XML 27 R17.htm IDEA: XBRL DOCUMENT v3.22.2
Stockholders' Equity
 6 Months Ended
Jun. 25, 2022
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure

9. Stockholders' Equity

 

Dividends

 

Under Swiss corporate law, dividends must be approved by shareholders at the annual general meeting of the Company’s shareholders. On June 10, 2022, the shareholders approved a dividend of $2.92 per share payable in four equal installments on dates determined by the Board of Directors, which was recorded as a reduction of retained earnings. The Company paid dividends of $258,249 for the 26-week period ended June 25, 2022.

 

Share Repurchase Program

 

On April 22, 2022, the Board of Directors approved a share repurchase program (the “Program”) authorizing the Company to repurchase up to $300,000 of the common shares of Garmin Ltd. 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 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 29, 2023. As of June 25, 2022, the Company had repurchased 308 shares for $30,646. There remains approximately $269,354 available to repurchase additional shares under the Program.