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Document And Entity Information - shares
 6 Months Ended
Jun. 27, 2015
Jul. 27, 2015
Document And Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 27, 2015  
Document Fiscal Year Focus 2015  
Document Fiscal Period Focus Q2  
Entity Registrant Name GARMIN LTD  
Entity Central Index Key 0001121788  
Current Fiscal Year End Date --12-27  
Entity Filer Category Large Accelerated Filer  
Trading Symbol GRMN  
Entity Common Stock, Shares Outstanding   208,077,418
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 27, 2015
Dec. 27, 2014
Current assets:    
Cash and cash equivalents $ 938,183 $ 1,196,268
Marketable securities 199,007 167,989
Accounts receivable, net 502,034 570,191
Inventories, net 458,451 420,475
Deferred income taxes 53,858 56,102
Deferred costs 48,033 51,336
Prepaid expenses and other current assets 83,730 48,615
Total current assets 2,283,296 2,510,976
Property and equipment, net 445,672 430,887
Marketable securities 1,309,405 1,407,344
Restricted cash 279 308
Noncurrent deferred income tax 67,246 67,712
Noncurrent deferred costs 32,504 36,140
Intangible assets, net 222,968 218,083
Other assets 62,039 21,853
Total assets 4,423,409 4,693,303
Current liabilities:    
Accounts payable 146,088 149,094
Salaries and benefits payable 55,185 62,764
Accrued warranty costs 26,101 27,609
Accrued sales program costs 40,924 58,934
Deferred revenue 174,365 203,598
Accrued royalty costs 9,509 51,889
Accrued advertising expense 29,762 26,334
Other accrued expenses 76,003 67,780
Deferred income taxes 3,848 17,673
Income taxes payable 10,609 182,260
Dividend payable 389,287 185,326
Total current liabilities 961,681 1,033,261
Deferred income taxes 41,628 39,497
Non-current income taxes 85,436 80,611
Non-current deferred revenue 124,625 135,130
Other liabilities 1,534 1,437
Stockholders' equity:    
Shares, CHF 10 par value, 208,077 shares authorized and issued; 190,936 shares outstanding at June 27, 2015 and 191,815 shares outstanding at December 27, 2014 1,797,435 1,797,435
Additional paid-in capital 85,233 73,521
Treasury stock (374,839) (330,132)
Retained earnings 1,676,601 1,859,972
Accumulated other comprehensive income 24,075 2,571
Total stockholders' equity 3,208,505 3,403,367
Total liabilities and stockholders' equity $ 4,423,409 $ 4,693,303
Condensed Consolidated Balance Sheets (Parenthetical) - SFr / shares
Jun. 27, 2015
Dec. 27, 2014
Statement of Financial Position [Abstract]    
Shares, par value SFr 10 SFr 10
Shares, shares authorized 208,077 208,077
Shares, shares issued 208,077 208,077
Shares, shares outstanding 190,936 191,815
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2015
Jun. 28, 2014
Jun. 27, 2015
Jun. 28, 2014
Income Statement [Abstract]        
Net sales $ 773,830 $ 777,848 $ 1,359,224 $ 1,361,069
Cost of goods sold 354,580 333,363 595,852 585,750
Gross profit 419,250 444,485 763,372 775,319
Advertising expense 45,794 34,918 73,466 59,346
Selling, general and administrative expense 97,552 92,409 196,302 182,282
Research and development expense 109,240 98,404 215,242 194,568
Total operating expense 252,586 225,731 485,010 436,196
Operating income 166,664 218,754 278,362 339,123
Other income (expense):        
Interest income 7,420 9,670 15,444 19,437
Foreign currency gains (losses) (487) (20,378) (44,751) (7,563)
Other income (loss) (39) 674 698 190
Total other income (expense) 6,894 (10,034) (28,609) 12,064
Income before income taxes 173,558 208,720 249,753 351,187
Income tax provision 35,805 26,737 45,208 50,387
Net income $ 137,753 $ 181,983 $ 204,545 $ 300,800
Net income per share:        
Basic $ 0.72 $ 0.94 $ 1.07 $ 1.55
Diluted $ 0.72 $ 0.93 $ 1.07 $ 1.54
Weighted average common shares outstanding:        
Basic 191,101 193,771 191,432 194,431
Diluted 191,600 194,955 191,939 195,464
Dividends declared per share $ 2.04 $ 1.92 $ 2.04 $ 1.92
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2015
Jun. 28, 2014
Jun. 27, 2015
Jun. 28, 2014
Statement of Comprehensive Income [Abstract]        
Net income $ 137,753 $ 181,983 $ 204,545 $ 300,800
Foreign currency translation adjustment 17,716 22,757 20,471 7,239
Change in fair value of available-for-sale marketable securities, net of deferred taxes (10,216) 15,234 1,033 28,013
Comprehensive income $ 145,253 $ 219,974 $ 226,049 $ 336,052
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 27, 2015
Jun. 28, 2014
Operating Activities:    
Net income $ 204,545 $ 300,800
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 24,915 23,736
Amortization 13,215 13,722
Loss (gain) on sale of property and equipment 420 (662)
Provision for doubtful accounts (1,499) 2,383
Deferred income taxes (9,325) 3,071
Unrealized foreign currency loss 59,046 7,483
Provision for obsolete and slow moving inventories 6,569 16,414
Stock compensation expense 14,742 13,459
Realized (gain) loss on marketable securities (364) 192
Changes in operating assets and liabilities:    
Accounts receivable 60,016 65,317
Inventories (45,635) (61,812)
Other current and non-current assets (74,725) (4,291)
Accounts payable (7,084) (14,598)
Other current and non-current liabilities (53,808) (75,826)
Deferred revenue (38,836) (66,265)
Deferred cost 6,892 9,783
Income taxes payable (174,788) 2,446
Net cash (used by)/provided by operating activities (15,704) 235,352
Investing activities:    
Purchases of property and equipment (39,732) (36,761)
Proceeds from sale of property and equipment 665 669
Purchase of intangible assets (1,939) (1,556)
Purchase of marketable securities (480,090) (534,952)
Redemption of marketable securities 540,785 590,887
Proceeds from repayment on loan receivable 0 137,379
Change in restricted cash 29 (1)
Acquisitions, net of cash acquired (12,632) 0
Net cash provided by investing activities 7,086 155,665
Financing activities:    
Dividends paid (183,925) (175,574)
Purchase of treasury stock under share repurchase plan (57,295) (162,359)
Purchase of treasury stock related to equity awards (240) (11,249)
Proceeds from issuance of treasury stock related to equity awards 8,560 11,398
Tax benefit from issuance of equity awards 1,239 3,434
Net cash used in financing activities (231,661) (334,350)
Effect of exchange rate changes on cash and cash equivalents (17,806) (930)
Net decrease in cash and cash equivalents (258,085) 55,737
Cash and cash equivalents at beginning of period 1,196,268 1,179,149
Cash and cash equivalents at end of period $ 938,183 $ 1,234,886
Basis of Presentation
 6 Months Ended
Jun. 27, 2015
Business Description [Abstract]  
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 and 26-week periods ended June 27, 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 June 27, 2015 and June 28, 2014 both contain operating results for 13 weeks.
Inventories
 6 Months Ended
Jun. 27, 2015
Inventory Disclosure [Abstract]  
Inventories

