A. Full
title of the plan and the address of the plan, if different from that of the issuer named below:
Garmin International, Inc. Retirement Plan
B. Name
of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Garmin International, Inc. Retirement
Plan
Years Ended December 31, 2019
and 2018
Contents
Report Of Independent
Registered Public Accounting Firm
Garmin Retirement Plan Committee and Plan
Participants
Garmin International, Inc. Retirement Plan
Olathe, Kansas
Opinion On The Financial Statements
We have audited the accompanying statements
of net assets available for benefits of the Garmin International, Inc. Retirement Plan (the Plan) as of December 31, 2019 and 2018
and the related statement of changes in net assets available for benefits for the years then ended, and the related notes (collectively
referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the
net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits
for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis For Opinion
These financial statements are the responsibility
of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and
are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures
to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying
schedule of assets (held at end of year) as of December 31, 2019 has been subjected to audit procedures performed in conjunction
with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s
management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements
or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy
of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated
whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s
Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the
supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ RubinBrown LLP
We have served as the Plan’s auditor since 2014.
St. Louis, Missouri
June 12, 2020
GARMIN INTERNATIONAL, INC. RETIREMENT
PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR
BENEFITS
December 31, 2019 and 2018
|
|
2019
|
|
|
2018
|
|
Assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
-
|
|
|
$
|
98,373
|
|
|
|
|
|
|
|
|
|
|
Cash held in self directed brokerage accounts
|
|
|
6,972,481
|
|
|
|
5,166,981
|
|
|
|
|
|
|
|
|
|
|
Investments at fair value:
|
|
|
|
|
|
|
|
|
Mutual funds
|
|
|
68,220,303
|
|
|
|
54,664,808
|
|
Common collective trusts
|
|
|
926,654,770
|
|
|
|
698,923,179
|
|
Self directed brokerage accounts
|
|
|
32,845,164
|
|
|
|
24,131,391
|
|
Garmin Ltd. common stock
|
|
|
44,734,126
|
|
|
|
30,466,271
|
|
|
|
|
1,072,454,363
|
|
|
|
808,185,649
|
|
Receivables:
|
|
|
|
|
|
|
|
|
Notes receivable from participants
|
|
|
8,479,732
|
|
|
|
7,727,007
|
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits
|
|
$
|
1,087,906,576
|
|
|
$
|
821,178,010
|
|
See accompanying
notes to financial statements.
GARMIN INTERNATIONAL, INC. RETIREMENT
PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE
FOR BENEFITS
Years Ended December 31, 2019 and 2018
|
|
2019
|
|
|
2018
|
|
Additions
|
|
|
|
|
|
|
Contributions:
|
|
|
|
|
|
|
Participant
|
|
$
|
40,934,430
|
|
|
$
|
36,812,114
|
|
Employer
|
|
|
45,100,704
|
|
|
|
40,488,516
|
|
Rollover
|
|
|
7,329,453
|
|
|
|
4,537,285
|
|
Total additions
|
|
|
93,364,587
|
|
|
|
81,837,915
|
|
|
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
|
|
Benefits paid to participants
|
|
|
36,282,864
|
|
|
|
27,009,961
|
|
Fees
|
|
|
522,871
|
|
|
|
441,024
|
|
|
|
|
|
|
|
|
|
|
Total deductions
|
|
|
36,805,735
|
|
|
|
27,450,985
|
|
|
|
|
|
|
|
|
|
|
Investment income (loss):
|
|
|
|
|
|
|
|
|
Net appreciation (depreciation) in fair value of investments
|
|
|
204,044,403
|
|
|
|
(58,450,434
|
)
|
Dividends and interest from investments
|
|
|
5,716,512
|
|
|
|
7,372,140
|
|
Net investment income (loss)
|
|
|
209,760,915
|
|
|
|
(51,078,294
|
)
|
|
|
|
|
|
|
|
|
|
Interest on notes receivable from participants
|
|
|
408,799
|
|
|
|
328,974
|
|
|
|
|
|
|
|
|
|
|
Net increase
|
|
|
266,728,566
|
|
|
|
3,637,610
|
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits - Beginning of year
|
|
|
821,178,010
|
|
|
|
817,540,400
|
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits - End of year
|
|
$
|
1,087,906,576
|
|
|
$
|
821,178,010
|
|
See accompanying
notes to financial statements.
