Form 10-Q - Quarterly report [Sections 13 or 15(d)]

United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 29, 2024


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-41118

GARMIN LTD.

(Exact name of Company as specified in its charter)


Switzerland		98-0229227
(State or other jurisdiction		(I.R.S. Employer
of incorporation or organization)		identification no.)

Mühlentalstrasse 2
8200 Schaffhausen
Switzerland		N/A
(Address of principal executive offices)		(Zip Code)

Company’s telephone number, including area code: +41 52 630 1600

Securities registered pursuant to Section 12(b) of the Act:


Registered Shares, $0.10 Per Share Par Value	GRMN	New York Stock Exchange
(Title of each class)	(Trading Symbol)	(Name of each exchange on which registered)

Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	☑	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. YES ☐ NO ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES ☐ NO ☑

Number of shares outstanding of the registrant’s common shares as of July 26, 2024

Registered Shares, $0.10 par value: 192,213,829 (excluding treasury shares)

Garmin Ltd.

Form 10-Q

Quarter Ended June 29, 2024

Table of Contents


		Page

Part I - Financial Information		1

Item 1.	Condensed Consolidated Financial Statements	1

	Condensed Consolidated Statements of Income for the 13-Weeks and 26-Weeks ended June 29, 2024 and July 1, 2023 (Unaudited)	1

	Condensed Consolidated Statements of Comprehensive Income for the 13-Weeks and 26-Weeks ended June 29, 2024 and July 1, 2023 (Unaudited)	2

	Condensed Consolidated Balance Sheets at June 29, 2024 and December 30, 2023 (Unaudited)	3

	Condensed Consolidated Statements of Cash Flows for the 26-Weeks ended June 29, 2024 and July 1, 2023 (Unaudited)	4

	Condensed Consolidated Statements of Stockholders’ Equity for the 13-Weeks and 26-Weeks ended June 29, 2024 and July 1, 2023 (Unaudited)	5

	Notes to Condensed Consolidated Financial Statements (Unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	23

Item 4.	Controls and Procedures	23

Part II - Other Information		24

Item 1.	Legal Proceedings	24

Item 1A.	Risk Factors	24

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24

Item 3.	Defaults Upon Senior Securities	24

Item 4.	Mine Safety Disclosures	24

Item 5.	Other Information	25

Item 6.	Exhibits	26

Signature Page		27

Part I - Financial Information

Item I - Condensed Consolidated Financial Statements

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except per share information)


	13-Weeks Ended					26-Weeks Ended
	June 29, 2024			July 1, 2023		June 29, 2024			July 1, 2023
Net sales	$	1,506,671		$	1,320,795	$	2,888,320		$	2,468,219
Cost of goods sold		643,780			561,353		1,223,290			1,055,983
Gross profit		862,891			759,442		1,665,030			1,412,236

Research and development expense		243,151			224,394		485,686			445,878
Selling, general and administrative expenses		277,713			250,693		538,907			485,021
Total operating expense		520,864			475,087		1,024,593			930,899

Operating income		342,027			284,355		640,437			481,337
Other income (expense):
Interest income		29,286			18,760		54,313			34,659
Foreign currency (losses) gains		(4,828	)		10,797		(2,547	)		18,484
Other (expense) income		(513	)		2,064		809			3,268
Total other income (expense)		23,945			31,621		52,575			56,411

Income before income taxes		365,972			315,976		693,012			537,748
Income tax provision		65,342			28,037		116,421			47,482
Net income	$	300,630		$	287,939	$	576,591		$	490,266

Net income per share:
Basic	$	1.57		$	1.51	$	3.00		$	2.56
Diluted	$	1.56		$	1.50	$	2.99		$	2.56

Weighted average common shares outstanding:
Basic		192,074			191,293		191,982			191,395
Diluted		192,899			191,597		192,808			191,741

See accompanying notes.

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)


	13-Weeks Ended						26-Weeks Ended
	June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Net income	$	300,630		$	287,939		$	576,591		$	490,266
Foreign currency translation adjustment		(20,320	)		(25,342	)		(79,375	)		(8,451	)
Change in fair value of available-for-sale marketable securities, net of deferred taxes		4,382			(3,392	)		6,995			7,684
Comprehensive income	$	284,692		$	259,205		$	504,211		$	489,499

See accompanying notes.

Garmin Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)


	June 29, 2024			December 30, 2023
Assets
Current assets:
Cash and cash equivalents	$	1,937,483		$	1,693,452
Marketable securities		288,659			274,618
Accounts receivable, net		808,446			815,243
Inventories		1,319,643			1,345,955
Deferred costs		20,946			16,316
Prepaid expenses and other current assets		322,041			318,556
Total current assets		4,697,218			4,464,140

Property and equipment, net of accumulated depreciation of $1,076,312 and $1,030,588		1,206,020			1,224,097
Operating lease right-of-use assets		130,302			143,724
Noncurrent marketable securities		1,192,190			1,125,191
Deferred income tax assets		777,019			754,635
Noncurrent deferred costs		8,921			11,057
Goodwill		599,606			608,474
Other intangible assets, net		168,392			186,601
Other noncurrent assets		103,654			85,650
Total assets	$	8,883,322		$	8,603,569

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	331,938		$	253,790
Salaries and benefits payable		172,284			190,014
Accrued warranty costs		58,253			55,738
Accrued sales program costs		90,191			98,610
Other accrued expenses		196,381			245,874
Deferred revenue		105,999			101,189
Income taxes payable		236,708			225,475
Dividend payable		432,569			139,997
Total current liabilities		1,624,323			1,310,687

Deferred income tax liabilities		102,951			114,682
Noncurrent income taxes payable		16,480			16,521
Noncurrent deferred revenue		31,848			36,148
Noncurrent operating lease liabilities		102,167			113,035
Other noncurrent liabilities		571			436

Stockholders’ equity:
Common shares (194,901 and 195,880 shares authorized and issued; 192,251 and 191,777 shares outstanding)		19,490			19,588
Additional paid-in capital		2,183,158			2,125,467
Treasury shares (2,650 and 4,103 shares)		(223,899	)		(330,909	)
Retained earnings		5,164,227			5,263,528
Accumulated other comprehensive income (loss)		(137,994	)		(65,614	)
Total stockholders’ equity		7,004,982			7,012,060
Total liabilities and stockholders’ equity	$	8,883,322		$	8,603,569

See accompanying notes.

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


	26-Weeks Ended
	June 29, 2024			July 1, 2023
Operating Activities:
Net income	$	576,591		$	490,266
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		67,890			64,816
Amortization		21,047			22,788
Loss (gain) on sale or disposal of property and equipment		128			(124	)
Unrealized foreign currency losses (gains)		3,165			(13,054	)
Deferred income taxes		(35,778	)		(68,859	)
Stock compensation expense		65,983			43,397
Realized loss on marketable securities		29			59
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts		(8,600	)		(62,832	)
Inventories		(11,368	)		111,531
Other current and noncurrent assets		(39,759	)		2,769
Accounts payable		92,065			45,206
Other current and noncurrent liabilities		(62,099	)		(39,484	)
Deferred revenue		667			4,711
Deferred costs		(2,516	)		(990	)
Income taxes		23,181			(47,288	)
Net cash provided by operating activities		690,626			552,912

Investing activities:
Purchases of property and equipment		(70,325	)		(99,346	)
Purchase of marketable securities		(281,297	)		(68,978	)
Redemption of marketable securities		203,775			98,885
Net cash from (payments for) acquisitions		5,011			—
Other investing activities, net		(321	)		(695	)
Net cash used in investing activities		(143,157	)		(70,134	)

Financing activities:
Dividends		(284,246	)		(279,442	)
Proceeds from issuance of treasury shares related to equity awards		24,530			21,946
Purchase of treasury shares related to equity awards		(16,264	)		(9,397	)
Purchase of treasury shares under share repurchase plan		(9,713	)		(70,181	)
Net cash used in financing activities		(285,693	)		(337,074	)

Effect of exchange rate changes on cash and cash equivalents		(17,761	)		599

Net increase in cash, cash equivalents, and restricted cash		244,015			146,303
Cash, cash equivalents, and restricted cash at beginning of period		1,694,156			1,279,912
Cash, cash equivalents, and restricted cash at end of period	$	1,938,171		$	1,426,215

See accompanying notes.

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

For the 13-Weeks Ended June 29, 2024 and July 1, 2023

(In thousands)


	Common Shares			Additional Paid-In Capital			Treasury Shares			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Total
Balance at April 1, 2023	$	17,979		$	2,048,339		$	(510,478	)	$	4,935,730		$	(86,566	)	$	6,405,004
Net income		—			—			—			287,939			—			287,939
Translation adjustment		—			—			—			—			(25,342	)		(25,342	)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $974		—			—			—			—			(3,392	)		(3,392	)
Comprehensive income																	259,205
Dividends		—			—			—			(558,398	)		—			(558,398	)
Issuance of treasury shares related to equity awards		—			8,383			13,563			—			—			21,946
Stock compensation		—			22,665			—			—			—			22,665
Purchase of treasury shares related to equity awards		—			—			(228	)		—			—			(228	)
Purchase of treasury shares under share repurchase plan, including any associated excise tax		—			—			(26,372	)		—			—			(26,372	)
Cancellation of treasury shares		(238	)		—			200,827			(200,589	)		—			—
Share capital currency change		1,847			(1,847	)		—			—			—			—
Balance at July 1, 2023	$	19,588		$	2,077,540		$	(322,688	)	$	4,464,682		$	(115,300	)	$	6,123,822

	Common Shares			Additional Paid-In Capital			Treasury Shares			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Total
Balance at March 30, 2024	$	19,490		$	2,135,384		$	(226,921	)	$	5,440,200		$	(122,056	)	$	7,246,097
Net income		—			—			—			300,630			—			300,630
Translation adjustment		—			—			—			—			(20,320	)		(20,320	)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $1,385		—			—			—			—			4,382			4,382
Comprehensive income																	284,692
Dividends		—			—			—			(576,603	)		—			(576,603	)
Issuance of treasury shares related to equity awards		—			12,510			12,020			—			—			24,530
Stock compensation		—			35,264			—			—			—			35,264
Purchase of treasury shares related to equity awards		—			—			(277	)		—			—			(277	)
Purchase of treasury shares under share repurchase plan, including any associated excise tax		—			—			(8,721	)		—			—			(8,721	)
Cancellation of treasury shares					—			—			—			—			—
Share capital currency change		—			—			—			—			—			—
Balance at June 29, 2024	$	19,490		$	2,183,158		$	(223,899	)	$	5,164,227		$	(137,994	)	$	7,004,982

See accompanying notes.

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

For the 26-Weeks Ended June 29, 2024 and July 1, 2023

(In thousands)


	Common Shares			Additional Paid-In Capital			Treasury Shares			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Total
Balance at December 31, 2022	$	17,979		$	2,042,472		$	(475,095	)	$	4,733,517		$	(114,533	)	$	6,204,340
Net income		—			—			—			490,266			—			490,266
Translation adjustment		—			—			—			—			(8,451	)		(8,451	)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $1,642		—			—			—			—			7,684			7,684
Comprehensive income																	489,499
Dividends		—			—			—			(558,512	)		—			(558,512	)
Issuance of treasury shares related to equity awards		—			(6,482	)		28,428			—			—			21,946
Stock compensation		—			43,397			—			—			—			43,397
Purchase of treasury shares related to equity awards		—			—			(9,397	)		—			—			(9,397	)
Purchase of treasury shares under share repurchase plan, including any associated excise tax		—			—			(67,451	)		—			—			(67,451	)
Cancellation of treasury shares		(238	)		—			200,827			(200,589	)		—			—
Share capital currency change		1,847			(1,847	)		—			—			—			—
Balance at July 1, 2023	$	19,588		$	2,077,540		$	(322,688	)	$	4,464,682		$	(115,300	)	$	6,123,822

	Common Shares			Additional Paid-In Capital			Treasury Shares			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Total
Balance at December 30, 2023	$	19,588		$	2,125,467		$	(330,909	)	$	5,263,528		$	(65,614	)	$	7,012,060
Net income		—			—			—			576,591			—			576,591
Translation adjustment		—			—			—			—			(79,375	)		(79,375	)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $2,196		—			—			—			—			6,995			6,995
Comprehensive income																	504,211
Dividends		—			—			—			(576,817	)		—			(576,817	)
Issuance of treasury shares related to equity awards		—			(8,292	)		32,822			—			—			24,530
Stock compensation		—			65,983			—			—			—			65,983
Purchase of treasury shares related to equity awards		—			—			(16,264	)		—			—			(16,264	)
Purchase of treasury shares under share repurchase plan, including any associated excise tax		—			—			(8,721	)		—			—			(8,721	)
Cancellation of treasury shares		(98	)		—			99,173			(99,075	)		—			—
Share capital currency change		—			—			—			—			—			—
Balance at June 29, 2024	$	19,490		$	2,183,158		$	(223,899	)	$	5,164,227		$	(137,994	)	$	7,004,982

See accompanying notes.

Garmin Ltd. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

June 29, 2024

(In thousands, except per share information)

1. Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of Garmin Ltd. and its wholly-owned subsidiaries (collectively, we, our, us, the Company or Garmin). Intercompany balances and transactions have been eliminated.

The condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The condensed consolidated balance sheet at December 30, 2023 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Additionally, the condensed consolidated financial statements should be read in conjunction with Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-Q, and the Company’s Annual Report on Form 10-K for the year ended December 30, 2023.

The Company's operating results are subject to fluctuations associated with seasonal demand for consumer products, the timing of new product introductions, and original equipment manufacturer (OEM) customer production schedules. Therefore, operating results for the 13-week and 26-week periods ended June 29, 2024 are not necessarily indicative of the results that may be expected for the year ending December 28, 2024.

