11-K


GARMIN INTERNATIONAL, INC. RETIREMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2024 and 2023

	2024		2023
Assets
Cash and cash equivalents	$	65,395	$	-
Cash held in self-directed brokerage accounts		7,036,403		6,980,434

Investments at fair value:
Mutual funds		77,319,806		106,256,164
Common/collective trusts		1,896,531,200		1,524,595,073
Self-directed brokerage accounts		103,800,430		79,434,822
Garmin Ltd. common stock		80,747,349		56,039,613
		2,158,398,785		1,766,325,672

Receivables:
Participant contributions		-		2,321,658
Employer contributions		-		2,682,653
Notes receivable from participants		12,324,867		10,643,505
		12,324,867		15,647,816

Net assets available for benefits	$	2,177,825,450	$	1,788,953,922

See accompanying notes to financial statements.


GARMIN INTERNATIONAL, INC. RETIREMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Years Ended December 31, 2024 and 2023

	2024		2023
Additions
Contributions:
Participant	$	71,659,520	$	64,573,411
Employer		78,250,438		70,361,829
Rollover		8,847,939		8,928,867
Total additions		158,757,897		143,864,107

Deductions
Benefits paid to participants		95,689,221		69,321,268
Fees		619,532		502,058
Total deductions		96,308,753		69,823,326

Investment income:
Net appreciation in fair value of investments		297,836,910		285,483,998
Dividends and interest from investments		6,576,667		7,950,598
Net investment income		304,413,577		293,434,596

Interest on notes receivable from participants		858,038		519,933

Net increase before transfers in		367,720,759		367,995,310

Transfers into the Plan		21,150,769		-

Net increase		388,871,528		367,995,310

Net assets available for benefits - Beginning of year		1,788,953,922		1,420,958,612

Net assets available for benefits - End of year	$	2,177,825,450	$	1,788,953,922

See accompanying notes to financial statements.

GARMIN INTERNATIONAL, INC. RETIREMENT PLAN

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 during the years ended December 31, 2024 and 2023 included 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 an 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, 2024 and 2023, 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 2024 and 2023 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.

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 $1,861,832 and $1,136,060 in forfeiture funds to reduce Company contributions in 2024 and 2023, respectively. The Plan did not use any forfeitures to pay Plan administrative fees in 2024 or 2023. The Plan retained $43,253 and $26,155 in forfeitures as of December 31, 2024 and 2023, respectively, which are 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.

1. Description of the Plan (continued)

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, in which case the repaid period may be longer. The note receivable may be repaid before it is due.

Upon termination of employment with the Company or one of the adopting employers of the Plan, 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.

In 2023, the Plan Sponsor acquired the outstanding stock of JL Audio, LLC. The employees of JL Audio, LLC became employees of Garmin International, Inc. or Garmin USA, Inc. and were granted credit for prior service and were eligible to participate in the Plan on December 24, 2023. In June 2024, the JL Audio 401(k) Plan was merged into the Plan resulting in the transfer of assets totaling approximately $21,000,000.

In 2024, the Plan Sponsor and certain of its affiliated entities acquired the outstanding stock of Lumishore USA, LLC and acquired certain assets from Maxar Intelligence Inc. The employees of Lumishore USA, LLC and certain employees of Maxar Intelligence Inc. were granted credit for prior service and were eligible to participate in the Plan upon employment with the applicable adopting employer of the Plan. No plan mergers occurred in relation to either of these acquisitions.

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 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 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)

Contributions Receivable and Credit Loss Policy

Amounts due for Company contributions are stated at the amount that management expects to collect from outstanding balances less an allowance for expected credit losses. The expected credit losses amount reflects management’s best estimate of amounts that will not be collected. This assessment considers historical experience, current conditions and, when appropriate, reasonable and supportable forecasts.

The Plan has concluded that no allowance for current expected credit losses was necessary at December 31, 2024 or 2023.

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, 2024 or 2023. 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

Financial Accounting Standards Board Accounting Standards Codification (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.

3. Fair Value Measurements (continued)

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 estimate 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, with no redemption restrictions or unfunded commitments. Were the Plan to initiate a full redemption of a common/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, 2024 and 2023:


	Investments at Fair Value as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Mutual funds	$	77,319,806	$	-	$	-	$	77,319,806

Self-directed brokerage accounts		103,560,418		240,012		-		103,800,430
Garmin Ltd. common stock		80,747,349		-		-		80,747,349
Total assets in the fair value hierarchy	$	261,627,573	$	240,012	$	-		261,867,585

Common/collective trusts measured at net asset value {a}:								1,896,531,200
Total investments at fair value							$	2,158,398,785


	Investments at Fair Value as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Mutual funds	$	106,256,164	$	-	$	-	$	106,256,164

Self-directed brokerage accounts		79,119,832		314,990		-		79,434,822
Garmin Ltd. common stock		56,039,613		-		-		56,039,613
Total assets in the fair value hierarchy	$	241,415,609	$	314,990	$	-		241,730,599

Common/collective trusts measured at net asset value {a}:								1,524,595,073
Total investments at fair value							$	1,766,325,672


{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, 2024 or 2023.

4. Income Tax Status

The underlying volume submitter plan has received an opinion letter from the IRS dated August 19, 2020, stating that the form of the volume submitter 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 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. 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 2021.

