grmn-20110625.htm

Document and Entity Information
	Aug. 1, 2011	6 Months Ended Jun. 25, 2011
Document Type		10-Q
Amendment Flag		FALSE
Document Period End Date		06/25/2011
Document Fiscal Year Focus		2011
Document Fiscal Period Focus		Q2
Trading Symbol		GRMN
Entity Registrant Name		GARMIN LTD
Entity Central Index Key		0001121788
Current Fiscal Year End Date		12/31
Entity Filer Category		Large Accelerated Filer
Entity Common Stock, Shares Outstanding	208,077,418

Condensed Consolidated Balance Sheets (USD $)
In Thousands	Jun. 25, 2011	Dec. 25, 2010
Assets
Current assets:
Cash and cash equivalents	$ 1,418,871	$ 1,260,936
Marketable securities	62,626	24,418
Accounts receivable, net	493,057	747,249
Inventories, net	385,678	387,577
Deferred income taxes	27,691	33,628
Deferred costs	28,343	20,053
Prepaid expenses and other current assets	46,261	24,894
Total current assets	2,462,527	2,498,755
Property and equipment, net	423,697	427,805
Marketable securities	1,016,869	777,401
Restricted cash	1,393	1,277
Licensing agreements, net	8,305	1,800
Noncurrent deferred income tax	73,613	73,613
Noncurrent deferred costs	31,047	24,685
Other intangible assets, net	181,004	183,352
Total assets	4,198,455	3,988,688
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	125,680	132,348
Salaries and benefits payable	37,393	49,288
Accrued warranty costs	41,691	49,885
Accrued sales program costs	48,929	107,261
Deferred revenue	134,341	89,711
Accrued royalty costs	27,509	95,086
Accrued advertising expense	23,544	21,587
Other accrued expenses	70,622	63,043
Deferred income taxes	4,435	4,800
Income taxes payable	13,795	56,028
Dividend payable	388,148	0
Total current liabilities	916,087	669,037
Deferred income taxes	13,180	6,986
Non-current income taxes	157,979	153,621
Non-current deferred revenue	146,973	108,076
Other liabilities	1,542	1,406
Stockholders' equity:
Shares, CHF 10 par value, 208,077,418 shares authorized and issued; 194,087,445 shares outstanding at June 25, 2011; and 194,358,038 shares outstanding at December 25, 2010;	1,797,435	1,797,435
Additional paid-in capital	53,707	38,268
Treasury stock	(116,099)	(106,758)
Retained earnings	1,097,970	1,264,613
Accumulated other comprehensive income	129,681	56,004
Total stockholders' equity	2,962,694	3,049,562
Total liabilities and stockholders' equity	$ 4,198,455	$ 3,988,688

Condensed Consolidated Balance Sheets (Parenthetical) (CHF)
	Jun. 25, 2011	Dec. 25, 2010
Shares, par value	CHF 10	CHF 10
Shares, shares authorized	208,077,418	208,077,418
Shares, shares issued	208,077,418	208,077,418
Shares, shares outstanding	194,087,445	194,358,038

Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data	3 Months Ended Jun. 25, 2011	6 Months Ended Jun. 25, 2011	3 Months Ended Jun. 26, 2010	6 Months Ended Jun. 26, 2010
Net sales	$ 674,099	$ 1,181,933	$ 728,765	$ 1,159,833
Cost of goods sold	351,999	621,459	337,113	537,272
Gross profit	322,100	560,474	391,652	622,561
Advertising expense	34,098	54,054	42,440	59,841
Selling, general and administrative expense	85,896	159,082	73,832	141,509
Research and development expense	70,515	140,994	73,337	135,820
Total operating expense	190,509	354,130	189,609	337,170
Operating income	131,591	206,344	202,043	285,391
Other income (expense):
Interest income	7,639	14,854	5,791	12,669
Foreign currency gains (losses)	(14,611)	(2,471)	(43,605)	(90,141)
Other	2,453	5,271	180	2,013
Total other income (expense)	(4,519)	17,654	(37,634)	(75,459)
Income before income taxes	127,072	223,998	164,409	209,932
Income tax provision	17,595	19,039	29,593	37,788
Net income	109,477	204,959	134,816	172,144
Net income per share:
Basic	0.56	1.06	0.68	0.86
Diluted	0.56	1.05	0.67	0.86
Weighted average common shares outstanding:
Basic	194,051	193,986	198,948	199,437
Diluted	194,875	194,801	200,102	200,626
Dividends declared per share	$ 2.00	$ 2.00	$ 1.50	$ 1.50