The Company’s fiscal year is based on a 52- or 53-week period ending on the last Saturday of the calendar year. Therefore, the financial results of certain 53-week fiscal years, and the associated 14-week quarters, will not be exactly comparable to the prior and subsequent 52-week fiscal years and the associated 13-week quarters. The quarters ended June 29, 2024 and July 1, 2023 both contain operating results for 13 weeks.

Changes in Classification and Allocation

Certain prior period amounts have been reclassified or presented to conform to the current period presentation.

In the first quarter of fiscal 2024, the Company changed the presentation of operating expense to include advertising expense within selling, general and administrative expenses on the Company's condensed consolidated statements of income, which management believes to be a more meaningful presentation. As a result, the Company’s condensed consolidated statements of income have been recast for the 13-week and 26-week periods ended July 1, 2023 to conform with the current period presentation. This change had no effect on the Company’s consolidated operating or net income.

Significant Accounting Policies

For a description of the significant accounting policies and methods used in the preparation of the Company’s condensed consolidated financial statements, refer to Note 1, “Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023. There were no material changes to the Company’s significant accounting policies during the 26-week period ended June 29, 2024.

Recently Adopted Accounting Standards

There are no recently adopted accounting standards that have a material impact on the Company’s consolidated financial statements, accounting policies, processes, or systems.

Recently Issued Accounting Pronouncements Not Yet Adopted

Income Taxes

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on its financial statement disclosures.

Segment Reporting

In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not believe that the updated standard will have a material impact on its financial statement disclosures.

2. Revenue

In order to further depict how the nature, amount, timing and uncertainty of the Company's revenue and cash flows are affected by economic factors, we disaggregate revenue (“net sales”) by geographic region, major product category, and pattern of recognition.

Disaggregated revenue by geographic region (Americas, APAC, and EMEA) is presented in Note 11 – Segment Information and Geographic Data. Note 11 also contains disaggregated revenue information of the five major product categories identified by the Company – fitness, outdoor, aviation, marine, and auto OEM.

A large majority of the Company’s sales are recognized on a point in time basis, usually once the product is shipped and title and risk of loss have transferred to the customer. Sales recognized over a period of time are primarily within the outdoor, aviation, and auto OEM segments and relate to performance obligations that are satisfied over the estimated life of the product or contractual service period. Revenue disaggregated by the timing of transfer of the goods or services is presented in the table below:


	13-Weeks Ended				26-Weeks Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Point in time	$	1,428,175	$	1,251,214	$	2,734,622	$	2,332,283
Over time		78,496		69,581		153,698		135,936
Net sales	$	1,506,671	$	1,320,795	$	2,888,320	$	2,468,219

Transaction price and costs associated with the Company’s unsatisfied performance obligations are reflected as deferred revenue and deferred costs, respectively, on the Company’s condensed consolidated balance sheets. Such amounts are recognized ratably over the applicable service period or estimated useful life. Changes in deferred revenue and costs during the 26-week period ended June 29, 2024 are presented below:


	26-Weeks Ended June 29, 2024
	Deferred Revenue (1)			Deferred Costs (2)
Balance, beginning of period	$	137,337		$	27,373
Deferrals in period		154,208			28,680
Recognition of deferrals in period		(153,698	)		(26,186	)
Balance, end of period	$	137,847		$	29,867

(1) Deferred revenue is comprised of both deferred revenue and noncurrent deferred revenue per the condensed consolidated balance sheets.

(2) Deferred costs are comprised of both deferred costs and noncurrent deferred costs per the condensed consolidated balance sheets.

Of the $153,698 of deferred revenue recognized in the 26-week period ended June 29, 2024, approximately $67,500 was deferred as of the beginning of the period. Of the $137,847 of deferred revenue as of June 29, 2024, the Company expects to recognize approximately 85% ratably over a total period of three years or less.

3. Earnings Per Share

The following table sets forth the computation of basic and diluted net income per share. Stock options, stock appreciation rights, and restricted stock units are collectively referred to as “equity awards”.


	13-Weeks Ended				26-Weeks Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator:
Numerator for basic and diluted net income per share – net income	$	300,630	$	287,939	$	576,591	$	490,266

Denominator:
Denominator for basic net income per share – weighted-average common shares		192,074		191,293		191,982		191,395

Effect of dilutive equity awards		825		304		826		346

Denominator for diluted net income per share – adjusted weighted-average common shares		192,899		191,597		192,808		191,741

Basic net income per share	$	1.57	$	1.51	$	3.00	$	2.56

Diluted net income per share	$	1.56	$	1.50	$	2.99	$	2.56

Shares excluded from diluted net income per share calculation:
Anti-dilutive equity awards		—		218		—		218

4. Marketable Securities

Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The accounting guidance classifies the inputs used to measure fair value into the following hierarchy:


	Level 1	Unadjusted quoted prices in active markets for the identical asset or liability


	Level 2	Observable inputs for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability


	Level 3	Unobservable inputs for the asset or liability

The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Valuation is based on prices obtained from an independent pricing vendor using both market and income approaches. The primary inputs to the valuation include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, and credit spreads.

The method described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

Marketable securities classified as available-for-sale securities are summarized below:


	Available-For-Sale Securities as of June 29, 2024
	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities	Level 2	$	16,936	$	2	$	—		$	16,938
Agency securities	Level 2		25,688		18		(551	)		25,155
Mortgage-backed securities	Level 2		36,294		—		(4,413	)		31,881
Corporate debt securities	Level 2		1,177,137		660		(39,182	)		1,138,615
Municipal securities	Level 2		281,008		16		(15,629	)		265,395
Other	Level 2		3,025		—		(160	)		2,865
Total		$	1,540,088	$	696	$	(59,935	)	$	1,480,849


	Available-For-Sale Securities as of December 30, 2023
	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities	Level 2	$	2,971	$	1	$	—		$	2,972
Agency securities	Level 2		23,692		32		(585	)		23,139
Mortgage-backed securities	Level 2		38,743		—		(4,731	)		34,012
Corporate debt securities	Level 2		1,104,834		1,680		(46,073	)		1,060,441
Municipal securities	Level 2		294,240		98		(18,430	)		275,908
Other	Level 2		3,760		—		(423	)		3,337
Total		$	1,468,240	$	1,811	$	(70,242	)	$	1,399,809

The primary objectives of the Company’s investment policy are to preserve capital, maintain an acceptable degree of liquidity, and maximize yield within the constraint of low credit risk. The fair value of securities varies from period to period due to changes in interest rates, the performance of the underlying collateral, and the credit performance of the underlying issuer, among other factors.

Accrued interest receivable, which totaled $13,810 as of June 29, 2024, is excluded from both the fair value and amortized cost basis of available-for-sale securities and is included within prepaid expenses and other current assets on the Company’s condensed consolidated balance sheets. The Company writes off impaired accrued interest on a timely basis, generally within 30 days of the due date, by reversing interest income. No accrued interest was written off during the 26-week period ended June 29, 2024.

The Company recognizes impairments relating to credit losses of available-for-sale securities through an allowance for credit losses and other income (expense) on the Company’s condensed consolidated statements of income. Impairment not relating to credit losses is recorded in accumulated other comprehensive income (loss) on the Company’s condensed consolidated balance sheets. The cost of securities sold is based on the specific identification method. Approximately 94% of securities in the Company’s portfolio were at an unrealized loss position as of June 29, 2024.

The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of June 29, 2024 and December 30, 2023.


	As of June 29, 2024
	Less than 12 Consecutive Months					12 Consecutive Months or Longer					Total
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Agency securities	$	(33	)	$	6,929	$	(518	)	$	7,482	$	(551	)	$	14,411
Mortgage-backed securities		—			—		(4,413	)		31,881		(4,413	)		31,881
Corporate debt securities		(1,882	)		264,993		(37,300	)		771,326		(39,182	)		1,036,319
Municipal securities		(94	)		14,280		(15,535	)		243,951		(15,629	)		258,231
Other		—			—		(160	)		2,865		(160	)		2,865
Total	$	(2,009	)	$	286,202	$	(57,926	)	$	1,057,505	$	(59,935	)	$	1,343,707


	As of December 30, 2023
	Less than 12 Consecutive Months					12 Consecutive Months or Longer					Total
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Agency securities	$	(31	)	$	10,923	$	(554	)	$	6,446	$	(585	)	$	17,369
Mortgage-backed securities		—			—		(4,731	)		34,012		(4,731	)		34,012
Corporate debt securities		(702	)		64,637		(45,371	)		889,785		(46,073	)		954,422
Municipal securities		(32	)		2,654		(18,398	)		261,651		(18,430	)		264,305
Other		—			—		(423	)		3,337		(423	)		3,337
Total	$	(765	)	$	78,214	$	(69,477	)	$	1,195,231	$	(70,242	)	$	1,273,445

As of June 29, 2024 and December 30, 2023, the Company had not recognized an allowance for credit losses on any securities in an unrealized loss position.

The Company has not recorded an allowance for credit losses and charge to other income (expense) for the unrealized losses on agency, mortgage-backed, corporate debt, municipal, and other securities presented above because the Company does not consider the declines in fair value to have resulted from credit losses. The Company has not observed a significant deterioration in credit quality of these securities, which are highly rated with moderate to low credit risk. Declines in value are largely attributable to current global economic conditions. The securities continue to make timely principal and interest payments, and the fair values are expected to recover as they approach maturity. Management does not intend to sell the securities, and it is not more likely than not that the Company will be required to sell the securities, before the respective recoveries of their amortized cost bases, which may be maturity.

The amortized cost and fair value of marketable securities at June 29, 2024, by maturity, are shown below.


	Amortized Cost		Fair Value
Due in one year or less	$	294,119	$	288,659
Due after one year through five years		1,228,392		1,177,147
Due after five years through ten years		8,238		7,405
Due after ten years		9,339		7,638
Total	$	1,540,088	$	1,480,849

5. Income Taxes

The Company recorded income tax expense of $65,342 in the 13-week period ended June 29, 2024, compared to income tax expense of $28,037 in the 13-week period ended July 1, 2023. The effective tax rate was 17.9% in the second quarter of 2024, compared to 8.9% in the second quarter of 2023. The increase in effective tax rate between comparative periods was primarily due to the increase in the combined federal and cantonal Switzerland statutory tax rate in response to the implementation of global minimum tax requirements.

The Company recorded income tax expense of $116,421 in the 26-week period ended June 29, 2024, compared to income tax expense of $47,482 in the 26-week period ended July 1, 2023. The effective tax rate was 16.8% in the first half of 2024, compared to 8.8% in the first half of 2023. The increase in effective tax rate between comparative periods was primarily due to the increase in the combined federal and cantonal Switzerland statutory tax rate in response to the implementation of global minimum tax requirements.

6. Inventories

The components of inventories consist of the following:


	June 29, 2024		December 30, 2023
Raw materials	$	525,166	$	493,493
Work-in-process		199,063		160,919
Finished goods		595,414		691,543
Inventories	$	1,319,643	$	1,345,955

7. Warranty Reserves

The Company accrues for estimated future warranty costs at the time products are sold. The Company’s standard warranty obligation to retail partners generally provides for a right of return of any product for a full refund in the event that such product is not merchantable, is damaged, or is defective. The Company’s standard warranty obligation to its end-users provides for a period of one to two years from the date of shipment, while certain aviation, marine, and auto OEM products have a warranty period of two years or more from the date of installation. The Company’s estimates of costs to service its warranty obligations are based on historical experience and management’s expectations and judgments of future conditions, with most claims resolved within a year of the sale. The following reconciliation presents details of the changes in the Company's accrued warranty costs:


	13-Weeks Ended						26-Weeks Ended
	June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Balance - beginning of period	$	55,219		$	52,675		$	55,738		$	50,952
Accrual for products sold (1)		26,932			18,345			45,294			40,726
Expenditures		(23,898	)		(18,668	)		(42,779	)		(39,326	)
Balance - end of period	$	58,253		$	52,352		$	58,253		$	52,352

(1) Changes in cost estimates related to pre-existing warranties were not material and aggregated with accruals for new warranty contracts in the ‘accrual for products sold’ line.

8. Commitments and Contingencies

Commitments

The Company is party to certain commitments that require the future purchase of goods or services (“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of payments for inventory, capital expenditures, and other indirect purchases in connection with conducting its business. The aggregate amount of purchase orders and other commitments open as of June 29, 2024 that may represent noncancelable unconditional purchase obligations having a remaining term in excess of one year was approximately $355,000.

Certain cash balances are held as collateral in relation to bank guarantees. This restricted cash is reported within other assets on the condensed consolidated balance sheets and totaled $688 and $704 on June 29, 2024 and December 30, 2023, respectively. The total of the cash and cash equivalents balance and the restricted cash reported within other assets in the condensed consolidated balance sheets equals the total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows.

Contingencies

Management of the Company currently does not believe it is reasonably possible that the Company may have incurred a material loss, or a material loss in excess of recorded accruals, with respect to loss contingencies in the aggregate, for the fiscal quarter ended June 29, 2024. The results of legal proceedings, investigations and claims, however, cannot be predicted with certainty. An adverse resolution of one or more of such matters in excess of management’s expectations could have a material adverse effect in the particular quarter or fiscal year in which a loss is recorded, but based on information currently known, the Company does not believe it is likely that losses from such matters would have a material adverse effect on the Company’s business or its consolidated financial position, results of operations or cash flows.

The Company settled or resolved certain matters during the 13-week and 26-week periods ended June 29, 2024 that did not individually or in the aggregate have a material impact on the Company’s business or its consolidated financial position, results of operations or cash flows.

9. Stockholders' Equity

Dividends

Under Swiss corporate law, dividends must be approved by shareholders at the annual general meeting of the Company’s shareholders. Approved dividends are payable in four equal installments on dates to be determined by the Board of Directors. A reduction of retained earnings and a corresponding liability are recorded at the time of shareholders' approval and are periodically adjusted based on the number of applicable shares outstanding.

