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Segment Information | 3 Months Ended
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Mar. 27, 2021
Segment Reporting [Abstract] |
Segment Information | 4. Segment Information Garmin is organized in the six operating segments of auto OEM, aviation, consumer auto, fitness, marine, and outdoor. 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 Company’s Chief Executive Officer, who has been identified as the Chief Operating Decision Maker (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. 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 |  |  | Aviation |  |  | Marine |  |  | Total Auto |  |  | Consumer Auto |  |  | Auto OEM |  |  | Total |
13-Weeks Ended March 27, 2021 |
Net sales |  | $ | 308,125 |  |  | $ | 256,455 |  |  | $ | 173,889 |  |  | $ | 209,372 |  |  | $ | 124,486 |  |  | $ | 62,395 |  |  | $ | 62,091 |  |  | $ | 1,072,327 |
Gross profit |  |  | 173,545 |  |  |  | 171,676 |  |  |  | 126,182 |  |  |  | 121,379 |  |  |  | 48,774 |  |  |  | 31,964 |  |  |  | 16,810 |  |  |  | 641,556 |
Operating income (loss) |  |  | 73,736 |  |  |  | 93,030 |  |  |  | 44,868 |  |  |  | 61,564 |  |  |  | (23,539 | ) |  |  | 8,398 |  |  |  | (31,937 | ) |  |  | 249,659 |
13-Weeks Ended March 28, 2020 |
Net sales |  | $ | 223,601 |  |  | $ | 175,102 |  |  | $ | 188,599 |  |  | $ | 163,005 |  |  | $ | 105,801 |  |  | $ | 59,013 |  |  | $ | 46,788 |  |  | $ | 856,108 |
Gross profit |  |  | 112,325 |  |  |  | 112,258 |  |  |  | 138,808 |  |  |  | 94,210 |  |  |  | 49,339 |  |  |  | 28,112 |  |  |  | 21,227 |  |  |  | 506,940 |
Operating income (loss) |  |  | 31,011 |  |  |  | 47,166 |  |  |  | 59,321 |  |  |  | 40,159 |  |  |  | (175 | ) |  |  | 3,213 |  |  |  | (3,388 | ) |  |  | 177,482 |
Net sales to external customers by geographic region were as follows for the 13-week periods ended March 27, 2021 and March 28, 2020. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa:
|  | 13-Weeks Ended |
|  | March 27, 2021 |  |  | March 28, 2020 |
Americas |  | $ | 503,691 |  |  | $ | 427,401 |
EMEA |  |  | 399,508 |  |  |  | 299,867 |
APAC |  |  | 169,128 |  |  |  | 128,840 |
Net sales to external customers |  | $ | 1,072,327 |  |  | $ | 856,108 |
Net property and equipment by geographic region as of March 27, 2021 and March 28, 2020 are presented below.
|  | Americas |  |  | APAC |  |  | EMEA |  |  | Total |
March 27, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment, net |  | $ | 478,514 |  |  | $ | 267,487 |  |  | $ | 115,381 |  |  | $ | 861,382 |
March 28, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment, net |  | $ | 454,637 |  |  | $ | 230,369 |  |  | $ | 69,543 |  |  | $ | 754,549 |

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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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