v2.4.1.9
Document And Entity Information
3 Months Ended
Mar. 28, 2015
Apr. 27, 2015
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 28, 2015  
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q1  
Entity Registrant Name GARMIN LTD  
Entity Central Index Key 0001121788  
Current Fiscal Year End Date --12-26  
Entity Filer Category Large Accelerated Filer  
Trading Symbol GRMN  
Entity Common Stock, Shares Outstanding   208,077,418dei_EntityCommonStockSharesOutstanding
v2.4.1.9
Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Mar. 28, 2015
Dec. 27, 2014
Current assets:    
Cash and cash equivalents $ 1,171,388us-gaap_CashAndCashEquivalentsAtCarryingValue $ 1,196,268us-gaap_CashAndCashEquivalentsAtCarryingValue
Marketable securities 270,212us-gaap_MarketableSecuritiesCurrent 167,989us-gaap_MarketableSecuritiesCurrent
Accounts receivable, net 425,650us-gaap_AccountsReceivableNetCurrent 570,191us-gaap_AccountsReceivableNetCurrent
Inventories, net 470,444us-gaap_InventoryNet 420,475us-gaap_InventoryNet
Deferred income taxes 56,165us-gaap_DeferredTaxAssetsNetCurrent 56,102us-gaap_DeferredTaxAssetsNetCurrent
Deferred costs 48,824us-gaap_DeferredCostsCurrent 51,336us-gaap_DeferredCostsCurrent
Prepaid expenses and other current assets 57,624us-gaap_PrepaidExpenseAndOtherAssetsCurrent 48,615us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Total current assets 2,500,307us-gaap_AssetsCurrent 2,510,976us-gaap_AssetsCurrent
Property and equipment, net 436,104us-gaap_PropertyPlantAndEquipmentNet 430,887us-gaap_PropertyPlantAndEquipmentNet
Marketable securities 1,259,102us-gaap_MarketableSecuritiesNoncurrent 1,407,344us-gaap_MarketableSecuritiesNoncurrent
Restricted cash 313us-gaap_RestrictedCashAndCashEquivalentsNoncurrent 308us-gaap_RestrictedCashAndCashEquivalentsNoncurrent
Noncurrent deferred income tax 66,664us-gaap_DeferredTaxAssetsNetNoncurrent 67,712us-gaap_DeferredTaxAssetsNetNoncurrent
Noncurrent deferred costs 32,142us-gaap_DeferredCosts 36,140us-gaap_DeferredCosts
Intangible assets, net 224,381us-gaap_OtherIntangibleAssetsNet 218,083us-gaap_OtherIntangibleAssetsNet
Other assets 24,266us-gaap_OtherAssets 21,853us-gaap_OtherAssets
Total assets 4,543,279us-gaap_Assets 4,693,303us-gaap_Assets
Current liabilities:    
Accounts payable 125,745us-gaap_AccountsPayableCurrent 149,094us-gaap_AccountsPayableCurrent
Salaries and benefits payable 63,775us-gaap_EmployeeRelatedLiabilitiesCurrent 62,764us-gaap_EmployeeRelatedLiabilitiesCurrent
Accrued warranty costs 23,866us-gaap_ProductWarrantyAccrualClassifiedCurrent 27,609us-gaap_ProductWarrantyAccrualClassifiedCurrent
Accrued sales program costs 37,049us-gaap_AccruedMarketingCostsCurrent 58,934us-gaap_AccruedMarketingCostsCurrent
Deferred revenue 185,899us-gaap_DeferredRevenueCurrent 203,598us-gaap_DeferredRevenueCurrent
Accrued royalty costs 5,811us-gaap_AccruedRoyaltiesCurrent 51,889us-gaap_AccruedRoyaltiesCurrent
Accrued advertising expense 17,190us-gaap_AccruedAdvertisingCurrent 26,334us-gaap_AccruedAdvertisingCurrent
Other accrued expenses 68,998us-gaap_OtherAccruedLiabilitiesCurrent 67,780us-gaap_OtherAccruedLiabilitiesCurrent
Deferred income taxes 13,370us-gaap_DeferredTaxLiabilitiesCurrent 17,673us-gaap_DeferredTaxLiabilitiesCurrent
Income taxes payable 190,594us-gaap_AccruedIncomeTaxesCurrent 182,260us-gaap_AccruedIncomeTaxesCurrent
Dividend payable 91,964us-gaap_DividendsPayableCurrent 185,326us-gaap_DividendsPayableCurrent
Total current liabilities 824,261us-gaap_LiabilitiesCurrent 1,033,261us-gaap_LiabilitiesCurrent
Deferred income taxes 39,448us-gaap_DeferredTaxLiabilitiesNoncurrent 39,497us-gaap_DeferredTaxLiabilitiesNoncurrent
Non-current income taxes 78,663us-gaap_AccruedIncomeTaxesNoncurrent 80,611us-gaap_AccruedIncomeTaxesNoncurrent
Non-current deferred revenue 121,906us-gaap_DeferredRevenueNoncurrent 135,130us-gaap_DeferredRevenueNoncurrent
Other liabilities 1,371us-gaap_OtherLiabilitiesNoncurrent 1,437us-gaap_OtherLiabilitiesNoncurrent
Stockholders' equity:    
Shares, CHF 10 par value, 208,077 shares authorized and issued; 191,520 shares outstanding at March 28, 2015 and 191,815 shares outstanding at December 27, 2014 1,797,435us-gaap_CommonStockValue 1,797,435us-gaap_CommonStockValue
Additional paid-in capital 80,598us-gaap_AdditionalPaidInCapital 73,521us-gaap_AdditionalPaidInCapital
Treasury stock (345,143)us-gaap_TreasuryStockValue (330,132)us-gaap_TreasuryStockValue
Retained earnings 1,928,165us-gaap_RetainedEarningsAccumulatedDeficit 1,859,972us-gaap_RetainedEarningsAccumulatedDeficit
Accumulated other comprehensive income 16,575us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax 2,571us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax
Total stockholders' equity 3,477,630us-gaap_StockholdersEquity 3,403,367us-gaap_StockholdersEquity
Total liabilities and stockholders' equity $ 4,543,279us-gaap_LiabilitiesAndStockholdersEquity $ 4,693,303us-gaap_LiabilitiesAndStockholdersEquity
v2.4.1.9
Condensed Consolidated Balance Sheets (Parenthetical) (CHF)
Mar. 28, 2015
Dec. 27, 2014
Shares, par value 10us-gaap_CommonStockParOrStatedValuePerShare 10us-gaap_CommonStockParOrStatedValuePerShare
Shares, shares authorized 208,077us-gaap_CommonStockSharesAuthorized 208,077us-gaap_CommonStockSharesAuthorized
Shares, shares issued 208,077us-gaap_CommonStockSharesIssued 208,077us-gaap_CommonStockSharesIssued
Shares, shares outstanding 191,520us-gaap_CommonStockSharesOutstanding 191,815us-gaap_CommonStockSharesOutstanding
v2.4.1.9
Condensed Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 28, 2015
Mar. 29, 2014
Net sales $ 585,394us-gaap_SalesRevenueNet $ 583,221us-gaap_SalesRevenueNet
Cost of goods sold 241,272us-gaap_CostOfGoodsSold 252,387us-gaap_CostOfGoodsSold
Gross profit 344,122us-gaap_GrossProfit 330,834us-gaap_GrossProfit
Advertising expense 27,672us-gaap_AdvertisingExpense 24,428us-gaap_AdvertisingExpense
Selling, general and administrative expense 98,750us-gaap_SellingGeneralAndAdministrativeExpense 89,873us-gaap_SellingGeneralAndAdministrativeExpense
Research and development expense 106,002us-gaap_ResearchAndDevelopmentExpense 96,164us-gaap_ResearchAndDevelopmentExpense
Total operating expense 232,424us-gaap_OperatingExpenses 210,465us-gaap_OperatingExpenses
Operating income 111,698us-gaap_OperatingIncomeLoss 120,369us-gaap_OperatingIncomeLoss
Other income (expense):    
Interest income 8,024us-gaap_InvestmentIncomeInterest 9,768us-gaap_InvestmentIncomeInterest
Foreign currency gains (losses) (44,264)us-gaap_ForeignCurrencyTransactionGainLossBeforeTax 12,814us-gaap_ForeignCurrencyTransactionGainLossBeforeTax
Other 738us-gaap_OtherNonoperatingIncomeExpense (484)us-gaap_OtherNonoperatingIncomeExpense
Total other income (expense) (35,502)us-gaap_NonoperatingIncomeExpense 22,098us-gaap_NonoperatingIncomeExpense
Income before income taxes 76,196us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 142,467us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Income tax provision 9,403us-gaap_IncomeTaxExpenseBenefit 23,649us-gaap_IncomeTaxExpenseBenefit
Net income $ 66,793us-gaap_NetIncomeLoss $ 118,818us-gaap_NetIncomeLoss
Net income per share:    
Basic $ 0.35us-gaap_EarningsPerShareBasic $ 0.61us-gaap_EarningsPerShareBasic
Diluted $ 0.35us-gaap_EarningsPerShareDiluted $ 0.61us-gaap_EarningsPerShareDiluted
Weighted average common shares outstanding:    
Basic 191,762us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 195,090us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Diluted 192,341us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 195,860us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
v2.4.1.9
Condensed Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 28, 2015
Mar. 29, 2014
Net income $ 66,793us-gaap_NetIncomeLoss $ 118,818us-gaap_NetIncomeLoss
Foreign currency translation adjustment 2,755us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax (15,518)us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
Change in fair value of available-for-sale marketable securities, net of deferred taxes 11,249us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax 12,779us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
Comprehensive income $ 80,797us-gaap_ComprehensiveIncomeNetOfTax $ 116,079us-gaap_ComprehensiveIncomeNetOfTax
v2.4.1.9
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 28, 2015
Mar. 29, 2014
Operating Activities:    
Net income $ 66,793us-gaap_NetIncomeLoss $ 118,818us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 12,280us-gaap_Depreciation 11,672us-gaap_Depreciation
Amortization 6,584us-gaap_AdjustmentForAmortization 6,740us-gaap_AdjustmentForAmortization
Gain (loss) on sale of property and equipment 24us-gaap_GainLossOnSaleOfPropertyPlantEquipment (617)us-gaap_GainLossOnSaleOfPropertyPlantEquipment
Provision for doubtful accounts (1,080)us-gaap_ProvisionForDoubtfulAccounts (189)us-gaap_ProvisionForDoubtfulAccounts
Deferred income taxes (3,647)us-gaap_DeferredIncomeTaxesAndTaxCredits 5,942us-gaap_DeferredIncomeTaxesAndTaxCredits
Unrealized foreign currency loss (gain) 47,877us-gaap_ForeignCurrencyTransactionGainLossUnrealized (15,334)us-gaap_ForeignCurrencyTransactionGainLossUnrealized
Provision for obsolete and slow moving inventories 4,344us-gaap_InventoryWriteDown 3,384us-gaap_InventoryWriteDown
Stock compensation expense 7,769us-gaap_ShareBasedCompensation 6,325us-gaap_ShareBasedCompensation
Realized (gain) loss on marketable securities (340)us-gaap_GainLossOnSaleOfInvestments 1,544us-gaap_GainLossOnSaleOfInvestments
Changes in operating assets and liabilities:    
Accounts receivable 129,448us-gaap_IncreaseDecreaseInAccountsReceivable 137,198us-gaap_IncreaseDecreaseInAccountsReceivable
Inventories (56,897)us-gaap_IncreaseDecreaseInInventories (64,083)us-gaap_IncreaseDecreaseInInventories
Other current and non-current assets (11,537)us-gaap_IncreaseDecreaseInOtherOperatingAssets (1,591)us-gaap_IncreaseDecreaseInOtherOperatingAssets
Accounts payable (25,957)us-gaap_IncreaseDecreaseInAccountsPayable (20,411)us-gaap_IncreaseDecreaseInAccountsPayable
Other current and non-current liabilities (73,408)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities (80,011)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Deferred revenue (29,870)us-gaap_IncreaseDecreaseInDeferredRevenue (45,290)us-gaap_IncreaseDecreaseInDeferredRevenue
Deferred cost 6,470us-gaap_IncreaseDecreaseInDeferredCharges 8,129us-gaap_IncreaseDecreaseInDeferredCharges
Income taxes payable 2,802us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable (1,053)us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable
Net cash provided by operating activities 81,655us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 71,173us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Investing activities:    
Purchases of property and equipment (18,143)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (15,537)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Proceeds from sale of property and equipment 664us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 609us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
Purchase of intangible assets (717)us-gaap_PaymentsToAcquireIntangibleAssets (1,111)us-gaap_PaymentsToAcquireIntangibleAssets
Purchase of marketable securities (254,741)us-gaap_PaymentsToAcquireMarketableSecurities (298,695)us-gaap_PaymentsToAcquireMarketableSecurities
Redemption of marketable securities 308,751us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities 223,786us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities
Proceeds from repayment on loan receivable 0us-gaap_PaymentsForProceedsFromLoansReceivable 94,507us-gaap_PaymentsForProceedsFromLoansReceivable
Change in restricted cash (5)us-gaap_IncreaseDecreaseInRestrictedCash 3us-gaap_IncreaseDecreaseInRestrictedCash
Acquisitions, net of cash acquired (12,632)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
Net cash provided by investing activities 23,177us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations 3,562us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Financing activities:    
Dividends paid (91,964)us-gaap_PaymentsOfDividends (87,853)us-gaap_PaymentsOfDividends
Purchase of treasury stock under share repurchase plan (16,260)grmn_PaymentsForPurchaseOfTreasuryStockShareRepurchasePlan (32,986)grmn_PaymentsForPurchaseOfTreasuryStockShareRepurchasePlan
Purchase of treasury stock related to equity awards (89)grmn_PaymentsForPurchaseOfTreasuryStockRelatedToEquityAwards (58)grmn_PaymentsForPurchaseOfTreasuryStockRelatedToEquityAwards
Proceeds from issuance of treasury stock related to equity awards 246us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions 1,107us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
Tax benefit from issuance of equity awards 399us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 2,199us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Net cash used in financing activities (107,668)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (117,591)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Effect of exchange rate changes on cash and cash equivalents (22,044)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents 398us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
Net decrease in cash and cash equivalents (24,880)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (42,458)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period 1,196,268us-gaap_CashAndCashEquivalentsAtCarryingValue 1,179,149us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of period $ 1,171,388us-gaap_CashAndCashEquivalentsAtCarryingValue $ 1,136,691us-gaap_CashAndCashEquivalentsAtCarryingValue
v2.4.1.9
Basis of Presentation
3 Months Ended
Mar. 28, 2015
Basis of Presentation
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. Additionally, the condensed consolidated financial statements should be read in conjunction with Item 2 of Management's Discussion and Analysis of Financial Condition and Results of Operations, included in this Form 10-Q. Operating results for the 13-week period ended March 28, 2015 are not necessarily indicative of the results that may be expected for the year ending December 26, 2015.
 
