Document and Entity Information
|
Document and Entity Information (USD
$) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 25, 2010 |
Feb. 17, 2011 |
Jun. 26, 2010 | |
| Document and Entity Information | |||
| Document Type | 10-K | ||
| Amendment Flag | false | ||
| Document Period End Date | Dec. 25, 2010 | ||
| Document Fiscal Period Focus | FY | ||
| Document Fiscal Year Focus | 2010 | ||
| Entity Registrant Name | GARMIN LTD | ||
| Entity Central Index Key | 0001121788 | ||
| Current Fiscal Year End Date | --12-25 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Public Float | $ 3,954,398,819 | ||
| Entity Common Stock, Shares Outstanding | 208,077,418 |
| X | ||||||||||
|
-
Definition
If the value is true, then the document as an amendment to previously-filed/accepted document.
|
| X | ||||||||||
|
-
Definition
End date of current fiscal year in the format --MM-DD.
|
| X | ||||||||||
|
-
Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.
|
| X | ||||||||||
|
-
Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
|
| X | ||||||||||
|
-
Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements this will be the filing date. The format of the date is CCYY-MM-DD.
|
| X | ||||||||||
|
-
Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type should be limited to the same value as the supporting SEC submission type. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, NCSR, N-Q, and Other.
|
| X | ||||||||||
|
-
Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument
|
| X | ||||||||||
|
-
Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
|
| X | ||||||||||
|
-
Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
|
| X | ||||||||||
|
-
Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.
|
| X | ||||||||||
|
-
Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
|
| X | ||||||||||
|
-
Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.
|
| X | ||||||||||
|
-
Definition
Document and Entity Information [Abstract]
|
Consolidated Balance Sheets
| X | ||||||||||
|
-
Definition
Carrying value as of the balance sheet date of obligations incurred and payable relating to sales programs. Examples include price protection and rebates.
|
| X | ||||||||||
|
-
Definition
Sum of the carrying amounts as of the balance sheet date of deferred costs capitalized at the end of the reporting period that are not expected to be charged against earnings in the next twelve months.
|
| X | ||||||||||
|
-
Definition
Carrying amount at the balance sheet date for long-lived depreciable assets commonly used in research and development efforts. Examples include oscilloscopes, testing chambers and antennas.
|
| X | ||||||||||
|
-
Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable for advertising of the entity's goods and services. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable for royalties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of APIC associated with common AND preferred stock. For APIC associated with only common stock, use the element Additional Paid In Capital, Common Stock. For APIC associated with only preferred stock, use the element Additional Paid In Capital, Preferred Stock. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Carrying amount as of the balance sheet date of long-lived, depreciable assets that include building structures held for productive use including any addition, improvement, or renovation to the structure, such as interior masonry, interior flooring, electrical, and plumbing. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Sum of the carrying amounts as of the balance sheet date of deferred costs capitalized at the end of the reporting period that are expected to be charged against earnings within one year or the normal operating cycle, if longer. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward should be presented as a reduction of the related deferred tax asset. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Represents the current portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A current taxable temporary difference is a difference between the tax basis and the carrying amount of a current asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Carrying amount at the balance sheet date for long-lived, depreciable asset commonly used in offices and stores. Examples include desks, chairs, and store fixtures. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Carrying amount (original costs adjusted for previously recognized amortization and impairment) as of the balance sheet date for the capitalized costs to acquire rights under a license arrangement (for example, to sell specified products in a specified territory) having an indefinite period of benefit. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).
|
| X | ||||||||||
|
-
Definition
Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale.
|
| X | ||||||||||
|
-
Definition
Total of all Liabilities and Stockholders' Equity items. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The noncurrent portion of the amount recognized for uncertain tax positions as of the balance sheet date. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Carrying amount as of the balance sheet date of long-lived, depreciable asset used in production process to produce goods and services. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Total debt and equity financial instruments including: (1) securities held-to-maturity, (2) trading securities, and (3) securities available-for-sale which are intended to be held for less than one year or the normal operating cycle, whichever is longer. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Total debt and equity financial instruments including: (1) securities held-to-maturity and (2) securities available-for-sale that will be held for the long-term. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Carrying amount (original costs adjusted for previously recognized amortization and impairment) as of the balance sheet date of rights not otherwise specified in the taxonomy having a projected indefinite period of benefit. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Carrying amount as of the balance sheet date of expenditures made, not otherwise specified in the taxonomy, in advance of the timing of recognition of expenses which are expected to be charged against earnings within one year or the normal operating cycle, if longer. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable for estimated claims under standard and extended warranty protection rights granted to customers. For classified balance sheets, represents the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Carrying amount at the balance sheet date for long-lived physical assets used in the normal conduct of business and not intended for resale. This can include land, physical structures, machinery, vehicles, furniture, computer equipment, construction in progress, and similar items. Amount does not include depreciation. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, and production equipment. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
This element represents capitalized assets classified as property, plant and equipment not otherwise defined in the taxonomy. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Cash and equivalents whose use in whole or in part is restricted for the long-term, generally by contractual agreements or regulatory requirements. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
Value of common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Treasury stock is issued but is not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
Consolidated Balance Sheets (Parenthetical)
|
Consolidated Balance Sheets
(Parenthetical) In Thousands, except Share data |
Dec. 25, 2010
USD ($) |
Dec. 25, 2010
CHF |
Dec. 26, 2009
USD ($) |
|---|---|---|---|
| Consolidated Balance Sheets | |||
| Allowance for doubtful accounts | $ 31,822 | $ 36,673 | |
| Common stock, par value | 10 | $ 0.005 | |
| Common stock, shares authorized | 208,077,418 | 208,077,418 | 1,000,000,000 |
| Common stock, shares issued | 208,077,418 | 208,077,418 | 200,274,000 |
| Common stock, shares outstanding | 194,358,038 | 194,358,038 | 200,274,000 |
| X | ||||||||||
|
-
Definition
A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury. Does not include common shares that have been repurchased. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Details
|
Consolidated Statements of Income
|
Consolidated Statements of Income (USD
$) In Thousands, except Per Share data |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 25, 2010 |
Dec. 26, 2009 |
Dec. 27, 2008 | |
| Consolidated Statements of Income | |||
| Net sales | $ 2,689,911 | $ 2,946,440 | $ 3,494,077 |
| Cost of goods sold | 1,343,537 | 1,502,329 | 1,940,562 |
| Gross profit | 1,346,374 | 1,444,111 | 1,553,515 |
| Advertising expense | 144,613 | 155,521 | 208,177 |
| Selling, general and administrative expenses | 287,824 | 264,202 | 277,212 |
| Research and development expense | 277,261 | 238,378 | 206,109 |
| Total operating expense | 709,698 | 658,101 | 691,498 |
| Operating income | 636,676 | 786,010 | 862,017 |
| Other income (expense): | |||
| Interest income | 24,979 | 23,519 | 35,535 |
| Interest expense | (1,246) | (607) | |
| Foreign currency | (88,377) | (6,040) | (35,286) |
| Gain/(loss) on sale of marketable securities | (2,382) | 2,741 | 50,884 |
| Other | 7,622 | 2,421 | 1,823 |
| Total other income (expense) | (59,404) | 22,641 | 52,349 |
| Income before income taxes | 577,272 | 808,651 | 914,366 |
| Income tax provision (benefit): (Note 6) | |||
| Current | (11,636) | 128,036 | 136,252 |
| Deferred | 4,305 | (23,335) | 45,266 |
| Total income tax provision, net | (7,331) | 104,701 | 181,518 |
| Net income | $ 584,603 | $ 703,950 | $ 732,848 |
| Basic net income per share (Note 10) | $ 2.97 | $ 3.51 | $ 3.51 |
| Diluted net income per share (Note 10) | $ 2.95 | $ 3.50 | $ 3.48 |
| X | ||||||||||
|
-
Definition
Amount charged to advertising expense for the period, which are expenses incurred with the objective of increasing revenue for a specified brand, product or product line. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable income (loss) from continuing operations. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The change during the period in the entity's deferred tax assets and liabilities attributable to continuing operations as determined by applying enacted tax laws other than federal, domestic, foreign, state or local. Items affecting deferred income taxes and required to be disclosed, but not included elsewhere, would also be designated as "Other"; for example, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity and adjustments to be beginning-of-year balance of a valuation allowance because of a change in circumstance that causes a change in judgment about the realizability of the related deferred tax asset in future periods. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The amount of net income or loss for the period per each share of common stock outstanding during the reporting period. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The amount of net income or loss for the period per each share of common stock and dilutive common stock equivalents outstanding during the reporting period. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The aggregate foreign currency transaction gain or loss (both realized and unrealized) included in determining net income for the reporting period. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. For certain enterprises, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains or losses may be disclosed as dealer gains or losses. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.
