Garmin announce third generation StreetPilot for Mercedes-Benz A-Class, B-Class and C-Class

22/05/08

Garmin, global leaders in portable satellite navigation, today announced Mercedes-Benz Accessories will continue its relationship with Garmin by selecting the nuvi 760 as their latest portable after market navigation solution. The nuvi 760, named the 'StreetPilot III' by MercedesBenz, is customised with a specially designed mount for the new generation A-Class, B-Class and C-Class cars, and will be available at dealers across Europe in May 2008. "Garmin is delighted that Mercedes-Benz has chosen the nuvi 760 as an after market fit for its range of A-Class, B-Class and C-Class cars. This will be the third generation of products developed for the company over the last three years. The outcome is a superb satellite navigation system which combines the engineering effort of two quality driven companies", said Roger Jollis, Garmin's Director of OEM & Mobile Marketing. The Mercedes-Benz StreetPilot III (nuvi 760) has been designed with a special dashboard mount integrated into the vehicle's electronics, allowing for easy access to the touch screen controls and a clear view of the maps and navigational instructions. The design of the in-car mount wires it directly into the car's electronics, meaning there are no visible power cables. The StreetPilot III (nuvi 760) offers a large 4.3" bright widescreen which is easily readable in bright sunlight and has some of the most advanced navigational functions available. These include traffic avoidance, safety camera alerts and hands-free calling via a Bluetooth connection. As the system is integrated into the vehicle's electronics all spoken directions are via the car speakers, muting the radio as the voice guidance speaks the street names as well as directions. The unit has all the latest Mercedes-Benz dealerships within its extensive POI database accessed via a touch button on the 'where to' menu page with the nearest dealer displayed first. Other features include 'automatic position marking' where the device remembers where the car is parked and helps drivers find their way back to the vehicle in unfamiliar surroundings. Touching the vehicle icon brings up information on 'where am I?' giving the nearest address, longitude and latitude positions and juntion, police station, hospitals and fuel stations. there is also a full seven digit postcode search, multipoint route planning and a tracklog function function for viewing routes through Google Earth. The StreetPilot III (nuvi 760) is super slim and lightweight, making it easy to fit in a jacket pocket or bag. The unit can also be removed and used in other cars, with the optional power cable and suction cup or for pedestrian navigation. The design of the unit was developed in collaboration
with Mercedes-Benz. Customers should consult local Mercedes-Benz affiliates for the price of installation. This is the sixth European car manufacturer account that Garmin has won business with over the last two years and highlights the demand for customised portable navigation solutions from within the automotive channel. Drawing upon a breadth of experience gained from within the aviation and marine OEM sectors, Garmin currently supplies its navigation products to Volvo Car Corporation, BMW AG & Mini, Ford Europe and Honda Accessories.

UNITEDSTATES SECURITIESANDEXCHANGECOMMISSION Washington,D.C.20549 FORM10K ANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHE SECURITIESEXCHANGEACTOF1934 ForthefiscalyearendedDecember25,2010 or TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHE SECURITIESEXCHANGEACTOF1934 Forthetransitionperiodfromto Commissionfilenumber031983

GARMINLTD.

(Exactnameofregistrantasspecifiedinitscharter) Switzerland 980229227 (Stateorotherjurisdiction (I.R.S.EmployerIdentificationNo.) ofincorporationororganization) Vorstadt40/42 8200Schaffhausen N/A Switzerland (ZipCode) (Addressofprincipalexecutiveoffices) Registrantstelephonenumber,includingareacode:+41526201401 SecuritiesregisteredpursuanttoSection12(b)oftheAct: RegisteredShares,CHF10.00PerShareParValue NASDAQGlobalSelectMarket (Titleofeachclass) (Nameofeachexchangeonwhichregistered) SecuritiesregisteredpursuanttoSection12(g)oftheAct:None
Indicatebycheckmarkiftheregistrantisawellknownseasonedissuer,asdefinedinRule405oftheSecuritiesAct. YES[]NO[] IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheAct. YES[]NO[]
Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)ofthe SecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwas requiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.YES[]NO[] Indicatebycheckmarkwhethertheregistranthassubmittedelectronicallyandpostedonitscorporatewebsite,if any,everyInteractiveDataFilerequiredtobesubmittedandpostedpursuanttoRule405ofRegulationsST( 232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequired tosubmitandpostsuchfiles).YES[]NO[] IndicatebycheckmarkifdisclosureofdelinquentfilerspursuanttoItem405ofRegulationSK(229.405ofthis chapter)isnotcontainedherein,andwillnotbecontained,tothebestofregistrantsknowledge,indefinitiveproxy orinformationstatementsincorporatedbyreferenceinPartIIIofthisForm10KoranyamendmenttothisForm10 K.[] Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anonacceleratedfiler, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reportingcompanyinRule12b2oftheExchangeAct. LargeAcceleratedFiler[] AcceleratedFiler[]
NonacceleratedFiler[] Smallerreportingcompany[] (Donotcheckifasmallerreportingcompany) Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b2oftheExchangeAct). YES[] NO[] Aggregate market value of the common shares held by nonaffiliates of the registrant as of June 26, 2010 (based on the closing price of the registrant's common shares on the Nasdaq Stock Market for that date) was $3,954,398,819. NumberofsharesoutstandingoftheregistrantscommonsharesasofFebruary17,2011: RegisteredShares,CHF10.00parvalue208,077,418 Documentsincorporatedbyreference: PortionsofthefollowingdocumentareincorporatedhereinbyreferenceintoPartIIIoftheForm10Kasindicated:
Document Company'sDefinitiveProxyStatementforthe2010AnnualMeetingofShareholderswhichwill befilednolaterthan120daysafterDecember25,2010.
PartofForm10Kinto whichIncorporated PartIII
GarminLtd. 2010Form10KAnnualReport TableofContents CautionaryStatementWithRespectToForwardLookingComments..4 PartI Business.....4 RiskFactors....23 UnresolvedStaffComments....34 Properties.....34. LegalProceedings.....35 RemovedandReserved ExecutiveOfficersoftheRegistrant....37.
Item1. Item1A. Item1B. Item2. Item3. Item4.
PartII Item5. MarketforRegistrantsCommonEquity,RelatedStockholderMattersandIssuerPurchasesof EquitySecurities.....39 Item6. SelectedFinancialData....40 Item7. Management'sDiscussionandAnalysisofFinancialConditionandResultsof Operations....42 Item7A. QuantitativeandQualitativeDisclosuresAboutMarketRisk..59 Item8. FinancialStatementsandSupplementaryData...61 Item9. ChangesinandDisagreementswithAccountantsonAccountingandFinancial Disclosure.....90. Item9A. ControlsandProcedures....90 Item9B. OtherInformation.....92 PartIII Item10. Directors,ExecutiveOfficersandCorporateGovernance..93 Item11. ExecutiveCompensation....94. Item12. SecurityOwnershipofCertainBeneficialOwnersandManagementandRelatedStockholder Matters....94 Item13. CertainRelationshipsandRelatedTransactions,andDirectorIndependence.95 Item14. PrincipalAccountingFeesandServices....95 PartIV Item15. Exhibits,FinancialStatementSchedules....96 Signatures.....101

