XML 23 R12.htm IDEA: XBRL DOCUMENT v3.21.2
Segment Information
 9 Months Ended
Sep. 25, 2021
Segment Reporting [Abstract]  
Segment Information

4. Segment Information

 

Garmin is organized in the six operating segments of fitness, outdoor, aviation, marine, consumer auto, and auto OEM. The fitness, outdoor, aviation, and marine operating segments represent reportable segments. The consumer auto and auto OEM 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. Fitness, outdoor, aviation, marine, and auto 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 September 25, 2021

 

Net sales

 

$

342,316

 

 

$

323,856

 

 

$

180,165

 

 

$

207,534

 

 

$

138,102

 

 

$

82,914

 

 

$

55,188

 

 

$

1,191,973

 

Gross profit

 

 

183,028

 

 

 

210,522

 

 

 

131,260

 

 

 

116,152

 

 

 

54,985

 

 

 

39,342

 

 

 

15,643

 

 

 

695,947

 

Operating income (loss)

 

 

77,788

 

 

 

123,946

 

 

 

51,296

 

 

 

53,726

 

 

 

(24,086

)

 

 

11,305

 

 

 

(35,391

)

 

 

282,670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended September 26, 2020

 

Net sales

 

$

328,446

 

 

$

334,844

 

 

$

151,112

 

 

$

165,437

 

 

$

129,355

 

 

$

82,659

 

 

$

46,696

 

 

$

1,109,194

 

Gross profit

 

 

177,794

 

 

 

223,704

 

 

 

107,927

 

 

 

100,423

 

 

 

58,135

 

 

 

43,319

 

 

 

14,816

 

 

 

667,983

 

Operating income (loss)

 

 

87,083

 

 

 

147,477

 

 

 

28,597

 

 

 

50,482

 

 

 

3,462

 

 

 

18,178

 

 

 

(14,716

)

 

 

317,101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39-Weeks Ended September 25, 2021

 

Net sales

 

$

1,063,642

 

 

$

903,715

 

 

$

534,886

 

 

$

678,698

 

 

$

410,265

 

 

$

231,587

 

 

$

178,678

 

 

$

3,591,206

 

Gross profit

 

 

581,765

 

 

 

590,355

 

 

 

389,376

 

 

 

390,141

 

 

 

166,717

 

 

 

113,567

 

 

 

53,150

 

 

 

2,118,354

 

Operating income (loss)

 

 

268,489

 

 

 

339,031

 

 

 

146,974

 

 

 

205,042

 

 

 

(56,036

)

 

 

35,388

 

 

 

(91,424

)

 

 

903,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39-Weeks Ended September 26, 2020

 

Net sales

 

$

846,688

 

 

$

716,146

 

 

$

465,850

 

 

$

486,269

 

 

$

320,215

 

 

$

196,942

 

 

$

123,273

 

 

$

2,835,168

 

Gross profit

 

 

446,936

 

 

 

469,150

 

 

 

338,770

 

 

 

288,103

 

 

 

147,393

 

 

 

98,348

 

 

 

49,045

 

 

 

1,690,352

 

Operating income (loss)

 

 

190,075

 

 

 

262,057

 

 

 

103,483

 

 

 

134,195

 

 

 

(6,837

)

 

 

25,628

 

 

 

(32,465

)

 

 

682,973

 

 

Net sales to external customers by geographic region were as follows for the 13-week and 39-week periods ended September 25, 2021 and September 26, 2020. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa:

 

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 25, 2021

 

 

September 26, 2020

 

 

September 25, 2021

 

 

September 26, 2020

 

Americas

 

$

573,331

 

 

$

521,869

 

 

$

1,723,415

 

 

$

1,372,360

 

EMEA

 

 

442,622

 

 

 

407,859

 

 

 

1,330,855

 

 

 

1,042,928

 

APAC

 

 

176,020

 

 

 

179,466

 

 

 

536,936

 

 

 

419,880

 

Net sales to external customers

 

$

1,191,973

 

 

$

1,109,194

 

 

$

3,591,206

 

 

$

2,835,168

 

 

Net property and equipment by geographic region as of September 25, 2021 and September 26, 2020 are presented below.

 

 

 

Americas

 

 

APAC

 

 

EMEA

 

 

Total

 

September 25, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

$

511,182

 

 

$

344,263

 

 

$

119,536

 

 

$

974,981

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 26, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

$

465,575

 

 

$

255,656

 

 

$

92,330

 

 

$

813,561