|
| X | ||||||||||
|
-
Definition
Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain or loss of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain or loss which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any losses recognized for other than temporary impairments of the subject investments in debt and equity securities. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The aggregate amount of income (expense) from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
|
| X | ||||||||||
|
-
Definition
The net result for the period of deducting operating expenses from operating revenues.
|
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
The aggregate amount of other nonrecurring expenses, not previously categorized, that are infrequent in occurrence or unusual in nature.
|
| X | ||||||||||
|
-
Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
Consolidated Statements of Stockholders' Equity
| X | ||||||||||
|
-
Definition
Adjustments to Additional Paid in Capital Deferred Tax Impact of Redomestication
|
| X | ||||||||||
|
-
Definition
Impact of change in par value of shares resulting from Company's redomestication to Switzerland.
|
| X | ||||||||||
|
-
Definition
This element represents the amount of recognized share-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Excludes common shares repurchased by the entity and held as Treasury shares. Shares outstanding equals shares issued minus shares held in treasury. Does not include common shares that have been repurchased. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Aggregate cash, stock, and paid-in-kind dividends declared for all securities (common shares, preferred shares) during the period. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The total recognized tax benefit related to compensation cost for share-based payment arrangements recognized in income during the period. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax, attributable to the parent entity. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Appreciation or loss in value (before reclassification adjustment) of the total of unsold securities during the period being reported on, net of tax. Reclassification adjustments include: (1) the unrealized holding gain or loss, net of tax, at the date of the transfer for a debt security from the held-to-maturity category transferred into the available-for-sale category. Also includes the unrealized gain or loss at the date of transfer for a debt security from the available-for-sale category transferred into the held-to-maturity category; (2) the unrealized gains or losses realized upon the sale of securities, after tax; and (3) the unrealized gains or losses realized upon the write-down of securities, after tax. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Number of shares issued during the period as a result of an employee stock purchase plan. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Number of shares issued during the period as a result of the exercise of stock options. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Aggregate change in value for stock issued during the period as a result of employee stock purchase plan. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Value stock issued during the period as a result of the exercise of stock options. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Number of shares that have been repurchased and retired during the period. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital). Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
Consolidated Statements of Stockholders' Equity (Parenthetical)
|
Consolidated Statements of Stockholders'
Equity (Parenthetical) (USD $) In Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 25, 2010 |
Dec. 26, 2009 |
Dec. 27, 2008 | |
| Consolidated Statements of Stockholders' Equity | |||
| Adjustment related to unrealized gains (losses) on available-for-sale securities, income tax effects | $ 348 | $ 676 | $ 150 |
| X | ||||||||||
|
-
Definition
Tax effect of the gross appreciation or the gross loss, net of reclassification adjustment, in the change in value of available for sale securities during the period that is attributable to the parent entity. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Details
|
Consolidated Statements of Cash Flows
| X | ||||||||||
|
-
Definition
The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations, net of foreign currency exchange impact.
|
| X | ||||||||||
|
-
Definition
The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of intangible assets over their estimated remaining economic lives.
|
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
The cash inflow associated with the acquisition of business during the period (for example, cash that was held by the acquired business). Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The net change between the beginning and ending balance of cash and cash equivalents. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Designated to encapsulate the entire footnote disclosure that gives information on the supplemental cash flow activities for noncash (or part noncash) transactions for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
|
| X | ||||||||||
|
-
Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Reductions in the entity's income taxes that arise when compensation cost (from non-qualified share-based compensation) recognized on the entity's tax return exceeds compensation cost from share-based compensation recognized in financial statements. This element represents the cash inflow reported in the enterprise's financing activities. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The fair value of assets acquired in noncash investing or financing activities. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The aggregate unrealized foreign currency transaction gain or loss (pretax) included in determining net income for the reporting period. Represents the aggregate of gains and losses on transactions that are unsettled as of the balance sheet date, which is therefore an adjustment to reconcile income (loss) from continuing operations to net cash provided by (used in) continuing operations. (Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting entity's financial statements. For certain entities, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains or losses may be disclosed as dealer gains or losses.) Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The net realized gain or loss on investments sold during the period, which, for cash flow reporting, is a component of proceeds from investing activities. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss). Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The net change during the reporting period in the aggregate amount of obligations due within one year (or one business cycle). This may include trade payables, amounts due to related parties, royalties payable, and other obligations. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The net change during the period in the amount of cash payments due to taxing authorities for taxes that are based on the reporting entity's earnings. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The net change during the reporting period in the value of expenditures made during the current reporting period for benefits that will be received over a period of years. Deferred charges differ from prepaid expenses in that they usually extend over a long period of time and may or may not be regularly recurring costs of operation. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The net change during the reporting period, excluding the portion taken into income, in the liability reflecting services yet to be performed by the reporting entity for which cash or other forms of consideration was received or recorded as a receivable. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The net change during the reporting period in nonphysical assets (for example patents and licenses) that are expected to monetized within one year (or one business cycle). Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The net change during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
The net change during the reporting period in other operating assets not otherwise defined in the taxonomy. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The net change during the reporting period in other operating obligations not otherwise defined in the taxonomy. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The net cash inflow (outflow) for the net change associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The amount of cash paid during the current period for interest owed on money borrowed; includes amount of interest capitalized Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Charge to cost of goods sold that represents the reduction of the carrying amount of inventory, generally attributable to obsolescence or market conditions. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The fair value of liabilities assumed in Noncash investing or financing activities. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The net cash inflow (outflow) from financing activity for the period. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Cash generated by or used in financing activities of continuing operations; excludes cash flows from discontinued operations.
|
| X | ||||||||||
|
-
Definition
The net cash inflow (outflow) from investing activity. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Cash generated by or used in investing activities of continuing operations; excludes cash flows from discontinued operations.
|
| X | ||||||||||
|
-
Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Cash generated by or used in operating activities of continuing operations; excludes cash flows from discontinued operations.
|
| X | ||||||||||
|
-
Definition
Gross appreciation or the gross loss in value of the total unsold securities at the end of an accounting period, after tax. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
The cash outflow to reacquire common stock during the period. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The cash outflow from the entity's earnings to the shareholders. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The cash outflow from purchases of trading, available-for-sale securities and held-to-maturity securities. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The cash outflow for acquisition of or capital improvements of property, plant and equipment, used to produce goods or deliver services, and not otherwise defined in the taxonomy. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The amount of cash received during the period as refunds for the overpayment of taxes. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The cash inflow associated with the amount received from holders to acquire the entity's shares under incentive and share awards other than stock option exercises. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The total cash inflow associated with the amount received from holders to acquire the entity's shares under incentive and share awards, including stock option exercises. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The cash inflow associated with the aggregate amount received by the entity through sale or maturity of marketable securities (trading, held-to-maturity, or available-for-sale) during the period. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Definition
The noncash expense that accounts for the value of stock options distributed to employees as compensation. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
Description of the Business
|
Description of the
Business |
12 Months Ended |
|---|---|
|
Dec. 25, 2010 | |
| Description of the Business | |
| Description of the Business |
1.
