Years
Ended December 31, 2020 and 2019
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 Garmin International, Inc. Retirement Plan (the Plan)
as of December 31, 2020 and 2019 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, 2020 and 2019, 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, 2020 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
15, 2021
GARMIN INTERNATIONAL, INC. RETIREMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2020 and 2019
|
|
2020
|
|
|
2019
|
|
Assets
|
|
|
|
|
|
|
Cash held in self-directed brokerage accounts
|
|
$
|
7,195,560
|
|
|
$
|
6,972,481
|
|
|
|
|
|
|
|
|
|
|
Investments at fair value:
|
|
|
|
|
|
|
|
|
Mutual funds
|
|
|
73,945,576
|
|
|
|
68,220,303
|
|
Common/collective trusts
|
|
|
1,173,172,004
|
|
|
|
926,654,770
|
|
Self-directed brokerage accounts
|
|
|
45,582,423
|
|
|
|
32,845,164
|
|
Garmin Ltd. common stock
|
|
|
50,162,970
|
|
|
|
44,734,126
|
|
|
|
|
1,342,862,973
|
|
|
|
1,072,454,363
|
|
|
|
|
|
|
|
|
|
|
Receivables:
|
|
|
|
|
|
|
|
|
Participant contributions
|
|
|
1,422,931
|
|
|
|
-
|
|
Employer contributions
|
|
|
1,761,257
|
|
|
|
-
|
|
Notes receivable from participants
|
|
|
9,131,189
|
|
|
|
8,479,732
|
|
|
|
|
12,315,377
|
|
|
|
8,479,732
|
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits
|
|
$
|
1,362,373,910
|
|
|
$
|
1,087,906,576
|
|
See accompanying notes to financial statements.
GARMIN INTERNATIONAL, INC. RETIREMENT
PLAN
STATEMENTS OF CHANGES IN NET ASSETS
AVAILABLE FOR BENEFITS
Years Ended December 31, 2020 and 2019
|
|
2020
|
|
|
2019
|
|
Additions
|
|
|
|
|
|
|
Contributions:
|
|
|
|
|
|
|
Participant
|
|
$
|
48,418,099
|
|
|
$
|
40,934,430
|
|
Employer
|
|
|
53,780,795
|
|
|
|
45,100,704
|
|
Rollover
|
|
|
6,971,436
|
|
|
|
7,329,453
|
|
Total additions
|
|
|
109,170,330
|
|
|
|
93,364,587
|
|
|
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
|
|
Benefits paid to participants
|
|
|
43,173,874
|
|
|
|
36,282,864
|
|
Fees
|
|
|
530,758
|
|
|
|
522,871
|
|
|
|
|
|
|
|
|
|
|
Total deductions
|
|
|
43,704,632
|
|
|
|
36,805,735
|
|
|
|
|
|
|
|
|
|
|
Investment income:
|
|
|
|
|
|
|
|
|
Net appreciation in fair value of investments
|
|
|
200,845,651
|
|
|
|
204,044,403
|
|
Dividends and interest from investments
|
|
|
4,988,926
|
|
|
|
5,716,512
|
|
Net investment income
|
|
|
205,834,577
|
|
|
|
209,760,915
|
|
|
|
|
|
|
|
|
|
|
Interest on notes receivable from participants
|
|
|
426,855
|
|
|
|
408,799
|
|
|
|
|
|
|
|
|
|
|
Net increase before transfers in
|
|
|
271,727,130
|
|
|
|
266,728,566
|
|
|
|
|
|
|
|
|
|
|
Transfers into the Plan
|
|
|
2,740,204
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net increase
|
|
|
274,467,334
|
|
|
|
266,728,566
|
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits - Beginning of year
|
|
|
1,087,906,576
|
|
|
|
821,178,010
|
|
|
|
|
|
|
|
|
|
|
Net assets available for benefits - End of year
|
|
$
|
1,362,373,910
|
|
|
$
|
1,087,906,576
|
|
See accompanying notes to financial statements.
1.
Description of the Plan
The
Garmin International, Inc. Retirement Plan (the Plan or Garmin 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 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), as amended.