The condensed consolidated balance sheet at December 27, 2014 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 27, 2014.
 
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 ended March 28, 2015 and March 29, 2014 both contain operating results for 13 weeks.
v2.4.1.9
Inventories
3 Months Ended
Mar. 28, 2015
Inventories
2.
Inventories
 
The components of inventories consist of the following:
 
 
 
March 28,
 
December 27,
 
 
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Raw materials
 
$
181,894
 
$
161,444
 
Work-in-process
 
 
60,758
 
 
53,824
 
Finished goods
 
 
264,099
 
 
244,282
 
Inventory reserves
 
 
(36,307)
 
 
(39,075)
 
Inventory, net of reserves
 
$
470,444
 
$
420,475
 
v2.4.1.9
Earnings Per Share
3 Months Ended
Mar. 28, 2015
Earnings Per Share
3.
Earnings Per Share
 
The following table sets forth the computation of basic and diluted net income per share:
 
 
 
13-Weeks Ended
 
 
 
March 28,
 
March 29,
 
 
 
2015
 
2014
 
Numerator:
 
 
 
 
 
 
 
Numerator for basic and diluted net income per share - net income
 
$
66,793
 
$
118,818
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Denominator for basic net income per share – weighted-average common shares
 
 
191,762
 
 
195,090
 
 
 
 
 
 
 
 
 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units
 
 
579
 
 
770
 
 
 
 
 
 
 
 
 
Denominator for diluted net income per share – adjusted weighted-average common shares
 
 
192,341
 
 
195,860
 
 
 
 
 
 
 
 
 
Basic net income per share
 
$
0.35
 
$
0.61
 
 
 
 
 
 
 
 
 
Diluted net income per share
 
$
0.35
 
$
0.61
 
 
There were 2,229 and 4,380 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) outstanding during the 13-week periods ended March 28, 2015 and March 29, 2014, respectively.
 
There were 37 and 242 shares issued as a result of exercises of equity awards for the 13-week periods ended March 28, 2015 and March 29, 2014, respectively.
v2.4.1.9
Segment Information
3 Months Ended
Mar. 28, 2015
Segment Information
4.
Segment Information
 
The Company has identified five operating segments – Auto, 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.
 