Description of the Business
Garmin
Ltd. and subsidiaries (together, the "Company") manufacture, market, and
distribute Global Positioning System-enabled products and other related
products. Garmin Corporation (GC), wholly-owned by Garmin
Ltd., is primarily responsible for the manufacturing and distribution of
the Company's products to Garmin International, Inc. (GII), a wholly-owned
subsidiary of GC, and Garmin (Europe) Limited (GEL), a wholly-owned
subsidiary of Garmin Ltd., and, to a lesser extent, new product
development and sales and marketing of the Company's products in Asia and
the Far East. GII is primarily responsible for sales and
marketing of the Company's products in many international markets and in
the United States as well as research and new product development. GII
also manufactures certain products for the Company's aviation
segment. GEL is responsible for sales and marketing of
the Company's products, principally within the European
market. |
| X | ||||||||||
|
-
Definition
Description of Business [Abstract]
|
| X | ||||||||||
|
-
Definition
Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
Summary of Significant Accounting Policies
|
Summary of Significant Accounting
Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 25, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies |
2. Summary
of Significant Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
accompanying consolidated financial statements have been prepared in
accordance with accounting principles generally accepted in the United
States. The accompanying consolidated financial statements
reflect the accounts of Garmin Ltd. and its wholly owned subsidiaries. All
significant inter-company balances and transactions have been
eliminated.
Fiscal
Year
The
Company has adopted a 52–53-week period ending on the last Saturday of the
calendar year. Due to the fact that there are not exactly 52 weeks in a
calendar year and there is slightly more than one additional day per year
(not including the effects of leap year) in each calendar year as compared
to a 52-week fiscal year, the Company will have a fiscal year comprising
53 weeks in certain fiscal years, as determined by when the last Saturday
of the calendar year occurs.
In
those resulting fiscal years that have 53 weeks, the Company will record
an extra week of sales, costs, and related financial activity. Therefore,
the financial results of those fiscal years, and the associated 14-week
fourth quarter, will not be entirely comparable to the prior and
subsequent 52-week fiscal years and the associated quarters having only 13
weeks. Fiscal 2010, 2009, and 2008 included 52
weeks.
Foreign
Currency Translation
Many
Garmin Ltd. subsidiaries utilize currencies other than the United States
Dollar (USD) as their functional currency. As required by the
Foreign
Currency Matters topic of the Financial Accounting Standards Board
(FASB) Accounting Standards Codification (ASC), the financial statements
of these subsidiaries for all periods presented have been translated into
USD, the functional currency of Garmin Ltd., and the reporting currency
herein, for purposes of consolidation at rates prevailing during the year
for sales, costs, and expenses and at end-of-year rates for all assets and
liabilities. The effect of this translation is recorded in a separate
component of stockholders' equity. Cumulative translation adjustments of
$61,740 and $9,231 as of December 25, 2010 and December 26, 2009,
respectively, have been included in accumulated other comprehensive
gain/(loss) in the accompanying consolidated balance
sheets. Transactions
in foreign currencies are recorded at the approximate rate of exchange at
the transaction date. Assets and liabilities resulting from these
transactions are translated at the rate of exchange in effect at the
balance sheet date. All differences are recorded in results of operations
and amounted to exchange gains/(losses) of ($88,377), ($6,040), and
($35,286) for the years ended December 25, 2010, December 26, 2009, and
December 27, 2008, respectively. The loss in fiscal 2010 was
primarily the result of the strengthening of the USD against the Euro and
the British Pound Sterling and the weakening of the USD against the Taiwan
Dollar. The loss in fiscal 2009 was primarily the result of the
weakening of the USD against the Taiwan Dollar offset by the weakening of
the USD against the Euro and the British Pound Sterling. The
loss in fiscal 2008 was the result of the strengthening of the USD offset
by a gain associated with the sale and tender of our Tele Atlas N.V.
shares.
Earnings
Per Share
Basic
earnings per share amounts are computed based on the weighted-average
number of common shares outstanding. For purposes of diluted earnings per
share, the number of shares that would be issued from the exercise of
dilutive stock options has been reduced by the number of shares which
could have been purchased from the proceeds of the exercise at the average
market price of the Company's stock during the period the options were
outstanding. See Note 10.
Cash
and Cash Equivalents
For
purposes of reporting cash flows, cash and cash equivalents include cash
on hand, operating accounts, money market funds, and securities with
maturities of three months or less when purchased. The carrying amount of
cash and cash equivalents approximates fair value, given the short
maturity of those instruments.
Trade
Accounts Receivable
The
Company sells its products to retailers, wholesalers, and other customers
and extends credit based on its evaluation of the customer's financial
condition. Potential losses on receivables are dependent on each
individual customer's financial condition. The Company carries its trade
accounts receivable at net realizable value. Typically, its accounts
receivable are collected within 80 days and do not bear interest. The
Company monitors its exposure to losses on receivables and maintains
allowances for potential losses or adjustments. The Company determines
these allowances by (1) evaluating the aging of its receivables and (2)
reviewing its high-risk customers. Past due receivable balances are
written off when its internal collection efforts have been unsuccessful in
collecting the amount due.
Inventories
Inventories
are stated at the lower of cost or market. Cost is determined using the
weighted-average method (which approximates the first-in, first-out (FIFO)
method) by GC and the FIFO method by GII, GAT and
GEL. Inventories consisted of the following:
Property
and Equipment
Property
and equipment are recorded at cost and depreciated using the straight-line
method over the following estimated useful lives:
Long-Lived
Assets
As
required by the Property, Plant and
Equipment topic of the FASB ASC, the Company reviews long-lived
assets for impairment whenever events or changes in circumstances indicate
the carrying amount of an asset may not be fully recoverable. The carrying
amount of a long-lived asset is not recoverable if it exceeds the sum of
the undiscounted cash flows expected to result from the use and eventual
disposition of the asset. That assessment is based on the
carrying amount of the asset at the date it is tested for
recoverability. An impairment loss is measured as the amount by
which the carrying amount of a long-lived asset exceeds its fair
value.
The
Intangibles –
Goodwill and Other topic of the FASB ASC requires that goodwill and
intangible assets with indefinite useful lives should not be amortized but
rather be tested for impairment at least annually or sooner whenever
events or changes in circumstances indicate that they may be impaired. The
Company did not recognize any goodwill or intangible asset impairment
charges in 2010, 2009, or 2008. The Company established reporting units
based on its current reporting structure. For purposes of testing goodwill
for impairment, goodwill has been allocated to these reporting units to
the extent it relates to each reporting unit. The accounting
guidance also requires that intangible assets with definite lives be
amortized over their estimated useful lives and reviewed for impairment.
