Garmin 2003 Annual Report Download - page 44

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43
December 27, December 28,
2003 2002
Assets
Current assets:
Cash and cash equivalents $274,329 $216,768
Marketable securities (Note 3) 53,127 113,336
Accounts receivable, less allowance for doubtful accounts of
$3,576 in 2003 and $3,153 in 2002 82,718 58,278
Inventories, net 96,794 57,507
Deferred income taxes (Note 7) 26,812 22,620
Prepaid expenses and other current assets 6,148 4,490
Total current assets 539,928 472,999
Property and equipment (Note 5):
Land and improvements 21,168 20,517
Building and improvements 59,044 33,952
Office furniture and equipment 22,437 15,086
Manufacturing equipment 21,146 18,920
Engineering equipment 19,880 15,730
Vehicles 2,424 2,286
146,099 106,491
Accumulated depreciation 41,315 32,051
104,784 74,440
Restricted cash (Note 5) 1,602 1,598
Marketable securities (Note 3) 168,320 132,372
License agreements, net 14,966 19,370
Other intangible assets 27,345 5,109
Total assets $856,945 $705,888
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $40,671 $32,446
Salaries and benefits payable 4,792 4,178
Accrued warranty costs 8,399 5,949
Accrued sales program costs 4,461 4,752
Other accrued expenses (Note 8) 7,165 8,000
Income taxes payable 38,946 25,853
Total current liabilities 104,434 81,178
Long-term debt (Note 4) -20,000
Deferred income taxes (Note 7) 2,821 2,211
Stockholders' equity:
Preferred stock, $1.00 par value, 1,000,000 shares authorized, none issued
Common stock, $0.01 par value, 500,000,000 shares authorized
(Notes 12 and 13) :
Issued and outstanding shares - 108,166,000 in 2003, and
107,919,766 in 2002 1,082 1,080
Additional paid-in capital 104,022 129,431
Retained earnings (Note 2) 663,604 507,884
Accumulated other comprehensive loss (19,018) (35,896)
Total stockholders' equity 749,690 602,499
Total liabilities and stockholders' equity $856,945 $705,888
Garmin Ltd. And Subsidiaries
Consolidated Balance Sheets
(In thousands, except share information)