2.    Inventories

 

The components of inventories consist of the following:

 

    June 27,     December 27,  
    2015     2014  
             
Raw materials   $ 190,974     $ 161,444  
Work-in-process     59,736       53,824  
Finished goods     244,662       244,282  
Inventory reservers     (36,921 )     (39,075 )
Inventory, net of reserves   $ 458,451     $ 420,475  
Earnings Per Share
 6 Months Ended
Jun. 27, 2015
Net income per share:  
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  
    June 27,     June 28,  
    2015     2014  
Numerator:                
 Numerator for basic and diluted net income per share - net income   $ 137,753     $ 181,983  
                 
Denominator:                
Denominator for basic net income per share – weighted-average common shares     191,101       193,771  
                 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units     499       1,184  
                 
Denominator for diluted net income per share – adjusted weighted-average common shares     191,600       194,955  
                 
Basic net income per share   $ 0.72     $ 0.94  
                 
Diluted net income per share   $ 0.72     $ 0.93  

 

    26-Weeks Ended  
    June 27,     June 28,  
    2015     2014  
Numerator:                
Numerator for basic and diluted net income per share - net income   $ 204,545     $ 300,800  
                 
Denominator:                
Denominator for basic net income per share – weighted-average common shares     191,432       194,431  
                 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units     507       1,033  
                 
Denominator for diluted net income per share – adjusted weighted-average common shares     191,939       195,464  
                 
Basic net income per share   $ 1.07     $ 1.55  
                 
Diluted net income per share   $ 1.07     $ 1.54  

 

There were 3,558 and 2,230 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) outstanding during the 13-week periods ended June 27, 2015 and June 28, 2014, respectively.

 

There were 3,598 and 2,277 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) outstanding during the 26-week periods ended June 27, 2015 and June 28, 2014, respectively.

 

There were 91 and 124 shares issued as a result of exercises and releases of equity awards for the 13-week periods ended June 27, 2015 and June 28, 2014, respectively.

 

There were 128 and 366 shares issued as a result of exercises and releases of equity awards for the 26-week periods ended June 27, 2015 and June 28, 2014, respectively.

 

There were 214 employee stock purchase plan (ESPP) shares issued from outstanding Treasury stock during the 13-week and 26-week periods ended June 27, 2015.
Segment Information
 6 Months Ended
Jun. 27, 2015
Segment Reporting [Abstract]  
Segment Information

4. Segment Information

 

The Company has identified five reportable segments – Auto, Aviation, Marine, Outdoor and Fitness. The Company’s Chief Operating Decision Maker (CODM), assesses segment performance and allocates resources to each segment individually.

 

During the fiscal quarter ended June 27, 2015, the measure of segment profit or loss used by the CODM to assess segment performance and allocate resources changed from income before income taxes to operating income. This change did not impact the measurement methods used to determine reported segment profit or loss in the 13-week and 26-week periods ended June 27, 2015 and June 28, 2014.

 

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

 

Garmin Ltd. And Subsidiaries

Net Sales, Gross Proft and Operating Income by Segment (Unaudited)

 

    Reportable Segments  
    Outdoor     Fitness     Marine     Auto     Aviation     Total  
                                     
13-Weeks Ended June 27, 2015                                                
                                                 
Net sales   $ 110,324     $ 158,649     $ 103,713     $ 298,878     $ 102,266     $ 773,830  
Gross profit   $ 66,946     $ 88,458     $ 58,577     $ 131,006     $ 74,263     $ 419,250  
Operating income   $ 37,417     $ 33,070     $ 23,901     $ 44,871     $ 27,405     $ 166,664  
                                                 
13-Weeks Ended June 28, 2014                                                
                                                 
Net sales   $ 106,059     $ 150,678     $ 73,780     $ 350,036     $ 97,295     $ 777,848  
Gross profit   $ 64,668     $ 98,063     $ 42,536     $ 167,593     $ 71,625     $ 444,485  
Operating income   $ 35,281     $ 62,872     $ 17,657     $ 74,642     $ 28,302     $ 218,754  
                                                 
26-Weeks Ended June 27, 2015                                                
                                                 
Net sales   $ 186,239     $ 289,644     $ 168,010     $ 515,004     $ 200,327     $ 1,359,224  
Gross profit   $ 117,166     $ 171,534     $ 94,090     $ 234,809     $ 145,773     $ 763,372  
Operating income   $ 61,250     $ 67,709     $ 28,468     $ 67,350     $ 53,585     $ 278,362  
                                                 