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 annually to the Compensation Committee of 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 per payroll period. 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. In addition, 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, 2020 and 2019, 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 2020 and 2019 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. Participants do not need to be enrolled in the Plan to receive safe harbor and
non-safe harbor discretionary base contributions. Any other discretionary Company contributions to the Plan would be at the sole discretion
of the Company.
1. Description of the Plan (continued)
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 $629,356 and $758,004 in forfeiture funds to reduce Company contributions
in 2020 and 2019, respectively. The Plan did not use any forfeitures to pay Plan administrative fees in 2020 or 2019. The Plan retained
$14,515 and $46,900 in forfeitures as of December 31, 2020 and 2019, respectively, which is available for future use.
Each
participant’s account is credited with the participant’s contributions, the Company’s contributions, and the earnings
of their account, and charged with an allocation of administrative expenses. Allocation of administrative expenses are on a per
capita basis. 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 Plan’s Loan Policy establishes the interest rate on Plan loans as the Prime rate plus
0.5%. 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.
Pursuant
to the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted in March 2020, Plan participants could request a delay of note
repayments for repayments that occurred between March 27, 2020 and December 31, 2020. If a delay was granted, the participant’s
note was reamortized and included any interest accrued during the period of delay. The ability to request a delay in note repayments
under the CARES Act ceased as of December 31, 2020. In addition, the limit on notes receivable was increased to the lesser of $100,000
or 100% of the participant's vested account balance. The increased loan limit was available for 180 days after the enactment of the CARES
Act.
1.
Description of the Plan (continued)
The
Plan also permits participants to request up to $100,000 in coronavirus-related distributions, with repayment terms of up to three years,
in accordance with the CARES Act. The ability to request coronavirus-related distributions under the CARES Act ceased as of December
31, 2020.
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.
In
2019, the Plan Sponsor and certain of its affiliated entities acquired the outstanding stock of AeroData, Inc., AeroNavData, Inc. and
Fit Pay, Inc., and AeroData, Inc. and AeroNavData, Inc. agreed to become participating employers under the Plan. The employees
of AeroData, Inc., AeroNavData, Inc. and Fit Pay, Inc. were granted credit for prior service and were eligible to participate in the
Plan upon completion of the acquisition or 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.
In
2020, the Plan Sponsor and certain of its affiliated entities acquired the outstanding stock of Kruger Optical, Inc. and acquired substantially
all of the assets of GEOS Response, LLC. The employees of GEOS Response, LLC and Kruger Optical, Inc. were granted credit for prior
service and were eligible to participate in the Plan upon completion of the acquisition. On April 8, 2020 the AeroNavData, Inc.
401(k) Profit Sharing Plan was merged into the Garmin Plan and assets were transferred into the Plan. On June 16, 2020 the Fit
Pay, Inc. 401(k) Plan was merged into the Garmin Plan and assets were transferred into the Plan. GEOS Response, LLC did not sponsor
any type of 401(k) Plan, therefore, no plan merger will be required.
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.
2.
Summary of Significant Accounting Policies (continued)
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 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.
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, 2020 or 2019. 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
Expenses
not related to investment management and Plan administration 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, the trustee and third-party administrator as defined by the Plan, 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.
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.
Garmin
Ltd. 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.
3. Fair Value Measurements (continued)
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, 2020
and 2019.
|
|
Investments at Fair Value as of December 31, 2020
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Mutual funds
|
|
$
|
73,945,576
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
73,945,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Self-directed brokerage accounts
|
|
|
45,503,893
|
|
|
|
78,530
|
|
|
|
-
|
|
|
|
45,582,423
|
|
Garmin Ltd. common stock
|
|
|
50,162,970
|
|
|
|
-
|
|
|
|
-
|
|
|
|
50,162,970
|
|
Total assets in the fair value hierarchy
|
|
$
|
169,612,439
|
|
|
$
|
78,530
|
|
|
$
|
-
|
|
|
|
169,690,969
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common/collective trusts measured at net asset value {a}:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,173,172,004
|
|
Total investments at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,342,862,973
|
|
|
|
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
|
|
|
32,747,158
|
|
|
|
98,006
|
|
|
|
-
|
|
|
|
32,845,164
|
|
Garmin Ltd. common stock
|
|
|
44,734,126
|
|
|
|
-
|
|
|
|
-
|
|
|
|
44,734,126
|
|
Total assets in the fair value hierarchy
|
|
$
|
145,701,587
|
|
|
$
|
98,006
|
|
|
$
|
-
|
|
|
|
145,799,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common/collective trusts measured at net asset value {a}:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
926,654,770
|
|
Total investments at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,072,454,363
|
|
{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.
|
3.