Condensed Consolidated Statements of Cash Flows (USD $)
	6 Months Ended
In Thousands	Jun. 25, 2011	Jun. 26, 2010
Operating Activities:
Net income	$ 204,959	$ 172,144
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	27,393	26,746
Amortization	10,861	24,809
Loss (gain) on sale of property and equipment	308	(6)
Provision for doubtful accounts	3,563	(552)
Deferred income taxes	7,149	(30)
Unrealized foreign currency losses/(gains)	16,363	47,880
Provision for obsolete and slow moving inventories	(6,998)	10,309
Stock compensation expense	17,315	19,099
Realized losses/(gains) on marketable securities	(4,176)	(470)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	265,448	364,401
Inventories	20,659	(64,272)
Other current assets	(31,490)	5,142
Accounts payable	(13,082)	(52,248)
Other current and non-current liabilities	(142,918)	(193,657)
Deferred revenue	83,628	37,425
Deferred cost	(14,652)	(6,610)
Income taxes payable	(30,033)	(7,771)
License fees	(3,344)	(472)
Net cash provided by operating activities	410,953	381,867
Investing activities:
Purchases of property and equipment	(14,315)	(13,220)
Purchase of intangible assets	(2,587)	(8,229)
Purchase of marketable securities	(520,759)	(169,062)
Redemption of marketable securities	263,428	294,350
Change in restricted cash	(116)	1,111
Net cash (used in)/provided by investing activities	(274,349)	104,950
Financing activities:
Proceeds from issuance of common stock through stock purchase and stock option plans	4,337	5,452
Taxes paid related to net share settlement of equity awards	(336)
Stock repurchase		(84,328)
Dividends		(299,103)
Tax benefit related to stock option exercise	1,197	1,898
Net cash provided by/(used in) financing activities	5,198	(376,081)
Effect of exchange rate changes on cash and cash equivalents	16,133	(29,148)
Net increase in cash and cash equivalents	157,935	81,588
Cash and cash equivalents at beginning of period	1,260,936	1,091,581
Cash and cash equivalents at end of period	$ 1,418,871	$ 1,173,169

Basis of Presentation
	6 Months Ended Jun. 25, 2011
Basis of Presentation	Text Block

1.	Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the 13-week and 26-week periods ended June 25, 2011 are not necessarily indicative of the results that may be expected for the year ending December 31, 2011.

The condensed consolidated balance sheet at December 25, 2010 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 25, 2010.

The Company’s fiscal year is based on a 52-53 week period ending on the last Saturday of the calendar year. Therefore the financial results of certain fiscal years, and the associated 14-week quarters, will not be exactly comparable to the prior and subsequent 52-week fiscal years and the associated quarters having only 13-weeks. The quarters and year-to-date periods ended June 25, 2011 and June 26, 2010 both contain operating results for 13-weeks and 26-weeks, respectively.

Inventories
	6 Months Ended Jun. 25, 2011
Inventories	Text Block

2.	Inventories

The components of inventories consist of the following:

	June 25, 2011			December 25, 2010

Raw materials	$	152,480		$	103,277
Work-in-process		43,259			43,507
Finished goods		219,270			278,513
Inventory reserves		(29,331	)		(37,720	)
Inventory, net of reserves	$	385,678		$	387,577

Share Repurchase Plan
	6 Months Ended Jun. 25, 2011
Share Repurchase Plan	Text Block

3.	Share Repurchase Plan

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 June 25, 2011, the Company had repurchased 7,366,646 shares using cash of $223,149 with all purchases made prior to fiscal 2011. There remains approximately $76,851 available for repurchase under this authorization.

In addition, 522,856 shares repurchased for $16,723 prior to the Company’s redomestication to Switzerland on June 27, 2010, but for which transactions settled after that date, were treated as retired when such shares were still in treasury. These shares were reflected as additional treasury shares during the 13-weeks ended March 26, 2011 with a corresponding increase to retained earnings.

Earnings Per Share
	6 Months Ended Jun. 25, 2011
Earnings Per Share	Text Block

4.	Earnings Per Share

The following table sets forth the computation of basic and diluted net income per share:

	13-Weeks Ended
	June 25,		June 26,
	2011		2010
Numerator:
Numerator for basic and diluted net income per share - net income	$	109,477	$	134,816

Denominator:
Denominator for basic net income per share –
weighted-average common shares		194,051		198,948

Effect of dilutive securities –
employee stock options and
stock appreciation rights		824		1,154

Denominator for diluted net income per share –
adjusted weighted-average common shares		194,875		200,102

Basic net income per share	$	0.56	$	0.68

Diluted net income per share	$	0.56	$	0.67

	26-Weeks Ended
	June 25,		June 26,
	2011		2010
Numerator:
Numerator for basic and diluted net income
per share - net income	$	204,959	$	172,144

Denominator:
Denominator for basic net income per share –
weighted-average common shares		193,986		199,437

Effect of dilutive securities –
employee stock options and
stock appreciation rights		815		1,189

Denominator for diluted net income per share –
adjusted weighted-average common shares		194,801		200,626

Basic net income per share	$	1.06	$	0.86

Diluted net income per share	$	1.05	$	0.86

There were 5,959,686 anti-dilutive options for the 13-week period ended on June 25, 2011. There were 6,186,519 anti-dilutive options for the 13-week period ended June 26, 2010.

There were 6,001,583 anti-dilutive options for the 26-week period ended on June 25, 2011. There were 6,198,202 anti-dilutive options for the 26-week period ended June 26, 2010.

