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Segment Information and Geographic Data | 6 Months Ended
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Jul. 01, 2023
Segment Reporting [Abstract] |
Segment Information and Geographic Data | 11. Segment Information and Geographic Data Garmin is organized in the five operating segments of fitness, outdoor, aviation, marine, and auto OEM. These operating segments represent our reportable segments. The Company’s Chief Executive Officer, who has been identified as the CODM, primarily uses operating income as the measure of profit or loss 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. As indicated in Note 1 to the condensed consolidated financial statements, the Company announced an organization realignment in January 2023, which combined the consumer auto operating segment with the outdoor operating segment. As a result, the Company’s operating segments, which also represent our reportable segments, are fitness, outdoor, aviation, marine, and auto OEM. Results for the 13-week and 26-week periods ended June 25, 2022 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 reportable segments are presented below.
|  | Fitness |  |  | Outdoor |  |  | Aviation |  |  | Marine |  |  | Auto OEM |  |  | Total |
13-Weeks Ended July 1, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 334,863 |  |  | $ | 448,114 |  |  | $ | 217,454 |  |  | $ | 215,802 |  |  | $ | 104,562 |  |  | $ | 1,320,795 |
Gross profit |  |  | 173,163 |  |  |  | 280,078 |  |  |  | 160,957 |  |  |  | 120,344 |  |  |  | 24,900 |  |  |  | 759,442 |
Operating income (loss) |  |  | 54,458 |  |  |  | 138,255 |  |  |  | 62,766 |  |  |  | 46,377 |  |  |  | (17,501 | ) |  |  | 284,355 |
13-Weeks Ended June 25, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 272,095 |  |  | $ | 462,243 |  |  | $ | 204,739 |  |  | $ | 242,794 |  |  | $ | 58,962 |  |  | $ | 1,240,833 |
Gross profit |  |  | 134,016 |  |  |  | 290,508 |  |  |  | 147,931 |  |  |  | 137,406 |  |  |  | 18,965 |  |  |  | 728,826 |
Operating income (loss) |  |  | 23,462 |  |  |  | 163,371 |  |  |  | 61,745 |  |  |  | 68,619 |  |  |  | (24,457 | ) |  |  | 292,740 |
26-Weeks Ended July 1, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 579,584 |  |  | $ | 776,776 |  |  | $ | 431,036 |  |  | $ | 494,777 |  |  | $ | 186,046 |  |  | $ | 2,468,219 |
Gross profit |  |  | 294,073 |  |  |  | 485,026 |  |  |  | 315,410 |  |  |  | 269,976 |  |  |  | 47,751 |  |  |  | 1,412,236 |
Operating income (loss) |  |  | 65,036 |  |  |  | 214,999 |  |  |  | 120,460 |  |  |  | 118,285 |  |  |  | (37,443 | ) |  |  | 481,337 |
26-Weeks Ended June 25, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  | $ | 492,992 |  |  | $ | 911,977 |  |  | $ | 379,505 |  |  | $ | 496,863 |  |  | $ | 132,159 |  |  | $ | 2,413,496 |
Gross profit |  |  | 240,205 |  |  |  | 568,964 |  |  |  | 275,474 |  |  |  | 265,987 |  |  |  | 40,676 |  |  |  | 1,391,306 |
Operating income (loss) |  |  | 24,043 |  |  |  | 316,182 |  |  |  | 101,871 |  |  |  | 127,501 |  |  |  | (48,300 | ) |  |  | 521,297 |
Net sales to external customers by geographic region were as follows for the 13-week and 26-week periods ended July 1, 2023 and June 25, 2022. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa:
|  | 13-Weeks Ended |  |  | 26-Weeks Ended |
|  | July 1, 2023 |  |  | June 25, 2022 |  |  | July 1, 2023 |  |  | June 25, 2022 |
Americas |  | $ | 641,848 |  |  | $ | 646,172 |  |  | $ | 1,253,552 |  |  | $ | 1,216,807 |
EMEA |  |  | 457,550 |  |  |  | 412,550 |  |  |  | 813,403 |  |  |  | 810,027 |
APAC |  |  | 221,397 |  |  |  | 182,111 |  |  |  | 401,264 |  |  |  | 386,662 |
Net sales to external customers |  | $ | 1,320,795 |  |  | $ | 1,240,833 |  |  | $ | 2,468,219 |  |  | $ | 2,413,496 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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