Net sales, operating income, and income before taxes for each of the Company’s reportable segments are presented below:
 
 
 
Reportable Segments
 
 
 
Outdoor
 
Fitness
 
Marine
 
Auto
 
Aviation
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13-Weeks Ended March 28, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
75,915
 
$
130,994
 
$
64,297
 
$
216,126
 
$
98,062
 
$
585,394
 
Operating income
 
$
23,834
 
$
34,638
 
$
4,566
 
$
22,480
 
$
26,180
 
$
111,698
 
Income (loss) before taxes
 
$
21,777
 
$
28,349
 
$
2,711
 
$
(453)
 
$
23,812
 
$
76,196
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13-Weeks Ended March 29, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
83,985
 
$
100,288
 
$
60,002
 
$
242,952
 
$
95,994
 
$
583,221
 
Operating income
 
$
23,683
 
$
33,512
 
$
3,810
 
$
30,564
 
$
28,800
 
$
120,369
 
Income before taxes
 
$
28,103
 
$
37,522
 
$
6,645
 
$
40,148
 
$
30,049
 
$
142,467
 
 
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 for the 13-week periods ended March 28, 2015 and March 29, 2014. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa:
 
 
 
Americas
 
APAC
 
EMEA
 
Total
 
March 28, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales to external customers
 
$
305,261
 
$
71,782
 
$
208,351
 
$
585,394
 
Property and equipment, net
 
$
276,605
 
$
111,544
 
$
47,955
 
$
436,104
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 29, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales to external customers
 
$
304,808
 
$
57,810
 
$
220,603
 
$
583,221
 
Property and equipment, net
 
$
243,726
 
$
119,850
 
$
53,588
 
$
417,164
 
v2.4.1.9
Warranty Reserves
3 Months Ended
Mar. 28, 2015
Warranty Reserves
5.
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.
 
 
 
13-Weeks Ended
 
 
 
March 28,
 
March 29,
 
 
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Balance - beginning of the period
 
$
27,609
 
$
26,767
 
Accrual for products sold
 
 
6,742
 
 
9,485
 
Expenditures
 
 
(10,485)
 
 
(11,236)
 
Balance - end of the period
 
$
23,866
 
$
25,016
 
v2.4.1.9
Commitments and Contingencies
3 Months Ended
Mar. 28, 2015
Commitments and Contingencies
6.
Commitments and Contingencies
 
The Company is party to certain commitments, which include purchases of raw materials, advertising expenditures, investments in certain low income housing tax credit projects, and other indirect purchases in connection with conducting our business. Pursuant to these agreements, the Company is contractually committed to make payments of approximately $372,852 over the next five years. Subsequent to March 28, 2015, a portion of a commitment was satisfied with a $43,000 prepayment to a supplier, the majority of which will be classified as a noncurrent asset.
 
In the normal course of business, the Company and its subsidiaries are parties to various legal claims, investigations and complaints, including matters alleging patent infringement and other intellectual property claims. The Company evaluates, on a quarterly basis, developments in legal proceedings, investigations or claims that could affect the amount of any accrual or disclosure. The assessment regarding whether a loss is probable or a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events.
 
Management of the Company currently does not believe there is at least a reasonable possibility the Company may have incurred a material loss, or a material loss in excess of recorded accruals, with respect to loss contingencies individually and in the aggregate, for the fiscal quarter ended March 28, 2015. The results of legal proceedings, investigations and claims, however, cannot be predicted with certainty. Although management considers the likelihood to be remote, an adverse resolution of one or more of such matters in excess of management’s expectations could have a material adverse effect on the Company’s results of operations in a particular quarter or fiscal year.
 
The Company settled or resolved certain matters during the fiscal quarter ended March 28, 2015 that did not individually or in the aggregate have a material impact on the Company’s financial condition or results of operations.
v2.4.1.9
Income Taxes
3 Months Ended
Mar. 28, 2015
Income Taxes
7. Income Taxes
 
The Company’s income tax expense decreased by $14,246, to $9,403 for the 13-week period ended March 28, 2015, from $23,649 for the 13-week period ended March 29, 2014.  The effective tax rate was 12.3% in the first quarter of 2015 compared to 16.6% in the first quarter of 2014.  Release of uncertain tax position reserves due to expiration of certain statutes of limitations or completion of tax audits reduced our expense by $5,287 and $5,795, respectively, in first quarter 2015 and first quarter 2014.  The first quarter 2015 effective tax rate decreased as compared to first quarter 2014 primarily due to the current projected full year income mix for 2015 compared to the same projection at first quarter of 2014.  The full year 2014 effective tax rate was subsequently reduced as our income projection increased and income mix by taxing jurisdiction improved throughout 2014.
v2.4.1.9
Marketable Securities
3 Months Ended
Mar. 28, 2015
Marketable Securities
8. 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:
 
Level 1
Unadjusted quoted prices in active markets for the identical asset or liability
 
Level 2
Observable inputs for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability
 
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. Valuation is based on prices obtained from an independent pricing vendor using both market and income approaches. The primary inputs to the valuation include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, and credit spreads.
 
The method described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
 
Available-for-sale securities measured at estimated fair value on a recurring basis are summarized below:
 
 
 
Fair Value Measurements as
 
 
 
of March 28, 2015
 
 
 
Total
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
27,369
 
$
-
 
$
27,369
 
$
-
 
Agency securities
 
 
327,160
 
 
-
 
 
327,160
 
 
-
 
Mortgage-backed securities
 
 
380,535
 
 
-
 
 
380,535
 
 
-
 
Corporate securities
 
 
572,211
 
 
-
 
 
572,211
 
 
-
 
Municipal securities
 
 
153,617
 
 
-
 
 
153,617
 
 
-
 
Other
 
 
68,422
 
 
-
 
 
68,422
 
 
-
 
Total
 
$
1,529,314
 
$
-
 
$
1,529,314
 
$
-
 
  
 
 
 
Fair Value Measurements as
 
 
 
of December 27, 2014 (1)
 
 
 
Total
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
30,144
 
$
-
 
$
30,144
 
$
-
 
Agency securities
 
 
428,320
 
 
-
 
 
428,320
 
 
-
 
Mortgage-backed securities
 
 
324,307
 
 
-
 
 
324,307
 
 
-
 
Corporate securities
 
 
594,402
 
 
-
 
 
594,402
 
 
-
 
Municipal securities
 
 
125,410
 
 
-
 
 
125,410
 
 
-
 
Other
 
 
72,750
 
 
-
 
 
72,750
 
 
-
 
Total
 
$
1,575,333
 
$
-
 
$
1,575,333
 
$
-
 
  
(1) Certain available-for-sale securities held as of December 27, 2014 have been reclassified among major security types to conform to the current year presentation. These reclassifications had no effect on fair value measurement.
 
Marketable securities classified as available-for-sale securities are summarized below:
 
 
 
Available-For-Sale Securities as
 
 
 
of March 28, 2015
 
 
 
Amortized Cost
 
Gross Unrealized
Gains
 
Gross
Unrealized
Losses-OTTI (2)
 
Gross Unrealized
Losses-Other (3)
 
Estimated Fair
Value (Net
Carrying 
Amount)
 
U.S. Treasury securities
 
$
27,185
 
$
186
 
$
-
 
$
(2)
 
$
27,369
 
Agency securities
 
 
330,109
 
 
531
 
 
(3,242)
 
 
(238)
 
 
327,160
 
Mortgage-backed securities
 
 
382,676
 
 
953
 
 
(1,076)
 
 
(2,018)
 
 
380,535
 
Corporate securities
 
 
574,513
 
 
744
 
 
(1,690)
 
 
(1,356)
 
 
572,211
 
Municipal securities
 
 
153,513
 
 
515
 
 
(5)
 
 
(406)
 
 
153,617
 
Other
 
 
68,461
 
 
13
 
 
(14)
 
 
(38)
 
 
68,422
 
Total
 
$
1,536,457
 
$
2,942
 
$
(6,027)
 
$
(4,058)
 
$
1,529,314
 
 
 
 
Available-For-Sale Securities as
 
 
 
of December 27, 2014 (1)
 
 
 
Amortized Cost
 
Gross Unrealized
Gains
 
Gross
Unrealized
Losses-OTTI (2)
 
Gross Unrealized
Losses-Other (3)
 
Estimated Fair 
Value (Net 
Carrying 
Amount)
 
U.S. Treasury securities
 
$
30,185
 
$
26
 
$
(25)
 
$
(42)
 
$
30,144
 
Agency securities
 
 
436,817
 
 
169
 
 
(8,259)
 
 
(407)
 
 
428,320
 
Mortgage-backed securities
 
 
329,048
 
 
580
 
 
(1,813)
 
 
(3,508)
 
 
324,307
 
Corporate securities
 
 
600,674
 
 
689
 
 
(2,874)
 
 
(4,087)
 
 
594,402
 
Municipal securities
 
 
125,183
 
 
497
 
 
(48)
 
 
(222)
 
 
125,410
 
Other
 
 
72,857
 
 
59
 
 
(12)
 
 
(154)
 
 
72,750
 
Total
 
$
1,594,764
 
$
2,020
 
$
(13,031)
 
$
(8,420)
 
$
1,575,333
 
(1) Certain available-for-sale securities held as of December 27, 2014 have been reclassified among major security types to conform to the current year presentation. These reclassifications had no effect on fair value measurement.
(2) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired.
(3) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.
 
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 fair value of our securities varies from period to period due to changes in interest rates, in the performance of the underlying collateral and in the credit performance of the underlying issuer, among other factors. 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.
 
