outdoor
 
Fitness
 
Marine
 
Mobile
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales to external customers
 
$
385,915
 
$
427,555
 
$
568,440
 
$
248,371
 
$
1,240,377
 
$
2,870,658
 
Allocated interest income
 
 
2,689
 
 
5,282
 
 
7,739
 
 
3,841
 
 
16,033
 
 
35,584
 
Income before income taxes
 
 
107,867
 
 
152,946
 
 
196,771
 
 
30,117
 
 
236,044
 
 
723,745
 
 
 
 
Fiscal Year Ended December 28, 2013
 
 
 
 
 
 
 
 
 
 
 
Auto/
 
 
 
 
 
Aviation
 
Outdoor
 
Fitness
 
Marine
 
Mobile
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales to external customers
 
$
339,337
 
$
410,989
 
$
356,283
 
$
222,928
 
$
1,302,314
 
$
2,631,851
 
Allocated interest income
 
 
2,445
 
 
6,030
 
 
5,150
 
 
3,777
 
 
17,869
 
 
35,271
 
Income before income taxes
 
 
93,083
 
 
168,549
 
 
131,411
 
 
25,993
 
 
234,522
 
 
653,558
 
 
 
 
Fiscal Year Ended December 29, 2012
 
 
 
 
 
 
 
 
 
 
 
Auto/
 
 
 
 
 
Aviation
 
Outdoor
 
Fitness
 
Marine
 
Mobile
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales to external customers
 
$
291,564
 
$
401,747
 
$
321,788
 
$
208,136
 
$
1,492,440
 
$
2,715,675
 
Allocated interest income
 
 
1,546
 
 
3,951
 
 
3,799
 
 
2,838
 
 
22,974
 
 
35,108
 
Income before income taxes
 
 
75,177
 
 
167,734
 
 
114,274
 
 
35,725
 
 
231,618
 
 
624,528
 
 
Net sales, long-lived assets (property and equipment), and net assets by geographic area are as shown below for the years ended December 27, 2014, December 28, 2013 and December 29, 2012. Note that APAC refers to the Asia Pacific region, and EMEA includes Europe, the Middle East and Africa.
 
 
 
Americas
 
APAC
 
EMEA
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales to external customers (1)
 
$
1,538,322
 
$
278,092
 
$
1,054,244
 
$
2,870,658
 
Property and equipment, net
 
$
269,858
 
$
111,464
 
$
49,565
 
$
430,887
 
Net assets (2)
 
$
2,142,624
 
$
939,852
 
$
320,891
 
$
3,403,367
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales to external customers (1)
 
$
1,432,895
 
$
243,056
 
$
955,900
 
$
2,631,851
 
Property and equipment, net
 
 
239,528
 
 
121,012
 
 
54,308
 
 
414,848
 
Net assets (2)
 
 
1,338,401
 
 
2,048,903
 
 
272,402
 
 
3,659,706
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales to external customers (1)
 
$
1,513,457
 
$
256,882
 
$
945,336
 
$
2,715,675
 
Property and equipment, net
 
 
222,310
 
 
134,257
 
 
53,184
 
 
409,751
 
Net assets (2)
 
 
1,262,498
 
 
2,028,984
 
 
240,314
 
 
3,531,796
 
 
(1) The U.S. is the only country which constitutes greater than 10% of net sales to external customers.
(2) Americas and APAC net assets are primarily held in the United States and Taiwan, respectively.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:2/18/158-K
For Period end:12/27/145,  ARS
12/28/1310-K,  ARS
12/29/1210-K
 List all Filings 

2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/24/15  SEC                               UPLOAD10/18/17    1:36K  Garmin Ltd.
 3/09/15  SEC                               UPLOAD10/18/17    1:156K Garmin Ltd.
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