Unassociated Document
United
States
Securities
and Exchange Commission
Washington, D.C.
20549
FORM
11-K
x
|
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For the
year ended December 31, 2008
or
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
|
For the
transition period from ________ to _________
Commission
File Number: 0-31983
A. Full
title of the plan and the address of the plan, if different from that of the
issuer named below:
Garmin
International, Inc. 401(k) and Pension Plan
c/o
Garmin International, Inc.
1200 East
151st
Street
Olathe,
KS 66062
B. Name
of issuer of the securities held pursuant to the plan and the address of its
principal executive office:
Garmin
Ltd.
P.O. Box
10670
45 Market
Street, Suite 3206B
Gardenia
Court, Camana Bay
Grand
Cayman KY1-1006
Cayman
Islands
Contents
Reports
of Independent Registered Public Accounting Firms
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1
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Financial
Statements
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Statements
of Net Assets Available for Benefits
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3
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Statements
of Changes in Net Assets Available for Benefits
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4
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Notes
to Financial Statements
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5
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Supplemental
Schedule
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Schedule
H, Line 4i – Schedule of Assets (Held at End of Year)
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12
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Signature
Page
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13
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Exhibits
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Exhibit
23.1 – Consent of Independent Registered Public Accounting
Firm
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Exhibit
23.2 – Consent of Independent Registered Public Accounting
Firm
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15
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A
schedule of party-in-interest transactions has not been presented because there
were no party-in-interest transactions, which are prohibited by ERISA Section
406 and for which there is no statutory or administrative exemption. Schedules
of loans, fixed income obligations, and leases in default or uncollectible are
not presented, since such loans, fixed income obligations, or leases that are
required to be listed in the respective schedule are not present.
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Plan
Administrator
Garmin
International, Inc. 401(k) and Pension Plan
Olathe,
Kansas
We have
audited the accompanying statement of net assets available for benefits of the
Garmin International, Inc. 401(k) and Pension Plan (the Plan) as of December 31,
2008 and the related statement of changes in net assets available for benefits
for the year ended December 31, 2008. These financial statements are
the responsibility of the Plan’s management. Our responsibility is to
express an opinion on these financial statements based on our
audit.
We
conducted our audit in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of the Plan as of
December 31, 2008, and the changes in net assets available for benefits for the
year ended December 31, 2008, in conformity with U.S. generally accepted
accounting principles.
Our audit
was conducted for the purpose of forming an opinion on the basic financial
statements taken as a whole. The accompanying supplemental schedule
of assets (held at end of year) as of December 31, 2008, is presented for the
purpose of additional analysis and is not a required part of the basic financial
statements, but is supplementary information required by the Department of
Labor’s Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The supplemental schedule is
the responsibility of the Plan’s management. The supplemental schedule has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
/s/ Mayer
Hoffman McCann P.C.