26-Weeks Ended June 28, 2014                                                
                                                 
Net sales   $ 190,044     $ 250,965     $ 133,783     $ 592,988     $ 193,289     $ 1,361,069  
Gross profit   $ 115,578     $ 162,148     $ 73,588     $ 281,384     $ 142,621     $ 775,319  
Operating income   $ 58,964     $ 96,384     $ 21,467     $ 105,206     $ 57,102     $ 339,123  

 

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 26-week periods ended June 27, 2015 and June 28, 2014. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa:

 

    Americas     APAC     EMEA     Total  
June 27, 2015                                
Net sales to external customers   $ 722,317     $ 154,102     $ 482,805     $ 1,359,224  
Property and equipment, net   $ 287,171     $ 110,524     $ 47,977     $ 445,672  
                                 
June 28, 2014                                
Net sales to external customers   $ 716,156     $ 123,883     $ 521,030     $ 1,361,069  
Property and equipment, net   $ 255,422     $ 120,369     $ 52,691     $ 428,482  
Warranty Reserves
 6 Months Ended
Jun. 27, 2015
Product Warranties Disclosures [Abstract]  
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  
    June 27,     June 28,  
    2015     2014  
             
Balance - beginning of period   $ 23,866     $ 25,016  
Accrual for products sold during the period     10,348       11,806  
Expenditures     (8,113 )     (9,473 )
Balance - end of period   $ 26,101     $ 27,349  

 

    26-Weeks Ended  
    June 27,     June 28,  
    2015     2014  
             
Balance - beginning of period   $ 27,609     $ 26,767  
Accrual for products sold during the period     17,090       21,291  
Expenditures     (18,598 )     (20,709 )
Balance - end of period   $ 26,101     $ 27,349  
Commitments and Contingencies
 6 Months Ended
Jun. 27, 2015
Commitments and Contingencies Disclosure [Abstract]  
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 $333,281 over the next five years. Subsequent to June 27, 2015, a portion of a commitment was satisfied with a $43,000 prepayment to a supplier, all 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 June 27, 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 June 27, 2015 that did not individually or in the aggregate have a material impact on the Company’s financial condition or results of operations.
Income Taxes
 6 Months Ended
Jun. 27, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

7. Income Taxes

 

The Company’s income tax expense increased by $9,068, to $35,805 for the 13-week period ended June 27, 2015, from $26,737 for the 13-week period ended June 28, 2014.  The effective tax rate was 20.6% in the second quarter of 2015 compared to 12.8% in the second quarter of 2014.  The second quarter 2015 effective tax rate increased compared to the second quarter 2014 due to the release of uncertain tax position reserves due to expiration of certain statutes of limitations or completion of tax audits reducing our expense by $1,637 and $5,190, respectively, in second quarter 2015 and second quarter 2014.  In addition, the second quarter 2015 effective tax rate increased as compared to second quarter 2014 due to the current projected full year income mix for 2015 compared to the same projection at second quarter of 2014.

 

Our income tax expense decreased by $5,179 to $45,208 for the first half of 2015, from $50,387 for the first half of 2014. The effective tax rate was 18.1% in the first half of 2015 compared to 14.3% in the first half of 2014. The first half 2015 effective tax rate increased as compared to first half of 2014 due to the release of uncertain tax position reserves due to expiration of certain statutes of limitations or completion of tax audits reducing our expense by $6,924 and $10,985, respectively, in the first half of 2015 and the first half of 2014. The first half 2015 effective tax rate increased as compared to first half 2014 primarily due to the current projected full year income mix for 2015 compared to the same projection at second quarter of 2014. 
Marketable Securities
 6 Months Ended
Jun. 27, 2015
Investments, Debt and Equity Securities [Abstract]  
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 June 27, 2015  
    Total     Level 1     Level 2     Level 3  
                         
U.S. Treasury securities   $ 27,255     $ -     $ 27,255     $ -  
Agency securities     255,200       -       255,200       -  
Mortgage-backed securities     404,838       -       404,838       -  
Corporate securities     532,555       -       532,555       -  
Municipal securities     215,846       -       215,846       -  
Other     72,718       -       72,718       -  
Total   $ 1,508,412     $ -     $ 1,508,412     $ -  

 

    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 June 27, 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   $ 27,194     $ 72     $ -     $ (10 )   $ 27,256  
Agency securities     261,054     119     (5,477 )     (496 )   255,200  
Mortgage-backed securities   411,376     342     (1,540 )   (5,340 )   404,838  
Corporate securities   537,232     291     (2,354 )   (2,614 )   532,555  
Municipal securities   216,967     318     (21 )   (1,418 )   215,846  
Other   72,750     12     (21 )   (24 )   72,717  
Total   $ 1,526,573     $ 1,154     $ (9,413 )   $ (9,902 )   $ 1,508,412  

  

    Available-For-Sale Securities as
of December 27, 2014 (3)		  
    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. During 2014 and the 26-week period ended June 27, 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 June 27, 2015 were $1,175,780 and $1,156,465, respectively. Approximately 56% of securities in our portfolio were at an unrealized loss position at June 27, 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 June 27, 2015.