G3000

G1000
offers general aviation airplane manufacturers an easytoinstall solution for flight displays and provides the aircraft owner the benefits of a stateoftheart avionics systemwhichreliesonmoderntechnologiessuchassolidstatecomponentsandbright, sunlightreadableTFTdisplays. G600 The G600 brings the style and function of an allglass integrated avionics suite to the retrofit market for FAR Part 23 Class I, II or III aircraft. The G600 incorporates two individualdisplaysaPFDandMFDinacustomizedpackagespecificallydesignedfor easy retrofit installation. The G600 is designed to communicate and integrate with GarminsWAASenabledpanelmountproducts,andprovidesessentialinformationsuch as attitude, air data, weather, terrain and traffic. Garmin has received the FAAs ApprovedModelListSupplementalTypeCertification(AMLSTC)fortheG600,whichwill simplifycertificationforover300differentaircraftmodels. Designed specifically for FAR Part 23 Class I/Class II aircraft (singles and twins under 6,000 lbs.), the G500 is an affordable, dualscreen electronic flight display that works with a pilots separate Garmin avionics stack to provide a fully TSOd glass cockpit retrofitoption.TheG500doesnotincludeallofthesamestandardfunctionalityasthe G600 (for example, the G500 does not offer SVT (Synthetic Vision Technology) or a standardGAD43interfaceadapter. AnallglassavionicssystemdesignedspecificallyfortheVFRPart27helicoptermarket. TheG500Hcontainsdual6.5inchLCDscreens,mountedsidebysideinasinglebezel, which puts Primary Flight Display (PFD) and MultiFunction Display (MFD) capabilities right in front the helicopter pilot. The G500H has been optimized for rotorcraft and offers features like helicopter synthetic vision technology (HSVT), helicopterspecific databaseswithover7,000heliportsandnearly30,000additionallowaltitudeobstacles, XMWXSatelliteWeatherwithNEXRAD,andtheabilitytodisplayvideofromaforward lookinginfrared(FLIR)cameraorothervideosources. Anallglassintegratedavionicssystemspecificallydesignedforkitplanebuildersofthe LancairandVansRVseriesaircraft. The G900X is a fullycustomizable glass cockpitforinstallationinexperimental/kitbuiltandlightsportaircraft.TheG900Xoffers acustomizablePFD/MFDcombinationthatfeaturesone,twoorthreeallglassdisplays; magnetometer;ADAHRS(combinedairdataandAHRSunit)andenginemonitoring. Multifunctiondisplaysforthelightsportretrofitandexperimentalaircraftmarkets. Panelmountaviationproducts: 400WSeries (3models) The GNS 430W is the Wide Area Augmentation System (WAAS) successor to Garmins popular GNS 430, which was the worlds first allinone IFR certified GPS navigation receiver/traditional VHF navigation receiver/instrument landing systems receiver and VHF communication transmitter/receiver. Features available in different 400 series models include 4color map graphics, GPS, communication andnavigation capabilities. In 2010, Garmin announceda new Helicopter Terrain Awareness andWarning System (HTAWS)asanoptionfortheGNS430W/530Wseriesnavigators.Whenaddedtothe GNS430W/530W,helicopterpilotswillreceivegraphicalandaudiblealertsofpotential terrainandobstacleconflictsalongtheflightpath.

G500H

G900X

GDU370/375

500WSeries (2models)
Theseunitscombinethefeaturesofthe400Wseriesalongwithalarger5colordisplay. The 530W Series comes standard with Wide Area Augmentation System (WAAS) capability and may be ordered with or upgraded to Class B Terrain Awareness and WarningSystem(TAWSB)capability.

