Garmin Ltd. Files 2023 Annual Report Amendment

TL;DR

Garmin filed an amendment to its 2023 10-K, check for updates.

AI Summary

Garmin Ltd. filed an amendment (10-K/A) to its annual report for the fiscal year ended December 30, 2023. This amendment, filed on November 29, 2024, provides updated information to the original filing. The company, incorporated in Switzerland, is primarily involved in search, detection, navigation, and guidance systems.

Why It Matters

This filing provides updated and potentially corrected information for investors and analysts reviewing Garmin's 2023 financial performance and operational details.

Risk Assessment

Risk Level: low — This is an amendment to a routine annual report, not indicating new material adverse events.

Key Numbers

• 001-41118 — SEC File Number (Identifies Garmin Ltd.'s filings with the SEC.)
• 20231230 — Fiscal Year End (The reporting period covered by the annual report.)

Key Players & Entities

• GARMIN LTD (company) — Registrant
• 001-41118 (company) — Commission file number
• Switzerland (company) — State or other jurisdiction of incorporation
• November 29, 2024 (date) — Filing date of amendment
• December 30, 2023 (date) — Fiscal year end

FAQ

Key Financial Figures

• $0.10 — 12(b) of the Act: Registered Shares, $0.10 Per Share Par Value GRMN New York S
• $60,000 — covered by the policy must only exceed $60,000 while disclosure under Item 404(a) of R
• $120,000 — red only if the amount involved exceeds $120,000. The policy defines the terms "transact
• $300,000 — ranging from over $120,000 to less than $300,000. The other family member has received a
• $120,000 b — nnual compensation in 2023 of more than $120,000 but less than $300,000. The compensatio

Filing Documents

• grmn-20231230.htm (10-K/A) — 149KB
• grmn-ex31_3.htm (EX-31.3) — 9KB
• grmn-ex31_4.htm (EX-31.4) — 8KB
• img237462174_0.jpg (GRAPHIC) — 12KB
• 0000950170-24-131914.txt ( ) — 391KB
• grmn-20231230.xsd (EX-101.SCH) — 48KB
• grmn-20231230_htm.xml (XML) — 10KB

Certain Relationships and Relate d Transactions, and Director Independence

Item 13. Certain Relationships and Relate d Transactions, and Director Independence Certain Relationships and Related Transactions Garmin has adopted a written policy for the review by the Audit Committee of transactions in which Garmin is a participant and any related person will have a direct or indirect material interest in the transaction. This policy is generally designed to cover those related party transactions that would be required to be disclosed in a proxy statement, annual report on Form 10-K or registration statement pursuant to Item 404(a) of Regulation S-K. However, the policy is more encompassing in that the amount involved in a transaction covered by the policy must only exceed $60,000 while disclosure under Item 404(a) of Regulation S-K is required only if the amount involved exceeds $120,000. The policy defines the terms "transaction" and "related person" in the same manner as Item 404(a) of Regulation S-K. If the nature of the timing of a related party transaction is such that it is not practical to obtain advance approval by the Audit Committee, then management may enter into it, subject to ratification by the Audit Committee. If ratification is not subsequently obtained, then management must take all reasonable efforts to cause the related person transaction to be null and void. The Audit Committee will approve or ratify only those related party transactions that it determines in good faith are in, or are not inconsistent with, the best interests of Garmin and its shareholders. In making that determination, the Audit Committee shall consider all of the relevant facts and circumstances available to it, including the benefits to Garmin and whether the related party transaction is on terms and conditions comparable to those available in arms-length dealing with an unrelated third party that can provide comparable products or services. The Audit Committee will also annually review ongoing related party transactions after considering all r

Exhibits and Fina ncial Statement Schedules

Item 15. Exhibits and Fina ncial Statement Schedules (a) List of Documents filed as part of this Report (1) Consolidated Financial Statements Previously filed with the Original Report. (2) Financial Statement Schedules All schedules have been omitted because they are not applicable, are insignificant, or the required information is shown in the consolidated financial statements or notes thereto. (3) Exhibits The exhibits listed below are filed as part of, or incorporated by reference into, this Annual Report on Form 10-K: EXHIBIT NUMBER DESCRIPTION 3.1 Articles of Association of Garmin Ltd., as amended and restated on June 9, 2023 (incorporated by reference to Exhibit 10.3 of the Registrant's Current Report on Form 8-K filed on June 12, 2023). 3.2 Organizational Regulations of Garmin Ltd., as amended on October 25, 2019 (incorporated by reference to Exhibit 3.2 of the Registrant's Amendment No.1 to Current Report on Form 8-K/A filed on November 21, 2019). 4.1 Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934. 10.1* Garmin Ltd. Employee Stock Purchase Plan, as amended and restated on June 9, 2023 (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed on June 12, 2023). 10.2* Garmin Ltd. 2005 Equity Incentive Plan, as amended and restated on June 7, 2019 (incorporated by reference to Exhibit 10.1 of the Registrant's Quarterly Report on Form 10-Q filed on August 2, 2023). 10.3* Garmin Ltd. 2011 Non-Employee Directors' Equity Incentive Plan, as amended and restated on February 15, 2019 (incorporated by reference to Exhibit 10.2 of the Registrant's Current Report on Form 8-K filed on June 12, 2023). 10.4* Form of Restricted Stock Unit Award Agreement pursuant to the Garmin Ltd. 2005 Equity Incentive Plan, for Swiss grantees (incorporated by reference to Exhibit 10.5 of the Registrant's Quarterly Report on Form 10-Q filed on October 26, 201

View Full Filing

View this 10-K/A filing on SEC EDGAR