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Stockholders' Equity
 3 Months Ended
Mar. 30, 2024
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 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.

 

The Company's shareholders approved the following dividends:

 

Approval Date

 

Dividend Payment 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

 

 

Share Repurchase Programs

 

On April 22, 2022, the Board of Directors approved a share repurchase program (the “2022 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. As of December 30, 2023, the Company had repurchased 3,176 shares for $300,000, leaving $0 available to repurchase additional shares under the 2022 Program when the share repurchase authorization expired on December 29, 2023.

 

On February 16, 2024, the Board of Directors approved a new share repurchase program (the “2024 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 2024 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 26, 2026. As of March 30, 2024, the Company had repurchased no shares, leaving $300,000 available to repurchase shares under the 2024 Program.

 

Treasury Shares

 

In March 2024, the Board of Directors authorized the cancellation of 979 shares previously purchased under our share repurchase program. The capital reduction by cancellation of these shares became effective in March 2024. Total stockholders’ equity reported for the Company was not affected.