GTSTASand TCASISystems

GI102A&106A GMA240,340&347
The GTS 800 series of traffic avoidance products combines active and passive surveillance data topinpoint specific traffic threats. Thesystems use Garmins patent pending CLEAR CAS technology and correlates automatic dependent surveillance broadcast(ADSB)withradartargets. TheGTS800TASisalowercostsystem,offering 40 watts of transmit power and a range of up to 12 nautical miles. The GTS 820 TAS delivers250wattsoftransmitpowerandupto40nauticalmilesofinterrogationrange. TheGTS850TCASIsatisfies allTCASIcollisionavoidancecriteriaforhighercapability turboprops and jets. It features the same 250 watt performanceas the GTS 820, and alsomeetstheFAAsTCASIcertificationcriteria Coursedeviationindicators(CDIs).TheGI106Afeaturesaninstrumentlandingsystem receivertoaidinlanding. The GMA 340 is a featurerich audio panel with sixplace stereo intercom and independent pilot/copilot communications capabilities. The GMA 347 has automatic squelch,digitalclearancerecorder,andafullduplextelephoneinterface.TheGMA340 and347arebothTSOd.TheGMA240isaversatile,nonTSOdaudiopaneldesigned forexperimentalandlightsportaircraft. FAAcertified Mode S transponders with data link capability, including local air traffic information at FAA radar sites equipped with Traffic Information Service (TIS). These transpondersmayalsobeoptionallyupgradedtoprovide1090MHzExtendedSquitter (ES) transmission capabilities, which will increase situational awareness once the AutomaticDependentSurveillanceBroadcast(ADSB)systemisfullyimplemented. FAAcertified transponders which transmit altitude or flight identification to air traffic controlradarsystemsorotheraircraftsairtrafficavoidancedevicesandfeaturesolid state construction for longer life. The GTX 327 offers a digital display with timing functions. The 328 is designed exclusively for Europe and satisfies the European requirement for a Mode S solution that meets the reduced certification requirements fortheVFRModeSmandate. TheGDL90wasthefirstairborneAutomaticDependentSurveillanceBroadcast(ADSB) productcertifiedbytheFAAtoTSOC145Astandards.TheGDL90allowspilotsinthe cockpitandairtrafficcontrollersonthegroundtoseeaircrafttrafficwithmuchmore precisionthanhaseverbeenpossiblebeforewithoutthecostlyinfrastructureofground basedtrackingradar.TheGDL90reliesontheinfrastructurethatispartoftheFAAs Safe Flight 21 program. This program is currently under development with implementation of thegroundbasedportion of theADSB network taking place along theEastCoastandotherselectedareasoftheU.S.A.AdditionalinstallationsoftheADS B ground stations are planned. The ground stations can track aircraft movement and eventually are expected to be used to broadcast traffic and weather services. Pilots equipped with the GDL 90 and operatingwithin the ground stationcoverage area will receiveaircrafttrafficandrealtimeweatherinformationfreeofcharge.

BelowisatableofGarminsexpendituresonresearchanddevelopmentoverthelastthreefiscalyears.
December25, 2010 ($'sinthousands) Researchanddevelopment Percentofnetsales $277,261 10.3% December26, 2009 $238,378 8.1% December27, 2008 $206,109 5.9%
ManufacturingandOperations GarminbelievesthatoneofitscorecompetenciesandstrengthsisitsmanufacturingcapabilityatitsSijhih, JhongliandLinKou,Taiwanfacilities,itsOlathe,Kansasfacility,anditsSalem,Oregonfacility.Garminbelievesthat itsverticallyintegratedapproachhasprovideditthefollowingbenefitswithrespecttoallproductsotherthanthe legacy nvifone products, which are manufactured by one or more third parties as part of the GarminAsus strategicalliance,afewselectmarineproducts(VHFradiosandAISreceivers),andouraccessoryproducts,allof whicharealsomanufacturedbyoneormorethirdparties. Reducedtimetomarket.Utilizingconcurrentengineeringtechniques,Garminsproductsareintroduced toproductionatanearlydevelopmentstageandthefeedbackprovidedbymanufacturingisincorporatedintothe designbeforemassproductionbegins.Inthismanner,Garminattemptstoreducethetimerequiredtomovea productfromitsdesignphasetomassproductiondeliveries. Design and process optimization. Garmin uses its manufacturing resources to rapidly prototype design concepts,productsandprocessesinordertoachievehigherefficiency,improvedqualityandyields,lowercostand bettervalueforcustomers.Garminsabilitytofullyexploreproductdesignandmanufacturingprocessconcepts hasenabledittooptimizeitsdesignstominimizesizeandweightinGPSdevicesthatarefunctional,waterproof, andrugged. Logisticalagility.OperatingourownmanufacturingfacilitieshelpsGarminminimizeproblems,suchas component shortages and long component lead times which are common in the electronics industry. Many products can be reengineered to bypass component shortages or reduce cost and the new designs can be deliveredtomarketquickly.Garminreactsrapidlytochangesinmarketdemandbystrivingtomaintainasafety stockoflongleadcomponentsandbyreschedulingcomponentsfromoneproductlinetoanother.Operatingour
ownmanufacturingfacilitiesalsoallowsGarmintoquicklyadjustthemixofproductproduction,helpingtofoster fasterdeliveryresponsetothecustomer. Garminsdesign,manufacturing,distribution,andservicingprocessesinourUS,Taiwan,andUKfacilities are certified to ISO 9001, an international quality standard developed by the International Organization for Standardization. Garmins Taiwan manufacturing facilities have also achieved TS 16949 certification, a quality standard for automotive suppliers. In addition, Garmins aviation operations have achieved certification to AS9100,thequalitystandardfortheaviationindustry. Garmin (Europe) Ltd and Garmin Corporation have also achieved certification of their environmental management systems to the ISO14001 standard. This certification recognizes that Garmins UK and Taiwan subsidiarieshavesystemsandprocessesinplacetominimizeorpreventharmfuleffectsontheenvironmentand tostrivecontinuallytoimproveitsenvironmentalperformance. Materials AlthoughmostcomponentsessentialtoGarminsbusinessaregenerallyavailablefrommultiplesources, certainkeycomponents,including,butnotlimitedto,microprocessors,certainliquidcrystaldisplays(LCDs),and certain applicationspecific integrated circuits (ASICs) are currently obtained by the Company from single or limitedsources,whichsubjectsGarmintosupplyandpricingrisks.Manyoftheseandotherkeycomponentsthat are available from multiple sources, including, but not limited to, NAND flash memory, dynamic random access memory(DRAM),GPSchipsetsandcertainLCDs,aresubjectattimestoindustrywideshortagesandcommodity pricingfluctuations. Garminandotherparticipantsinthepersonalcomputer,mobilecommunication,aviationelectronicsand consumerelectronicsindustriesalsocompeteforvariouscomponentswithotherindustriesthathaveexperienced increaseddemandfortheirproducts.Inaddition,Garminusessomecustomcomponentsthatarenotcommonto therestofthepersonalcomputer,mobilecommunicationandconsumerelectronicsindustries,andnewproducts introduced by the Company often utilize custom components available from only one source until Garmin has evaluated whether there is a need for, and subsequently qualifies, additional suppliers. When a component or product uses new technologies, initial capacity constraints may exist until the suppliers yields have matured or manufacturing capacity has increased. Garmin makes efforts to manage risks in these areas through the use of supply agreements for strategically important components. Nevertheless, if Garmins supply of a key single sourcedcomponentforaneworexistingproductweredelayedorconstrained,ifsuchcomponentswereavailable onlyatsignificantlyhigherprices,orifakeymanufacturingvendordelayedshipmentsofcompletedproductsto Garmin, the Garmins financial condition and operating results could be materially adversely affected. Garmins business and financial performance could also be adversely affected depending on the time required to obtain sufficient quantities from the original source, or to identify and obtain sufficient quantities from an alternative source. Continued availability of these components at acceptable prices, or at all, may be affected if those suppliersdecidedtoconcentrateontheproductionofcommoncomponentsinsteadofcomponentscustomizedto meettheGarminsrequirements Seasonality Our sales are subject to significant seasonal fluctuation. Sales of our consumer products are generally significantly higher in the fourth quarter, due to increased demand for automotive/mobile products during the holidaybuyingseason,and,toalesserextent,thesecondquarter,duetoincreaseddemandduringthespringand summer marine season and the Fathers Day/graduation buying season. Sales of consumer products are also influencedbythetimingofthereleaseofnewproducts.Ouraviationproductsdonotexperiencemuchseasonal variation,butaremoreinfluencedbythetimingofthereleaseofnewproductswhentheinitialdemandistypically thestrongest.

