except as may be required by law , we do not undertake to update any forward-looking statements in this form 10-k. garmin 's fiscal year is a 52-53 week period ending on the last saturday of the calendar year . fiscal years 2020 , 2019 and 2018 contained 52 weeks . unless otherwise stated , all years and dates refer to the company 's fiscal year and fiscal periods . unless the context otherwise requires , references in this document to `` we , `` `` us , `` `` our `` and similar terms refer to garmin ltd. and its subsidiaries . unless otherwise indicated , dollar amounts set forth in the tables are in thousands , except per share data . overview we are a leading worldwide provider of navigation , communications and information devices , most of which are enabled by global positioning system , or gps , technology . garmin is organized in the six operating segments of auto oem , aviation , consumer auto , fitness , marine , and outdoor . the company 's chief executive officer , who has been identified as the chief operating decision maker ( codm ) , allocates resources and assesses performance of each operating segment individually . the aviation , fitness , marine , and outdoor operating segments represent reportable segments . the auto oem and consumer auto operating segments , which serve the auto market , do not meet the quantitative thresholds to separately qualify as reportable segments , and they are therefore reported together in an “ all other ” category captioned as auto . auto , aviation , fitness , marine , and outdoor are collectively referred to as our reported segments . the operating segments offer products through our network of subsidiary distributors and independent dealers and distributors , our own webshop , as well as through various auto , aviation , and marine oems . each of the operating segments is managed separately . the consumer auto operating segment was previously referred to as our auto pnd operating segment . we have revised the name of this operating segment to reflect the evolution of the product lines and focus of that part of our business . the name change did not impact the composition or operating results of the segment . since our first products were delivered in 1991 , we have generated positive income from consolidated operations each year and have funded our growth from these profits . 34 impacts of covid-19 the covid-19 pandemic has created disruption and uncertainty in the global economy and has affected our business , suppliers , and customers . our operating segments were not all impacted equally , as covid-19 had an unfavorable impact on net sales and profitability of the auto and aviation segments during fiscal year 2020. however , the diversity of our business and product offerings helped mitigate the impacts to our consolidated net sales and operating income . with pre-existing fundamentals such as trade credit insurance , direct online sales through our webshops , direct fulfillment arrangements with certain retailers , our strong cash and marketable securities position , market and product diversity , a vertically integrated business model , and ample inventory on hand , we were well-positioned to mitigate the initial impacts of covid-19 . while covid-19 continues to evolve into a complicated and prolonged global pandemic , we have implemented further mitigation measures , such as initiating additional direct fulfillment arrangements with retailers , mitigating single source supplier dependencies , enhancing cleaning and sanitation within our facilities to maintain a healthy and safe environment for essential on-site functions , boosting functionality and security of technology for employees who are working from home , and fostering the safe reintegration of our on-site workforce . these mitigation efforts complement our top priorities of ensuring the health and safety of our employees and continuing to serve our customers . additional benefits have been provided to many of our employees , including increased flexible work arrangements , remote work access , and flexible paid leave policies . we have also focused on mitigating impacts to operating income and liquidity by monitoring our expense structure and balance sheet , reducing and prioritizing certain discretionary operating expenses and capital expenditures , and slowing the number of new employees hired . sustained adverse impacts to us , our suppliers or our customers may affect the future valuation of certain assets and therefore may increase the likelihood of an impairment charge , write-off , write-down , reserve , or accelerated expense associated with such assets , including marketable securities , accounts receivable , inventories , prepaid expenses , property and equipment , tax assets , goodwill , indefinite and finite-lived intangible assets , capitalized