 

    As of June 27, 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   $ (10 )   $ 6,158     $ -     $ -  
Agency securities   $ (519 )   $ 53,678     $ (5,455 )   $ 174,780  
Mortgage-backed securities   $ (4,337 )   $ 258,964     $ (2,543 )   $ 102,575  
Corporate securities   $ (2,397 )   $ 291,522     $ (2,571 )   $ 120,916  
Municipal securities   $ (1,362 )   $ 106,358     $ (77 )   $ 16,005  
Other   $ (21 )   $ 20,304     $ (24 )   $ 5,205  
Total   $ (8,646 )   $ 736,984     $ (10,670 )   $ 419,481  

 

The amortized cost and estimated fair value of marketable securities at June 27, 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   $ 198,988     $ 199,007  
Due after one year through five years     1,009,357       1,001,271  
Due after five years through ten years     230,612       223,721  
Due after ten years     87,616       84,413  
    $ 1,526,573     $ 1,508,412  
Share Repurchase Plan
 6 Months Ended
Jun. 27, 2015
Equity [Abstract]  
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 June 27, 2015, the Company had repurchased 1,221 shares using cash of $57,295.  There remains approximately $242,705 available to repurchase additional shares under this authorization.
Accumulated Other Comprehensive Income
 6 Months Ended
Jun. 27, 2015
Accumulated Other Comprehensive Income [Abstract]  
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 and the 26-week periods ended June 27, 2015:

 

    13-Weeks Ended June 27, 2015  
    Foreign Currency
Translation Adjustment		     Gross unrealized losses on
available-for-sale securities-
OTTI(4)		     Net unrealized
gains (losses) on
available-for-sale
securities-Other(5)		     Total  
Beginning Balance   $ 23,629     $ (6,027 )   $ (1,027 )   $ 16,575  
Other comprehensive income before reclassification     17,716       (3,387 )     (6,826 )     7,503  
Amounts reclassified from accumulated other comprehensive income     -       -       (3 )     (3 )
Net current-period other comprehensive income     17,716       (3,387 )     (6,829 )     7,500  
Ending Balance   $ 41,345     $ (9,414 )   $ (7,856 )   $ 24,075  

 

    26-Weeks Ended June 27, 2015  
    Foreign Currency
Translation Adjustment		     Gross unrealized losses on
available-for-sale securities-
OTTI(4)		     Net unrealized 
gains (losses) on
available-for-sale
securities-Other(5)		     Total  
Beginning Balance   $ 20,874     $ (13,031 )   $ (5,272 )   $ 2,571  
Other comprehensive income before reclassification     20,471       3,617       (2,258 )     21,830  
Amounts reclassified from accumulated other comprehensive income     -       -       (326 )     (326 )
Net current-period other comprehensive income     20,471       3,617       (2,584 )     21,504  
Ending Balance   $ 41,345     $ (9,414 )   $ (7,856 )   $ 24,075  

 

(4) Represents the change in impairment, not related to credit, for those investment securities that have been determined to be other-than- temporarily impaired.

(5) 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 and 26-week periods ended June 27, 2015:

  

13-Weeks Ended June 27, 2015
Details about accumulated other comprehensive income components   Amount reclassified from
accumulated other
comprehensive income		     Affected line item in the statement
where net income is presented
           
Unrealized gains (losses) on available-for-sale securities   $ 24     Other income (expense)
    $ (21 )   Income tax (provision) benefit
    $ 3     Net of tax

 

26-Weeks Ended June 27, 2015
Details about accumulated other
comprehensive income components		   Amount reclassified from
accumulated other
comprehensive income		     Affected line item in the statement
where net income is presented
           
Unrealized gains (losses) on available-for-sale securities   $ 364     Other income (expense)
    $ (38 )   Income tax (provision) benefit
    $ 326     Net of tax
Recently Issued Accounting Pronouncements
 6 Months Ended
Jun. 27, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
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, 2017 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.
Stock Compensation Plans
 6 Months Ended
Jun. 27, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
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 13-week or 26-week periods ended June 27, 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.
Inventories (Tables)
 6 Months Ended
Jun. 27, 2015
Inventory Disclosure [Abstract]  
Components of Inventories

The components of inventories consist of the following:

 

    June 27,     December 27,  
    2015     2014  
             
Raw materials   $ 190,974     $ 161,444  
Work-in-process     59,736       53,824  
Finished goods     244,662       244,282  
Inventory reservers     (36,921 )     (39,075 )
Inventory, net of reserves   $ 458,451     $ 420,475  
Earnings Per Share (Tables)
 6 Months Ended
Jun. 27, 2015
Net income per share:  
Computation of Basic and Diluted Net Income Per Share

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

 

    13-Weeks Ended  
    June 27,     June 28,  
    2015     2014  
Numerator:                
 Numerator for basic and diluted net income per share - net income   $ 137,753     $ 181,983  
                 
Denominator:                
Denominator for basic net income per share – weighted-average common shares     191,101       193,771  
                 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units     499       1,184  
                 
Denominator for diluted net income per share – adjusted weighted-average common shares     191,600       194,955  
                 
Basic net income per share   $ 0.72     $ 0.94  
                 
Diluted net income per share   $ 0.72     $ 0.93  

 

    26-Weeks Ended  
    June 27,     June 28,  
    2015     2014  
Numerator:                
Numerator for basic and diluted net income per share - net income   $ 204,545     $ 300,800  
                 
Denominator:                
Denominator for basic net income per share – weighted-average common shares     191,432       194,431  
                 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units     507       1,033  
                 
Denominator for diluted net income per share – adjusted weighted-average common shares     191,939       195,464  
                 
Basic net income per share   $ 1.07     $ 1.55  
                 
Diluted net income per share   $ 1.07     $ 1.54  
Segment Information (Tables)
 6 Months Ended
Jun. 27, 2015
Segment Reporting [Abstract]  
Revenues, Interest Income and Interest Expense, and Income before Income Taxes for Reportable Segments

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

 

Garmin Ltd. And Subsidiaries

Net Sales, Gross Proft and Operating Income by Segment (Unaudited)

 

    Reportable Segments  
    Outdoor     Fitness     Marine     Auto     Aviation     Total  
                                     
13-Weeks Ended June 27, 2015                                                
                                                 
Net sales   $ 110,324     $ 158,649     $ 103,713     $ 298,878     $ 102,266     $ 773,830  
Gross profit   $ 66,946     $ 88,458     $ 58,577     $ 131,006     $ 74,263     $ 419,250  
Operating income   $ 37,417     $ 33,070     $ 23,901     $ 44,871     $ 27,405     $ 166,664  
                                                 
