GARMIN LTD Annual Report, Year Ended Dec 26, 2015

Garmin Ltd. reported net sales of $2.82 billion for the fiscal year ended December 26, 2015, representing a 2% decrease from the prior year. This decline was largely attributed to the strengthening U.S. dollar, which negatively impacted reported revenues by approximately $189 million. The Auto segment, Garmin's largest, saw a significant 15% revenue decrease due to declining sales and amortization of deferred revenue. Conversely, the Fitness segment experienced robust growth of 16%, driven by its wearable technology portfolio, and the Marine segment grew by 15% with new product introductions. Despite the overall revenue dip, Garmin's net income increased by a substantial 25% to $456.2 million, largely due to a significant reduction in income tax expense compared to the prior year, which included a substantial one-time tax charge in 2014. The company also demonstrated a commitment to shareholder returns, increasing its quarterly dividend and continuing its share repurchase program. Garmin continues to invest heavily in research and development (15.1% of net sales), indicating a focus on future innovation and growth across its diversified segments.