Garmin Ltd was incorporated in Switzerland on February 9, 2010. The Company designs, develops, manufactures, markets and distributes hand-held, wrist-based, portable and fixed-mount products positioning system enabled products & other navigation, communication & sensor-based products. Garmin has identified five operating segments for external reporting purposes: Auto, Aviation, Marine, Outdoor and Fitness. There are two operating segments (Auto PND and Auto OEM) that are not reported separately, but are aggregated within the Auto reportable segment. The Company's marine, auto/mobile, outdoor, and fitness segments include portable positioning system (GPS) receivers and accessories sold to retail outlets. These products are sold by the Company's subsidiary in Taiwan. The Company's aviation products are portable and panel mount avionics for Visual Flight Rules and Instrument Flight Rules navigation and are sold to aviation dealers and certain aircraft manufacturers. The Company's competitors for portable automotive products are TomTom N.V. and MiTAC Digital Corporation (MiTAC) (which distributes products under the brand names of Magellan, Mio, and Navman). Its competitors for outdoor product lines are Bushnell, Delorme, Magellan, a subsidiary of MiTAC, and Suunto Oy. For mobile products, its competitors are Google Inc., Apple Inc. and Telenav Inc. Its competitors for fitness products are Apple Inc., Bryton Corp., Fitbit Inc., AliphCom dba Jawbone, Polar Electro Oy, Sigma Sports, Suunto Oy and Timex Corp. For marine products, its competitors are Furuno Electronic Company, the Humminbird division of Johnson Outdoors, Inc., Navico and Flir Systems, Inc. For the aviation product lines, its competitors are Aspen Avionics, Avidyne Corporation, Chelton Flight Systems, CMC Electronics, Free Flight Systems, Honeywell, Inc., L-3 Avionics Systems, Rockwell Collins, Inc., Sagem SA and Universal Avionics Systems Corporation.
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