13-Weeks Ended June 28, 2014                                                
                                                 
Net sales   $ 106,059     $ 150,678     $ 73,780     $ 350,036     $ 97,295     $ 777,848  
Gross profit   $ 64,668     $ 98,063     $ 42,536     $ 167,593     $ 71,625     $ 444,485  
Operating income   $ 35,281     $ 62,872     $ 17,657     $ 74,642     $ 28,302     $ 218,754  
                                                 
26-Weeks Ended June 27, 2015                                                
                                                 
Net sales   $ 186,239     $ 289,644     $ 168,010     $ 515,004     $ 200,327     $ 1,359,224  
Gross profit   $ 117,166     $ 171,534     $ 94,090     $ 234,809     $ 145,773     $ 763,372  
Operating income   $ 61,250     $ 67,709     $ 28,468     $ 67,350     $ 53,585     $ 278,362  
                                                 
26-Weeks Ended June 28, 2014                                                
                                                 
Net sales   $ 190,044     $ 250,965     $ 133,783     $ 592,988     $ 193,289     $ 1,361,069  
Gross profit   $ 115,578     $ 162,148     $ 73,588     $ 281,384     $ 142,621     $ 775,319  
Operating income   $ 58,964     $ 96,384     $ 21,467     $ 105,206     $ 57,102     $ 339,123  
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 26-week periods ended June 27, 2015 and June 28, 2014. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa:

 

    Americas     APAC     EMEA     Total  
June 27, 2015                                
Net sales to external customers   $ 722,317     $ 154,102     $ 482,805     $ 1,359,224  
Property and equipment, net   $ 287,171     $ 110,524     $ 47,977     $ 445,672  
                                 
June 28, 2014                                
Net sales to external customers   $ 716,156     $ 123,883     $ 521,030     $ 1,361,069  
Property and equipment, net   $ 255,422     $ 120,369     $ 52,691     $ 428,482  
Warranty Reserves (Tables)
 6 Months Ended
Jun. 27, 2015
Product Warranties Disclosures [Abstract]  
Schedule of Product Warranty Liability

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

 

    13-Weeks Ended  
    June 27,     June 28,  
    2015     2014  
             
Balance - beginning of period   $ 23,866     $ 25,016  
Accrual for products sold during the period     10,348       11,806  
Expenditures     (8,113 )     (9,473 )
Balance - end of period   $ 26,101     $ 27,349  

 

    26-Weeks Ended  
    June 27,     June 28,  
    2015     2014  
             
Balance - beginning of period   $ 27,609     $ 26,767  
Accrual for products sold during the period     17,090       21,291  
Expenditures     (18,598 )     (20,709 )
Balance - end of period   $ 26,101     $ 27,349  
Marketable Securities (Tables)
 6 Months Ended
Jun. 27, 2015
Investments, Debt and Equity Securities [Abstract]  
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 June 27, 2015  
    Total     Level 1     Level 2     Level 3  
                         
U.S. Treasury securities   $ 27,255     $ -     $ 27,255     $ -  
Agency securities     255,200       -       255,200       -  
Mortgage-backed securities     404,838       -       404,838       -  
Corporate securities     532,555       -       532,555       -  
Municipal securities     215,846       -       215,846       -  
Other     72,718       -       72,718       -  
Total   $ 1,508,412     $ -     $ 1,508,412     $ -  

 

    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 June 27, 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   $ 27,194     $ 72     $ -     $ (10 )   $ 27,256  
Agency securities     261,054     119     (5,477 )     (496 )   255,200  
Mortgage-backed securities   411,376     342     (1,540 )   (5,340 )   404,838  
Corporate securities   537,232     291     (2,354 )   (2,614 )   532,555  
Municipal securities   216,967     318     (21 )   (1,418 )   215,846  
Other   72,750     12     (21 )   (24 )   72,717  
Total   $ 1,526,573     $ 1,154     $ (9,413 )   $ (9,902 )   $ 1,508,412  

  

    Available-For-Sale Securities as
of December 27, 2014 (3)		  
    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 June 27, 2015.

 

    As of June 27, 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   $ (10 )   $ 6,158     $ -     $ -  
Agency securities   $ (519 )   $ 53,678     $ (5,455 )   $ 174,780  
Mortgage-backed securities   $ (4,337 )   $ 258,964     $ (2,543 )   $ 102,575  
Corporate securities   $ (2,397 )   $ 291,522     $ (2,571 )   $ 120,916  
Municipal securities   $ (1,362 )   $ 106,358     $ (77 )   $ 16,005  
Other   $ (21 )   $ 20,304     $ (24 )   $ 5,205  
Total   $ (8,646 )   $ 736,984     $ (10,670 )   $ 419,481  
Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity

The amortized cost and estimated fair value of marketable securities at June 27, 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   $ 198,988     $ 199,007  
Due after one year through five years     1,009,357       1,001,271  
Due after five years through ten years     230,612       223,721  
Due after ten years     87,616       84,413  
    $ 1,526,573     $ 1,508,412  
Accumulated Other Comprehensive Income (Tables)
 6 Months Ended
Jun. 27, 2015
Accumulated Other Comprehensive Income [Abstract]  
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 and the 26-week periods ended June 27, 2015:

 

    13-Weeks Ended June 27, 2015  
    Foreign Currency
Translation Adjustment		     Gross unrealized losses on
available-for-sale securities-
OTTI(4)		     Net unrealized
gains (losses) on
available-for-sale
securities-Other(5)		     Total  
Beginning Balance   $ 23,629     $ (6,027 )   $ (1,027 )   $ 16,575  
Other comprehensive income before reclassification     17,716       (3,387 )     (6,826 )     7,503  
Amounts reclassified from accumulated other comprehensive income     -       -       (3 )     (3 )
Net current-period other comprehensive income     17,716       (3,387 )     (6,829 )     7,500  
Ending Balance   $ 41,345     $ (9,414 )   $ (7,856 )   $ 24,075  