The Company is currently amortizing its acquired intangible assets with
definite lives over periods ranging from 3 to 10 years.
Dividends
On
March 16, 2010 the Board of Directors declared a dividend of $1.50 per
share to be paid on April 30, 2010 to shareholders of record on April 15,
2010. The Company paid out a dividend in the amount of
$298,853. The dividend has been reported as a reduction of
retained earnings.
On
July 30, 2009 the Board of Directors declared a dividend of $0.75 per
share to be paid on December 15, 2009 to shareholders of record on
December 1, 2009. The Company paid out a dividend in the amount
of $149,846. The dividend has been reported as a reduction of
retained earnings.
On
June 6, 2008 the Board of Directors declared a dividend of $0.75 per share
to be paid on December 15, 2008 to shareholders of record on December 1,
2008. The Company paid out a dividend in the amount of
$150,251. The dividend has been reported as a reduction of
retained earnings.
Approximately
$213,486 and $199,549 of retained earnings are indefinitely restricted
from distribution to stockholders pursuant to the laws of Taiwan at
December 25, 2010 and December 26, 2009, respectively.
Intangible
Assets
At
December 25, 2010 and December 26, 2009, the Company had patents, license
agreements, customer related intangibles and other identifiable
finite-lived intangible assets recorded at a cost of $152,138 and
$165,021, respectively. The Company's excess purchase cost over
fair value of net assets acquired (goodwill) was $136,548 at December 25,
2010 and $129,066 at December 26, 2009.
Identifiable,
finite-lived intangible assets are amortized over their estimated useful
lives on a straight-line basis over three to ten
years. Accumulated amortization was $103,534 and $80,428 at
December 25, 2010 and December 26, 2009
respectively. Amortization expense was $36,675, $37,444, and
$30,874, for the years ended December 25, 2010, December 26, 2009, and
December 27, 2008, respectively. In the next five years, the
amortization expense is estimated to be $24,889, $10,584, $4,612, $2,482,
and $2,317, respectively. Marketable
Securities
Management
determines the appropriate classification of marketable securities at the
time of purchase and reevaluates such designation as of each balance sheet
date.
All
of the Company's marketable securities are considered available-for-sale
at December 25, 2010. See Note 3. Available-for-sale securities
are stated at fair value, with the unrealized gains and losses, net of
tax, reported in other comprehensive gain/(loss). At December
25, 2010 and December 26, 2009, cumulative unrealized gains/(losses) of
($5,736) and ($22,613), respectively, were reported in accumulated other
comprehensive gain/(loss), net of related taxes.
The
amortized cost of debt securities classified as available-for-sale is
adjusted for amortization of premiums and accretion of discounts to
maturity, or in the case of mortgage-backed securities, over the estimated
life of the security. Such amortization is included in interest income
from investments. Realized gains and losses, and declines in value judged
to be other-than-temporary are included in other income. The cost of
securities sold is based on the specific identification
method.
Income
Taxes
The
Company accounts for income taxes using the liability method in accordance
with the FASB ASC topic Income Taxes. The
liability method provides that deferred tax assets and liabilities are
recorded based on the difference between the tax bases of assets and
liabilities and their carrying amount for financial reporting purposes as
measured by the enacted tax rates and laws that will be in effect when the
differences are expected to reverse. Income taxes of $233,028 and $171,097
at December 25, 2010 and December 26, 2009, respectively, have not been
accrued by the Company for the unremitted earnings of several of its
subsidiaries because such earnings are intended to be reinvested in the
subsidiaries indefinitely.
The Company adopted the
applicable guidance included in the FASB ASC topic Income Taxes related to
accounting for uncertainty in income taxes on December 31, 2006, the
beginning of fiscal year 2007. The total amount of
unrecognized tax benefits as of December 25, 2010 was $153,621 including
interest of $9,580. A reconciliation of the beginning and ending
amount of unrecognized tax benefits for years ending December 25, 2010 and
December 26, 2009 is as follows:
The
December 25, 2010 balance of $153,621 of unrecognized tax benefits, if
recognized, would reduce the effective tax rate. None of the
unrecognized tax benefits are due to uncertainty in the timing of
deductibility.
Accounting
guidance requires unrecognized tax benefits to be classified as
non-current liabilities, except for the portion that is expected to be
paid within one year of the balance sheet date. The entire $153,621
and $255,748 are required to be classified as non-current at December 25,
2010 and December 26, 2009, respectively. Interest
expense and penalties, if any, accrued on the unrecognized tax benefits
are reflected in income tax expense. At December 25, 2010 and
December 26, 2009, the Company had accrued approximately $9,580 and
$20,160 respectively for interest. Interest expense
included in income tax expense for the years ending December 25, 2010 and
December 26, 2009 are ($10,580) and $9,000, respectively. The
Company had no amounts accrued for penalties as the nature of the
unrecognized tax benefits, if recognized, would not warrant the imposition
of penalties.
The
Company files income tax returns in the U.S. federal jurisdiction, and
various state, local and foreign jurisdictions. The Company is no
longer subject to U.S. federal, state, or local tax examinations by tax
authorities for years prior to 2007. The Company is no longer
subject to Taiwan income tax examinations by tax authorities for years
prior to 2005. The Company is no longer subject to United Kingdom
tax examinations by tax authorities for years prior to 2008.
The
Company also considers 2007 and 2008 US federal returns to have been
effectively settled due to completion of an audit examination by the
Internal Revenue Service. A reduction of income tax expense of
($122,314) was recognized to reflect this settlement. In
addition, the Company recognized a reduction of income tax expense of
$24,066 and $19,771 in fiscal years ended December 25, 2010 and December
26, 2009, respectively, to reflect the expiration of statute of
limitations in various jurisdictions.
The Company believes that it is
reasonably possible that approximately $14,069 million of its reserves for
certain unrecognized tax benefits will decrease within the next 12 months
as the result of the expiration of statute of limitations. This
potential decrease in unrecognized tax benefits would impact the Company's
effective tax rate within the next 12 months.
Use
of Estimates
The preparation of consolidated
financial statements in conformity with accounting principles generally
accepted in the United States requires management to make estimates and
assumptions that affect the amounts reported in the consolidated financial
statements and accompanying notes. Actual results could differ from those
estimates.
Concentration
of Credit Risk
The
Company grants credit to certain customers who meet the Company's
pre-established credit requirements. Generally, the Company does not
require security when trade credit is granted to customers. Credit losses
are provided for in the Company's consolidated financial statements and
typically have been within management's
expectations. Certain customers are allowed extended
terms consistent with normal industry practice. Most of
these extended terms can be classified as either relating to seasonal
sales variations or to the timing of new product releases by the
Company.
Revenue
Recognition
Garmin
recognizes revenue when persuasive evidence of an arrangement exists,
delivery has occurred, the sales price is fixed or determinable, and
collection is probable. For the large majority of Garmin's sales,
these criteria are met once product has shipped and title and risk of loss
have transferred to the customer. The Company recognizes revenue
from the sale of hardware products and software bundled with hardware that
is essential to the functionality of the hardware in accordance with
general revenue recognition accounting guidance. The Company recognizes
revenue in accordance with industry specific software accounting guidance
for standalone sales of software products and sales of software bundled
with hardware not essential to the functionality of the hardware.