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, 2024 and 2023, the Plan had balances available in the amount of $44,275 and $42,202 to pay future administrative expenses. The Plan made direct payments to T. Rowe Price as its third-party administrator of $346,444 and $312,880 for the years ended December 31, 2024 and 2023, 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 participants, 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,
	2024			2023
Net assets available for benefits per the financial statements	$	2,177,825,450		$	1,788,953,922
Adjustment from contract value to fair value reporting utilized by certain common/collective trusts		(4,358,846	)		(4,143,021	)
Net assets available for benefits per Schedule H of the Form 5500	$	2,173,466,604		$	1,784,810,901

The following is a reconciliation of net increase (decrease) as reflected in the financial statements to the Form 5500:


	Years Ended December 31,
	2024			2023
Net increase per financial statements	$	388,871,528		$	367,995,310
Change in adjustment from contract value to fair value reporting utilized by certain common/collective trusts		(215,825	)		1,745,940
Net income per Schedule H of the Form 5500	$	388,655,703		$	369,741,250

Supplementary Information


GARMIN INTERNATIONAL, INC. RETIREMENT PLAN
SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS
(HELD AT END OF YEAR)
December 31, 2024
EIN 48-1088407
Plan # 001	Description	Number
	of	of Shares			Current
Identity of Issuer	Investment	or Units		Cost (1)	Value

GARMIN LTD. COMMON STOCK*	Company Stock		391,483		$	80,747,349

T. ROWE PRICE GOVERNMENT MONEY FUND*	Mutual Fund		87,760			87,760
MFS INTERNATIONAL VALUE R6 FUND	Mutual Fund		602,704			21,576,790
VNGRD ST INFL-PROT SEC IDX INS	Mutual Fund		363,846			8,841,462
DFA US TARGETED VALUE 1	Mutual Fund		1,362,054			46,813,794
						77,319,806

T ROWE PRICE RET BLEND 2005 TR D	Common/Collective Trust		208,721			2,940,873
T ROWE PRICE RET BLEND 2010 TR D	Common/Collective Trust		99,994			1,435,919
T ROWE PRICE RET BLEND 2015 TR D	Common/Collective Trust		381,136			5,564,587
T ROWE PRICE RET BLEND 2020 TR D	Common/Collective Trust		1,975,645			29,417,351
T ROWE PRICE RET BLEND 2025 TR D	Common/Collective Trust		8,906,341			142,323,330
T ROWE PRICE RET BLEND 2030 TR D	Common/Collective Trust		5,325,312			88,772,948
T ROWE PRICE RET BLEND 2035 TR D	Common/Collective Trust		3,676,613			56,546,311
T ROWE PRICE RET BLEND 2040 TR D	Common/Collective Trust		18,098,955			312,930,938
T ROWE PRICE RET BLEND 2045 TR D	Common/Collective Trust		655,763			116,210,536
T ROWE PRICE RET BLEND 2050 TR D	Common/Collective Trust		6,773,227			120,698,897
T ROWE PRICE RET BLEND 2055 TR D	Common/Collective Trust		7,315,683			130,511,780
T ROWE PRICE RET BLEND 2060 TR D	Common/Collective Trust		4,056,572			76,141,862
T ROWE PRICE RET BLEND 2065 TR D	Common/Collective Trust		1,483,030			22,482,739
PGIM CORE PLUS BOND	Common/Collective Trust		180,881			33,672,857
INVESCO INTER GROWTH CI	Common/Collective Trust		231,041			29,023,394
STATE ST SMMID CAP IDX CL II	Common/Collective Trust		4,954,117			91,239,970
STATE STREET S&P 500 INDEX	Common/Collective Trust		12,015,211			310,965,668
STATE ST GL ALL CP EQ EX US ID	Common/Collective Trust		1,186,907			16,607,206
STATE STREET US BOND INDEX	Common/Collective Trust		1,290,588			13,891,890
T. ROWE PRICE STABLE VALUE COMMON TRUST FUND*	Common/Collective Trust		68,106,970			63,748,124
WLLIAMBLAIR SM MD CAP FE CIT 1	Common/Collective Trust		1,669,587			70,096,451
NT COL R1000 GROWTH - DC NL 4	Common/Collective Trust		520,859			114,172,346
NT COL R1000 VALUE- DC NL 4	Common/Collective Trust		285,747			42,776,377
						1,892,172,354

SELF-DIRECTED BROKERAGE ACCOUNTS	Brokerage Accounts					110,836,833

PARTICPANT NOTES RECIEVABLE, INTEREST RATES FROM 3.75% TO 10.5%, MATURITIES THROUGH SEPTEMBER 4, 2054*	Participant Notes Receivable					12,324,867
					$	2,173,401,209


(1)	Cost information was omitted for Plan assets which are participant directed.
*	Indicates party in interest to the Plan.


	Page
Report Of Independent Registered Public Accounting Firm	1

Financial Statements

Statements of Net Assets Available for Benefits	2
Statements of Changes in Net Assets Available for Benefits	3
Notes to Financial Statements	4

Supplementary Information

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)	10

Signature	11

Consent Of Independent Registered Public Accounting Firm


		GARMIN INTERNATIONAL, INC. RETIREMENT PLAN

Date: June 25, 2025	By:	/s/ Renae McDonald
		Renae McDonald
		Plan Administrator