Leawood,
Kansas
June 18,
2009
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Plan
Administrator
Garmin
International, Inc. 401(k) and Pension Plan
Olathe,
Kansas
We have
audited the accompanying statement of net assets available for benefits of the
Garmin International, Inc. 401(k) and Pension Plan (the Plan) as of December 31,
2007, and the related statement of changes in net assets available for benefits
for the year ended December 31, 2007. These financial statements are the
responsibility of the Plan’s management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We
conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. We were not engaged to perform an
audit of the Plan’s internal control over financial reporting. Our audit
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Plan’s
internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets available for benefits of the Plan at December
31, 2007, and the changes in its net assets available for benefits for the year
ended December 31, 2007, in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst
& Young LLP
Kansas
City, Missouri
June 26,
2008
GARMIN
INTERNATIONAL, INC. 401(k) AND PENSION PLAN
STATEMENTS
OF NET ASSETS AVAILABLE FOR BENEFITS
December
31, 2008 and 2007
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|
2008
|
|
|
2007
|
|
Assets
|
|
|
|
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|
|
|
|
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|
|
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Investments:
|
|
|
|
|
|
|
Mutual
funds
|
|
$ |
85,237,471 |
|
|
$ |
105,648,855 |
|
Stable
value fund
|
|
|
3,991,445 |
|
|
|
3,201,037 |
|
Garmin
employer stock
|
|
|
10,996,144 |
|
|
|
39,373,762 |
|
Participant
loans
|
|
|
1,548,074 |
|
|
|
1,291,847 |
|
|
|
|
101,773,134 |
|
|
|
149,515,501 |
|
|
|
|
|
|
|
|
|
|
Receivables:
|
|
|
|
|
|
|
|
|
Employer
contributions
|
|
|
- |
|
|
|
1,209,287 |
|
Participants'
contributions
|
|
|
- |
|
|
|
976,151 |
|
Total
receivables
|
|
|
- |
|
|
|
2,185,438 |
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
|
101,773,134 |
|
|
|
151,700,939 |
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
Excess
contributions payable
|
|
|
90,771 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net
assets reflecting all investments at fair value
|
|
|
101,682,363 |
|
|
|
151,700,939 |
|
|
|
|
|
|
|
|
|
|
Adjustment
from fair value to contract value for fully benefit-responsive investment
contracts
|
|
|
37,416 |
|
|
|
(18,919 |
) |
|
|
|
|
|
|
|
|
|
Net
assets available for benefits
|
|
$ |
101,719,779 |
|
|
$ |
151,682,020 |
|
See
accompanying notes.
GARMIN
INTERNATIONAL, INC. 401(k) AND PENSION PLAN
STATEMENTS
OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Years
Ended December 31, 2008 and 2007
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|
2008
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|
2007
|
|
Additions
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|
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|
|
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Investment
Income:
|
|
|
|
|
|
|
Net
appreciation in fair value of investments
|
|
$ |
- |
|
|
$ |
14,782,517 |
|
Dividends
and interest
|
|
|
4,864,705 |
|
|
|
7,953,660 |
|
Total
investment income
|
|
|
4,864,705 |
|
|
|
22,736,177 |
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|
|
|
|
|
|
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Contributions:
|
|
|
|
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Employer
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|
14,005,694 |
|
|
|
11,046,402 |
|
Participants
|
|
|
11,580,645 |
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|
|
9,634,502 |
|
Rollover
|
|
|
1,678,453 |
|
|
|
3,767,825 |
|
Total
contributions
|
|
|
27,264,792 |
|
|
|
24,448,729 |
|
|
|
|
|
|
|
|
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Total
additions
|
|
|
32,129,497 |
|
|
|
47,184,906 |
|
|
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
|
|
|
Net
depreciation in fair value of investments
|
|
|
78,152,423 |
|
|
|
- |
|
Benefits
paid to participants
|
|
|
3,840,974 |
|
|
|
3,094,851 |
|
Administrative
fees
|
|
|
98,341 |
|
|
|
59,751 |
|
|
|
|
|
|
|
|
|
|
Total
deductions
|
|
|
82,091,738 |
|
|
|
3,154,602 |
|
|
|
|
|
|
|
|
|
|
Net
increase (decrease)
|
|
|
(49,962,241 |
) |
|
|
44,030,304 |
|
|
|
|
|
|
|
|
|
|
Net
assets available for benefits:
|
|
|
|
|
|
|
|
|
Beginning
of year
|
|
|
151,682,020 |
|
|
|
107,651,716 |
|
|
|
|
|
|
|
|
|
|
End
of year
|
|
$ |
101,719,779 |
|
|
$ |
151,682,020 |
|
See
accompanying notes.
Garmin
International, Inc.
401(k)
and Pension Plan
Notes
to Financial Statements
1.
Description of the Plan
The
Garmin International, Inc. 401(k) and Pension Plan (the Plan) is a contributory
defined contribution plan available to full-time employees who are at least 21
years of age and have completed three months of service with Garmin
International, Inc. (the Company), a wholly owned subsidiary of Garmin Ltd.