The Company generally does not offer specified or unspecified upgrade
rights to its customers in connection with software sales.
Garmin
introduced nüMaps Lifetime™ in January 2009, which is a single fee program
that, subject to the program's terms and conditions, enables customers to
download the latest map and point of interest information every quarter
for the useful life of their PND. The revenue and associated cost of
royalties for sales of nüMaps Lifetime™ products are deferred at the time
of sale and recognized ratably on a straight-line basis over the currently
estimated 36-month life of the products.
For multiple element
arrangements that include tangible products that contain software that is
essential to the tangible product's functionality and undelivered software
elements that relate to the tangible product's essential software, the
Company allocates revenue to all deliverables based on their relative
selling prices. In such circumstances, the new accounting principles
establish a hierarchy to determine the selling price to be used for
allocating revenue to deliverables as follows: (i) vendor-specific
objective evidence of fair value ("VSOE"), (ii) third-party evidence
of selling price ("TPE"), and (iii) best estimate of the selling
price ("ESP"). VSOE generally exists only when the Company sells the
deliverable separately and is the price actually charged by the Company
for that deliverable. In addition to the products listed
below, the Company has offered certain other products that involve
multiple-element arrangements that are immaterial.
In
2010, Garmin began offering PNDs with lifetime map updates (LMU) bundled
in the original purchase price. Similar to nüMaps Lifetime™
which was introduced in January 2009, this enables customers to download
the latest map and point of interest information every quarter for the
useful life of their PND. The Company has 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 deliverables using the relative
selling price method determined primarily using VSOE. 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 of
royalties allocated to the LMU are deferred and recognized on a
straight-line basis over the estimated 36-month life of the
products.
In
addition, Garmin offers PNDs with premium traffic bundled in the original
purchase price in the European market. The Company has
identified two deliverables contained in arrangements involving the sale
of PNDs including premium traffic. 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 premium
traffic service. 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 recognized at the time of sale provided the
other conditions for revenue recognition have been met. The revenue
and associated cost allocated to the premium traffic service are deferred
and recognized on a straight-line basis over the estimated 36-month life
of the products.
In
2009 and 2010 respectively, Garmin introduced the nüvi 1690 and 1695,
premium PNDs with a built-in wireless module that lets customers access
Garmin's nüLink!™ service, which provides direct links to certain online
information. The Company has identified two deliverables contained
in arrangements involving the sale of the nüvi 1690 and 1695. 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 nüLink service. 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 recognized at the time of
sale provided the other conditions for revenue recognition have been met.
The revenue and associated cost allocated to the nüLink services are
deferred and recognized on a straight-line basis over the 24-month life of
the 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 volume-based incentives. The
reductions to revenue are based on estimates and judgments using
historical experience and expectation of future
conditions. Changes in these estimates could negatively
affect Garmin's operating results. These incentives are
reviewed periodically and, with the exceptions of price protection and
certain other promotions, are accrued for on a percentage of sales
basis. If market conditions were to decline, Garmin may
take actions to increase customer incentive offerings possibly resulting
in an incremental reduction of revenue at the time the incentive is
offered.
The Company records reductions
to revenue for expected future product returns based on the Company's
historical experience.
Deferred
Revenues and Costs
At
December 25, 2010 and December 26, 2009, the Company had deferred revenues
totaling $197,787 and $66,484, respectively, and related deferred costs
totaling $44,738 and $13,310, respectively.
The
deferred revenues and costs are recognized over their estimated economic
lives of two to three years on a straight-line basis. In the
next three years, the gross margin recognition of deferred revenue and
cost for the currently deferred amounts is estimated to be $69,623,
$56,617, and $26,809, respectively.
Shipping
and Handling Costs
Shipping
and handling costs are included in cost of goods sold in the accompanying
consolidated financial statements.
Product
Warranty
The
Company provides for estimated warranty costs at the time of sale. The
warranty period is generally for one year from date of shipment with the
exception of certain aviation products for which the warranty period is
two years from the date of installation and certain marine products for
which the warranty period is three years from the date of shipment.
Sales
Programs
The
Company provides certain monthly and quarterly incentives for its dealers
and distributors based on various factors including dealer purchasing
volume and growth. Additionally, from time to time, the Company provides
rebates to end users on certain products. Estimated rebates and incentives
payable to dealers and distributors are regularly reviewed and recorded as
accrued expenses on a monthly basis. In addition, the
Company provides dealers and distributors with product discounts to assist
these customers in clearing older products from their inventories in
advance of new product releases. Each discount is tied to a specific
product and can be applied to all customers who have purchased the product
or a special discount may be agreed to on an individual customer
basis. These rebates, incentives, and discounts are recorded as
reductions to net sales in the accompanying consolidated statements of
income in the period the Company has sold the product.
Advertising
Costs
The
Company expenses advertising costs as incurred. Advertising expense
amounted to approximately $144,613, $155,521, and $208,177 for the years
ended December 25, 2010, December 26, 2009, and December 27, 2008,
respectively.
Research
and Development
A
majority of the Company's research and development is performed in the
United States. Research and development costs, which are expensed as
incurred, amounted to approximately $277,261, $238,378, and $206,109 for
the years ended December 25, 2010, December 26, 2009, and December 27,
2008, respectively.
Customer
Service and Technical Support Customer
service and technical support costs are included as selling, general and
administrative expenses in the accompanying consolidated statements
of operations. Customer service and technical support costs include costs
associated with performing order processing, answering customer inquiries
by telephone and through Web sites, e-mail and other electronic means, and
providing free technical support assistance to customers. The technical
support is provided within one year after the associated revenue is
recognized. The related cost of providing this free support is not
material. Software
Development Costs
The
FASB ASC topic entitled Software requires
companies to expense software development costs as they incur them until
technological feasibility has been established, at which time those costs
are capitalized until the product is available for general release to
customers. Our capitalized software development costs are not significant
as the time elapsed from working model to release is typically short. As
required by the Research and
Development topic of the FASB ASC, costs we incur to enhance our
existing products or after the general release of the service using the
product are expensed in the period they are incurred and included in
research and development costs in the accompanying consolidated statements
of operations.
Accounting
for Stock-Based Compensation
The
Company currently sponsors three stock based employee compensation plans.
The FASB ASC topic entitled Compensation – Stock
Compensation requires the measurement and recognition of
compensation expenses for all share-based payment awards made to employees
and directors including employee stock options and restricted stock based
on estimated fair values. See Note 9.
Accounting
guidance requires companies to estimate the fair value of share-based
payment awards on the date of grant using an option-pricing model. The
value of the portion of the award that is ultimately expected to vest is
recognized as stock-based compensation expenses over the requisite service
period in the Company's consolidated financial statements.
As
stock-based compensation expenses recognized in the accompanying
consolidated statement of income are based on awards ultimately expected
to vest, they have been reduced for estimated forfeitures. Accounting
guidance requires forfeitures to be estimated at the time of grant and
revised, if necessary, in subsequent periods if actual forfeitures differ
from those estimates. Forfeitures were estimated based on historical
experience and management's estimates.
Recently
Issued Accounting Pronouncements
In
January 2010, the FASB issued Accounting Standards Update (ASU) No.