The Company recognizes the credit component of other-than-temporary impairments of debt securities in "Other Income" and the noncredit component in "Other comprehensive income (loss)" for those securities that we do not intend to sell and for which it is not more likely than not that we will be required to sell before recovery. In 2013, Garmin experienced unrealized, noncredit losses on its investment portfolio resulting in gross other-than-temporary impairment and other unrealized losses on marketable securities. The decrease in estimated fair value was primarily due to market valuations declining on mortgage- and asset-backed securities and government and agency securities.  During 2014 and the first quarter of 2015, the Company did not record any material impairment charges on its outstanding securities.
 
The amortized cost and estimated fair value of the securities at an unrealized loss position at March 28, 2015 were $962,449 and $952,364, respectively. Approximately 43% of securities in our portfolio were at an unrealized loss position at March 28, 2015. We have the ability to hold these securities until maturity or their value is recovered. We do not consider these unrealized losses to be other than temporary credit losses because there has been no deterioration in credit quality and no change in the cash flows of the underlying securities. We do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities; therefore, no impairment has been recorded in the accompanying condensed consolidated statement of income.
 
The cost of securities sold is based on the specific identification method.
 
The following table displays additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of March 28, 2015.
 
 
 
As of March 28, 2015
 
 
 
Less than 12 Consecutive Months
 
12 Consecutive Months or Longer
 
 
 
Gross Unrealized
Losses
 
Fair Value
 
Gross Unrealized
Losses
 
Fair Value
 
U.S. Treasury securities
 
$
(2)
 
$
4,777
 
$
-
 
$
-
 
Agency securities
 
$
(221)
 
$
36,997
 
$
(3,259)
 
$
204,858
 
Mortgage-backed securities
 
$
(1,476)
 
$
175,026
 
$
(1,618)
 
$
85,274
 
Corporate securities
 
$
(1,253)
 
$
264,951
 
$
(1,793)
 
$
91,093
 
Municipal securities
 
$
(382)
 
$
51,639
 
$
(29)
 
$
9,356
 
Other
 
$
(10)
 
$
14,866
 
$
(42)
 
$
13,527
 
Total
 
$
(3,344)
 
$
548,256
 
$
(6,741)
 
$
404,108
 
  
The amortized cost and estimated fair value of marketable securities at March 28, 2015, 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
 
$
269,931
 
$
270,212
 
Due after one year through five years
 
 
960,640
 
 
958,255
 
Due after five years through ten years
 
 
213,954
 
 
210,294
 
Due after ten years
 
 
91,932
 
 
90,553
 
 
 
$
1,536,457
 
$
1,529,314
 
v2.4.1.9
Share Repurchase Plan
3 Months Ended
Mar. 28, 2015
Share Repurchase Plan
9. Share Repurchase Plan
 
 On February 13, 2015, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $300,000 of the common shares of Garmin Ltd. The repurchases may be made from time to time as market and business conditions warrant on the open market or in negotiated transactions in compliance with the SEC’s Rule 10b-18. The timing and amounts of any repurchases will be determined by the Company’s management depending on market conditions and other factors including price, regulatory requirements and capital availability. The program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time. The share repurchase authorization expires on December 31, 2016.  As of March 28, 2015, the Company had repurchased 331 shares using cash of $16,260.  There remains approximately $283,740 available to repurchase additional shares under this authorization.
v2.4.1.9
Accumulated Other Comprehensive Income
3 Months Ended
Mar. 28, 2015
Accumulated Other Comprehensive Income
10. Accumulated Other Comprehensive Income
 
The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the 13-week period ended March 28, 2015:
 
 
 
13-Weeks Ended March 28, 2015
 
 
 
 
 
Gross unrealized losses on
 
Net unrealized gains (losses) on 
 
 
 
 
 
 
Foreign Currency Translation
 
 available-for-sale securities-
 
available-for-sale securities-
 
 
 
 
 
 
Adjustment
 
OTTI(1)
 
Other(2)
 
Total
 
Balance - beginning of period
 
$
20,874
 
$
(13,031)
 
$
(5,272)
 
$
2,571
 
Other comprehensive income before reclassification
 
 
2,755
 
 
7,004
 
 
4,567
 
 
14,326
 
Amounts reclassified from accumulated other comprehensive income
 
 
-
 
 
-
 
 
(322)
 
 
(322)
 
Net current-period other comprehensive income
 
 
2,755
 
 
7,004
 
 
4,245
 
 
14,004
 
Balance - end of period
 
$
23,629
 
$
(6,027)
 
$
(1,027)
 
$
16,575
 
 
(1) Represents the change in impairment, not related to credit, for those investment securities that have been determined to be other-than- temporarily impaired.
(2) Represents the change in unrealized gains (losses) on investment securities that have not been determined to be other-than-temporarily impaired.
 
The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week period ended March 28, 2015:
 
13-Weeks Ended March 28, 2015
 
 
 
Amount Reclassified from Accumulated Other Comprehensive
 
Affected Line Item in the Statement Where Net Income is
 
Details about Accumulated Other Comprehensive Income Components
 
Income
 
Presented
 
 
 
 
 
 
 
 
Unrealized gains on available-for-sale securities
 
$
340
 
Other income
 
 
 
 
(18)
 
Income tax provision
 
 
 
$
322
 
Net of tax
 
v2.4.1.9
Recently Issued Accounting Pronouncements
3 Months Ended
Mar. 28, 2015
Recently Issued Accounting Pronouncements
11. Recently Issued Accounting Pronouncements
 
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 “Revenue from Contracts with Customers” (ASU 2014-09), which supersedes previous revenue recognition guidance. ASU 2014-09 requires that a company will recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange or transferring goods or services to a customer. In applying the new guidance, a company will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The provisions of this new guidance are effective for reporting periods beginning after December 15, 2016 and can be adopted using either a full retrospective or modified approach. The Company is currently evaluating the impact of adopting this new guidance on the Company’s financial statements.
v2.4.1.9
Stock Compensation Plans
3 Months Ended
Mar. 28, 2015
Stock Compensation Plans
12.
Stock Compensation Plans
 
In February 2015, Restricted Stock Units (RSUs) were granted to certain employees under the Company’s 2005 Equity Incentive Plan (the “2005 Plan”). The vesting of these RSUs is contingent upon the achievement of certain revenue and profitability goals, as well as on time-based vesting requirements.  The compensation expense related to these grants did not have a material impact on the results of operations for the fiscal quarter ended March 28, 2015 and is not expected to have a material impact on the results of operations for the fiscal year ending December 26, 2015. The 2005 Plan is discussed further in our Annual Report on Form 10-K for the fiscal year ended December 27, 2014.
v2.4.1.9
Inventories (Tables)
3 Months Ended
Mar. 28, 2015
Components of Inventories
The components of inventories consist of the following:
 
 
 
March 28,
 
December 27,
 
 
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Raw materials
 
$
181,894
 
$
161,444
 
Work-in-process
 
 
60,758
 
 
53,824
 
Finished goods
 
 
264,099
 
 
244,282
 
Inventory reserves
 
 
(36,307)
 
 
(39,075)
 
Inventory, net of reserves
 
$
470,444
 
$
420,475
 
v2.4.1.9
Earnings Per Share (Tables)
3 Months Ended
Mar. 28, 2015
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
 
 
 
March 28,
 
March 29,
 
 
 
2015
 
2014
 
Numerator:
 
 
 
 
 
 
 
Numerator for basic and diluted net income per share - net income
 
$
66,793
 
$
118,818
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Denominator for basic net income per share – weighted-average common shares
 
 
191,762
 
 
195,090
 
 
 
 
 
 
 
 
 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units
 
 
579
 
 
770
 
 
 
 
 
 
 
 
 
Denominator for diluted net income per share – adjusted weighted-average common shares
 
 
192,341
 
 
195,860
 
 
 
 
 
 
 
 
 
Basic net income per share
 
$
0.35
 
$
0.61
 
 
 
 
 
 
 
 
 
Diluted net income per share
 
$
0.35
 
$
0.61
 
v2.4.1.9
Segment Information (Tables)
3 Months Ended
Mar. 28, 2015
Revenues, Interest Income and Interest Expense, and Income before Income Taxes for Reportable Segments
Net sales, operating income, and income before taxes for each of the Company’s reportable segments are presented below:
 
 
 
Reportable Segments
 
 
 
Outdoor
 
Fitness
 
Marine
 
Auto
 
Aviation
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13-Weeks Ended March 28, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
75,915
 
$
130,994
 
$
64,297
 
$
216,126
 
$
98,062
 
$
585,394
 
Operating income
 
$
23,834
 
$
34,638
 
$
4,566
 
$
22,480
 
$
26,180
 
$
111,698
 
Income (loss) before taxes
 
$
21,777
 
$
28,349
 
$
2,711
 
$
(453)
 
$
23,812
 
$
76,196
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13-Weeks Ended March 29, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
 
$
83,985
 
$
100,288
 
$
60,002
 
$
242,952
 
$
95,994
 
$
583,221
 
Operating income
 
$
23,683
 
$
33,512
 
$
3,810
 
$
30,564
 
$
28,800
 
$
120,369
 
Income before taxes
 
$
28,103
 
$
37,522
 
$
6,645
 
$
40,148
 
$
30,049
 
$
142,467
 
Net Sales and Property and Equipment Net by Geographic Area
Net sales and property and equipment, net by geographic area are as follows as of and for the 13-week periods ended March 28, 2015 and March 29, 2014. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa:
 
 
 
Americas
 
APAC
 
EMEA
 
Total
 
March 28, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales to external customers
 
$
305,261
 
$
71,782
 
$
208,351
 
$
585,394
 
Property and equipment, net
 
$
276,605
 
$
111,544
 
$
47,955
 
$
436,104
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 29, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales to external customers
 
$
304,808
 
$
57,810
 
$
220,603
 
$
583,221
 
Property and equipment, net
 
$
243,726
 
$
119,850
 
$
53,588
 
$
417,164
 
v2.4.1.9
Warranty Reserves (Tables)
3 Months Ended
Mar. 28, 2015
Schedule of Product Warranty Liability
The following reconciliation provides an illustration of changes in the aggregate warranty reserve.
 