Participants are permitted to enter the Plan after meeting eligibility
requirements on either January 1 or July 1. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Eligible employees may contribute up to 50% of their annual compensation subject
to Internal Revenue Code (the Code) maximum limitations. Participants are
allowed to designate contributions as traditional (pre-tax) or Roth (after tax)
contributions. The Company matches 75% of an employee’s contributions up to 10%
of the employee’s compensation.
In
addition, the Company makes an annual Money Purchase Pension Plan (MPP)
contribution for eligible participants. The MPP contribution is a
100% employer contribution equal to 5% of each eligible participant’s base
salary. Eligibility requirements for the MPP contribution are the
same as the eligibility requirements to enter the Plan. If a
participant is not enrolled in the Plan, these contributions are invested in a
default account in the participant’s name.
Certain
other discretionary employer contributions to the Plan are at the sole
discretion of the Company’s Board of Directors.
Effective
January 1, 2007, the Plan adopted an amendment granting the participants the
right to designate all or a portion of their elective deferrals as Roth Elective
Deferrals and updated the vesting schedule for Non-Safe Harbor Non-Elective
contributions. For the year ended December 31, 2008 the Plan adopted
an amendment intended as good faith compliance with the final regulations under
Code §415 for defined contribution plans.
Under
provisions of the Plan, participants direct the investment of their
contributions into one or more of the investment accounts
available.
Participants
become fully vested in employer matching contributions to the Plan 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 become fully vested in MPP contributions and any other
discretionary profit-sharing contributions after six years of continuous
service. The vesting percentages are as follows: 0% through two years of
service, 20% after two years, 40% after three years, 60% after four years, 80%
after five years, and 100% after six years. The nonvested portions of terminated
participants’ account balances are forfeited, and such forfeitures serve to
reduce future employer contributions. The Plan retained $182,983 and $178,006 in
forfeitures in 2008 and 2007, respectively.
Garmin
International, Inc.
401(k)
and Pension Plan
Notes
to Financial Statements
1.
Description of the Plan (continued)
Participants
may borrow from the Plan in the form of a loan. The loan is limited to the
amount the participant may borrow without the loan being treated as a taxable
distribution. The loan and any outstanding loan balance may not be more than 50%
of the participant’s vested account balance, not including discretionary
profit-sharing contributions or merged Garmin International, Inc. MPP
contribution balances, or $50,000, whichever is less. The vested account
provides the security for the loan, and the participant’s account may not be
used as security for a loan outside of the Plan. Additionally, loans must be
repaid with interest within five years from the date of the loan unless the loan
is used to buy the participant’s principal residence. The loan may be repaid
before it is due.
Upon
termination of employment with the Company, participants have various options
for receiving payment of 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 rollover IRA or cash. If the
participant’s balance is less than $1,000 the lump sum distribution must be in
cash.
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 termination, 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. 401(k)
and Pension Plan. Copies of the Summary Plan Description are available
from the plan administrator.
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
The
Plan’s investments are stated at fair value. Shares of mutual funds and Garmin
stock are valued based on quoted market prices which represent the net asset
value of shares held by the Plan at year-end. The fair value of the
participation units in the common collective trust is based on quoted redemption
values on the last business day of the Plan’s year-end. Participant
loans are valued at their outstanding balances, which approximate fair
value.
Garmin
International, Inc.
401(k)
and Pension Plan
Notes
to Financial Statements
2.
Summary of Significant Accounting Policies (continued)
As
described in Financial Accounting Standards Board Staff Position (FSP) AAG INV-1
and SOP 94-4-1, Reporting of
Fully Benefit-Responsive Investment Contracts Held by Certain Investment
Companies Subject to the AICPA Investment Company Guide and Defined-Contribution
Health and Welfare and Pension Plans (the FSP), investment contracts held
by a defined contribution plan are required to be reported at fair value.