There were 72,545 shares issued as a result of exercises of stock appreciation rights and stock options for the 13-week period ended June 25, 2011. There were 73,574 shares issued as a result of exercises of stock appreciation rights and stock options for the 13-week period ended June 26, 2010.

There were 251,916 shares issued as a result of exercises of stock appreciation rights and stock options for the 26-week period ended June 25, 2011. There were 365,288 shares issued as a result of exercises of stock appreciation rights and stock options for the 26 week period ended June 26, 2010.

Comprehensive Income
	6 Months Ended Jun. 25, 2011
Comprehensive Income	Text Block

5.	Comprehensive Income

Comprehensive income is comprised of the following:

	13-Weeks Ended
	June 25,		June 26,
	2011		2010
Net income	$	109,477	$	134,816
Translation adjustment		21,392		(7,821	)
Change in fair value of available-for-sale marketable securities, net of deferred taxes		16,911		8,838
Comprehensive income	$	147,780	$	135,833

	26-Weeks Ended
	June 25,		June 26,
	2011		2010
Net income	$	204,959	$	172,144
Translation adjustment		54,145		218
Change in fair value of available-for-sale marketable securities, net of deferred taxes		19,525		15,201
Comprehensive income	$	278,629	$	187,563

Segment Information
	6 Months Ended Jun. 25, 2011
Segment Information	Text Block

6.	Segment Information

Beginning in 2011, for external reporting purposes, the Company has identified five operating segments – Auto/Mobile, Aviation, Marine, Outdoor and Fitness. Each operating segment is individually reviewed and evaluated by our Chief Operating Decision Maker, who allocates resources and assesses performance of each segment individually. Prior to 2011, the Outdoor and Fitness operating segments were combined into a single reportable segment due to the similar nature of those products, their production processes, the types of customers served, their distribution processes, and similar economic conditions. Management re-evaluated the combination of these operating segments and determined that based on the growth of these segments they should now be reported as two distinct reportable segments.

Net sales, operating income, and income before taxes for each of the Company’s reportable segments are presented below:

	Reportable Segments
							Auto/
	Outdoor		Fitness		Marine		Mobile		Aviation		Total
13-Weeks Ended June 25, 2011

Net sales	$	81,007	$	78,014	$	79,117	$	362,706	$	73,255	$	674,099
Operating income	$	35,667	$	25,384	$	23,357	$	25,277	$	21,906	$	131,591
Income before taxes	$	34,921	$	24,568	$	22,094	$	23,228	$	22,261	$	127,072

13-Weeks Ended June 26, 2010

Net sales	$	79,847	$	62,469	$	74,310	$	447,225	$	64,914	$	728,765
Operating income	$	38,035	$	24,724	$	32,146	$	88,548	$	18,590	$	202,043
Income before taxes	$	34,138	$	21,512	$	28,616	$	62,419	$	17,724	$	164,409

26-Weeks Ended June 25, 2011

Net sales	$	147,458	$	134,382	$	130,425	$	627,255	$	142,413	$	1,181,933
Operating income	$	60,474	$	40,841	$	38,490	$	26,872	$	39,667	$	206,344
Income before taxes	$	63,109	$	43,066	$	40,523	$	34,884	$	42,416	$	223,998

26-Weeks Ended June 26, 2010

Net sales	$	139,233	$	105,819	$	115,625	$	668,149	$	131,007	$	1,159,833
Operating income	$	62,404	$	38,923	$	41,075	$	105,530	$	37,459	$	285,391
Income before taxes	$	54,244	$	32,571	$	35,244	$	52,163	$	35,710	$	209,932

Allocation of certain research and development expenses, and selling, general, and administrative expenses are made to each segment on a percent of revenue basis.

Net sales and property and equipment, net by geographic area are as follows as of and 26-week periods ended June 25, 2011 and June 26, 2010:

	North
	America		Asia		Europe		Total
June 25, 2011
Net sales to external customers	$	638,420	$	119,606	$	423,907	$	1,181,933
Long lived assets	$	229,779	$	145,085	$	48,833	$	423,697

June 26, 2010
Net sales to external customers	$	696,120	$	91,681	$	372,032	$	1,159,833
Long lived assets	$	231,064	$	146,087	$	49,654	$	426,805

Warranty Reserves
	6 Months Ended Jun. 25, 2011
Warranty Reserves	Text Block

7.	Warranty Reserves

The Company’s products sold are generally covered by a warranty for periods ranging from one to three 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.

	13-Weeks Ended
	June 25,			June 26,
	2011			2010

Balance - beginning of the period	$	44,030		$	58,814
Accrual for products sold during the period		13,530			15,705
Expenditures		(15,869	)		(12,074	)
Change in accrual for products sold in prior periods		-			(21,000	)
Balance - end of the period	$	41,691		$	41,445

	26-Weeks Ended
	June 25,			June 26,
	2011			2010

Balance - beginning of the period	$	49,885		$	87,424
Accrual for products sold during the period		24,333			30,618
Expenditures		(32,527	)		(33,821	)
Change in accrual for products sold in prior periods		-			(42,776	)
Balance - end of the period	$	41,691		$	41,445

The 13-weeks and 26-weeks ended June 26, 2010 include the effect of a refinement in the estimated warranty reserve which decreased the accrual for the periods by $21,000 and $42,776, respectively.