The Company's shareholders approved the following dividends:


Approval Date	Dividend Payment Date	Record Date	Dividend Per Share
Fiscal 2024
June 7, 2024	June 28, 2024	June 17, 2024	$	0.75
June 7, 2024	September 27, 2024	September 13, 2024	$	0.75
June 7, 2024	December 27, 2024	December 13, 2024	$	0.75
June 7, 2024	March 28, 2025	March 14, 2025	$	0.75
Total			$	3.00

Fiscal 2023
June 9, 2023	June 30, 2023	June 20, 2023	$	0.73
June 9, 2023	September 29, 2023	September 15, 2023	$	0.73
June 9, 2023	December 29, 2023	December 15, 2023	$	0.73
June 9, 2023	March 29, 2024	March 15, 2024	$	0.73
Total			$	2.92

Fiscal 2022
June 10, 2022	June 30, 2022	June 20, 2022	$	0.73
June 10, 2022	September 30, 2022	September 15, 2022	$	0.73
June 10, 2022	December 30, 2022	December 15, 2022	$	0.73
June 10, 2022	March 31, 2023	March 15, 2023	$	0.73
Total			$	2.92

Share Repurchase Programs

On April 22, 2022, the Board of Directors approved a share repurchase program (the “2022 Program”) authorizing the Company to repurchase up to $300,000 of the common shares of Garmin Ltd., exclusive of the cost of any associated excise tax. As of December 30, 2023, the Company had repurchased 3,176 shares for $300,000, leaving $0 available to repurchase additional shares under the 2022 Program when the share repurchase authorization expired on December 29, 2023.

On February 16, 2024, the Board of Directors approved a new share repurchase program (the “2024 Program”) authorizing the Company to repurchase up to $300,000 of the common shares of Garmin Ltd., exclusive of the cost of any associated excise tax. The timing and volume of share repurchases are subject to market conditions, business conditions and applicable laws, and are at management’s discretion. Share repurchases may be made from time to time in the open market or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The 2024 Program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time. The share repurchase authorization expires on December 26, 2026. As of June 29, 2024, the Company had repurchased 60 shares for $9,713, leaving $290,287 available to repurchase additional shares under the 2024 Program.

Treasury Shares

In March 2024, the Board of Directors authorized the cancellation of 979 shares previously purchased under our share repurchase program. The capital reduction by cancellation of these shares became effective in March 2024. Total stockholders’ equity reported for the Company was not affected.

10. Accumulated Other Comprehensive Income (Loss)

The following provides required disclosure of changes in accumulated other comprehensive income (loss) balances by component for the 13-week and 26-week periods ended June 29, 2024:


	13-Weeks Ended June 29, 2024
	Foreign currency translation adjustment			Net gains (losses) on available-for-sale securities			Total
Balance - beginning of period	$	(70,563	)	$	(51,493	)	$	(122,056	)
Other comprehensive income (loss) before reclassification, net of income tax expense of $1,380		(20,320	)		4,358			(15,962	)
Amounts reclassified from accumulated other comprehensive income (loss) to other (expense) income, net of income tax benefit of $5 included in income tax provision		—			24			24
Net current-period other comprehensive income (loss)		(20,320	)		4,382			(15,938	)
Balance - end of period	$	(90,883	)	$	(47,111	)	$	(137,994	)


	26-Weeks Ended June 29, 2024
	Foreign currency translation adjustment			Net gains (losses) on available-for-sale securities			Total
Balance - beginning of period	$	(11,508	)	$	(54,106	)	$	(65,614	)
Other comprehensive income (loss) before reclassification, net of income tax expense of $2,191		(79,375	)		6,971			(72,404	)
Amounts reclassified from accumulated other comprehensive income (loss) to other (expense) income, net of income tax benefit of $5 included in income tax provision		—			24			24
Net current-period other comprehensive income (loss)		(79,375	)		6,995			(72,380	)
Balance - end of period	$	(90,883	)	$	(47,111	)	$	(137,994	)

11. Segment Information and Geographic Data

Garmin is organized in the five operating segments of fitness, outdoor, aviation, marine, and auto OEM. These operating segments represent the Company's reportable segments.

The Company’s Chief Executive Officer, who has been identified as the Company’s Chief Operating Decision Maker (CODM), primarily uses operating income as the measure of profit or loss to assess segment performance and allocate resources. Operating income represents net sales less costs of goods sold and operating expenses. Net sales are directly attributed to each segment. Most costs of goods sold and the majority of operating expenses are also directly attributed to each segment, while certain other costs of goods sold and operating expenses are allocated to the segments in a reasonable manner considering the specific facts and circumstances of the expenses being allocated.

Net sales (“revenue”), gross profit, and operating income for each of the Company’s five reportable segments are presented below.


	Fitness		Outdoor		Aviation		Marine		Auto OEM			Total
13-Weeks Ended June 29, 2024
Net sales	$	428,404	$	439,872	$	218,253	$	272,953	$	147,189		$	1,506,671
Gross profit		245,248		284,214		161,366		147,787		24,276			862,891
Operating income (loss)		107,610		135,592		50,485		59,892		(11,552	)		342,027

13-Weeks Ended July 1, 2023
Net sales	$	334,863	$	448,114	$	217,454	$	215,802	$	104,562		$	1,320,795
Gross profit		173,163		280,078		160,957		120,344		24,900			759,442
Operating income (loss)		54,458		138,255		62,766		46,377		(17,501	)		284,355

26-Weeks Ended June 29, 2024
Net sales	$	771,296	$	806,065	$	435,108	$	599,689	$	276,162		$	2,888,320
Gross profit		440,050		526,953		323,992		327,039		46,996			1,665,030
Operating income (loss)		175,743		242,543		102,619		147,583		(28,051	)		640,437

26-Weeks Ended July 1, 2023
Net sales	$	579,584	$	776,776	$	431,036	$	494,777	$	186,046		$	2,468,219
Gross profit		294,073		485,026		315,410		269,976		47,751			1,412,236
Operating income (loss)		65,036		214,999		120,460		118,285		(37,443	)		481,337

Net sales to external customers by geographic region for the 13-week and 26-week periods ended June 29, 2024 and July 1, 2023 are presented below. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa.


	13-Weeks Ended				26-Weeks Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Americas	$	740,577	$	641,848	$	1,456,694	$	1,253,552
EMEA		542,016		457,550		1,005,399		813,403
APAC		224,078		221,397		426,227		401,264
Net sales to external customers	$	1,506,671	$	1,320,795	$	2,888,320	$	2,468,219

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The discussion set forth below, as well as other portions of this Quarterly Report on Form 10-Q, contain statements concerning potential future events. Such forward-looking statements are based upon assumptions by management, as of the date of this Quarterly Report on Form 10-Q, including assumptions about risks and uncertainties faced by the Company. Readers can identify these forward-looking statements by their use of such words as "future", "expects", "anticipates", "believes", “estimates”, “would”, “could”, “can”, “may,” or other similar words or other comparable terms. If any of the Company’s assumptions prove incorrect or should unanticipated circumstances arise, actual results could materially differ from those anticipated by such forward-looking statements. The differences could be caused by a number of factors or combination of factors including, but not limited to, those factors identified in Part II, Item 1A of this Quarterly Report on Form 10-Q and in the Company’s Annual Report on Form 10-K for the year ended December 30, 2023. Readers are strongly encouraged to consider those factors when evaluating any forward-looking statement concerning the Company. These forward-looking statements are made as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements in this Quarterly Report on Form 10-Q to reflect future events or developments, except as required by law.

The information contained in this Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Condensed Consolidated Financial Statements and Notes thereto included in this Quarterly Report on Form 10-Q and the audited financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 30, 2023. Unless the context otherwise requires, references in this document to "we", "us", "our", the "Company" and similar terms refer to Garmin Ltd. and its subsidiaries.

Unless otherwise indicated, amounts set forth in the discussion below are in thousands.

Company Overview

The Company is a leading worldwide provider of wireless devices, many of which feature Global Positioning System (GPS) navigation, and applications that are designed for people who live an active lifestyle. We are organized in the five operating segments of fitness, outdoor, aviation, marine, and auto OEM. Our products are sold through a variety of indirect distribution channels, including a large worldwide network of independent retailers, dealers, distributors, installation and repair shops, and original equipment manufacturers (OEMs). We also sell our products and services directly through our online webshop (garmin.com), subscriptions for connected services, and our own retail stores.

Results of Operations

As indicated in Note 1 to the Condensed Consolidated Financial Statements, in the first quarter of fiscal 2024, the Company changed the presentation of operating expense to include advertising expense within selling, general and administrative expenses on the Company's condensed consolidated statements of income, which management believes to be a more meaningful presentation.

This change in presentation had no effect on the Company's consolidated operating or net income. The amounts presented below for selling, general and administrative expenses for the 13-week and 26-week periods ended July 1, 2023 have been recast to conform with the current period presentation.

Comparison of 13-Weeks Ended June 29, 2024 and July 1, 2023

Net Sales


Net Sales	13-Weeks Ended June 29, 2024			Year-over-Year Change			13-Weeks Ended July 1, 2023
Fitness	$	428,404			28	%	$	334,863
Percentage of Total Net Sales		28	%					25	%
Outdoor		439,872			(2	%)		448,114
Percentage of Total Net Sales		29	%					34	%
Aviation		218,253			0	%		217,454
Percentage of Total Net Sales		15	%					17	%
Marine		272,953			26	%		215,802
Percentage of Total Net Sales		18	%					16	%
Auto OEM		147,189			41	%		104,562
Percentage of Total Net Sales		10	%					8	%
Total	$	1,506,671			14	%	$	1,320,795

Net sales increased 14% for the 13-week period ended June 29, 2024 when compared to the year-ago quarter. Total unit sales in the second quarter of 2024 increased to 4,655 when compared to total unit sales of 4,162 in the second quarter of 2023, which differs from the percent increase in revenue primarily due to shifts in segment and product mix. Outdoor was the largest portion of our revenue mix at 29% in the second quarter of 2024 compared to 34% in the second quarter of 2023.

The increase in fitness revenue was primarily driven by sales growth in wearables. The increase in marine revenue was primarily driven by contributions from the Company's acquisition of JL Audio. Auto OEM revenue increased primarily due to growth in domain controllers. Aviation revenue was relatively flat as growth in OEM product categories was offset by declines in aftermarket product categories. Outdoor revenue decreased primarily due to declines in adventure watches.

Gross Profit


Gross Profit	13-Weeks Ended June 29, 2024			Year-over-Year Change			13-Weeks Ended July 1, 2023
Fitness	$	245,248			42	%	$	173,163
Percentage of Segment Net Sales		57	%					52	%
Outdoor		284,214			1	%		280,078
Percentage of Segment Net Sales		65	%					63	%
Aviation		161,366			0	%		160,957
Percentage of Segment Net Sales		74	%					74	%
Marine		147,787			23	%		120,344
Percentage of Segment Net Sales		54	%					56	%
Auto OEM		24,276			(3	%)		24,900
Percentage of Segment Net Sales		16	%					24	%
Total	$	862,891			14	%	$	759,442
Percentage of Total Net Sales		57	%					57	%

Gross profit dollars in the second quarter of 2024 increased 14%, primarily due to the increase in net sales when compared to the year-ago quarter, as described above. Consolidated gross margin was relatively flat as unfavorable segment mix was offset by favorable product mix within certain segments.

The fitness and outdoor gross margin increases of 550 basis points and 210 basis points, respectively, were primarily attributable to favorable product mix. The aviation gross margin was relatively flat when compared to the year-ago quarter. The marine and auto OEM gross margin decreases of 160 basis points and 730 basis points, respectively, were primarily attributable to unfavorable product mix.

Operating Expense


Operating Expense	13-Weeks Ended June 29, 2024			Year-over-Year Change			13-Weeks Ended July 1, 2023
Research and development expense		243,151			8	%		224,394
Percentage of Total Net Sales		16	%					17	%
Selling, general and administrative expenses		277,713			11	%		250,693
Percentage of Total Net Sales		18	%					19	%
Total	$	520,864			10	%	$	475,087
Percentage of Total Net Sales		35	%					36	%

Total operating expense in the second quarter of 2024 increased 10% in absolute dollars and decreased 140 basis points as a percent of revenue when compared to the year-ago quarter.

Research and development expense increased 8% in absolute dollars and was relatively flat as a percent of revenue when compared to the year-ago quarter. The absolute dollar expense increase was primarily due to higher engineering personnel costs.

Selling, general and administrative expenses increased 11% in absolute dollars and was relatively flat as a percent of revenue when compared to the year-ago quarter. The absolute dollar expense increase was primarily attributable to increased personnel-related expenses, including the impact of the Company's acquisition of JL Audio.

Operating Income


Operating Income (Loss)	13-Weeks Ended June 29, 2024			Year-over-Year Change			13-Weeks Ended July 1, 2023
Fitness	$	107,610			98	%	$	54,458
Percentage of Segment Net Sales		25	%					16	%
Outdoor		135,592			(2	%)		138,255
Percentage of Segment Net Sales		31	%					31	%
Aviation		50,485			(20	%)		62,766
Percentage of Segment Net Sales		23	%					29	%
Marine		59,892			29	%		46,377
Percentage of Segment Net Sales		22	%					21	%
Auto OEM		(11,552	)		(34	%)		(17,501	)
Percentage of Segment Net Sales		(8	%)					(17	%)
Total	$	342,027			20	%	$	284,355
Percentage of Total Net Sales		23	%					22	%

Total operating income in the second quarter of 2024 increased 20% in absolute dollars and increased 120 basis points as a percent of revenue when compared to the year-ago quarter. The increase in operating income as a percent of revenue was driven by increased sales and lower operating expenses as a percent of revenue, as described above. The improved operating income dollar performance in fitness, marine, and auto OEM was partially offset by decreases in outdoor and aviation.

