Garmin 2009 Annual Report Download - page 99

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Estimated
Cost FairValue
Dueinoneyearorless(2010) $19,426 $19,583
Dueafteroneyearthroughfiveyears(2011‐2015) 252,535 252,849
Dueafterfiveyearsthroughtenyears(2016‐2020) 215,618 213,511
Dueaftertenyears(2021andthereafter) 277,662 255,310
Other(Nocontractualmaturitydates) 23,864 24,794
$789,105 $766,047
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
ForcertainoftheCompany’sfinancialinstruments,includingaccountsreceivable,accountspayableand
otheraccruedliabilities,thecarryingamountsapproximatefairvalueduetotheirshortmaturities.
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4.CommitmentsandContingencies

Rentalexpenserelatedtooffice,equipment,warehousespaceandrealestateamountedto$10,293,
$8,419,and$5,546fortheyearsendedDecember26,2009,December27,2008,andDecember29,2007,
respectively.
Futureminimumleasepaymentsareasfollows:
Year Amount
2010 $9,105
2011 7,789
2012 6,687
2013 5,882
2014 5,024
Thereafter 6,856
Total 41,343$
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CertaincashbalancesofGELareheldascollateralbyabanksecuringpaymentoftheUnitedKingdom
value‐addedtaxrequirements.Thetotalamountofrestrictedcashbalanceswere$2,047and$1,941atDecember
26,2009andDecember27,2008,respectively.

Inthenormalcourseofbusiness,theCompanyanditssubsidiariesarepartiestovariouslegalclaims,
actions,andcomplaints,includingmattersinvolvingpatentinfringementandotherintellectualpropertyclaimsand
variousotherrisks.ItisnotpossibletopredictwithcertaintywhetherornottheCompanyanditssubsidiarieswill
ultimatelybesuccessfulinanyoftheselegalmatters,orifnot,whattheimpactmightbe.However,the
Company’smanagementdoesnotexpectthattheresultsinanyoftheselegalproceedingswillhaveamaterial
adverseeffectontheCompany’sresultsofoperations,financialpositionorcashflows.
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5.EmployeeBenefitPlans

GIIsponsorsadefinedcontributionemployeeretirementplanunderwhichitsemployeesmaycontribute
upto50%oftheirannualcompensationsubjecttoInternalRevenueCodemaximumlimitationsandtowhichGII
contributesaspecifiedpercentageofeachparticipant’sannualcompensationuptocertainlimitsasdefinedinthe
Plan.Additionally,GELhasadefinedcontributionplanunderwhichitsemployeesmaycontributeupto7.5%of
theirannualcompensation.BothGIIandGELcontributeanamountdeterminedannuallyatthediscretionofthe
BoardofDirectors.DuringtheyearsendedDecember26,2009,December27,2008,andDecember29,2007,
expenserelatedtotheseplansof$16,399,$14,927,and$11,412,waschargedtooperations.