1. Description of the Plan
The Garmin International, Inc. Retirement
Plan (the Plan) is a contributory defined contribution plan available to employees of Garmin International, Inc. (the Company or
Plan Sponsor), a wholly owned subsidiary of Garmin Ltd. The adopting employers of the Plan are Garmin AT, Inc., Garmin North America,
Inc., Garmin USA, Inc., Navionics, Inc., AeroData, Inc., and AeroNavData, Inc. (Employers). Garmin Ltd. and international subsidiary
employees are excluded from participating in the Plan. The Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA).
The Plan is administered
by the Garmin International, Inc. Retirement Plan Committee (the Committee). The Committee has overall responsibility for the operation
and administration of the Plan. The Committee determines the Plan’s investment offerings, monitors investment performance
and reports to the Board of Directors of Garmin Ltd.
There are no age or service requirements
to participate in the Plan. Employees may make deferral contributions and receive the Company match and base contributions on the
first day of the payroll period that follows their hire date. Associates in the internship program are excluded from participating
in the Plan.
Eligible employees may contribute up to
50% of their annual compensation subject to Internal Revenue Service (IRS) maximum limitations. Participants are allowed to designate
contributions as traditional (pre-tax) or Roth (after-tax) contributions. The Company matches 75% of each participant’s contributions
up to 10% of the employee’s eligible compensation. Additional discretionary contributions may be made to all eligible employees
of the Company.
Participants become fully vested in Company
matching contributions after five years of continuous service. The vesting percentages are as follows: 0% through one year of service,
20% after one year, 40% after two years, 60% after three years, 80% after four years, and 100% after five years of continuous service.
Participants will have a 100% vested interest in their account upon reaching normal retirement age, upon death while still a participant
in the Plan, or upon suffering a qualifying disability while still a participant in the Plan.
For the years ended December 31, 2019 and
December 31, 2018, the non-safe harbor discretionary base contribution was equal to 2% of each participant’s eligible compensation.
Participants become fully vested in non-safe harbor discretionary base contributions and any other discretionary profit-sharing
contributions after five years of continuous service. The vesting percentages are as follows: 0% through one year of service, 20%
after one year, 40% after two years, 60% after three years, 80% after four years, and 100% after five years of continuous service.
The Employers made additional discretionary
contributions (Safe Harbor base contributions) to the Plan during the 2019 and 2018 Plan years. For any Plan year in which the
Employers elect to make this type of contribution it will be equal to at least 3% of each eligible participant’s compensation
and will be 100% vested at all times. Participants will be notified before the beginning of each Plan year that this type of contribution
will be made. Eligible employees will receive Safe Harbor base contributions
on the first day of the payroll period that coincides with or next follows the date of employment.
1. Description of the Plan (continued)
Participants do not need to be enrolled
in the Plan to receive safe harbor and non-safe harbor discretionary base contributions.
The nonvested balance of terminated participants’
account balances is forfeited, and such forfeitures serve to reduce future Company contributions and pay Plan administrative fees.
The Plan used $758,004 and $692,912 in forfeiture funds to reduce Company contributions in 2019 and 2018, respectively. The Plan
did not use any forfeitures to pay Plan administrative fees in 2019 or 2018. The Plan retained $46,900 and $22,410 in forfeitures
as of December 31, 2019 and 2018, respectively, which is available for future use.
Any other discretionary Company contributions to the Plan would
be at the sole discretion of the Company.
Each participant’s account is credited
with the participant’s contribution and allocations of (a) the Company contributions and, (b) Plan earnings (losses), and
charged with an allocation of administrative expenses. Allocations are based on participant earnings (losses) or account
balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s
vested account.
Under provisions of the Plan, participants
direct the investment of their contributions into one or more of the investment accounts available.
Participants may borrow from the Plan in
the form of a participant note receivable, which is limited to the amount the participant may borrow without being treated as a
taxable distribution. The note receivable and any outstanding balance may not exceed 50% of the participant’s vested account
balance, not including discretionary profit-sharing contributions or merged Garmin International, Inc. base contribution balances,
or $50,000, whichever is less. The 401k Loan Policy establishes the interest rate on Plan loans as the Prime rate plus .5%. Principal
and interest are paid ratably each pay period through deductions from the participant’s payroll. The vested account balance
provides the security for the note receivable, and the participant’s account may not be used as security for a note receivable
outside of the Plan. Additionally, notes receivable must be repaid with interest within five years from the inception date unless
the note receivable is used to acquire the participant’s principal residence. The note receivable may be repaid before it
is due.