Commitments
	6 Months Ended Jun. 25, 2011
Commitments	Text Block

8.	Commitments

We are a party to certain commitments, which includes raw materials, advertising and other indirect purchases in connection with conducting our business. Pursuant to these agreements, the Company is contractually committed to make purchases of approximately $14,697 over the next 5 years.

Income Taxes
	6 Months Ended Jun. 25, 2011
Income Taxes	Text Block

9. Income Taxes

Our earnings before taxes decreased from $164,409 in the second quarter of 2010 to $127,072 in the second quarter of 2011, while our income tax expense decreased by $11,998, to $17,595 for the 13-week period ended June 25, 2011, from $29,593 for the 13-week period ended June 26, 2010. The effective tax rate was 13.8% in the second quarter of 2011 and 18.0% in the second quarter of 2010. The effective tax rate was 8.5% in the first half of 2011 and 18.0% in the first half of 2010. The change in the effective tax rate was primarily due to the first quarter release of reserves related to the expiration of certain statutes for Garmin Europe and lower reserves provided in 2011 following favorable audits in both 2010 and 2011.

Fair Value Measurements
	6 Months Ended Jun. 25, 2011
Fair Value Measurements	Text Block

10. Fair Value Measurements

The Accounting Standards Codification (ASC) 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 ASC classifies the inputs used to measure fair value into the following hierarchy:

Level 1

Unadjusted quoted prices in active markets for identical assets or liability

Level 2

Unadjusted quoted prices in active markets for similar assets or liabilities

Level 3

Unobservable inputs for the asset or liability

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 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:

	Fair Value Measurements as of June 25, 2011
Description	Total		Level 1		Level 2		Level 3
Available for-sale securities	$	1,072,339	$	1,072,339	$	-	$	-
Failed Auction rate securities		7,156		-		-		7,156
Total	$	1,079,495	$	1,072,339	$	-	$	7,156

	Fair Value Measurements as of December 25, 2010
Description	Total		Level 1		Level 2		Level 3
Available for-sale securities	$	781,257	$	781,257	$	-	$	-
Failed Auction rate securities		20,562		-		-		20,562
Total	$	801,819	$	781,257	$	-	$	20,562

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 ASC requires a reconciliation of the beginning and ending balances, separately for each major category of assets. The reconciliation is as follows:

	Fair Value Measurements Using
	Significant Unobservable Inputs (Level 3)
	13-Weeks Ended			26-Weeks Ended
	June 25, 2011			June 25, 2011

Beginning balance of auction rate securities	$	20,552		$	20,562
Total unrealized appreciation included in other
comprehensive income		2,254			2,494
Sales out of Level 3		(15,650	)		(15,900	)
Transfers in and/or out of Level 3		-			-
Ending balance of auction rate securities	$	7,156		$	7,156

The following is a summary of the company’s marketable securities classified as available-for-sale securities at June 25, 2011:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Other Than Temporary Impairment			Estimated Fair Value (Net Carrying Amount)
Mortgage-backed securities	$	566,021	$	15,194	$	-		$	-		$	581,215
Auction Rate Securities		9,877		-		(2,721	)		-			7,156
Obligations of states and political subdivisions		340,841		1,954		(432	)		-			342,363
U.S. corporate bonds		104,104		1,976		(143	)		(1,274	)		104,663
Other		45,054		1,264		(2,220	)		-			44,098
Total	$	1,065,897	$	20,388	$	(5,516	)	$	(1,274	)	$	1,079,495

The following is a summary of the company’s marketable securities classified as available-for-sale securities at December 25, 2010:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Other Than Temporary Impairment			Estimated Fair Value (Net Carrying Amount)
Mortgage-backed securities	$	527,249	$	1,913	$	(1,520	)	$	-		$	527,642
Auction Rate Securities		25,599		-		(5,037	)		-			20,562
Obligations of states and political subdivisions		160,618		347		(3,340	)		-			157,625
U.S. corporate bonds		54,348		637		(185	)		(1,274	)		53,526
Other		39,838		2,626		-			-			42,464
Total	$	807,652	$	5,523	$	(10,082	)	$	(1,274	)	$	801,819

The cost of securities sold is based on the specific identification method.

The amortized cost and estimated fair value of marketable securities at June 25, 2011, 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.

			Estimated
	Cost		Fair Value

Due in one year or less	$	61,748	$	62,625
Due after one year through five years		375,372		377,881
Due after five years through ten years		220,398		222,288
Due after ten years		371,350		378,818
Other (No contractual maturity dates)		37,029		37,883
	$	1,065,897	$	1,079,495

Subsequent Events
	6 Months Ended Jun. 25, 2011
Subsequent Events	Text Block

11. Subsequent Events

On July 26, 2011, a subsidiary of Garmin Ltd. acquired Navigon AG, a privately-held navigation provider based in Hamburg, Germany.

On June 30, 2011, a subsidiary of Garmin Ltd. acquired Tri-Tronics Inc., the leading designer and manufacturer of electronic dog training equipment.

