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Document and Entity Information - shares
 9 Months Ended
Sep. 26, 2015
Oct. 26, 2015
Document And Entity Information    
Entity Registrant Name GARMIN LTD  
Entity Central Index Key 0001121788  
Document Type 10-Q  
Trading Symbol grmn  
Document Period End Date Sep. 26, 2015  
Amendment Flag false  
Current Fiscal Year End Date --12-27  
Entity a Well-known Seasoned Issuer Yes  
Entity a Voluntary Filer No  
Entity's Reporting Status Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   208,077,418
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2015  
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 26, 2015
Dec. 27, 2014
Current assets:    
Cash and cash equivalents $ 914,907 $ 1,196,268
Marketable securities 211,834 167,989
Accounts receivable, net 431,942 570,191
Inventories, net 503,183 420,475
Deferred income taxes 49,857 56,102
Deferred costs 47,526 51,336
Prepaid expenses and other current assets 72,704 48,615
Total current assets 2,231,953 2,510,976
Property and equipment, net 439,094 430,887
Marketable securities 1,290,147 1,407,344
Restricted cash 259 308
Noncurrent deferred income tax 67,126 67,712
Noncurrent deferred costs 32,709 36,140
Intangible assets, net 220,848 218,083
Other assets 106,336 21,853
Total assets 4,388,472 4,693,303
Current liabilities:    
Accounts payable 158,663 149,094
Salaries and benefits payable 70,622 62,764
Accrued warranty costs 24,649 27,609
Accrued sales program costs 46,005 58,934
Deferred revenue 169,225 203,598
Accrued royalty costs 10,832 51,889
Accrued advertising expense 20,434 26,334
Other accrued expenses 70,741 67,780
Deferred income taxes 13,299 17,673
Income taxes payable 18,221 182,260
Dividend payable 291,965 185,326
Total current liabilities 894,656 1,033,261
Deferred income taxes 43,170 39,497
Non-current income taxes 96,311 80,611
Non-current deferred revenue 118,090 135,130
Other liabilities 1,560 1,437
Stockholders' equity:    
Shares, CHF 10 par value, 208,077 shares authorized and issued; 190,342 shares outstanding at September 26, 2015 and 191,815 shares outstanding at December 27, 2014 1,797,435 1,797,435
Additional paid-in capital 89,879 73,521
Treasury stock (425,380) (330,132)
Retained earnings 1,795,900 1,859,972
Accumulated other comprehensive income (23,149) 2,571
Total stockholders' equity 3,234,685 3,403,367
Total liabilities and stockholders' equity $ 4,388,472 $ 4,693,303
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - SFr / shares
Sep. 26, 2015
Dec. 27, 2014
Statement of Financial Position [Abstract]    
Shares, par value (in dollars per share) SFr 10 SFr 10
Shares, shares authorized 208,077 208,077
Shares, shares issued 208,077 208,077
Shares, shares outstanding 190,342 191,815
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 26, 2015
Sep. 27, 2014
Sep. 26, 2015
Sep. 27, 2014
Income Statement [Abstract]        
Net sales $ 679,690 $ 706,283 $ 2,038,913 $ 2,067,352
Cost of goods sold 317,500 308,037 913,352 893,788
Gross profit 362,190 398,246 1,125,561 1,173,564
Advertising expense 36,887 33,112 110,352 92,457
Selling, general and administrative expense 94,057 90,632 290,359 272,914
Research and development expense 105,789 98,998 321,031 293,567
Total operating expense 236,733 222,742 721,742 658,938
Operating income 125,457 175,504 403,819 514,626
Other income (expense):        
Interest income 6,851 9,344 22,295 28,781
Foreign currency gains (losses) 30,573 (12,703) (14,177) (20,266)
Other income 2,010 517 2,707 707
Total other income (expense) 39,434 (2,842) 10,825 9,222
Income before income taxes 164,891 172,662 414,644 523,848
Income tax provision 45,592 319,496 90,800 369,882
Net income (loss) $ 119,299 $ (146,834) $ 323,844 $ 153,966
Net income (loss) per share:        
Basic (in dollars per share) $ 0.63 $ (0.76) $ 1.69 $ 0.79
Diluted (in dollars per share) $ 0.63 $ (0.76) $ 1.69 $ 0.79
Weighted average common shares outstanding:        
Basic (in shares) 190,342 192,239 191,068 193,700
Diluted (in shares) 190,822 192,239 191,523 194,763
Dividends declared per share (in dollars per share)     $ 2.04 $ 1.92
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 26, 2015
Sep. 27, 2014
Sep. 26, 2015
Sep. 27, 2014
Condensed Consolidated Statements Of Comprehensive Income        
Net income $ 119,299 $ (146,834) $ 323,844 $ 153,966
Foreign currency translation adjustment (55,161) (22,791) (34,690) (15,552)
Change in fair value of available-for-sale marketable securities, net of deferred taxes 7,937 (3,332) 8,970 24,681
Comprehensive income $ 72,075 $ (172,957) $ 298,124 $ 163,095
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 26, 2015
Sep. 27, 2014
Operating Activities:    
Net income $ 323,844 $ 153,966
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 37,936 35,860
Amortization 20,447 19,705
(Gain) loss on sale of property and equipment (190) (742)
Provision for doubtful accounts (1,781) 778
Deferred income taxes 5,796 55,235
Unrealized foreign currency loss 30,473 22,610
Provision for obsolete and slow moving inventories 9,925 21,051
Stock compensation expense 19,596 18,988
Realized (gain) loss on marketable securities (76) 685
Changes in operating assets and liabilities:    
Accounts receivable 123,875 74,323
Inventories (111,008) (107,273)
Other current and non-current assets (110,695) 1,528
Accounts payable 16,864 (3,209)
Other current and non-current liabilities (44,636) (1,997)
Deferred revenue (49,790) (80,712)
Deferred cost 7,080 11,136
Income taxes payable (155,529) 155,762
Net cash provided by operating activities 122,131 377,694
Investing activities:    
Purchases of property and equipment (53,297) (54,829)
Proceeds from sale of property and equipment 670 748
Purchase of intangible assets (2,817) (9,422)
Purchase of marketable securities (649,881) (746,305)
Redemption of marketable securities $ 720,717 807,778
Proceeds from repayment on loan receivable   137,379
Change in restricted cash $ 48 (44)
Acquisitions, net of cash acquired (12,632) (18,871)
Net cash provided by investing activities 2,808 116,434
Financing activities:    
Dividends paid (281,247) (268,023)
Purchase of treasury stock under share repurchase plan (108,057) (241,460)
Purchase of treasury stock related to equity awards (241) (11,274)
Proceeds from issuance of treasury stock related to equity awards 8,554 12,761
Tax benefit from issuance of equity awards 1,257 4,422
Net cash used in financing activities (379,734) (503,574)
Effect of exchange rate changes on cash and cash equivalents (26,566) (15,145)
Net decrease in cash and cash equivalents (281,361) (24,591)
Cash and cash equivalents at beginning of period 1,196,268 1,179,149
Cash and cash equivalents at end of period $ 914,907 $ 1,154,558
Basis of Presentation
 9 Months Ended
Sep. 26, 2015
Disclosure of Compensation Related Costs, Share-based Payments [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 39-week periods ended September 26, 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 September 26, 2015 and September 27, 2014 both contain operating results for 13 weeks.
Inventories
 9 Months Ended
Sep. 26, 2015
Inventory Disclosure [Abstract]  
Inventories
  2. Inventories

