filings.toolsItem 16. Form 10-K Summary
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Item 16. Form 10-K Summary
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None.
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
Garmin Ltd. and Subsidiaries
(In thousands)
| Additions | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | Balance at Beginning of Period | Charged to Costs and Expenses | Charged to Other Accounts | Deductions | Balance at End of Period | |||||||||||||||
| Year Ended December 28, 2019: | ||||||||||||||||||||
| Deducted from asset accounts | ||||||||||||||||||||
| Allowance for doubtful accounts | $ | 5,487 | $ | 2,029 | $ | — | $ | (762 | ) | $ | 6,754 | |||||||||
| Valuation allowance - Deferred Tax Asset | 4,568 | 1,556 | — | (1,562 | ) | 4,562 | ||||||||||||||
| Total | $ | 10,055 | $ | 3,585 | $ | — | $ | (2,324 | ) | $ | 11,316 | |||||||||
| Year Ended December 29, 2018: | ||||||||||||||||||||
| Deducted from asset accounts | ||||||||||||||||||||
| Allowance for doubtful accounts | $ | 4,168 | $ | 2,123 | $ | — | $ | (804 | ) | $ | 5,487 | |||||||||
| Valuation allowance - Deferred Tax Asset | 7,267 | 1,186 | — | (3,885 | ) | 4,568 | ||||||||||||||
| Total | $ | 11,435 | $ | 3,309 | $ | — | $ | (4,689 | ) | $ | 10,055 | |||||||||
| Year Ended December 30, 2017: | ||||||||||||||||||||
| Deducted from asset accounts | ||||||||||||||||||||
| Allowance for doubtful accounts (1) | $ | 14,669 | $ | 1,021 | $ | — | $ | (11,522 | ) | $ | 4,168 | |||||||||
| Valuation allowance - Deferred Tax Asset | 4,622 | 3,077 | — | (432 | ) | 7,267 | ||||||||||||||
| Total | $ | 19,291 | $ | 4,098 | $ | — | $ | (11,954 | ) | $ | 11,435 | |||||||||
| (1) The $11.5 million deduction from the allowance for doubtful accounts during the fiscal year ended December 30, 2017 was a result of the write-off of uncollectable accounts that had previously been fully reserved. | ||||||||||||||||||||
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 19, 2020
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 19, 2020.
| /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/ Jonathan C. Burrell | |
| Min H. Kao | Jonathan C. Burrell | |
| Executive Chairman | Director | |
| /s/ Joseph J. Hartnett | /s/ Catherine A. Lewis | |
| Joseph J. Hartnett | Catherine A. Lewis | |
| Director | Director | |
| /s/ Charles W. Peffer | ||
| Charles W. Peffer | ||
| Director |
Garmin Ltd.
2019 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 | |
| 4.1 | Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 | |
| 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 – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
| Exhibit 101.SCH | Inline XBRL Taxonomy Extension Schema | |
| Exhibit 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |
| Exhibit 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |
| Exhibit 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |
| Exhibit 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |
| Exhibit 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Previous: Item 15. Exhibits, and Financial Statement Schedules