XML 28 R21.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Segment Information and Geographic Data
 3 Months Ended
Mar. 30, 2024
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 the Company's reportable segments.

 

The Company’s Chief Executive Officer, who has been identified as the Company’s Chief Operating Decision Maker (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.

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 March 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

342,892

 

 

$

366,193

 

 

$

216,855

 

 

$

326,736

 

 

$

128,973

 

 

$

1,381,649

 

Gross profit

 

 

194,802

 

 

 

242,739

 

 

 

162,626

 

 

 

179,252

 

 

 

22,720

 

 

 

802,139

 

Operating income (loss)

 

 

68,133

 

 

 

106,950

 

 

 

52,134

 

 

 

87,692

 

 

 

(16,499

)

 

 

298,410

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended April 1, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

244,721

 

 

$

328,662

 

 

$

213,582

 

 

$

278,975

 

 

$

81,484

 

 

$

1,147,424

 

Gross profit

 

 

120,910

 

 

 

204,948

 

 

 

154,454

 

 

 

149,631

 

 

 

22,851

 

 

 

652,794

 

Operating income (loss)

 

 

10,578

 

 

 

76,743

 

 

 

57,695

 

 

 

71,908

 

 

 

(19,942

)

 

 

196,982

 

Net sales to external customers by geographic region were as follows for the 13-week period ended March 30, 2024 and April 1, 2023. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa:

 

 

 

13-Weeks Ended

 

 

 

March 30, 2024

 

 

April 1, 2023

 

Americas

 

$

716,116

 

 

$

611,704

 

EMEA

 

 

463,384

 

 

 

355,853

 

APAC

 

 

202,149

 

 

 

179,867

 

Net sales to external customers

 

$

1,381,649

 

 

$

1,147,424