 

The components of inventories consist of the following:

 

      September 26, 2015       December 27, 2014  
                 
Raw Materials   $ 187,048     $ 161,444  
Work-in-process     64,472       53,824  
Finished goods     289,947       244,282  
Inventory Reserves     (38,284 )     (39,075 )
Inventory, net of reserves   $ 503,183     $ 420,475  
Earnings Per Share
 9 Months Ended
Sep. 26, 2015
Earnings Per Share [Abstract]  
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  
    Sept 26,     Sept 27,  
    2015     2014  
Numerator:                
Numerator for basic and diluted net income per share - net income   $ 119,299     $ (146,834 )
                 
Denominator:                
Denominator for basic net income per share – weighted-average common shares     190,342       192,239  
                 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units     480       0  
                 
Denominator for diluted net income per share – adjusted weighted-average common shares     190,822       192,239  
                 
Basic net income per share   $ 0.63     $ (0.76 )
                 
Diluted net income per share   $ 0.63     $ (0.76 )
                 

 

    39-Weeks Ended  
      Sept 26,        Sept 27,  
      2015       2014  
Numerator:                
Numerator for basic and diluted net income per share - net income   $ 323,844      $ 153,966  
                 
Denominator:                
Denominator for basic net income per share – weighted-average common shares     191,068       193,700  
                 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units     455       1,063  
                 
Denominator for diluted net income per share – adjusted weighted-average common shares     191,523       194,763  
                 
Basic net income per share   $ 1.69      $ 0.79  
                 
Diluted net income per share   $ 1.69      $ 0.79  

 

There were 4,075 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) outstanding during the 13-week period ended September 26, 2015. For the 13-week periods ended September 27, 2014, the effect of dilutive securities has been excluded because the effect would have been anti-dilutive.

 

There were 4,108 and 2,253 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) outstanding during the 39-week periods ended September 26, 2015 and September 27, 2014, respectively.

 

There were 5 and 81 shares issued as a result of exercises and releases of equity awards for the 13-week periods ended September 26, 2015 and September 27, 2014, respectively.

 

There were 133 and 446 shares issued as a result of exercises and releases of equity awards for the 39-week periods ended September 26, 2015 and September 27, 2014, respectively.

 

There were 214 employee stock purchase plan (ESPP) shares issued from outstanding Treasury stock during the 39-week period ended September 26, 2015.
Segment Information
 9 Months Ended
Sep. 26, 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 39-week period ended September 26, 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 39-week periods ended September 26, 2015 and September 27, 2014.

 

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

 

    Reporting Segments  
      Outdoor       Fitness       Marine       Auto       Aviation       Total  
                                                 
13-Weeks Ended September 26, 2015                            
                                                 
Net sales   $ 115,284     $ 143,216     $ 62,315     $ 264,643     $ 94,232     $ 679,690  
Gross profit   $ 68,175     $ 77,261     $ 34,115     $ 112,598     $ 70,041     $ 362,190  
Operating income   $ 37,761     $ 26,577     $ 5,737     $ 31,660     $ 23,722     $ 125,457  
                                                 
13-Weeks Ended September 27, 2014                            
                                                 
Net sales   $ 121,079     $ 116,171     $ 62,128     $ 307,558     $ 99,347     $ 706,283  
Gross profit   $ 79,227     $ 74,056     $ 31,510     $ 140,995     $ 72,458     $ 398,246  
Operating income   $ 51,382     $ 36,670     $ 5,452     $ 53,042     $ 28,958     $ 175,504  
                                                 
39-Weeks Ended September 26, 2015                            
                                                 
Net sales   $ 301,523     $ 432,859     $ 230,325     $ 779,646     $ 294,560     $ 2,038,913  
Gross profit   $ 185,341     $ 248,795     $ 128,204     $ 347,407     $ 215,814     $ 1,125,561  
Operating income   $ 99,012     $ 94,286     $ 34,204     $ 99,010     $ 77,307     $ 403,819  
                                                 