 

    26-Weeks Ended June 27, 2015  
    Foreign Currency
Translation Adjustment		     Gross unrealized losses on
available-for-sale securities-
OTTI(4)		     Net unrealized 
gains (losses) on
available-for-sale
securities-Other(5)		     Total  
Beginning Balance   $ 20,874     $ (13,031 )   $ (5,272 )   $ 2,571  
Other comprehensive income before reclassification     20,471       3,617       (2,258 )     21,830  
Amounts reclassified from accumulated other comprehensive income     -       -       (326 )     (326 )
Net current-period other comprehensive income     20,471       3,617       (2,584 )     21,504  
Ending Balance   $ 41,345     $ (9,414 )   $ (7,856 )   $ 24,075  

 

(4) Represents the change in impairment, not related to credit, for those investment securities that have been determined to be other-than- temporarily impaired.

(5) Represents the change in unrealized gains (losses) on investment securities that have not been determined to be other-than-temporarily impaired.
Reclassifications out of AOCI

The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week and 26-week periods ended June 27, 2015:

  

13-Weeks Ended June 27, 2015
Details about accumulated other comprehensive income components   Amount reclassified from
accumulated other
comprehensive income		     Affected line item in the statement
where net income is presented
           
Unrealized gains (losses) on available-for-sale securities   $ 24     Other income (expense)
    $ (21 )   Income tax (provision) benefit
    $ 3     Net of tax

 

26-Weeks Ended June 27, 2015
Details about accumulated other
comprehensive income components		   Amount reclassified from
accumulated other
comprehensive income		     Affected line item in the statement
where net income is presented
           