Fair Value Measurements (continued)
There
have been no changes in the valuation methodologies used at December 31, 2020 or 2019.
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.
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 2017.
5.
Related Party Transactions and Party-in-interest Transactions
Certain
Plan investments are shares of mutual funds and common/collective trusts managed by T. Rowe Price. 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 in fair value
of investments. The Plan also maintains an administration expense account that is funded by fees paid by participants. At December 31,
2020 and 2019, the Plan had balances available in the amount of $161,369 and $105,707 to pay future administrative expenses. The Plan
made direct payments to T. Rowe Price as its third-party administrator of $305,838 and $332,116 for the years ended December 31, 2020
and 2019, 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.
The
above transactions qualify as allowable 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,
|
|
|
|
2020
|
|
|
2019
|
|
Net assets available for benefits per the financial statements
|
|
$
|
1,362,373,910
|
|
|
$
|
1,087,906,576
|
|
Adjustment from contract value to fair
value reporting utilized by certain common/collective trusts
|
|
|
2,601,626
|
|
|
|
526,134
|
|
Net assets available for benefits per Schedule H of the Form 5500
|
|
$
|
1,364,975,536
|
|
|
$
|
1,088,432,710
|
|
The
following is a reconciliation of net increase as reflected in the financial statements to the Form 5500:
|
|
Years Ended December 31,
|
|
|
|
2020
|
|
|
2019
|
|
Net increase per financial statements
|
|
$
|
274,467,334
|
|
|
$
|
266,728,566
|
|
Change in adjustment from contract value to fair value
reporting utilized by certain common/collective trusts
|
|
|
2,075,492
|
|
|
|
1,379,413
|
|
Net income per Schedule H of
the Form 5500
|
|
$
|
276,542,826
|
|
|
$
|
268,107,979
|
|
Supplementary
Information
GARMIN INTERNATIONAL, INC. RETIREMENT PLAN
SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS
(Held at End of Year)
December 31, 2020
EIN 48-1088407
Plan # 001
|
|
Description
|
|
Number
|
|
|
|
|
|
|
of
|
|
of Shares
|
|
|
Fair
|
|
Identity of Issuer
|
|
Investment
|
|
or Units
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
GARMIN LTD. COMMON STOCK*
|
|
Company Stock
|
|
|
419,213
|
|
|
$
|
50,162,970
|
|
|
|
|
|
|
|
|
|
|
|
|
T. ROWE PRICE GOVERNMENT MONEY FUND*
|
|
Mutual Fund
|
|
|
176,092
|
|
|
|
176,092
|
|
JP MORGAN INTREPID VALUE R6 FUND
|
|
Mutual Fund
|
|
|
812,800
|
|
|
|
24,790,399
|
|
MFS INTERNATIONAL VALUE R6 FUND
|
|
Mutual Fund
|
|
|
384,793
|
|
|
|
19,951,522
|
|
VNGRD ST INFL-PROT SEC IDX ADM
|
|
Mutual Fund
|
|
|
189,637
|
|
|
|
4,856,593
|
|
DFA US TARGETED VALUE 1
|
|
Mutual Fund