Upon termination of employment with the Company, participants
have various distribution options for receiving their benefits. If the participant’s balance is greater than $5,000 the participant
may choose between a lump sum distribution or to receive payment in installments (monthly, quarterly, semi-annual or annual payments).
If the participant’s balance is less than $5,000 a lump sum distribution is required. A lump sum distribution may be made
in the form of a rollover IRA or cash. If the participant’s balance is less than $1,000 the lump sum distribution must be
in cash.
1. Description of the Plan (continued)
In 2019, the Plan Sponsor and certain of its affiliated entities
acquired the outstanding stock of AeroData, Inc. and AeroNavData, Inc. AeroData, Inc. and AreoNavData, Inc. agreed to become participating
employers under the Plan. The employees of AeroData, Inc. and AreoNavData, Inc. were granted credit for prior service and were
eligible to participate in the Plan upon these companies becoming participating employers under the Plan. On December 9,
2019 the AeroData Inc. 401(k) Profit Sharing and Trust Plan, was merged into the Garmin Plan and assets were transferred into the
Plan.
Although the Company has not expressed any intent to do so,
it has the right under the Plan provisions to terminate the Plan subject to the provisions of ERISA. In the event of Plan terminations,
participants will become fully vested in their benefits. Additional information about the Plan and its vesting and withdrawal provisions
is contained in the Summary Plan Description, Garmin International, Inc. Retirement Plan and the Plan document.
2. Summary of Significant Accounting Policies
The following is a summary of significant
accounting policies of the Plan.
Basis of Accounting
The financial statements are prepared using
the accrual method of accounting.
Investment Valuation and Income Recognition
Investments are reported at fair value.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. See note 3 for discussion of fair value measurements.
Purchases and sales of investments are
recorded on a trade date basis. Dividends are recorded on the ex-dividend date. Interest income is recorded on the accrual basis.
Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold, as well as held during
the year.
Use of Estimates
The preparation of financial statements
in conformity with accounting principles generally accepted in the United States of America requires management to make estimates
and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ
from those estimates.
Payment of Benefits
Benefits are recorded when paid.
2. Summary of Significant Accounting
Policies (continued)
Notes Receivable From Participants
Notes receivable from participants are
measured at their unpaid principal balance plus accrued but unpaid interest. Interest income is recorded on the accrual basis.
Related fees are recorded as administrative expenses when they are incurred. No allowance for credit losses has been recorded as
of December 31, 2019 or 2018. If a participant ceases to make loan repayments and the Plan administrator deems the participant
loan to be in default, the participant loan balance is reduced and a benefit payment is recorded.
Administrative Expenses
Certain expenses of the Plan are paid by
the Company and are not included in the statements of changes in net assets available for benefits. Fees related to the administration
of notes receivable from participants are charged directly to the participant’s account and are included in administrative
expenses. Certain investment management and administration expenses paid to T. Rowe Price are included as a reduction of the net
appreciation in fair value of investments.
3. Fair Value Measurements
FASB ASC 820 establishes a fair value hierarchy that prioritizes
the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices
in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level
3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described below:
|
Level 1
|
Inputs to the valuation methodology are unadjusted quoted
prices for identical assets or liabilities
in active markets that the Plan has the ability to access.
|
|
Level 2
|
Inputs to the valuation methodology include quoted prices
for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in inactive
markets; inputs other than quoted market prices that are observable for the asset or liability inputs that are derived principally
from or corroborated by observable market data by correlation or other means. If the asset
|
or liability has a specified (contractual) term, the
Level 2 input must be observable for substantially the full term of the asset or liability.
|
Level 3
|
One or more inputs to the valuation methodology are unobservable
and significant to the fair value measurement.
|
A financial instrument’s level within
the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation
techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
3. Fair Value Measurements (continued)
The Plan’s investments are stated
at fair value. Following is a description of the valuation methodologies used:
Mutual funds: Valued
at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered
with the Securities and Exchange Commission. These funds are required to publish their daily net asset value per share (NAV) and
to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
Common stock: Valued at the closing price reported on
the active market on which the individual securities are traded.
Self-directed brokerage accounts: Valued
at either closing price reported on the active market on which the individual securities are traded or using pricing models maximizing
the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities
of issuers with similar credit ratings.