2010-06, "Improving Disclosures about Fair Value Measurements" ("ASU
2010-06"), which is included in the ASC Topic 820 (Fair Value Measurements
and Disclosures). ASU 2010-06 requires new disclosures on the amount and
reason for transfers in and out of Level 1 and 2 fair value
measurements. ASU 2010-06 also requires disclosure of
activities, including purchases, sales, issuances, and settlements within
the Level 3 fair value measurements and clarifies existing disclosure
requirements on levels of disaggregation and disclosures about inputs and
valuation techniques. Except as otherwise provided, ASU 2010-06
is effective for interim and annual reporting periods beginning after
December 15, 2009. The adoption of this standard did not have a material
effect on the Company's financial statements.
In February 2010, the FASB
issued ASU No. 2010-09, "Amendments to Certain Recognition and Disclosure
Requirements" ("ASU 2010-09"), which is included in ASC Topic 855
(Subsequent Events). ASU 2010-09 clarifies that an SEC filer is
required to evaluate subsequent events through the date that the financial
statements are issued. ASU 2010-09 was effective upon the
issuance of the final update and did not have a significant impact on the
Company's financial statements.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
This element may be used to describe all significant accounting policies of the reporting entity. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
Marketable Securities
|
Marketable
Securities |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 25, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marketable Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marketable Securities |
3.
Marketable Securities
The
FASB ASC topic entitled Fair Value Measurements and
Disclosures defines fair value as the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date (exit
price). The accounting guidance classifies the inputs used to
measure fair value into the following hierarchy:
The Company endeavors to
utilize the best available information in measuring fair
value. Financial assets and liabilities are classified in their
entirety based on the lowest level of input that is significant to the
fair value measurement.
For fair value measurements
using significant unobservable inputs, an independent third party provided
the valuation. The inputs used in the valuations used the
following methodology. The collateral composition was used to
estimate Weighted Average Life based on historical and projected payment
information. Cash flows were projected for the issuing trusts,
taking into account underlying loan principal, bonds outstanding, and
payout formulas. Taking this information into account,
assumptions were made as to the yields likely to be required, based upon
then current market conditions for comparable or similar term Asset Based
Securities as well as other fixed income securities.
Assets
and liabilities measured at estimated fair value on a recurring basis are
summarized below:
All
Level 3 investments have been in a continuous unrealized loss position for
12 months or longer. However, it is the Company's intent to
hold these securities until they recover their value. For
assets and liabilities measured at fair value on a recurring basis using
significant unobservable inputs (Level 3) during the period, the
accounting guidance requires a reconciliation of the beginning and ending
balances, separately for each major category of assets. The
reconciliation is as follows:
The following is a summary of
the company's marketable securities classified as available-for-sale
securities at December 25, 2010:
The
following is a summary of the company's marketable securities classified
as available-for-sale securities at December 26, 2009:
The cost of securities sold is
based on the specific identification method.
The
unrealized losses on the Company's investments in 2009 and 2010 were
caused primarily by changes in interest rates, specifically, widening
credit spreads. The Company's investment policy requires
investments to be rated A or better with the objective of minimizing the
potential risk of principal loss. The Company does not intend
to sell the securities that have an unrealized loss shown in the table
above and it is not more likely than not that the Company will be required
to sell the investment before recovery of their amortized costs bases,
which may be maturity. Therefore, the Company considers the
declines to be temporary in nature. Fair values were determined
for each individual security in the investment portfolio. When
evaluating the investments for other-than-temporary impairment, the
Company reviews factors such as the length of time and extent to which
fair value has been below cost basis, the financial condition of the
issuer, and the Company's ability and intent to hold the investment for a
period of time, which may be sufficient for anticipated recovery in market
value. During 2009 and 2010, the Company did not record any
material impairment charges on its outstanding securities.
The
amortized cost and estimated fair value of marketable securities at
December 25, 2010, by contractual maturity, are shown below. Expected
maturities will differ from contractual maturities because the issuers of
the securities may have the right to prepay obligations without prepayment
penalties.
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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
This item represents the entire disclosure related to Marketable Securities which may consist of all investments in certain debt and equity securities (and other assets).
|
Commitments and Contingencies
|
Commitments and
Contingencies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 25, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | ||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies |
4.
Commitments and Contingencies
Rental
expense related to office, equipment, warehouse space and real estate
amounted to $11,768, $10,293, and $8,419 for the years ended December 25,
2010, December 26, 2009, and December 27, 2008, respectively.
Future
minimum lease payments are as follows:
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 $1,277 and $2,047 at December 25,
2010 and December 26, 2009, 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. | |||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
-
Definition
Commitments and Contingencies [Abstract]
|
| X | ||||||||||
|
-
Definition
Includes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
Employee Benefit Plans
|
Employee Benefit
Plans |
12 Months Ended |
|---|---|
|
Dec. 25, 2010 | |
| Employee Benefit Plans | |
| Employee Benefit Plans |
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 25, 2010, December 26, 2009, and December 27,
2008, expense related to these plans of $17,952, $16,399, and $14,927 was
charged to operations.
Certain
of the Company's foreign subsidiaries participate in local defined benefit
pension plans. Contributions are calculated by formulas that
consider final pensionable salaries. Neither obligations nor
contributions for the years ended December 25, 2010, December 26, 2009,
and December 27, 2008, were
significant. |
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
Description containing the entire pension and other postretirement benefits disclosure as a single block of text. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
Income Taxes
|
Income Taxes |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 25, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes |
6.
Income Taxes
The
Company's income tax provision (benefit) consists of the
following:
The income tax provision
differs from the amount computed by applying the statutory federal income
tax rate to income before taxes. The sources and tax effects of the
differences, including the impact of establishing tax contingency
accruals, are as follows:
The
Company's income before income taxes attributable to non-U.S. operations
was $413,550, $678,868, and $823,364, for the years ended December 25,
2010, December 26, 2009, and December 27, 2008, respectively. The Taiwan
tax holiday benefits included in the table above reflect $0.07, $0.09, and
$0.12 per weighted-average common share outstanding for the years ended
December 25, 2010, December 26, 2009, and December 27, 2008,
respectively. The Company currently expects to benefit from
these Taiwan tax holidays through 2015, at which time these tax benefits
might expire.
Deferred
income taxes reflect the net tax effects of temporary differences between
the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes. Significant
components of the Company's deferred tax assets and liabilities are as
follows:
The
Company recognized a $29,615 deferred tax asset during 2010 for the future
tax benefit of the fair market value step-up in basis of intangible assets
related to the redomestication to Switzerland and local statutory tax
reporting requirements. The deferred tax asset was recognized
as an increase to Additional Paid-In Capital in 2010.
At
December 25, 2010, the Company had $48,784 million of tax credit carryover
which includes $46,234 of Taiwan surtax credit with no
expiration. There is a full valuation allowance for the Taiwan
surtax credits. Additionally, the Company had $479 in Taiwan
investment credit which will expire in 2012. The valuation
allowance increased by $15,735 during 2010 including $12,109 related to
Taiwan surtax
credits. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
-
Definition
Income Taxes Abstract
|
| X | ||||||||||
|
-
Definition
Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
Fair Value of Financial Instruments
|
Fair Value of Financial
Instruments |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 25, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments |
7. Fair
Value of Financial Instruments
As
required by the Financial Instruments
topic of the FASB ASC, the following summarizes required information about
the fair value of certain financial instruments for which it is currently
practicable to estimate such value. None of the financial instruments are
held or issued for trading purposes. The carrying amounts and fair values
of the Company's financial instruments are as follows:
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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
-
Definition
Fair Value of Financial Instruments [Abstract]
|
| X | ||||||||||
|
-
Definition
This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
Segment Information
|
Segment
Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 25, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information |
8. Segment
Information
The Company operates within its
targeted markets through four reportable segments, those being related to
products sold into the marine, automotive/mobile, outdoor/fitness, and
aviation markets. For external reporting purposes, we aggregate operating
segments which have similar economic characteristics, products, production
processes, types or classes of customers and distribution methods into
reportable segments. All of the Company's reportable segments
offer products through the Company's network of independent dealers and
distributors as well as through OEM's. However, the nature of
products and types of customers for the four reportable segments vary
significantly. The Company's marine, automotive/mobile, and
outdoor/fitness segments include portable global positioning system (GPS)
receivers and accessories sold primarily to retail outlets. These products
are produced primarily 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 primarily to aviation dealers and certain aircraft
manufacturers.