apply to remittances involving a conversion between New Taiwan Dollars and U.S. Dollars or other foreign currencies.TheCBCtypicallyapprovesforeignexchangeinexcessofthelimitsifapartyapplieswiththeCBCfor reviewandpresentslegitimatebusinessreasonsjustifyingthecurrencyconversion.Arequirementisalsoimposed onallenterprisestoregisterallmediumandlongtermforeigndebtwiththeCBC. EnvironmentalMatters Garminsoperationsaresubjecttovariousenvironmentallaws,includinglawsaddressingairandwater pollution and management of hazardous substances and wastes. Substantial noncompliance with applicable environmentallawscouldhaveamaterialadverseeffectonourbusiness.Currently,wedonotanticipatematerial capitalexpendituresforenvironmentalcontrolfacilities. EnvironmentalregulationofGarminsproductsisincreasing.ManyofGarmin'sproductsaresubject tolawsrelatingtothechemicalandmaterialcompositionofourproductsandtheirenergyefficiency.Garminis alsosubjecttolawsrequiringmanufacturerstobefinanciallyresponsibleforcollection,recoveryandrecyclingof wastesfromcertainelectronicproducts.Compliancewithcurrentenvironmentallawsdoesnothaveamaterial impactonourbusiness,buttheimpactoffutureenactmentofenvironmentallawscannotyetbefullydetermined andcouldbesubstantial. Garmin has implemented multiple Environmental Management System (EMS) policies in accordance withtheInternationalOrganizationforStandardization(ISO)14001standardforEnvironmentalHealthandSafety Management. Garmins EMS policies set forth practices, standards, and procedures to ensure compliance with applicable environmental laws and regulations at Garmins Kansas headquarters facility, Garmins European headquartersfacility,andGarminsTaiwanmanufacturingfacility. RegulatoryandGreenProcurementdemandsfromourcustomersarealsoincreasing,particularlyinthe areas of restricted substance use and environmentallyfriendly design and manufacture initiatives. The overall impacts of these customer requirements cannot yet be established. Garmin is committed to improving our productsandprocessestomeetourcustomerneeds. Employees As of December 25, 2010, Garmin had 8,897 full and parttime employees worldwide, of whom 3,470 wereintheUnitedStates,72wereinCanada,4,419wereinTaiwan,725wereinEurope,and211wereinother globallocations.ExceptforsomeofGarminsemployeesinBrazilandSweden,noneofGarminsemployeesare represented by a labor union and none of Garmin's North American or Taiwan employees are covered by a collectivebargainingagreement.Garminconsidersitsemployeerelationstobegood. Item1A.RiskFactors The risks described below are not the only ones facing our company. Additional risks and uncertainties not presentlyknowntousorthatwecurrentlybelievetobeimmaterialmayalsoimpairourbusinessoperations.Ifany of the following risks occur, our business, financial condition or operating results could be materially adversely affected. RisksRelatedtotheCompany The demand for personal navigation devices (PNDs) may be eroded by replacement technologies becoming availableonmobilehandsetsandfactoryinstalledsystemsinnewautos. We have historically experienced substantial growth in the automotive/mobile segment which has resultedinGPS/navigationtechnologiesbeingincorporatedintocompetingdevicessuchasmobilehandsetsand