Other Income (Expense)


Other Income (Expense)	13-Weeks Ended June 29, 2024			13-Weeks Ended July 1, 2023
Interest income	$	29,286		$	18,760
Foreign currency (losses) gains		(4,828	)		10,797
Other (expense) income		(513	)		2,064
Total	$	23,945		$	31,621

The average interest rate return on cash and investments during the second quarter of 2024 was 3.4%, compared to 2.7% during the same quarter of 2023.

Foreign currency gains and losses for the Company are driven by movements of a number of currencies in relation to the U.S. Dollar. The Taiwan Dollar is the functional currency of Garmin Corporation, the Euro is the functional currency of several subsidiaries, and the U.S. Dollar is the functional currency of Garmin (Europe) Ltd., although some transactions and balances are denominated in British Pounds. Other notable currency exposures include the Australian Dollar, Chinese Yuan, Japanese Yen, and Polish Zloty. The majority of the Company’s consolidated foreign currency gain or loss is typically driven by the significant cash and marketable securities, receivables and payables held in a currency other than the functional currency at a given legal entity.

The $4.8 million currency loss recognized in the second quarter of 2024 was primarily due to the U.S. Dollar strengthening against the Euro and Polish Zloty, offset by the U.S. Dollar strengthening against the Taiwan Dollar, within the 13-week period ended June 29, 2024. During this period, the U.S. Dollar strengthened 0.7% against the Euro and 0.8% against the Polish Zloty, resulting in losses of $3.3 million and $1.7 million, respectively, while the U.S. Dollar strengthened 1.7% against the Taiwan Dollar, resulting in a gain of $8.4 million. The remaining net currency loss of $8.2 million was related to the impacts of other drivers, each of which was individually immaterial.

The $10.8 million currency gain recognized in the second quarter of 2023 was primarily due to the U.S. Dollar weakening against the Polish Zloty, British Pound Sterling, and Euro, and strengthening against the Taiwan Dollar, partially offset by the U.S. Dollar strengthening against the Chinese Yuan, Japanese Yen, and Australian Dollar, within the 13-week period ended July 1, 2023. During this period, the U.S. Dollar weakened 4.7% against the Polish Zloty, 3.0% against the British Pound Sterling, 0.7% against the Euro, and strengthened 2.0% against the Taiwan Dollar, resulting in gains of $9.4 million, $1.4 million, $0.9 million, and $7.1 million, respectively, partially offset by the U.S. Dollar strengthening 5.3% against the Chinese Yuan, 8.0% against the Japanese Yen, and 1.4% against the Australian Dollar, resulting in losses of $3.1 million, $2.1 million, and $0.8 million, respectively. The remaining net currency loss of $2.0 million was related to the impacts of other currencies, each of which was individually immaterial.

Income Tax Provision

The Company recorded income tax expense of $65.3 million in the 13-week period ended June 29, 2024, compared to income tax expense of $28.0 million in the 13-week period ended July 1, 2023. The effective tax rate was 17.9% in the second quarter of 2024, compared to 8.9% in the second quarter of 2023. The increase in effective tax rate between comparative periods was primarily due to the increase in the combined federal and cantonal Switzerland statutory tax rate in response to the implementation of global minimum tax requirements.

Net Income

As a result of the above, net income for the 13-week period ended June 29, 2024 was $300.6 million compared to $287.9 million for the 13-week period ended July 1, 2023, an increase of $12.7 million.

Comparison of 26-Weeks Ended June 29, 2024 and July 1, 2023

Net Sales


Net Sales	26-Weeks Ended June 29, 2024			Year-over-Year Change			26-Weeks Ended July 1, 2023
Fitness	$	771,296			33	%	$	579,584
Percentage of Total Net Sales		27	%					24	%
Outdoor		806,065			4	%		776,776
Percentage of Total Net Sales		28	%					31	%
Aviation		435,108			1	%		431,036
Percentage of Total Net Sales		15	%					17	%
Marine		599,689			21	%		494,777
Percentage of Total Net Sales		21	%					20	%
Auto OEM		276,162			48	%		186,046
Percentage of Total Net Sales		9	%					8	%
Total	$	2,888,320			17	%	$	2,468,219

Net sales increased 17% for the 26-week period ended June 29, 2024 when compared to the year-ago period. Total unit sales in the first half of 2024 increased to 8,545 when compared to total unit sales of 7,372 in the first half of 2023, which differs from the percent increase in revenue primarily due to shifts in segment and product mix. Outdoor was the largest portion of our revenue mix at 28% in the first half of 2024 compared to 31% in the first half of 2023.

The increase in fitness revenue was driven by sales growth across all categories, led by strong demand for advanced wearables. Outdoor revenue increased primarily due to growth in sportsman products. Aviation revenue increased due to growth in OEM product categories, partially offset by declines in aftermarket categories. Marine revenue increased primarily driven by contributions from the Company's acquisition of JL Audio. Auto OEM revenue increased primarily due to growth in domain controllers.

Gross Profit


Gross Profit	26-Weeks Ended June 29, 2024			Year-over-Year Change			26-Weeks Ended July 1, 2023
Fitness	$	440,050			50	%	$	294,073
Percentage of Segment Net Sales		57	%					51	%
Outdoor		526,953			9	%		485,026
Percentage of Segment Net Sales		65	%					62	%
Aviation		323,992			3	%		315,410
Percentage of Segment Net Sales		74	%					73	%
Marine		327,039			21	%		269,976
Percentage of Segment Net Sales		55	%					55	%
Auto OEM		46,996			(2	%)		47,751
Percentage of Segment Net Sales		17	%					26	%
Total	$	1,665,030			18	%	$	1,412,236
Percentage of Total Net Sales		58	%					57	%

Gross profit dollars in the first half of 2024 increased 18%, primarily due to the increase in net sales when compared to the year-ago period, as described above. Consolidated gross margin was relatively flat when compared to the year-ago period.

The fitness and outdoor gross margin increases of 630 and 290 basis points, respectively, were primarily attributable to favorable product mix. The aviation gross margin increase of 130 basis points was primarily attributable to lower warranty costs. The marine gross margin was relatively flat when compared to the year-ago period. The auto OEM gross margin decrease of 870 basis points was primarily attributable to unfavorable product mix.

Operating Expense


Operating Expense	26-Weeks Ended June 29, 2024			Year-over-Year Change			26-Weeks Ended July 1, 2023
Research and development expense	$	485,686			9	%	$	445,878
Percentage of Total Net Sales		17	%					18	%
Selling, General and administrative expenses		538,907			11	%		485,021
Percentage of Total Net Sales		19	%					20	%
Total	$	1,024,593			10	%	$	930,899
Percentage of Total Net Sales		35	%					38	%

Total operating expense in the first half of 2024 increased 10% in absolute dollars and decreased 220 basis points as a percent of revenue when compared to the year-ago period.

Research and development expense increased 9% in absolute dollars and decreased 130 basis points as a percent of revenue when compared to the year-ago period. The absolute dollar expense increase was primarily due to higher engineering personnel costs.

Selling, general and administrative expense increased 11% in absolute dollars and decreased 100 basis points as a percent of revenue compared to the year-ago period. The absolute dollar expense increase was primarily attributable to increased personnel-related expenses, including the impact of the Company's acquisition of JL Audio.

Operating Income


Operating Income (Loss)	26-Weeks Ended June 29, 2024			Year-over-Year Change			26-Weeks Ended July 1, 2023
Fitness	$	175,743			170	%	$	65,036
Percentage of Segment Net Sales		23	%					11	%
Outdoor		242,543			13	%		214,999
Percentage of Segment Net Sales		30	%					28	%
Aviation		102,619			(15	%)		120,460
Percentage of Segment Net Sales		24	%					28	%
Marine		147,583			25	%		118,285
Percentage of Segment Net Sales		25	%					24	%
Auto OEM		(28,051	)		(25	%)		(37,443	)
Percentage of Segment Net Sales		(10	%)					(20	%)
Total	$	640,437			33	%	$	481,337
Percentage of Total Net Sales		22	%					20	%

Total operating income in the first half of 2024 increased 33% in absolute dollars and 270 basis points as a percent of revenue when compared to the year-ago period. The increase as a percent of revenue was primarily due to increased sales and lower operating expenses as a percent of revenue, as described above. The improved operating income dollar performance in fitness, outdoor, marine, and auto OEM was partially offset by a decrease in aviation.

Other Income (Expense)


Other Income (Expense)	26-Weeks Ended June 29, 2024			26-Weeks Ended July 1, 2023
Interest income	$	54,313		$	34,659
Foreign currency (losses) gains		(2,547	)		18,484
Other Income		809			3,268
Total	$	52,575		$	56,411

The average interest returns on cash and investments during the 26-week periods ended June 29, 2024 and July 1, 2023 were 3.3% and 2.5%, respectively.

The $2.5 million currency loss recognized in the 26-week period ended June 29, 2024 was primarily due to the U.S. Dollar strengthening against the Polish Zloty, Euro, and Australian Dollar, offset by the U.S. Dollar strengthening against the Taiwan Dollar, within the 26-week period ended June 29, 2024. During this period, the U.S. Dollar strengthened 2.6% against the Polish Zloty, 2.9% against the Euro, and 2.7% against the Australian Dollar, resulting in losses of $8.5 million, $6.2 million, and $2.9 million, respectively, while the U.S. Dollar strengthened 5.6% against the Taiwan Dollar, resulting in a gain of $30.0 million. The remaining net currency loss of $14.9 million was related to the impacts of other drivers, each of which was individually immaterial.

The $18.5 million currency gain recognized in the 26-week period ended July 1, 2023 was primarily due to the U.S. Dollar weakening against the Polish Zloty, British Pound Sterling, and Euro, and strengthening against the Taiwan Dollar, partially offset by the U.S. Dollar strengthening against the Chinese Yuan, Japanese Yen, and Australian Dollar, within the 26-week period ended July 1, 2023. During this period, the U.S. Dollar weakened 7.5% against the Polish Zloty, 5.0% against the British Pound Sterling, 1.9% against the Euro, and strengthened 1.6% against the Taiwan Dollar, resulting in gains of $13.9 million, $2.7 million, $1.4 million, and $5.9 million, respectively, partially offset by the U.S. Dollar strengthening 4.0% against the Chinese Yuan, 9.1% against the Japanese Yen, and 2.4% against the Australian Dollar, resulting in losses of $2.4 million, $2.0 million, and $0.5 million, respectively. The remaining net currency loss of $0.5 million was related to the impacts of other currencies, each of which was individually immaterial.

Income Tax Provision

The Company recorded income tax expense of $116.4 million in the first half of 2024, compared to income tax expense of $47.5 million in the first half of 2023. The effective tax rate was 16.8% in the first half of 2024, compared to 8.8% in the first half of 2023. The increase in effective tax rate between comparative periods was primarily due to the increase in the combined federal and cantonal Switzerland statutory tax rate in response to the implementation of global minimum tax requirements.

Net Income

As a result of the above, net income for the 26-week period ended June 29, 2024 was $576.6 million compared to $490.3 million for the 26-week period ended July 1, 2023, an increase of $86.3 million.

Liquidity and Capital Resources

We primarily use cash flow from operations, and expect that future cash requirements may be used, to fund our capital expenditures, support our working capital requirements, pay dividends, fund share repurchases, and fund strategic acquisitions. We believe that our existing cash balances and cash flow from operations will be sufficient to meet our short- and long-term projected working capital needs, capital expenditures, and other cash requirements.

Cash, Cash Equivalents, and Marketable Securities

As of June 29, 2024, we had approximately $3.4 billion of cash, cash equivalents and marketable securities. Management invests idle or surplus cash in accordance with the Company's investment policy, which has been approved by the Company’s Board of Directors. The investment policy’s primary objectives are to preserve capital, maintain an acceptable degree of liquidity, and maximize yield within the constraint of low credit risk. Garmin’s average interest rate returns on cash and investments during the first halves of 2024 and 2023 were 3.3% and 2.5%, respectively. The fair value of our securities varies from period to period due to changes in interest rates, the performance of the underlying collateral, and the credit performance of the underlying issuer, among other factors. See Note 4 in the Notes to the Condensed Consolidated Financial Statements for additional information regarding marketable securities.

Cash Flows

Cash provided by operating activities totaled $690.6 million for the first half of 2024, compared to $552.9 million for the first half of 2023. The increase was primarily due to an increase in cash received from customers primarily driven by higher net sales as well as less cash paid for income taxes, partially offset by increases in cash paid for cost of goods sold and operating expenses in the first half of 2024 compared to the first half of 2023.

Cash used in investing activities totaled $143.2 million for the first half of 2024, compared to $70.1 million for the first half of 2023. The increase was primarily due to net purchases of marketable securities in the first half of 2024, compared to the net redemptions of marketable securities in the first half of 2023, partially offset by a decrease in purchases of property and equipment.

Cash used in financing activities totaled $285.7 million for the first half of 2024, compared to $337.1 million for the first half of 2023. This decrease was primarily due to lower purchases of treasury shares under share repurchase plans and partially offset by an increase in the purchase of treasury shares related to equity awards in the first half of 2024 compared to the first half of 2023.

Use of Cash

Operating Leases

The Company has lease arrangements for certain real estate properties, vehicles, and equipment. Leased properties are typically used for office space, distribution, and retail. As of June 29, 2024, the Company had fixed lease payment obligations of $147.7 million, with $32.5 million payable within 12 months.

Inventory Purchase Obligations

The Company obtains various raw materials and components for its products from a variety of third party suppliers. The Company’s inventory purchase obligations are primarily noncancelable. As of June 29, 2024, the Company had inventory purchase obligations of $862.7 million, with $685.2 million payable within 12 months.

Other Purchase Obligations

The Company’s other purchase obligations primarily consist of noncancelable commitments for capital expenditures and other indirect purchases in connection with conducting our business. As of June 29, 2024, the Company had other purchase obligations of $373.7 million, with $170.5 million payable within 12 months.