In aggregate, these acquisitions are not material.

Inventories (Tables)
	6 Months Ended Jun. 25, 2011
Components of Inventories	Text Block

Components of Inventories

The components of inventories consist of the following:

	June 25, 2011			December 25, 2010

Raw materials	$	152,480		$	103,277
Work-in-process		43,259			43,507
Finished goods		219,270			278,513
Inventory reserves		(29,331	)		(37,720	)
Inventory, net of reserves	$	385,678		$	387,577

Earnings Per Share (Tables)
	6 Months Ended Jun. 25, 2011
Computation of Basic and Diluted Net Income Per Share	Text Block

Computation of Basic and Diluted Net Income Per Share

The following table sets forth the computation of basic and diluted net income per share:

	13-Weeks Ended
	June 25,		June 26,
	2011		2010
Numerator:
Numerator for basic and diluted net income per share - net income	$	109,477	$	134,816

Denominator:
Denominator for basic net income per share –
weighted-average common shares		194,051		198,948

Effect of dilutive securities –
employee stock options and
stock appreciation rights		824		1,154

Denominator for diluted net income per share –
adjusted weighted-average common shares		194,875		200,102

Basic net income per share	$	0.56	$	0.68

Diluted net income per share	$	0.56	$	0.67

	26-Weeks Ended
	June 25,		June 26,
	2011		2010
Numerator:
Numerator for basic and diluted net income
per share - net income	$	204,959	$	172,144

Denominator:
Denominator for basic net income per share –
weighted-average common shares		193,986		199,437

Effect of dilutive securities –
employee stock options and
stock appreciation rights		815		1,189

Denominator for diluted net income per share –
adjusted weighted-average common shares		194,801		200,626

Basic net income per share	$	1.06	$	0.86

Diluted net income per share	$	1.05	$	0.86

Comprehensive Income (Tables)
	6 Months Ended Jun. 25, 2011
Comprehensive Income	Text Block

Comprehensive income is comprised of the following:

	13-Weeks Ended
	June 25,		June 26,
	2011		2010
Net income	$	109,477	$	134,816
Translation adjustment		21,392		(7,821	)
Change in fair value of available-for-sale marketable securities, net of deferred taxes		16,911		8,838
Comprehensive income	$	147,780	$	135,833

	26-Weeks Ended
	June 25,		June 26,
	2011		2010
Net income	$	204,959	$	172,144
Translation adjustment		54,145		218
Change in fair value of available-for-sale marketable securities, net of deferred taxes		19,525		15,201
Comprehensive income	$	278,629	$	187,563

Segment Information (Tables)
	6 Months Ended Jun. 25, 2011
Net Sales, Operating Income, and Income Before Taxes for Each Reportable Segment	Text Block
Net Sales and Property, Net by Geographic Area	Text Block

Net Sales, Operating Income, and Income Before Taxes for Each Reportable Segment

Net sales, operating income, and income before taxes for each of the Company’s reportable segments are presented below:

	Reportable Segments
							Auto/
	Outdoor		Fitness		Marine		Mobile		Aviation		Total
13-Weeks Ended June 25, 2011

Net sales	$	81,007	$	78,014	$	79,117	$	362,706	$	73,255	$	674,099
Operating income	$	35,667	$	25,384	$	23,357	$	25,277	$	21,906	$	131,591
Income before taxes	$	34,921	$	24,568	$	22,094	$	23,228	$	22,261	$	127,072

13-Weeks Ended June 26, 2010

Net sales	$	79,847	$	62,469	$	74,310	$	447,225	$	64,914	$	728,765
Operating income	$	38,035	$	24,724	$	32,146	$	88,548	$	18,590	$	202,043
Income before taxes	$	34,138	$	21,512	$	28,616	$	62,419	$	17,724	$	164,409

26-Weeks Ended June 25, 2011

Net sales	$	147,458	$	134,382	$	130,425	$	627,255	$	142,413	$	1,181,933
Operating income	$	60,474	$	40,841	$	38,490	$	26,872	$	39,667	$	206,344
Income before taxes	$	63,109	$	43,066	$	40,523	$	34,884	$	42,416	$	223,998

26-Weeks Ended June 26, 2010

Net sales	$	139,233	$	105,819	$	115,625	$	668,149	$	131,007	$	1,159,833
Operating income	$	62,404	$	38,923	$	41,075	$	105,530	$	37,459	$	285,391
Income before taxes	$	54,244	$	32,571	$	35,244	$	52,163	$	35,710	$	209,932

Net Sales and Property, Net by Geographic Area

Net sales and property and equipment, net by geographic area are as follows as of and 26-week periods ended June 25, 2011 and June 26, 2010:

	North
	America		Asia		Europe		Total
June 25, 2011
Net sales to external customers	$	638,420	$	119,606	$	423,907	$	1,181,933
Long lived assets	$	229,779	$	145,085	$	48,833	$	423,697

June 26, 2010
Net sales to external customers	$	696,120	$	91,681	$	372,032	$	1,159,833
Long lived assets	$	231,064	$	146,087	$	49,654	$	426,805

Warranty Reserves (Tables)
	6 Months Ended Jun. 25, 2011
Changes in Aggregate Warranty Reserve	Text Block

Changes in Aggregate Warranty Reserve

The following reconciliation provides an illustration of changes in the aggregate warranty reserve.

