Garmin 2010 Annual Report Download - page 95

Download and view the complete annual report

Please find page 95 of the 2010 Garmin annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 138

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138

83
Net sales, long-lived assets (property and equipment), and net assets by geographic area are as follows as
of and for the years ended December 25, 2010, December 26, 2009, and December 27, 2008:
North
America Asia Europe Total
December 25, 2010
Net sales to external customers 1,646,590$ 220,478$ 822,843$ 2,689,911$
Long lived assets 231,569 146,859 49,377 427,805
Net assets (1) 1,149,826 1,719,769 179,967 3,049,562
December 26, 2009
Net sales to external customers 1,972,451$ 149,920$ 824,069$ 2,946,440$
Long lived assets 233,573 153,878 53,887 441,338
Net assets (1) 1,177,849 1,467,903 190,695 2,836,447
December 27, 2008
Net sales to external customers 2,333,585$ 144,740$ 1,015,752$ 3,494,077$
Long lived assets 221,158 168,528 55,566 445,252
Net assets (1) 687,638 1,371,240 166,976 2,225,854
(1) Majority of assets held in the United States and Taiwan.
Best Buy, a customer in the outdoor/fitness, marine, and auto/mobile segments, accounted for less than
10%, .% ad .% of the Copas osolidated et sales i the eas eded Deee , , Deee
26, 2009, and December 27, 2008, respectively.
9. Stock Compensation Plans
Accounting for Stock-Based Compensation
The various Company stock compensation plans are summarized below. For all Stock Compensation
Plas, the opas poli is to issue Teasu Shaes o puhase shaes o the ope aket fo optio/SAR
exercises, RSU releases and ESPP purchases.
2005 Equity Incentive Plan
In June 2005, the shareholders adopted an equity incentive plan (the  Plan) providing for grants of
incentive and nonqualified stock options, stok appeiatioights SARs, estited stok uits RSUs ad/o
performance shares to employees of the Company and its subsidiaries, pursuant to which up to 10,000,000
common shares were available for issuance. The stock options and stock appreciation rights vest evenly over a
period of five years or as otherwise determined by the Board of Directors or the Compensation Committee and
generally expire ten years from the date of grant, if not exercised. During 2010, 2009, and 2008, the Company
granted 0, 0, and 1,454,050 stock appreciation rights, respectively. During 2010, 2009, and 2008, 494,995,
470,950, and 1,043,800 restricted stock units were granted under the 2005 Plan. In 2010, 2009, and 2008, 20,000,
30,000, and 0 performance shares were also granted under the 2005 Plan.