Critical Accounting Policies and Estimates

General

Our discussion and analysis of financial condition and results of operations are based upon the Company’s condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The presentation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to customer sales programs and incentives, product returns, bad debts, inventories, investments, intangible assets, income taxes, warranty obligations, and contingencies and litigation. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

For a description of the significant accounting policies and methods used in the preparation of the Company’s condensed consolidated financial statements, refer to Note 1, “Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in Part II, Item 8 and “Critical Accounting Policies and Estimates” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023. There were no significant changes to the Company’s critical accounting policies and estimates in the 13-week and 26-week periods ended June 29, 2024.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There are numerous market risks that can affect our future business, financial condition and results of operations. In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part II, Item 7A, "Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended December 30, 2023. There have been no material changes during the 13-week and 26-week periods ended June 29, 2024 in the risks described in our Annual Report on Form 10-K related to market sensitivity, inflation, foreign currency exchange rate risk and interest rate risk.

Item 4. Controls and Procedures

(a) Evaluation of disclosure controls and procedures. The Company maintains a system of disclosure controls and procedures that are designed to provide reasonable assurance that information, which is required to be timely disclosed, is accumulated and communicated to management in a timely fashion. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. As of June 29, 2024, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded as of June 29, 2024 that our disclosure controls and procedures were effective such that the information relating to the Company, required to be disclosed in our Securities and Exchange Commission (SEC) reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to the Company’s management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b) Changes in internal control over financial reporting. There has been no change in the Company’s internal controls over financial reporting that occurred during the Company’s fiscal quarter ended June 29, 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II - Other Information

Item 1. Legal Proceedings

In the normal course of business, the Company and its subsidiaries are parties to various legal claims, actions, and complaints, including matters involving patent infringement, other intellectual property, product liability, customer claims and various other risks. It is not possible to predict with certainty whether or not the Company and its subsidiaries will ultimately be successful in any of these legal matters, or if not, what the impact might be. However, the Company’s management does not expect that the results in any of these legal proceedings will have a material adverse effect on the Company’s business, results of operations, financial position or cash flows. For additional information, see Note 8, "Commitments and Contingencies" in the above Condensed Consolidated Financial Statements and Part I, Item 3, “Legal Proceedings” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023.

Item 1A. Risk Factors

There are many risks and uncertainties that can affect our future business, financial performance or share price. In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 30, 2023. There have been no material changes during the 26-week period ended June 29, 2024 in the risks described in our Annual Report on Form 10-K. These risks, however, are not the only risks facing our Company. Additional risks and uncertainties, including those not currently known to us or that we currently deem to be immaterial, also may materially adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

Share repurchase activity during the 13-week period ended June 29, 2024, summarized on a trade-date basis, was as follows (in thousands, except per share amounts):


Period	Total Number of Shares Purchased (1)		Average Price Paid Per Share (2)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program
March 31, 2024 - April 27, 2024		2	$	139.48		2	$	299,721
April 28, 2024 - May 25, 2024		10	$	165.99		10	$	298,061
May 26, 2024 - June 29, 2024		48	$	161.96		48	$	290,287
Total		60				60

(1) The Board of Directors approved a share repurchase program on February 16, 2024 (the "2024 Program"), which was announced on February 21, 2024. The 2024 Program authorizes the Company to purchase up to $300 million of its common shares, exclusive of the cost of any associated excise tax. Share repurchases may be made in the open market or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and volume of share repurchases are subject to market conditions, business conditions and applicable laws, and are at management’s discretion. The 2024 Program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time. The 2024 Program expires on December 26, 2026. Refer to Note 9 in the Notes to the Condensed Consolidated Financial Statements for additional information related to share repurchases.

(2) Average price paid per share includes costs associated with the repurchases, except for the cost of any associated excise tax.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the 13-week period ended June 29, 2024, no directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) of the Company adopted or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits


Exhibit 3.1		Articles of Association of Garmin Ltd., as amended and restated on June 7, 2024 (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed on June 11, 2024).

Exhibit 3.2		Organizational Regulations of Garmin Ltd., as amended on October 25, 2019 (incorporated by reference to Exhibit 3.2 of the Registrant’s Amendment No.1 to Current Report on Form 8-K/A filed on November 21, 2019).

Exhibit 31.1‡		Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a).

Exhibit 31.2‡		Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a).

Exhibit 32.1†		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.2†		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 101.INS‡		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

Exhibit 101.SCH‡		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents

Exhibit 104‡		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

‡ Filed herewith.

† Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	GARMIN LTD.

	By	/s/ Douglas G. Boessen
		Douglas G. Boessen
		Chief Financial Officer
		(Principal Financial Officer and
		Principal Accounting Officer)

Dated: July 31, 2024

EXHIBIT 31.1

CERTIFICATION

I, Clifton A. Pemble, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Garmin Ltd.;

2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities particularly during the period in which this quarterly report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: July 31, 2024	By	/s/ Clifton A. Pemble
		Clifton A. Pemble
		President and Chief Executive Officer

EXHIBIT 31.2

CERTIFICATION

I, Douglas G. Boessen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Garmin Ltd.;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: July 31, 2024	By	/s/ Douglas G. Boessen
		Douglas G. Boessen
		Chief Financial Officer

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Garmin Ltd. (the “Company”) on Form 10-Q for the period ending June 29, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Clifton A. Pemble, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:


	(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and


	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: July 31, 2024	By	/s/ Clifton A. Pemble
		Clifton A. Pemble
		President and Chief Executive Officer

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Garmin Ltd. (the “Company”) on Form 10-Q for the period ending June 29, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Douglas G. Boessen, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:


	(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and


	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: July 31, 2024	By	/s/ Douglas G. Boessen
		Douglas G. Boessen
		Chief Financial Officer

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 29, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 29, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-28
Entity File Number	001-41118
Entity Registrant Name	GARMIN LTD
Entity Central Index Key	0001121788
Entity Tax Identification Number	98-0229227
Entity Incorporation, State or Country Code	V8
Entity Address, Address Line1	Mühlentalstrasse 2
Entity Address, City or Town	Schaffhausen
Entity Address, Country	CH
Entity Address, Postal Zip Code	8200
City Area Code	41 52
Local Phone Number	630 1600
Title of 12(b) Security	Registered Shares, $0.10 Per Share Par Value
Trading Symbol	GRMN
Security Exchange Name	NYSE
Entity's Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		192,213,829

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Net sales	$ 1,506,671	$ 1,320,795	$ 2,888,320	$ 2,468,219
Cost of goods sold	643,780	561,353	1,223,290	1,055,983
Gross profit	862,891	759,442	1,665,030	1,412,236
Research and development expense	243,151	224,394	485,686	445,878
Selling, general and administrative expenses	277,713	250,693	538,907	485,021
Total operating expense	520,864	475,087	1,024,593	930,899
Operating income	342,027	284,355	640,437	481,337
Other income (expense):
Interest income	29,286	18,760	54,313	34,659
Foreign currency (losses) gains	(4,828)	10,797	(2,547)	18,484
Other (expense) income	(513)	2,064	809	3,268
Total other income (expense)	23,945	31,621	52,575	56,411
Income before income taxes	365,972	315,976	693,012	537,748
Income tax provision	65,342	28,037	116,421	47,482
Net income	$ 300,630	$ 287,939	$ 576,591	$ 490,266
Net income per share:
Basic	$ 1.57	$ 1.51	$ 3	$ 2.56
Diluted	$ 1.56	$ 1.5	$ 2.99	$ 2.56
Weighted average common shares outstanding:
Basic	192,074	191,293	191,982	191,395
Diluted	192,899	191,597	192,808	191,741

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 300,630	$ 287,939	$ 576,591	$ 490,266
Foreign currency translation adjustment	(20,320)	(25,342)	(79,375)	(8,451)
Change in fair value of available-for-sale marketable securities, net of deferred taxes	4,382	(3,392)	6,995	7,684
Comprehensive income	$ 284,692	$ 259,205	$ 504,211	$ 489,499

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 1,937,483	$ 1,693,452
Marketable securities	288,659	274,618
Accounts receivable, net	808,446	815,243
Inventories	1,319,643	1,345,955
Deferred costs	20,946	16,316
Prepaid expenses and other current assets	322,041	318,556
Total current assets	4,697,218	4,464,140
Property and equipment, net of accumulated depreciation of $1,076,312 and $1,030,588	1,206,020	1,224,097
Operating lease right-of-use assets	130,302	143,724
Noncurrent marketable securities	1,192,190	1,125,191
Deferred income tax assets	777,019	754,635
Noncurrent deferred costs	8,921	11,057
Goodwill	599,606	608,474
Other intangible assets, net	168,392	186,601
Other noncurrent assets	103,654	85,650
Total assets	8,883,322	8,603,569
Current liabilities:
Accounts payable	331,938	253,790
Salaries and benefits payable	172,284	190,014
Accrued warranty costs	58,253	55,738
Accrued sales program costs	90,191	98,610
Other accrued expenses	196,381	245,874
Deferred revenue	105,999	101,189
Income taxes payable	236,708	225,475
Dividend payable	432,569	139,997
Total current liabilities	1,624,323	1,310,687
Deferred income tax liabilities	102,951	114,682
Noncurrent income taxes payable	16,480	16,521
Noncurrent deferred revenue	31,848	36,148
Noncurrent operating lease liabilities	102,167	113,035
Other noncurrent liabilities	571	436
Stockholders’ equity:
Common shares (194,901 and 195,880 shares authorized and issued; 192,251 and 191,777 shares outstanding)	19,490	19,588
Additional paid-in capital	2,183,158	2,125,467
Treasury shares (2,650 and 4,103 shares)	(223,899)	(330,909)
Retained earnings	5,164,227	5,263,528
Accumulated other comprehensive income (loss)	(137,994)	(65,614)
Total stockholders’ equity	7,004,982	7,012,060
Total liabilities and stockholders’ equity	$ 8,883,322	$ 8,603,569

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 1,076,312	$ 1,030,588
Common shares, authorized	194,901	195,880
Common shares, issued	194,901	195,880
Common shares, outstanding	192,251	191,777
Treasury Stock, Common, Shares	2,650	4,103

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Operating Activities:
Net income	$ 576,591	$ 490,266
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	67,890	64,816
Amortization	21,047	22,788
Loss (gain) on sale or disposal of property and equipment	128	(124)
Unrealized foreign currency losses (gains)	3,165	(13,054)
Deferred income taxes	(35,778)	(68,859)
Stock compensation expense	65,983	43,397
Realized loss on marketable securities	29	59
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts	(8,600)	(62,832)
Inventories	(11,368)	111,531
Other current and non-current assets	(39,759)	2,769
Accounts payable	92,065	45,206
Other current and non-current liabilities	(62,099)	(39,484)
Deferred revenue	667	4,711
Deferred costs	(2,516)	(990)
Income Taxes	23,181	(47,288)
Net cash provided by operating activities	690,626	552,912
Investing activities:
Purchases of property and equipment	(70,325)	(99,346)
Purchase of marketable securities	(281,297)	(68,978)
Redemption of marketable securities	203,775	98,885
Net cash from (payments for) acquisitions	5,011	0
Other investing activities, net	(321)	(695)
Net cash used in investing activities	(143,157)	(70,134)
Financing activities:
Dividends	(284,246)	(279,442)
Proceeds from issuance of treasury shares related to equity awards	24,530	21,946
Purchase of treasury stock related to equity awards	(16,264)	(9,397)
Purchase of treasury stock under share repurchase plan	(9,713)	(70,181)
Net cash used in financing activities	(285,693)	(337,074)
Effect of exchange rate changes on cash and cash equivalents	(17,761)	599
Net increase in cash, cash equivalents, and restricted cash	244,015	146,303
Cash, cash equivalents, and restricted cash at beginning of period	1,694,156	1,279,912
Cash, cash equivalents, and restricted cash at end of period	$ 1,938,171	$ 1,426,215

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock, Common [Member]	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance, value at Dec. 31, 2022	$ 6,204,340	$ 17,979	$ 2,042,472	$ (475,095)	$ 4,733,517	$ (114,533)
Net Income (Loss)	490,266				490,266
Translation adjustment	(8,451)					(8,451)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	7,684					7,684
Comprehensive income	489,499
Dividends	(558,512)				(558,512)
Issuance of treasury shares related to equity awards	21,946		(6,482)	28,428
Stock compensation	43,397		43,397
Purchase of treasury shares related to equity awards	(9,397)			(9,397)
Purchase of treasury shares under share repurchase plan, including any associated excise tax	(67,451)			(67,451)
Cancellation of treasury shares		(238)		200,827	(200,589)
Share capital currency change		1,847	(1,847)
Ending balance, value at Jul. 01, 2023	6,123,822	19,588	2,077,540	(322,688)	4,464,682	(115,300)
Beginning balance, value at Apr. 01, 2023	6,405,004	17,979	2,048,339	(510,478)	4,935,730	(86,566)
Net Income (Loss)	287,939				287,939
Translation adjustment	(25,342)					(25,342)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	(3,392)					(3,392)
Comprehensive income	259,205
Dividends	(558,398)				(558,398)
Issuance of treasury shares related to equity awards	21,946		8,383	13,563
Stock compensation	22,665		22,665
Purchase of treasury shares related to equity awards	(228)			(228)
Purchase of treasury shares under share repurchase plan, including any associated excise tax	(26,372)			(26,372)
Cancellation of treasury shares		(238)		200,827	(200,589)
Share capital currency change		1,847	(1,847)
Ending balance, value at Jul. 01, 2023	6,123,822	19,588	2,077,540	(322,688)	4,464,682	(115,300)
Beginning balance, value at Dec. 30, 2023	7,012,060	19,588	2,125,467	(330,909)	5,263,528	(65,614)
Net Income (Loss)	576,591				576,591
Translation adjustment	(79,375)					(79,375)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	6,995					6,995
Comprehensive income	504,211
Dividends	(576,817)				(576,817)
Issuance of treasury shares related to equity awards	24,530		(8,292)	32,822
Stock compensation	65,983		65,983
Purchase of treasury shares related to equity awards	(16,264)			(16,264)
Purchase of treasury shares under share repurchase plan, including any associated excise tax	(8,721)			(8,721)
Cancellation of treasury shares		(98)		99,173	(99,075)
Ending balance, value at Jun. 29, 2024	7,004,982	19,490	2,183,158	(223,899)	5,164,227	(137,994)
Beginning balance, value at Mar. 30, 2024	7,246,097	19,490	2,135,384	(226,921)	5,440,200	(122,056)
Net Income (Loss)	300,630				300,630
Translation adjustment	(20,320)					(20,320)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	4,382					4,382
Comprehensive income	284,692
Dividends	(576,603)				(576,603)
Issuance of treasury shares related to equity awards	24,530		12,510	12,020
Stock compensation	35,264		35,264
Purchase of treasury shares related to equity awards	(277)			(277)
Purchase of treasury shares under share repurchase plan, including any associated excise tax	(8,721)			(8,721)
Ending balance, value at Jun. 29, 2024	$ 7,004,982	$ 19,490	$ 2,183,158	$ (223,899)	$ 5,164,227	$ (137,994)

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Stockholders' Equity [Abstract]
Adjustment related to unrealized gains (losses) on available-for-sale securities income tax effects	$ 1,385	$ 974	$ 2,196	$ 1,642

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 300,630	$ 287,939	$ 576,591	$ 490,266

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies

6 Months Ended

Jun. 29, 2024

Accounting Policies [Abstract]

Accounting Policies

1. Accounting Policies

Basis of Presentation and Principles of Consolidation

Changes in Classification and Allocation

Certain prior period amounts have been reclassified or presented to conform to the current period presentation.