preproduction design and development costs , and other assets . although we believe we have taken appropriate actions to help mitigate risks associated with covid-19 as described above , the duration and magnitude of covid-19 impacts to our business operations and financial results may be affected by a number of factors including uncertainty regarding the evolution of the pandemic , the imposition or relaxation of government restrictions on business and social gathering activities , voluntary behavior changes associated with public health guidance , the efficacy , distribution and uptake of vaccines , and those presented above in item 1a . risk factors of this annual report . critical accounting policies and estimates general our discussion and analysis of financial condition and results of operations are based upon the company 's consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states . story_separator_special_tag advertising expenses replace_table_token_7_th 40 advertising expense decreased 8 % in absolute dollars and decreased slightly as a percent of revenue in fiscal year 2020 compared to fiscal year 2019. the overall decrease in absolute dollars was primarily attributable to decreased media advertising in fitness and outdoor and decreased cooperative advertising in consumer auto . these decreases were partially offset by increased cooperative advertising expense in fitness , outdoor , and marine . advertising expenses in all operating segments decreased slightly as a percent of revenue compared to the prior year . selling , general and administrative expenses replace_table_token_8_th selling , general and administrative expense increased 10 % in absolute dollars and was relatively flat as a percent of revenue when compared to the prior year . the absolute dollar increase was primarily attributable to information technology costs and personnel related expenses . as noted above and in note 8 to the consolidated financial statements , the company refined its methodology to allocate certain selling , general and administrative expenses at the beginning of the 2019 fiscal year . the prior year amounts are presented here as originally reported . for comparative purposes , we estimate selling , general and administrative expenses for fiscal year 2018 would have been approximately $ 18 million more for aviation , approximately $ 11 million less for marine , approximately $ 7 million less for outdoor , and not significantly different for fitness and auto . research and development expense replace_table_token_9_th 41 research and development expense increased 17 % in absolute dollars when compared to the year-ago period and increased slightly as a percent of revenue . the absolute dollar increase was primarily due to engineering personnel costs across all of our operating segments and other expenses related to auto oem programs . the auto oem increase in absolute dollars and as a percent of revenue was primarily attributable to higher engineering personnel costs and other expenses related to investments in auto oem programs and a lower proportion of such costs being contractually reimbursable in fiscal year 2020. this trend of increasing auto oem research and development expense is expected to continue in 2021 as we expect higher total costs and the majority of costs will not be contractually reimbursable . operating income replace_table_token_10_th total operating income increased 11 % in absolute dollars and was relatively flat as a percent of revenue when compared to fiscal year 2019. the growth in total operating income on an absolute dollar basis was the result of revenue growth as discussed above . operating income , in absolute dollars and as a percent of revenue , decreased in aviation primarily due to a decline in sales compared to the year-ago period . auto oem experienced an operating loss in fiscal year 2020 , and we expect this trend of an operating loss to continue in 2021 , primarily due to a lower gross margin and increased expense associated with certain programs , as described above . other income ( expense ) replace_table_token_11_th the average returns on cash and investments , including interest and capital gain/loss returns during the 52-weeks ended december 26 , 2020 and december 28 , 2019 , were 1.4 % and 2.0 % , respectively . interest income decreased primarily due to lower yields on fixed-income securities . 