However, contract value is the relevant measurement attribute for that portion
of the net assets available for benefits of a defined contribution plan
attributable to fully benefit-responsive investment contracts because contract
value is the amount participants would receive if they were to initiate
permitted transactions under the terms of the Plan. The Plan invests in
investment contracts through a common collective trust (T. Rowe Price Stable
Value Fund), which is fully benefit-responsive. As required by the FSP, the
statements of net assets available for benefits presents the fair value of the
investment in the common collective trust as well as the adjustment from fair
value to contract value for fully benefit-responsive investment
contracts. The fair value of the Plan's interest in the T. Rowe Price
Stable Value Fund is based on information reported by the issuer of the common
collective trust at year-end. The contract value of the T. Rowe Price
Stable Value Fund represents contributions plus earnings, less participant
withdrawals and administrative expenses.
Purchases
and sales of securities are recorded on a trade date basis. Dividends are
recorded on the ex-dividend date.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. generally accepted
accounting principles 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.
Reclassification
Certain
items from the 2007 financial statements have been reclassified to conform to
the 2008 presentation.
Recently
Issued Accounting Pronouncements
In
September 2006, the Financial Accounting Standards Board (FASB) issued Statement
of Financial
Accounting Standards No. 157, Fair Value Measurements (“SFAS No. 157”). SFAS No.
157 establishes a framework for measuring fair value in GAAP, and expands
disclosures about fair value measurements. SFAS No. 157 applies under other
accounting pronouncements that require or permit fair value measurements. This
statement is effective for fiscal years beginning after November 15, 2007, and
interim periods within those fiscal years. The Plan adopted SFAS No. 157
effective fiscal year beginning January 1, 2008 and the adoption did not have a
material impact on the Plan’s financial position.
Garmin
International, Inc.
401(k)
and Pension Plan
Notes
to Financial Statements
3.
Investments
The fair
value of individual investments that represent 5% or more of the Plan’s net
assets is as follows:
|
|
December 31
|
|
|
|
2008
|
|
|
2007
|
|
Fair
value as determined by quoted market price:
|
|
|
|
|
|
|
Oakmark
Equity and Income Fund
|
|
$ |
9,063,533 |
|
|
$ |
10,198,687 |
|
Garmin
Ltd. Common Stock
|
|
|
10,996,144 |
|
|
|
39,373,762 |
|
T.
Rowe Price Equity Income Fund
|
|
|
5,550,261 |
|
|
|
10,468,370 |
|
T.
Rowe Price Growth Stock Fund
|
|
|
5,002,960 |
|
|
|
8,233,372 |
|
T.
Rowe Price Prime Reserve Fund
|
|
|
5,307,859 |
|
|
|
* |
|
T.
Rowe Price Retirement 2020 Fund
|
|
|
6,145,881 |
|
|
|
* |
|
T.
Rowe Price Retirement 2030 Fund
|
|
|
6,378,951 |
|
|
|
* |
|
T.
Rowe Price Retirement 2040 Fund
|
|
|
8,869,470 |
|
|
|
* |
|
Vanguard
Institutional Index Fund
|
|
|
6,209,018 |
|
|
|
9,147,665 |
|
*For the
year ended December 31, 2007 the value of these funds did not exceed five
percent
of
the Plan’s net assets.
The
Plan’s investments were held by T. Rowe Price Trust Company at December 31, 2008
and 2007. During 2008, the Plan’s investments (including investments bought and
sold, as well as held, during the year) decreased in fair value by $78,152,423,
as presented in the following table:
Garmin
Ltd. common stock
|
|
$ |
30,516,885 |
|
Mutual
funds
|
|
|
47,635,538 |
|
|
|
$ |
78,152,423 |
|
Garmin
International, Inc.
401(k)
and Pension Plan
Notes
to Financial Statements
4.
Fair Value Measurements
SFAS No.