(United States), Inc., LG Electronics, Inc., LG Electronics U.S.A. Inc., LG Electronics Mobilecomm U.S.A. Inc., Motorola, Inc., Nokia Corporation, Nokia Inc., Pantech Wireless, Inc. Plantronics, inc., Research in Motion Ltd., ResearchinMotionCorporation,SamsungTelecommunicationsAmerica,LLC,TomTomInternationalB.V.,TomTom, Inc.,ToshibaCorporation,ToshibaAmericainformationSystems,Inc.,andToshibaAmerica,Inc. OnJune30,2010,Bandspeed,Inc.filedsuitintheUnitedStatesDistrictCourtfortheEasternDistrictof Texasagainst38companies,includingGarminInternational,Inc.andGarminUSA,Inc.alleginginfringementofU.S. PatentNo7,027,418(the418patent)andU.S.PatentNo7,670,614(the614patent).Garminbelievesthat each claim of the 418 patent and the 614 patent is not infringed and/or invalid. On October 6, 2010, the defendants filed a Motion to Transfer Venue to the Western District of Texas and the parties await the courts rulingonthismotion.Althoughtherecanbenoassurancethatanunfavorableoutcomeofthislitigationwould not have a material adverse effect on our operating results, liquidity or financial position, Garmin believes the claimsinthislawsuitarewithoutmeritandintendstovigorouslydefendthisaction. Tqranis IP LLC v. Garmin International, Inc., Universal Avionics Systems Corporation, Johnson Outdoors Marine Electronics,Inc.,JohnsonOutdoorsInc.,RaymarineInc.,RaymarineUKLtd.,Navico,Inc.,andNavicoHoldingsA.S. OnNovember22,2010,TaranisIPLLCfiledsuitintheUnitedStatesDistrictCourtfortheNorthernDistrict of Illinois against eight companies, including Garmin International, Inc., alleging infringement of U.S. Patent No. 5,995,903(the903patent).Garminbelievesthateachclaimofthe903patentisnotinfringedand/orinvalid. Although there can be no assurance that an unfavorable outcome of this litigation would not have a material adverseeffectonouroperatingresults,liquidity,orfinancialposition,Garminbelievestheclaimsinthislawsuit arewithoutmeritandintendstovigorouslydefendthisaction. Triangle Software, LLC v. Garmin International, Inc., TomTom Inc., Volkswagen Group of America, Inc. and WestwoodOne,Inc. OnDecember28,2010,TriangleSoftware,LLCfiledsuitintheUnitedStatesDistrictCourtfortheEastern DistrictofVirginiaagainstfourcompanies,includingGarminInternational,Inc.,alleginginfringementofU.S.Patent No.7,557,730(the730patent),U.S.PatentNo.7,221,287(the287patent),U.S.PatentNo.7,375,649(the 649patent),U.S. Patent No. 7,508,321 (the 321 patent), and U.S. PatentNo. 7,702,452 (the452patent). Garmin believes that each claim of the 730, 287, 649, 321, and 452 patents is not infringed and/or invalid. Although there can be no assurance that an unfavorable outcome of this litigation would not have a material adverseeffectonouroperatingresults,liquidity,orfinancialposition,Garminbelievestheclaimsinthislawsuit arewithoutmeritandintendstovigorouslydefendthisaction. IntheMatterofCertainSemiconductorChipsandProductsContainingSame On December 1, 2010, Rambus Inc. filed a complaint with the United States International Trade Commission against 33 companies, including Garmin International, Inc., alleging infringement of U.S. Patent No. 6,470,405(the405patent),U.S.PatentNo.6,591,353(the353patent),U.S.PatentNo.7,287,109(the109 patent), U.S. Patent No. 7,602,857 (the 857 patent), U.S. Patent No. 7,602,858 (the 858 patent), and U.S. PatentNo.7,715,494(the494patent).Garminssemiconductorchipsuppliersarealsonamedinthecomplaint andGarminbelievesthesesuppliershaveindemnificationobligationstodefendGarmininthismatter.Garminis preparingtofileitsAnswerassertingthe405,353,109,857,858,andthe494patentsareinvalidand/ornot infringed. Although there can be noassurance that anunfavorable outcome of this litigation would not have a material adverse effect on our operating results, liquidity orfinancialposition, Garmin believes these claims are withoutmeritandintendstovigorouslydefendthisaction. FromtimetotimeGarminisinvolvedinotherlegalactionsarisingintheordinarycourseofourbusiness. We believe that the ultimate outcome of these actions will not have a material adverse effect on our business, financialconditionandresultsofoperations. ExecutiveOfficersoftheRegistrant

$ 2,689,911 1,343,537 1,346,374
$ 2,946,440 1,502,329 1,444,111
$ 3,494,077 1,940,562 1,553,515
$3,180,319 1,717,064 1,463,255
$1,774,000 891,614 882,386
144,613 287,824 277,261 709,698 636,676 (59,404) 577,272 (7,331) $584,603
155,521 264,202 238,378 658,101 786,010 22,641 808,651 104,701 $703,950
208,177 277,212 206,109 691,498 862,017 52,349 914,366 181,518 $732,848
206,948 189,550 159,406 555,904 907,351 70,922 978,273 123,262 $855,011
114,749 99,764 113,314 327,827 554,559 39,995 594,554 80,431 $514,123

