Garmin 2007 Annual Report Download - page 80

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54
December 29, December 30,
2007 2006
Assets
Current assets:
Cash and cash equivalents $707,689 $337,321
Marketable securities ( Note 4) 37,551 73,033
Accounts receivable, less allowance for doubtful accounts of
$10,246 in 2007 and $5,340 in 2006 952,513 403,524
Inventories, net (Note 3) 505,467 271,008
Deferred income taxes (Note 7) 107,376 55,996
Prepaid expenses and other current assets 22,179 28,202
Total current assets 2,332,775 1,169,084
Property and equipment, net (Note 3)
Land and improvements 79,445 37,103
Building and improvements 204,083 158,873
Office furniture and equipment 48,656 45,841
Manufacturing equipment 86,037 51,772
Engineering equipment 51,670 37,519
Vehicles 13,104 8,376
482,995 339,484
Accumulated depreciation 108,848 88,496
374,147 250,988
Restricted cash (Note 5) 1,554 1,525
Marketable securities (Note 4) 386,954 407,843
License agreements, net 14,672 3,307
Other intangible assets 181,358 64,273
Total assets $3,291,460 $1,897,020
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $341,053 $88,375
Salaries and benefits payable 31,696 16,268
Accrued warranty costs (Note 16) 71,636 37,639
Accrued sales program costs 142,360 32,560
Accrued advertising expense 47,512 26,185
Other accrued expenses 90,731 41,987
Income taxes payable 76,895 94,668
Total current liabilities 801,883 337,682
Long-term debt, less current portion - 248
Deferred income taxes (Note 7) 11,935 1,191
Non-current taxes 126,593 -
Other liabilities 435 -
Stockholders' equity:
Common stock, $0.005 par value, 1,000,000,000 shares authorized
(Notes 10 and 12) :
Issued and outstanding shares - 216,980,000 in 2007, and
216,097,000 in 2006 1,086 1,082
Additional paid-in capital 132,264 83,438
Retained earnings (Note 3) 2,171,134 1,478,654
Accumulated other comprehensive gain/(loss) 46,130 (5,275)
Total stockholders' equity 2,350,614 1,557,899
Total liabilities and stockholders' equity $3,291,460 $1,897,020
See accompanying notes.
Garmin Ltd. And Subsidiaries
Consolidated Balance Sheets
(In thousands, except share information)