42 foreign currency gains and losses for the company are typically driven by movements of a number of currencies in relation to the u.s. dollar . the taiwan dollar is the functional currency of garmin corporation , the euro is the functional currency of several subsidiaries , and the u.s. dollar is the functional currency of garmin ( europe ) ltd. , although some transactions and balances are denominated in british pounds . other notable currency exposures include the australian dollar , and chinese yuan . the majority of the company 's consolidated foreign currency gain or loss is typically driven by the significant cash and marketable securities , receivables and payables held in a currency other than the functional currency at a given legal entity . the $ 2.8 million currency gain recognized in fiscal 2020 was primarily due to the u.s. dollar weakening against the euro , australian dollar , chinese yuan , and british pound sterling , partially offset by the u.s. dollar weakening against the taiwan dollar . during fiscal 2020 , the u.s. dollar weakened 9.2 % against the euro , 9.4 % against the australian dollar , 7.2 % against the chinese yuan , and 3.6 % against the british pound sterling , resulting in gains of $ 21.1 million , $ 6.5 million , $ 2.9 million , and $ 2.6 million , respectively , while the u.s. dollar weakened 7.1 % against the taiwan dollar , resulting in a loss of $ 32.2 million . the remaining net currency gain of $ 1.9 million is related to the timing of transactions and impacts of other currencies , each of which was individually immaterial . the $ 16.8 million currency loss recognized in fiscal 2019 was primarily due to the u.s. dollar strengthening against the euro and weakening against the taiwan dollar , offset by the u.s. dollar weakening against the british pound sterling . during fiscal 2019 , the u.s. dollar strengthened 2.3 % against the euro and weakened 1.5 % against the taiwan dollar , resulting in losses of $ 9.3 million and $ 7.1 million , respectively , while the u.s. dollar weakened 2.9 % against the british pound sterling , resulting in a gain of $ 2.8 million . the remaining net currency loss of $ 3.2 million is related to the timing of transactions and impacts of other currencies , each of which was individually immaterial . income tax provision income tax expense for the fiscal year ended december 26 , 2020 was $ 111.1 million compared to income tax expense of $ 34.7 million for the fiscal year ended december 28 , 2019 , representing

liquidity and capital resources as of december 26 , 2020 , we had approximately $ 3.0 billion of cash , cash equivalents , and marketable securities . we primarily use cash flow from operations , and expect that future cash requirements may be used , to fund our capital expenditures , support our working capital requirements , pay dividends , and fund strategic acquisitions . we believe that our existing cash balances and cash flow from operations will be sufficient to meet our short- and long-term projected working capital needs , capital expenditures , and other cash requirements . it is management 's goal to invest the on-hand cash in accordance with the investment policy , which has been approved by the company 's board of directors . the investment policy 's primary purpose is to preserve capital , maintain an acceptable degree of liquidity , and maximize yield within the constraint of low credit risk . garmin 's average interest rate returns on cash and investments during fiscal 2020 , 2019 , and 2018 were approximately 1.4 % , 2.0 % and 1.9 % , respectively . the fair value of our securities varies from period to period due to changes in interest rates , in the performance of the underlying collateral , and in the credit performance of the underlying issuer , among other factors . see note 8 for additional information regarding marketable securities .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources as of december 26 , 2020 , we had approximately $ 3.0 billion of cash , cash equivalents , and marketable securities . we primarily use cash flow from operations , and expect that future cash requirements may be used , to fund our capital expenditures , support our working capital requirements , pay dividends , and fund strategic acquisitions . we believe that our existing cash balances and cash flow from operations will be sufficient to meet our short- and long-term projected working capital needs , capital expenditures , and other cash requirements . it is management 's goal to invest the on-hand cash in accordance with the investment policy , which has been approved by the company 's board of directors . the investment policy 's primary purpose is to preserve capital , maintain an acceptable degree of liquidity , and maximize yield within the constraint of low credit risk . garmin 's average interest rate returns on cash and investments during fiscal 2020 , 2019 , and 2018 were approximately 1.4 % , 2.0 % and 1.9 % , respectively . the fair value of our securities varies from period to period due to changes in interest rates , in the performance of the underlying collateral , and in the credit performance of the underlying issuer , among other factors . see note 8 for additional information regarding marketable securities .