The
Company's Chief Executive Officer has been identified as the Chief
Operating Decision Maker (CODM). The CODM evaluates performance and
allocates resources based on income before income taxes of each
segment. Income before
income taxes represents net sales less operating expenses including
certain allocated general and administrative costs, interest income and
expense, foreign currency adjustments, and other non-operating corporate
expenses. The accounting policies of the reportable segments are the same
as those described in the summary of significant accounting policies.
There are no inter-segment sales or transfers.
The
identifiable assets associated with each reportable segment reviewed by
the CODM include accounts receivable and inventories. The Company does not
report property and equipment, intangible assets, depreciation and
amortization, or capital expenditures by segment to the CODM.
Revenues,
interest income and interest expense, income before income taxes, and
identifiable assets for each of the Company's reportable segments are
presented below:
Net
sales, long-lived assets (property and equipment), and net assets by
geographic area are as follows as of and for the years ended December 25,
2010, December 26, 2009, and December 27, 2008:
Best
Buy, a customer in the outdoor/fitness, marine, and auto/mobile segments,
accounted for less than 10%, 13.4% and 12.0% of the Company's consolidated
net sales in the years ended December 25, 2010, December 26, 2009 and
December 27, 2008,
respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
-
Definition
Segment Information [Abstract]
|
| X | ||||||||||
|
-
Definition
This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
Stock Compensation Plans
|
Stock Compensation
Plans |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 25, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Compensation Plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Compensation Plans |
9.
Stock Compensation Plans
Accounting
for Stock-Based Compensation
The
various Company stock compensation plans are summarized
below. For all Stock Compensation Plans, the company's policy
is to issue Treasury Shares or purchase shares on the open market for
option/SAR exercises, RSU releases and ESPP purchases.
2005
Equity Incentive Plan
In
June 2005, the shareholders adopted an equity incentive plan (the "2005
Plan") providing for grants of incentive and nonqualified stock options,
stock appreciation rights ("SARs"), restricted stock units ("RSUs") and/or
performance shares to employees of the Company and its subsidiaries,
pursuant to which up to 10,000,000 common shares were available for
issuance. The stock options and stock appreciation rights vest evenly over
a period of five years or as otherwise determined by the Board of
Directors or the Compensation Committee and generally expire ten years
from the date of grant, if not exercised. During 2010,
2009, and 2008, the Company granted 0, 0, and 1,454,050 stock appreciation
rights, respectively. During 2010, 2009, and 2008, 494,995,
470,950, and 1,043,800 restricted stock units were granted under the 2005
Plan. In 2010, 2009, and 2008, 20,000, 30,000, and 0
performance shares were also granted under the 2005 Plan. 2000
Equity Incentive Plan
In
October 2000, the shareholders adopted an equity incentive plan (the "2000
Plan") providing for grants of incentive and nonqualified stock options,
stock appreciation rights ("SARs"), restricted stock units ("RSUs") and/or
performance shares to employees of the Company and its subsidiaries,
pursuant to which up to 7,000,000 common shares were available for
issuance. The stock options and stock appreciation rights vest evenly over
a period of five years or as otherwise determined by the Board of
Directors or the Compensation Committee and generally expire ten years
from the date of grant, if not exercised. The Company did
not grant any stock awards from the 2000 Plan in 2010, 2009 or
2008.
2000
Non-employee Directors' Option Plan
Also
in October 2000, the stockholders adopted a stock option plan for
non-employee directors (the Directors Plan) providing for grants of
options for up to 100,000 common shares. The term of each award is ten
years. All awards vest evenly over a three-year period. During 2010, 2009,
and 2008, options to purchase 23,924, 34,648, and 15,696 shares,
respectively, were granted under this plan. In 2009, the stockholders
approved an additional 150,000 shares to the plan, making the total shares
authorized under the plan 250,000.
Stock-Based
Compensation Activity
A
summary of the Company's stock-based compensation activity and related
information under the 2005 Equity Incentive Plan, the 2000 Equity
Incentive Plan and the 2000 Non-employee Directors' Option Plan for the
years ended December 25, 2010, December 26, 2009, and December 27, 2008 is
provided below:
The
weighted-average remaining contract life for stock options and SARs
outstanding and exercisable at December 25, 2010 is 5.55 and 5.14 years,
respectively. The weighted-average remaining contract life of
restricted stock units at December 25, 2010 was 2.39 years.
The
fair value for these options was estimated at the date of grant using a
Black-Scholes option pricing model with the following weighted-average
assumptions for 2010, 2009, and 2008:
The
Black-Scholes option valuation model was developed for use in estimating
the fair value of traded options which have no vesting restrictions and
are fully transferable. In addition, option valuation models require the
input of highly subjective assumptions, including the expected stock price
volatility. Because the Company's employee stock options have
characteristics significantly different from those of traded options, and
because changes in the subjective input assumptions can materially affect
the fair value estimate, in management's opinion, the existing models do
not necessarily provide a reliable single measure of the fair value of its
employee stock options. The weighted-average fair value for all
awards granted during 2010, 2009, and 2008 was $29.09, $29.20, and $37.96,
respectively.
The
total fair value of awards vested during 2010, 2009, and 2008 was $41,249,
$41,527, and $35,384, respectively. The aggregate intrinsic
values of options and SARs outstanding and exercisable at December 25,
2010 were $21,723 and $21,563, respectively. The aggregate intrinsic value
of options and SARs exercised during the year ended December 25, 2010 was
$12,259. The aggregate intrinsic value of RSUs outstanding at
December 25, 2010 was $45,645. The aggregate intrinsic value of
RSUs released during the year ended December 25, 2010 was
$8,828. Aggregate intrinsic value represents the positive
difference between the Company's closing stock price on the last trading
day of the fiscal period, which was $30.36 on December 25, 2010, and the
exercise price multiplied by the number of options exercised. As of
December 25, 2010, there was $83,559 of total unrecognized compensation
cost related to unvested share-based compensation awards granted to
employees under the stock compensation plans. That cost is expected to be
recognized over the weighted average remaining contractual
term. Employee
Stock Purchase Plan
The
shareholders also adopted an employee stock purchase plan (ESPP). Up to
4,000,000 shares of common stock have been reserved for the ESPP with
shareholders approving an additional 2,000,000 shares in May 2010. Shares
will be offered to employees at a price equal to the lesser of 85% of the
fair market value of the stock on the date of purchase or 85% of the fair
market value on the enrollment date. The ESPP is intended to qualify as an
"employee stock purchase plan" under Section 423 of the Internal Revenue
Code. During 2010, 2009, and 2008, 349,173, 209,416, and
362,902 shares, respectively were purchased under the plan for a total
purchase price of $8,134, $3,874, and $8,782,
respectively. During 2010, the purchases were made on the
open market. At December 25, 2010, approximately 2,075,284
shares were available for future
issuance. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
-
Definition
Disclosure of compensation-related costs for share-based compensation which may include disclosure of policies, compensation plan details, allocation of stock compensation, incentive distributions, share-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
-
Details
|
Earnings Per Share
|
Earnings Per Share |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 25, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share |
10. Earnings
Per Share
The
following table sets forth the computation of basic and diluted net income
per share:
Options
to purchase 6,192,043, 7,814,000, and 5,846,000 common shares were
outstanding during 2010, 2009, and 2008, respectively, but were not
included in the computation of diluted earnings per share because the
effect was
antidilutive. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
This element may be used to capture the complete disclosure pertaining to an entity's earnings per share. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
Share Repurchase Program
|
Share Repurchase
Program |
12 Months Ended |
|---|---|
|
Dec. 25, 2010 | |
| Share Repurchase Program | |
| Share Repurchase Program |
11. Share
Repurchase Program
The
Board of Directors approved a share repurchase program on February 12,
2010, authorizing the Company to purchase up to $300,000 of its common
shares as market and business conditions warrant on the open market or in
negotiated transactions in compliance with the SEC's Rule
10b-18. The share repurchase authorization expires on
December 31, 2011. As of December 25, 2010, the Company
had repurchased 7,366,646 shares using cash of $223,149. There
remains approximately $76,851 available for repurchase under this
authorization.