$2.97 $2.95

$3.51 $3.50

$3.51 $3.48

$3.95 $3.89

$2.38 $2.35

196,979 198,009 $1.50

200,395 201,161 $0.75

208,993 210,680 $0.75

216,524 219,875 $0.75

216,340 218,845 $0.50
$1,260,936 801,819 3,988,688 3,049,562
$1,091,581 766,047 3,828,082 2,836,447
$696,335 274,895 2,934,421 2,225,854
$707,689 424,505 3,291,460 2,350,614
$337,321 480,876 1,897,1,557,899
(1)OurfiscalyearendisthelastSaturdayofthecalendaryearanddoesnotalwaysfallonDecember31.Allyearspresentedcontain 52weeks. (2)Otherincome/(expense),netmainlyconsistsofgainand/orlossonsaleofequitysecurities,interestincome,interestexpense, andforeigncurrencygain(loss) (3)Includes$23.0millionand$0.6millionforforeigncurrencygainsin2007and2006respectively, and$88.4million,$6.0millionand$35.3millionforforeigncurrencylossesin2010,2009and2008respectively. (4)Includesa$72.4milliongainonsaleofequitysecuritiesprimarilyrelatedtothesaleofourequityinterestinTeleAtlasN.V. andrelatedforeigncurrencyexchangeeffectsin2008. (5)Includesa$98.7milliononetimeincometaxreservereleaseofuncertaintaxpositionreservesfrom2006to2008relatedto oursettlementwiththeIRSintheUS,partiallyoffsetbytheamountofthesettlementforthe2007taxyearintheUSandTaiwan surtaxexpenseduetothereleaseofreserves. (6)Allpriorperiodcommonstockandapplicableshareandpershareamountshavebeenretroactivelyadjusted toreflecta2for1splitoftheCompany'scommonstockeffectiveAugust15,2006.
Item7.ManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperations Thefollowingdiscussionandanalysisofourfinancialconditionandresultsofoperationsfocusesonandis intendedtoclarifytheresultsofouroperations,certainchangesinourfinancialposition,liquidity,capitalstructure andbusinessdevelopmentsfortheperiodscoveredbytheconsolidatedfinancialstatementsincludedinthisForm 10K. This discussion should be read in conjunction with, and is qualified by reference to, the other related information including, but not limited to, the audited consolidated financial statements (including the notes thereto), the description of our business, all as set forth in this Form 10K, as well as the risk factors discussed aboveinItem1A. Aspreviouslynoted,thediscussionsetforthbelow,aswellasotherportionsofthisForm10K,contain statements concerning potential future events. Readers can identify these forwardlooking statements by their useofsuchverbsasexpects,anticipates,believesorsimilarverbsorconjugationsofsuchverbs.Ifanyof ourassumptionsonwhichthestatementsarebasedproveincorrectorshouldunanticipatedcircumstancesarise, our actual results could materially differ from those anticipated by such forwardlooking statements. The differencescouldbecausedbyanumberoffactorsorcombinationoffactorsincluding,butnotlimitedto,those discussedaboveinItem1A.Readersarestronglyencouragedtoconsiderthosefactorswhenevaluatinganysuch forwardlookingstatement.WedonotundertaketoupdateanyforwardlookingstatementsinthisForm10K. Garminsfiscalyearisa5253weekperiodendingonthelastSaturdayofthecalendaryear.Fiscalyears 2010,2009,and2008contained52weeks.Unlessotherwisestated,allyearsanddatesrefertotheCompanys fiscalyearandfiscalperiods.Unlessthecontextotherwiserequires,referencesinthisdocumentto"we,""us," "our"andsimilartermsrefertoGarminLtd.anditssubsidiaries. Unlessotherwiseindicated,dollaramountssetforthinthetablesareinthousands,exceptpersharedata. Overview We are a leading worldwide provider of navigation, communications and information devices, most of whichareenabledbyGlobalPositioningSystem,orGPS,technology.Weoperateinfourbusinesssegments,which serve the marine, outdoor/fitness, automotive/mobile, and aviation markets. Our segments offer products throughournetworkofsubsidiarydistributorsandindependentdealersanddistributors.However,thenatureof productsandtypesofcustomersforthefoursegmentscanvarysignificantly.Assuch,thesegmentsaremanaged separately. Our portable GPS receivers and accessories for marine, recreation/fitness and automotive/mobile segments are sold primarily to retail outlets. Our aviation products are portable and panelmount avionics for VisualFlightRulesandInstrumentFlightRulesnavigationandaresoldprimarilytoretailoutletsandcertainaircraft manufacturers. Sinceourfirstproductsweredeliveredin1991,wehavegeneratedpositiveincomefromoperationseach yearandhavefundedourgrowthfromtheseprofits.Oursaleshaveincreasedatacompoundedannualgrowth rateof11%since2006andournetincomehasincreasedatacompoundedannualgrowthrateof3%since2006. Thevastmajorityofthisgrowthhasbeenorganic;onlyaverysmallamountofnewrevenueoccurredasaresultof theacquisitionofDynastreamInnovationsInc.in2006,DigitalCyclone,Inc.andtheassetsofNautamaticMarine Systems,Inc.in2007,elevenEuropeandistributorsbetween2007and2010,andMetriGear,Inc.in2010.These acquisitionshadnosignificantimpactonnetincomeforthoseyears. SinceourprincipallocationsareintheUnitedStates,TaiwanandtheU.K.,weexperiencesomeforeign currency fluctuations in our operating results. The table below provides a listing of our functional currency by subsidiaryexcludingtheEuropeansubsidiariesthatutilizetheEuro.

GrossProfit

Outdoor/Fitness Marine Automotive/Mobile Aviation Total 52weeksendedDecember25,2010 GrossProfit %ofRevenues $364,456 65% 124,648 63% 672,953 40% 184,317 70% $1,346,374 50% 52weeksendedDecember26,2009 GrossProfit %ofRevenues $306,842 65% 105,215 59% 861,900 42% 170,154 69% $1,444,111 49% YearoverYear $Change %Change $57,614 19% 19,433 18% (188,947) 22% 14,163 8% ($97,737) 7%
Grossprofitdollarsin2010decreased7%whilegrossprofitmarginpercentageincreased110basispoints compared to 2009. Gross profit margins were stable to increasing in all segments excluding the automotive/mobilesegmentwhencomparedto2009. Theautomotive/mobilesegmentgrossprofitmarginpercentagedecreaseof160basispointswasdriven byan11%decreaseinaveragesellingpricewhichwasonlypartiallyoffsetbyadeclineinperunitcostsincluding thewarrantybenefit.Grossprofitdollarsoftheautomotive/mobilesegmentdeclinedto50%oftotalgrossprofit dollars from 60% in 2009. Gross profit dollars for marine increased 18% compared to 2009 due to product mix shifting toward higher margin units. Gross profit dollars for outdoor/fitness increased by 19% to $364.5 million duetostrongrevenuegrowthinthesegment. Management believes that total company gross margins will be stable in 2011 as growth occurs in segmentswithhighermarginprofilesoffsettingcontinuedmarginpressureintheautomotive/mobilesegmentdue topricedeclines. AdvertisingExpenses
Outdoor/Fitness Marine Automotive/Mobile Aviation Total
52weeksendedDecember25,2010 Advertising Expense %ofRevenues $24,485 4% 9,834 5% 106,950 6% 3,344 1% $144,613 5%
52weeksendedDecember26,2009 Advertising Expense %ofRevenues $23,262 5% 9,682 5% 118,713 6% 3,864 2% $155,521 5%
YearoverYear $Change %Change $1,223 5% 152 2% (11,763) 10% (520) 13% ($10,908) 7%
Advertising expense decreased 7% in absolute dollars and was flat as a percentage of revenues when comparedto2009.Asapercentofrevenues,advertisingexpenseswere5%inboth2010and2009.Theabsolute dollardecreaseoccurredprimarilyintheautomotive/mobilesegmentduetoreducedcooperativeadvertisingpaid to our retail partners partially offset by mobile handset specific advertising. Further offsetting the decline was increasedadvertisingforoutdoor/fitnesswherewecontinuetoinvestforgrowth.
Managementexpectstomaintainadvertisingasapercentageofsalesconstantin2011. Selling,GeneralandAdministrativeExpenses

