Garmin Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except per share information)

September 24,

2022

December 25,
2021

Assets

Current assets:

Cash and cash equivalents

$

1,082,338

$

1,498,058

Marketable securities

378,705

347,980

Accounts receivable, net

641,072

843,445

Inventories

1,533,271

1,227,609

Deferred costs

14,398

15,961

Prepaid expenses and other current assets

318,339

328,719

Total current assets

3,968,123

4,261,772

Property and equipment, net

1,100,257

1,067,478

Operating lease right-of-use assets

121,937

89,457

Noncurrent marketable securities

1,236,350

1,268,698

Deferred income tax assets

390,105

260,205

Noncurrent deferred costs

10,393

12,361

Goodwill

540,740

575,080

Other intangible assets, net

179,890

215,993

Other noncurrent assets

79,811

103,383

Total assets

$

7,627,606

$

7,854,427

Liabilities and Stockholders '  Equity

Current liabilities:

Accounts payable

$

268,674

$

370,048

Salaries and benefits payable

184,802

211,371

Accrued warranty costs

39,925

45,467

Accrued sales program costs

75,182

121,514

Other accrued expenses

195,117

225,988

Deferred revenue

88,563

87,654

Income taxes payable

169,665

128,083

Dividend payable

420,995

258,023

Total current liabilities

1,442,923

1,448,148

Deferred income tax liabilities

117,941

117,595

Noncurrent income taxes payable

50,943

62,539

Noncurrent deferred revenue

37,068

41,618

Noncurrent operating lease liabilities

100,181

70,044

Other noncurrent liabilities

361

324

Stockholders ' equity:

Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 192,180

   shares outstanding at September 24, 2022 and 192,608 shares outstanding

   at December 25, 2021

17,979

17,979

Additional paid-in capital

2,027,019

1,960,722

Treasury stock (5,897 and 5,469 shares, respectively)

(398,974)

(303,114)

Retained earnings

4,439,004

4,320,737

Accumulated other comprehensive (loss) income

(206,839)

117,835

Total stockholders ' equity

5,878,189

6,114,159

Total liabilities and stockholders ' equity

$

7,627,606

$

7,854,427