Sector: Technology|Industry: Scientific & Technical Instruments|Market Cap: $39.60B|Employees: 19.9K
Garmin Ltd. is a global provider of GPS-enabled products and applications designed for active lifestyles. The company operates in five primary markets: fitness, outdoor, aviation, marine, and auto OEM, offering a diverse range of navigation, communication, and sensor-based products. Garmin's competitive advantage lies in its vertically integrated manufacturing capabilities and strong brand recognition.
The company is filing an amendment to the original 10K filing to include related party transactions that were erroneously omitted from the original report. This suggests a potential weakness in internal controls or oversight.
The Audit Committee reviewed and ratified the related party transactions, including the annual compensation paid to family members of executive officers. This suggests that the transactions were deemed to be in the best interest of the company and its shareholders.