KansasCity,Missouri February23,2011

/s/Ernst&YoungLLP

GarminLtd.AndSubsidiaries ConsolidatedBalanceSheets (Inthousands,exceptshareinformation) December25, 2010 Assets Currentassets: Cashandcashequivalents Marketablesecurities(Note3) Accountsreceivable,lessallowancefordoubtfulaccountsof $31,822in2010and$36,673in2009 Inventories,net Deferredincometaxes(Note6) Deferredcosts Prepaidexpensesandothercurrentassets Totalcurrentassets Propertyandequipment,net Landandimprovements Buildingandimprovements Officefurnitureandequipment Manufacturingequipment Engineeringequipment Vehicles Accumulateddepreciation 94,792 274,163 98,779 119,829 71,709 18,437 677,709 (249,904) 427,805 Restrictedcash(Note4) Marketablesecurities(Note3) Licenseagreements,net Noncurrentdeferredincometax(Note6) Noncurrentdeferredcosts Otherintangibleassets Totalassets LiabilitiesandStockholders'Equity Currentliabilities: Accountspayable Salariesandbenefitspayable Accruedwarrantycosts Accruedsalesprogramcosts Deferredrevenue Accruedroyaltycosts Accruedadvertisingexpense Otheraccruedexpenses Deferredincometaxes(Note6) Incometaxespayable Totalcurrentliabilities Deferredincometaxes(Note6) Noncurrentincometaxes Noncurrentdeferredrevenue Otherliabilities Stockholders'equity: Shares,CHF10parvalue,208,077,418sharesauthorizedandissued and194,358,038sharesoutstandingatDecember25,2010; Commonstock,$0.005parvalue,1,000,000,000sharesauthorized Issuedandoutstandingshares200,274,000in2009 (Notes9,10,11,and12): Additionalpaidincapital Treasurystock Retainedearnings Accumulatedothercomprehensivegain/(loss) Totalstockholders'equity Totalliabilitiesandstockholders'equity 1,797,435 38,268 (106,758) 1,264,613 56,004 3,049,562 $3,988,688 1,001 32,221 2,816,607 (13,382) 2,836,447 $3,828,082 $132,348 49,288 49,885 107,261 89,711 95,086 21,587 63,043 4,800 56,028 669,037 6,986 153,621 108,076 1,406 $203,388 45,236 87,424 119,150 27,910 103,195 34,146 40,373 2,208 22,846 685,876 10,170 255,748 38,574 1,267 1,277 777,401 1,800 73,613 24,685 183,352 $3,988,688 92,088 268,011 84,544 115,179 65,240 15,247 640,309 (198,971) 441,338 2,047 746,464 15,400 20,498 7,996 198,260 $3,828,082 747,249 387,577 33,628 20,053 24,894 2,498,755 874,110 309,938 61,397 5,314 34,156 2,396,079 $1,260,936 24,418 $1,091,581 19,583 December26, 2009

Formultipleelementarrangementsthatincludetangibleproductsthatcontainsoftwarethatisessential to the tangible products functionality and undelivered software elements that relate to the tangible products essentialsoftware,theCompanyallocatesrevenuetoalldeliverablesbasedontheirrelativesellingprices.Insuch circumstances, the new accounting principles establish a hierarchy to determine the selling price tobe used for allocatingrevenuetodeliverablesasfollows:(i)vendorspecificobjectiveevidenceoffairvalue(VSOE),(ii)third partyevidenceofsellingprice(TPE),and(iii)bestestimateofthesellingprice(ESP).VSOEgenerallyexistsonly when the Company sells the deliverable separately and is the price actually charged by the Company for that deliverable.Inadditiontotheproductslistedbelow,theCompanyhasofferedcertainotherproductsthatinvolve multipleelementarrangementsthatareimmaterial. In2010,GarminbeganofferingPNDswithlifetimemapupdates(LMU)bundledintheoriginalpurchase price.SimilartonMapsLifetimewhichwasintroducedinJanuary2009,thisenablescustomerstodownload thelatestmapandpointofinterestinformationeveryquarterfortheusefullifeoftheirPND.TheCompanyhas identified two deliverables contained in arrangements involving the sale of PNDs including LMU. The first deliverable is the hardware and software essential to the functionality of the hardware device delivered at the time of sale, and the second deliverable is the LMU. The Company has allocated revenue between these two deliverablesusingtherelativesellingpricemethoddeterminedprimarilyusingVSOE.Amountsallocatedtothe delivered hardware and the related essential software are recognized at the time of sale provided the other conditionsforrevenuerecognitionhavebeenmet.Therevenueandassociatedcostofroyaltiesallocatedtothe LMUaredeferredandrecognizedonastraightlinebasisovertheestimated36monthlifeoftheproducts. In addition, Garmin offers PNDs with premium traffic bundled in the original purchase price in the Europeanmarket.TheCompanyhasidentifiedtwodeliverablescontainedinarrangementsinvolvingthesaleof PNDsincludingpremiumtraffic.Thefirstdeliverableisthehardwareandsoftwareessentialtothefunctionalityof thehardwaredevicedeliveredatthetimeofsale,andtheseconddeliverableisthepremiumtrafficservice.The Company has allocated revenue between these two deliverables using the relative selling price method determined using VSOE. Amounts allocated to the delivered hardware and the related essential software are recognizedatthetimeofsaleprovidedtheotherconditionsforrevenuerecognitionhavebeenmet.Therevenue andassociatedcostallocatedtothepremiumtrafficservicearedeferredandrecognizedonastraightlinebasis overtheestimated36monthlifeoftheproducts. In2009and2010respectively,Garminintroducedthenvi1690and1695,premiumPNDswithabuiltin wirelessmodulethatletscustomersaccessGarminsnLink!service,whichprovidesdirectlinkstocertainonline information. The Company has identified two deliverables contained in arrangements involving the sale of the nvi 1690 and 1695. The first deliverable is the hardware and software essential to the functionality of the hardwaredevicedeliveredatthetimeofsale,andtheseconddeliverableisthenLinkservice.TheCompanyhas allocatedrevenuebetweenthesetwodeliverablesusingtherelativesellingpricemethoddeterminedusingVSOE. Amounts allocated to the delivered hardware and the related essential software are recognized at the time of sale provided the other conditions for revenue recognition have been met. The revenue and associated cost allocatedtothenLinkservicesaredeferredandrecognizedonastraightlinebasisoverthe24monthlifeofthe service. Garmin records estimated reductions to revenue for customer sales programs returns and incentive offerings including rebates, price protection (product discounts offered to retailers to assist in clearing older products from their inventories in advance of new product releases), promotions and other volumebased incentives. The reductions to revenue are based on estimates and judgments using historical experience and expectationoffutureconditions.ChangesintheseestimatescouldnegativelyaffectGarminsoperatingresults. These incentives are reviewed periodically and, with the exceptions of price protection and certain other promotions,areaccruedforonapercentageofsalesbasis.Ifmarketconditionsweretodecline,Garminmaytake actionstoincreasecustomerincentiveofferingspossiblyresultinginanincrementalreductionofrevenueatthe timetheincentiveisoffered.