```    
 Suspicious Activity Report : except as may be required by law , we do not undertake to update any forward-looking statements in this form 10-k. garmin 's fiscal year is a 52-53 week period ending on the last saturday of the calendar year . fiscal years 2020 , 2019 and 2018 contained 52 weeks . unless otherwise stated , all years and dates refer to the company 's fiscal year and fiscal periods . unless the context otherwise requires , references in this document to `` we , `` `` us , `` `` our `` and similar terms refer to garmin ltd. and its subsidiaries . unless otherwise indicated , dollar amounts set forth in the tables are in thousands , except per share data . overview we are a leading worldwide provider of navigation , communications and information devices , most of which are enabled by global positioning system , or gps , technology . garmin is organized in the six operating segments of auto oem , aviation , consumer auto , fitness , marine , and outdoor . the company 's chief executive officer , who has been identified as the chief operating decision maker ( codm ) , allocates resources and assesses performance of each operating segment individually . the aviation , fitness , marine , and outdoor operating segments represent reportable segments . the auto oem and consumer auto operating segments , which serve the auto market , do not meet the quantitative thresholds to separately qualify as reportable segments , and they are therefore reported together in an “ all other ” category captioned as auto . auto , aviation , fitness , marine , and outdoor are collectively referred to as our reported segments . the operating segments offer products through our network of subsidiary distributors and independent dealers and distributors , our own webshop , as well as through various auto , aviation , and marine oems . each of the operating segments is managed separately . the consumer auto operating segment was previously referred to as our auto pnd operating segment . we have revised the name of this operating segment to reflect the evolution of the product lines and focus of that part of our business . the name change did not impact the composition or operating results of the segment . since our first products were delivered in 1991 , we have generated positive income from consolidated operations each year and have funded our growth from these profits . 34 impacts of covid-19 the covid-19 pandemic has created disruption and uncertainty in the global economy and has affected our business , suppliers , and customers . our operating segments were not all impacted equally , as covid-19 had an unfavorable impact on net sales and profitability of the auto and aviation segments during fiscal year 2020. however , the diversity of our business and product offerings helped mitigate the impacts to our consolidated net sales and operating income . with pre-existing fundamentals such as trade credit insurance , direct online sales through our webshops , direct fulfillment arrangements with certain retailers , our strong cash and marketable securities position , market and product diversity , a vertically integrated business model , and ample inventory on hand , we were well-positioned to mitigate the initial impacts of covid-19 . while covid-19 continues to evolve into a complicated and prolonged global pandemic , we have implemented further mitigation measures , such as initiating additional direct fulfillment arrangements with retailers , mitigating single source supplier dependencies , enhancing cleaning and sanitation within our facilities to maintain a healthy and safe environment for essential on-site functions , boosting functionality and security of technology for employees who are working from home , and fostering the safe reintegration of our on-site workforce . these mitigation efforts complement our top priorities of ensuring the health and safety of our employees and continuing to serve our customers . additional benefits have been provided to many of our employees , including increased flexible work arrangements , remote work access , and flexible paid leave policies . we have also focused on mitigating impacts to operating income and liquidity by monitoring our expense structure and balance sheet , reducing and prioritizing certain discretionary operating expenses and capital expenditures , and slowing the number of new employees hired . sustained adverse impacts to us , our suppliers or our customers may affect the future valuation of certain assets and therefore may increase the likelihood of an impairment charge , write-off , write-down , reserve , or accelerated expense associated with such assets , including marketable securities , accounts receivable , inventories , prepaid expenses , property and equipment , tax assets , goodwill , indefinite and finite-lived intangible assets , capitalized preproduction design and development costs , and other assets . although we believe we have taken appropriate actions to help mitigate risks associated with covid-19 as described above , the duration and magnitude of covid-19 impacts to our business operations and financial results may be affected by a number of factors including uncertainty regarding the evolution of the pandemic , the imposition or relaxation of government restrictions on business and social gathering activities , voluntary behavior changes associated with public health guidance , the efficacy , distribution and uptake of vaccines , and those presented above in item 1a . risk factors of this annual report . critical accounting policies and estimates general our discussion and analysis of financial condition and results of operations are based upon the company 's consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states . story_separator_special_tag advertising expenses replace_table_token_7_th 40 advertising expense decreased 8 % in