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Stockholders' Equity
 6 Months Ended
Jul. 01, 2023
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

9. 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 payable in four equal installments on dates to be 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

 

Fiscal 2023

 

 

 

 

 

 

 

June 9, 2023

 

June 30, 2023

 

June 20, 2023

 

$

0.73

 

June 9, 2023

 

September 29, 2023

 

September 15, 2023

 

$

0.73

 

June 9, 2023

 

December 29, 2023

 

December 15, 2023

 

$

0.73

 

June 9, 2023

 

March 29, 2024

 

March 15, 2024

 

$

0.73

 

Total

 

 

 

 

 

$

2.92

 

 

 

 

 

 

 

 

 

Fiscal 2022

 

 

 

 

 

 

 

June 10, 2022

 

June 30, 2022

 

June 20, 2022

 

$

0.73

 

June 10, 2022

 

September 30, 2022

 

September 15, 2022

 

$

0.73

 

June 10, 2022

 

December 30, 2022

 

December 15, 2022

 

$

0.73

 

June 10, 2022

 

March 31, 2023

 

March 15, 2023

 

$

0.73

 

Total

 

 

 

 

 

$

2.92

 

 

 

 

 

 

 

 

 

Fiscal 2021

 

 

 

 

 

 

 

June 4, 2021

 

June 30, 2021

 

June 15, 2021

 

$

0.67

 

June 4, 2021

 

September 30, 2021

 

September 15, 2021

 

$

0.67

 

June 4, 2021

 

December 31, 2021

 

December 15, 2021

 

$

0.67

 

June 4, 2021

 

March 31, 2022

 

March 15, 2022

 

$

0.67

 

Total

 

 

 

 

 

$

2.68

 

 

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., exclusive of the cost of any associated excise tax. 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 July 1, 2023, the Company had repurchased 2,936 shares for $273,250, leaving approximately $26,750 available to repurchase additional shares under the Program.

 

Share Capital

 

In the second quarter of 2023, the share capital currency of the Company was changed from the Swiss Franc (CHF) to the U.S. Dollar (USD), as approved by shareholders at the Company’s 2023 Annual General Meeting. This aligns the share capital currency with the financial statement presentation currency of the Company. The Company’s nominal par value per share of CHF 0.10 was slightly reduced to USD $0.10, the impact of which is reflected in share capital, captioned as shares on the Company’s condensed consolidated balance sheets. Total stockholders’ equity reported for the Company was not affected by this change. Our common shares had a par value of USD $0.10 and CHF 0.10 per share as of July 1, 2023 and December 31, 2022, respectively.

 

Treasury Stock

 

In June 2023, our shareholders approved the cancellation of 2,197 shares previously purchased under our share repurchase program. The capital reduction by cancellation of these shares became effective in June 2023. Total stockholders’ equity reported for the Company was not affected.