EXHIBIT31.2 CERTIFICATION I,KevinRauckman,certifythat: 1. IhavereviewedthisreportonForm10KofGarminLtd.; 2. Basedonmyknowledge,thisreportdoesnotcontainanyuntruestatementofamaterialfactoromitto stateamaterialfactnecessarytomakethestatementsmade,inlightofthecircumstancesunderwhichsuch statementsweremade,notmisleadingwithrespecttotheperiodcoveredbythisreport; 3. Basedonmyknowledge,thefinancialstatements,andotherfinancialinformationincludedinthisreport, fairly present in all material respects the financial condition, results of operations and cash flows of the registrantasof,andfor,theperiodspresentedinthisreport; 4. TheregistrantsothercertifyingofficerandIareresponsibleforestablishingandmaintainingdisclosure controlsandprocedures(asdefinedinExchangeActRules13a15(e)and15d15(e))andinternalcontrolover financialreporting(asdefinedinExchangeActRules13a15(f)and15d15(f))fortheregistrantandhave: (a)designedsuchdisclosurecontrolsandprocedures,orcausedsuchdisclosurecontrolsandproceduresto bedesignedunderoursupervision,toensurethatmaterialinformationrelatingtotheregistrant,includingits consolidatedsubsidiaries,ismadeknowntousbyotherswithinthoseentitiesparticularlyduringtheperiodin whichthisreportisbeingprepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reportingtobedesignedunderoursupervision,toprovidereasonableassuranceregardingthereliabilityof financial reporting and the preparation of financial statements for external purposes in accordance with generallyacceptedaccountingprinciples; (c) evaluatedthe effectiveness of the registrantsdisclosure controls and procedures andpresented in this reportourconclusionsabouttheeffectivenessofthedisclosurecontrolsandprocedures,asoftheendofthe periodcoveredbythisreportbasedonsuchevaluation;and (d) disclosed in this report any change in the registrants internal control over financial reporting that occurredduringtheregistrantsmostrecentfiscalquarter(theregistrantsfourthfiscalquarterinthecaseof an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internalcontroloverfinancialreporting;and 5. The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrantsboardofdirectors(orpersonsperformingtheequivalentfunctions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarizeandreportfinancialinformation;and (b)anyfraud,whetherornotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificant roleintheregistrantsinternalcontroloverfinancialreporting. Date:February23,2011 By /s/KevinRauckman KevinRauckman ChiefFinancialOfficer

EXHIBIT32.1 Certification PursuanttoSection906oftheSarbanesOxleyActof2002 (Subsections(a)and(b)ofSection1350,Chapter63ofTitle18,UnitedStatesCode) Pursuant to section 906 of the SarbanesOxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter63ofTitle18,UnitedStatesCode),I,MinH.Kao,ChairmanandChiefExecutiveOfficerofGarminLtd.(the Company)herebycertifythat: (1) The Annual Report on Form 10K for the year ended December 25, 2010 (the Form 10K) of the Company fully complies with the requirements ofSection 13(a) or 15(d) of the Securities Exchange Actof1934;and (2) the information contained in the Form 10K fairly presents, in all material respects, the financial conditionandresultsofoperationsoftheCompany.
Dated:February23,2011 /s/MinH.Kao MinH.Kao ChairmanandChiefExecutiveOfficer AsignedoriginalofthiswrittenstatementrequiredbySection906hasbeenprovidedtotheCompanyandwill be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. ThiscertificationaccompaniestheForm10KpursuanttoSection906oftheSarbanesOxleyActof2002and shallnot,excepttotheextentrequiredbytheSarbanesOxleyActof2002,bedeemedfiledbytheCompany forpurposesofSection18oftheSecuritiesExchangeActof1934,asamended.
EXHIBIT32.2 Certification PursuanttoSection906oftheSarbanesOxleyActof2002 (Subsections(a)and(b)ofSection1350,Chapter63ofTitle18,UnitedStatesCode) Pursuant to section 906 of the SarbanesOxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), I, Kevin Rauckman, Chief Financial Officer of Garmin Ltd. (the Company)herebycertifythat: (1) The Annual Report on Form 10K for the year ended December 25, 2010 (the Form 10K) of the CompanyfullycomplieswiththerequirementsofSection13(a)or15(d)oftheSecuritiesExchangeActof 1934;and (2) the information contained in the Form 10K fairly presents, in all material respects, the financial conditionandresultsofoperationsoftheCompany.
Dated:February23,2011 /s/KevinRauckman KevinRauckman ChiefFinancialOfficer AsignedoriginalofthiswrittenstatementrequiredbySection906hasbeenprovidedtotheCompanyandwill beretainedbytheCompanyandfurnishedtotheSecuritiesandExchangeCommissionoritsstaffupon request. ThiscertificationaccompaniestheForm10KpursuanttoSection906oftheSarbanesOxleyActof2002and shallnot,excepttotheextentrequiredbytheSarbanesOxleyActof2002,bedeemedfiledbytheCompany forpurposesofSection18oftheSecuritiesExchangeActof1934,asamended.