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Segment Information
 3 Months Ended
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