 
 
13-Weeks Ended
 
 
 
March 28,
 
March 29,
 
 
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Balance - beginning of the period
 
$
27,609
 
$
26,767
 
Accrual for products sold
 
 
6,742
 
 
9,485
 
Expenditures
 
 
(10,485)
 
 
(11,236)
 
Balance - end of the period
 
$
23,866
 
$
25,016
 
v2.4.1.9
Marketable Securities (Tables)
3 Months Ended
Mar. 28, 2015
Available For Sale Securities Measured At Estimated Fair Value On Recurring Basis
Available-for-sale securities measured at estimated fair value on a recurring basis are summarized below:
 
 
 
Fair Value Measurements as
 
 
 
of March 28, 2015
 
 
 
Total
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
27,369
 
$
-
 
$
27,369
 
$
-
 
Agency securities
 
 
327,160
 
 
-
 
 
327,160
 
 
-
 
Mortgage-backed securities
 
 
380,535
 
 
-
 
 
380,535
 
 
-
 
Corporate securities
 
 
572,211
 
 
-
 
 
572,211
 
 
-
 
Municipal securities
 
 
153,617
 
 
-
 
 
153,617
 
 
-
 
Other
 
 
68,422
 
 
-
 
 
68,422
 
 
-
 
Total
 
$
1,529,314
 
$
-
 
$
1,529,314
 
$
-
 
  
 
 
 
Fair Value Measurements as
 
 
 
of December 27, 2014 (1)
 
 
 
Total
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
30,144
 
$
-
 
$
30,144
 
$
-
 
Agency securities
 
 
428,320
 
 
-
 
 
428,320
 
 
-
 
Mortgage-backed securities
 
 
324,307
 
 
-
 
 
324,307
 
 
-
 
Corporate securities
 
 
594,402
 
 
-
 
 
594,402
 
 
-
 
Municipal securities
 
 
125,410
 
 
-
 
 
125,410
 
 
-
 
Other
 
 
72,750
 
 
-
 
 
72,750
 
 
-
 
Total
 
$
1,575,333
 
$
-
 
$
1,575,333
 
$
-
 
  
(1) Certain available-for-sale securities held as of December 27, 2014 have been reclassified among major security types to conform to the current year presentation. These reclassifications had no effect on fair value measurement.
Marketable Securities Classified as Available-For-Sale Securities
Marketable securities classified as available-for-sale securities are summarized below:
 
 
 
Available-For-Sale Securities as
 
 
 
of March 28, 2015
 
 
 
Amortized Cost
 
Gross Unrealized
Gains
 
Gross
Unrealized
Losses-OTTI (2)
 
Gross Unrealized
Losses-Other (3)
 
Estimated Fair
Value (Net
Carrying 
Amount)
 
U.S. Treasury securities
 
$
27,185
 
$
186
 
$
-
 
$
(2)
 
$
27,369
 
Agency securities
 
 
330,109
 
 
531
 
 
(3,242)
 
 
(238)
 
 
327,160
 
Mortgage-backed securities
 
 
382,676
 
 
953
 
 
(1,076)
 
 
(2,018)
 
 
380,535
 
Corporate securities
 
 
574,513
 
 
744
 
 
(1,690)
 
 
(1,356)
 
 
572,211
 
Municipal securities
 
 
153,513
 
 
515
 
 
(5)
 
 
(406)
 
 
153,617
 
Other
 
 
68,461
 
 
13
 
 
(14)
 
 
(38)
 
 
68,422
 
Total
 
$
1,536,457
 
$
2,942
 
$
(6,027)
 
$
(4,058)
 
$
1,529,314
 
 
 
 
Available-For-Sale Securities as
 
 
 
of December 27, 2014 (1)
 
 
 
Amortized Cost
 
Gross Unrealized
Gains
 
Gross
Unrealized
Losses-OTTI (2)
 
Gross Unrealized
Losses-Other (3)
 
Estimated Fair 
Value (Net 
Carrying 
Amount)
 
U.S. Treasury securities
 
$
30,185
 
$
26
 
$
(25)
 
$
(42)
 
$
30,144
 
Agency securities
 
 
436,817
 
 
169
 
 
(8,259)
 
 
(407)
 
 
428,320
 
Mortgage-backed securities
 
 
329,048
 
 
580
 
 
(1,813)
 
 
(3,508)
 
 
324,307
 
Corporate securities
 
 
600,674
 
 
689
 
 
(2,874)
 
 
(4,087)
 
 
594,402
 
Municipal securities
 
 
125,183
 
 
497
 
 
(48)
 
 
(222)
 
 
125,410
 
Other
 
 
72,857
 
 
59
 
 
(12)
 
 
(154)
 
 
72,750
 
Total
 
$
1,594,764
 
$
2,020
 
$
(13,031)
 
$
(8,420)
 
$
1,575,333
 
(1) Certain available-for-sale securities held as of December 27, 2014 have been reclassified among major security types to conform to the current year presentation. These reclassifications had no effect on fair value measurement.
(2) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired.
(3) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.
Schedule of Available-for-sale-securities Unrealized Loss on Investments
The following table displays additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of March 28, 2015.
 
 
 
As of March 28, 2015
 
 
 
Less than 12 Consecutive Months
 
12 Consecutive Months or Longer
 
 
 
Gross Unrealized
Losses
 
Fair Value
 
Gross Unrealized
Losses
 
Fair Value
 
U.S. Treasury securities
 
$
(2)
 
$
4,777
 
$
-
 
$
-
 
Agency securities
 
$
(221)
 
$
36,997
 
$
(3,259)
 
$
204,858
 
Mortgage-backed securities
 
$
(1,476)
 
$
175,026
 
$
(1,618)
 
$
85,274
 
Corporate securities
 
$
(1,253)
 
$
264,951
 
$
(1,793)
 
$
91,093
 
Municipal securities
 
$
(382)
 
$
51,639
 
$
(29)
 
$
9,356
 
Other
 
$
(10)
 
$
14,866
 
$
(42)
 
$
13,527
 
Total
 
$
(3,344)
 
$
548,256
 
$
(6,741)
 
$
404,108
 
Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity
The amortized cost and estimated fair value of marketable securities at March 28, 2015, 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
 
$
269,931
 
$
270,212
 
Due after one year through five years
 
 
960,640
 
 
958,255
 
Due after five years through ten years
 
 
213,954
 
 
210,294
 
Due after ten years
 
 
91,932
 
 
90,553
 
 
 
$
1,536,457
 
$
1,529,314
 
v2.4.1.9
Accumulated Other Comprehensive Income (Tables)
3 Months Ended
Mar. 28, 2015
Changes in Accumulated Other Comprehensive Income
The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the 13-week period ended March 28, 2015:
 
 
 
13-Weeks Ended March 28, 2015
 
 
 
 
 
Gross unrealized losses on
 
Net unrealized gains (losses) on 
 
 
 
 
 
 
Foreign Currency Translation
 
 available-for-sale securities-
 
available-for-sale securities-
 
 
 
 
 
 
Adjustment
 
OTTI(1)
 
Other(2)
 
Total
 
Balance - beginning of period
 
$
20,874
 
$
(13,031)
 
$
(5,272)
 
$
2,571
 
Other comprehensive income before reclassification
 
 
2,755
 
 
7,004
 
 
4,567
 
 
14,326
 
Amounts reclassified from accumulated other comprehensive income
 
 
-
 
 
-
 
 
(322)
 
 
(322)
 
Net current-period other comprehensive income
 
 
2,755
 
 
7,004
 
 
4,245
 
 
14,004
 
Balance - end of period
 
$
23,629
 
$
(6,027)
 
$
(1,027)
 
$
16,575
 
Reclassifications out of AOCI
The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week period ended March 28, 2015:
 
13-Weeks Ended March 28, 2015
 
 
 
Amount Reclassified from Accumulated Other Comprehensive
 
Affected Line Item in the Statement Where Net Income is
 
Details about Accumulated Other Comprehensive Income Components
 
Income
 
Presented
 
 
 
 
 
 
 
 
Unrealized gains on available-for-sale securities
 
$
340
 
Other income
 
 
 
 
(18)
 