157 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 SFAS No. 157 are described below:
Level
1 Inputs to the valuation methodology are unadjusted quoted prices for
identical assets or liabilities in active markets.
Level
2 Inputs to the valuation methodology include quoted prices for similar
assets and liabilities in active markets, and inputs that are observable for the
asset or liability, either directly or indirectly, for substantially the full
term of the financial instrument.
Level
3 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.
The
following table sets forth by level, within the fair value hierarchy, the Plan’s
investments at fair value as of December 31, 2008.
|
|
Investments at Fair Value as of December 31, 2008
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock
& Mutual Funds
|
|
$ |
96,233,615 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
96,233,615 |
|
Common
Collective Trusts
|
|
|
- |
|
|
|
3,991,445 |
|
|
|
- |
|
|
|
3,991,445 |
|
Loans
to
participants
|
|
|
- |
|
|
|
1,548,074 |
|
|
|
- |
|
|
|
1,548,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
investments at fair value
|
|
$ |
96,233,615 |
|
|
$ |
5,539,519 |
|
|
$ |
- |
|
|
$ |
101,773,134 |
|
5.
Income Tax Status
The
underlying nonstandardized prototype plan has received an opinion letter from
the Internal Revenue Service (IRS) dated February 27, 2002, stating that the
form of the Plan is qualified
Garmin
International, Inc.
401(k)
and Pension Plan
Notes
to Financial Statements
5.
Income Tax Status (continued)
under
Section 401 of the Code, and therefore, the related trust is tax-exempt. In
accordance with Revenue Procedure 2007-6 and Announcement 2001-77, the plan
sponsor has determined that it is eligible to and has chosen to rely on the
current IRS prototype plan 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 and, therefore, believes that the Plan is
qualified and the related trust is tax-exempt.
6.
Transactions with Parties in Interest
The
Company pays certain administrative costs and provides certain accounting and
administrative services to the Plan for which no fees are
charged. Certain Plan investments are shares of mutual funds managed
by the Trustee of the Plan. Fees paid by the Plan for investment
management and recordkeeping services amounted to $16,050 and $5,436 for the
years ended December 31, 2008 and 2007, respectively.
7.
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.
8.
Excess Contributions Refundable
Contributions
received from participants for 2008 are net of payments of $90,771 made in March
2009 to certain active participants to return to them excess deferral
contributions as required to satisfy the relevant nondiscrimination provisions
of the Plan. At December 31, 2008 and 2007, $90,771 and $0,
respectively, have been included in the Plan’s statements of net assets
available for benefits as excess contributions payable.
Garmin
International, Inc.
401(k)
and Pension Plan
Notes
to Financial Statements
9.
Reconciliation of financial statements to Schedule H of Form
5500
The
following is a reconciliation of net assets available for benefits per the
financial statements to Form 5500:
|
|
December
31, 2008
|
|
Net