	13-Weeks Ended
	June 25,			June 26,
	2011			2010

Balance - beginning of the period	$	44,030		$	58,814
Accrual for products sold during the period		13,530			15,705
Expenditures		(15,869	)		(12,074	)
Change in accrual for products sold in prior periods		-			(21,000	)
Balance - end of the period	$	41,691		$	41,445

	26-Weeks Ended
	June 25,			June 26,
	2011			2010

Balance - beginning of the period	$	49,885		$	87,424
Accrual for products sold during the period		24,333			30,618
Expenditures		(32,527	)		(33,821	)
Change in accrual for products sold in prior periods		-			(42,776	)
Balance - end of the period	$	41,691		$	41,445

Fair Value Measurements (Tables)
	6 Months Ended Jun. 25, 2011
Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis	Text Block
Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)	Text Block
Marketable Securities Classified as Available-For-Sale Securities	Text Block
Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity	Text Block

Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis

Assets and liabilities measured at estimated fair value on a recurring basis are summarized below:

	Fair Value Measurements as of June 25, 2011
Description	Total		Level 1		Level 2		Level 3
Available for-sale securities	$	1,072,339	$	1,072,339	$	-	$	-
Failed Auction rate securities		7,156		-		-		7,156
Total	$	1,079,495	$	1,072,339	$	-	$	7,156

	Fair Value Measurements as of December 25, 2010
Description	Total		Level 1		Level 2		Level 3
Available for-sale securities	$	781,257	$	781,257	$	-	$	-
Failed Auction rate securities		20,562		-		-		20,562
Total	$	801,819	$	781,257	$	-	$	20,562

Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)

For assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period, the ASC requires a reconciliation of the beginning and ending balances, separately for each major category of assets. The reconciliation is as follows:

	Fair Value Measurements Using
	Significant Unobservable Inputs (Level 3)
	13-Weeks Ended			26-Weeks Ended
	June 25, 2011			June 25, 2011

Beginning balance of auction rate securities	$	20,552		$	20,562
Total unrealized appreciation included in other
comprehensive income		2,254			2,494
Sales out of Level 3		(15,650	)		(15,900	)
Transfers in and/or out of Level 3		-			-
Ending balance of auction rate securities	$	7,156		$	7,156

Marketable Securities Classified as Available-For-Sale Securities

The following is a summary of the company’s marketable securities classified as available-for-sale securities at June 25, 2011:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Other Than Temporary Impairment			Estimated Fair Value (Net Carrying Amount)
Mortgage-backed securities	$	566,021	$	15,194	$	-		$	-		$	581,215
Auction Rate Securities		9,877		-		(2,721	)		-			7,156
Obligations of states and political subdivisions		340,841		1,954		(432	)		-			342,363
U.S. corporate bonds		104,104		1,976		(143	)		(1,274	)		104,663
Other		45,054		1,264		(2,220	)		-			44,098
Total	$	1,065,897	$	20,388	$	(5,516	)	$	(1,274	)	$	1,079,495

The following is a summary of the company’s marketable securities classified as available-for-sale securities at December 25, 2010:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Other Than Temporary Impairment			Estimated Fair Value (Net Carrying Amount)
Mortgage-backed securities	$	527,249	$	1,913	$	(1,520	)	$	-		$	527,642
Auction Rate Securities		25,599		-		(5,037	)		-			20,562
Obligations of states and political subdivisions		160,618		347		(3,340	)		-			157,625
U.S. corporate bonds		54,348		637		(185	)		(1,274	)		53,526
Other		39,838		2,626		-			-			42,464
Total	$	807,652	$	5,523	$	(10,082	)	$	(1,274	)	$	801,819

Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity

The amortized cost and estimated fair value of marketable securities at June 25, 2011, 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.

			Estimated
	Cost		Fair Value

Due in one year or less	$	61,748	$	62,625
Due after one year through five years		375,372		377,881
Due after five years through ten years		220,398		222,288
Due after ten years		371,350		378,818
Other (No contractual maturity dates)		37,029		37,883
	$	1,065,897	$	1,079,495

Components of Inventories (Detail) (USD $)
In Thousands	Jun. 25, 2011	Dec. 25, 2010
Raw Materials	$ 152,480	$ 103,277
Work-in-process	43,259	43,507
Finished goods	219,270	278,513
Inventory Reserves	(29,331)	(37,720)
Inventory, net of reserves	$ 385,678	$ 387,577

Share Repurchase Plan - Additional Information (Detail) (USD $)
In Thousands, except Share data	Feb. 13, 2010 - Jun. 25, 2011
Share repurchase program, authorization date	02/12/2010
Share repurchase program, authorized amount	$ 300,000
Share repurchase program, expiration date	12/31/2011
Share repurchase program, shares repurchased	7,366,646
Share repurchase program, shares repurchased value	223,149
Share repurchase program, remaining authorized repurchase amount	76,851
Share repurchase program, shares repurchased and retired	522,856
Share repurchase program, shares repurchased and retired value	$ 16,723