Income tax provision
 
 
 
$
322
 
Net of tax
 
v2.4.1.9
Inventories (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 28, 2015
Dec. 27, 2014
Inventory [Line Items]    
Raw materials $ 181,894us-gaap_InventoryRawMaterials $ 161,444us-gaap_InventoryRawMaterials
Work-in-process 60,758us-gaap_InventoryWorkInProcess 53,824us-gaap_InventoryWorkInProcess
Finished goods 264,099us-gaap_InventoryFinishedGoods 244,282us-gaap_InventoryFinishedGoods
Inventory Reserves (36,307)us-gaap_InventoryValuationReserves (39,075)us-gaap_InventoryValuationReserves
Inventory, net of reserves $ 470,444us-gaap_InventoryNet $ 420,475us-gaap_InventoryNet
v2.4.1.9
Earnings Per Share (Computation of Basic and Diluted Net Income Per Share) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 28, 2015
Mar. 29, 2014
Numerator:    
Numerator for basic and diluted net income per share - net income $ 66,793us-gaap_NetIncomeLoss $ 118,818us-gaap_NetIncomeLoss
Denominator:    
Denominator for basic net income per share - weighted-average common shares 191,762us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 195,090us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units 579us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements 770us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
Denominator for diluted net income per share - adjusted weighted-average common shares 192,341us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 195,860us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
Basic net income per share $ 0.35us-gaap_EarningsPerShareBasic $ 0.61us-gaap_EarningsPerShareBasic
Diluted net income per share $ 0.35us-gaap_EarningsPerShareDiluted $ 0.61us-gaap_EarningsPerShareDiluted
v2.4.1.9
Earnings Per Share (Additional Information) (Details)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 28, 2015
Mar. 29, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive stock options, stock appreciation rights and restricted stock units 2,229us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount 4,380us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
Shares issued as a result of exercises of equity awards 37us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross 242us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensationGross
v2.4.1.9
Segment Information (Net Sales Operating Income and Income Before Taxes for Reportable Segments) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 28, 2015
Mar. 29, 2014
Segment Reporting Information [Line Items]    
Net sales $ 585,394us-gaap_SalesRevenueNet $ 583,221us-gaap_SalesRevenueNet
Operating income 111,698us-gaap_OperatingIncomeLoss 120,369us-gaap_OperatingIncomeLoss
Income (loss) before taxes 76,196us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 142,467us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Outdoor    
Segment Reporting Information [Line Items]    
Net sales 75,915us-gaap_SalesRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_OutdoorMember
83,985us-gaap_SalesRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_OutdoorMember
Operating income 23,834us-gaap_OperatingIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_OutdoorMember
23,683us-gaap_OperatingIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_OutdoorMember
Income (loss) before taxes 21,777us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_OutdoorMember
28,103us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_OutdoorMember
Fitness    
Segment Reporting Information [Line Items]    
Net sales 130,994us-gaap_SalesRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_FitnessMember
100,288us-gaap_SalesRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_FitnessMember
Operating income 34,638us-gaap_OperatingIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_FitnessMember
33,512us-gaap_OperatingIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_FitnessMember
Income (loss) before taxes 28,349us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_FitnessMember
37,522us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_FitnessMember
Marine    
Segment Reporting Information [Line Items]    
Net sales 64,297us-gaap_SalesRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_MarineSystemsMember
60,002us-gaap_SalesRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_MarineSystemsMember
Operating income 4,566us-gaap_OperatingIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_MarineSystemsMember
3,810us-gaap_OperatingIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_MarineSystemsMember
Income (loss) before taxes 2,711us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_MarineSystemsMember
6,645us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_MarineSystemsMember
Auto/Mobile    
Segment Reporting Information [Line Items]    
Net sales 216,126us-gaap_SalesRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_AutomotiveMobileMember
242,952us-gaap_SalesRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_AutomotiveMobileMember
Operating income 22,480us-gaap_OperatingIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_AutomotiveMobileMember
30,564us-gaap_OperatingIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_AutomotiveMobileMember
Income (loss) before taxes (453)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_AutomotiveMobileMember
40,148us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_AutomotiveMobileMember
Aviation    
Segment Reporting Information [Line Items]    
Net sales 98,062us-gaap_SalesRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_AviationMember
95,994us-gaap_SalesRevenueNet
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_AviationMember
Operating income 26,180us-gaap_OperatingIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_AviationMember
28,800us-gaap_OperatingIncomeLoss
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_AviationMember
Income (loss) before taxes $ 23,812us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_AviationMember
$ 30,049us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
/ us-gaap_StatementBusinessSegmentsAxis
= grmn_AviationMember
v2.4.1.9
Segment Information (Net Sales and Property and Equipment Net by Geographic Area) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 28, 2015
Mar. 29, 2014
Dec. 27, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales to external customers $ 585,394us-gaap_SalesRevenueNet $ 583,221us-gaap_SalesRevenueNet  
Property and equipment, net 436,104us-gaap_PropertyPlantAndEquipmentNet 417,164us-gaap_PropertyPlantAndEquipmentNet 430,887us-gaap_PropertyPlantAndEquipmentNet
Americas      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales to external customers 305,261us-gaap_SalesRevenueNet
/ grmn_RegionReportingInformationByRegionAxis
= us-gaap_AmericasMember
304,808us-gaap_SalesRevenueNet
/ grmn_RegionReportingInformationByRegionAxis
= us-gaap_AmericasMember
 
Property and equipment, net 276,605us-gaap_PropertyPlantAndEquipmentNet
/ grmn_RegionReportingInformationByRegionAxis
= us-gaap_AmericasMember
243,726us-gaap_PropertyPlantAndEquipmentNet
/ grmn_RegionReportingInformationByRegionAxis
= us-gaap_AmericasMember
 
Asia Pacific      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales to external customers 71,782us-gaap_SalesRevenueNet
/ grmn_RegionReportingInformationByRegionAxis
= us-gaap_AsiaPacificMember
57,810us-gaap_SalesRevenueNet
/ grmn_RegionReportingInformationByRegionAxis
= us-gaap_AsiaPacificMember
 
Property and equipment, net 111,544us-gaap_PropertyPlantAndEquipmentNet
/ grmn_RegionReportingInformationByRegionAxis
= us-gaap_AsiaPacificMember
119,850us-gaap_PropertyPlantAndEquipmentNet
/ grmn_RegionReportingInformationByRegionAxis
= us-gaap_AsiaPacificMember
 
Europe, Middle East and Africa      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales to external customers 208,351us-gaap_SalesRevenueNet
/ grmn_RegionReportingInformationByRegionAxis
= grmn_EuropeMiddleEastAndAfricaMember
220,603us-gaap_SalesRevenueNet
/ grmn_RegionReportingInformationByRegionAxis
= grmn_EuropeMiddleEastAndAfricaMember
 
Property and equipment, net $ 47,955us-gaap_PropertyPlantAndEquipmentNet
/ grmn_RegionReportingInformationByRegionAxis
= grmn_EuropeMiddleEastAndAfricaMember
$ 53,588us-gaap_PropertyPlantAndEquipmentNet
/ grmn_RegionReportingInformationByRegionAxis
= grmn_EuropeMiddleEastAndAfricaMember
 
