What Garmin Ltd. told the SEC could break it.

Manufactures in and sources from Taiwan, China and other jurisdictions; new or increased tariffs/duties or trade restrictions on imported products or components could materially adversely affect results.

“We manufacture our products in, and source goods from, multiple jurisdictions, such as Taiwan and China among others. New or increased tariffs, duties, or other trade restrictions imposed on products, goods, or components we import into the United States or other countries could materially adversely affect our business, financial condition and results of operations.”

All aviation products intended for type-certificated aircraft require FAA certification; delays (including government shutdown) could harm Garmin's ability to launch products and customers' ability to sell airplanes.

“Federal Aviation Administration (FAA) certification is required for all of our aviation products that are intended for installation in type-certificated aircraft.”

Principal manufacturing facilities for consumer products are located in Taiwan, exposing production to PRC-Taiwan geopolitical risk; ~1.85M sq ft of owned Taiwan facilities.

“Our principal manufacturing facilities for consumer products are located in Taiwan. The People's Republic of China, also referred to as the PRC, asserts sovereignty over all of China, including Taiwan, certain other islands, and all of mainland China.”

Has not historically hedged foreign-currency risk with financial instruments; majority of exposure is to the Taiwan Dollar, Euro and Polish Zloty.

“The Company has not historically hedged its foreign currency exchange rate risks with financial instruments. The currencies that have historically created a majority of the Company's exchange rate exposure include the Taiwan Dollar, Euro, and Polish Zloty.”

Depends on third-party suppliers and licensors — some sole-source — for components including semiconductors, LCDs, memory chips, batteries and microprocessors; has experienced shortages and expects more.

“We depend on third party suppliers and licensors, some of which are sole source, for technology and components used in our products. Our production and business would be seriously harmed if these suppliers or licensors are not able to meet our demand and alternative sources are not available, or if the costs of components rise.”