Common collective trusts: Valued
at the NAV of units of a bank collective trust or its equivalent. The NAV, as provided by T. Rowe Price, is used as a practical
expedient to estimating fair value. The NAV is based on the fair value of the underlying investments held by the respective trust
less its liabilities. This practical expedient is not used when it is determined to be probable that the Plan will sell the investment
for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to
initiate a full redemption of a collective trust, the investment advisor generally reserves the right to temporarily delay withdrawal
from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner. All of the common
collective trusts held by the Plan file an annual report on Form 5500 as a direct filing entity
The methods described above may produce
fair value calculations that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while
the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies
or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement
at the reporting date.
The following tables set forth by level,
within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2019 and 2018.
3. Fair Value Measurements (continued)
|
|
Investments at Fair Value as of December 31, 2019
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds
|
|
$
|
68,220,303
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
68,220,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Self directed brokerage accounts
|
|
|
32,747,157
|
|
|
|
98,007
|
|
|
|
-
|
|
|
$
|
32,845,164
|
|
Garmin Ltd. common stock
|
|
|
44,734,126
|
|
|
|
-
|
|
|
|
-
|
|
|
$
|
44,734,126
|
|
Total assets in the fair value hierarchy
|
|
$
|
145,701,586
|
|
|
$
|
98,007
|
|
|
$
|
-
|
|
|
|
145,799,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common collective trusts measured at net asset value {a}:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
926,654,770
|
|
Total investments at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,072,454,363
|
|
|
|
Investments at Fair Value as of December 31, 2018
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mutual funds
|
|
$
|
54,664,808
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
54,664,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Self directed brokerage accounts
|
|
|
24,096,037
|
|
|
|
35,354
|
|
|
|
-
|
|
|
$
|
24,131,391
|
|
Garmin Ltd. common stock
|
|
|
30,466,271
|
|
|
|
-
|
|
|
|
-
|
|
|
$
|
30,466,271
|
|
Total assets in the fair value hierarchy
|
|
$
|
109,227,116
|
|
|
$
|
35,354
|
|
|
$
|
-
|
|
|
|
109,262,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common collective trusts measured at net asset value {a}:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
698,923,179
|
|
Total investments at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
808,185,649
|
|
|
{a}
|
Certain investments that are measured at fair value using
the net asset value per share/unit (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts
presented in the statements of net assets available for benefits.
|
There have been no changes in the valuation
methodologies used at December 31, 2019 or 2018.
4. Income Tax Status
The underlying volume submitter plan has received an opinion
letter from the IRS dated March 31, 2014, stating that the form of the Plan is qualified under Section 401 of the Internal Revenue
Code (Code), and therefore, the related trust is tax-exempt. In accordance with Revenue Procedure 2015-6 and Announcement 2011-49,
Garmin International, Inc. has determined that it is eligible to and has chosen to rely on the current IRS volume submitter opinion
letter. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Plan Administrator
believes the Plan is being operated in compliance with the applicable requirements of the Code. As such, the Plan Administrator
believes that the Plan is qualified and the related trust is tax-exempt.
4. Income Tax Status (continued)
The Plan believes it has maintained its tax status and has not
identified any tax positions which are considered to be uncertain. The Plan is subject to routine audits by taxing jurisdictions;
however there are currently no audits for any tax period in progress. The Plan files income tax returns in the U.S. federal jurisdiction
and is no longer subject to income tax examinations by tax authorities for years before 2015.
5. Related Party Transactions and Parties in interest Transactions
Certain Plan investments are shares of
mutual funds and common collective trusts managed by T. Rowe Price. T. Rowe Price is the trustee as defined by the Plan and therefore,
these transactions qualify as party in interest transactions. Investment management and shareholder servicing fees paid on these
funds and all other funds to T. Rowe Price are recorded as a reduction of net appreciation (depreciation) in fair value of investments.
The Plan also maintains an administration expense account that is funded by fees paid by participants. At December 31, 2019 and
2018, the Plan had balances available in the amount of $105,707 and $154,535 to pay future administrative expenses. The Plan made
direct payments to the third party administrator of $332,116 and $226,582 for the years ended December 31, 2019 and 2018, respectively.
The Company pays directly any other fees related to the Plan’s operations.