v2.4.1.9
Warranty Reserves (Changes in Aggregate Warranty Reserve) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 28, 2015
Mar. 29, 2014
Dec. 27, 2014
Product Liability Contingency [Line Items]      
Balance - beginning of the period $ 27,609us-gaap_ProductWarrantyAccrualClassifiedCurrent $ 26,767us-gaap_ProductWarrantyAccrualClassifiedCurrent $ 27,609us-gaap_ProductWarrantyAccrualClassifiedCurrent
Accrual for products sold 6,742us-gaap_ProductWarrantyAccrualWarrantiesIssued 9,485us-gaap_ProductWarrantyAccrualWarrantiesIssued  
Expenditures (10,485)us-gaap_ProductWarrantyAccrualPayments (11,236)us-gaap_ProductWarrantyAccrualPayments  
Balance - end of the period $ 23,866us-gaap_ProductWarrantyAccrualClassifiedCurrent $ 25,016us-gaap_ProductWarrantyAccrualClassifiedCurrent $ 27,609us-gaap_ProductWarrantyAccrualClassifiedCurrent
v2.4.1.9
Commitments and Contingencies (Additional Information) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 28, 2015
Commitments to make purchases, time period 5 years
Purchase Commitment, Remaining Minimum Amount Committed $ 372,852us-gaap_PurchaseCommitmentRemainingMinimumAmountCommitted
Prepaid Supplies $ 43,000us-gaap_Supplies
v2.4.1.9
Income Taxes (Additional Information) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 28, 2015
Mar. 29, 2014
Income Tax Contingency [Line Items]    
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations $ 5,287us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations $ 5,795us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
Increase (Decrease) in Income Taxes 14,246us-gaap_IncreaseDecreaseInIncomeTaxes  
Income Tax Expense Benefit $ 9,403us-gaap_IncomeTaxExpenseBenefit $ 23,649us-gaap_IncomeTaxExpenseBenefit
Effective Income Tax Rate Reconciliation, Percent 12.30%us-gaap_EffectiveIncomeTaxRateContinuingOperations 16.60%us-gaap_EffectiveIncomeTaxRateContinuingOperations
v2.4.1.9
Marketable Securities (Available for Sale Securities Measured at Estimated Fair Value on Recurring Basis) (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 28, 2015
Dec. 27, 2014
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total $ 1,529,314us-gaap_AvailableForSaleSecurities $ 1,575,333us-gaap_AvailableForSaleSecurities [1]
U.S. Treasury securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 27,369us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
30,144us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
[1]
Agency Securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 327,160us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_AgencySecuritiesMember
428,320us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_AgencySecuritiesMember
[1]
Mortgage-backed securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 380,535us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
324,307us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
[1]
Corporate securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 572,211us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember
594,402us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember
[1]
Municipal securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 153,617us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
125,410us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
[1]
Other    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 68,422us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= grmn_OtherSecurityMember
72,750us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= grmn_OtherSecurityMember
[1]
Level 1    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
[1]
Level 1 | U.S. Treasury securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
[1]
Level 1 | Agency Securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_AgencySecuritiesMember
0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_AgencySecuritiesMember
[1]
Level 1 | Mortgage-backed securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
[1]
Level 1 | Corporate securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember
0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember
[1]
Level 1 | Municipal securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
[1]
Level 1 | Other    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_InvestmentTypeAxis
= grmn_OtherSecurityMember
0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel1Member
/ us-gaap_InvestmentTypeAxis
= grmn_OtherSecurityMember
[1]
Level 2    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 1,529,314us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
1,575,333us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
[1]
Level 2 | U.S. Treasury securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 27,369us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
30,144us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
[1]
Level 2 | Agency Securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 327,160us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_AgencySecuritiesMember
428,320us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_AgencySecuritiesMember
[1]
Level 2 | Mortgage-backed securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 380,535us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
324,307us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
[1]
Level 2 | Corporate securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 572,211us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember
594,402us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember
[1]
Level 2 | Municipal securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 153,617us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
125,410us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
[1]
Level 2 | Other    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 68,422us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_InvestmentTypeAxis
= grmn_OtherSecurityMember
72,750us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel2Member
/ us-gaap_InvestmentTypeAxis
= grmn_OtherSecurityMember
[1]
Level 3    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
[1]
Level 3 | U.S. Treasury securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
[1]
Level 3 | Agency Securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_AgencySecuritiesMember
0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_AgencySecuritiesMember
[1]
Level 3 | Mortgage-backed securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
[1]
Level 3 | Corporate securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember
0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateBondSecuritiesMember
[1]
Level 3 | Municipal securities    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
[1]
Level 3 | Other    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total $ 0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_InvestmentTypeAxis
= grmn_OtherSecurityMember
$ 0us-gaap_AvailableForSaleSecurities
/ us-gaap_FairValueByFairValueHierarchyLevelAxis
= us-gaap_FairValueInputsLevel3Member
/ us-gaap_InvestmentTypeAxis
= grmn_OtherSecurityMember
[1]
[1] Certain available-for-sale securities held as of December 27, 2014 have been reclassified among major security types to conform to the current year presentation. These reclassifications had no effect on fair value measurement.
v2.4.1.9
Marketable Securities (Classified as Available-For-Sale Securities) (Detail) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 28, 2015
Dec. 27, 2014
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost $ 1,536,457us-gaap_AvailableForSaleSecuritiesAmortizedCost $ 1,594,764us-gaap_AvailableForSaleSecuritiesAmortizedCost [1]
Gross Unrealized Gains 2,942us-gaap_AvailableForSaleSecuritiesGrossUnrealizedGains 2,020us-gaap_AvailableForSaleSecuritiesGrossUnrealizedGains [1]
Gross Unrealized Losses-OTTI (6,027)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities [2] (13,031)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities [1],[2]
Gross Unrealized Losses-Other (4,058)us-gaap_AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments [3] (8,420)us-gaap_AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments [1],[3]
Estimated Fair Value (Net Carrying Amount) 1,529,314us-gaap_AvailableForSaleSecurities 1,575,333us-gaap_AvailableForSaleSecurities [1]
U.S. Treasury securities    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 27,185us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
30,185us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
[1]
Gross Unrealized Gains 186us-gaap_AvailableForSaleSecuritiesGrossUnrealizedGains
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
26us-gaap_AvailableForSaleSecuritiesGrossUnrealizedGains
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
[1]
Gross Unrealized Losses-OTTI 0us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
[2] (25)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
[1],[2]
Gross Unrealized Losses-Other (2)us-gaap_AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
[3] (42)us-gaap_AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
[1],[3]
Estimated Fair Value (Net Carrying Amount) 27,369us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
30,144us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
[1]
Agency securities    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 330,109us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_USGovernmentAgenciesDebtSecuritiesMember
436,817us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_USGovernmentAgenciesDebtSecuritiesMember
[1]
Gross Unrealized Gains 531us-gaap_AvailableForSaleSecuritiesGrossUnrealizedGains
/ us-gaap_InvestmentTypeAxis
= us-gaap_USGovernmentAgenciesDebtSecuritiesMember
169us-gaap_AvailableForSaleSecuritiesGrossUnrealizedGains
/ us-gaap_InvestmentTypeAxis
= us-gaap_USGovernmentAgenciesDebtSecuritiesMember
[1]
Gross Unrealized Losses-OTTI (3,242)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_USGovernmentAgenciesDebtSecuritiesMember
[2] (8,259)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_USGovernmentAgenciesDebtSecuritiesMember
[1],[2]
Gross Unrealized Losses-Other (238)us-gaap_AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
/ us-gaap_InvestmentTypeAxis
= us-gaap_USGovernmentAgenciesDebtSecuritiesMember
[3] (407)us-gaap_AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
/ us-gaap_InvestmentTypeAxis
= us-gaap_USGovernmentAgenciesDebtSecuritiesMember
[1],[3]
Estimated Fair Value (Net Carrying Amount) 327,160us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_USGovernmentAgenciesDebtSecuritiesMember
428,320us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_USGovernmentAgenciesDebtSecuritiesMember
[1]
Mortgage-backed securities    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 382,676us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
329,048us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
[1]
Gross Unrealized Gains 953us-gaap_AvailableForSaleSecuritiesGrossUnrealizedGains
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
580us-gaap_AvailableForSaleSecuritiesGrossUnrealizedGains
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
[1]
Gross Unrealized Losses-OTTI (1,076)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
[2] (1,813)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
[1],[2]
Gross Unrealized Losses-Other (2,018)us-gaap_AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
[3] (3,508)us-gaap_AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
[1],[3]
Estimated Fair Value (Net Carrying Amount) 380,535us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
324,307us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
[1]
Corporate securities    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 574,513us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateDebtSecuritiesMember
600,674us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateDebtSecuritiesMember
[1]
Gross Unrealized Gains 744us-gaap_AvailableForSaleSecuritiesGrossUnrealizedGains
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateDebtSecuritiesMember
689us-gaap_AvailableForSaleSecuritiesGrossUnrealizedGains
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateDebtSecuritiesMember
[1]
Gross Unrealized Losses-OTTI (1,690)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateDebtSecuritiesMember
[2] (2,874)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateDebtSecuritiesMember
[1],[2]
Gross Unrealized Losses-Other (1,356)us-gaap_AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateDebtSecuritiesMember
[3] (4,087)us-gaap_AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateDebtSecuritiesMember
[1],[3]
Estimated Fair Value (Net Carrying Amount) 572,211us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateDebtSecuritiesMember
594,402us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateDebtSecuritiesMember
[1]
Municipal securities    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 153,513us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
125,183us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
[1]
Gross Unrealized Gains 515us-gaap_AvailableForSaleSecuritiesGrossUnrealizedGains
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