assets available for benefits per the
|
|
|
|
financial
statements
|
|
$
|
101,719,779
|
|
Adjustment
from contract value to fair value for
|
|
|
|
|
fully
benefit responsive investment contracts
|
|
|
(37,416
|
)
|
Net
assets available for benefits per
|
|
|
|
|
Schedule
H of the Form 5500
|
|
$
|
101,682,363
|
|
The
following is a reconciliation of net increase (decrease) per the financial
statements for the year ended December 31, 2008 to Form 5500:
|
|
For
the Year Ended December 31, 2008
|
|
|
|
|
|
Net
increase (decrease) per financial statements
|
|
$ |
(49,962,241 |
) |
Change
in adjustment from contract value to fair
|
|
|
|
|
value
for fully benfit responsive investment
|
|
|
|
|
contracts
|
|
|
(56,335
|
) |
|
|
|
|
|
Net
increase (decrease) per Schedule H of the Form 5500
|
|
$ |
(50,018,576 |
) |
Supplemental
Schedule
GARMIN
INTERNATIONAL, INC. 401(k) AND PENSION PLAN
SCHEDULE
H, LINE 4i – SCHEDULE OF ASSETS
(Held at
End of Year)
December
31, 2008
|
|
Number
|
|
|
|
|
|
|
of Shares
|
|
|
Fair
|
|
Identity of Issuer
|
|
or Units
|
|
|
Value
|
|
|
|
|
|
|
|
|
Columbia
Acorn Fund
|
|
|
210,308 |
|
|
$ |
3,724,548 |
|
Garmin
Ltd. Common Stock*
|
|
|
573,612 |
|
|
|
10,996,144 |
|
JP
Morgan International Value Fund
|
|
|
219,498 |
|
|
|
2,221,316 |
|
Lazard
Emerging Markets Portfolio
|
|
|
157,875 |
|
|
|
1,717,679 |
|
Oakmark
Equity and Income Fund
|
|
|
420,387 |
|
|
|
9,063,533 |
|
Old
Mutual Real Estate Fund
|
|
|
191,850 |
|
|
|
1,026,397 |
|
Oppenheimer
International Growth Fund
|
|
|
172,622 |
|
|
|
3,100,289 |
|
PIMCO
Total Return Institutional Fund
|
|
|
297,569 |
|
|
|
3,017,348 |
|
T.
Rowe Price Equity Income Fund*
|
|
|
324,957 |
|
|
|
5,550,261 |
|
T.
Rowe Price Growth Stock Fund*
|
|
|
260,029 |
|
|
|
5,002,960 |
|
T.
Rowe Price Mid-Cap Growth Fund*
|
|
|
133,707 |
|
|
|
4,368,213 |
|
T.
Rowe Price Mid-Cap Value Fund*
|
|
|
232,668 |
|
|
|
3,320,166 |
|
T.
Rowe Price New Income Fund*
|
|
|
398,249 |
|
|
|
3,436,889 |
|
T.
Rowe Price Prime Reserve Fund*
|
|
|
5,307,859 |
|
|
|
5,307,859 |
|
T.
Rowe Price Retirement 2010 Fund*
|
|
|
114,243 |
|
|
|
1,280,665 |
|
T.
Rowe Price Retirement 2020 Fund*
|
|
|
553,185 |
|
|
|
6,145,881 |
|
T.
Rowe Price Retirement 2030 Fund*
|
|
|
571,591 |
|
|
|
6,378,951 |
|
T.
Rowe Price Retirement 2040 Fund*
|
|
|
800,494 |
|
|
|
8,869,470 |
|
T.
Rowe Price Retirement Income Fund*
|
|
|
7,656 |
|
|
|
79,006 |
|
T.
Rowe Price Small-Cap Value Fund*
|
|
|
91,522 |
|
|
|
2,150,777 |
|
T.
Rowe Price Stable Value Fund*
|
|
|
4,028,861 |
|
|
|
3,991,445 |
|
Van
Kampen Small Cap Growth
|
|
|
220,569 |
|
|
|
1,693,969 |
|
Vanguard
Institutional Index Fund
|
|
|
75,224 |
|
|
|
6,209,018 |
|
Vanguard
Mid Cap Index Signal Fund
|
|
|
66,755 |
|
|
|
1,127,487 |
|
Vanguard
Small Cap Index Fund
|
|
|
21,803 |
|
|
|
444,789 |
|
Loans
to participants, interest rates from 4.5% to
|
|
|
|
|
|
|
|
|
8.75%,
maturities through September 26, 2037
|
|
|
– |
|
|
|
1,548,074 |
|
|
|
|
|
|
|
$ |
101,773,134 |
|
*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. 401(k) AND
|
|
PENSION
PLAN
|
|
|
|
|
By
|
/s/ Kevin Rauckman
|
|
|
Kevin Rauckman
|
|
|
Chief Financial Officer
|
|
|
Garmin International, Inc.
|
Dated: June
19, 2009