39-Weeks Ended September 27, 2014                            
                                                 
Net sales   $ 311,123     $ 367,137     $ 195,911     $ 900,545     $ 292,636     $ 2,067,352  
Gross profit   $ 194,805     $ 236,204     $ 105,097     $ 422,379     $ 215,079     $ 1,173,564  
Operating income   $ 110,345     $ 133,054     $ 26,919     $ 158,248     $ 86,060     $ 514,626  

 

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

                         
    Americas     APAC     EMEA     Total  
September 26, 2015                                
Net sales to external customers   $ 1,057,359     $ 237,202     $ 744,352     $ 2,038,913  
Property and equipment, net   $ 282,930     $ 108,650     $ 47,514     $ 439,094  
                                 
September 27, 2014                                
Net sales to external customers   $ 1,090,267     $ 195,225     $ 781,860     $ 2,067,352  
Property and equipment, net   $ 263,581     $ 117,191     $ 50,981     $ 431,753  
Warranty Reserves
 9 Months Ended
Sep. 26, 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  
      September 26,       September 27,  
      2015       2014  
                 
Balance - beginning of period   $ 26,101     $ 27,349  
Accrual for products sold during the period     8,075       8,512  
Expenditures     (9,527 )     (9,318 )
Balance - end of period   $ 24,649     $ 26,543  
                 
      39-Weeks Ended  
      September 26,       September 27,  
      2015       2014  
                 
Balance - beginning of period   $ 27,609     $ 26,767  
Accrual for products sold during the period     25,165       29,803  
Expenditures     (28,125 )     (30,027 )
Balance - end of period   $ 24,649     $ 26,543  

 
Commitments and Contingencies
 9 Months Ended
Sep. 26, 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 $312,258 over the next five years.

 

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 September 26, 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 September 26, 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
 9 Months Ended
Sep. 26, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

7.      Income Taxes

 

The Company’s income tax expense decreased by $273,904, to $45,592 for the 13-week period ended September 26, 2015, from $319,496 for the 13-week period ended September 27, 2014.  The effective tax rate was 28% in the third quarter of 2015.  The third quarter 2015 income tax expense decreased compared to the third quarter 2014 due to:

 

  • the tax expense of $307,635 associated with the inter-company restructuring recorded in the third quarter 2014

Offset by:

  • the release of uncertain tax position reserves due to expiration of certain statutes of limitations or completion of tax audits was insignificant in third quarter 2015 and reduced the Company’s expense by $24,400 in third quarter 2014 and
  • the current projected full year income mix for 2015 compared to the same projection at third quarter of 2014 is unfavorable resulting in an increased effective tax rate

The Company’s income tax expense decreased by $279,082 to $90,800 for the first three quarters of 2015, from $369,882 for the first three quarters of 2014.  The effective tax rate was 22% in the first three quarters of 2015. The first three quarters of 2015 income tax expense decreased compared to the first three quarters of 2014 due to:

 

  • the tax expense of $307,635 associated with the inter-company restructuring recorded in the third quarter 2014

Offset by:

  • the release of uncertain tax position reserves due to expiration of certain statutes of limitations or completion of tax audits reduced expense by $7,197 and $35,385, respectively, in the first three quarters of 2015 and the first three quarters of 2014 and
  • the current projected full year income mix for 2015 compared to the same projection at third quarter of 2014 is unfavorable resulting in an increased effective tax rate
Marketable Securities
 9 Months Ended
Sep. 26, 2015
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities

8.        Marketable Securities

 

The Financial Accounting Standards Board (“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 September 26, 2015		  
                                 
    Total     Level 1     Level 2     Level 3  
U.S. Treasury securities   $ 27,584     $ —     $ 27,584     $ —  
Agency securities     236,086       —       236,086       —  
Mortgage-backed securities     396,501       —       396,501       —  
Corporate securities     545,682       —       545,682       —  
Municipal securities     219,994       —       219,994       —  
Other     76,134       —       76,134       —  
Total   $ 1,501,981     $ —     $ 1,501,981     $ —  

 

    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 September 26, 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   $ 27,433     $ 178     $ —     $ (27 )   $ 27,584  
Agency securities     238,559       205       (2,553 )     (125 )     236,086  
Mortgage-backed securities     399,866       465       (987 )     (2,843 )     396,501  
Corporate securities     549,830       241       (1,453 )     (2,936 )     545,682  
Municipal securities     219,911       893       (1 )     (809 )     219,994  
Other     76,170       7       (17 )     (26 )     76,134  
Total   $ 1,511,769     $ 1,989     $ (5,011 )   $ (6,766 )   $ 1,501,981  

 

                                         
    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 the 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 39-week period ending September 26, 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 September 26, 2015 were $1,018,087 and $1,006,310, respectively. Approximately 49% of securities in the Company’s portfolio were at an unrealized loss position at September 26, 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. The Company does not intend to sell the securities and it is not more likely than not that the Company 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 September 26, 2015.

 

                                 
    As of September 26, 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   $  (27 )   $ 2,326     $ —     $ —  
Agency securities   $  (468 )   $ 90,244     $  (2,210 )   $ 85,942  
Mortgage-backed securities   $  (2,381 )   $ 252,600     $  (1,449 )   $ 71,097  
Corporate securities   $  (4,020 )   $ 376,149     $  (369 )   $ 21,725  
Municipal securities   $  (769 )   $ 68,517     $  (41 )   $ 8,670  
Other   $  (11 )   $ 11,318     $  (32 )   $ 17,722  
Total   $  (7,676 )   $ 801,154     $  (4,101 )   $ 205,156  

 

The amortized cost and estimated fair value of marketable securities at September 26, 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.