Computation of Basic and Diluted Net Income Per Share (Detail) (USD $)
In Thousands, except Per Share data	3 Months Ended Jun. 25, 2011	6 Months Ended Jun. 25, 2011	3 Months Ended Jun. 26, 2010	6 Months Ended Jun. 26, 2010
Numerator:
Numerator for basic and diluted net income per share - net income	$ 109,477	$ 204,959	$ 134,816	$ 172,144
Denominator:
Denominator for basic net income per share - weighted-average common shares	194,051	193,986	198,948	199,437
Effect of dilutive securities - employee stock options and stock appreciation rights	824	815	1,154	1,189
Denominator for diluted net income per share - adjusted weighted-average common shares	194,875	194,801	200,102	200,626
Basic net income per share	0.56	1.06	0.68	0.86
Diluted net income per share	$ 0.56	$ 1.05	$ 0.67	$ 0.86

Earnings Per Share - Additional Information (Detail)
	3 Months Ended Jun. 25, 2011	6 Months Ended Jun. 25, 2011	3 Months Ended Jun. 26, 2010	6 Months Ended Jun. 26, 2010
Anti-dilutive options	5,959,686	6,001,583	6,186,519	6,198,202
Shares issued as a result of exercises of stock appreciation rights and stock options	72,545	251,916	73,574	365,288

Comprehensive Income (Detail) (USD $)
In Thousands	3 Months Ended Jun. 25, 2011	6 Months Ended Jun. 25, 2011	3 Months Ended Jun. 26, 2010	6 Months Ended Jun. 26, 2010
Net income	$ 109,477	$ 204,959	$ 134,816	$ 172,144
Translation adjustment	21,392	54,145	(7,821)	218
Change in fair value of available-for-sale marketable securities, net of deferred taxes	16,911	19,525	8,838	15,201
Comprehensive income	$ 147,780	$ 278,629	$ 135,833	$ 187,563

Segment Information - Additional Information (Detail)
	Jun. 25, 2011
Number of operating segments	5

Net Sales, Operating Income, and Income Before Taxes for Reportable Segment (Detail) (USD $)
In Thousands	3 Months Ended Jun. 25, 2011	6 Months Ended Jun. 25, 2011	3 Months Ended Jun. 26, 2010	6 Months Ended Jun. 26, 2010
Net sales	$ 674,099	$ 1,181,933	$ 728,765	$ 1,159,833
Operating income	131,591	206,344	202,043	285,391
Income before taxes	127,072	223,998	164,409	209,932
Statement, Business Segments [Axis] => Outdoor
Net sales	81,007	147,458	79,847	139,233
Operating income	35,667	60,474	38,035	62,404
Income before taxes	34,921	63,109	34,138	54,244
Statement, Business Segments [Axis] => Fitness
Net sales	78,014	134,382	62,469	105,819
Operating income	25,384	40,841	24,724	38,923
Income before taxes	24,568	43,066	21,512	32,571
Statement, Business Segments [Axis] => Marine
Net sales	79,117	130,425	74,310	115,625
Operating income	23,357	38,490	32,146	41,075
Income before taxes	22,094	40,523	28,616	35,244
Statement, Business Segments [Axis] => Auto/Mobile
Net sales	362,706	627,255	447,225	668,149
Operating income	25,277	26,872	88,548	105,530
Income before taxes	23,228	34,884	62,419	52,163
Statement, Business Segments [Axis] => Aviation
Net sales	73,255	142,413	64,914	131,007
Operating income	21,906	39,667	18,590	37,459
Income before taxes	$ 22,261	$ 42,416	$ 17,724	$ 35,710

Net Sales and Property and Equipment, Net by Geographic Area (Detail) (USD $)
In Thousands	3 Months Ended Jun. 25, 2011	6 Months Ended Jun. 25, 2011	Dec. 25, 2010	3 Months Ended Jun. 26, 2010	6 Months Ended Jun. 26, 2010
Net sales to external customers	$ 674,099	$ 1,181,933		$ 728,765	$ 1,159,833
Long lived assets	423,697	423,697	427,805	426,805	426,805
Region Reporting Information, by Region [Axis] => North America
Net sales to external customers		638,420			696,120
Long lived assets		229,779			231,064
Region Reporting Information, by Region [Axis] => Asia
Net sales to external customers		119,606			91,681
Long lived assets		145,085			146,087
Region Reporting Information, by Region [Axis] => Europe
Net sales to external customers		423,907			372,032
Long lived assets		$ 48,833			$ 49,654

Warranty Reserves - Additional Information (Detail) (USD $)
	3 Months Ended
In Thousands	Jun. 25, 2011	Jun. 26, 2010	6 Months Ended Jun. 26, 2010
Standard warranty, term	from one to three years
Effect of a refinement in the estimated warranty reserve		$ 21,000	$ 42,776