The
Board of Directors approved a share repurchase program on October 22,
2008, authorizing the Company to purchase up to $300 million of its common
shares as market and business conditions warrant. The
share repurchase authorization expired on December 31,
2009. From inception to expiration, $60 million of common
shares were repurchased and retired under this plan.
The
Board of Directors approved a share repurchase program on June 6, 2008,
authorizing the Company to purchase up to 10,000,000 of its common shares
as market and business conditions warrant. The share
repurchase authorization expired on December 31,
2009. During fiscal 2008, 10,000,000 shares were
repurchased and retired under this plan.
The
Board of Directors approved a share repurchase program on February 4,
2008, authorizing the Company to purchase up to 5,000,000 of its common
shares as market and business conditions warrant. The
share repurchase authorization expired on December 31,
2009. During fiscal 2008, 5,000,000 shares were
repurchased and retired under this
plan. |
| X | ||||||||||
|
-
Definition
Share Repurchase Plan [Abstract]
|
| X | ||||||||||
|
-
Definition
Share Repurchase Plan [Text Block]
|
Redomestication
|
Redomestication |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 25, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redomestication | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redomestication |
12. Redomestication
The
redomestication effectively changed the place of incorporation of the
ultimate parent holding company of Garmin from the Cayman Islands to
Switzerland.
The
redomestication involved several steps. On February 9, 2010, Garmin
Ltd. (Cayman) formed Garmin Ltd. (Switzerland) as a direct subsidiary. On
April 6, 2010, Garmin Ltd. (Cayman) petitioned the Cayman Court to
order, among other things, the calling of a meeting of Garmin Ltd.
(Cayman) common shareholders to approve a scheme of arrangement. On
April 7, 2010, the Cayman Court ordered us to seek shareholder
approval of the scheme of arrangement. On May 20, 2010 we obtained the
necessary shareholder approval. On June 4, 2010, a hearing was
held by the Cayman Court and at which hearing the Cayman Court was asked
to and did approve the scheme of arrangement. The scheme of
arrangement became effective at 3:00 a.m., Cayman Islands time, on Sunday,
June 27, 2010 (the "Transaction Time").
At
and shortly following the Transaction Time, the following steps
occurred:
As
a result of the redomestication, the shareholders of Garmin Ltd. (Cayman)
became shareholders of Garmin Ltd. (Switzerland), and Garmin Ltd. (Cayman)
became a subsidiary of Garmin Ltd. (Switzerland). In addition, Garmin Ltd.
(Switzerland) assumed, on a one-for-one basis, Garmin Ltd. (Cayman)'s
existing obligations in connection with awards granted under Garmin Ltd.
(Cayman)'s equity incentive plans and other similar equity awards. Any
stock options, stock appreciation rights, restricted stock units or
performance shares issued by Garmin Ltd. (Cayman) that are convertible,
exchangeable or exercisable into common shares of Garmin Ltd. (Cayman)
became convertible, exchangeable or exercisable, as the case may be, into
registered shares of Garmin Ltd. (Switzerland).
Subsequently
on July 26, 2010, Garmin Ltd. (Cayman) relocated its registered office to
Switzerland and changed its name to Garmin Switzerland GmbH. The
reported capitalization of the Company also changed to that of Garmin Ltd.
(Switzerland). Accordingly, common stock was increased by $1,796,448
to $1,797,435 (198,077,418 shares * CHF 10/ USD 9.0744), and
retained earnings was reduced by the same amount.
The
summary of the components of authorized shares at December 25, 2010 is as
follows:
The
general terms of Garmin Ltd. (Switzerland)'s capitalization (rights of
shareholders, limitations on dividends, etc.) may be found in the proxy
statement and Form 8-A/A registration statement filed with the SEC on
April 9, 2010 and June 28, 2010,
respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
-
Definition
Redomestication [Abstract]
|
| X | ||||||||||
|
-
Definition
Redomestication TextBlock.
|
Warranty Reserves
|
Warranty Reserves |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 25, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warranty Reserves | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warranty Reserves |
13.
Warranty Reserves
The
Company's products sold are generally covered by a warranty for periods
ranging from one to two years. The Company's estimate of
costs to service its warranty obligations are based on historical
experience and expectation of future conditions and are recorded as a
liability on the balance sheet. The following
reconciliation provides an illustration of changes in the aggregate
warranty reserve:
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
-
Definition
Warranty Reserves [Abstract]
|
| X | ||||||||||
|
-
Definition
Disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
Selected Quarterly Information
|
Selected Quarterly
Information |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 25, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selected Quarterly Information | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selected Quarterly Information |
14. Selected
Quarterly Information (Unaudited)
The
above quarterly financial data is unaudited, but in the opinion of
management, all adjustments necessary for a fair presentation of the
selected data for these interim periods presented have been
included. These results are not necessarily indicative of
future quarterly results.
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
-
Details
|
| X | ||||||||||
|
-
Definition
This element can be used to disclose the entire quarterly financial data disclosure in the annual financial statements as a single block of text. The disclosure includes a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Alternatively, the details of this disclosure can be reported using the elements in this group, or by using other taxonomy elements and applying the appropriate quarterly date and period contexts when creating an instance document. For example, the element for "Interest and Dividend Income, Operating" may be used by financial institutions from the Statement of Income, applying the appropriate quarterly date and period context when creating an instance document. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|
Schedule II - Valuation and Qualifying Accounts
|
Schedule II - Valuation and Qualifying
Accounts |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 25, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II - Valuation and Qualifying Accounts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II - Valuation and Qualifying Accounts |
SCHEDULE
II - VALUATION AND QUALIFYING ACCOUNTS
Garmin
Ltd. and Subsidiaries
(In
thousands)
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
-
Definition
Schedule II Valuation and Qualifying Accounts [Abstract]
|
| X | ||||||||||
|
-
Definition
An element designated to encapsulate the entire schedule of any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements. Reference 1:
http://www.xbrl.org/2003/role/presentationRef
|