Significant Accounting Policies

Recently Adopted Accounting Standards

There are no recently adopted accounting standards that have a material impact on the Company’s consolidated financial statements, accounting policies, processes, or systems.

Recently Issued Accounting Pronouncements Not Yet Adopted

Income Taxes

Segment Reporting

Revenue

6 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

Revenue

2. Revenue


	13-Weeks Ended				26-Weeks Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Point in time	$	1,428,175	$	1,251,214	$	2,734,622	$	2,332,283
Over time		78,496		69,581		153,698		135,936
Net sales	$	1,506,671	$	1,320,795	$	2,888,320	$	2,468,219


	26-Weeks Ended June 29, 2024
	Deferred Revenue (1)			Deferred Costs (2)
Balance, beginning of period	$	137,337		$	27,373
Deferrals in period		154,208			28,680
Recognition of deferrals in period		(153,698	)		(26,186	)
Balance, end of period	$	137,847		$	29,867

(1) Deferred revenue is comprised of both deferred revenue and noncurrent deferred revenue per the condensed consolidated balance sheets.

(2) Deferred costs are comprised of both deferred costs and noncurrent deferred costs per the condensed consolidated balance sheets.

Earnings Per Share

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Earnings Per Share

3. Earnings Per Share


	13-Weeks Ended				26-Weeks Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator:
Numerator for basic and diluted net income per share – net income	$	300,630	$	287,939	$	576,591	$	490,266

Denominator:
Denominator for basic net income per share – weighted-average common shares		192,074		191,293		191,982		191,395

Effect of dilutive equity awards		825		304		826		346

Denominator for diluted net income per share – adjusted weighted-average common shares		192,899		191,597		192,808		191,741

Basic net income per share	$	1.57	$	1.51	$	3.00	$	2.56

Diluted net income per share	$	1.56	$	1.50	$	2.99	$	2.56

Shares excluded from diluted net income per share calculation:
Anti-dilutive equity awards		—		218		—		218

Marketable Securities

6 Months Ended

Jun. 29, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

4. Marketable Securities


	Level 1	Unadjusted quoted prices in active markets for the identical asset or liability


	Level 2	Observable inputs for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability


	Level 3	Unobservable inputs for the asset or liability

Marketable securities classified as available-for-sale securities are summarized below:


	Available-For-Sale Securities as of June 29, 2024
	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities	Level 2	$	16,936	$	2	$	—		$	16,938
Agency securities	Level 2		25,688		18		(551	)		25,155
Mortgage-backed securities	Level 2		36,294		—		(4,413	)		31,881
Corporate debt securities	Level 2		1,177,137		660		(39,182	)		1,138,615
Municipal securities	Level 2		281,008		16		(15,629	)		265,395
Other	Level 2		3,025		—		(160	)		2,865
Total		$	1,540,088	$	696	$	(59,935	)	$	1,480,849


	Available-For-Sale Securities as of December 30, 2023
	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities	Level 2	$	2,971	$	1	$	—		$	2,972
Agency securities	Level 2		23,692		32		(585	)		23,139
Mortgage-backed securities	Level 2		38,743		—		(4,731	)		34,012
Corporate debt securities	Level 2		1,104,834		1,680		(46,073	)		1,060,441
Municipal securities	Level 2		294,240		98		(18,430	)		275,908
Other	Level 2		3,760		—		(423	)		3,337
Total		$	1,468,240	$	1,811	$	(70,242	)	$	1,399,809


	As of June 29, 2024
	Less than 12 Consecutive Months					12 Consecutive Months or Longer					Total
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Agency securities	$	(33	)	$	6,929	$	(518	)	$	7,482	$	(551	)	$	14,411
Mortgage-backed securities		—			—		(4,413	)		31,881		(4,413	)		31,881
Corporate debt securities		(1,882	)		264,993		(37,300	)		771,326		(39,182	)		1,036,319
Municipal securities		(94	)		14,280		(15,535	)		243,951		(15,629	)		258,231
Other		—			—		(160	)		2,865		(160	)		2,865
Total	$	(2,009	)	$	286,202	$	(57,926	)	$	1,057,505	$	(59,935	)	$	1,343,707


	As of December 30, 2023
	Less than 12 Consecutive Months					12 Consecutive Months or Longer					Total
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Agency securities	$	(31	)	$	10,923	$	(554	)	$	6,446	$	(585	)	$	17,369
Mortgage-backed securities		—			—		(4,731	)		34,012		(4,731	)		34,012
Corporate debt securities		(702	)		64,637		(45,371	)		889,785		(46,073	)		954,422
Municipal securities		(32	)		2,654		(18,398	)		261,651		(18,430	)		264,305
Other		—			—		(423	)		3,337		(423	)		3,337
Total	$	(765	)	$	78,214	$	(69,477	)	$	1,195,231	$	(70,242	)	$	1,273,445

As of June 29, 2024 and December 30, 2023, the Company had not recognized an allowance for credit losses on any securities in an unrealized loss position.

The amortized cost and fair value of marketable securities at June 29, 2024, by maturity, are shown below.


	Amortized Cost		Fair Value
Due in one year or less	$	294,119	$	288,659
Due after one year through five years		1,228,392		1,177,147
Due after five years through ten years		8,238		7,405
Due after ten years		9,339		7,638
Total	$	1,540,088	$	1,480,849

Income Taxes

6 Months Ended

Jun. 29, 2024

Income Tax Disclosure [Abstract]

Income Taxes

5. Income Taxes

Inventories

6 Months Ended

Jun. 29, 2024

Inventory Disclosure [Abstract]

Inventories

6. Inventories

The components of inventories consist of the following:


	June 29, 2024		December 30, 2023
Raw materials	$	525,166	$	493,493
Work-in-process		199,063		160,919
Finished goods		595,414		691,543
Inventories	$	1,319,643	$	1,345,955

Warranty Reserves

6 Months Ended

Jun. 29, 2024

Product Warranties Disclosures [Abstract]

Warranty Reserves

7. Warranty Reserves


	13-Weeks Ended						26-Weeks Ended
	June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Balance - beginning of period	$	55,219		$	52,675		$	55,738		$	50,952
Accrual for products sold (1)		26,932			18,345			45,294			40,726
Expenditures		(23,898	)		(18,668	)		(42,779	)		(39,326	)
Balance - end of period	$	58,253		$	52,352		$	58,253		$	52,352

(1) Changes in cost estimates related to pre-existing warranties were not material and aggregated with accruals for new warranty contracts in the ‘accrual for products sold’ line.

Commitments and Contingencies

6 Months Ended

Jun. 29, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

Commitments

Contingencies

Stockholders' Equity

6 Months Ended

Jun. 29, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

9. Stockholders' Equity

Dividends

The Company's shareholders approved the following dividends:


Approval Date	Dividend Payment Date	Record Date	Dividend Per Share
Fiscal 2024
June 7, 2024	June 28, 2024	June 17, 2024	$	0.75
June 7, 2024	September 27, 2024	September 13, 2024	$	0.75
June 7, 2024	December 27, 2024	December 13, 2024	$	0.75
June 7, 2024	March 28, 2025	March 14, 2025	$	0.75
Total			$	3.00

Fiscal 2023
June 9, 2023	June 30, 2023	June 20, 2023	$	0.73
June 9, 2023	September 29, 2023	September 15, 2023	$	0.73
June 9, 2023	December 29, 2023	December 15, 2023	$	0.73
June 9, 2023	March 29, 2024	March 15, 2024	$	0.73
Total			$	2.92

Fiscal 2022
June 10, 2022	June 30, 2022	June 20, 2022	$	0.73
June 10, 2022	September 30, 2022	September 15, 2022	$	0.73
June 10, 2022	December 30, 2022	December 15, 2022	$	0.73
June 10, 2022	March 31, 2023	March 15, 2023	$	0.73
Total			$	2.92

Share Repurchase Programs

Treasury Shares

Accumulated Other Comprehensive Income

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

Accumulated Other Comprehensive Income

10. Accumulated Other Comprehensive Income (Loss)

The following provides required disclosure of changes in accumulated other comprehensive income (loss) balances by component for the 13-week and 26-week periods ended June 29, 2024:


	13-Weeks Ended June 29, 2024
	Foreign currency translation adjustment			Net gains (losses) on available-for-sale securities			Total
Balance - beginning of period	$	(70,563	)	$	(51,493	)	$	(122,056	)
Other comprehensive income (loss) before reclassification, net of income tax expense of $1,380		(20,320	)		4,358			(15,962	)
Amounts reclassified from accumulated other comprehensive income (loss) to other (expense) income, net of income tax benefit of $5 included in income tax provision		—			24			24
Net current-period other comprehensive income (loss)		(20,320	)		4,382			(15,938	)
Balance - end of period	$	(90,883	)	$	(47,111	)	$	(137,994	)


	26-Weeks Ended June 29, 2024
	Foreign currency translation adjustment			Net gains (losses) on available-for-sale securities			Total
Balance - beginning of period	$	(11,508	)	$	(54,106	)	$	(65,614	)
Other comprehensive income (loss) before reclassification, net of income tax expense of $2,191		(79,375	)		6,971			(72,404	)
Amounts reclassified from accumulated other comprehensive income (loss) to other (expense) income, net of income tax benefit of $5 included in income tax provision		—			24			24
Net current-period other comprehensive income (loss)		(79,375	)		6,995			(72,380	)
Balance - end of period	$	(90,883	)	$	(47,111	)	$	(137,994	)

Segment Information and Geographic Data

6 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Segment Information and Geographic Data

11. Segment Information and Geographic Data

Garmin is organized in the five operating segments of fitness, outdoor, aviation, marine, and auto OEM. These operating segments represent the Company's reportable segments.

Net sales (“revenue”), gross profit, and operating income for each of the Company’s five reportable segments are presented below.


	Fitness		Outdoor		Aviation		Marine		Auto OEM			Total
13-Weeks Ended June 29, 2024
Net sales	$	428,404	$	439,872	$	218,253	$	272,953	$	147,189		$	1,506,671
Gross profit		245,248		284,214		161,366		147,787		24,276			862,891
Operating income (loss)		107,610		135,592		50,485		59,892		(11,552	)		342,027

13-Weeks Ended July 1, 2023
Net sales	$	334,863	$	448,114	$	217,454	$	215,802	$	104,562		$	1,320,795
Gross profit		173,163		280,078		160,957		120,344		24,900			759,442
Operating income (loss)		54,458		138,255		62,766		46,377		(17,501	)		284,355

26-Weeks Ended June 29, 2024
Net sales	$	771,296	$	806,065	$	435,108	$	599,689	$	276,162		$	2,888,320
Gross profit		440,050		526,953		323,992		327,039		46,996			1,665,030
Operating income (loss)		175,743		242,543		102,619		147,583		(28,051	)		640,437

26-Weeks Ended July 1, 2023
Net sales	$	579,584	$	776,776	$	431,036	$	494,777	$	186,046		$	2,468,219
Gross profit		294,073		485,026		315,410		269,976		47,751			1,412,236
Operating income (loss)		65,036		214,999		120,460		118,285		(37,443	)		481,337


	13-Weeks Ended				26-Weeks Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Americas	$	740,577	$	641,848	$	1,456,694	$	1,253,552
EMEA		542,016		457,550		1,005,399		813,403
APAC		224,078		221,397		426,227		401,264
Net sales to external customers	$	1,506,671	$	1,320,795	$	2,888,320	$	2,468,219

Accounting Policies (Policies)	6 Months Ended
Accounting Policies (Policies)	Jun. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Garmin Ltd. and its wholly-owned subsidiaries (collectively, we, our, us, the Company or Garmin). Intercompany balances and transactions have been eliminated. The condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The condensed consolidated balance sheet at December 30, 2023 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Additionally, the condensed consolidated financial statements should be read in conjunction with Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-Q, and the Company’s Annual Report on Form 10-K for the year ended December 30, 2023. The Company's operating results are subject to fluctuations associated with seasonal demand for consumer products, the timing of new product introductions, and original equipment manufacturer (OEM) customer production schedules. Therefore, operating results for the 13-week and 26-week periods ended June 29, 2024 are not necessarily indicative of the results that may be expected for the year ending December 28, 2024. The Company’s fiscal year is based on a 52- or 53-week period ending on the last Saturday of the calendar year. Therefore, the financial results of certain 53-week fiscal years, and the associated 14-week quarters, will not be exactly comparable to the prior and subsequent 52-week fiscal years and the associated 13-week quarters. The quarters ended June 29, 2024 and July 1, 2023 both contain operating results for 13 weeks.
Changes in Classification and Allocation	Changes in Classification and Allocation Certain prior period amounts have been reclassified or presented to conform to the current period presentation. In the first quarter of fiscal 2024, the Company changed the presentation of operating expense to include advertising expense within selling, general and administrative expenses on the Company's condensed consolidated statements of income, which management believes to be a more meaningful presentation. As a result, the Company’s condensed consolidated statements of income have been recast for the 13-week and 26-week periods ended July 1, 2023 to conform with the current period presentation. This change had no effect on the Company’s consolidated operating or net income.
Significant Accounting Policies	Significant Accounting Policies For a description of the significant accounting policies and methods used in the preparation of the Company’s condensed consolidated financial statements, refer to Note 1, “Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2023. There were no material changes to the Company’s significant accounting policies during the 26-week period ended June 29, 2024.
Recently Adopted Accounting Standards and Not Yet Adopted Accounting Pronouncements	Recently Adopted Accounting Standards There are no recently adopted accounting standards that have a material impact on the Company’s consolidated financial statements, accounting policies, processes, or systems. Recently Issued Accounting Pronouncements Not Yet Adopted Income Taxes In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that the updated standard will have on its financial statement disclosures. Segment Reporting In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not believe that the updated standard will have a material impact on its financial statement disclosures.

