filings.toolsItem 16. Form 10-K Summary
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Item 16. Form 10-K Summary
None.
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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
Garmin Ltd. and Subsidiaries
(In thousands)
| Additions | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at | Charged to | Charged to | Balance at | |||||||||||||||||
| Beginning of | Costs and | Other | End of | |||||||||||||||||
| Description | Period | Expenses | Accounts | Deductions | Period | |||||||||||||||
| Year Ended December 31, 2016: | ||||||||||||||||||||
| Deducted from asset accounts | ||||||||||||||||||||
| Allowance for doubtful accounts | $ | 13,805 | $ | 4,137 | - | $ | (3,273 | ) | $ | 14,669 | ||||||||||
| Inventory reserve | 46,071 | 26,458 | - | (32,077 | ) | 40,452 | ||||||||||||||
| Valuation allowance - Deferred Tax Asset | 2,781 | 1,966 | - | (125 | ) | 4,622 | ||||||||||||||
| Total | $ | 62,657 | $ | 32,561 | - | $ | (35,475 | ) | $ | 59,743 | ||||||||||
| Year Ended December 26, 2015: | ||||||||||||||||||||
| Deducted from asset accounts | ||||||||||||||||||||
| Allowance for doubtful accounts | $ | 18,330 | $ | (2,521 | ) | - | $ | (2,004 | ) | $ | 13,805 | |||||||||
| Inventory reserve | 37,135 | 23,257 | - | (14,321 | ) | 46,071 | ||||||||||||||
| Valuation allowance - Deferred Tax Asset | 11,358 | 422 | - | (8,999 | ) | 2,781 | ||||||||||||||
| Total | $ | 66,823 | $ | 21,158 | - | $ | (25,324 | ) | $ | 62,657 | ||||||||||
| Year Ended December 27, 2014: | ||||||||||||||||||||
| Deducted from asset accounts | ||||||||||||||||||||
| Allowance for doubtful accounts | $ | 20,367 | $ | 66 | - | $ | (2,103 | ) | $ | 18,330 | ||||||||||
| Inventory reserve | 28,381 | 25,903 | - | (17,149 | ) | 37,135 | ||||||||||||||
| Valuation allowance - Deferred Tax Asset | 63,361 | 2,930 | - | (54,933 | ) | 11,358 | ||||||||||||||
| Total | $ | 112,109 | $ | 28,899 | - | $ | (74,185 | ) | $ | 66,823 |
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| GARMIN LTD. |
|---|
| By | /s/ Clifton A. Pemble | |
|---|---|---|
| Clifton A. Pemble | ||
| President and Chief Executive Officer |
Dated: February 22, 2017
POWER OF ATTORNEY
Know all persons by these presents, that each person whose signature appears below constitutes and appoints Clifton A. Pemble and Douglas G. Boessen and Andrew R. Etkind, and each of them, as his attorney-in-fact, with the power of substitution, for him in any and all capacities, to sign any amendments to this Annual Report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said attorney-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report on Form 10-K has been signed below by the following persons on behalf of the registrant and in the capacities indicated on February 22, 2017.
| /s/ Clifton A. Pemble | |
|---|---|
| Clifton A Pemble | |
| Director, President and Chief Executive Officer | |
| (Principal Executive Officer) | |
| /s/ Douglas G. Boessen | |
| Douglas G. Boessen | |
| Chief Financial Officer and Treasurer | |
| (Principal Financial Officer and Principal Accounting Officer) |
| /s/ Min H. Kao | /s/ Joseph J. Hartnett | |
|---|---|---|
| Min H. Kao | Joseph J. Hartnett | |
| Executive Chairman | Director | |
| /s/ Donald H. Eller | /s/ Rebecca R. Tilden | |
| Donald H. Eller | Rebecca R. Tilden | |
| Director | Director | |
| /s/ Charles W. Peffer | ||
| Charles W. Peffer | ||
| Director |
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Garmin Ltd.
2016 Form 10-K Annual Report
Exhibit Index
The following exhibits are attached hereto. See Part IV of this Annual Report on Form 10-K for a complete list of exhibits.
| Exhibit | ||
|---|---|---|
| Number | Document | |
| 21.1 | List of subsidiaries | |
| 23.1 | Consent of Ernst & Young LLP | |
| 31.1 | Chief Executive Officer’s Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
| 31.2 | Chief Financial Officer’s Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
| 32.1 | Chief Executive Officer’s Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
| 32.2 | Chief Financial Officer’s Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| Exhibit 101.INS | XBRL Instance Document |
|---|---|
| Exhibit 101.SCH | XBRL Taxonomy Extension Schema |
| Exhibit 101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
| Exhibit 101.LAB | XBRL Taxonomy Extension Label Linkbase |
| Exhibit 101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
| Exhibit 101.DEF | XBRL Taxonomy Extension Definition Linkbase |
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Previous: Item 15. Exhibits, and Financial Statement Schedules