|
|
|
1,024,628
|
|
|
|
24,170,970
|
|
|
|
|
|
|
|
|
|
|
73,945,576
|
|
|
|
|
|
|
|
|
|
|
|
|
T ROWE PRICE RET BLEND 2005 C*
|
|
Common/Collective Trust
|
|
|
242,725
|
|
|
|
2,987,946
|
|
T ROWE PRICE RET BLEND 2010 C*
|
|
Common/Collective Trust
|
|
|
205,914
|
|
|
|
2,553,330
|
|
T ROWE PRICE RET BLEND 2015 C*
|
|
Common/Collective Trust
|
|
|
636,781
|
|
|
|
7,947,028
|
|
T ROWE PRICE RET BLEND 2020 C*
|
|
Common/Collective Trust
|
|
|
3,410,134
|
|
|
|
42,865,386
|
|
T ROWE PRICE RET BLEND 2025 C*
|
|
Common/Collective Trust
|
|
|
2,973,730
|
|
|
|
37,915,060
|
|
T ROWE PRICE RET BLEND 2030 C*
|
|
Common/Collective Trust
|
|
|
8,177,001
|
|
|
|
105,401,540
|
|
T ROWE PRICE RET BLEND 2035 C*
|
|
Common/Collective Trust
|
|
|
3,826,576
|
|
|
|
49,822,025
|
|
T ROWE PRICE RET BLEND 2040 C*
|
|
Common/Collective Trust
|
|
|
16,002,250
|
|
|
|
209,949,522
|
|
T ROWE PRICE RET BLEND 2045 C*
|
|
Common/Collective Trust
|
|
|
4,220,521
|
|
|
|
55,626,469
|
|
T ROWE PRICE RET BLEND 2050 C*
|
|
Common/Collective Trust
|
|
|
4,295,690
|
|
|
|
56,617,197
|
|
T ROWE PRICE RET BLEND 2055 C*
|
|
Common/Collective Trust
|
|
|
4,683,353
|
|
|
|
61,773,424
|
|
T ROWE PRICE RET BLEND 2060 C*
|
|
Common/Collective Trust
|
|
|
1,463,326
|
|
|
|
20,325,593
|
|
VG SSGA GL ALL CP EQ EXUS ID NL K
|
|
Common/Collective Trust
|
|
|
533,475
|
|
|
|
7,561,468
|
|
STATE STREET S&P 500 IND NL N
|
|
Common/Collective Trust
|
|
|
1,686,611
|
|
|
|
149,259,980
|
|
STATE STREET US EXT MKT INX C
|
|
Common/Collective Trust
|
|
|
2,252,277
|
|
|
|
75,489,564
|
|
PRUDENTIAL CORE PLUS BOND
|
|
Common/Collective Trust
|
|
|
192,981
|
|
|
|
37,941,973
|
|
STATE STREET US BOND INDX NL C
|
|
Common/Collective Trust
|
|
|
732,191
|
|
|
|
12,024,772
|
|
T. ROWE PRICE STABLE VALUE COMMON TRUST FUND*
|
|
Common/Collective Trust
|
|
|
65,954,042
|
|
|
|
65,954,042
|
|
T. ROWE PRICE GROWTH STOCK TRUST*
|
|
Common/Collective Trust
|
|
|
1,318,953
|
|
|
|
73,122,751
|
|
WLLIAMBLAIR SM MD CAP FE CIT 1
|
|
Common/Collective Trust
|
|
|
1,835,899
|
|
|
|
69,690,730
|
|
INVESCO INTERNATIONAL GROWTH TRUST 2
|
|
Common/Collective Trust
|
|
|
799,273
|
|
|
|
28,342,204
|
|
|
|
|
|
|
|
|
|
|
1,173,172,004
|
|
|
|
|
|
|
|
|
|
|
|
|
Self-Directed Brokerage Accounts
|
|
Brokerage Accounts
|
|
|
|
|
|
|
52,777,983
|
|
Participant Notes Receivable,
interest rates from 3.75% to 8.75%, maturities through September 2, 2050*
|
|
Participant Notes Receivable
|
|
|
|
|
|
|
9,131,189
|
|
|
|
|
|
|
|
|
|
$
|
1,359,189,722
|
|
|
(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 15, 2021
|
By:
|
/s/ Gene Lampe
|
|
|
Gene Lampe
|
|
|
Plan Administrator
|
14
Garmin (NASDAQ:GRMN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Garmin (NASDAQ:GRMN)
Historical Stock Chart
From Apr 2023 to Apr 2024