Unrealized gains (losses) on available-for-sale securities   $ 364     Other income (expense)
    $ (38 )   Income tax (provision) benefit
    $ 326     Net of tax
Inventories (Details) - USD ($)
$ in Thousands
Jun. 27, 2015
Dec. 27, 2014
Inventory Disclosure [Abstract]    
Raw materials $ 190,974 $ 161,444
Work-in-process 59,736 53,824
Finished goods 244,662 244,282
Inventory reservers (36,921) (39,075)
Inventory, net of reserves $ 458,451 $ 420,475
Earnings Per Share (Computation of Basic and Diluted Net Income Per Share) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2015
Jun. 28, 2014
Jun. 27, 2015
Jun. 28, 2014
Numerator:        
Numerator for basic and diluted net income per share - net income $ 137,753 $ 181,983 $ 204,545 $ 300,800
Denominator:        
Denominator for basic net income per share - weighted-average common shares 191,101 193,771 191,432 194,431
Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units 499 1,184 507 1,033
Denominator for diluted net income per share - adjusted weighted-average common shares 191,600 194,955 191,939 195,464
Basic net income per share $ 0.72 $ 0.94 $ 1.07 $ 1.55
Diluted net income per share $ 0.72 $ 0.93 $ 1.07 $ 1.54
Earnings Per Share (Additional Information) (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 27, 2015
Jun. 28, 2014
Jun. 27, 2015
Jun. 28, 2014
Net income per share:        
Anti-dilutive stock options, stock appreciation rights and restricted stock units 3,558 2,230 3,598 2,277
Shares issued as a result of exercises of equity awards 91 124 128 366
Shares issued from outstanding Treasury stock ESPP 214   214  
Segment Information (Net Sales Gross Proft and Operating Income for Reportable Segments) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2015
Jun. 28, 2014
Jun. 27, 2015
Jun. 28, 2014
Segment Reporting Information [Line Items]        
Net sales $ 773,830 $ 777,848 $ 1,359,224 $ 1,361,069
Gross profit 419,250 444,485 763,372 775,319
Operating income 166,664 218,754 278,362 339,123
Outdoor [Member]        
Segment Reporting Information [Line Items]        
Net sales 110,324 106,059 186,239 190,044
Gross profit 66,946 64,668 117,166 115,578
Operating income 37,417 35,281 61,250 58,964
Fitness [Member]        
Segment Reporting Information [Line Items]        
Net sales 158,649 150,678 289,644 250,965
Gross profit 88,458 98,063 171,534 162,148
Operating income 33,070 62,872 67,709 96,384
Marine [Member]        
Segment Reporting Information [Line Items]        
Net sales 103,713 73,780 168,010 133,783
Gross profit 58,577 42,536 94,090 73,588
Operating income 23,901 17,657 28,468 21,467
Auto [Member]        
Segment Reporting Information [Line Items]        
Net sales 298,878 350,036 515,004 592,988
Gross profit 131,006 167,593 234,809 281,384
Operating income 44,871 74,642 67,350 105,206
Aviation [Member]        
Segment Reporting Information [Line Items]        
Net sales 102,266 97,295 200,327 193,289
Gross profit 74,263 71,625 145,773 142,621
Operating income $ 27,405 $ 28,302 $ 53,585 $ 57,102
Segment Information (Net Sales and Property and Equipment Net by Geographic Area) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2015
Jun. 28, 2014
Jun. 27, 2015
Jun. 28, 2014
Dec. 27, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net sales to external customers $ 773,830 $ 777,848 $ 1,359,224 $ 1,361,069  
Property and equipment, net 445,672 428,482 445,672 428,482 $ 430,887
Americas [Member]          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net sales to external customers     722,317 716,156  
Property and equipment, net 287,171 255,422 287,171 255,422  
APAC [Member]          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net sales to external customers     154,102 123,883  
Property and equipment, net 110,524 120,369 110,524 120,369  
EMEA [Member]          
Revenues from External Customers and Long-Lived Assets [Line Items]          
Net sales to external customers     482,805 521,030  
Property and equipment, net $ 47,977 $ 52,691 $ 47,977 $ 52,691  
Warranty Reserves (Changes in Aggregate Warranty Reserve) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2015
Jun. 28, 2014
Jun. 27, 2015
Jun. 28, 2014
Product Warranties Disclosures [Abstract]        
Balance - beginning of period $ 23,866 $ 25,016 $ 27,609 $ 26,767
Accrual for products sold during the period 10,348 11,806 17,090 21,291
Expenditures (8,113) (9,473) (18,598) (20,709)
Balance - end of period $ 26,101 $ 27,349 $ 26,101 $ 27,349
Commitments and Contingencies (Additional Information) (Details) - Jun. 27, 2015 - USD ($)
$ in Thousands
Total
Commitments and Contingencies Disclosure [Abstract]  
Commitments to make purchases, time period 5 years
Purchase Commitment, Remaining Minimum Amount Committed $ 333,281
Prepaid Supplies $ 43,000
Income Taxes (Additional Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2015
Jun. 28, 2014
Jun. 27, 2015
Jun. 28, 2014
Income Tax Disclosure [Abstract]        
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations $ 1,637 $ 5,190 $ 6,924 $ 10,985
Increase (Decrease) in Income Taxes 9,068   5,179  
Income Tax Expense Benefit $ 35,805 $ 26,737 $ 45,208 $ 50,387
Effective Income Tax Rate Reconciliation, Percent 20.60% 12.80% 18.10% 14.30%
Marketable Securities (Available for Sale Securities Measured at Estimated Fair Value on Recurring Basis) (Details) - USD ($)
$ in Thousands
Jun. 27, 2015
Dec. 27, 2014
 [1]
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total $ 1,508,412 $ 1,575,333
Fair Value Inputs Level 1 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0 0
Fair Value Inputs Level 2 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 1,508,412 1,575,333
Fair Value, Inputs, Level 3 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0 0
US Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 27,255 30,144
US Treasury Securities [Member] | Fair Value Inputs Level 1 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0 0
US Treasury Securities [Member] | Fair Value Inputs Level 2 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 27,255 30,144
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0 0
Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 255,200 428,320
Agency Securities [Member] | Fair Value Inputs Level 1 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0 0
Agency Securities [Member] | Fair Value Inputs Level 2 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 255,200 428,320
Agency Securities [Member] | Fair Value, Inputs, Level 3 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0 0
Mortgage Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 404,838 324,307
Mortgage Backed Securities [Member] | Fair Value Inputs Level 1 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0 0
Mortgage Backed Securities [Member] | Fair Value Inputs Level 2 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 404,838 324,307
Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0 0
Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 532,555 594,402
Corporate Securities [Member] | Fair Value Inputs Level 1 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0 0
Corporate Securities [Member] | Fair Value Inputs Level 2 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 532,555 594,402
Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0 0
Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 215,846 125,410
Municipal Securities [Member] | Fair Value Inputs Level 1 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0 0
Municipal Securities [Member] | Fair Value Inputs Level 2 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 215,846 125,410
Municipal Securities [Member] | Fair Value, Inputs, Level 3 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total 0 0
Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total $ 72,718 $ 72,750
Other [Member] | Fair Value Inputs Level 1 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total    
Other [Member] | Fair Value Inputs Level 2 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total $ 72,718 $ 72,750
Other [Member] | Fair Value, Inputs, Level 3 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale Securities, Total    