Certain Plan investments are shares of
Garmin Ltd. common stock. Garmin International, Inc. is the Plan Sponsor; therefore, these transactions are considered related
party and party in interest transactions. Certain receivables are loans to participant employees of the Company, and therefore
these transactions are considered party in interest transactions.
These transactions qualify as exempt party
in interest transactions.
6. Risks and Uncertainties
The Plan invests in various investment
securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level
of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment
securities will occur in the near term and that such changes could materially affect participants’ account balances and the
amounts reported in the statements of net assets available for benefits.
7. Reconciliation of Financial Statements to Schedule H of
Form 5500
The following is a reconciliation of net assets available for
benefits as reflected in the financial statements to the Form 5500:
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
Net assets available for benefits per the financial statements
|
|
$
|
1,087,906,576
|
|
|
$
|
821,178,010
|
|
Adjustment from contract value to fair value reporting utilized by certain common collective trusts
|
|
|
526,134
|
|
|
|
(853,279
|
)
|
Net assets available for benefits per Schedule H of the Form 5500
|
|
$
|
1,088,432,710
|
|
|
$
|
820,324,731
|
|
The following is a reconciliation of net increase as reflected
in the financial statements to the Form 5500:
|
|
Years Ended December 31,
|
|
|
|
2019
|
|
|
2018
|
|
Net increase per financial statements
|
|
$
|
266,728,566
|
|
|
$
|
3,637,610
|
|
Change in adjustment from contract value to fair value reporting utilized by certain common collective trusts
|
|
|
1,379,413
|
|
|
|
(689,803
|
)
|
Net income per Schedule H of the Form 5500
|
|
$
|
268,107,979
|
|
|
$
|
2,947,807
|
|
8. Subsequent Events
On January 30, 2020, the World Health Organization
(“WHO”) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the
“COVID-19 outbreak”) and the risks to the international community as the virus spreads globally beyond its point of
origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally.
The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. This pandemic has adversely affected
global economic activity and greatly contributed to significant deterioration and instability in financial markets. As a result,
the Plan’s investment portfolio has experienced significantly greater volatility since December 31, 2019. The impact of COVID-19
on companies continues to evolve rapidly and its future effects on the Plan’s net assets available for benefits and changes in
net assets available for benefits are uncertain.
On March 27, 2020, the Coronavirus Aid, Relief,
and Economic Security (CARES) Act was passed by Congress. The CARES Act provides immediate and temporary relief for retirement
plan sponsors and their participants with respect to employer contributions, distributions and participant loans. The provisions
of the CARES Act may be effective and operationalized immediately, prior to amending the plan document. Plan management has adopted
certain relief provisions included in the CARES Act and continues to evaluate other provisions.
Supplementary Information
GARMIN INTERNATIONAL,
INC. RETIREMENT PLAN
SCHEDULE H, LINE 4i – SCHEDULE
OF ASSETS
(Held at End of
Year)
December 31, 2019
EIN 48-1088407
Plan # 001
|
|
Description
|
|
Number
|
|
|
|
|
|
|
|
|
|
of
|
|
of Shares
|
|
|
|
|
|
Fair
|
|
Identity of Issuer
|
|
Investment
|
|
or Units
|
|
|
Cost (1)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Garmin Ltd. Common Stock*
|
|
Company Stock
|
|
|
458,529
|
|
|
|
|
|
|