Revenue (Tables)

6 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue Disaggregated

Revenue disaggregated by the timing of transfer of the goods or services is presented in the table below:


	13-Weeks Ended				26-Weeks Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Point in time	$	1,428,175	$	1,251,214	$	2,734,622	$	2,332,283
Over time		78,496		69,581		153,698		135,936
Net sales	$	1,506,671	$	1,320,795	$	2,888,320	$	2,468,219

Schedule of Deferred Revenue and Costs

Changes in deferred revenue and costs during the 26-week period ended June 29, 2024 are presented below:


	26-Weeks Ended June 29, 2024
	Deferred Revenue (1)			Deferred Costs (2)
Balance, beginning of period	$	137,337		$	27,373
Deferrals in period		154,208			28,680
Recognition of deferrals in period		(153,698	)		(26,186	)
Balance, end of period	$	137,847		$	29,867

(1) Deferred revenue is comprised of both deferred revenue and noncurrent deferred revenue per the condensed consolidated balance sheets.

(2) Deferred costs are comprised of both deferred costs and noncurrent deferred costs per the condensed consolidated balance sheets.

Earnings Per Share (Tables)

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income Per Share


	13-Weeks Ended				26-Weeks Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator:
Numerator for basic and diluted net income per share – net income	$	300,630	$	287,939	$	576,591	$	490,266

Denominator:
Denominator for basic net income per share – weighted-average common shares		192,074		191,293		191,982		191,395

Effect of dilutive equity awards		825		304		826		346

Denominator for diluted net income per share – adjusted weighted-average common shares		192,899		191,597		192,808		191,741

Basic net income per share	$	1.57	$	1.51	$	3.00	$	2.56

Diluted net income per share	$	1.56	$	1.50	$	2.99	$	2.56

Shares excluded from diluted net income per share calculation:
Anti-dilutive equity awards		—		218		—		218

Marketable Securities (Tables)

6 Months Ended

Jun. 29, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities Classified as Available-for-sale Securities

Marketable securities classified as available-for-sale securities are summarized below:


	Available-For-Sale Securities as of June 29, 2024
	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities	Level 2	$	16,936	$	2	$	—		$	16,938
Agency securities	Level 2		25,688		18		(551	)		25,155
Mortgage-backed securities	Level 2		36,294		—		(4,413	)		31,881
Corporate debt securities	Level 2		1,177,137		660		(39,182	)		1,138,615
Municipal securities	Level 2		281,008		16		(15,629	)		265,395
Other	Level 2		3,025		—		(160	)		2,865
Total		$	1,540,088	$	696	$	(59,935	)	$	1,480,849


	Available-For-Sale Securities as of December 30, 2023
	Fair Value Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities	Level 2	$	2,971	$	1	$	—		$	2,972
Agency securities	Level 2		23,692		32		(585	)		23,139
Mortgage-backed securities	Level 2		38,743		—		(4,731	)		34,012
Corporate debt securities	Level 2		1,104,834		1,680		(46,073	)		1,060,441
Municipal securities	Level 2		294,240		98		(18,430	)		275,908
Other	Level 2		3,760		—		(423	)		3,337
Total		$	1,468,240	$	1,811	$	(70,242	)	$	1,399,809

Schedule of Gross Unrealized Losses and Fair Value by Major Security Type


	As of June 29, 2024
	Less than 12 Consecutive Months					12 Consecutive Months or Longer					Total
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Agency securities	$	(33	)	$	6,929	$	(518	)	$	7,482	$	(551	)	$	14,411
Mortgage-backed securities		—			—		(4,413	)		31,881		(4,413	)		31,881
Corporate debt securities		(1,882	)		264,993		(37,300	)		771,326		(39,182	)		1,036,319
Municipal securities		(94	)		14,280		(15,535	)		243,951		(15,629	)		258,231
Other		—			—		(160	)		2,865		(160	)		2,865
Total	$	(2,009	)	$	286,202	$	(57,926	)	$	1,057,505	$	(59,935	)	$	1,343,707


	As of December 30, 2023
	Less than 12 Consecutive Months					12 Consecutive Months or Longer					Total
	Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value
Agency securities	$	(31	)	$	10,923	$	(554	)	$	6,446	$	(585	)	$	17,369
Mortgage-backed securities		—			—		(4,731	)		34,012		(4,731	)		34,012
Corporate debt securities		(702	)		64,637		(45,371	)		889,785		(46,073	)		954,422
Municipal securities		(32	)		2,654		(18,398	)		261,651		(18,430	)		264,305
Other		—			—		(423	)		3,337		(423	)		3,337
Total	$	(765	)	$	78,214	$	(69,477	)	$	1,195,231	$	(70,242	)	$	1,273,445

Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities by Maturity

The amortized cost and fair value of marketable securities at June 29, 2024, by maturity, are shown below.


	Amortized Cost		Fair Value
Due in one year or less	$	294,119	$	288,659
Due after one year through five years		1,228,392		1,177,147
Due after five years through ten years		8,238		7,405
Due after ten years		9,339		7,638
Total	$	1,540,088	$	1,480,849

Inventories (Tables)

6 Months Ended

Jun. 29, 2024

Inventory Disclosure [Abstract]

Schedule of inventories

The components of inventories consist of the following:


	June 29, 2024		December 30, 2023
Raw materials	$	525,166	$	493,493
Work-in-process		199,063		160,919
Finished goods		595,414		691,543
Inventories	$	1,319,643	$	1,345,955

Warranty Reserves (Tables)

6 Months Ended

Jun. 29, 2024

Product Warranties Disclosures [Abstract]

Schedule of Changes in the Aggregate Warranty Reserve

The following reconciliation presents details of the changes in the Company's accrued warranty costs:


	13-Weeks Ended						26-Weeks Ended
	June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Balance - beginning of period	$	55,219		$	52,675		$	55,738		$	50,952
Accrual for products sold (1)		26,932			18,345			45,294			40,726
Expenditures		(23,898	)		(18,668	)		(42,779	)		(39,326	)
Balance - end of period	$	58,253		$	52,352		$	58,253		$	52,352

(1) Changes in cost estimates related to pre-existing warranties were not material and aggregated with accruals for new warranty contracts in the ‘accrual for products sold’ line.

Stockholders' Equity (Tables)

6 Months Ended

Jun. 29, 2024

Stockholders' Equity Note [Abstract]

Schedule of Dividends Declared

The Company's shareholders approved the following dividends:


Approval Date	Dividend Payment Date	Record Date	Dividend Per Share
Fiscal 2024
June 7, 2024	June 28, 2024	June 17, 2024	$	0.75
June 7, 2024	September 27, 2024	September 13, 2024	$	0.75
June 7, 2024	December 27, 2024	December 13, 2024	$	0.75
June 7, 2024	March 28, 2025	March 14, 2025	$	0.75
Total			$	3.00

Fiscal 2023
June 9, 2023	June 30, 2023	June 20, 2023	$	0.73
June 9, 2023	September 29, 2023	September 15, 2023	$	0.73
June 9, 2023	December 29, 2023	December 15, 2023	$	0.73
June 9, 2023	March 29, 2024	March 15, 2024	$	0.73
Total			$	2.92

Fiscal 2022
June 10, 2022	June 30, 2022	June 20, 2022	$	0.73
June 10, 2022	September 30, 2022	September 15, 2022	$	0.73
June 10, 2022	December 30, 2022	December 15, 2022	$	0.73
June 10, 2022	March 31, 2023	March 15, 2023	$	0.73
Total			$	2.92

Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (AOCI)

The following provides required disclosure of changes in accumulated other comprehensive income (loss) balances by component for the 13-week and 26-week periods ended June 29, 2024:


	13-Weeks Ended June 29, 2024
	Foreign currency translation adjustment			Net gains (losses) on available-for-sale securities			Total
Balance - beginning of period	$	(70,563	)	$	(51,493	)	$	(122,056	)
Other comprehensive income (loss) before reclassification, net of income tax expense of $1,380		(20,320	)		4,358			(15,962	)
Amounts reclassified from accumulated other comprehensive income (loss) to other (expense) income, net of income tax benefit of $5 included in income tax provision		—			24			24
Net current-period other comprehensive income (loss)		(20,320	)		4,382			(15,938	)
Balance - end of period	$	(90,883	)	$	(47,111	)	$	(137,994	)


	26-Weeks Ended June 29, 2024
	Foreign currency translation adjustment			Net gains (losses) on available-for-sale securities			Total
Balance - beginning of period	$	(11,508	)	$	(54,106	)	$	(65,614	)
Other comprehensive income (loss) before reclassification, net of income tax expense of $2,191		(79,375	)		6,971			(72,404	)
Amounts reclassified from accumulated other comprehensive income (loss) to other (expense) income, net of income tax benefit of $5 included in income tax provision		—			24			24
Net current-period other comprehensive income (loss)		(79,375	)		6,995			(72,380	)
Balance - end of period	$	(90,883	)	$	(47,111	)	$	(137,994	)

Segment Information and Geographic Data (Tables)

6 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Schedule of Net Sales (Revenue), Gross Profit, and Operating Income

Net sales (“revenue”), gross profit, and operating income for each of the Company’s five reportable segments are presented below.


	Fitness		Outdoor		Aviation		Marine		Auto OEM			Total
13-Weeks Ended June 29, 2024
Net sales	$	428,404	$	439,872	$	218,253	$	272,953	$	147,189		$	1,506,671
Gross profit		245,248		284,214		161,366		147,787		24,276			862,891
Operating income (loss)		107,610		135,592		50,485		59,892		(11,552	)		342,027

13-Weeks Ended July 1, 2023
Net sales	$	334,863	$	448,114	$	217,454	$	215,802	$	104,562		$	1,320,795
Gross profit		173,163		280,078		160,957		120,344		24,900			759,442
Operating income (loss)		54,458		138,255		62,766		46,377		(17,501	)		284,355

26-Weeks Ended June 29, 2024
Net sales	$	771,296	$	806,065	$	435,108	$	599,689	$	276,162		$	2,888,320
Gross profit		440,050		526,953		323,992		327,039		46,996			1,665,030
Operating income (loss)		175,743		242,543		102,619		147,583		(28,051	)		640,437

26-Weeks Ended July 1, 2023
Net sales	$	579,584	$	776,776	$	431,036	$	494,777	$	186,046		$	2,468,219
Gross profit		294,073		485,026		315,410		269,976		47,751			1,412,236
Operating income (loss)		65,036		214,999		120,460		118,285		(37,443	)		481,337

Schedule of Net Sales to External Customers by Geographic Region


	13-Weeks Ended				26-Weeks Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Americas	$	740,577	$	641,848	$	1,456,694	$	1,253,552
EMEA		542,016		457,550		1,005,399		813,403
APAC		224,078		221,397		426,227		401,264
Net sales to external customers	$	1,506,671	$	1,320,795	$	2,888,320	$	2,468,219

Revenue - Schedule of Revenue Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 1,506,671	$ 1,320,795	$ 2,888,320	$ 2,468,219
Point in time [Member]
Disaggregation of Revenue [Line Items]
Net sales	1,428,175	1,251,214	2,734,622	2,332,283
Over time [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 78,496	$ 69,581	$ 153,698	$ 135,936

Revenue - Schedule of Deferred Revenue and Costs (Details)
$ in Thousands

6 Months Ended

Jun. 29, 2024

USD ($)

Revenue from Contract with Customer [Abstract]

Deferred Revenue, Balance, beginning of period

$ 137,337

^[1]

Deferred Revenue, Deferrals in period

154,208

^[1]

Deferred Revenue, Recognition of deferrals in period

(153,698)

^[1]

Deferred Revenue, Balance, end of period

137,847

^[1]

Deferred costs, Balance, beginning of period

27,373

^[2]

Deferred Costs, Deferrals in period

28,680

^[2]

Deferred Costs, Recognition of deferrals in period

(26,186)

^[2]

Deferred Costs, Balance, end of period

$ 29,867

^[2]

[1]	Deferred revenue is comprised of both deferred revenue and noncurrent deferred revenue per the condensed consolidated balance sheets.
[2]	Deferred costs are comprised of both deferred costs and noncurrent deferred costs per the condensed consolidated balance sheets.

