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Stockholders' Equity
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Stockholders' Equity

8. Stockholders' Equity

 

Dividends

 

Under Swiss corporate law, dividends must be approved by shareholders at the annual general meeting of the Company’s shareholders. Approved dividends are subject to possible adjustment based on the total amount of the dividend in Swiss Francs as approved at the annual meeting, and are payable in four equal installments on dates determined by the Board of Directors. A reduction of retained earnings and a corresponding liability are recorded at the time of shareholders' approval and are periodically adjusted based on the number of applicable shares outstanding.

 

Our shareholders approved the following dividends:

 

Declaration Date

 

Dividend Date

 

Record Date

 

Dividend Per Share

 

 

Payment Amount

 

Fiscal 2022

 

 

 

 

 

 

 

 

 

 

June 10, 2022

 

June 30, 2022

 

June 20, 2022

 

$

0.73

 

 

$

140,825

 

June 10, 2022

 

September 30, 2022

 

September 15, 2022

 

$

0.73

 

 

$

140,413

 

June 10, 2022

 

December 30, 2022

 

December 15, 2022

 

$

0.73

 

 

$

139,610

 

June 10, 2022

 

March 31, 2023

 

March 15, 2023

 

$

0.73

 

 

$

139,732

 

Total

 

 

 

 

 

$

2.92

 

 

$

560,579

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2021

 

 

 

 

 

 

 

 

 

 

June 4, 2021

 

June 30, 2021

 

June 15, 2021

 

$

0.67

 

 

$

128,741

 

June 4, 2021

 

September 30, 2021

 

September 15, 2021

 

$

0.67

 

 

$

128,856

 

June 4, 2021

 

December 31, 2021

 

December 15, 2021

 

$

0.67

 

 

$

128,856

 

June 4, 2021

 

March 31, 2022

 

March 15, 2022

 

$

0.67

 

 

$

129,394

 

Total

 

 

 

 

 

$

2.68

 

 

$

515,846

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2020

 

 

 

 

 

 

 

 

 

 

June 5, 2020

 

June 30, 2020

 

June 15, 2020

 

$

0.61

 

 

$

116,526

 

June 5, 2020

 

September 30, 2020

 

September 15, 2020

 

$

0.61

 

 

$

116,655

 

June 5, 2020

 

December 31, 2020

 

December 15, 2020

 

$

0.61

 

 

$

116,655

 

June 5, 2020

 

March 31, 2021

 

March 15, 2021

 

$

0.61

 

 

$

117,205

 

Total

 

 

 

 

 

$

2.44

 

 

$

467,040

 

 

The estimated payment amount for the dividend scheduled to be paid on March 31, 2023 was included in dividend payable on the Company’s consolidated balance sheets as of December 31, 2022. Approximately $61,129 of retained earnings was indefinitely restricted from distribution to shareholders pursuant to the laws of Taiwan as of December 31, 2022 and December 25, 2021.

 

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 December 31, 2022, the Company had repurchased 2,258,990 shares for $206,523, leaving approximately $93,477 available to repurchase additional shares under the Program. Cash paid for purchases of the Company’s shares during fiscal 2022 was $201,012, while $5,511 was included in other accrued expenses on the Company’s consolidated balance sheets as of December 31, 2022.