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Segment Information | 12 Months Ended
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Dec. 26, 2020
Segment Reporting [Abstract] |
Segment Information | 8. Segment Information Garmin is organized in the six operating segments of auto OEM, aviation, consumer auto, fitness, marine, and outdoor. The consumer auto operating segment was previously referred to as our auto PND operating segment. We have revised the name of this operating segment to reflect the evolution of the product lines and focus of that part of our business. The name change did not impact the composition or operating results of the segment. Each operating segment is individually reviewed and evaluated by the Chief Operating Decision Maker (CODM), who allocates resources and assesses performance of each segment individually. The aviation, fitness, marine, and outdoor operating segments represent reportable segments. The auto OEM and consumer auto operating segments, which serve the auto market, do not meet the quantitative thresholds to separately qualify as reportable segments, and they are therefore reported together in an “all other” category captioned as auto. Auto, aviation, fitness, marine, and outdoor are collectively referred to as our reported segments. The products of the Company’s segments are sold through the Company’s network of independent dealers and distributors, our own webshop, as well as through various auto, aviation, and marine OEMs. However, the nature of products and types of customers for the segments vary. The Company’s Chief Executive Officer, who has been identified as the CODM, uses operating income as the measure of profit or loss, combined with other measures, 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 manner appropriate to the specific facts and circumstances of the expenses being allocated. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. There are no inter-segment sales or transfers. The Company’s segments share many common resources, infrastructures and assets in the normal course of business. Thus, the Company does not report accounts receivable, inventories, property and equipment, intangible assets, or capital expenditures by segment to the CODM. In the first quarter of fiscal 2019, the methodology used to allocate certain selling, general, and administrative expenses to the segments was refined, endeavoring to provide the Company’s CODM with a more meaningful representation of segment profit or loss in light of the evolution of its segments. The Company’s composition of operating segments and reportable segments did not change. Results for the 52-weeks ended December 29, 2018 are presented here as they were originally reported, as it is not practicable to accurately restate the activity in accordance with the refined allocation methodology. For comparative purposes, we estimate operating income for the 52-weeks ended December 29, 2018 would have been approximately $18 million less for aviation, approximately $11 million more for marine, approximately $7 million more for outdoor, and not significantly different for auto and fitness. Net sales (“revenue”), gross profit, and operating income for each of the Company’s five reported segments are presented below, along with supplemental financial information for the auto OEM and consumer auto operating segments that management believes is useful.
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Auto |  |  |  |  |
|  | Fitness |  |  | Outdoor |  |  | Marine |  |  | Aviation |  |  | Total Auto |  |  | Consumer Auto |  |  | Auto OEM |  |  | Total |
52-Weeks Ended December 26, 2020 |
Net sales |  | $ | 1,317,498 |  |  | $ | 1,128,081 |  |  | $ | 657,848 |  |  | $ | 622,820 |  |  | $ | 460,326 |  |  | $ | 275,493 |  |  | $ | 184,833 |  |  | $ | 4,186,573 |
Gross profit |  |  | 697,539 |  |  |  | 739,777 |  |  |  | 384,450 |  |  |  | 453,008 |  |  |  | 206,562 |  |  |  | 139,864 |  |  |  | 66,698 |  |  |  | 2,481,336 |
Operating income |  |  | 318,884 |  |  |  | 441,085 |  |  |  | 175,724 |  |  |  | 137,203 |  |  |  | (18,656 | ) |  |  | 41,464 |  |  |  | (60,120 | ) |  |  | 1,054,240 |
52-Weeks Ended December 28, 2019 |
Net sales |  | $ | 1,047,527 |  |  | $ | 917,567 |  |  | $ | 508,850 |  |  | $ | 735,458 |  |  | $ | 548,103 |  |  | $ | 365,511 |  |  | $ | 182,592 |  |  | $ | 3,757,505 |
Gross profit |  |  | 532,604 |  |  |  | 598,443 |  |  |  | 302,949 |  |  |  | 543,385 |  |  |  | 256,595 |  |  |  | 172,218 |  |  |  | 84,377 |  |  |  | 2,233,976 |
Operating income |  |  | 191,858 |  |  |  | 334,041 |  |  |  | 109,876 |  |  |  | 252,943 |  |  |  | 56,868 |  |  |  | 63,299 |  |  |  | (6,431 | ) |  |  | 945,586 |
52-Weeks Ended December 29, 2018 |
Net sales |  | $ | 858,329 |  |  | $ | 809,883 |  |  | $ | 441,560 |  |  | $ | 603,459 |  |  | $ | 634,213 |  |  | $ | 425,684 |  |  | $ | 208,529 |  |  | $ | 3,347,444 |
Gross profit |  |  | 471,764 |  |  |  | 528,254 |  |  |  | 258,756 |  |  |  | 450,152 |  |  |  | 270,793 |  |  |  | 179,862 |  |  |  | 90,931 |  |  |  | 1,979,719 |
Operating income |  |  | 181,745 |  |  |  | 290,510 |  |  |  | 63,344 |  |  |  | 204,746 |  |  |  | 37,998 |  |  |  | 43,141 |  |  |  | (5,143 | ) |  |  | 778,343 |
Net sales, property and equipment, and net assets by geographic area are as shown below for the years ended December 26, 2020, December 28, 2019, and December 29, 2018. Note that APAC includes Asia Pacific and Australian Continent, and EMEA includes Europe, the Middle East and Africa.
|  | Americas |  |  | EMEA |  |  | APAC |  |  | Total |
December 26, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to external customers (1) |  | $ | 1,968,080 |  |  | $ | 1,579,749 |  |  | $ | 638,744 |  |  | $ | 4,186,573 |
Property and equipment, net |  |  | 467,269 |  |  |  | 114,313 |  |  |  | 273,957 |  |  |  | 855,539 |
Net assets (2) |  |  | 3,327,748 |  |  |  | 1,163,127 |  |  |  | 1,025,241 |  |  |  | 5,516,116 |
December 28, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to external customers (1) |  | $ | 1,817,770 |  |  | $ | 1,350,533 |  |  | $ | 589,202 |  |  | $ | 3,757,505 |
Property and equipment, net |  |  | 435,503 |  |  |  | 65,323 |  |  |  | 228,095 |  |  |  | 728,921 |
Net assets (2) |  |  | 3,074,155 |  |  |  | 714,602 |  |  |  | 1,004,739 |  |  |  | 4,793,496 |
December 29, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to external customers (1) |  | $ | 1,596,716 |  |  | $ | 1,204,969 |  |  | $ | 545,759 |  |  | $ | 3,347,444 |
Property and equipment, net |  |  | 408,992 |  |  |  | 45,571 |  |  |  | 208,964 |  |  |  | 663,527 |
Net assets (2) |  |  | 2,726,196 |  |  |  | 441,506 |  |  |  | 995,272 |  |  |  | 4,162,974 |
(1) The U.S. is the only country which constitutes greater than 10% of net sales to external customers. |
(2) Americas and APAC net assets are primarily held in the United States and Taiwan, respectively. |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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