Garmin 2008 Annual Report Download - page 77

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55
December 27, December 29,
2008 2007
Assets
Current assets:
Cash and cash equivalents $696,335 $707,689
Marketable securities ( Note 3) 12,886 37,551
Accounts receivable, less allowance for doubtful accounts of
$42,409 in 2008 and $10,246 in 2007 741,321 952,513
Inventories, net 425,312 505,467
Deferred income taxes (Note 6) 49,825 107,376
Prepaid expenses and other current assets 58,746 22,179
Total current assets 1,984,425 2,332,775
Property and equipment, net (Note 2)
Land and improvements 88,272 79,445
Building and improvements 244,804 204,083
Office furniture and equipment 72,665 48,656
Manufacturing equipment 113,956 86,037
Engineering equipment 59,009 51,670
Vehicles 14,698 13,104
593,404 482,995
Accumulated depreciation (148,152) (108,848)
445,252 374,147
Restricted cash (Note 4) 1,941 1,554
Marketable securities (Note 3) 262,009 386,954
License agreements, net 16,013 14,672
Other intangible assets 214,941 181,358
Total assets $2,924,581 $3,291,460
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $160,094 $341,053
Salaries and benefits payable 34,241 31,696
Accrued warranty costs 87,408 71,636
Accrued sales program costs 90,337 142,360
Other accrued expenses 87,021 138,243
Income taxes payable 20,075 76,895
Total current liabilities 479,176 801,883
Deferred income taxes (Note 6) 4,070 11,935
Non-current taxes 214,366 126,593
Other liabilities 1,115 435
Stockholders' equity:
Common stock, $0.005 par value, 1,000,000,000 shares authorized
(Notes 9, 10, and 11) :
Issued and outstanding shares - 200,363,000 in 2008, and
216,980,000 in 2007 1,002 1,086
Additional paid-in capital - 132,264
Retained earnings (Note 2) 2,262,503 2,171,134
Accumulated other comprehensive gain/(loss) (37,651) 46,130
Total stockholders' equity 2,225,854 2,350,614
Total liabilities and stockholders' equity $2,924,581 $3,291,460
See accompanying notes.
Garmin Ltd. And Subsidiaries
Consolidated Balance Sheets
(In thousands, except share information)