|
44,734,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
T. Rowe Price Government Money Fund*
|
|
Mutual Fund
|
|
|
152,815
|
|
|
|
|
|
|
|
152,815
|
|
JP Morgan Intrepid Value R6 Fund
|
|
Mutual Fund
|
|
|
800,170
|
|
|
|
|
|
|
|
25,245,358
|
|
MFS International Value R6 Fund
|
|
Mutual Fund
|
|
|
361,197
|
|
|
|
|
|
|
|
16,434,459
|
|
VNGRD ST INFL-PROT SEC IDX ADM
|
|
Mutual Fund
|
|
|
85,889
|
|
|
|
|
|
|
|
2,120,591
|
|
DFA US TARGETED VALUE 1
|
|
Mutual Fund
|
|
|
1,046,897
|
|
|
|
|
|
|
|
24,267,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,220,303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
T ROWE PRICE RET BLEND 2005 C*
|
|
Common Collective Trust
|
|
|
160,476
|
|
|
|
|
|
|
|
1,758,813
|
|
T ROWE PRICE RET BLEND 2010 C*
|
|
Common Collective Trust
|
|
|
165,164
|
|
|
|
|
|
|
|
1,813,498
|
|
T ROWE PRICE RET BLEND 2015 C*
|
|
Common Collective Trust
|
|
|
548,079
|
|
|
|
|
|
|
|
6,028,867
|
|
T ROWE PRICE RET BLEND 2030 C*
|
|
Common Collective Trust
|
|
|
8,261,882
|
|
|
|
|
|
|
|
91,624,274
|
|
T ROWE PRICE RET BLEND 2025 C*
|
|
Common Collective Trust
|
|
|
3,239,898
|
|
|
|
|
|
|
|
35,865,674
|
|
T ROWE PRICE RET BLEND 2035 C*
|
|
Common Collective Trust
|
|
|
3,345,202
|
|
|
|
|
|
|
|
37,165,191
|
|
T ROWE PRICE RET BLEND 2020 C*
|
|
Common Collective Trust
|
|
|
3,767,790
|
|
|
|
|
|
|
|
41,558,720
|
|
T ROWE PRICE RET BLEND 2060 C*
|
|
Common Collective Trust
|
|
|
972,533
|
|
|
|
|
|
|
|
11,407,816
|
|
T ROWE PRICE RET BLEND 2055 C*
|
|
Common Collective Trust
|
|
|
3,944,351
|
|
|
|
|
|
|
|
43,900,632
|
|
T ROWE PRICE RET BLEND 2045 C*
|
|
Common Collective Trust
|
|
|
3,926,938
|
|
|
|
|
|
|
|
43,706,817
|
|
T ROWE PRICE RET BLEND 2050 C*
|
|
Common Collective Trust
|
|
|
3,716,131
|
|
|
|
|
|
|
|
41,360,538
|
|
T ROWE PRICE RET BLEND 2040 C*
|
|
Common Collective Trust
|
|
|
15,525,386
|
|
|
|
|
|
|
|
172,642,291
|
|
STATE STREET S&P 500 IND NL N
|
|
Common Collective Trust
|
|
|
1,580,157
|
|
|
|
|
|
|
|
118,160,983
|
|
STATE STREET US EXT MKT INX C
|
|
Common Collective Trust
|
|
|
2,350,661
|
|
|
|
|
|
|
|
59,836,073
|
|
STATE STREET GL ALL CP EQ C
|
|
Common Collective Trust
|
|
|
232,487
|
|
|
|
|
|
|
|
3,708,169
|
|
PRUDENTIAL CORE PLUS BOND
|
|
Common Collective Trust
|
|
|
190,571
|
|
|
|
|
|
|
|
34,243,618
|
|
STATE STREET US BOND INDX NL C
|
|
Common Collective Trust
|
|
|
351,211
|
|
|
|
|
|
|
|
5,359,476
|
|
T. Rowe Price Stable Value Common Trust Fund*
|
|
Common Collective Trust
|
|
|
44,689,862
|
|
|
|
|
|
|
|
44,689,862
|
|
T. Rowe Price Growth Stock Trust*
|
|
Common Collective Trust
|
|
|
1,200,134
|
|
|
|
|
|
|
|
48,809,439
|
|
WLLIAMBLAIR SM MD CAP FE CIT 1
|
|
Common Collective Trust
|
|
|
2,058,524
|
|
|
|
|
|
|
|
58,873,801
|
|
INVESCO INTERNATIONAL GROWTH TRUST 2
|
|
Common Collective Trust
|
|
|
826,720
|
|
|
|
|
|
|
|
24,140,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
926,654,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Self Directed Brokerage Accounts
|
|
Brokerage Accounts
|
|
|
|
|
|
|
|
|
|
|
39,817,645
|
|
Participant Notes Receivable, interest rates from 3.75% to 8.75%,
maturities through September 25, 2049*
|
|
Participant Notes Receivable
|
|
|
|
|
|
|
|
|
|
|
8,479,732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,087,906,576
|
|
|
(1)
|
Cost information was omitted for Plan assets which are
participant directed.
|
|
*
|
Indicates party in interest to the Plan.
|
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused
this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
|
GARMIN INTERNATIONAL, INC.
RETIREMENT PLAN
|
|
|
Dated: June 12, 2020
|
By:
|
/s/ Gene Lampe
|
|
|
Gene Lampe
|
|
|
Plan Administrator
|
14
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