Garmin 2005 Annual Report Download - page 79

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49
December 31, December 25,
2005 2004
Assets
Current assets:
Cash and cash equivalents $334,352 $249,909
Marketable securities ( Note 3) 32,050 64,367
Accounts receivable, less allowance for doubtful accounts of
$4,226 in 2005 and $3,565 in 2004 170,997 110,119
Inventories, net 199,841 154,980
Deferred income taxes (Note 6) 29,615 38,527
Prepaid expenses and other current assets 34,312 19,069
Total current assets 801,167 636,971
Property and equipment, net (Note 4)
Land and improvements 31,075 30,931
Building and improvements 106,470 101,031
Office furniture and equipment 33,863 31,648
Manufacturing equipment 37,747 30,077
Engineering equipment 28,859 20,917
Vehicles 8,494 8,427
246,508 223,031
Accumulated depreciation 67,335 51,401
179,173 171,630
Restricted cash (Note 4) 1,356 1,457
Marketable securities (Note 3) 344,673 257,848
License agreements, net 6,517 22,525
Other intangible assets 29,349 26,960
Total assets $1,362,235 $1,117,391
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $76,516 $53,673
Salaries and benefits payable 13,005 7,183
Accrued warranty costs 18,817 15,518
Accrued sales program costs 9,038 9,544
Other accrued expenses 14,955 19,416
Income taxes payable 63,154 70,933
Total current liabilities 195,485 176,267
Deferred income taxes (Note 6) 9,486 5,267
Stockholders' equity:
Common stock, $0.01 par value, 500,000,000 shares authorized
(Notes 10 and 11) :
Issued and outstanding shares - 108,067,000 in 2005, and
108,327,000 in 2004 1,081 1,084
Additional paid-in capital 96,242 108,949
Retained earnings (Note 2) 1,072,454 815,209
Accumulated other comprehensive gain/(loss) (12,513) 10,615
Total stockholders' equity 1,157,264 935,857
Total liabilities and stockholders' equity $1,362,235 $1,117,391
See accompanying notes.
Garmin Ltd. And Subsidiaries
Consolidated Balance Sheets
(In thousands, except share information)