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Stockholders' Equity
 12 Months Ended
Dec. 28, 2024
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 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.

 

The Company's shareholders approved the following dividends:

 

Approval Date

 

Dividend Payment Date

 

Record Date

 

Dividend Per Share

 

 

Payment Amount

 

Fiscal 2024

 

 

 

 

 

 

 

 

 

 

June 7, 2024

 

June 28, 2024

 

June 17, 2024

 

$

0.75

 

 

$

144,035

 

June 7, 2024

 

September 27, 2024

 

September 13, 2024

 

$

0.75

 

 

$

144,127

 

June 7, 2024

 

December 27, 2024

 

December 13, 2024

 

$

0.75

 

 

$

143,981

 

June 7, 2024

 

March 28, 2025

 

March 14, 2025

 

$

0.75

 

 

$

144,349

 

Total

 

 

 

 

 

$

3.00

 

 

$

576,492

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2023

 

 

 

 

 

 

 

 

 

 

June 9, 2023

 

June 30, 2023

 

June 20, 2023

 

$

0.73

 

 

$

139,595

 

June 9, 2023

 

September 29, 2023

 

September 15, 2023

 

$

0.73

 

 

$

139,724

 

June 9, 2023

 

December 29, 2023

 

December 15, 2023

 

$

0.73

 

 

$

139,603

 

June 9, 2023

 

March 29, 2024

 

March 15, 2024

 

$

0.73

 

 

$

140,211

 

Total

 

 

 

 

 

$

2.92

 

 

$

559,133

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

$

139,847

 

Total

 

 

 

 

 

$

2.92

 

 

$

560,695

 

 

The estimated payment amount for the dividend scheduled to be paid on March 28, 2025 was included in dividend payable on the Company’s consolidated balance sheets as of December 28, 2024. Approximately $61,129 of retained earnings was indefinitely restricted from distribution to shareholders pursuant to the laws of Taiwan as of December 28, 2024 and December 30, 2023.

 

Share Repurchase Program

 

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 3,176,453 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 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 December 28, 2024, the Company had repurchased 357,797 shares for $62,767 leaving $237,233 available to repurchase additional shares under the 2024 Program. Cash paid for purchases of the Company’s shares during fiscal 2024 was $62,348.

 

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 common shares on the Company’s consolidated balance sheets. Total stockholders’ equity reported for the Company was not affected by this change. The Company's common shares had a par value of USD $0.10 per share as of December 28, 2024 and December 30, 2023.

 

Treasury Shares

 

In March 2024, the Board of Directors approved the cancellation of 979,463 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.