[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) (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 27, 2015
Dec. 27, 2014
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost $ 1,526,573 $ 1,594,764 [1]
Gross Unrealized Gains 1,154 2,020 [1]
Gross Unrealized Losses-OTTI [2] (9,413) (13,031) [1]
Gross Unrealized Losses-Other [1] (9,902) (8,420) [2]
Estimated Fair Value (Net Carrying Amount) 1,508,412 1,575,333 [3]
US Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 27,194 30,185 [1]
Gross Unrealized Gains $ 72 26 [1]
Gross Unrealized Losses-OTTI [2]   (25) [1]
Gross Unrealized Losses-Other [1] $ (10) (42) [2]
Estimated Fair Value (Net Carrying Amount) 27,255 30,144 [3]
Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 261,054 436,817 [1]
Gross Unrealized Gains 119 169 [1]
Gross Unrealized Losses-OTTI [2] (5,477) (8,259) [1]
Gross Unrealized Losses-Other [1] (496) (407) [2]
Estimated Fair Value (Net Carrying Amount) 255,200 428,320 [3]
Mortgage Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 411,376 329,048 [1]
Gross Unrealized Gains 342 580 [1]
Gross Unrealized Losses-OTTI [2] (1,540) (1,813) [1]
Gross Unrealized Losses-Other [1] (5,340) (3,508) [2]
Estimated Fair Value (Net Carrying Amount) 404,838 324,307 [3]
Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 537,232 600,674 [1]
Gross Unrealized Gains 291 689 [1]
Gross Unrealized Losses-OTTI [2] (2,354) (2,874) [1]
Gross Unrealized Losses-Other [1] (2,614) (4,087) [2]
Estimated Fair Value (Net Carrying Amount) 532,555 594,402 [3]
Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 216,967 125,183 [1]
Gross Unrealized Gains 318 497 [1]
Gross Unrealized Losses-OTTI [2] (21) (48) [1]
Gross Unrealized Losses-Other [1] (1,418) (222) [2]
Estimated Fair Value (Net Carrying Amount) 215,846 125,410 [3]
Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 72,750 72,857 [1]
Gross Unrealized Gains 12 59 [1]
Gross Unrealized Losses-OTTI [2] (21) (12) [1]
Gross Unrealized Losses-Other [1] (24) (154) [2]
Estimated Fair Value (Net Carrying Amount) $ 72,718 $ 72,750 [3]
[1] Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.
[2] Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired.
[3] 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 (Schedule of Available-for-sale-securities Unrealized Loss on Investments) (Details) - Jun. 27, 2015 - USD ($)
$ in Thousands
Total
Gross Unrealized Losses  
Gross Unrealized Losses Less than 12 Consecutive Months $ (8,646)
Gross Unrealized Losses 12 Consecutive Months or Longer (10,670)
Fair Value  
Fair Value Less than 12 Consecutive Months 736,984
Fair Value 12 Consecutive Months or Longer 419,481
US Treasury Securities [Member]  
Gross Unrealized Losses  
Gross Unrealized Losses Less than 12 Consecutive Months (10)
Gross Unrealized Losses 12 Consecutive Months or Longer 0
Fair Value  
Fair Value Less than 12 Consecutive Months 6,158
Fair Value 12 Consecutive Months or Longer 0
Agency Securities [Member]  
Gross Unrealized Losses  
Gross Unrealized Losses Less than 12 Consecutive Months (519)
Gross Unrealized Losses 12 Consecutive Months or Longer (5,455)
Fair Value  
Fair Value Less than 12 Consecutive Months 53,678
Fair Value 12 Consecutive Months or Longer 174,780
Mortgage Backed Securities [Member]  
Gross Unrealized Losses  
Gross Unrealized Losses Less than 12 Consecutive Months (4,337)
Gross Unrealized Losses 12 Consecutive Months or Longer (2,543)
Fair Value  
Fair Value Less than 12 Consecutive Months 258,964
Fair Value 12 Consecutive Months or Longer 102,575
Corporate Securities [Member]  
Gross Unrealized Losses  
Gross Unrealized Losses Less than 12 Consecutive Months (2,397)
Gross Unrealized Losses 12 Consecutive Months or Longer (2,571)
Fair Value  
Fair Value Less than 12 Consecutive Months 291,522
Fair Value 12 Consecutive Months or Longer 120,916
Municipal Securities [Member]  
Gross Unrealized Losses  
Gross Unrealized Losses Less than 12 Consecutive Months (1,362)
Gross Unrealized Losses 12 Consecutive Months or Longer (77)
Fair Value  
Fair Value Less than 12 Consecutive Months 106,358
Fair Value 12 Consecutive Months or Longer 16,005
Other [Member]  
Gross Unrealized Losses  
Gross Unrealized Losses Less than 12 Consecutive Months (21)
Gross Unrealized Losses 12 Consecutive Months or Longer (24)
Fair Value  
Fair Value Less than 12 Consecutive Months 20,304
Fair Value 12 Consecutive Months or Longer $ 5,205
Marketable Securities (Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity) (Details) - USD ($)
$ in Thousands
Jun. 27, 2015
Dec. 27, 2014
 [1]
Cost    
Due in one year or less $ 198,988  
Due after one year through five years 1,009,357  
Due after five years through ten years 230,612  
Due after ten years 87,616  
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Total 1,526,573  
Estimated Fair Value    
Due in one year or less 199,007  
Due after one year through five years 1,001,271  
Due after five years through ten years 223,721  
Due after ten years 84,413  
Estimated Fair Value (Net Carrying Amount) $ 1,508,412 $ 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 (Additional Information) (Details) - Jun. 27, 2015 - USD ($)
$ in Thousands
Total
Investments, Debt and Equity Securities [Abstract]  
Held To Maturity Securities Continuous Unrealized Loss Position Percentage 56.00%
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total $ 1,156,465
Available For Sale Securities Continuous Unrealized Loss Position Amortization Cost $ 1,175,780
Share Repurchase Plan (Additional Information) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 27, 2015
Feb. 13, 2015
Equity [Abstract]    
Stock Repurchase Program, Authorized Amount   $ 300,000
Share repurchase program, shares repurchased 1,221  
Share repurchase program, shares repurchased value $ 57,295  
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 242,705  
Accumulated Other Comprehensive Income (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2015
Jun. 28, 2014
Jun. 27, 2015
Jun. 28, 2014
Foreign Currency Translation Adjustment        
Balance - beginning of period $ 23,629   $ 20,874  
Other comprehensive income before reclassification 17,716 $ 22,757 20,471 $ 7,239
Amounts reclassified from accumulated other comprehensive income 0   0  
Net current-period other comprehensive income 17,716   20,471  
Balance - end of period 41,345   41,345  
Gross unrealized losses on available-for-sale securities-OTTI        
Balance - beginning of period [1] (6,027)   (13,031)  
Other comprehensive income before reclassification [1] (3,387)   3,617  
Amounts reclassified from accumulated other comprehensive income [1] 0   0  
Net current-period other comprehensive income [1] (3,387)   3,617  
Balance - end of period [1] (9,414)   (9,414)  
Net unrealized gains (losses) on available-for-sale securities-Other        
Balance - beginning of period [2] (1,027)   (5,272)  
Other comprehensive income before reclassification [2] (6,826)   (2,258)  
Amounts reclassified from accumulated other comprehensive income [2] (3)   (326)  
Net current-period other comprehensive income [2] (6,829)   (2,584)  
Balance - end of period [2] (7,856)   (7,856)  
Total        
Balance - beginning of period 16,575   2,571  
Other comprehensive income before reclassification 7,503   21,830  
Amounts reclassified from accumulated other comprehensive income (3)   (326)  
Net current-period other comprehensive income 7,500   21,504  
Balance - end of period $ 24,075   $ 24,075  
[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.
Accumulated Other Comprehensive Income (Reclassifications Out of AOCI) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 27, 2015
Jun. 28, 2014
Jun. 27, 2015
Jun. 28, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Other income (expense) $ 6,894 $ (10,034) $ (28,609) $ 12,064
Income tax (provision) benefit (35,805) $ (26,737) (45,208) $ (50,387)
Amount reclassified from accumulated other comprehensive income [Member] | Unrealized gains (losses) on available-for-sale securities [Member]        
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]        
Other income (expense) 24   364  
Income tax (provision) benefit (21)   (38)  
Net of tax $ 3   $ 326