 

                 
    Cost     Estimated
Fair Value		  
Due in one year or less   $ 211,698     $ 211,834  
Due after one year through five years     1,099,194       1,093,285  
Due after five years through ten years     135,930       133,289  
Due after ten years     64,946       63,573  
    $ 1,511,768     $ 1,501,981  
Share Repurchase Plan
 9 Months Ended
Sep. 26, 2015
Disclosure Text Block Supplement [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 September 26, 2015, the Company had repurchased 2,494 shares using cash of $108,057.  There remains approximately $191,943 available to repurchase additional shares under this authorization.
Accumulated Other Comprehensive Income
 9 Months Ended
Sep. 26, 2015
Stockholders' Equity Note [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 39-week periods ended September 26, 2015:

 

                 
    13-Weeks Ended September 26, 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   $ 41,345     $ (9,414 )   $ (7,856 )   $ 24,075  
Other comprehensive income before reclassification     (55,161 )     4,403       3,324       (47,434 )
Amounts reclassified from accumulated other comprehensive income     —       —       210       210  
Net current-period other comprehensive income     (55,161 )     4,403       3,534       (47,224 )
Ending Balance   $ (13,816 )   $ (5,011 )   $ (4,322 )   $ (23,149 )

 

                 
    39-Weeks Ended September 26, 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     (34,690 )     8,020       1,066       (25,604 )
Amounts reclassified from accumulated other comprehensive income     —       —       (116 )     (116 )
Net current-period other comprehensive income     (34,690 )     8,020       950       (25,720 )
Ending Balance   $ (13,816 )   $ (5,011 )   $ (4,322 )   $ (23,149 )

 

(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 September 26, 2015:

                 
13-Weeks Ended September 26, 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   $ (289 )      Other income (expense)  
    $ 79       Income tax (provision) benefit  
    $ (210 )      Net of tax  

 

                 
39-Weeks Ended September 26, 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   $ 76       Other income (expense)  
    $ 41       Income tax (provision) benefit  
    $ 117       Net of tax  
Recently Issued Accounting Pronouncements
 9 Months Ended
Sep. 26, 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 (Topic 606) (“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 new standard may be applied retrospectively to each prior period presented or in a modified retrospective approach in which the cumulative effect will be recognized as of the date of adoption.

 

In August 2015, the FASB issued Accounting Standards Update No. 2015-14, which defers the effective date of the new guidance by one year such that the new provisions will now be required for annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of adopting the new revenue standard on its consolidated financial statements. 
Stock Compensation Plans
 9 Months Ended
Sep. 26, 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 39-week periods ended September 26, 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 the Company’s Annual Report on Form 10-K for the fiscal year ended December 27, 2014.
Inventories (Tables)
 9 Months Ended
Sep. 26, 2015
Inventory Disclosure [Abstract]  
Schedule of inventories

The components of inventories consist of the following:

 

      September 26, 2015       December 27, 2014  
                 
Raw Materials   $ 187,048     $ 161,444  
Work-in-process     64,472       53,824  
Finished goods     289,947       244,282  
Inventory Reserves     (38,284 )     (39,075 )
Inventory, net of reserves   $ 503,183     $ 420,475  
Earnings Per Share (Tables)
 9 Months Ended
Sep. 26, 2015
Earnings Per Share [Abstract]  
Schedule 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  
    Sept 26,     Sept 27,  
    2015     2014  
Numerator:                
Numerator for basic and diluted net income per share - net income   $ 119,299     $ (146,834 )
                 
Denominator:                
Denominator for basic net income per share – weighted-average common shares     190,342       192,239  
                 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units     480       0  
                 
Denominator for diluted net income per share – adjusted weighted-average common shares     190,822       192,239  
                 
Basic net income per share   $ 0.63     $ (0.76 )
                 
Diluted net income per share   $ 0.63     $ (0.76 )
                 

 

    39-Weeks Ended  
      Sept 26,        Sept 27,  
      2015       2014  
Numerator:                
Numerator for basic and diluted net income per share - net income   $ 323,844      $ 153,966  
                 
Denominator:                
Denominator for basic net income per share – weighted-average common shares     191,068       193,700  
                 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units     455       1,063  
                 
Denominator for diluted net income per share – adjusted weighted-average common shares     191,523       194,763  
                 
Basic net income per share   $ 1.69      $ 0.79  
                 
Diluted net income per share   $ 1.69      $ 0.7
Segment Information (Tables)
 9 Months Ended
Sep. 26, 2015
Segment Reporting [Abstract]  
Sechedule of reportable segments

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

 

    Reporting Segments  
      Outdoor       Fitness       Marine       Auto       Aviation       Total  
                                                 
13-Weeks Ended September 26, 2015                            
                                                 
Net sales   $ 115,284     $ 143,216     $ 62,315     $ 264,643     $ 94,232     $ 679,690  
Gross profit   $ 68,175     $ 77,261     $ 34,115     $ 112,598     $ 70,041     $ 362,190  
Operating income   $ 37,761     $ 26,577     $ 5,737     $ 31,660     $ 23,722     $ 125,457  
                                                 
13-Weeks Ended September 27, 2014                            
                                                 
Net sales   $ 121,079     $ 116,171     $ 62,128     $ 307,558     $ 99,347     $ 706,283  
Gross profit   $ 79,227     $ 74,056     $ 31,510     $ 140,995     $ 72,458     $ 398,246  
Operating income   $ 51,382     $ 36,670     $ 5,452     $ 53,042     $ 28,958     $ 175,504  
                                                 