Changes in Aggregate Warranty Reserve (Detail) (USD $)
In Thousands	3 Months Ended Jun. 25, 2011	6 Months Ended Jun. 25, 2011	3 Months Ended Jun. 26, 2010	6 Months Ended Jun. 26, 2010
Beginning Balance	$ 44,030	$ 49,885	$ 58,814	$ 87,424
Accrual for products sold during the period	13,530	24,333	15,705	30,618
Expenditures	(15,869)	(32,527)	(12,074)	(33,821)
Change in accrual for products sold in prior periods			(21,000)	(42,776)
Ending Balance	$ 41,691	$ 41,691	$ 41,445	$ 41,445

Commitments - Additional Information (Detail) (USD $)
In Thousands	6 Months Ended Jun. 25, 2011
Commitments to make purchases, amount committed	$ 14,697
Commitments to make purchases, time period	5 years

Income Taxes - Additional Information (Detail) (USD $)
In Thousands	3 Months Ended Jun. 25, 2011	6 Months Ended Jun. 25, 2011	3 Months Ended Jun. 26, 2010	6 Months Ended Jun. 26, 2010
Earnings before taxes	$ 127,072	$ 223,998	$ 164,409	$ 209,932
Decrease in income tax expense	(11,998)
Income tax provision	$ 17,595	$ 19,039	$ 29,593	$ 37,788
Effective tax rate	13.8%	8.5%	18.0%	18.0%

Assets and Liabilities Measured at Estimated Fair Value on Recurring Basis (Detail) (USD $)
In Thousands	Jun. 25, 2011	Dec. 25, 2010
Available for-sale securities	$ 1,079,495	$ 801,819
Fair Value by Measurement Frequency [Axis] => Fair Value, Measurements, Recurring
Available for-sale securities	1,072,339	781,257
Failed Auction rate securities	7,156	20,562
Total	1,079,495	801,819
Fair Value by Measurement Frequency [Axis] => Fair Value, Measurements, Recurring \| Fair Value, Hierarchy [Axis] => Level 1
Available for-sale securities	1,072,339	781,257
Total	1,072,339	781,257
Fair Value by Measurement Frequency [Axis] => Fair Value, Measurements, Recurring \| Fair Value, Hierarchy [Axis] => Level 3
Failed Auction rate securities	7,156	20,562
Total	$ 7,156	$ 20,562

Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) (USD $)
In Thousands	3 Months Ended Jun. 25, 2011	6 Months Ended Jun. 25, 2011
Beginning Balance	$ 20,552	$ 20,562
Total unrealized gains included in other comprehensive income	2,254	2,494
Sales out of Level 3	(15,650)	(15,900)
Transfers in and/or out of Level 3
Ending Balance	$ 7,156	$ 7,156

Marketable Securities Classified as Available-For-Sale Securities (Detail) (USD $)
In Thousands	Jun. 25, 2011	Dec. 25, 2010
Amortized Cost	$ 1,065,897	$ 807,652
Gross Unrealized Gains	20,388	5,523
Gross Unrealized Losses	(5,516)	(10,082)
Other Than Temporary Impairment	(1,274)	(1,274)
Estimated Fair Value (Net Carrying Amount)	1,079,495	801,819
Investment Type [Axis] => Mortgage-backed securities
Amortized Cost	566,021	527,249
Gross Unrealized Gains	15,194	1,913
Gross Unrealized Losses		(1,520)
Estimated Fair Value (Net Carrying Amount)	581,215	527,642
Investment Type [Axis] => Auction Rate Securities
Amortized Cost	9,877	25,599
Gross Unrealized Losses	(2,721)	(5,037)
Estimated Fair Value (Net Carrying Amount)	7,156	20,562
Investment Type [Axis] => Obligations of states and political subdivisions
Amortized Cost	340,841	160,618
Gross Unrealized Gains	1,954	347
Gross Unrealized Losses	(432)	(3,340)
Estimated Fair Value (Net Carrying Amount)	342,363	157,625
Investment Type [Axis] => U.S. corporate bonds
Amortized Cost	104,104	54,348
Gross Unrealized Gains	1,976	637
Gross Unrealized Losses	(143)	(185)
Other Than Temporary Impairment	(1,274)	(1,274)
Estimated Fair Value (Net Carrying Amount)	104,663	53,526
Investment Type [Axis] => Other
Amortized Cost	45,054	39,838
Gross Unrealized Gains	1,264	2,626
Gross Unrealized Losses	(2,220)
Estimated Fair Value (Net Carrying Amount)	$ 44,098	$ 42,464

Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity (Detail) (USD $)
In Thousands	Jun. 25, 2011	Dec. 25, 2010
Cost
Due in one year or less	$ 61,748
Due after one year through five years	375,372
Due after five years through ten years	220,398
Due after ten years	371,350
Other (No contractual maturity dates)	37,029
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Total	1,065,897
Estimated Fair Value
Due in one year or less	62,625
Due after one year through five years	377,881
Due after five years through ten years	222,288
Due after ten years	378,818
Other (No contractual maturity dates)	37,883
Estimated Fair Value (Net Carrying Amount)	$ 1,079,495	$ 801,819