Revenue - Additional Information (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 29, 2024

Dec. 30, 2023

Revenue from Contract with Customer [Abstract]

Recognition of deferrals in period

^[1]

$ 153,698

Amount of Deferred revenue recognized in the period that was deferred as of the beginning of the period

$ 67,500

Amount of Deferred revenue that is recognized ratably over a period of three years or less

$137,847 of deferred revenue as of June 29, 2024, the Company expects to recognize approximately 85% ratably over a total period of three years or less.

Deferred revenue

^[1]

$ 137,847

$ 137,337

[1]	Deferred revenue is comprised of both deferred revenue and noncurrent deferred revenue per the condensed consolidated balance sheets.

Earnings Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Numerator:
Numerator for basic and diluted net income per share - net income	$ 300,630	$ 287,939	$ 576,591	$ 490,266
Denominator for basic net income per share – weighted-average common shares	192,074	191,293	191,982	191,395
Effect of dilutive equity awards	825	304	826	346
Denominator for diluted net income per share – adjusted weighted-average common shares	192,899	191,597	192,808	191,741
Basic net income per share	$ 1.57	$ 1.51	$ 3	$ 2.56
Diluted net income per share	$ 1.56	$ 1.5	$ 2.99	$ 2.56
Shares excluded from diluted net income per share calculation:
Anti-dilutive equity awards	0	218	0	218

Marketable Securities - Schedule of Marketable Securities Classified as Available-for-sale Securities (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Marketable Securities [Line Items]
Amortized Cost, Total	$ 1,540,088	$ 1,468,240
Gross Unrealized Gains	696	1,811
Gross Unrealized Losses	(59,935)	(70,242)
Fair Value	1,480,849	1,399,809
U.S. Treasury securities [Member] \| Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	16,936	2,971
Gross Unrealized Gains	2	1
Gross Unrealized Losses	0	0
Fair Value	16,938	2,972
Agency securities [Member] \| Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	25,688	23,692
Gross Unrealized Gains	18	32
Gross Unrealized Losses	(551)	(585)
Fair Value	25,155	23,139
Mortgage-backed securities [Member] \| Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	36,294	38,743
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(4,413)	(4,731)
Fair Value	31,881	34,012
Corporate Debt Securities [Member] \| Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	1,177,137	1,104,834
Gross Unrealized Gains	660	1,680
Gross Unrealized Losses	(39,182)	(46,073)
Fair Value	1,138,615	1,060,441
Municipal securities [Member] \| Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	281,008	294,240
Gross Unrealized Gains	16	98
Gross Unrealized Losses	(15,629)	(18,430)
Fair Value	265,395	275,908
Other [Member] \| Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	3,025	3,760
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(160)	(423)
Fair Value	$ 2,865	$ 3,337

Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Dec. 30, 2023
Schedule Of Available For Sale Securities [Line Items]
Accrued interest written off	$ 0
Percentage of available-for-sale securities in unrealized loss positions	94.00%
Allowance For Credit Losses On Available For Sale Debt Securities In Unrealized Loss Position	$ 0	$ 0
Allowance for credit losses and charge to other income	0
Prepaid Expenses and Other Current Assets [Member]
Schedule Of Available For Sale Securities [Line Items]
Accrued interest receivable	$ 13,810

Marketable Securities - Schedule of Gross Unrealized Losses and Fair Value by Major Security Type (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	$ (2,009)	$ (765)
Fair Value Less than 12 Consecutive Months	286,202	78,214
Gross Unrealized Losses 12 Consecutive Months or Longer	(57,926)	(69,477)
Fair Value 12 Consecutive Months or Longer	1,057,505	1,195,231
Gross Unrealized Losses, Total	(59,935)	(70,242)
Fair Value, Total	1,343,707	1,273,445
Agency securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(33)	(31)
Fair Value Less than 12 Consecutive Months	6,929	10,923
Gross Unrealized Losses 12 Consecutive Months or Longer	(518)	(554)
Fair Value 12 Consecutive Months or Longer	7,482	6,446
Gross Unrealized Losses, Total	(551)	(585)
Fair Value, Total	14,411	17,369
Mortgage-backed securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	0	0
Fair Value Less than 12 Consecutive Months	0	0
Gross Unrealized Losses 12 Consecutive Months or Longer	(4,413)	(4,731)
Fair Value 12 Consecutive Months or Longer	31,881	34,012
Gross Unrealized Losses, Total	(4,413)	(4,731)
Fair Value, Total	31,881	34,012
Corporate debt securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(1,882)	(702)
Fair Value Less than 12 Consecutive Months	264,993	64,637
Gross Unrealized Losses 12 Consecutive Months or Longer	(37,300)	(45,371)
Fair Value 12 Consecutive Months or Longer	771,326	889,785
Gross Unrealized Losses, Total	(39,182)	(46,073)
Fair Value, Total	1,036,319	954,422
Municipal securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(94)	(32)
Fair Value Less than 12 Consecutive Months	14,280	2,654
Gross Unrealized Losses 12 Consecutive Months or Longer	(15,535)	(18,398)
Fair Value 12 Consecutive Months or Longer	243,951	261,651
Gross Unrealized Losses, Total	(15,629)	(18,430)
Fair Value, Total	258,231	264,305
Other [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	0	0
Fair Value Less than 12 Consecutive Months	0	0
Gross Unrealized Losses 12 Consecutive Months or Longer	(160)	(423)
Fair Value 12 Consecutive Months or Longer	2,865	3,337
Gross Unrealized Losses, Total	(160)	(423)
Fair Value, Total	$ 2,865	$ 3,337

Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities by Maturity (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Due in one year or less	$ 294,119
Amortized Cost, Due after one year through five years	1,228,392
Amortized Cost, Due after five years through ten years	8,238
Amortized Cost, Due after ten years	9,339
Amortized Cost, Total	1,540,088	$ 1,468,240
Fair Value, Due in one year or less	288,659
Fair Value, Due after one year through five years	1,177,147
Fair Value, Due after five years through ten years	7,405
Fair Value, Due after ten years	7,638
Fair Value, Total	$ 1,480,849	$ 1,399,809

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income tax expense (benefit)	$ 65,342	$ 28,037	$ 116,421	$ 47,482
Effective income tax rate	17.90%	8.90%	16.80%	8.80%

Inventories (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 525,166	$ 493,493
Work-in-process	199,063	160,919
Finished goods	595,414	691,543
Inventories	$ 1,319,643	$ 1,345,955

Warranty Reserves - Additional Information (Details)	6 Months Ended
Warranty Reserves - Additional Information (Details)	Jun. 29, 2024
Minimum [Member] \| Standard Warranty on Products [Member]
Product Warranty Liability [Line Items]
Product warranty term	1 year
Minimum [Member] \| Certain Aviation, Marine and Auto OEM products [Member]
Product Warranty Liability [Line Items]
Product warranty term	2 years
Maximum [Member] \| Standard Warranty on Products [Member]
Product Warranty Liability [Line Items]
Product warranty term	2 years

Warranty Reserves - Schedule of Changes in the Aggregate Warranty Reserve (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 29, 2024

Jul. 01, 2023

Jun. 29, 2024

Jul. 01, 2023

Product Warranties Disclosures [Abstract]

Balance - beginning of period

$ 55,219

$ 52,675

$ 55,738

$ 50,952

Accrual for products sold

^[1]

26,932

18,345

45,294

40,726

Expenditures

(23,898)

(18,668)

(42,779)

(39,326)

Balance - end of period

$ 58,253

$ 52,352

$ 58,253

$ 52,352

[1]	Changes in cost estimates related to pre-existing warranties were not material and aggregated with accruals for new warranty contracts in the ‘accrual for products sold’ line.

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Noncancellable unconditional purchase obligations	$ 355,000
Restricted cash balances	$ 688	$ 704

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares	Jun. 07, 2024	Jun. 09, 2023	Jun. 10, 2022
Dividends Declared [Line Items]
Dividend Approval Date	Jun. 07, 2024	Jun. 09, 2023	Jun. 10, 2022
Dividends declared per share	$ 3	$ 2.92	$ 2.92
Dividend Declared1 [Member]
Dividends Declared [Line Items]
Dividend Date	Jun. 28, 2024	Jun. 30, 2023	Jun. 30, 2022
Record Date	Jun. 17, 2024	Jun. 20, 2023	Jun. 20, 2022
Dividends declared per share	$ 0.75	$ 0.73	$ 0.73
Dividend Declared2 [Member]
Dividends Declared [Line Items]
Dividend Date	Sep. 27, 2024	Sep. 29, 2023	Sep. 30, 2022
Record Date	Sep. 13, 2024	Sep. 15, 2023	Sep. 15, 2022
Dividends declared per share	$ 0.75	$ 0.73	$ 0.73
Dividend Declared3 [Member]
Dividends Declared [Line Items]
Dividend Date	Dec. 27, 2024	Dec. 29, 2023	Dec. 30, 2022
Record Date	Dec. 13, 2024	Dec. 15, 2023	Dec. 15, 2022
Dividends declared per share	$ 0.75	$ 0.73	$ 0.73
Dividend Declared4 [Member]
Dividends Declared [Line Items]
Dividend Date	Mar. 28, 2025	Mar. 29, 2024	Mar. 31, 2023
Record Date	Mar. 14, 2025	Mar. 15, 2024	Mar. 15, 2023
Dividends declared per share	$ 0.75	$ 0.73	$ 0.73

Stockholders' Equity - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Feb. 16, 2024	Dec. 30, 2023	Dec. 31, 2022	Apr. 22, 2022
Dividend paid	$ 284,246	$ 279,442
Treasury stock, shares retired	979
2022 Share Repurchase Program [Member]
Share Repurchase Program, Authorized Amount						$ 300,000
Share repurchase authorization expires	Dec. 29, 2023
Repurchased common stock shares				3,176
Repurchased common stock shares, amount						$ 300,000
Repurchase additional shares authorization					$ 0
2024 Share Repurchase Program [Member]
Share Repurchase Program, Authorized Amount			$ 300,000
Share repurchase authorization expires	Dec. 26, 2026
Repurchased common stock shares	60
Repurchased common stock shares, amount			$ 9,713
Repurchase additional shares authorization	$ 290,287

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 29, 2024	Jun. 29, 2024
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	$ 7,246,097	$ 7,012,060
Ending balance, value	7,004,982	7,004,982
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(70,563)	(11,508)
Other comprehensive income (loss) before reclassification, net of income tax expense	(20,320)	(79,375)
Amounts reclassified from accumulated other comprehensive income (loss) to other income, net of income tax benefit	0	0
Net current-period other comprehensive income (loss)	(20,320)	(79,375)
Ending balance, value	(90,883)	(90,883)
Net Gains (Losses) on Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(51,493)	(54,106)
Other comprehensive income (loss) before reclassification, net of income tax expense	4,358	6,971
Amounts reclassified from accumulated other comprehensive income (loss) to other income, net of income tax benefit	24	24
Net current-period other comprehensive income (loss)	4,382	6,995
Ending balance, value	(47,111)	(47,111)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(122,056)	(65,614)
Other comprehensive income (loss) before reclassification, net of income tax expense	(15,962)	(72,404)
Amounts reclassified from accumulated other comprehensive income (loss) to other income, net of income tax benefit	24	24
Net current-period other comprehensive income (loss)	(15,938)	(72,380)
Ending balance, value	$ (137,994)	$ (137,994)

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 29, 2024	Jun. 29, 2024
Equity [Abstract]
Net of income tax expense	$ 1,380	$ 2,191
Net of income tax benefit	$ 5	$ 5

Segment Information and Geographic Data - Additional Information (Details)	6 Months Ended
	Jun. 29, 2024 Segment
Segment Reporting [Abstract]
Number of operating segments	5

Segment Information and Geographic Data - Schedule of Net Sales (Revenue), Gross Profit, and Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,506,671	$ 1,320,795	$ 2,888,320	$ 2,468,219
Gross profit	862,891	759,442	1,665,030	1,412,236
Operating income (loss)	342,027	284,355	640,437	481,337
Fitness Segment [Member]
Segment Reporting Information [Line Items]
Net sales	428,404	334,863	771,296	579,584
Gross profit	245,248	173,163	440,050	294,073
Operating income (loss)	107,610	54,458	175,743	65,036
Outdoor Segment [Member]
Segment Reporting Information [Line Items]
Net sales	439,872	448,114	806,065	776,776
Gross profit	284,214	280,078	526,953	485,026
Operating income (loss)	135,592	138,255	242,543	214,999
Aviation Segment [Member]
Segment Reporting Information [Line Items]
Net sales	218,253	217,454	435,108	431,036
Gross profit	161,366	160,957	323,992	315,410
Operating income (loss)	50,485	62,766	102,619	120,460
Marine Segment [Member]
Segment Reporting Information [Line Items]
Net sales	272,953	215,802	599,689	494,777
Gross profit	147,787	120,344	327,039	269,976
Operating income (loss)	59,892	46,377	147,583	118,285
Auto OEM Segment [Member]
Segment Reporting Information [Line Items]
Net sales	147,189	104,562	276,162	186,046
Gross profit	24,276	24,900	46,996	47,751
Operating income (loss)	$ (11,552)	$ (17,501)	$ (28,051)	$ (37,443)

Segment Information and Geographic Data - Schedule of Net Sales to External Customers by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Revenues from External Customers [Line Items]
Net sales to external customers	$ 1,506,671	$ 1,320,795	$ 2,888,320	$ 2,468,219
Americas [Member]
Revenues from External Customers [Line Items]
Net sales to external customers	740,577	641,848	1,456,694	1,253,552
EMEA [Member]
Revenues from External Customers [Line Items]
Net sales to external customers	542,016	457,550	1,005,399	813,403
APAC [Member]
Revenues from External Customers [Line Items]
Net sales to external customers	$ 224,078	$ 221,397	$ 426,227	$ 401,264