39-Weeks Ended September 26, 2015                            
                                                 
Net sales   $ 301,523     $ 432,859     $ 230,325     $ 779,646     $ 294,560     $ 2,038,913  
Gross profit   $ 185,341     $ 248,795     $ 128,204     $ 347,407     $ 215,814     $ 1,125,561  
Operating income   $ 99,012     $ 94,286     $ 34,204     $ 99,010     $ 77,307     $ 403,819  
                                                 
39-Weeks Ended September 27, 2014                            
                                                 
Net sales   $ 311,123     $ 367,137     $ 195,911     $ 900,545     $ 292,636     $ 2,067,352  
Gross profit   $ 194,805     $ 236,204     $ 105,097     $ 422,379     $ 215,079     $ 1,173,564  
Operating income   $ 110,345     $ 133,054     $ 26,919     $ 158,248     $ 86,060     $ 514,626  
Schedule of 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 39-week periods ended September 26, 2015 and September 27, 2014. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa: 

                         
    Americas     APAC     EMEA     Total  
September 26, 2015                                
Net sales to external customers   $ 1,057,359     $ 237,202     $ 744,352     $ 2,038,913  
Property and equipment, net   $ 282,930     $ 108,650     $ 47,514     $ 439,094  
                                 
September 27, 2014                                
Net sales to external customers   $ 1,090,267     $ 195,225     $ 781,860     $ 2,067,352  
Property and equipment, net   $ 263,581     $ 117,191     $ 50,981     $ 431,753  

 
Warranty Reserves (Tables)
 9 Months Ended
Sep. 26, 2015
Product Warranties Disclosures [Abstract]  
Schedule of aggregate warranty reserve

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

 

                 
      13-Weeks Ended  
      September 26,       September 27,  
      2015       2014  
                 
Balance - beginning of period   $ 26,101     $ 27,349  
Accrual for products sold during the period     8,075       8,512  
Expenditures     (9,527 )     (9,318 )
Balance - end of period   $ 24,649     $ 26,543  
                 
      39-Weeks Ended  
      September 26,       September 27,  
      2015       2014  
                 
Balance - beginning of period   $ 27,609     $ 26,767  
Accrual for products sold during the period     25,165       29,803  
Expenditures     (28,125 )     (30,027 )
Balance - end of period   $ 24,649     $ 26,543  

  
Marketable Securities (Tables)
 9 Months Ended
Sep. 26, 2015
Investments, Debt and Equity Securities [Abstract]  
Schedule of available-for-sale securities measured at estimated fair value on a recurring basis

  Available-for-sale securities measured at estimated fair value on a recurring basis are summarized below:

    Fair Value Measurements as
of September 26, 2015		  
                                 
    Total     Level 1     Level 2     Level 3  
U.S. Treasury securities   $ 27,584     $ —     $ 27,584     $ —  
Agency securities     236,086       —       236,086       —  
Mortgage-backed securities     396,501       —       396,501       —  
Corporate securities     545,682       —       545,682       —  
Municipal securities     219,994       —       219,994       —  
Other     76,134       —       76,134       —  
Total   $ 1,501,981     $ —     $ 1,501,981     $ —  

 

    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.
Schedule of 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 September 26, 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   $ 27,433     $ 178     $ —     $ (27 )   $ 27,584  
Agency securities     238,559       205       (2,553 )     (125 )     236,086  
Mortgage-backed securities     399,866       465       (987 )     (2,843 )     396,501  
Corporate securities     549,830       241       (1,453 )     (2,936 )     545,682  
Municipal securities     219,911       893       (1 )     (809 )     219,994  
Other     76,170       7       (17 )     (26 )     76,134  
Total   $ 1,511,769     $ 1,989     $ (5,011 )   $ (6,766 )   $ 1,501,981  

 

                                         
    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 in an unrealized loss position

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 September 26, 2015.

 

                                 
    As of September 26, 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   $  (27 )   $ 2,326     $ —     $ —  
Agency securities   $  (468 )   $ 90,244     $  (2,210 )   $ 85,942  
Mortgage-backed securities   $  (2,381 )   $ 252,600     $  (1,449 )   $ 71,097  
Corporate securities   $  (4,020 )   $ 376,149     $  (369 )   $ 21,725  
Municipal securities   $  (769 )   $ 68,517     $  (41 )   $ 8,670  
Other   $  (11 )   $ 11,318     $  (32 )   $ 17,722  
Total   $  (7,676 )   $ 801,154     $  (4,101 )   $ 205,156  
Schedule of expected maturities will differ from contractual maturities

The amortized cost and estimated fair value of marketable securities at September 26, 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.

 

                 
    Cost     Estimated
Fair Value		  
Due in one year or less   $ 211,698     $ 211,834  
Due after one year through five years     1,099,194       1,093,285  
Due after five years through ten years     135,930       133,289  
Due after ten years     64,946       63,573  
    $ 1,511,768     $ 1,501,981  
Accumulated Other Comprehensive Income (Tables)
 9 Months Ended
Sep. 26, 2015
Stockholders' Equity Note [Abstract]  
Schedule of accumulated other comprehensive income (AOCI)

The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the 13-week and the 39-week periods ended September 26, 2015:

 

                 
    13-Weeks Ended September 26, 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   $ 41,345     $ (9,414 )   $ (7,856 )   $ 24,075  
Other comprehensive income before reclassification     (55,161 )     4,403       3,324       (47,434 )
Amounts reclassified from accumulated other comprehensive income     —       —       210       210  
Net current-period other comprehensive income     (55,161 )     4,403       3,534       (47,224 )
Ending Balance   $ (13,816 )   $ (5,011 )   $ (4,322 )   $ (23,149 )

 

                 
    39-Weeks Ended September 26, 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     (34,690 )     8,020       1,066       (25,604 )
Amounts reclassified from accumulated other comprehensive income     —       —       (116 )     (116 )
Net current-period other comprehensive income     (34,690 )     8,020       950       (25,720 )
Ending Balance   $ (13,816 )   $ (5,011 )   $ (4,322 )   $ (23,149 )

 

(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.

 
Schedule of reporting reclassifications out of AOCI

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

 

                 
13-Weeks Ended September 26, 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   $ (289 )      Other income (expense)  
    $ 79       Income tax (provision) benefit  
    $ (210 )      Net of tax  

 

                 
39-Weeks Ended September 26, 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   $ 76       Other income (expense)  
    $ 41       Income tax (provision) benefit  
    $ 117       Net of tax  
Inventories (Details) - USD ($)
$ in Thousands
Sep. 26, 2015
Dec. 27, 2014
Inventory Disclosure [Abstract]    
Raw Materials $ 187,048 $ 161,444
Work-in-process 64,472 53,824
Finished goods 289,947 244,282
Inventory Reserves (38,284) (39,075)
Inventory, net of reserves $ 503,183 $ 420,475
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 26, 2015
Sep. 27, 2014
Sep. 26, 2015
Sep. 27, 2014
Numerator:        
Numerator for basic and diluted net income per share - net income $ 119,299 $ (146,834) $ 323,844 $ 153,966
Denominator:        
Denominator for basic net income per share - weighted-average common shares 190,342 192,239 191,068 193,700
Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units 480 0 455 1,063
Denominator for diluted net income per share - adjusted weighted-average common shares 190,822 192,239 191,523 194,763
Basic net income per share (in dollars per share) $ 0.63 $ (0.76) $ 1.69 $ 0.79
Diluted net income per share (in dollars per share) $ 0.63 $ (0.76) $ 1.69 $ 0.79
Earnings Per Share (Details Narrative) - shares
 3 Months Ended 9 Months Ended
Sep. 26, 2015
Sep. 27, 2014
Sep. 26, 2015
Sep. 27, 2014
Earnings Per Share [Abstract]        
Number of anti-dilutive equity awards 4,075   4,108 2,253
Number of shares issued for exercises of equity awards 5 81 133 446
Number of shares issued from outstanding treasury stock ESPP     214  
Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 26, 2015
Sep. 27, 2014
Sep. 26, 2015
Sep. 27, 2014
Segment Reporting Information [Line Items]        
Net sales $ 679,690 $ 706,283 $ 2,038,913 $ 2,067,352
Gross profit 362,190 398,246 1,125,561 1,173,564
Operating income 125,457 175,504 403,819 514,626
Outdoor [Member]        
Segment Reporting Information [Line Items]        
Net sales 115,284 121,079 301,523 311,123
Gross profit 68,175 79,227 185,341 194,805
Operating income 37,761 51,382 99,012 110,345
Fitness [Member]        
Segment Reporting Information [Line Items]        
Net sales 143,216 116,171 432,859 367,137
Gross profit 77,261 74,056 248,795 236,204
Operating income 26,577 36,670 94,286 133,054
Marine [Member]        
Segment Reporting Information [Line Items]        
Net sales 62,315 62,128 230,325 195,911
Gross profit 34,115 31,510 128,204 105,097
Operating income 5,737 5,452 34,204 26,919
Auto [Member]        
Segment Reporting Information [Line Items]        
Net sales 264,643 307,558 779,646 900,545
Gross profit 112,598 140,995 347,407 422,379
Operating income 31,660 53,042 99,010 158,248
Aviation [Member]        
Segment Reporting Information [Line Items]        
Net sales 94,232 99,347 294,560 292,636
Gross profit 70,041 72,458 215,814 215,079
Operating income $ 23,722 $ 28,958 $ 77,307 $ 86,060
Segment Information (Details 1) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 26, 2015
Sep. 27, 2014
Sep. 26, 2015
Sep. 27, 2014
Dec. 27, 2014
Segment Reporting Information [Line Items]          
Net sales to external customers $ 679,690 $ 706,283 $ 2,038,913 $ 2,067,352  
Property and equipment, net 439,094 431,753 439,094 431,753 $ 430,887
Americas [Member]          
Segment Reporting Information [Line Items]          
Net sales to external customers     1,057,359 1,090,267  
Property and equipment, net 282,930 263,581 282,930 263,581  
APAC [Member]          
Segment Reporting Information [Line Items]          
Net sales to external customers     237,202 195,225  
Property and equipment, net 108,650 117,191 108,650 117,191  
EMEA [Member]          
Segment Reporting Information [Line Items]          
Net sales to external customers     744,352 781,860  
Property and equipment, net $ 47,514 $ 50,981 $ 47,514 $ 50,981  
Segment Information (Details Narrative)
 9 Months Ended
Sep. 26, 2015
Number
Segment Reporting [Abstract]  
Number of reportable segments 5
Warranty Reserves (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 26, 2015
Sep. 27, 2014
Sep. 26, 2015
Sep. 27, 2014
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]        
Balance - beginning of period $ 26,101 $ 27,349 $ 27,609 $ 26,767
Accrual for products sold during the period 8,075 8,512 25,165 29,803
Expenditures (9,527) (9,318) (28,125) (30,027)
Balance - end of period $ 24,649 $ 26,543 $ 24,649 $ 26,543
Warranty Reserves (Details Narrative)
 9 Months Ended
Sep. 26, 2015
Minimum [Member]  
Product Warranty Liability [Line Items]  
Warranty term 1 year
Maximum [Member]  
Product Warranty Liability [Line Items]  
Warranty term 2 years
Commitments and Contingencies (Details Narrative) - Sep. 26, 2015 - USD ($)
$ in Thousands
Total
Commitments and Contingencies Disclosure [Abstract]  
Contractually committed payments $ 312,258
Contractually committed period 5 years
Income Taxes (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 26, 2015
Sep. 27, 2014
Sep. 26, 2015
Sep. 27, 2014
Income Tax Disclosure [Abstract]        
Decrease in income tax provision $ 273,904   $ 279,082  
Income tax provision $ 45,592 $ 319,496 $ 90,800 $ 369,882
Effective tax rate 28.00%   22.00%  
Inter-company restructuring tax expenses   307,635    
Uncertain tax position reserves   $ 24,400 $ 7,197 $ 35,385
Marketable Securities (Details) - USD ($)
$ in Thousands
Sep. 26, 2015
Dec. 27, 2014
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total $ 1,501,981 $ 1,575,333 [1]
U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 27,584 30,144 [1]
Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 236,086 428,320 [1]
Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 396,501 324,307 [1]
Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 545,682 594,402 [1]
Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 219,994 125,410 [1]
Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 76,134 72,750 [1]
Recurring Basis [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 1,501,981 1,575,333 [1]
Recurring Basis [Member] | U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 27,584 30,144 [1]
Recurring Basis [Member] | Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 236,086 428,320 [1]
Recurring Basis [Member] | Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 396,501 324,307 [1]
Recurring Basis [Member] | Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 545,682 594,402 [1]
Recurring Basis [Member] | Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 219,994 125,410 [1]
Recurring Basis [Member] | Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total $ 76,134 $ 72,750 [1]
Recurring Basis [Member] | Level 1 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total    
Recurring Basis [Member] | Level 1 [Member] | U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total    
Recurring Basis [Member] | Level 1 [Member] | Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total    
Recurring Basis [Member] | Level 1 [Member] | Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total    
Recurring Basis [Member] | Level 1 [Member] | Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total    
Recurring Basis [Member] | Level 1 [Member] | Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total    
Recurring Basis [Member] | Level 1 [Member] | Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total    
Recurring Basis [Member] | Level 2 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total $ 1,501,981 $ 1,575,333 [1]
Recurring Basis [Member] | Level 2 [Member] | U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 27,584 30,144 [1]
Recurring Basis [Member] | Level 2 [Member] | Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 236,086 428,320 [1]
Recurring Basis [Member] | Level 2 [Member] | Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 396,501 324,307 [1]
Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 545,682 594,402 [1]
Recurring Basis [Member] | Level 2 [Member] | Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 219,994 125,410 [1]
Recurring Basis [Member] | Level 2 [Member] | Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total $ 76,134 $ 72,750 [1]
Recurring Basis [Member] | Level 3 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total    
Recurring Basis [Member] | Level 3 [Member] | U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total    
Recurring Basis [Member] | Level 3 [Member] | Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total    
Recurring Basis [Member] | Level 3 [Member] | Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total    
Recurring Basis [Member] | Level 3 [Member] | Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total    
Recurring Basis [Member] | Level 3 [Member] | Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total    
Recurring Basis [Member] | Level 3 [Member] | Other [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 (Details 1) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 26, 2015
Dec. 27, 2014
 [1]
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost $ 1,511,768 $ 1,594,764
Gross Unrealized Gains 1,989 2,020
Gross Unrealized Losses-OTTI [2] (5,011) (13,031)
Gross Unrealized Losses-Other [3] (6,766) (8,420)
Estimated Fair Value (Net Carrying Amount) 1,501,981 1,575,333
U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 27,433 30,185
Gross Unrealized Gains $ 178 26
Gross Unrealized Losses-OTTI [2]   (25)
Gross Unrealized Losses-Other [3] $ (27) (42)
Estimated Fair Value (Net Carrying Amount) 27,584 30,144
Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 238,559 436,817
Gross Unrealized Gains 205 169
Gross Unrealized Losses-OTTI [2] (2,553) (8,259)
Gross Unrealized Losses-Other [3] (125) (407)
Estimated Fair Value (Net Carrying Amount) 236,086 428,320
Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 399,866 329,048
Gross Unrealized Gains 465 580
Gross Unrealized Losses-OTTI [2] (987) (1,813)
Gross Unrealized Losses-Other [3] (2,843) (3,508)
Estimated Fair Value (Net Carrying Amount) 396,501 324,307
Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 549,830 600,674
Gross Unrealized Gains 241 689
Gross Unrealized Losses-OTTI [2] (1,453) (2,874)
Gross Unrealized Losses-Other [3] (2,936) (4,087)
Estimated Fair Value (Net Carrying Amount) 545,682 594,402
Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 219,911 125,183
Gross Unrealized Gains 893 497
Gross Unrealized Losses-OTTI [2] (1) (48)
Gross Unrealized Losses-Other [3] (809) (222)
Estimated Fair Value (Net Carrying Amount) 219,994 125,410
Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 76,170 72,857
Gross Unrealized Gains 7 59
Gross Unrealized Losses-OTTI [2] (17) (12)
Gross Unrealized Losses-Other [3] (26) (154)
Estimated Fair Value (Net Carrying Amount) $ 76,134 $ 72,750
[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.
Marketable Securities (Details 2) - Sep. 26, 2015 - USD ($)
$ in Thousands
Total
Schedule of Available-for-sale Securities [Line Items]  
Gross Unrealized Losses Less than 12 Consecutive Months $ (7,676)
Fair Value Less than 12 Consecutive Months 801,154
Gross Unrealized Losses 12 Consecutive Months or Longer (4,101)
Fair Value 12 Consecutive Months or Longer 205,156
U.S.Treasury Securities [Member]  
Schedule of Available-for-sale Securities [Line Items]  
Gross Unrealized Losses Less than 12 Consecutive Months (27)
Fair Value Less than 12 Consecutive Months $ 2,326
Gross Unrealized Losses 12 Consecutive Months or Longer  
Fair Value 12 Consecutive Months or Longer  
Agency Securities [Member]  
Schedule of Available-for-sale Securities [Line Items]  
Gross Unrealized Losses Less than 12 Consecutive Months $ (468)
Fair Value Less than 12 Consecutive Months 90,244
Gross Unrealized Losses 12 Consecutive Months or Longer (2,210)
Fair Value 12 Consecutive Months or Longer 85,942
Mortgage-Backed Securities [Member]  
Schedule of Available-for-sale Securities [Line Items]  
Gross Unrealized Losses Less than 12 Consecutive Months (2,381)
Fair Value Less than 12 Consecutive Months 252,600
Gross Unrealized Losses 12 Consecutive Months or Longer (1,449)
Fair Value 12 Consecutive Months or Longer 71,097
Corporate Securities [Member]  
Schedule of Available-for-sale Securities [Line Items]  
Gross Unrealized Losses Less than 12 Consecutive Months (4,020)
Fair Value Less than 12 Consecutive Months 376,149
Gross Unrealized Losses 12 Consecutive Months or Longer (369)
Fair Value 12 Consecutive Months or Longer 21,725
Municipal Securities [Member]  
Schedule of Available-for-sale Securities [Line Items]  
Gross Unrealized Losses Less than 12 Consecutive Months (769)
Fair Value Less than 12 Consecutive Months 68,517
Gross Unrealized Losses 12 Consecutive Months or Longer (41)
Fair Value 12 Consecutive Months or Longer 8,670
Other [Member]  
Schedule of Available-for-sale Securities [Line Items]  
Gross Unrealized Losses Less than 12 Consecutive Months (11)
Fair Value Less than 12 Consecutive Months 11,318
Gross Unrealized Losses 12 Consecutive Months or Longer (32)
Fair Value 12 Consecutive Months or Longer $ 17,722
Marketable Securities (Details 3) - USD ($)
$ in Thousands
Sep. 26, 2015
Dec. 27, 2014
 [1]
Cost [Abstract]    
Due in one year or less $ 211,698  
Due after one year through five years 1,099,194  
Due after five years through ten years 135,930  
Due after ten years 64,946  
Total 1,511,768 $ 1,594,764
Estimated Fair Value [Abstract]    
Due in one year or less 211,834  
Due after one year through five years 1,093,285  
Due after five years through ten years 133,289  
Due after ten years 63,573  
Total $ 1,501,981 $ 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 (Details Narrative) - Sep. 26, 2015 - USD ($)
$ in Thousands
Total
Investments, Debt and Equity Securities [Abstract]  
Unrealized loss position amortized cost $ 1,018,087
Unrealized loss position fair value $ 1,006,310
Percentage of available-for-sale securities in unrealized loss positions 49.00%
Share Repurchase Plan (Details Narrative) - USD ($)
$ in Thousands
 9 Months Ended
Feb. 13, 2015
Sep. 26, 2015
Disclosure Text Block Supplement [Abstract]    
Stock repurchase program, authorized amount $ 300,000  
Stock repurchase program, expiration date Dec. 31, 2016  
Stock issued for repurchase program, shares   2,494
Stock issued for repurchase program, value   $ 108,057
Remaining stock available under repurchase program   $ 191,943
Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 26, 2015
Sep. 27, 2014
Sep. 26, 2015
Sep. 27, 2014
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward]        
Beginning Balance $ 41,345   $ 20,874  
Other comprehensive income before reclassification $ (55,161)   $ (34,690)  
Amounts reclassified from accumulated other comprehensive income        
Net current-period other comprehensive income $ (55,161) $ (22,791) $ (34,690) $ (15,552)
Ending Balance (13,816)   (13,816)  
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Roll Forward]        
Beginning Balance [1] (9,414)   (13,031)  
Other comprehensive income before reclassification [1] $ 4,403   $ 8,020  
Amounts reclassified from accumulated other comprehensive income [1]        
Net current-period other comprehensive income [1] $ 4,403   $ 8,020  
Ending Balance [1] (5,011)   (5,011)  
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward]        
Beginning Balance [2] (7,856)   (5,272)  
Other comprehensive income before reclassification [2] 3,324   1,066  
Amounts reclassified from accumulated other comprehensive income [2] 210   (116)  
Net current-period other comprehensive income [2] 3,534   950  
Ending Balance [2] (4,322)   (4,322)  
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]        
Beginning Balance 24,075   2,571  
Other comprehensive income before reclassification (47,434)   (25,604)  
Amounts reclassified from accumulated other comprehensive income 210   (116)  
Net current-period other comprehensive income (47,224)   (25,720)  
Ending Balance $ (23,149)   $ (23,149)  
[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 (Details 1) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 26, 2015
Sep. 27, 2014
Sep. 26, 2015
Sep. 27, 2014
Other income (expense) $ 39,434 $ (2,842) $ 10,825 $ 9,222
Income tax (provision) benefit (45,592) $ (319,496) (90,800) $ (369,882)
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification from accumulated other comprehensive income [Member]        
Other income (expense) (289)   76  
Income tax (provision) benefit 79   41  
Net of tax $ (210)   $ 117