absolute dollars and decreased slightly as a percent of revenue in fiscal year 2020 compared to fiscal year 2019. the overall decrease in absolute dollars was primarily attributable to decreased media advertising in fitness and outdoor and decreased cooperative advertising in consumer auto . these decreases were partially offset by increased cooperative advertising expense in fitness , outdoor , and marine . advertising expenses in all operating segments decreased slightly as a percent of revenue compared to the prior year . selling , general and administrative expenses replace_table_token_8_th selling , general and administrative expense increased 10 % in absolute dollars and was relatively flat as a percent of revenue when compared to the prior year . the absolute dollar increase was primarily attributable to information technology costs and personnel related expenses . as noted above and in note 8 to the consolidated financial statements , the company refined its methodology to allocate certain selling , general and administrative expenses at the beginning of the 2019 fiscal year . the prior year amounts are presented here as originally reported . for comparative purposes , we estimate selling , general and administrative expenses for fiscal year 2018 would have been approximately $ 18 million more for aviation , approximately $ 11 million less for marine , approximately $ 7 million less for outdoor , and not significantly different for fitness and auto . research and development expense replace_table_token_9_th 41 research and development expense increased 17 % in absolute dollars when compared to the year-ago period and increased slightly as a percent of revenue . the absolute dollar increase was primarily due to engineering personnel costs across all of our operating segments and other expenses related to auto oem programs . the auto oem increase in absolute dollars and as a percent of revenue was primarily attributable to higher engineering personnel costs and other expenses related to investments in auto oem programs and a lower proportion of such costs being contractually reimbursable in fiscal year 2020. this trend of increasing auto oem research and development expense is expected to continue in 2021 as we expect higher total costs and the majority of costs will not be contractually reimbursable . operating income replace_table_token_10_th total operating income increased 11 % in absolute dollars and was relatively flat as a percent of revenue when compared to fiscal year 2019. the growth in total operating income on an absolute dollar basis was the result of revenue growth as discussed above . operating income , in absolute dollars and as a percent of revenue , decreased in aviation primarily due to a decline in sales compared to the year-ago period . auto oem experienced an operating loss in fiscal year 2020 , and we expect this trend of an operating loss to continue in 2021 , primarily due to a lower gross margin and increased expense associated with certain programs , as described above . other income ( expense ) replace_table_token_11_th the average returns on cash and investments , including interest and capital gain/loss returns during the 52-weeks ended december 26 , 2020 and december 28 , 2019 , were 1.4 % and 2.0 % , respectively . interest income decreased primarily due to lower yields on fixed-income securities . 42 foreign currency gains and losses for the company are typically driven by movements of a number of currencies in relation to the u.s. dollar . the taiwan dollar is the functional currency of garmin corporation , the euro is the functional currency of several subsidiaries , and the u.s. dollar is the functional currency of garmin ( europe ) ltd. , although some transactions and balances are denominated in british pounds . other notable currency exposures include the australian dollar , and chinese yuan . the majority of the company 's consolidated foreign currency gain or loss is typically driven by the significant cash and marketable securities , receivables and payables held in a currency other than the functional currency at a given legal entity . the $ 2.8 million currency gain recognized in fiscal 2020 was primarily due to the u.s. dollar weakening against the euro , australian dollar , chinese yuan , and british pound sterling , partially offset by the u.s. dollar weakening against the taiwan dollar . during fiscal 2020 , the u.s. dollar weakened 9.2 % against the euro , 9.4 % against the australian dollar , 7.2 % against the chinese yuan , and 3.6 % against the british pound sterling , resulting in gains of $ 21.1 million , $ 6.5 million , $ 2.9 million , and $ 2.6 million , respectively , while the u.s. dollar weakened 7.1 % against the taiwan dollar , resulting in a loss of $ 32.2 million . the remaining net currency gain of $ 1.9 million is related to the timing of transactions and impacts of other currencies , each of which was individually immaterial . the $ 16.8 million currency loss recognized in fiscal 2019 was primarily due to the u.s. dollar strengthening against the euro and weakening against the taiwan dollar , offset by the u.s. dollar weakening against the british pound sterling . during fiscal 2019 , the u.s. dollar strengthened 2.3 % against the euro and weakened 1.5 % against the taiwan dollar , resulting in losses of $ 9.3 million and $ 7.1 million , respectively , while the u.s. dollar weakened 2.9 % against the british pound sterling , resulting in a gain of $ 2.8 million . the remaining net currency loss of $ 3.2 million is related to the timing of transactions and impacts of other currencies , each of which was individually immaterial . income tax provision income tax expense for the fiscal year ended december 26 , 2020 was $ 111.1 million compared to income tax expense of $ 34.7 million for the fiscal year ended december 28 , 2019 , representing

