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Segment Information and Geographic Data | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Segment Information and Geographic Data | 11. Segment Information and Geographic Data During 2022, 2021, and 2020, Garmin was organized in the six operating segments of fitness, outdoor, aviation, marine, consumer auto, and auto OEM. Each operating segment is individually reviewed and evaluated by the CODM, who allocates resources and assesses performance of each segment individually. The fitness, outdoor, aviation, and marine operating segments represented reportable segments during 2022, 2021, and 2020. The consumer auto and auto OEM operating segments, which serve the auto market, did 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 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 reasonable manner considering 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. As indicated in Note 1 to the consolidated financial statements, in the first quarter of fiscal 2022 the methodology used to allocate certain selling, general, and administrative expenses to the segments was refined to allocate these expenses in a more direct manner to provide the Company’s CODM with a more meaningful representation of segment profit or loss. The Company’s composition of operating segments and reportable segments did not change at that time. Results for the 52-week periods ended December 25, 2021 and December 26, 2020 have been recast below to conform with the current period presentation. 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 consumer auto and auto OEM operating segments that management believes is useful.
|  |  |  |  |  |  |  |  |  |  |  |  |  | Auto |  |  |  |
|  | Fitness |  |  | Outdoor |  |  | Aviation |  |  | Marine |  |  | Total Auto |  |  | Consumer Auto |  |  | Auto OEM |  |  | Total |
53-Weeks Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,109,419 |  |  | $ | 1,495,167 |  |  | $ | 792,799 |  |  | $ | 903,983 |  |  | $ | 558,918 |  |  | $ | 275,108 |  |  | $ | 283,810 |  |  | $ | 4,860,286 |
Gross profit |  |  | 552,417 |  |  |  | 969,810 |  |  |  | 573,063 |  |  |  | 491,457 |  |  |  | 220,028 |  |  |  | 129,598 |  |  |  | 90,430 |  |  |  | 2,806,775 |
Operating income (loss) |  |  | 104,738 |  |  |  | 556,448 |  |  |  | 213,186 |  |  |  | 215,304 |  |  |  | (61,831 | ) |  |  | 16,833 |  |  |  | (78,664 | ) |  |  | 1,027,845 |
52-Weeks Ended December 25, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,533,788 |  |  | $ | 1,281,933 |  |  | $ | 712,468 |  |  | $ | 875,151 |  |  | $ | 579,455 |  |  | $ | 324,731 |  |  | $ | 254,724 |  |  | $ | 4,982,795 |
Gross profit |  |  | 813,325 |  |  |  | 834,837 |  |  |  | 519,821 |  |  |  | 495,310 |  |  |  | 227,166 |  |  |  | 153,825 |  |  |  | 73,341 |  |  |  | 2,890,459 |
Operating income (loss) |  |  | 359,201 |  |  |  | 476,122 |  |  |  | 193,188 |  |  |  | 249,781 |  |  |  | (59,672 | ) |  |  | 48,347 |  |  |  | (108,019 | ) |  |  | 1,218,620 |
52-Weeks Ended December 26, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 1,317,498 |  |  | $ | 1,128,081 |  |  | $ | 622,820 |  |  | $ | 657,848 |  |  | $ | 460,326 |  |  | $ | 275,493 |  |  | $ | 184,833 |  |  | $ | 4,186,573 |
Gross profit |  |  | 697,539 |  |  |  | 739,777 |  |  |  | 453,008 |  |  |  | 384,450 |  |  |  | 206,562 |  |  |  | 139,864 |  |  |  | 66,698 |  |  |  | 2,481,336 |
Operating income (loss) |  |  | 305,283 |  |  |  | 438,197 |  |  |  | 146,608 |  |  |  | 177,184 |  |  |  | (13,032 | ) |  |  | 45,033 |  |  |  | (58,065 | ) |  |  | 1,054,240 |
Net sales, property and equipment, and net assets by geographic area are as shown below for the fiscal years ended December 31, 2022, December 25, 2021, and December 26, 2020. Note that APAC includes Asia Pacific and Australian Continent, and EMEA includes Europe, the Middle East and Africa.
|  | Americas |  |  | EMEA |  |  | APAC |  |  | Total |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Net sales to external customers (1) |  | $ | 2,429,029 |  |  | $ | 1,633,640 |  |  | $ | 797,617 |  |  | $ | 4,860,286 |
Property and equipment, net |  |  | 676,855 |  |  |  | 121,920 |  |  |  | 348,230 |  |  |  | 1,147,005 |
Net assets (2) |  |  | 3,717,198 |  |  |  | 1,210,461 |  |  |  | 1,276,681 |  |  |  | 6,204,340 |
December 25, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Net sales to external customers (1) |  | $ | 2,349,514 |  |  | $ | 1,858,908 |  |  | $ | 774,373 |  |  | $ | 4,982,795 |
Property and equipment, net |  |  | 576,481 |  |  |  | 120,004 |  |  |  | 370,993 |  |  |  | 1,067,478 |
Net assets (2) |  |  | 3,745,120 |  |  |  | 1,227,928 |  |  |  | 1,141,111 |  |  |  | 6,114,159 |
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 |
(1) The United States 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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