497us-gaap_AvailableForSaleSecuritiesGrossUnrealizedGains
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
[1]
Gross Unrealized Losses-OTTI (5)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
[2] (48)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
[1],[2]
Gross Unrealized Losses-Other (406)us-gaap_AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
[3] (222)us-gaap_AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
[1],[3]
Estimated Fair Value (Net Carrying Amount) 153,617us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
125,410us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalNotesMember
[1]
Other    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 68,461us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_OtherDebtSecuritiesMember
72,857us-gaap_AvailableForSaleSecuritiesAmortizedCost
/ us-gaap_InvestmentTypeAxis
= us-gaap_OtherDebtSecuritiesMember
[1]
Gross Unrealized Gains 13us-gaap_AvailableForSaleSecuritiesGrossUnrealizedGains
/ us-gaap_InvestmentTypeAxis
= us-gaap_OtherDebtSecuritiesMember
59us-gaap_AvailableForSaleSecuritiesGrossUnrealizedGains
/ us-gaap_InvestmentTypeAxis
= us-gaap_OtherDebtSecuritiesMember
[1]
Gross Unrealized Losses-OTTI (14)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_OtherDebtSecuritiesMember
[2] (12)us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_OtherDebtSecuritiesMember
[1],[2]
Gross Unrealized Losses-Other (38)us-gaap_AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
/ us-gaap_InvestmentTypeAxis
= us-gaap_OtherDebtSecuritiesMember
[3] (154)us-gaap_AvailableforsaleSecuritiesGrossRealizedLossesExcludingOtherThanTemporaryImpairments
/ us-gaap_InvestmentTypeAxis
= us-gaap_OtherDebtSecuritiesMember
[1],[3]
Estimated Fair Value (Net Carrying Amount) $ 68,422us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_OtherDebtSecuritiesMember
$ 72,750us-gaap_AvailableForSaleSecurities
/ us-gaap_InvestmentTypeAxis
= us-gaap_OtherDebtSecuritiesMember
[1]
[1] Certain available-for-sale securities held as of December 27, 2014 have been reclassified among major security types to conform to the current year presentation. These reclassifications had no effect on fair value measurement.
[2] Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired.
[3] Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.
v2.4.1.9
Marketable Securities (Schedule of Available-for-sale-securities Unrealized Loss on Investments) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 28, 2015
Gross Unrealized Losses  
Gross Unrealized Losses Less than 12 Consecutive Months $ (3,344)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
Gross Unrealized Losses 12 Consecutive Months or Longer (6,741)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses
Fair Value  
Fair Value Less than 12 Consecutive Months 548,256us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
Fair Value 12 Consecutive Months or Longer 404,108us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
Mortgage-backed securities  
Gross Unrealized Losses  
Gross Unrealized Losses Less than 12 Consecutive Months (1,476)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
Gross Unrealized Losses 12 Consecutive Months or Longer (1,618)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
Fair Value  
Fair Value Less than 12 Consecutive Months 175,026us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
Fair Value 12 Consecutive Months or Longer 85,274us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_MortgageBackedSecuritiesMember
Corporate securities  
Gross Unrealized Losses  
Gross Unrealized Losses Less than 12 Consecutive Months (1,253)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateDebtSecuritiesMember
Gross Unrealized Losses 12 Consecutive Months or Longer (1,793)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateDebtSecuritiesMember
Fair Value  
Fair Value Less than 12 Consecutive Months 264,951us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateDebtSecuritiesMember
Fair Value 12 Consecutive Months or Longer 91,093us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_CorporateDebtSecuritiesMember
Other  
Gross Unrealized Losses  
Gross Unrealized Losses Less than 12 Consecutive Months (10)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_OtherDebtSecuritiesMember
Gross Unrealized Losses 12 Consecutive Months or Longer (42)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_OtherDebtSecuritiesMember
Fair Value  
Fair Value Less than 12 Consecutive Months 14,866us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_OtherDebtSecuritiesMember
Fair Value 12 Consecutive Months or Longer 13,527us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_OtherDebtSecuritiesMember
US Treasury Securities  
Gross Unrealized Losses  
Gross Unrealized Losses Less than 12 Consecutive Months (2)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
Gross Unrealized Losses 12 Consecutive Months or Longer 0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
Fair Value  
Fair Value Less than 12 Consecutive Months 4,777us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
Fair Value 12 Consecutive Months or Longer 0us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_USTreasurySecuritiesMember
Agency Securities  
Gross Unrealized Losses  
Gross Unrealized Losses Less than 12 Consecutive Months (221)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_AgencySecuritiesMember
Gross Unrealized Losses 12 Consecutive Months or Longer (3,259)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_AgencySecuritiesMember
Fair Value  
Fair Value Less than 12 Consecutive Months 36,997us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_AgencySecuritiesMember
Fair Value 12 Consecutive Months or Longer 204,858us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_AgencySecuritiesMember
Municipal securities  
Gross Unrealized Losses  
Gross Unrealized Losses Less than 12 Consecutive Months (382)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalBondsMember
Gross Unrealized Losses 12 Consecutive Months or Longer (29)us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalBondsMember
Fair Value  
Fair Value Less than 12 Consecutive Months 51,639us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalBondsMember
Fair Value 12 Consecutive Months or Longer $ 9,356us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
/ us-gaap_InvestmentTypeAxis
= us-gaap_MunicipalBondsMember
v2.4.1.9
Marketable Securities (Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity) (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 28, 2015
Dec. 27, 2014
Cost    
Due in one year or less $ 269,931us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost  
Due after one year through five years 960,640us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost  
Due after five years through ten years 213,954us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost  
Due after ten years 91,932us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost  
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Total 1,536,457us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis  
Estimated Fair Value    
Due in one year or less 270,212us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue  
Due after one year through five years 958,255us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue  
Due after five years through ten years 210,294us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue  
Due after ten years 90,553us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue  
Estimated Fair Value (Net Carrying Amount) $ 1,529,314us-gaap_AvailableForSaleSecurities $ 1,575,333us-gaap_AvailableForSaleSecurities [1]
[1] Certain available-for-sale securities held as of December 27, 2014 have been reclassified among major security types to conform to the current year presentation. These reclassifications had no effect on fair value measurement.
v2.4.1.9
Marketable Securities (Additional Information) (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 28, 2015
Held To Maturity Securities Continuous Unrealized Loss Position Percentage 43.00%grmn_HeldToMaturitySecuritiesContinuousUnrealizedLossPositionPercentage
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total $ 952,364us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
Available For Sale Securities Continuous Unrealized Loss Position Amortization Cost $ 962,449grmn_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAmortizationCost
v2.4.1.9
Share Repurchase Plan (Additional Information) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 28, 2015
Feb. 13, 2015
Accelerated Share Repurchases [Line Items]    
Share repurchase program, shares repurchased 331us-gaap_StockRepurchasedDuringPeriodShares  
Share repurchase program, shares repurchased value $ 16,260us-gaap_StockRepurchasedDuringPeriodValue  
Stock Repurchase Program, Authorized Amount   300,000us-gaap_StockRepurchaseProgramAuthorizedAmount1
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 283,740us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1  
v2.4.1.9
Accumulated Other Comprehensive Income (Changes in Accumulated Other Comprehensive Income) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 28, 2015
Mar. 29, 2014
Foreign Currency Translation Adjustment    
Balance - beginning of period $ 20,874us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax  
Other comprehensive income before reclassification 2,755us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax (15,518)us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
Amounts reclassified from accumulated other comprehensive income 0us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax  
Net current-period other comprehensive income 2,755us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent  
Balance - end of period 23,629us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax  
Gross unrealized losses on available-for-sale securities-OTTI    
Balance - beginning of period (13,031)us-gaap_AccumulatedOtherComprehensiveIncomeLossOtherThanTemporaryImpairmentNotCreditLossNetOfTaxAvailableforsaleDebtSecurities [1]  
Other comprehensive income before reclassification 7,004us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsAndTax [1]  
Amounts reclassified from accumulated other comprehensive income 0us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax [1]  
Net current-period other comprehensive income 7,004us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent [1]  
Balance - end of period (6,027)us-gaap_AccumulatedOtherComprehensiveIncomeLossOtherThanTemporaryImpairmentNotCreditLossNetOfTaxAvailableforsaleDebtSecurities [1]  
Net unrealized gains (losses) on available-for-sale securities-Other    
Balance - beginning of period (5,272)us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax [2]  
Other comprehensive income before reclassification 4,567us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax [2]  
Amounts reclassified from accumulated other comprehensive income (322)us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax [2]  
Net current-period other comprehensive income 4,245us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent [2]  
Balance - end of period (1,027)us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax [2]  
Total    
Balance - beginning of period 2,571us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax  
Other comprehensive income before reclassification 14,326us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax  
Amounts reclassified from accumulated other comprehensive income (322)us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax  
Net current-period other comprehensive income 14,004us-gaap_OtherComprehensiveIncomeLossNetOfTax  
Balance - end of period $ 16,575us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax  
[1] Represents the change in impairment, not related to credit, for those investment securities that have been determined to be other-than- temporarily impaired.
[2] Represents the change in unrealized gains (losses) on investment securities that have not been determined to be other-than-temporarily impaired.
v2.4.1.9
Accumulated Other Comprehensive Income (Reclassifications Out of AOCI) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 28, 2015
Mar. 29, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]    
Other income $ (35,502)us-gaap_NonoperatingIncomeExpense $ 22,098us-gaap_NonoperatingIncomeExpense
Income tax provision (9,403)us-gaap_IncomeTaxExpenseBenefit (23,649)us-gaap_IncomeTaxExpenseBenefit
Unrealized gains (losses) on available-for-sale securities [Member] | Amount Reclassified from Accumulated Other Comprehensive Income [Member]    
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]    
Other income 340us-gaap_NonoperatingIncomeExpense
/ us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis
= us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember
 
Income tax provision (18)us-gaap_IncomeTaxExpenseBenefit
/ us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis
= us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember
 
Net of tax $ 322us-gaap_ProfitLoss
/ us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis
= us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember