|
|
Document and Entity Information - USD ($)
$ in Thousands |
12 Months Ended |
|
|
Dec. 26, 2015 |
Feb. 12, 2016 |
Jun. 27, 2015 |
| Document And Entity Information |
|
|
|
| Entity Registrant Name |
GARMIN LTD
|
|
|
| Entity Central Index Key |
0001121788
|
|
|
| Document Type |
10-K
|
|
|
| Trading Symbol |
GRMN
|
|
|
| Document Period End Date |
Dec. 26, 2015
|
|
|
| Amendment Flag |
false
|
|
|
| Current Fiscal Year End Date |
--12-26
|
|
|
| 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 Public Float |
|
|
$ 5,634,428,735
|
| Entity Common Stock, Shares Outstanding |
|
208,077,418
|
|
| Document Fiscal Period Focus |
FY
|
|
|
| Document Fiscal Year Focus |
2015
|
|
|
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|
Consolidated Balance Sheets - USD ($)
$ in Thousands |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Current assets: |
|
|
| Cash and cash equivalents |
$ 833,070
|
$ 1,196,268
|
| Marketable securities (Note 3) |
215,161
|
167,989
|
| Accounts receivable, less allowance for doubtful accounts of $13,805 in 2015 and $18,330 in 2014 |
531,481
|
570,191
|
| Inventories, net |
$ 500,554
|
420,475
|
| Deferred income taxes (Note 6) |
|
56,102
|
| Deferred costs |
$ 49,176
|
51,336
|
| Prepaid expenses and other current assets |
81,645
|
48,615
|
| Total current assets |
2,211,087
|
2,510,976
|
| Property and equipment, net |
|
|
| Land and improvements |
85,162
|
94,245
|
| Building and improvements |
351,778
|
324,710
|
| Office furniture and equipment |
206,025
|
188,847
|
| Manufacturing equipment |
131,055
|
128,441
|
| Engineering equipment |
113,690
|
102,692
|
| Vehicles |
20,939
|
20,661
|
| Property plant and equipment, gross |
908,649
|
859,596
|
| Accumulated depreciation |
(462,560)
|
(428,709)
|
| Property plant and equipment, net |
446,089
|
430,887
|
| Restricted cash (Note 4) |
259
|
308
|
| Marketable securities (Note 3) |
1,343,387
|
1,407,344
|
| Noncurrent deferred income tax (Note 6) |
116,518
|
67,712
|
| Noncurrent deferred costs |
38,769
|
36,140
|
| Intangible assets, net |
245,552
|
218,083
|
| Other assets |
97,730
|
21,853
|
| Total assets |
4,499,391
|
4,693,303
|
| Current liabilities: |
|
|
| Accounts payable |
178,905
|
149,094
|
| Salaries and benefits payable |
70,601
|
62,764
|
| Accrued warranty costs |
30,449
|
27,609
|
| Accrued sales program costs |
67,613
|
58,934
|
| Deferred revenue |
164,982
|
203,598
|
| Accrued royalty costs |
30,310
|
51,889
|
| Accrued advertising expense |
33,547
|
26,334
|
| Other accrued expenses |
$ 74,926
|
67,780
|
| Deferred income taxes (Note 6) |
|
17,673
|
| Income taxes payable |
$ 21,674
|
182,260
|
| Dividend payable |
192,991
|
185,326
|
| Total current liabilities |
865,998
|
1,033,261
|
| Deferred income taxes (Note 6) |
56,210
|
39,497
|
| Non-current income taxes |
101,689
|
80,611
|
| Non-current deferred revenue |
128,731
|
135,130
|
| Other liabilities |
1,637
|
1,437
|
| Stockholders' equity: |
|
|
| Shares, CHF 10 par value, 208,077 shares authorized and issued; 189,722 shares outstanding at December 26, 2015; and 191,815 shares outstanding at December 27, 2014; (Notes 9, 10, and 11): |
1,797,435
|
1,797,435
|
| Additional paid-in capital |
62,239
|
73,521
|
| Treasury stock |
(414,637)
|
(330,132)
|
| Retained earnings |
1,930,517
|
1,859,972
|
| Accumulated other comprehensive income |
(30,428)
|
2,571
|
| Total stockholders' equity |
3,345,126
|
3,403,367
|
| Total liabilities and stockholders' equity |
$ 4,499,391
|
$ 4,693,303
|
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Consolidated Balance Sheets (Parenthetical)
$ in Thousands |
Dec. 26, 2015
USD ($)
shares
|
Dec. 26, 2015
SFr / shares
|
Dec. 27, 2014
USD ($)
shares
|
Dec. 27, 2014
SFr / shares
|
| Allowance for doubtful accounts | $ |
$ 13,805
|
|
$ 18,330
|
|
| Common shares, authorized |
208,077
|
|
208,077
|
|
| Common shares, issued |
208,077
|
|
208,077
|
|
| Common shares, outstanding |
189,722
|
|
191,815
|
|
| CHF |
|
|
|
|
| Common shares, par value (in dollars per share) | SFr / shares |
|
SFr 10
|
|
SFr 10
|
| X |
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Consolidated Statements of Income - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Income Statement [Abstract] |
|
|
|
|
| Net sales |
[1] |
$ 2,820,270
|
$ 2,870,658
|
$ 2,631,851
|
| Cost of goods sold |
|
1,281,566
|
1,266,246
|
1,224,551
|
| Gross profit |
|
1,538,704
|
1,604,412
|
1,407,300
|
| Advertising expense |
|
167,166
|
146,633
|
112,905
|
| Selling, general and administrative expenses |
|
394,914
|
372,032
|
355,440
|
| Research and development expense |
|
427,043
|
395,121
|
364,923
|
| Total operating expense |
|
989,123
|
913,786
|
833,268
|
| Operating income |
|
549,581
|
690,626
|
574,032
|
| Other income (expense): |
|
|
|
|
| Interest income |
|
29,653
|
35,584
|
35,271
|
| Foreign currency (losses) gains |
|
(23,465)
|
(4,299)
|
35,538
|
| Other |
|
11,418
|
1,834
|
8,717
|
| Total other income (expense) |
|
17,606
|
33,119
|
79,526
|
| Income before income taxes |
|
567,187
|
723,745
|
653,558
|
| Income tax provision (benefit): (Note 6) |
|
|
|
|
| Current |
|
114,222
|
274,107
|
27,771
|
| Deferred |
|
(3,262)
|
85,427
|
13,375
|
| Income tax provision |
|
110,960
|
359,534
|
41,146
|
| Net income |
|
$ 456,227
|
$ 364,211
|
$ 612,412
|
| Basic net income per share (Note 10) (in dollars per share) |
|
$ 2.39
|
$ 1.89
|
$ 3.13
|
| Diluted net income per share (Note 10) (in dollars per share) |
|
$ 2.39
|
$ 1.88
|
$ 3.12
|
|
|
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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Statement of Comprehensive Income [Abstract] |
|
|
|
| Net income |
$ 456,227
|
$ 364,211
|
$ 612,412
|
| Foreign currency translation adjustment |
(34,981)
|
(64,489)
|
(43,609)
|
| Change in fair value of available-for-sale marketable securities, net of deferred taxes |
1,982
|
29,019
|
(56,904)
|
| Comprehensive income |
$ 423,228
|
$ 328,741
|
$ 511,899
|
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Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Treasury Stock [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income/(Loss) [Member] |
Total |
| Balance at beginning at Dec. 29, 2012 |
$ 1,797,435
|
$ 72,462
|
$ (81,280)
|
$ 1,604,625
|
$ 138,554
|
$ 3,531,796
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
|
|
|
$ 612,412
|
|
612,412
|
| Translation adjustment |
|
|
|
|
$ (43,609)
|
(43,609)
|
| Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects |
|
|
|
|
$ (56,904)
|
(56,904)
|
| Comprehensive income |
|
|
|
|
|
511,899
|
| Dividends declared |
|
|
|
$ (351,450)
|
|
(351,450)
|
| Tax benefit from issuance of equity awards |
|
$ 4,584
|
|
|
|
4,584
|
| Issuance of treasury stock related to equity awards |
|
(20,375)
|
$ 43,145
|
|
|
22,770
|
| Stock compensation |
|
$ 22,592
|
|
|
|
22,592
|
| Purchase of treasury stock related to equity awards |
|
|
$ (24,063)
|
|
|
(24,063)
|
| Purchase of treasury stock under share repurchase plan |
|
|
(58,422)
|
|
|
(58,422)
|
| Balance at end at Dec. 28, 2013 |
$ 1,797,435
|
$ 79,263
|
$ (120,620)
|
$ 1,865,587
|
$ 38,041
|
3,659,706
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
|
|
|
$ 364,211
|
|
364,211
|
| Translation adjustment |
|
|
|
|
$ (64,489)
|
(64,489)
|
| Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects |
|
|
|
|
$ 29,019
|
29,019
|
| Comprehensive income |
|
|
|
|
|
328,741
|
| Dividends declared |
|
|
|
$ (369,826)
|
|
(369,826)
|
| Tax benefit from issuance of equity awards |
|
$ (84)
|
|
|
|
(84)
|
| Issuance of treasury stock related to equity awards |
|
(29,951)
|
$ 50,704
|
|
|
20,753
|
| Stock compensation |
|
$ 24,293
|
|
|
|
24,293
|
| Purchase of treasury stock related to equity awards |
|
|
(18,638)
|
|
|
(18,638)
|
| Purchase of treasury stock under share repurchase plan |
|
|
(241,578)
|
|
|
(241,578)
|
| Balance at end at Dec. 27, 2014 |
$ 1,797,435
|
$ 73,521
|
$ (330,132)
|
$ 1,859,972
|
$ 2,571
|
3,403,367
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
|
|
|
$ 456,227
|
|
456,227
|
| Translation adjustment |
|
|
|
|
$ (34,981)
|
(34,981)
|
| Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects |
|
|
|
|
$ 1,982
|
1,982
|
| Comprehensive income |
|
|
|
|
|
423,228
|
| Dividends declared |
|
$ (100)
|
|
$ (385,682)
|
|
(385,782)
|
| Tax benefit from issuance of equity awards |
|
(2,050)
|
|
|
|
(2,050)
|
| Issuance of treasury stock related to equity awards |
|
(35,422)
|
$ 52,494
|
|
|
17,072
|
| Stock compensation |
|
$ 26,290
|
|
|
|
26,290
|
| Purchase of treasury stock related to equity awards |
|
|
(5,586)
|
|
|
(5,586)
|
| Purchase of treasury stock under share repurchase plan |
|
|
(131,413)
|
|
|
(131,413)
|
| Balance at end at Dec. 26, 2015 |
$ 1,797,435
|
$ 62,239
|
$ (414,637)
|
$ 1,930,517
|
$ (30,428)
|
$ 3,345,126
|
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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Operating Activities: |
|
|
|
| Net income |
$ 456,227
|
$ 364,211
|
$ 612,412
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation |
51,311
|
48,433
|
48,476
|
| Amortization |
27,049
|
28,582
|
30,328
|
| Gain on sale of property and equipment |
(198)
|
(306)
|
(724)
|
| Provision for doubtful accounts |
(2,521)
|
66
|
1,553
|
| Provision for obsolete and slow-moving inventories |
23,257
|
25,903
|
20,891
|
| Unrealized foreign currency losses (gains) |
37,931
|
573
|
(40,120)
|
| Deferred income taxes |
5,897
|
89,828
|
7,931
|
| Stock compensation |
26,290
|
24,293
|
22,592
|
| Realized gains on marketable securities |
(55)
|
(505)
|
(5,877)
|
| Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
| Accounts receivable |
22,473
|
(27,398)
|
38,589
|
| Inventories |
(121,718)
|
(76,491)
|
(17,593)
|
| Other current and non-current assets |
(107,360)
|
627
|
(22,013)
|
| Accounts payable |
36,079
|
8,981
|
18,043
|
| Other current and non-current liabilities |
20,742
|
16,467
|
(31,775)
|
| Deferred revenue |
(43,338)
|
(87,543)
|
(16,150)
|
| Deferred costs |
(585)
|
11,029
|
(2,204)
|
| Income taxes payable |
(151,014)
|
95,961
|
(34,275)
|
| Net cash provided by operating activities |
280,467
|
522,711
|
630,084
|
| Investing activities: |
|
|
|
| Purchases of property and equipment |
(80,592)
|
(73,339)
|
(56,083)
|
| Proceeds from sale of property and equipment |
7,921
|
748
|
885
|
| Purchase of intangible assets |
(3,889)
|
(4,720)
|
(1,122)
|
| Purchase of marketable securities |
(915,921)
|
(1,006,482)
|
(909,151)
|
| Redemption of marketable securities |
$ 919,141
|
1,096,676
|
833,491
|
| Proceeds from repayment (advances) on loan receivable |
|
137,379
|
(137,369)
|
| Acquisitions, net of cash acquired |
$ (38,687)
|
(18,871)
|
(5,680)
|
| Change in restricted cash |
48
|
(59)
|
587
|
| Net cash provided by (used in) investing activities |
(111,979)
|
131,332
|
(274,442)
|
| Financing activities: |
|
|
|
| Dividends |
(378,117)
|
(360,075)
|
(351,707)
|
| Tax benefit from issuance of equity awards |
(2,049)
|
(84)
|
4,584
|
| Proceeds from issuance of treasury stock related to equity awards |
17,073
|
20,753
|
22,770
|
| Purchase of treasury stock related to equity awards |
(5,586)
|
(18,638)
|
(24,063)
|
| Purchase of treasury stock under share repurchase plan |
(131,413)
|
(241,578)
|
(58,422)
|
| Net cash used in financing activities |
(500,092)
|
(599,622)
|
(406,838)
|
| Effect of exchange rate changes on cash and cash equivalents |
(31,594)
|
(37,302)
|
(835)
|
| Net increase (decrease) in cash and cash equivalents |
(363,198)
|
17,119
|
(52,031)
|
| Cash and cash equivalents at beginning of year |
1,196,268
|
1,179,149
|
1,231,180
|
| Cash and cash equivalents at end of year |
833,070
|
1,196,268
|
1,179,149
|
| Supplemental disclosures of cash flow information |
|
|
|
| Cash paid during the year for income taxes |
252,885
|
175,465
|
73,372
|
| Cash received during the year from income tax refunds |
$ 3,793
|
$ 5,260
|
$ 3,584
|
| Cash paid during the year for interest |
|
|
|
| Supplemental disclosure of non-cash investing and financing activities |
|
|
|
| Change in marketable securities related to unrealized appreciation (depreciation) |
$ 1,867
|
$ 29,220
|
$ (59,087)
|
| Fair value of assets acquired |
$ 38,687
|
22,735
|
11,486
|
| Liabilities assumed |
|
(3,718)
|
(4,955)
|
| Less:cash acquired |
|
(146)
|
(851)
|
| Cash paid for acquisitions, net of cash acquired |
$ 38,687
|
$ 18,871
|
$ 5,680
|
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Description of the Business
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Description of the Business |
1.
Description of the Business
Garmin
Ltd. and subsidiaries (together, the “Company”) design, develop, manufacture, market, and distribute a diverse family
of hand-held, wrist-based, portable and fixed-mount Global Positioning System (GPS)-enabled products and other navigation, communications,
information and sensor-based products. Garmin Corporation (GC) is primarily responsible for the manufacturing and distribution
of the Company’s products to the Company’s subsidiaries and, to a lesser extent, new product development and sales and
marketing of the Company’s products in Asia and the Far East. Garmin International, Inc. (GII) is primarily responsible for
sales and marketing of the Company’s products in the Americas region and for most of the Company’s research and new
product development. GII also manufactures most of the Company’s products in the aviation segment. Garmin (Europe) Ltd. (GEL)
is responsible for sales and marketing of the Company’s products in Europe, the Middle East and Africa (EMEA). Many of GEL’s
sales are to other Company-owned distributors in the EMEA region.
|
| X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Topic 275
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-Paragraph 2
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Summary of Significant Accounting Policies
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Significant Accounting Policies |
2.
Summary of Significant Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States. The accompanying consolidated financial statements reflect the accounts of Garmin Ltd. and its wholly-owned
subsidiaries. All significant inter-company balances and transactions have been eliminated.
Fiscal
Year
The
Company has adopted a 52–53-week period ending on the last Saturday of the calendar year. Due to the fact that there are
not exactly 52 weeks in a calendar year and there is slightly more than one additional day per year (not including the effects
of leap year) in each calendar year as compared to a 52-week fiscal year, the Company will have a fiscal year comprising 53 weeks
in certain fiscal years, as determined by when the last Saturday of the calendar year occurs.
In
those resulting fiscal years that have 53 weeks, the Company will record an extra week of sales, costs, and related financial
activity. Therefore, the financial results of those fiscal years, and the associated 14-week fourth quarter, will not be entirely
comparable to the prior and subsequent 52-week fiscal years and the associated quarters having only 13 weeks. Fiscal years 2015,
2014 and 2013 included 52 weeks.
Use
of Estimates
The
preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States
requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements
and accompanying notes. Actual results could differ from those estimates.
Foreign
Currency
Many
Garmin Ltd. subsidiaries utilize currencies other than the United States Dollar (USD) as their functional currency. As required
by the Foreign Currency Matters topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification
(ASC), the financial statements of these subsidiaries for all periods presented have been translated into USD, the functional
currency of Garmin Ltd., and the reporting currency herein, for purposes of consolidation at rates prevailing during the year
for sales, costs, and expenses and at end-of-year rates for all assets and liabilities. The effect of this translation is recorded
in a separate component of stockholders’ equity. Cumulative translation adjustments of ($14,108) and $20,874 as of December
26, 2015 and December 27, 2014, respectively, have been included in accumulated other comprehensive income in the accompanying
consolidated balance sheets.
Transactions
in foreign currencies are recorded at the approximate rate of exchange at the transaction date. Assets and liabilities resulting
from these transactions are translated at the rate of exchange in effect at the balance sheet date. The movements of the Taiwan
Dollar and Euro/British Pound Sterling have offsetting impacts when the currencies move congruently against the U.S. Dollar due
to the use of the Taiwan Dollar for manufacturing costs and cash held in non-functional currency while the Euro and British Pound
Sterling transactions relate primarily to revenue. All differences are recorded in results of operations and amounted to exchange
(losses) gains of ($23,465), ($4,299), and $35,538, for the years ended December 26, 2015, December 27, 2014, and December 28,
2013, respectively. The loss in fiscal 2015 was due primarily to the USD strengthening against the Euro partially offset by the
USD strengthening against the Taiwan Dollar. The loss in fiscal 2014 was due primarily to the USD strengthening against the Euro
and the British Pound Sterling which was largely offset by the USD strengthening against the Taiwan Dollar. The gain in fiscal
2013 was due primarily to the strengthening of the USD against the Taiwan Dollar and the USD weakening against the Euro and the
British Pound Sterling.
Earnings
Per Share
Basic
earnings per share amounts are computed based on the weighted-average number of common shares outstanding. For purposes of diluted
earnings per share, the number of shares that would be issued from the exercise of dilutive stock options has been reduced by
the number of shares which could have been purchased from the proceeds of the exercise at the average market price of the Company’s
stock during the period the options were outstanding. See Note 10.
Cash
and Cash Equivalents
For
purposes of reporting cash flows, cash and cash equivalents include cash on hand, operating accounts, money market funds, and
securities with maturities of three months or less when purchased. The carrying amount of cash and cash equivalents approximates
fair value, given the short maturity of those instruments.
Trade
Accounts Receivable
The
Company sells its products to retailers, wholesalers, and other customers and extends credit based on its evaluation of the customer’s
financial condition. Potential losses on receivables are dependent on each individual customer’s financial condition.
The Company carries its trade accounts receivable at net realizable value. Typically, its accounts receivable are collected within
80 days and do not bear interest. The Company monitors its exposure to losses on receivables and maintains allowances for potential
losses or adjustments. The Company determines these allowances by (1) evaluating the aging of its receivables and (2) reviewing
its high-risk customers. Past due receivable balances are written off when its internal collection efforts have been unsuccessful
in collecting the amount due. The Company maintains trade credit insurance to provide security against large losses.
Concentration
of Credit Risk
The
Company grants credit to certain customers who meet the Company’s pre-established credit requirements. Generally, the Company
does not require security when trade credit is granted to customers. Credit losses are provided for in the Company’s consolidated
financial statements and typically have been within management’s expectations. Certain customers are allowed extended terms
consistent with normal industry practice. Most of these extended terms can be classified as either relating to seasonal sales
variations or to the timing of new product releases by the Company.
The
Company’s top ten customers have contributed between 22% and 24% of net sales since 2013. None of the Company’s customers
accounted for more than 10% of consolidated net sales in the years ended December 26, 2015, December 27, 2014, and December 28,
2013.
Loan
Receivable
On
March 14, 2013, the Company entered into a Memorandum of Agreement (the “Agreement”) with Bombardier, Inc. (“Bombardier”).
The Company is the supplier of the avionics system for the Lear 70 and Lear 75 aircraft for Learjet, Inc., which is a subsidiary
of Bombardier (the “Program”). In order to assist Bombardier in connection with delayed cash flows from the Program
partially related to the certification of avionics for the Program exceeding the planned delivery date, the Company agreed to
provide Bombardier a short term, interest free, loan of $173,708 in cash in seven installments beginning on March 22, 2013 and
ending on September 20, 2013 pursuant to the terms and conditions of the Agreement. Bombardier repaid the loan in five installments
beginning in November 2013 and ending in April 2014 pursuant to the terms and conditions of the Agreement and subsequent amendment
signed December 6, 2013.
Inventories
Inventories
are stated at the lower of cost or market with cost being determined on a first-in, first-out (FIFO) basis. Garmin writes down
its inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the
estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less
favorable than those projected by management, additional inventory write-downs may be required. Inventories consisted of the following:
| |
|
December
26, 2015 |
|
|
December
27, 2014 |
|
| |
|
|
|
|
|
|
| Raw Materials |
|
$ |
203,173 |
|
|
$ |
161,444 |
|
| Work-in-process |
|
|
69,690 |
|
|
|
53,824 |
|
| Finished goods |
|
|
273,762 |
|
|
|
244,282 |
|
| Inventory
Reserves |
|
|
(46,071 |
) |
|
|
(39,075 |
) |
| Inventory,
net of reserves |
|
$ |
500,554 |
|
|
$ |
420,475 |
|
Property
and Equipment
Property
and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:
| Buildings and improvements |
|
39-50 |
| Office furniture and
equipment |
|
3-5 |
| Manufacturing and engineering
equipment |
|
5 |
| Vehicles |
|
5 |
Long-Lived
Assets
As
required by the Property, Plant and Equipment topic of the FASB ASC, the Company reviews long-lived assets for impairment
whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully recoverable. The carrying
amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the
use and eventual disposition of the asset. That assessment is based on the carrying amount of the asset at the date it is tested
for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its
fair value.
The
Intangibles – Goodwill and Other topic of the FASB ASC requires that goodwill and intangible assets with indefinite
useful lives should not be amortized but rather be tested for impairment at least annually or sooner whenever events or changes
in circumstances indicate that they may be impaired. The Company did not recognize any goodwill or intangible asset impairment
charges in 2015, 2014, or 2013. The accounting guidance also requires that intangible assets with finite lives be amortized
over their estimated useful lives and reviewed for impairment. The Company is currently amortizing its acquired intangible assets
with finite lives over periods ranging from 3 to 10 years.
Dividends
Under
Swiss corporate law, dividends must be approved by shareholders at the general meeting of the Company’s shareholders.
On
June 5, 2015, the shareholders approved a dividend of $2.04 per share (of which, $1.02 was paid in the Company's 2015 fiscal year)
payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 30, 2015 |
|
June 16, 2015 |
|
$ |
0.51 |
|
| September 30, 2015 |
|
September 15, 2015 |
|
$ |
0.51 |
|
| December 31, 2015 |
|
December 15, 2015 |
|
$ |
0.51 |
|
| March 31, 2016 |
|
March 15, 2016 |
|
$ |
0.51 |
|
The
Company paid dividends in 2015 in the amount of $378,117. Both the dividend paid and the remaining dividend payable were reported
as a reduction of retained earnings.
On
June 6, 2014, the shareholders approved a dividend of $1.92 per share (of which, $0.96 was paid in the Company's 2014 fiscal year)
payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 30, 2014 |
|
June 17, 2014 |
|
$ |
0.48 |
|
| September 30, 2014 |
|
September 15, 2014 |
|
$ |
0.48 |
|
| December 31, 2014 |
|
December 15, 2014 |
|
$ |
0.48 |
|
| March 31, 2015 |
|
March 16, 2015 |
|
$ |
0.48 |
|
The
Company paid dividends in 2014 in the amount of $360,075. Both the dividend paid and the remaining dividend payable were reported
as a reduction of retained earnings.
On
June 7, 2013, the shareholders approved a dividend of $1.80 per share (of which, $0.90 was paid in the Company's 2013 fiscal year)
payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 28, 2013 |
|
June 18, 2013 |
|
$ |
0.45 |
|
| September 30, 2013 |
|
September 16, 2013 |
|
$ |
0.45 |
|
| December 31, 2013 |
|
December 16, 2013 |
|
$ |
0.45 |
|
| March 31, 2014 |
|
March 17, 2014 |
|
$ |
0.45 |
|
The
Company paid dividends in 2013 in the amount of $351,707. Both the dividend paid and the remaining dividend payable were reported
as a reduction of retained earnings.
Approximately
$304,674 and $290,955 of retained earnings are indefinitely restricted from distribution to stockholders pursuant to the laws
of Taiwan at December 26, 2015 and December 27, 2014, respectively.
Intangible
Assets
At
December 26, 2015 and December 27, 2014, the Company had patents, customer related intangibles and other identifiable finite-lived
intangible assets recorded at a cost of $216,465 and $191,034, respectively. Identifiable, finite-lived intangible assets are
amortized over their estimated useful lives on a straight-line basis over three to ten years, which represents the expected pattern
and duration of use of and benefit received from the respective assets. Accumulated amortization was $158,704 and $151,589 at
December 26, 2015 and December 27, 2014, respectively. Amortization expense on these intangible assets was $7,115, $8,362 and
$17,847, for the years ended December 26, 2015, December 27, 2014, and December 28, 2013, respectively. In the next five years,
the amortization expense is estimated to be $19,780, $7,506, $6,734, $4,787 and $3,610, respectively.
The
Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $187,791 at December 26, 2015 and $178,638
at December 27, 2014.
| |
|
December
26,
2015 |
|
|
December
27,
2014 |
|
| Goodwill balance at
beginning of year |
|
$ |
178,638 |
|
|
$ |
179,290 |
|
| Acquisitions |
|
|
11,908 |
|
|
|
2,517 |
|
| Finalization
of purchase price allocations and effect of foreign currency translation |
|
|
(2,755 |
) |
|
|
(3,169 |
) |
| Goodwill
balance at end of year |
|
$ |
187,791 |
|
|
$ |
178,638 |
|
Marketable
Securities
Management
determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as
of each balance sheet date.
All
of the Company’s marketable securities were considered available-for-sale at December 26, 2015. Available-for-sale securities
are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive gain (loss). At December
26, 2015 and December 27, 2014, cumulative unrealized gains and losses, net of tax of ($16,321) and ($18,303), respectively, were
reported in accumulated other comprehensive income, net of related taxes.
Investments
are reviewed periodically to determine if they have suffered an impairment of value that is considered other than temporary. If
investments are determined to be impaired, a loss is recognized at the date of determination.
Testing
for impairment of investments requires significant management judgment. The identification of potentially impaired investments,
the determination of their fair value and the assessment of whether any decline in value is other than temporary are the key judgment
elements. The discovery of new information and the passage of time can significantly change these judgments. Revisions of impairment
judgments are made when new information becomes known, and any resulting impairment adjustments are made at that time. The economic
environment and volatility of securities markets increase the difficulty of determining fair value and assessing investment impairment.
The
amortized cost of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts
to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization is included
in interest income from investments. Realized gains and losses, and credit declines in value judged to be other-than-temporary
are included in other income. The cost of securities sold is based on the specific identification method.
Investments
are discussed in detail in Note 3 of the Notes to Consolidated Financial Statements.
Income
Taxes
The
Company accounts for income taxes using the liability method in accordance with the FASB ASC 740 topic Income Taxes. The
liability method provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases
of assets and liabilities and their carrying amount for financial reporting purposes as measured based on the enacted tax rates
and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce
deferred tax assets to the amount that is believed more likely than not to be realized.
The
Company adopted the applicable guidance included in the FASB ASC 740 topic Income Taxes related to accounting for uncertainty
in income taxes on December 31, 2006, the beginning of fiscal year 2007. We recognize liabilities for tax audit issues
in the U.S. and other tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes will be due.
If payment of these amounts ultimately proves not to be required, the reversal of the liabilities would result in tax benefits
being recognized in the period when we determine the liabilities are no longer necessary. If our estimate of tax liabilities proves
to be less than the ultimate assessment, a further charge to expense would result.
Income
taxes are discussed in detail in Note 6 of the Notes to Consolidated Financial Statements.
Revenue
Recognition
Garmin
recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable,
and collection is probable. For the large majority of Garmin’s sales, these criteria are met once product has shipped
and title and risk of loss have transferred to the customer. The Company recognizes revenue from the sale of hardware products
and software bundled with hardware that is essential to the functionality of the hardware in accordance with general revenue recognition
accounting guidance. The Company recognizes revenue in accordance with industry specific software accounting guidance for standalone
sales of software products and sales of software bundled with hardware not essential to the functionality of the hardware.
The Company generally does not offer specified or unspecified upgrade rights to its customers in connection with software sales.
For
multiple-element arrangements that include tangible products that contain software essential to the tangible product’s functionality
and undelivered software elements that relate to the tangible product’s essential software, the Company allocates revenue
to all deliverables based on their relative selling prices. In such circumstances, the accounting principles establish a hierarchy
to determine the selling price to be used for allocating revenue to deliverables as follows: (i) vendor-specific objective
evidence of fair value (VSOE), (ii) third-party evidence of selling price (TPE), and (iii) best estimate of the selling
price (ESP). VSOE generally exists only when the Company sells the deliverable separately, on more than a limited basis,
at prices within a relatively narrow range. In addition to the products listed below, the Company has offered certain other
products including mobile applications, in-dash navigation solutions, aviation subscriptions and extended warranties that involve
multiple-element arrangements that are immaterial.
Garmin
offers PNDs with lifetime map updates (LMUs) bundled in the original purchase price. LMUs enable customers to download the
latest map and point of interest information for the useful life of their PND. In addition, Garmin offers PNDs with traffic
service bundled in the original purchase price. The Company has identified multiple deliverables contained in arrangements
involving the sale of PNDs which include the LMU and/or traffic service. The first deliverable is the hardware along with
the software essential to the functionality of the hardware device delivered at the time of sale. The remaining deliverables
are the LMU and/or traffic service. The Company has allocated revenue between these deliverables using the relative selling
price method. Amounts allocated to the delivered hardware and the related essential software are recognized at the time
of sale provided the other conditions for revenue recognition have been met. The revenue and associated cost of royalties
allocated to the LMU and/or the traffic service are deferred and recognized on a straight-line basis over the estimated life of
the products.
The
Company has determined sufficient VSOE does not exist for LMU or traffic, and that third party evidence of selling price is not
available. During 2013, the Company estimated selling price of the undelivered element based on the relative selling price
method using a weighted average of the stand-alone sales price, the price differential between bundled and unbundled PND units,
and the royalty or subscription cost plus a normal margin. These estimates were reflective of how the Company established product
pricing based in part on customer perception of value of the added LMU or traffic service capability to the PND. In 2014,
the Company determined that stand-alone and unbundled unit sales no longer occurred on more than a limited basis, and therefore
began using the royalty cost plus a normal margin as the primary indicator to calculate relative selling prices of the undelivered
elements.
Garmin
records estimated reductions to revenue for customer sales programs, returns and incentive offerings including rebates, price
protection (product discounts offered to retailers to assist in clearing older products from their inventories in advance of new
product releases), promotions and other volume-based incentives. The reductions to revenue are based on estimates and judgments
using historical experience and expectation of future conditions. Changes in these estimates could negatively affect Garmin’s
operating results. These incentives are reviewed periodically and, with the exceptions of price protection and certain
other promotions, accrued for on a percentage of sales basis. If market conditions were to decline, Garmin may take
actions to increase customer incentive offerings, possibly resulting in an incremental reduction of revenue at the time the incentive
is offered.
The
Company records revenue net of sales tax, trade discounts and customer returns. The reductions to revenue for expected future
product returns are based on Garmin’s historical experience.
Deferred
Revenues and Costs
At
December 26, 2015 and December 27, 2014, the Company had deferred revenues totaling $293,713 and $338,728 , respectively, and
related deferred costs totaling $87,945 and $87,476, respectively.
The
deferred revenues and costs are recognized over their estimated economic lives of two to five years on a straight-line basis.
In the next five years, the gross margin recognition of deferred revenue and cost for the currently deferred amounts is estimated
to be $115,806, $60,971, $21,467, $5,356 and $2,168, respectively.
Shipping
and Handling Costs
Shipping
and handling costs are included in cost of goods sold in the accompanying consolidated financial statements.
Product
Warranty
The
Company provides for estimated warranty costs at the time of sale. The Company’s standard warranty obligation to retail
partners generally provides for a right of return of any product for a full refund in the event that such product is not merchantable,
is damaged or defective. The Company’s historical experience is that these types of warranty obligations are generally
fulfilled within 5 months from time of sale. The Company’s standard warranty obligation to its end-users provides for
a period of one to two years from date of shipment while certain aviation products have a warranty period of two years from the
date of installation. The Company’s estimate of costs to service its warranty obligations are based on historical
experience and expectations of future conditions and are recorded as a liability on the balance sheet. To the extent Garmin
experiences increased warranty claim activity or increased costs associated with servicing those claims, its warranty accrual
will increase, resulting in decreased gross profit. The following reconciliation provides an illustration of changes in the aggregate
warranty reserve:
| |
|
Fiscal
Year Ended |
|
| |
|
December
26, |
|
|
December
27, |
|
|
December
28, |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
| |
|
|
|
|
|
|
|
|
|
| Balance - beginning of period |
|
$ |
27,609 |
|
|
$ |
26,767 |
|
|
$ |
37,301 |
|
| Change
in accrual for products sold in prior periods (1) |
|
|
- |
|
|
|
- |
|
|
|
(8,709 |
) |
| Accrual
for products sold(2) |
|
|
44,620 |
|
|
|
44,423 |
|
|
|
41,309 |
|
| Expenditures |
|
|
(41,780 |
) |
|
|
(43,581 |
) |
|
|
(43,134 |
) |
| Balance - end
of period |
|
$ |
30,449 |
|
|
$ |
27,609 |
|
|
$ |
26,767 |
|
| |
(1) |
Our expected future
cost is estimated based upon historical trends in the volume of product returns and the related warranty costs incurred. In
2013 we updated these assumptions and shortened the estimated time horizon in which we settle claims with our retail partners. |
| |
(2) |
Minor changes in
cost estimates related to pre-existing warranties are aggregated with accruals for new warranty contracts in the ‘accrual
for products sold’ line. |
Sales
Programs
The
Company provides certain monthly and quarterly incentives for its dealers and distributors based on various factors including
dealer purchasing volume and growth. Additionally, from time to time, the Company provides rebates to end users on certain products.
Estimated rebates and incentives payable to dealers and distributors are regularly reviewed and recorded as accrued expenses on
a monthly basis. In addition, the Company provides dealers and distributors with product discounts to assist these customers in
clearing older products from their inventories in advance of new product releases. Each discount is tied to a specific product
and can be applied to all customers who have purchased the product or a special discount may be agreed to on an individual customer
basis. These rebates, incentives, and discounts are recorded as reductions to net sales in the accompanying consolidated statements
of income in the period the Company has sold the product.
Advertising
Costs
The
Company expenses advertising costs as incurred. Advertising expense amounted to approximately $167,166, $146,633, and $112,905,
for the years ended December 26, 2015, December 27, 2014 and December 28, 2013, respectively.
Research
and Development
A
majority of the Company’s research and development is performed in the United States. Research and development costs, which
are expensed as incurred, amounted to approximately $427,043, $395,121, and $364,923, for the years ended December 26, 2015, December
27, 2014 and December 28, 2013, respectively.
Customer
Service and Technical Support
Customer
service and technical support costs are included as selling, general and administrative expenses in the accompanying consolidated
statements of income. Customer service and technical support costs include costs associated with performing order processing,
answering customer inquiries by telephone and through Web sites, e-mail and other electronic means, and providing free technical
support assistance to customers. The technical support is provided within one year after the associated revenue is recognized.
The related cost of providing this free support is not material.
Software
Development Costs
The
FASB ASC topic entitled Software requires companies to expense software development costs as they incur them until technological
feasibility has been established, at which time those costs are capitalized until the product is available for general release
to customers. Capitalized software development costs are not significant as the time elapsed from working model to release is
typically short. As required by the Research and Development topic of the FASB ASC, costs incurred to enhance our existing
products or after the general release of the service using the product are expensed in the period they are incurred and included
in research and development costs in the accompanying consolidated statements of income.
Accounting
for Stock-Based Compensation
The
Company currently sponsors four stock based employee compensation plans. The FASB ASC topic entitled Compensation – Stock
Compensation requires the measurement and recognition of compensation expenses for all share-based payment awards made to
employees and directors including employee stock options and restricted stock based on estimated fair values.
Accounting
guidance requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing
model. The value of the portion of the award that is ultimately expected to vest is recognized as stock-based compensation expense
on a straight-line basis over the requisite service period in the Company’s consolidated financial statements.
As
stock-based compensation expenses recognized in the accompanying consolidated statements of income are based on awards ultimately
expected to vest, they have been reduced for estimated forfeitures. Accounting guidance requires forfeitures to be estimated at
the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures
were estimated based on historical experience and management’s estimates.
Stock
compensation plans are discussed in detail in Note 9 of the Notes to Consolidated Financial Statements.
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 for 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.
In
January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition
and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). The standard addresses certain aspects
of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years,
and interim periods within those years, beginning after December 15, 2017. The Company is currently evaluating the impact of adopting
the new standard on its consolidated financial statements.
|
| X |
- References
+ Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
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| X |
- DefinitionThe entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity.
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| Period Type: |
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Marketable Securities
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Marketable Securities |
3.
Marketable Securities
The
FASB ASC topic entitled Fair Value Measurements and Disclosures defines fair value as the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date
(exit price). The accounting guidance classifies the inputs used to measure fair value into the following hierarchy:
| |
Level 1 |
Unadjusted quoted
prices in active markets for identical assets 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. The valuation methods
used by the Company for each significant class of investments are summarized below.
Mortgage-backed
securities, corporate bonds and obligations of states and political subdivisions – Valued 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.
Common
stocks – Valued at the closing price reported on the active market on which the individual securities are traded.
The
methods 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 December 26, 2015 |
|
| |
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| U.S. Treasury securities |
|
$ |
27,731 |
|
|
$ |
- |
|
|
$ |
27,731 |
|
|
$ |
- |
|
| Agency securities |
|
|
208,631 |
|
|
|
- |
|
|
|
208,631 |
|
|
|
- |
|
| Mortgage-backed securities |
|
|
370,232 |
|
|
|
- |
|
|
|
370,232 |
|
|
|
- |
|
| Corporate securities |
|
|
648,590 |
|
|
|
- |
|
|
|
648,590 |
|
|
|
- |
|
| Municipal securities |
|
|
223,562 |
|
|
|
- |
|
|
|
223,562 |
|
|
|
- |
|
| Other |
|
|
79,802 |
|
|
|
- |
|
|
|
79,802 |
|
|
|
- |
|
| Total |
|
$ |
1,558,548 |
|
|
$ |
- |
|
|
$ |
1,558,548 |
|
|
$ |
- |
|
| |
|
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 December 26, 2015 |
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses- OTTI (1) |
|
|
Gross
Unrealized
Losses- Other (2) |
|
|
|
Estimated
Fair
Value (Net
Carrying
Amount) |
|
| U.S. Treasury securities |
|
$ |
27,772 |
|
|
$ |
27 |
|
|
$ |
- |
|
|
$ |
(68 |
) |
|
|
$ |
27,731 |
|
| Agency securities |
|
|
211,248 |
|
|
|
105 |
|
|
|
(2,409 |
) |
|
|
(313 |
) |
|
|
|
208,631 |
|
| Mortgage-backed securities |
|
|
376,801 |
|
|
|
191 |
|
|
|
(1,210 |
) |
|
|
(5,550 |
) |
|
|
|
370,232 |
|
| Corporate securities |
|
|
656,447 |
|
|
|
179 |
|
|
|
(1,635 |
) |
|
|
(6,401 |
) |
|
|
|
648,590 |
|
| Municipal securities |
|
|
223,991 |
|
|
|
636 |
|
|
|
(9 |
) |
|
|
(1,056 |
) |
|
|
|
223,562 |
|
| Other |
|
|
79,853 |
|
|
|
4 |
|
|
|
(14 |
) |
|
|
(41 |
) |
|
|
|
79,802 |
|
| Total |
|
$ |
1,576,112 |
|
|
$ |
1,142 |
|
|
$ |
(5,277 |
) |
|
$ |
(13,429 |
) |
|
|
$ |
1,558,548 |
|
| |
|
Available-For-Sale
Securities as
of December 27, 2014 (3) |
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses- OTTI (1) |
|
|
Gross
Unrealized
Losses- Other (2) |
|
|
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) |
Represents impairment
not related to credit for those investment securities that have been determined to be other-than-temporarily impaired. |
| |
(2) |
Represents unrealized
losses on investment securities that have not 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. |
The
Company’s investment policy requires investments to be rated A or better with the objective of minimizing the potential risk
of principal loss. The fair value of our securities varies from period to period due to changes in interest rates, in the performance
of the underlying collateral and in the credit performance of the underlying issuer, among other factors. The Company does not
intend to sell the securities that have an unrealized loss shown in the table above and it is not more likely than not that the
Company will be required to sell the investment before recovery of their amortized costs bases, which may be maturity.
The
Company recognizes the credit component of other-than-temporary impairments of debt securities in "Other Income" and the noncredit
component in "Other comprehensive income (loss)" for those securities that we do not intend to sell and for which it is not more
likely than not that we will be required to sell before recovery. In 2013, the Company experienced unrealized, noncredit losses
on its investment portfolio resulting in gross other-than-temporary impairment and other unrealized losses on marketable securities.
During 2014 and 2015, the Company did not record any material impairment changes on its outstanding securities.
The
amortized cost and estimated fair value of the securities at an unrealized loss position at December 26, 2015 were $1,299,856
and $1,281,150, respectively. Approximately 63.6% of securities in the Company’s portfolio were at an unrealized loss position
at December 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 December 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 |
|
$ |
(68 |
) |
|
$ |
22,184 |
|
|
$ |
- |
|
|
$ |
- |
|
| Agency securities |
|
|
(691 |
) |
|
|
117,803 |
|
|
|
(2,031 |
) |
|
|
69,418 |
|
| Mortgage-backed securities |
|
|
(4,571 |
) |
|
|
263,735 |
|
|
|
(2,189 |
) |
|
|
83,722 |
|
| Corporate securities |
|
|
(6,719 |
) |
|
|
521,731 |
|
|
|
(1,317 |
) |
|
|
50,374 |
|
| Municipal securities |
|
|
(1,035 |
) |
|
|
116,033 |
|
|
|
(30 |
) |
|
|
6,557 |
|
| Other |
|
|
(29 |
) |
|
|
14,666 |
|
|
|
(26 |
) |
|
|
14,927 |
|
| Total |
|
$ |
(13,113 |
) |
|
$ |
1,056,152 |
|
|
$ |
(5,593 |
) |
|
$ |
224,998 |
|
| |
|
As
of December 27, 2014(1) |
|
| |
|
Less
than 12 Consecutive Months |
|
|
12
Consecutive Months or Longer |
|
| |
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
| U.S. Treasury securities |
|
$ |
(42 |
) |
|
$ |
18,822 |
|
|
$ |
(25 |
) |
|
$ |
6,634 |
|
| Agency securities |
|
|
(397 |
) |
|
|
64,862 |
|
|
|
(8,269 |
) |
|
|
312,139 |
|
| Mortgage-backed securities |
|
|
(2,169 |
) |
|
|
187,309 |
|
|
|
(3,152 |
) |
|
|
99,566 |
|
| Corporate securities |
|
|
(4,058 |
) |
|
|
373,925 |
|
|
|
(2,903 |
) |
|
|
114,076 |
|
| Municipal securities |
|
|
(222 |
) |
|
|
29,533 |
|
|
|
(48 |
) |
|
|
15,019 |
|
| Other |
|
|
(154 |
) |
|
|
29,977 |
|
|
|
(12 |
) |
|
|
3,091 |
|
| Total |
|
$ |
(7,042 |
) |
|
$ |
704,428 |
|
|
$ |
(14,409 |
) |
|
$ |
550,525 |
|
| |
(1) |
Certain
available- for-sale securities held as of December 27, 2014 have been reclassified amount major security types to confirm
to the current year presentation. These reclassifications had no effect on fair value measurement. |
The
amortized cost and estimated fair value of marketable securities at December 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.
| |
|
|
|
|
Estimated |
|
| |
|
Cost |
|
|
Fair
Value |
|
| |
|
|
|
|
|
|
|
|
| Due in one year or
less |
|
$ |
215,143 |
|
|
$ |
215,161 |
|
| Due after one year
through five years |
|
|
1,179,753 |
|
|
|
1,167,026 |
|
| Due after five years
through ten years |
|
|
112,256 |
|
|
|
108,923 |
|
| Due after ten years |
|
|
68,960 |
|
|
|
67,438 |
|
| |
|
|
|
|
|
|
|
|
| |
|
$ |
1,576,112 |
|
|
$ |
1,558,548 |
|
|
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Commitments and Contingencies
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
4.
Commitments and Contingencies
Rental
expense related to office, equipment, warehouse space and real estate amounted to $18,104, $19,559 and $18,721 for the years ended
December 26, 2015, December 27, 2014, and December 28, 2013, respectively. The Company recognizes rental expense on a straight-line
basis over the lease term.
Future
minimum lease payments are as follows:
| Year |
|
|
Amount |
|
| 2016 |
|
$ |
16,621 |
|
| 2017 |
|
|
12,091 |
|
| 2018 |
|
|
9,849 |
|
| 2019 |
|
|
6,963 |
|
| 2020 |
|
|
5,323 |
|
| Thereafter |
|
|
14,182 |
|
| Total |
|
$ |
65,029 |
|
Certain
cash balances of GEL and GC are held as collateral by banks securing payment of local value-added tax requirements. The
total amount of restricted cash balances were $259 and $308 at December 26, 2015 and December 27, 2014, respectively.
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. The aggregate
amount of purchase orders and other commitments open as of December 26, 2015 was approximately $278,327. We cannot determine the
aggregate amount of such purchase orders that represent contractual obligations because purchase orders may represent authorizations
to purchase rather than binding agreements. Our purchase orders are based on our current needs and are typically fulfilled within
short periods of time.
In
the normal course of business, the Company and its subsidiaries are parties to various legal claims, investigations, and complaints,
including matters involving 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 year ended December 26, 2015. The results of legal proceeding, investigations and claims, however, cannot be predicted
with certainty. Although management considers the likelihood to be remote, an adverse resolution of one of 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 year ended December 26, 2015 that did not individually or in the
aggregate have a material impact on the Company’s financial condition or results of operations.
|
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Employee Benefit Plans
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Compensation and Retirement Disclosure [Abstract] |
|
| Employee Benefit Plans |
5.
Employee Benefit Plans
GII
and the Company’s other U.S.-based subsidiaries sponsor a defined contribution employee retirement plan under which their
employees may contribute up to 50% of their annual compensation subject to Internal Revenue Code maximum limitations and to which
the subsidiaries contribute a specified percentage of each participant’s annual compensation up to certain limits as defined
in the retirement plan. Additionally, GEL has a defined contribution plan under which its employees may contribute up to 7.5%
of their annual compensation. In both the plans described above, the subsidiaries contribute an amount determined annually at
the discretion of the Board of Directors. During the years ended December 26, 2015, December 27, 2014 and December 28, 2013, expense
related to these and other defined contribution plans of $37,489, $29,267 and $26,839, respectively, was charged to operations.
Certain
of the Company’s foreign subsidiaries participate in local defined benefit pension plans. Contributions are calculated by
formulas that consider final pensionable salaries. Neither obligations nor contributions for the years ended December 26, 2015,
December 27, 2014 and December 28, 2013, were significant.
|
| X |
- DefinitionThe entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.
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Income Taxes
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
6.
Income Taxes
The
Company’s income tax provision (benefit) consists of the following:
| |
|
Fiscal
Year Ended |
|
| |
|
December
26, |
|
|
December
27, |
|
|
December
28, |
|
| |
|
|
2015 |
|
|
|
2014 |
|
|
|
2013 |
|
| Federal: |
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
$ |
49,138 |
|
|
$ |
(18,665 |
) |
|
$ |
(11,907 |
) |
| Deferred |
|
|
4,216 |
|
|
|
58,164 |
|
|
|
1,913 |
|
| |
|
|
53,354 |
|
|
|
39,499 |
|
|
|
(9,994 |
) |
| State: |
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
9,354 |
|
|
|
5,575 |
|
|
|
2,584 |
|
| Deferred |
|
|
(5,858 |
) |
|
|
4,368 |
|
|
|
(408 |
) |
| |
|
|
3,496 |
|
|
|
9,943 |
|
|
|
2,176 |
|
| Foreign: |
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
55,730 |
|
|
|
287,197 |
|
|
|
37,094 |
|
| Deferred |
|
|
(1,620 |
) |
|
|
22,895 |
|
|
|
11,870 |
|
| |
|
|
54,110 |
|
|
|
310,092 |
|
|
|
48,964 |
|
| Total |
|
$ |
110,960 |
|
|
$ |
359,534 |
|
|
$ |
41,146 |
|
The
income tax provision differs from the amount computed by applying the U.S. statutory federal income tax rate to income before
taxes. The sources and tax effects of the differences, including the impact of establishing tax contingency accruals, are as follows:
| |
|
Fiscal
Year Ended |
|
| |
|
December
26, |
|
|
December
27, |
|
|
December
28, |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
| Federal income tax
expense at U.S. statutory rate |
|
$ |
198,516 |
|
|
$ |
253,260 |
|
|
$ |
229,420 |
|
| State income tax expense,
net of federal tax effect |
|
|
1,931 |
|
|
|
6,463 |
|
|
|
1,414 |
|
| Foreign tax rate differential |
|
|
(100,010 |
) |
|
|
(154,338 |
) |
|
|
(121,279 |
) |
| Taiwan tax holiday
benefit |
|
|
(3,488 |
) |
|
|
(3,147 |
) |
|
|
(4,944 |
) |
| Other foreign taxes
less incentives and credits |
|
|
(8,592 |
) |
|
|
5,947 |
|
|
|
(2,032 |
) |
| Withholding Tax |
|
|
16,969 |
|
|
|
21,039 |
|
|
|
7,073 |
|
| Intercompany Restructuring |
|
|
0 |
|
|
|
307,635 |
|
|
|
- |
|
| Net change in uncertain
tax positions |
|
|
21,246 |
|
|
|
(67,231 |
) |
|
|
(50,700 |
) |
| U.S. federal domestic production activities
deduction |
|
|
(4,589 |
) |
|
|
(3,606 |
) |
|
|
(3,550 |
) |
| U.S. federal research
and development credit |
|
|
(8,573 |
) |
|
|
(8,373 |
) |
|
|
(14,876 |
) |
| Other,
net |
|
|
(2,450 |
) |
|
|
1,885 |
|
|
|
620 |
|
| Income
tax expense |
|
$ |
110,960 |
|
|
$ |
359,534 |
|
|
$ |
41,146 |
|
In
the third quarter of 2014, the Company initiated an inter-company restructuring that realigned our corporate entity structure.
This change in corporate structure provides access to historical earnings that were previously permanently reinvested and allows
us to efficiently repatriate future earnings. As a result of the change in corporate structure, Garmin recorded tax expense
of $307,635. Approximately $263,000 of this amount has been paid. The remainder of the accrued tax is expected to be paid
incrementally as the cash is repatriated.
The
holding company statutory federal income tax rate in Switzerland, the Company's place of incorporation since the Redomestication
effective June 27, 2010, is 7.83%. If the Company reconciled taxes at the Swiss holding company federal statutory tax rate
to the reported income tax for 2015 as presented above, the amounts related to tax at the statutory rate would be $154,000 lower,
or $44,000, and the foreign tax rate differential would be adjusted by a similar amount to $52,000. For 2014, the amounts related
to tax at the statutory rate would be approximately $197,000 lower, or $57,000, and the foreign tax rate differential would be
adjusted by a similar amount to approximately $44,000. For 2013, the amount related to tax at the statutory rate would be approximately
$178,000 lower, or $51,000, and the foreign tax differential would be reduced by a similar amount to approximately $64,000. All
other amounts would remain substantially unchanged.
The
Company’s income before income taxes attributable to non-U.S. operations was $403,242, $546,790, and $502,423, for the years
ended December 26, 2015, December 27, 2014, and December 28, 2013, respectively. The Taiwan tax holiday benefits included in the
table above reflect $0.02, $0.02, and $0.03 per weighted-average common share outstanding for the years ended December 26, 2015,
December 27, 2014, and December 28, 2013, respectively. The Company currently expects to benefit from these Taiwan tax holidays
through 2017, at which time these tax benefits will likely expire.
Income
taxes of $21,085, $20,606, and $307,990 at December 26, 2015, December 27, 2014, and December 28, 2013, respectively, have not
been accrued by the Company for the unremitted earnings of several of its foreign subsidiaries because such earnings are intended
to be reinvested in the subsidiaries indefinitely. These balances decreased in 2014 as a result of the inter-company restructuring
which reduced the amount of earnings reinvested in the subsidiaries indefinitely.
Deferred
income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets
and liabilities are as follows:
| |
|
December
26, |
|
|
December
27, |
|
| |
|
2015 |
|
|
2014 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Product
warranty accruals |
|
$ |
2,990 |
|
|
$ |
3,560 |
|
| Allowance
for doubtful accounts |
|
|
10,323 |
|
|
|
9,111 |
|
| Inventory
reserves |
|
|
10,904 |
|
|
|
8,161 |
|
| Sales
program allowances |
|
|
1,783 |
|
|
|
1,081 |
|
| Reserve
for sales returns |
|
|
1,457 |
|
|
|
- |
|
| Other
accruals |
|
|
10,799 |
|
|
|
11,058 |
|
| Stock
option compensation |
|
|
35,360 |
|
|
|
38,265 |
|
| Tax
credit carryforwards |
|
|
3,906 |
|
|
|
2,726 |
|
| Amortization |
|
|
20,005 |
|
|
|
21,595 |
|
| Deferred
revenue |
|
|
32,809 |
|
|
|
43,644 |
|
| Net
operating losses of subsidiaries |
|
|
5,228 |
|
|
|
12,456 |
|
| Benefit
related to uncertain tax positions |
|
|
5,546 |
|
|
|
4,246 |
|
| Other |
|
|
4,106 |
|
|
|
3,485 |
|
| Valuation
allowance related to loss carryforward and tax credits |
|
|
(2,781 |
) |
|
|
(11,358 |
) |
| |
|
|
142,435 |
|
|
|
148,030 |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Depreciation |
|
|
18,029 |
|
|
|
16,192 |
|
| Reserve
for sales returns |
|
|
- |
|
|
|
419 |
|
| Prepaid
expenses |
|
|
2,821 |
|
|
|
3,283 |
|
| Book
basis in excess of tax basis for acquired entities |
|
|
1,307 |
|
|
|
2,099 |
|
| Unrealized
investment loss |
|
|
3,198 |
|
|
|
6,384 |
|
| Withholding
tax |
|
|
54,865 |
|
|
|
50,561 |
|
| Other |
|
|
1,907 |
|
|
|
2,448 |
|
| |
|
|
82,127 |
|
|
|
81,386 |
|
| Net
deferred tax assets |
|
$ |
60,308 |
|
|
$ |
66,644 |
|
The
stock options outstanding related to the deferred tax asset of $35,360 will begin to expire over the next several years. Given
the exercise price of the options expiring over the next 12 months compared to the current market price it is possible that these
options will expire unexercised, resulting in a potential write-off of $6,000 that would reduce the deferred tax asset and reduce
equity.
In
November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes (“ASU
2015-17”), requiring all deferred tax assets and liabilities, and any related valuation allowance, to be classified as non-current
on the balance sheet, which simplifies the presentation of deferred income taxes. The standard is effective for financial statements
issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is
permitted, and the Company elected to prospectively adopt the accounting standard as of December 26, 2015. Prior periods in our
Consolidated Financial Statements were not retrospectively adjusted.
At
December 26, 2015, the Company had $3,906 of tax credit carryover compared to $2,726 at December 27, 2014. The surtax credit carryover
from 2013 of $52,618 was adjusted and subsequently fully utilized in 2014 upon the execution of the inter-company restructuring.
In turn, the entire valuation allowance regarding the surtax credit was released.
At
December 26, 2015, the Company had a deferred tax asset of $5,228 related to the future tax benefit on net operating loss (NOL)
carryforwards of $19,580. Included in the NOL carryforwards is $7,092 that relates to Spain and expires in varying amounts
between 2022 and 2027, $338 that relates to Switzerland and expires in 2022, $4,238 related to the Netherlands and expires in
varying amounts between 2017 and 2022, $1,317 that relates to Finland and expires in 2025, $1,300 that relates to the United States
and expires in 2035, and $5,295 that relates to various other jurisdictions and has no expiration date. The Company has recorded
a valuation allowance for a portion of its deferred tax asset relating to various tax attributes that it does not believe are
more likely than not to be realized. In the future, if the Company determines, based on existence of sufficient evidence, that
it should realize more or less of its deferred tax assets, an adjustment to the valuation allowance will be made in the period
such a determination is made.
The
total amount of gross unrecognized tax benefits as of December 26, 2015 was $97,904. A reconciliation of the beginning and
ending amount of gross unrecognized tax benefits for years ended December 26, 2015, December 27, 2014, and December 28, 2013 is
as follows:
| |
|
December
26, |
|
|
December
27, |
|
|
December
28, |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
| Balance at beginning
of year |
|
$ |
77,495 |
|
|
$ |
133,015 |
|
|
$ |
182,870 |
|
| Additions
based on tax positions related to prior years |
|
|
89 |
|
|
|
2,889 |
|
|
|
2,668 |
|
| Reductions
based on tax positions related to prior years |
|
|
(1,671 |
) |
|
|
(60,967 |
) |
|
|
(8,195 |
) |
| Additions
based on tax positions related to current period |
|
|
29,019 |
|
|
|
39,115 |
|
|
|
30,262 |
|
| Reductions
related to settlements with tax authorities |
|
|
(364 |
) |
|
|
(401 |
) |
|
|
(416 |
) |
| Expiration
of statute of limitations |
|
|
(6,664 |
) |
|
|
(36,156 |
) |
|
|
(74,174 |
) |
| Balance
at end of year |
|
$ |
97,904 |
|
|
$ |
77,495 |
|
|
$ |
133,015 |
|
Accounting
guidance requires unrecognized tax benefits to be classified as non-current liabilities, except for the portion that is expected
to be paid within one year of the balance sheet date. The entire balance of net unrecognized benefits of $93,654, $74,205
and $125,918 are required to be classified as non-current at December 26, 2015, December 27, 2014, and December 28, 2013, respectively.
The net unrecognized tax benefits, if recognized, would reduce the effective tax rate. None of the unrecognized tax benefits are
due to uncertainty in the timing of deductibility.
Interest
and penalties, if any, accrued on the unrecognized tax benefits are reflected in income tax expense. At December 26, 2015,
December 27, 2014, and December 28, 2013, the Company had accrued approximately $2,479, $2,159, and $5,111, respectively, for
interest. The interest component of the reserve increased (decreased) income tax expense for the years ending December 26,
2015, December 27, 2014, and December 28, 2013 by $320, ($2,953), and ($3,111), respectively. The Company had no amounts accrued
for penalties as the nature of the unrecognized tax benefits, if recognized, would not warrant the imposition of penalties.
The
Company files income tax returns in Switzerland and U.S. federal jurisdictions, as well as various state, local and foreign jurisdictions.
With few exceptions, the Company is no longer subject to U.S. federal, state, or local tax examinations by tax authorities for
years 2012 and prior. The Company is no longer subject to Taiwan income tax examinations by tax authorities for years 2009
and prior. The Company is no longer subject to United Kingdom tax examinations by tax authorities for years 2012 and prior.
The Company is subject to Switzerland income tax examinations by tax authorities for years 2011 through 2015.
The
Company recognized a reduction of income tax expense of $6,971, $83,006, and $74,217 in fiscal years ended December 26, 2015,
December 27, 2014, and December 28, 2013, respectively, to reflect the expiration of statutes of limitations and releases due
to audit settlement in various jurisdictions.
The
Company believes that it is reasonably possible that approximately $5,000 to 10,000 of its reserves for certain unrecognized tax
benefits will decrease within the next 12 months as the result of the expiration of statutes of limitations. This potential decrease
in unrecognized tax benefits would impact the Company’s effective tax rate within the next 12 months
|
| X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319
Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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Fair Value of Financial Instruments
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value of Financial Instruments |
7.
Fair Value of Financial Instruments
As
required by the Financial Instruments topic of the FASB ASC, the following summarizes required information about the fair
value of certain financial instruments for which it is currently practicable to estimate such value. None of the financial instruments
are held or issued for trading purposes. The carrying amounts and fair values of the Company’s financial instruments are
as follows:
| |
|
December
26, 2015 |
|
|
December
27, 2014 |
|
| |
|
Carrying |
|
|
Fair |
|
|
Carrying |
|
|
Fair |
|
| |
|
Amount |
|
|
Value |
|
|
Amount |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
833,070 |
|
|
$ |
833,070 |
|
|
$ |
1,196,268 |
|
|
$ |
1,196,268 |
|
| Restricted cash |
|
|
259 |
|
|
|
259 |
|
|
|
308 |
|
|
|
308 |
|
| Marketable securities |
|
|
1,558,548 |
|
|
|
1,558,548 |
|
|
|
1,575,333 |
|
|
|
1,575,333 |
|
For
certain of the Company’s financial instruments, including accounts receivable, loan receivable, accounts payable and other
accrued liabilities, the carrying amounts approximate fair value due to their short maturities.
|
| X |
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| X |
- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-SubTopic 10
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-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
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-Paragraph 28
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
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-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
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-Paragraph 16
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-Name Accounting Standards Codification
-Topic 825
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Segment Information
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Information |
8.
Segment Information
The
Company has identified five reportable segments for external reporting purposes – auto, aviation, marine, outdoor and fitness.
There are two operating segments (auto PND and auto OEM) that are not reported separately but aggregated within the auto reportable
segment. Each operating segment is individually reviewed and evaluated by the Chief Operating Decision Maker (CODM), who allocates
resources and assesses performance of each segment individually.
All
of the Company’s reportable segments offer products through the Company’s network of independent dealers and distributors
as well as through OEMs. However, the nature of products and types of customers for the five reportable segments vary.
The Company’s marine, auto, outdoor, and fitness segments include portable global positioning system (GPS) receivers and
accessories sold primarily to retail outlets. These products are produced primarily by the Company’s subsidiary in Taiwan.
The Company’s aviation products are portable and panel mount avionics for Visual Flight Rules and Instrument Flight Rules
navigation and are sold primarily to aviation dealers and certain aircraft manufacturers.
The
Company’s Chief Executive Officer has been identified as the CODM. In 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 years ended December 26,
2015 and December 27, 2014. Operating income represents net sales less costs of goods sold and operating expenses, including certain
allocated general and administrative costs. The accounting policies of the reportable segments are the same as those described
in the summary of significant accounting policies. There are no inter-segment sales or transfers.
The
Company’s reportable segments share many common resources, infrastructures and assets in the normal course of business.
Thus, the Company does not report accounts receivable, inventories, property and equipment, intangible assets, or capital expenditures
by segment to the CODM.
Revenues,
gross profit, and operating income for each of the Company’s reportable segments are presented below:
| |
|
Reportable
Segments |
|
| 52-Weeks
Ended December 26, 2015 |
|
Outdoor |
|
|
Fitness |
|
|
Marine |
|
|
Auto |
|
|
Aviation |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
425,150 |
|
|
$ |
661,599 |
|
|
$ |
286,778 |
|
|
$ |
1,048,125 |
|
|
$ |
398,618 |
|
|
$ |
2,820,270 |
|
| Gross profit |
|
|
259,889 |
|
|
|
366,139 |
|
|
|
158,493 |
|
|
|
459,469 |
|
|
|
294,714 |
|
|
|
1,538,704 |
|
| Operating income |
|
|
140,200 |
|
|
|
134,574 |
|
|
|
28,611 |
|
|
|
134,939 |
|
|
|
111,257 |
|
|
|
549,581 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 52-Weeks Ended
December 27, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
427,555 |
|
|
$ |
568,440 |
|
|
$ |
248,371 |
|
|
$ |
1,240,377 |
|
|
$ |
385,915 |
|
|
$ |
2,870,658 |
|
| Gross profit |
|
|
266,550 |
|
|
|
358,287 |
|
|
|
129,710 |
|
|
|
569,452 |
|
|
|
280,413 |
|
|
|
1,604,412 |
|
| Operating income |
|
|
151,055 |
|
|
|
190,682 |
|
|
|
26,232 |
|
|
|
215,679 |
|
|
|
106,978 |
|
|
|
690,626 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 52-Weeks Ended
December 28, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
410,989 |
|
|
$ |
356,283 |
|
|
$ |
222,928 |
|
|
$ |
1,302,314 |
|
|
$ |
339,337 |
|
|
$ |
2,631,851 |
|
| Gross profit |
|
|
262,529 |
|
|
|
222,925 |
|
|
|
115,091 |
|
|
|
565,083 |
|
|
|
241,672 |
|
|
|
1,407,300 |
|
| Operating income |
|
|
159,197 |
|
|
|
120,250 |
|
|
|
18,493 |
|
|
|
188,517 |
|
|
|
87,575 |
|
|
|
574,032 |
|
Net
sales, long-lived assets (property and equipment), and net assets by geographic area are as shown below for the years ended December
26, 2015, December 27, 2014 and December 28, 2013. Note that APAC refers to the Asia Pacific region, and EMEA includes Europe,
the Middle East and Africa.
| |
|
Americas |
|
|
APAC |
|
|
EMEA |
|
|
Total |
|
| December 26, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales
to external customers (1) |
|
$ |
1,469,243 |
|
|
$ |
337,888 |
|
|
$ |
1,013,139 |
|
|
$ |
2,820,270 |
|
| Property and equipment,
net |
|
|
294,234 |
|
|
|
111,701 |
|
|
|
40,154 |
|
|
|
446,089 |
|
| Net assets (2) |
|
|
2,110,108 |
|
|
|
921,410 |
|
|
|
313,608 |
|
|
|
3,345,126 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 27, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external
customers (1) |
|
$ |
1,538,322 |
|
|
$ |
278,092 |
|
|
$ |
1,054,244 |
|
|
$ |
2,870,658 |
|
| Property and equipment,
net |
|
|
269,858 |
|
|
|
111,464 |
|
|
|
49,565 |
|
|
|
430,887 |
|
| Net assets (2) |
|
|
2,142,624 |
|
|
|
939,852 |
|
|
|
320,891 |
|
|
|
3,403,367 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 28, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external
customers (1) |
|
$ |
1,432,895 |
|
|
$ |
243,056 |
|
|
$ |
955,900 |
|
|
$ |
2,631,851 |
|
| Property and equipment,
net |
|
|
239,528 |
|
|
|
121,012 |
|
|
|
54,308 |
|
|
|
414,848 |
|
| Net assets (2) |
|
|
1,338,401 |
|
|
|
2,048,903 |
|
|
|
272,402 |
|
|
|
3,659,706 |
|
(1)
The U.S. is the only country which constitutes greater than 10% of net sales to external customers.
(2)
Americas and APAC net assets are primarily held in the United States and Taiwan, respectively.
|
| X |
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|
| X |
- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 34
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|
Stock Compensation Plans
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Stock Compensation Plans |
9.
Stock Compensation Plans
Accounting
for Stock-Based Compensation
The
various Company stock compensation plans are summarized below. For all stock compensation plans, the company’s policy is
to issue treasury shares for option/stock appreciation right (SAR) exercises, restricted stock unit (RSU) releases and employee
stock purchase plan (ESPP) purchases.
2011
Non-employee Directors’ Equity Incentive Plan
In
June 2011, the stockholders adopted an equity incentive plan for non-employee directors (the “2011 Directors Plan”)
providing for grants of stock options, SARs, RSUs and/or performance shares, pursuant to which up to 122,592 shares were available
for issuance. The term of each award cannot exceed ten years. Awards may vest over a minimum two-year period. In 2015, 2014, and
2013, 12,008, 7,120, and 11,484, restricted stock units were granted under this plan.
2005
Equity Incentive Plan
In
June 2005, the shareholders adopted an equity incentive plan (the “2005 Plan”) providing for grants of incentive
and nonqualified stock options, SARs, RSUs and/or performance shares to employees of the Company and its subsidiaries,
pursuant to which up to 10,000,000 common shares were available for issuance. In 2013, the shareholders approved an
additional 3,000,000 shares to the plan, making the total shares authorized under the plan 13,000,000. Option and SAR grants
vest evenly over a period of five years or as otherwise determined by the Board of Directors or the Compensation Committee
and generally expire ten years from the date of grant, if not exercised. RSUs granted prior to December 10, 2012 vested or
are vesting evenly over a period of five years, while RSUs granted on and after that date vest evenly over a period of three
years. In addition to time-based vesting requirements, the vesting of certain RSU grants is also contingent upon the
achievement of certain revenue and profitability goals. During 2015, 2014, and 2013, 1,171,905, 425,347, and 413,978 RSUs
were granted under the 2005 Plan. No SARs were granted under the 2015 Plan in 2015. During 2014 and 2013, 47,095 and 52,673
SARs were granted under the 2005 plan.
2000
Equity Incentive Plan
In
October 2000, the shareholders adopted an equity incentive plan (the “2000 Plan”) providing for grants of incentive
and nonqualified stock options, SARs, RSUs and/or performance shares to employees of the Company and its subsidiaries, pursuant
to which up to 7,000,000 common shares were available for issuance. The stock options and SARs vest evenly over a period of five
years or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the
date of grant, if not exercised. The Company did not grant any stock awards from the 2000 Plan in 2015, 2014, or 2013.
2000
Non-employee Directors’ Option Plan
Also
in October 2000, the stockholders adopted a stock option plan for non-employee directors (the “2000 Directors Plan”)
providing for grants of options for up to 100,000 common shares. In 2009, the stockholders approved an additional 150,000 shares
to the plan, making the total shares authorized under the plan 250,000. The term of each award is ten years. All awards vest evenly
over a three-year period. Following the June 2011 approval of the 2011 Directors Plan, the Company will no longer issue options
to purchase shares under this plan.
Stock-Based
Compensation Activity
A
summary of the Company’s stock-based compensation activity and related information under the 2011 Directors Plan, the 2005
Plan, the 2000 Plan and the 2000 Directors Plan for the years ended December 26, 2015, December 27, 2014 and December 28, 2013
is provided below:
| |
|
Stock
Options and SARs |
|
| |
|
Weighted-Average |
|
|
|
|
| |
|
Exercise
Price |
|
|
Number
of Shares |
|
| |
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
| Outstanding at December 29, 2012 |
|
$ |
55.88 |
|
|
|
7,132 |
|
| Granted |
|
$ |
49.07 |
|
|
|
52 |
|
| Exercised |
|
$ |
26.85 |
|
|
|
(662 |
) |
| Forfeited/Expired |
|
$ |
66.09 |
|
|
|
(283 |
) |
| Outstanding at December 28, 2013 |
|
$ |
58.44 |
|
|
|
6,239 |
|
| Granted |
|
$ |
52.44 |
|
|
|
47 |
|
| Exercised |
|
$ |
40.60 |
|
|
|
(1,430 |
) |
| Forfeited/Expired |
|
$ |
80.49 |
|
|
|
(125 |
) |
| Outstanding at December 27, 2014 |
|
$ |
63.19 |
|
|
|
4,731 |
|
| Granted |
|
|
|
|
|
|
0 |
|
| Exercised |
|
$ |
29.15 |
|
|
|
(474 |
) |
| Forfeited/Expired |
|
$ |
70.58 |
|
|
|
(196 |
) |
| Outstanding
at December 26, 2015 |
|
$ |
66.80 |
|
|
|
4,061 |
|
| Exercisable at
December 26, 2015 |
|
$ |
67.23 |
|
|
|
3,970 |
|
| Expected
to vest after December 26, 2015 |
|
$ |
47.92 |
|
|
|
91 |
|
| Stock
Options and SARs as of December 26, 2015 |
| Exercise |
|
Awards |
|
|
Remaining |
|
|
Awards |
|
| Price |
|
Outstanding |
|
|
Life
(Years) |
|
|
Exercisable |
|
| |
|
(In
Thousands) |
|
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| $18.00 -$40.00 |
|
|
60 |
|
|
|
4.65 |
|
|
|
49 |
|
| $40.01 - $60.00 |
|
|
1,998 |
|
|
|
1.86 |
|
|
|
1,918 |
|
| $60.01 - $80.00 |
|
|
977 |
|
|
|
1.44 |
|
|
|
977 |
|
| $80.01 - $100.00 |
|
|
3 |
|
|
|
1.96 |
|
|
|
3 |
|
| $100.01 - $120.00 |
|
|
1,021 |
|
|
|
1.93 |
|
|
|
1,021 |
|
| $120.01
- $140.00 |
|
|
2 |
|
|
|
1.76 |
|
|
|
2 |
|
| |
|
|
4,061 |
|
|
|
1.81 |
|
|
|
3,970 |
|
| |
|
Restricted
Stock Units |
|
| |
|
Weighted-Average |
|
|
|
|
| |
|
Grant
Date Fair Value |
|
|
Number
of Shares |
|
| |
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
| Outstanding at
December 29, 2012 |
|
$ |
30.06 |
|
|
|
1,460 |
|
| Granted |
|
$ |
45.05 |
|
|
|
425 |
|
| Released/Vested |
|
$ |
28.28 |
|
|
|
(579 |
) |
| Cancelled |
|
$ |
30.63 |
|
|
|
(81 |
) |
| Outstanding at
December 28, 2013 |
|
$ |
37.36 |
|
|
|
1,225 |
|
| Granted |
|
$ |
48.73 |
|
|
|
432 |
|
| Released/Vested |
|
$ |
36.00 |
|
|
|
(522 |
) |
| Cancelled |
|
$ |
37.02 |
|
|
|
(47 |
) |
| Outstanding at
December 27, 2014 |
|
$ |
42.55 |
|
|
|
1,088 |
|
| Granted |
|
$ |
37.07 |
|
|
|
1,184 |
|
| Released/Vested |
|
$ |
40.18 |
|
|
|
(562 |
) |
| Cancelled |
|
$ |
42.02 |
|
|
|
(53 |
) |
| Outstanding
at December 26, 2015 |
|
$ |
39.45 |
|
|
|
1,657 |
|
The
weighted-average remaining contract life for stock options and SARs outstanding and exercisable at December 26, 2015 is 1.81 and
1.67 years, respectively. The weighted-average remaining contract life of restricted stock units at December 26, 2015 was 1.54
years.
The
fair value of awards is determined at the date of grant using a Black-Scholes option pricing model. The fair value of RSUs is
calculated using the closing price of the Company’s common stock on the date of grant, reduced by the present value of estimated
dividends over the vesting period, which are not accrued. The fair value of stock options and SARs was calculated with the following
weighted-average assumptions for 2014 and 2013. No options or SARs were granted in 2015.
| |
|
2014 |
|
|
2013 |
|
| Weighted average grant date fair value of options
granted |
|
$ |
12.42 |
|
|
$ |
12.82 |
|
| Expected volatility |
|
|
0.3342 |
|
|
|
0.3746 |
|
| Dividend yield |
|
|
3.57 |
% |
|
|
3.86 |
% |
| Expected life of options
in years |
|
|
6.8 |
|
|
|
6.8 |
|
| Risk-free interest
rate |
|
|
1.9 |
% |
|
|
2.1 |
% |
The
Black-Scholes option valuation model was developed for use in estimating the fair value of traded options and SARs which have
no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective
assumptions, including the expected stock price volatility.
The
total fair value of awards vested during 2015, 2014, and 2013 was $23,351, $19,127, and $20,956, respectively. The aggregate intrinsic
values of options and SARs outstanding and exercisable at December 26, 2015 were $207 and $207, respectively. The aggregate intrinsic
values of options and SARs exercised during 2015, 2014, and 2013 were $3,714, $18,885, and $13,114 respectively. The aggregate
intrinsic value of RSUs outstanding at December 26, 2015 was $61,259. The aggregate intrinsic values of RSUs released during 2015,
2014, and 2013, were $20,787, $28,119, and $27,007 respectively. Aggregate intrinsic value of options and SARs represents the
applicable number of awards multiplied by the positive difference between the exercise price and the Company’s closing stock
price on the last trading day of the relevant fiscal period. Aggregate intrinsic value of RSUs represents the applicable number
of awards multiplied by the Company’s closing stock price on the last trading day of the relevant fiscal period. The Company’s
closing stock price was $36.98 on December 26, 2015. As of December 26, 2015, there was $52,590 of total unrecognized compensation
cost related to unvested share-based compensation awards granted to employees under the stock compensation plans. That cost is
expected to be recognized over the weighted average remaining vesting period.
Employee
Stock Purchase Plan
The
shareholders also adopted an ESPP. Up to 6,000,000 shares of common stock have been reserved for the ESPP with shareholders approving
an additional 2,000,000 shares in June 2015. Shares will be offered to employees at a price equal to the lesser of 85% of the
fair market value of the stock on the date of purchase or 85% of the fair market value on the first day of the ESPP period. The
ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. During
2015, 2014, and 2013, 488,753, 349,982, and 395,220, shares, respectively were purchased under the plan for a total purchase price
of $16,789, $14,634, and $12,181, respectively. During 2015, 2014, and 2013, the purchases were issued from treasury shares. At
December 26, 2015, approximately 2,000,628 shares were available for future issuance.
|
| X |
- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14
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|
Earnings Per Share
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Earnings Per Share [Abstract] |
|
| Earnings Per Share |
10.
Earnings Per Share
The
following table sets forth the computation of basic and diluted net income per share:
| |
|
Fiscal
Year Ended |
|
| |
|
December
26, |
|
|
December
27, |
|
|
December
28, |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
| Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
| Numerator
for basic and diluted net income per share - net income |
|
$ |
456,227 |
|
|
$ |
364,211 |
|
|
$ |
612,412 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator
for basic net income per share – weighted-average common shares |
|
|
190,631 |
|
|
|
193,106 |
|
|
|
195,411 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Effect
of dilutive securities – stock options, stock appreciation rights and restricted stock units |
|
|
476 |
|
|
|
1,059 |
|
|
|
928 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator
for diluted net income per share – adjusted weighted-average common shares |
|
|
191,107 |
|
|
|
194,165 |
|
|
|
196,339 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic
net income per share |
|
$ |
2.39 |
|
|
$ |
1.89 |
|
|
$ |
3.13 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted
net income per share |
|
$ |
2.39 |
|
|
$ |
1.88 |
|
|
$ |
3.12 |
|
There
were 4,087, 2,240 and 5,475 outstanding stock options, stock appreciation rights and restricted stock units (collectively “equity
awards”) excluded from the computation of diluted earnings per share for the fiscal years of 2015, 2014 and 2013, respectively,
because the effect would have been anti-dilutive.
|
| X |
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- DefinitionThe entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
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-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
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Share Repurchase Plan
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Equity [Abstract] |
|
| Share Repurchase Plan |
11.
Share Repurchase Plan
On
February 13, 2015, the Board of Directors approved a share repurchase program authorizing the Company to purchase up to $300,000
of its common shares through December 31, 2016. Under the plan, the Company repurchased 3,148,901 shares using cash of $131,413
in fiscal 2015.
On
February 15, 2013, the Board of Directors approved a share repurchase program authorizing the Company to purchase up to $300,000
of its common shares through December 31, 2014. Under the plan, the Company repurchased 1,376,500 shares using cash of $58,422
in fiscal 2013 and 4,369,360 shares using cash of $241,578 in fiscal 2014.
|
| X |
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| X |
- DefinitionThe entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock.
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Accumulated Other Comprehensive Income
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Accumulated Other Comprehensive Income |
12.
Accumulated Other Comprehensive Income
The
following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the
year ended December 26, 2015:
| |
|
Foreign
Currency
Translation
Adjustment |
|
|
Gross
unrealized
losses on
available-for-sale
securities-OTTI (1 ) |
|
|
Net
unrealized
gains(losses) on
available-for-sale
securities-
Other(2) |
|
|
Total |
|
| Balance - beginning of period |
|
$ |
20,874 |
|
|
$ |
(13,031 |
) |
|
$ |
(5,272 |
) |
|
$ |
2,571 |
|
| Other
comprehensive income before reclassification |
|
|
(34,981 |
) |
|
|
7,754 |
|
|
|
(5,599 |
) |
|
|
(32,826 |
) |
| Amounts
reclassified from accumulated other comprehensive income |
|
|
- |
|
|
|
- |
|
|
|
(173 |
) |
|
|
(173 |
) |
| Net
current-period other comprehensive income |
|
|
(34,981 |
) |
|
|
7,754 |
|
|
|
(5,772 |
) |
|
|
(32,999 |
) |
| Balance - end
of period |
|
$ |
(14,107 |
) |
|
$ |
(5,277 |
) |
|
$ |
(11,044 |
) |
|
$ |
(30,428 |
) |
(1)
Represents the change in impairment, not related to credit, for those investment securities that have been determined to be other-than-temporarily
impaired.
(2)
Represents the change in unrealized gains (losses) on investment securities that have not been determined to be other-than-temporarily
impaired.
The
following provides required disclosure of reporting reclassifications out of AOCI for the year ended December 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 |
|
$ |
54 |
|
|
Other income
(expense) |
| |
|
|
119 |
|
|
Income
tax provision |
| |
|
$ |
173 |
|
|
Net of tax |
|
| X |
- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e689-108580
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=36458714&loc=SL7669619-108580
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e640-108580
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e716-108580
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e709-108580
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e637-108580
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=36458714&loc=d3e681-108580
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872
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|
Selected Quarterly Information (Unaudited)
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Quarterly Financial Information Disclosure [Abstract] |
|
| Selected Quarterly Information (Unaudited) |
13.
Selected Quarterly Information (Unaudited)
| |
|
Fiscal
Year Ended December 26, 2015 |
|
| |
|
Quarter
Ending |
|
| |
|
March
28 |
|
|
June
27 |
|
|
September
26 |
|
|
December
26 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
585,394 |
|
|
$ |
773,830 |
|
|
$ |
679,690 |
|
|
$ |
781,358 |
|
| Gross profit |
|
|
344,122 |
|
|
|
419,250 |
|
|
|
362,190 |
|
|
|
413,143 |
|
| Net income |
|
|
66,793 |
|
|
|
137,753 |
|
|
|
119,299 |
|
|
|
132,383 |
|
| Basic net income per share |
|
$ |
0.35 |
|
|
$ |
0.72 |
|
|
$ |
0.63 |
|
|
$ |
0.70 |
|
| |
|
Fiscal
Year Ended December 27, 2014 |
|
| |
|
Quarter
Ending |
|
| |
|
March
29 |
|
|
June
28 |
|
|
September
27 |
|
|
December
27 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
583,221 |
|
|
$ |
777,848 |
|
|
$ |
706,283 |
|
|
$ |
803,306 |
|
| Gross profit |
|
|
330,834 |
|
|
|
444,485 |
|
|
|
398,246 |
|
|
|
430,848 |
|
| Net income (loss) |
|
|
118,818 |
|
|
|
181,983 |
|
|
|
(146,834 |
) |
|
|
210,245 |
|
| Basic net income (loss)
per share |
|
$ |
0.61 |
|
|
$ |
0.94 |
|
|
$ |
(0.76 |
) |
|
$ |
1.10 |
|
The
above quarterly financial data is unaudited, but in the opinion of management, all adjustments necessary for a fair presentation
of the selected data for these interim periods presented have been included. These results are not necessarily indicative of future
quarterly results (the table may not foot due to rounding).
|
| X |
- DefinitionThe entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)-(j)
-URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section G
-Subsection 1
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 302
-Paragraph a
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Subsequent Events
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
14.
Subsequent Events
On
January 13, 2016, Garmin International, Inc. acquired PulsedLight, Inc., a privately-held designer of optical distance measurement
technology based in Bend, Oregon. This acquisition was not material.
On
February 11, 2016, Garmin Ltd. announced the signing of a purchase agreement to acquire DeLorme, a privately-held company that
designs and markets consumer based satellite tracking devices with two-way communication and navigational capabilities based in
Yarmouth, Maine. This acquisition is not expected to be material.
In
2016, the Company plans to move action camera related revenues and expenses from the Outdoor segment to the Auto segment allowing
for alignment and synergies with other camera-based efforts occurring within the Auto segment. The Company will recast 2014 and
2015 segment results on a quarterly basis for comparability purposes.
|
| X |
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| X |
- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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|
Summary of Significant Accounting Policies (Policies)
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Accounting Policies [Abstract] |
|
| Basis of Presentation and Principles of Consolidation |
Basis
of Presentation and Principles of Consolidation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States. The accompanying consolidated financial statements reflect the accounts of Garmin Ltd. and its wholly-owned
subsidiaries. All significant inter-company balances and transactions have been eliminated.
|
| Fiscal Year |
Fiscal
Year
The
Company has adopted a 52–53-week period ending on the last Saturday of the calendar year. Due to the fact that there are
not exactly 52 weeks in a calendar year and there is slightly more than one additional day per year (not including the effects
of leap year) in each calendar year as compared to a 52-week fiscal year, the Company will have a fiscal year comprising 53 weeks
in certain fiscal years, as determined by when the last Saturday of the calendar year occurs.
In
those resulting fiscal years that have 53 weeks, the Company will record an extra week of sales, costs, and related financial
activity. Therefore, the financial results of those fiscal years, and the associated 14-week fourth quarter, will not be entirely
comparable to the prior and subsequent 52-week fiscal years and the associated quarters having only 13 weeks. Fiscal years 2015,
2014 and 2013 included 52 weeks.
|
| Use of Estimates |
Use
of Estimates
The
preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States
requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements
and accompanying notes. Actual results could differ from those estimates.
|
| Foreign Currency |
Foreign
Currency
Many
Garmin Ltd. subsidiaries utilize currencies other than the United States Dollar (USD) as their functional currency. As required
by the Foreign Currency Matters topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification
(ASC), the financial statements of these subsidiaries for all periods presented have been translated into USD, the functional
currency of Garmin Ltd., and the reporting currency herein, for purposes of consolidation at rates prevailing during the year
for sales, costs, and expenses and at end-of-year rates for all assets and liabilities. The effect of this translation is recorded
in a separate component of stockholders’ equity. Cumulative translation adjustments of ($14,108) and $20,874 as of December
26, 2015 and December 27, 2014, respectively, have been included in accumulated other comprehensive income in the accompanying
consolidated balance sheets.
Transactions
in foreign currencies are recorded at the approximate rate of exchange at the transaction date. Assets and liabilities resulting
from these transactions are translated at the rate of exchange in effect at the balance sheet date. The movements of the Taiwan
Dollar and Euro/British Pound Sterling have offsetting impacts when the currencies move congruently against the U.S. Dollar due
to the use of the Taiwan Dollar for manufacturing costs and cash held in non-functional currency while the Euro and British Pound
Sterling transactions relate primarily to revenue. All differences are recorded in results of operations and amounted to exchange
(losses) gains of ($23,465), ($4,299), and $35,538, for the years ended December 26, 2015, December 27, 2014, and December 28,
2013, respectively. The loss in fiscal 2015 was due primarily to the USD strengthening against the Euro partially offset by the
USD strengthening against the Taiwan Dollar. The loss in fiscal 2014 was due primarily to the USD strengthening against the Euro
and the British Pound Sterling which was largely offset by the USD strengthening against the Taiwan Dollar. The gain in fiscal
2013 was due primarily to the strengthening of the USD against the Taiwan Dollar and the USD weakening against the Euro and the
British Pound Sterling.
|
| Earnings Per Share |
Earnings
Per Share
Basic
earnings per share amounts are computed based on the weighted-average number of common shares outstanding. For purposes of diluted
earnings per share, the number of shares that would be issued from the exercise of dilutive stock options has been reduced by
the number of shares which could have been purchased from the proceeds of the exercise at the average market price of the Company’s
stock during the period the options were outstanding. See Note 10.
|
| Cash and Cash Equivalents |
Cash
and Cash Equivalents
For
purposes of reporting cash flows, cash and cash equivalents include cash on hand, operating accounts, money market funds, and
securities with maturities of three months or less when purchased. The carrying amount of cash and cash equivalents approximates
fair value, given the short maturity of those instruments.
|
| Trade Accounts Receivable |
Trade
Accounts Receivable
The
Company sells its products to retailers, wholesalers, and other customers and extends credit based on its evaluation of the customer’s
financial condition. Potential losses on receivables are dependent on each individual customer’s financial condition.
The Company carries its trade accounts receivable at net realizable value. Typically, its accounts receivable are collected within
80 days and do not bear interest. The Company monitors its exposure to losses on receivables and maintains allowances for potential
losses or adjustments. The Company determines these allowances by (1) evaluating the aging of its receivables and (2) reviewing
its high-risk customers. Past due receivable balances are written off when its internal collection efforts have been unsuccessful
in collecting the amount due. The Company maintains trade credit insurance to provide security against large losses.
|
| Concentration of Credit Risk |
Concentration
of Credit Risk
The
Company grants credit to certain customers who meet the Company’s pre-established credit requirements. Generally, the Company
does not require security when trade credit is granted to customers. Credit losses are provided for in the Company’s consolidated
financial statements and typically have been within management’s expectations. Certain customers are allowed extended terms
consistent with normal industry practice. Most of these extended terms can be classified as either relating to seasonal sales
variations or to the timing of new product releases by the Company.
The
Company’s top ten customers have contributed between 22% and 24% of net sales since 2013. None of the Company’s customers
accounted for more than 10% of consolidated net sales in the years ended December 26, 2015, December 27, 2014, and December 28,
2013.
|
| Loan Receivable |
Loan
Receivable
On
March 14, 2013, the Company entered into a Memorandum of Agreement (the “Agreement”) with Bombardier, Inc. (“Bombardier”).
The Company is the supplier of the avionics system for the Lear 70 and Lear 75 aircraft for Learjet, Inc., which is a subsidiary
of Bombardier (the “Program”). In order to assist Bombardier in connection with delayed cash flows from the
Program partially related to the certification of avionics for the Program exceeding the planned delivery date, the Company agreed
to provide Bombardier a short term, interest free, loan of $173,708 in cash in seven installments beginning on March 22, 2013
and ending on September 20, 2013 pursuant to the terms and conditions of the Agreement. Bombardier repaid the loan in five
installments beginning in November 2013 and ending in April 2014 pursuant to the terms and conditions of the Agreement and subsequent
amendment signed December 6, 2013.
|
| Inventories |
Inventories
Inventories
are stated at the lower of cost or market with cost being determined on a first-in, first-out (FIFO) basis. Garmin writes down
its inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the
estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less
favorable than those projected by management, additional inventory write-downs may be required. Inventories consisted of the following:
| |
|
December
26, 2015 |
|
|
December
27, 2014 |
|
| |
|
|
|
|
|
|
| Raw Materials |
|
$ |
203,173 |
|
|
$ |
161,444 |
|
| Work-in-process |
|
|
69,690 |
|
|
|
53,824 |
|
| Finished goods |
|
|
273,762 |
|
|
|
244,282 |
|
| Inventory
Reserves |
|
|
(46,071 |
) |
|
|
(39,075 |
) |
| Inventory,
net of reserves |
|
$ |
500,554 |
|
|
$ |
420,475 |
|
|
| Property and Equipment |
Property
and Equipment
Property
and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:
| Buildings and improvements |
|
39-50 |
| Office furniture and
equipment |
|
3-5 |
| Manufacturing
and engineering equipment |
|
5 |
| Vehicles |
|
5 |
|
| Long-Lived Assets |
Long-Lived
Assets
As
required by the Property, Plant and Equipment topic of the FASB ASC, the Company reviews long-lived assets for impairment
whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully recoverable. The carrying
amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the
use and eventual disposition of the asset. That assessment is based on the carrying amount of the asset at the date it is tested
for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its
fair value.
The
Intangibles – Goodwill and Other topic of the FASB ASC requires that goodwill and intangible assets with indefinite
useful lives should not be amortized but rather be tested for impairment at least annually or sooner whenever events or changes
in circumstances indicate that they may be impaired. The Company did not recognize any goodwill or intangible asset impairment
charges in 2015, 2014, or 2013. The accounting guidance also requires that intangible assets with finite lives be amortized
over their estimated useful lives and reviewed for impairment. The Company is currently amortizing its acquired intangible assets
with finite lives over periods ranging from 3 to 10 years.
|
| Dividends |
Dividends
Under
Swiss corporate law, dividends must be approved by shareholders at the general meeting of the Company’s shareholders.
On
June 5, 2015, the shareholders approved a dividend of $2.04 per share (of which, $1.02 was paid in the Company's 2015 fiscal year)
payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 30, 2015 |
|
June 16, 2015 |
|
$ |
0.51 |
|
| September 30, 2015 |
|
September 15, 2015 |
|
$ |
0.51 |
|
| December 31, 2015 |
|
December 15, 2015 |
|
$ |
0.51 |
|
| March 31, 2016 |
|
March 15, 2016 |
|
$ |
0.51 |
|
The
Company paid dividends in 2015 in the amount of $378,117. Both the dividend paid and the remaining dividend payable were reported
as a reduction of retained earnings.
On
June 6, 2014, the shareholders approved a dividend of $1.92 per share (of which, $0.96 was paid in the Company's 2014 fiscal year)
payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 30, 2014 |
|
June 17, 2014 |
|
$ |
0.48 |
|
| September 30, 2014 |
|
September 15, 2014 |
|
$ |
0.48 |
|
| December 31, 2014 |
|
December 15, 2014 |
|
$ |
0.48 |
|
| March 31, 2015 |
|
March 16, 2015 |
|
$ |
0.48 |
|
The
Company paid dividends in 2014 in the amount of $360,075. Both the dividend paid and the remaining dividend payable were reported
as a reduction of retained earnings.
On
June 7, 2013, the shareholders approved a dividend of $1.80 per share (of which, $0.90 was paid in the Company's 2013 fiscal year)
payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 28, 2013 |
|
June 18, 2013 |
|
$ |
0.45 |
|
| September 30, 2013 |
|
September 16, 2013 |
|
$ |
0.45 |
|
| December 31, 2013 |
|
December 16, 2013 |
|
$ |
0.45 |
|
| March 31, 2014 |
|
March 17, 2014 |
|
$ |
0.45 |
|
The
Company paid dividends in 2013 in the amount of $351,707. Both the dividend paid and the remaining dividend payable were reported
as a reduction of retained earnings.
Approximately
$304,674 and $290,955 of retained earnings are indefinitely restricted from distribution to stockholders pursuant to the laws
of Taiwan at December 26, 2015 and December 27, 2014, respectively.
|
| Intangible Assets |
Intangible
Assets
At
December 26, 2015 and December 27, 2014, the Company had patents, customer related intangibles and other identifiable finite-lived
intangible assets recorded at a cost of $216,465 and $191,034, respectively. Identifiable, finite-lived intangible assets are
amortized over their estimated useful lives on a straight-line basis over three to ten years, which represents the expected pattern
and duration of use of and benefit received from the respective assets. Accumulated amortization was $158,704 and $151,589 at
December 26, 2015 and December 27, 2014, respectively. Amortization expense on these intangible assets was $7,115, $8,362 and
$17,847, for the years ended December 26, 2015, December 27, 2014, and December 28, 2013, respectively. In the next five years,
the amortization expense is estimated to be $19,780, $7,506, $6,734, $4,787 and $3,610, respectively.
The
Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $187,791 at December 26, 2015 and $178,638
at December 27, 2014.
| |
|
December
26,
2015 |
|
|
December
27,
2014 |
|
| Goodwill balance at
beginning of year |
|
$ |
178,638 |
|
|
$ |
179,290 |
|
| Acquisitions |
|
|
11,908 |
|
|
|
2,517 |
|
| Finalization
of purchase price allocations and effect of foreign currency translation |
|
|
(2,755 |
) |
|
|
(3,169 |
) |
| Goodwill
balance at end of year |
|
$ |
187,791 |
|
|
$ |
178,638 |
|
|
| Marketable Securities |
Marketable
Securities
Management
determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as
of each balance sheet date.
All
of the Company’s marketable securities were considered available-for-sale at December 26, 2015. Available-for-sale securities
are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive gain (loss). At December
26, 2015 and December 27, 2014, cumulative unrealized gains and losses, net of tax of ($16,321) and ($18,303), respectively, were
reported in accumulated other comprehensive income, net of related taxes.
Investments
are reviewed periodically to determine if they have suffered an impairment of value that is considered other than temporary. If
investments are determined to be impaired, a loss is recognized at the date of determination.
Testing
for impairment of investments requires significant management judgment. The identification of potentially impaired investments,
the determination of their fair value and the assessment of whether any decline in value is other than temporary are the key judgment
elements. The discovery of new information and the passage of time can significantly change these judgments. Revisions of impairment
judgments are made when new information becomes known, and any resulting impairment adjustments are made at that time. The economic
environment and volatility of securities markets increase the difficulty of determining fair value and assessing investment impairment.
The
amortized cost of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts
to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization is included
in interest income from investments. Realized gains and losses, and credit declines in value judged to be other-than-temporary
are included in other income. The cost of securities sold is based on the specific identification method.
Investments
are discussed in detail in Note 3 of the Notes to Consolidated Financial Statements.
|
| Income Taxes |
Income
Taxes
The
Company accounts for income taxes using the liability method in accordance with the FASB ASC 740 topic Income Taxes. The
liability method provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases
of assets and liabilities and their carrying amount for financial reporting purposes as measured based on the enacted tax rates
and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce
deferred tax assets to the amount that is believed more likely than not to be realized.
The
Company adopted the applicable guidance included in the FASB ASC 740 topic Income Taxes related to accounting for uncertainty
in income taxes on December 31, 2006, the beginning of fiscal year 2007. We recognize liabilities for tax audit issues
in the U.S. and other tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes will be due.
If payment of these amounts ultimately proves not to be required, the reversal of the liabilities would result in tax benefits
being recognized in the period when we determine the liabilities are no longer necessary. If our estimate of tax liabilities proves
to be less than the ultimate assessment, a further charge to expense would result.
Income
taxes are discussed in detail in Note 6 of the Notes to Consolidated Financial Statements.
|
| Revenue Recognition |
Revenue
Recognition
Garmin
recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable,
and collection is probable. For the large majority of Garmin’s sales, these criteria are met once product has shipped
and title and risk of loss have transferred to the customer. The Company recognizes revenue from the sale of hardware products
and software bundled with hardware that is essential to the functionality of the hardware in accordance with general revenue recognition
accounting guidance. The Company recognizes revenue in accordance with industry specific software accounting guidance for standalone
sales of software products and sales of software bundled with hardware not essential to the functionality of the hardware.
The Company generally does not offer specified or unspecified upgrade rights to its customers in connection with software sales.
For
multiple-element arrangements that include tangible products that contain software essential to the tangible product’s functionality
and undelivered software elements that relate to the tangible product’s essential software, the Company allocates revenue
to all deliverables based on their relative selling prices. In such circumstances, the accounting principles establish a hierarchy
to determine the selling price to be used for allocating revenue to deliverables as follows: (i) vendor-specific objective
evidence of fair value (VSOE), (ii) third-party evidence of selling price (TPE), and (iii) best estimate of the selling
price (ESP). VSOE generally exists only when the Company sells the deliverable separately, on more than a limited basis,
at prices within a relatively narrow range. In addition to the products listed below, the Company has offered certain other
products including mobile applications, in-dash navigation solutions, aviation subscriptions and extended warranties that involve
multiple-element arrangements that are immaterial.
Garmin
offers PNDs with lifetime map updates (LMUs) bundled in the original purchase price. LMUs enable customers to download the
latest map and point of interest information for the useful life of their PND. In addition, Garmin offers PNDs with traffic
service bundled in the original purchase price. The Company has identified multiple deliverables contained in arrangements
involving the sale of PNDs which include the LMU and/or traffic service. The first deliverable is the hardware along with
the software essential to the functionality of the hardware device delivered at the time of sale. The remaining deliverables
are the LMU and/or traffic service. The Company has allocated revenue between these deliverables using the relative selling
price method. Amounts allocated to the delivered hardware and the related essential software are recognized at the time
of sale provided the other conditions for revenue recognition have been met. The revenue and associated cost of royalties
allocated to the LMU and/or the traffic service are deferred and recognized on a straight-line basis over the estimated life of
the products.
The
Company has determined sufficient VSOE does not exist for LMU or traffic, and that third party evidence of selling price is not
available. During 2013, the Company estimated selling price of the undelivered element based on the relative selling price
method using a weighted average of the stand-alone sales price, the price differential between bundled and unbundled PND units,
and the royalty or subscription cost plus a normal margin. These estimates were reflective of how the Company established product
pricing based in part on customer perception of value of the added LMU or traffic service capability to the PND. In 2014,
the Company determined that stand-alone and unbundled unit sales no longer occurred on more than a limited basis, and therefore
began using the royalty cost plus a normal margin as the primary indicator to calculate relative selling prices of the undelivered
elements.
Garmin
records estimated reductions to revenue for customer sales programs, returns and incentive offerings including rebates, price
protection (product discounts offered to retailers to assist in clearing older products from their inventories in advance of new
product releases), promotions and other volume-based incentives. The reductions to revenue are based on estimates and judgments
using historical experience and expectation of future conditions. Changes in these estimates could negatively affect Garmin’s
operating results. These incentives are reviewed periodically and, with the exceptions of price protection and certain
other promotions, accrued for on a percentage of sales basis. If market conditions were to decline, Garmin may take
actions to increase customer incentive offerings, possibly resulting in an incremental reduction of revenue at the time the incentive
is offered.
The
Company records revenue net of sales tax, trade discounts and customer returns. The reductions to revenue for expected future
product returns are based on Garmin’s historical experience.
|
| Deferred Revenues and Costs |
Deferred
Revenues and Costs
At
December 26, 2015 and December 27, 2014, the Company had deferred revenues totaling $293,713 and $338,728 , respectively, and
related deferred costs totaling $87,945 and $87,476, respectively.
The
deferred revenues and costs are recognized over their estimated economic lives of two to five years on a straight-line basis.
In the next five years, the gross margin recognition of deferred revenue and cost for the currently deferred amounts is estimated
to be $115,806, $60,971, $21,467, $5,356 and $2,168, respectively.
|
| Shipping and Handling Costs |
Shipping
and Handling Costs
Shipping
and handling costs are included in cost of goods sold in the accompanying consolidated financial statements.
|
| Product Warranty |
Product
Warranty
The
Company provides for estimated warranty costs at the time of sale. The Company’s standard warranty obligation to retail
partners generally provides for a right of return of any product for a full refund in the event that such product is not merchantable,
is damaged or defective. The Company’s historical experience is that these types of warranty obligations are generally
fulfilled within 5 months from time of sale. The Company’s standard warranty obligation to its end-users provides
for a period of one to two years from date of shipment while certain aviation products have a warranty period of two years from
the date of installation. The Company’s estimate of costs to service its warranty obligations are based on
historical experience and expectations of future conditions and are recorded as a liability on the balance sheet. To the
extent Garmin experiences increased warranty claim activity or increased costs associated with servicing those claims, its warranty
accrual will increase, resulting in decreased gross profit. The following reconciliation provides an illustration of changes in
the aggregate warranty reserve:
| |
|
Fiscal
Year Ended |
|
| |
|
December
26, |
|
|
December
27, |
|
|
December
28, |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
| |
|
|
|
|
|
|
|
|
|
| Balance - beginning of period |
|
$ |
27,609 |
|
|
$ |
26,767 |
|
|
$ |
37,301 |
|
| Change in accrual for
products sold in prior periods (1) |
|
|
- |
|
|
|
- |
|
|
|
(8,709 |
) |
| Accrual for products
sold(2) |
|
|
44,620 |
|
|
|
44,423 |
|
|
|
41,309 |
|
| Expenditures |
|
|
(41,780 |
) |
|
|
(43,581 |
) |
|
|
(43,134 |
) |
| Balance - end
of period |
|
$ |
30,449 |
|
|
$ |
27,609 |
|
|
$ |
26,767 |
|
| |
(1) |
Our expected future
cost is estimated based upon historical trends in the volume of product returns and the related warranty costs incurred. In
2013 we updated these assumptions and shortened the estimated time horizon in which we settle claims with our retail partners. |
| |
(2) |
Minor changes in
cost estimates related to pre-existing warranties are aggregated with accruals for new warranty contracts in the ‘accrual
for products sold’ line. |
|
| Sales Programs |
Sales
Programs
The
Company provides certain monthly and quarterly incentives for its dealers and distributors based on various factors including
dealer purchasing volume and growth. Additionally, from time to time, the Company provides rebates to end users on certain products.
Estimated rebates and incentives payable to dealers and distributors are regularly reviewed and recorded as accrued expenses on
a monthly basis. In addition, the Company provides dealers and distributors with product discounts to assist these customers in
clearing older products from their inventories in advance of new product releases. Each discount is tied to a specific product
and can be applied to all customers who have purchased the product or a special discount may be agreed to on an individual customer
basis. These rebates, incentives, and discounts are recorded as reductions to net sales in the accompanying consolidated statements
of income in the period the Company has sold the product.
|
| Advertising Costs |
Advertising
Costs
The
Company expenses advertising costs as incurred. Advertising expense amounted to approximately $167,166, $146,633, and $112,905,
for the years ended December 26, 2015, December 27, 2014 and December 28, 2013, respectively.
|
| Research and Development |
Research
and Development
A
majority of the Company’s research and development is performed in the United States. Research and development costs, which
are expensed as incurred, amounted to approximately $427,043, $395,121, and $364,923, for the years ended December 26, 2015, December
27, 2014 and December 28, 2013, respectively.
|
| Customer Service and Technical Support |
Customer
Service and Technical Support
Customer
service and technical support costs are included as selling, general and administrative expenses in the accompanying consolidated
statements of income. Customer service and technical support costs include costs associated with performing order processing,
answering customer inquiries by telephone and through Web sites, e-mail and other electronic means, and providing free technical
support assistance to customers. The technical support is provided within one year after the associated revenue is recognized.
The related cost of providing this free support is not material.
|
| Software Development Costs |
Software
Development Costs
The
FASB ASC topic entitled Software requires companies to expense software development costs as they incur them until technological
feasibility has been established, at which time those costs are capitalized until the product is available for general release
to customers. Capitalized software development costs are not significant as the time elapsed from working model to release is
typically short. As required by the Research and Development topic of the FASB ASC, costs incurred to enhance our existing
products or after the general release of the service using the product are expensed in the period they are incurred and included
in research and development costs in the accompanying consolidated statements of income.
|
| Accounting for Stock-Based Compensation |
Accounting
for Stock-Based Compensation
The
Company currently sponsors four stock based employee compensation plans. The FASB ASC topic entitled Compensation – Stock
Compensation requires the measurement and recognition of compensation expenses for all share-based payment awards made to
employees and directors including employee stock options and restricted stock based on estimated fair values.
Accounting
guidance requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing
model. The value of the portion of the award that is ultimately expected to vest is recognized as stock-based compensation expense
on a straight-line basis over the requisite service period in the Company’s consolidated financial statements.
As
stock-based compensation expenses recognized in the accompanying consolidated statements of income are based on awards ultimately
expected to vest, they have been reduced for estimated forfeitures. Accounting guidance requires forfeitures to be estimated at
the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures
were estimated based on historical experience and management’s estimates.
Stock
compensation plans are discussed in detail in Note 9 of the Notes to Consolidated Financial Statements.
|
| Recently Issued Accounting Pronouncements |
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 for 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.
In
January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition
and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). The standard addresses certain aspects
of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years,
and interim periods within those years, beginning after December 15, 2017. The Company is currently evaluating the impact of adopting
the new standard on its consolidated financial statements.
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- DefinitionDisclosure of accounting policy for trade and other accounts receivables. This disclosure may include the basis at which such receivables are carried in the entity's statements of financial position (for example, net realizable value), how the entity determines the level of its allowance for doubtful accounts, when impairments, charge-offs or recoveries are recognized, and the entity's income recognition policies for such receivables, including its treatment of related fees and costs, its treatment of premiums, discounts or unearned income, when accrual of interest is discontinued, how the entity records payments received on nonaccrual receivables and its policy for resuming accrual of interest on such receivables. If the enterprise holds a large number of similar loans, disclosure may include the accounting policy for the anticipation of prepayments and significant assumptions underlying prepayment estimates for amortization of premiums, discounts, and nonrefundable fees and costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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|
Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of inventory |
Inventories
consisted of the following:
| |
|
December
26, 2015 |
|
|
December
27, 2014 |
|
| |
|
|
|
|
|
|
| Raw Materials |
|
$ |
203,173 |
|
|
$ |
161,444 |
|
| Work-in-process |
|
|
69,690 |
|
|
|
53,824 |
|
| Finished goods |
|
|
273,762 |
|
|
|
244,282 |
|
| Inventory
Reserves |
|
|
(46,071) |
|
|
|
(39,075) |
|
| Inventory,
net of reserves |
|
$ |
500,554 |
|
|
$ |
420,475 |
|
|
| Schedule of property and equipment |
Property
and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:
| Buildings and improvements |
|
39-50 |
| Office furniture and
equipment |
|
3-5 |
| Manufacturing and engineering
equipment |
|
5 |
| Vehicles |
|
5 |
|
| Schedule of dividends payable |
The
dates determined by the Board were as follows:
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 30, 2015 |
|
June 16, 2015 |
|
$ |
0.51 |
|
| September 30, 2015 |
|
September 15, 2015 |
|
$ |
0.51 |
|
| December 31, 2015 |
|
December 15, 2015 |
|
$ |
0.51 |
|
| March 31, 2016 |
|
March 15, 2016 |
|
$ |
0.51 |
|
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 30, 2014 |
|
June 17, 2014 |
|
$ |
0.48 |
|
| September 30, 2014 |
|
September 15, 2014 |
|
$ |
0.48 |
|
| December 31, 2014 |
|
December 15, 2014 |
|
$ |
0.48 |
|
| March 31, 2015 |
|
March 16, 2015 |
|
$ |
0.48 |
|
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 28, 2013 |
|
June 18, 2013 |
|
$ |
0.45 |
|
| September 30, 2013 |
|
September 16, 2013 |
|
$ |
0.45 |
|
| December 31, 2013 |
|
December 16, 2013 |
|
$ |
0.45 |
|
| March 31, 2014 |
|
March 17, 2014 |
|
$ |
0.45 |
|
|
| Schedule of goodwill |
The
Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $187,791 at December 26, 2015 and $178,638
at December 27, 2014.
| |
|
December
26,
2015 |
|
|
December
27,
2014 |
|
| Goodwill balance at
beginning of year |
|
$ |
178,638 |
|
|
$ |
179,290 |
|
| Acquisitions |
|
|
11,908 |
|
|
|
2,517 |
|
| Finalization
of purchase price allocations and effect of foreign currency translation |
|
|
(2,755) |
|
|
|
(3,169) |
|
| Goodwill
balance at end of year |
|
$ |
187,791 |
|
|
$ |
178,638 |
|
|
| Schedule of product warranty |
The
following reconciliation provides an illustration of changes in the aggregate warranty reserve:
| |
|
Fiscal
Year Ended |
|
| |
|
December
26, |
|
|
December
27, |
|
|
December
28, |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
| |
|
|
|
|
|
|
|
|
|
| Balance - beginning of period |
|
$ |
27,609 |
|
|
$ |
26,767 |
|
|
$ |
37,301 |
|
| Change
in accrual for products sold in prior periods (1) |
|
|
- |
|
|
|
- |
|
|
|
(8,709) |
|
| Accrual
for products sold(2) |
|
|
44,620 |
|
|
|
44,423 |
|
|
|
41,309 |
|
| Expenditures |
|
|
(41,780) |
|
|
|
(43,581) |
|
|
|
(43,134) |
|
| Balance - end
of period |
|
$ |
30,449 |
|
|
$ |
27,609 |
|
|
$ |
26,767 |
|
| |
(1) |
Our expected future
cost is estimated based upon historical trends in the volume of product returns and the related warranty costs incurred. In
2013 we updated these assumptions and shortened the estimated time horizon in which we settle claims with our retail partners. |
| |
(2) |
Minor changes in
cost estimates related to pre-existing warranties are aggregated with accruals for new warranty contracts in the ‘accrual
for products sold’ line. |
|
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.5-02.13)
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-SubTopic 10
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-Paragraph 1
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- DefinitionTabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Marketable Securities (Tables)
|
12 Months Ended |
Dec. 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 December 26, 2015 |
|
| |
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| U.S. Treasury securities |
|
$ |
27,731 |
|
|
$ |
- |
|
|
$ |
27,731 |
|
|
$ |
- |
|
| Agency securities |
|
|
208,631 |
|
|
|
- |
|
|
|
208,631 |
|
|
|
- |
|
| Mortgage-backed securities |
|
|
370,232 |
|
|
|
- |
|
|
|
370,232 |
|
|
|
- |
|
| Corporate securities |
|
|
648,590 |
|
|
|
- |
|
|
|
648,590 |
|
|
|
- |
|
| Municipal securities |
|
|
223,562 |
|
|
|
- |
|
|
|
223,562 |
|
|
|
- |
|
| Other |
|
|
79,802 |
|
|
|
- |
|
|
|
79,802 |
|
|
|
- |
|
| Total |
|
$ |
1,558,548 |
|
|
$ |
- |
|
|
$ |
1,558,548 |
|
|
$ |
- |
|
| |
|
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 available for sale securities |
Marketable
securities classified as available-for-sale securities are summarized below:
| |
|
Available-For-Sale
Securities as
of December 26, 2015 |
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses- OTTI (1) |
|
|
Gross
Unrealized
Losses- Other (2) |
|
|
|
Estimated
Fair
Value (Net
Carrying
Amount) |
|
| U.S. Treasury securities |
|
$ |
27,772 |
|
|
$ |
27 |
|
|
$ |
- |
|
|
$ |
(68) |
|
|
|
$ |
27,731 |
|
| Agency securities |
|
|
211,248 |
|
|
|
105 |
|
|
|
(2,409) |
|
|
|
(313) |
|
|
|
|
208,631 |
|
| Mortgage-backed securities |
|
|
376,801 |
|
|
|
191 |
|
|
|
(1,210) |
|
|
|
(5,550) |
|
|
|
|
370,232 |
|
| Corporate securities |
|
|
656,447 |
|
|
|
179 |
|
|
|
(1,635) |
|
|
|
(6,401) |
|
|
|
|
648,590 |
|
| Municipal securities |
|
|
223,991 |
|
|
|
636 |
|
|
|
(9) |
|
|
|
(1,056) |
|
|
|
|
223,562 |
|
| Other |
|
|
79,853 |
|
|
|
4 |
|
|
|
(14) |
|
|
|
(41) |
|
|
|
|
79,802 |
|
| Total |
|
$ |
1,576,112 |
|
|
$ |
1,142 |
|
|
$ |
(5,277) |
|
|
$ |
(13,429) |
|
|
|
$ |
1,558,548 |
|
| |
|
Available-For-Sale
Securities as
of December 27, 2014 (3) |
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses- OTTI (1) |
|
|
Gross
Unrealized
Losses- Other (2) |
|
|
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) |
Represents impairment
not related to credit for those investment securities that have been determined to be other-than-temporarily impaired. |
| |
(2) |
Represents unrealized
losses on investment securities that have not 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. |
|
| 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 December 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 |
|
$ |
(68) |
|
|
$ |
22,184 |
|
|
$ |
- |
|
|
$ |
- |
|
| Agency securities |
|
|
(691) |
|
|
|
117,803 |
|
|
|
(2,031) |
|
|
|
69,418 |
|
| Mortgage-backed
securities |
|
|
(4,571) |
|
|
|
263,735 |
|
|
|
(2,189) |
|
|
|
83,722 |
|
| Corporate securities |
|
|
(6,719) |
|
|
|
521,731 |
|
|
|
(1,317) |
|
|
|
50,374 |
|
| Municipal securities |
|
|
(1,035) |
|
|
|
116,033 |
|
|
|
(30) |
|
|
|
6,557 |
|
| Other |
|
|
(29) |
|
|
|
14,666 |
|
|
|
(26) |
|
|
|
14,927 |
|
| Total |
|
$ |
(13,113) |
|
|
$ |
1,056,152 |
|
|
$ |
(5,593) |
|
|
$ |
224,998 |
|
| |
|
As
of December 27, 2014(1) |
|
| |
|
Less
than 12 Consecutive Months |
|
|
12
Consecutive Months or Longer |
|
| |
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
| U.S. Treasury securities |
|
$ |
(42 |
) |
|
$ |
18,822 |
|
|
$ |
(25 |
) |
|
$ |
6,634 |
|
| Agency securities |
|
|
(397 |
) |
|
|
64,862 |
|
|
|
(8,269 |
) |
|
|
312,139 |
|
| Mortgage-backed securities |
|
|
(2,169 |
) |
|
|
187,309 |
|
|
|
(3,152 |
) |
|
|
99,566 |
|
| Corporate securities |
|
|
(4,058 |
) |
|
|
373,925 |
|
|
|
(2,903 |
) |
|
|
114,076 |
|
| Municipal securities |
|
|
(222 |
) |
|
|
29,533 |
|
|
|
(48 |
) |
|
|
15,019 |
|
| Other |
|
|
(154 |
) |
|
|
29,977 |
|
|
|
(12 |
) |
|
|
3,091 |
|
| Total |
|
$ |
(7,042 |
) |
|
$ |
704,428 |
|
|
$ |
(14,409 |
) |
|
$ |
550,525 |
|
| |
(1) |
Certain
available- for-sale securities held as of December 27, 2014 have been reclassified amount major security types to confirm
to the current year presentation. These reclassifications had no effect on fair value measurement. |
|
| Schedule of amortized cost and estimated fair value of marketable securities by contractual maturity |
The amortized cost and estimated fair value of marketable
securities at December 26, 2015, by contractual maturity, are shown below.
| |
|
|
|
|
Estimated |
|
| |
|
Cost |
|
|
Fair
Value |
|
| |
|
|
|
|
|
|
|
|
| Due in one year or
less |
|
$ |
215,143 |
|
|
$ |
215,161 |
|
| Due after one year
through five years |
|
|
1,179,753 |
|
|
|
1,167,026 |
|
| Due after five years
through ten years |
|
|
112,256 |
|
|
|
108,923 |
|
| Due after ten years |
|
|
68,960 |
|
|
|
67,438 |
|
| |
|
|
|
|
|
|
|
|
| |
|
$ |
1,576,112 |
|
|
$ |
1,558,548 |
|
|
| X |
- DefinitionTabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27337-111563
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27198-111563
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27161-111563
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionTabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258
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| Period Type: |
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|
| X |
- DefinitionTabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.
| Name: |
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|
| X |
- References
+ Details
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| Namespace Prefix: |
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| Period Type: |
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|
| X |
- DefinitionFor all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563
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|
| X |
- References
+ Details
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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|
| X |
- DefinitionTabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717
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| Period Type: |
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|
Income Taxes (Tables)
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of income tax provision |
The
Company’s income tax provision (benefit) consists of the following:
| |
|
Fiscal
Year Ended |
|
| |
|
December
26, |
|
|
December
27, |
|
|
December
28, |
|
| |
|
|
2015 |
|
|
|
2014 |
|
|
|
2013 |
|
| Federal: |
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
$ |
49,138 |
|
|
$ |
(18,665) |
|
|
$ |
(11,907) |
|
| Deferred |
|
|
4,216 |
|
|
|
58,164 |
|
|
|
1,913 |
|
| |
|
|
53,354 |
|
|
|
39,499 |
|
|
|
(9,994) |
|
| State: |
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
9,354 |
|
|
|
5,575 |
|
|
|
2,584 |
|
| Deferred |
|
|
(5,858) |
|
|
|
4,368 |
|
|
|
(408) |
|
| |
|
|
3,496 |
|
|
|
9,943 |
|
|
|
2,176 |
|
| Foreign: |
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
55,730 |
|
|
|
287,197 |
|
|
|
37,094 |
|
| Deferred |
|
|
(1,620) |
|
|
|
22,895 |
|
|
|
11,870 |
|
| |
|
|
54,110 |
|
|
|
310,092 |
|
|
|
48,964 |
|
| Total |
|
$ |
110,960 |
|
|
$ |
359,534 |
|
|
$ |
41,146 |
|
|
| Schedule of sources and tax effects of the differences |
The
sources and tax effects of the differences, including the impact of establishing tax contingency accruals, are as follows:
| |
|
Fiscal
Year Ended |
|
| |
|
December
26, |
|
|
December
27, |
|
|
December
28, |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
| Federal income tax
expense at U.S. statutory rate |
|
$ |
198,516 |
|
|
$ |
253,260 |
|
|
$ |
229,420 |
|
| State income tax expense,
net of federal tax effect |
|
|
1,931 |
|
|
|
6,463 |
|
|
|
1,414 |
|
| Foreign tax rate differential |
|
|
(100,010) |
|
|
|
(154,338) |
|
|
|
(121,279) |
|
| Taiwan tax holiday
benefit |
|
|
(3,488) |
|
|
|
(3,147) |
|
|
|
(4,944) |
|
| Other foreign taxes
less incentives and credits |
|
|
(8,592) |
|
|
|
5,947 |
|
|
|
(2,032) |
|
| Withholding Tax |
|
|
16,969 |
|
|
|
21,039 |
|
|
|
7,073 |
|
| Intercompany Restructuring |
|
|
0 |
|
|
|
307,635 |
|
|
|
- |
|
| Net change in uncertain
tax positions |
|
|
21,246 |
|
|
|
(67,231) |
|
|
|
(50,700) |
|
| U.S. federal domestic production activities
deduction |
|
|
(4,589) |
|
|
|
(3,606) |
|
|
|
(3,550) |
|
| U.S. federal research
and development credit |
|
|
(8,573) |
|
|
|
(8,373) |
|
|
|
(14,876) |
|
| Other,
net |
|
|
(2,450) |
|
|
|
1,885 |
|
|
|
620 |
|
| Income
tax expense |
|
$ |
110,960 |
|
|
$ |
359,534 |
|
|
$ |
41,146 |
|
|
| Schedule of deferred tax assets and liabilities |
Significant
components of the Company’s deferred tax assets and liabilities are as follows:
| |
|
December
26, |
|
|
December
27, |
|
| |
|
2015 |
|
|
2014 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Product
warranty accruals |
|
$ |
2,990 |
|
|
$ |
3,560 |
|
| Allowance
for doubtful accounts |
|
|
10,323 |
|
|
|
9,111 |
|
| Inventory
reserves |
|
|
10,904 |
|
|
|
8,161 |
|
| Sales
program allowances |
|
|
1,783 |
|
|
|
1,081 |
|
| Reserve
for sales returns |
|
|
1,457 |
|
|
|
- |
|
| Other
accruals |
|
|
10,799 |
|
|
|
11,058 |
|
| Stock
option compensation |
|
|
35,360 |
|
|
|
38,265 |
|
| Tax
credit carryforwards |
|
|
3,906 |
|
|
|
2,726 |
|
| Amortization |
|
|
20,005 |
|
|
|
21,595 |
|
| Deferred
revenue |
|
|
32,809 |
|
|
|
43,644 |
|
| Net
operating losses of subsidiaries |
|
|
5,228 |
|
|
|
12,456 |
|
| Benefit
related to uncertain tax positions |
|
|
5,546 |
|
|
|
4,246 |
|
| Other |
|
|
4,106 |
|
|
|
3,485 |
|
| Valuation
allowance related to loss carryforward and tax credits |
|
|
(2,781 |
) |
|
|
(11,358 |
) |
| |
|
|
142,435 |
|
|
|
148,030 |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Depreciation |
|
|
18,029 |
|
|
|
16,192 |
|
| Reserve
for sales returns |
|
|
- |
|
|
|
419 |
|
| Prepaid
expenses |
|
|
2,821 |
|
|
|
3,283 |
|
| Book
basis in excess of tax basis for acquired entities |
|
|
1,307 |
|
|
|
2,099 |
|
| Unrealized
investment loss |
|
|
3,198 |
|
|
|
6,384 |
|
| Withholding
tax |
|
|
54,865 |
|
|
|
50,561 |
|
| Other |
|
|
1,907 |
|
|
|
2,448 |
|
| |
|
|
82,127 |
|
|
|
81,386 |
|
| Net
deferred tax assets |
|
$ |
60,308 |
|
|
$ |
66,644 |
|
|
| Schedule of unrecognized tax benefits |
A
reconciliation of the beginning and ending amount of gross unrecognized tax benefits for years ended December 26, 2015, December
27, 2014, and December 28, 2013 is as follows:
| |
|
December
26, |
|
|
December
27, |
|
|
December
28, |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
| Balance at beginning
of year |
|
$ |
77,495 |
|
|
$ |
133,015 |
|
|
$ |
182,870 |
|
| Additions
based on tax positions related to prior years |
|
|
89 |
|
|
|
2,889 |
|
|
|
2,668 |
|
| Reductions
based on tax positions related to prior years |
|
|
(1,671 |
) |
|
|
(60,967 |
) |
|
|
(8,195 |
) |
| Additions
based on tax positions related to current period |
|
|
29,019 |
|
|
|
39,115 |
|
|
|
30,262 |
|
| Reductions
related to settlements with tax authorities |
|
|
(364 |
) |
|
|
(401 |
) |
|
|
(416 |
) |
| Expiration
of statute of limitations |
|
|
(6,664 |
) |
|
|
(36,156 |
) |
|
|
(74,174 |
) |
| Balance
at end of year |
|
$ |
97,904 |
|
|
$ |
77,495 |
|
|
$ |
133,015 |
|
|
| X |
- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319
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| Period Type: |
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|
| X |
- DefinitionTabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
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| Period Type: |
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|
| X |
- DefinitionTabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319
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| Period Type: |
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|
| X |
- DefinitionTabular disclosure of the change in unrecognized tax benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=51663037&loc=d3e36027-109320
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
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|
Fair Value of Financial Instruments (Tables)
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of carrying amounts and fair values of financial instruments |
The
carrying amounts and fair values of the Company’s financial instruments are as follows:
| |
|
December
26, 2015 |
|
|
December
27, 2014 |
|
| |
|
Carrying |
|
|
Fair |
|
|
Carrying |
|
|
Fair |
|
| |
|
Amount |
|
|
Value |
|
|
Amount |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
833,070 |
|
|
$ |
833,070 |
|
|
$ |
1,196,268 |
|
|
$ |
1,196,268 |
|
| Restricted cash |
|
|
259 |
|
|
|
259 |
|
|
|
308 |
|
|
|
308 |
|
| Marketable securities |
|
|
1,558,548 |
|
|
|
1,558,548 |
|
|
|
1,575,333 |
|
|
|
1,575,333 |
|
|
| X |
- DefinitionTabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13476-108611
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13467-108611
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611
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|
Segment Information (Tables)
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of revenues, gross profit, and operating income |
Revenues,
gross profit, and operating income for each of the Company’s reportable segments are presented below:
| |
|
Reportable
Segments |
|
| 52-Weeks
Ended December 26, 2015 |
|
Outdoor |
|
|
Fitness |
|
|
Marine |
|
|
Auto |
|
|
Aviation |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
425,150 |
|
|
$ |
661,599 |
|
|
$ |
286,778 |
|
|
$ |
1,048,125 |
|
|
$ |
398,618 |
|
|
$ |
2,820,270 |
|
| Gross profit |
|
|
259,889 |
|
|
|
366,139 |
|
|
|
158,493 |
|
|
|
459,469 |
|
|
|
294,714 |
|
|
|
1,538,704 |
|
| Operating income |
|
|
140,200 |
|
|
|
134,574 |
|
|
|
28,611 |
|
|
|
134,939 |
|
|
|
111,257 |
|
|
|
549,581 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 52-Weeks
Ended December 27, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
427,555 |
|
|
$ |
568,440 |
|
|
$ |
248,371 |
|
|
$ |
1,240,377 |
|
|
$ |
385,915 |
|
|
$ |
2,870,658 |
|
| Gross profit |
|
|
266,550 |
|
|
|
358,287 |
|
|
|
129,710 |
|
|
|
569,452 |
|
|
|
280,413 |
|
|
|
1,604,412 |
|
| Operating income |
|
|
151,055 |
|
|
|
190,682 |
|
|
|
26,232 |
|
|
|
215,679 |
|
|
|
106,978 |
|
|
|
690,626 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 52-Weeks
Ended December 28, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
410,989 |
|
|
$ |
356,283 |
|
|
$ |
222,928 |
|
|
$ |
1,302,314 |
|
|
$ |
339,337 |
|
|
$ |
2,631,851 |
|
| Gross profit |
|
|
262,529 |
|
|
|
222,925 |
|
|
|
115,091 |
|
|
|
565,083 |
|
|
|
241,672 |
|
|
|
1,407,300 |
|
| Operating income |
|
|
159,197 |
|
|
|
120,250 |
|
|
|
18,493 |
|
|
|
188,517 |
|
|
|
87,575 |
|
|
|
574,032 |
|
|
| Schedule of net sales, long-lived assets and net assets by geographic area |
Net sales, long-lived assets (property and equipment),
and net assets by geographic area are as shown below for the years ended December 26, 2015, December 27, 2014 and December 28,
2013.
| |
|
Americas |
|
|
APAC |
|
|
EMEA |
|
|
Total |
|
| December 26, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external
customers (1) |
|
$ |
1,469,243 |
|
|
$ |
337,888 |
|
|
$ |
1,013,139 |
|
|
$ |
2,820,270 |
|
| Property and equipment,
net |
|
|
294,234 |
|
|
|
111,701 |
|
|
|
40,154 |
|
|
|
446,089 |
|
| Net assets (2) |
|
|
2,110,108 |
|
|
|
921,410 |
|
|
|
313,608 |
|
|
|
3,345,126 |
|
| December 27, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external
customers (1) |
|
$ |
1,538,322 |
|
|
$ |
278,092 |
|
|
$ |
1,054,244 |
|
|
$ |
2,870,658 |
|
| Property and equipment,
net |
|
|
269,858 |
|
|
|
111,464 |
|
|
|
49,565 |
|
|
|
430,887 |
|
| Net assets (2) |
|
|
2,142,624 |
|
|
|
939,852 |
|
|
|
320,891 |
|
|
|
3,403,367 |
|
| December 28, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external
customers (1) |
|
$ |
1,432,895 |
|
|
$ |
243,056 |
|
|
$ |
955,900 |
|
|
$ |
2,631,851 |
|
| Property and equipment,
net |
|
|
239,528 |
|
|
|
121,012 |
|
|
|
54,308 |
|
|
|
414,848 |
|
| Net assets (2) |
|
|
1,338,401 |
|
|
|
2,048,903 |
|
|
|
272,402 |
|
|
|
3,659,706 |
|
(1)
The U.S. is the only country which constitutes greater than 10% of net sales to external customers.
(2)
Americas and APAC net assets are primarily held in the United States and Taiwan, respectively.
|
| X |
- DefinitionTabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599
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| X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8813-108599
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8721-108599
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8736-108599
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Stock Compensation Plans (Tables)
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Schedule of stock options and stock appreciation rights award activity |
A
summary of the Company’s stock-based compensation activity and related information under the 2011 Directors Plan, the 2005
Plan, the 2000 Plan and the 2000 Directors Plan for the years ended December 26, 2015, December 27, 2014 and December 28, 2013
is provided below:
| |
|
Stock
Options and SARs |
|
| |
|
Weighted-Average |
|
|
|
|
| |
|
Exercise
Price |
|
|
Number
of Shares |
|
| |
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
| Outstanding at December 29, 2012 |
|
$ |
55.88 |
|
|
|
7,132 |
|
| Granted |
|
$ |
49.07 |
|
|
|
52 |
|
| Exercised |
|
$ |
26.85 |
|
|
|
(662 |
) |
| Forfeited/Expired |
|
$ |
66.09 |
|
|
|
(283 |
) |
| Outstanding at December 28, 2013 |
|
$ |
58.44 |
|
|
|
6,239 |
|
| Granted |
|
$ |
52.44 |
|
|
|
47 |
|
| Exercised |
|
$ |
40.60 |
|
|
|
(1,430 |
) |
| Forfeited/Expired |
|
$ |
80.49 |
|
|
|
(125 |
) |
| Outstanding at December 27, 2014 |
|
$ |
63.19 |
|
|
|
4,731 |
|
| Granted |
|
|
|
|
|
|
0 |
|
| Exercised |
|
$ |
29.15 |
|
|
|
(474 |
) |
| Forfeited/Expired |
|
$ |
70.58 |
|
|
|
(196 |
) |
| Outstanding
at December 26, 2015 |
|
$ |
66.80 |
|
|
|
4,061 |
|
| Exercisable at
December 26, 2015 |
|
$ |
67.23 |
|
|
|
3,970 |
|
| Expected
to vest after December 26, 2015 |
|
$ |
47.92 |
|
|
|
91 |
|
|
| Schedule of exercise price range |
| Stock
Options and SARs as of December 26, 2015 |
| Exercise |
|
Awards |
|
|
Remaining |
|
|
Awards |
|
| Price |
|
Outstanding |
|
|
Life
(Years) |
|
|
Exercisable |
|
| |
|
(In
Thousands) |
|
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| $18.00 -$40.00 |
|
|
60 |
|
|
|
4.65 |
|
|
|
49 |
|
| $40.01 - $60.00 |
|
|
1,998 |
|
|
|
1.86 |
|
|
|
1,918 |
|
| $60.01 - $80.00 |
|
|
977 |
|
|
|
1.44 |
|
|
|
977 |
|
| $80.01 - $100.00 |
|
|
3 |
|
|
|
1.96 |
|
|
|
3 |
|
| $100.01 - $120.00 |
|
|
1,021 |
|
|
|
1.93 |
|
|
|
1,021 |
|
| $120.01
- $140.00 |
|
|
2 |
|
|
|
1.76 |
|
|
|
2 |
|
| |
|
|
4,061 |
|
|
|
1.81 |
|
|
|
3,970 |
|
|
| Schedule of restricted stock units award activity |
| |
|
Restricted
Stock Units |
|
| |
|
Weighted-Average |
|
|
|
|
| |
|
Grant
Date Fair Value |
|
|
Number
of Shares |
|
| |
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
| Outstanding at
December 29, 2012 |
|
$ |
30.06 |
|
|
|
1,460 |
|
| Granted |
|
$ |
45.05 |
|
|
|
425 |
|
| Released/Vested |
|
$ |
28.28 |
|
|
|
(579 |
) |
| Cancelled |
|
$ |
30.63 |
|
|
|
(81 |
) |
| Outstanding at
December 28, 2013 |
|
$ |
37.36 |
|
|
|
1,225 |
|
| Granted |
|
$ |
48.73 |
|
|
|
432 |
|
| Released/Vested |
|
$ |
36.00 |
|
|
|
(522 |
) |
| Cancelled |
|
$ |
37.02 |
|
|
|
(47 |
) |
| Outstanding at
December 27, 2014 |
|
$ |
42.55 |
|
|
|
1,088 |
|
| Granted |
|
$ |
37.07 |
|
|
|
1,184 |
|
| Released/Vested |
|
$ |
40.18 |
|
|
|
(562 |
) |
| Cancelled |
|
$ |
42.02 |
|
|
|
(53 |
) |
| Outstanding
at December 26, 2015 |
|
$ |
39.45 |
|
|
|
1,657 |
|
|
| Schedule of weighted-average assumptions used for fair value estimates using stock option pricing model |
No
options or SARs were granted in 2015.
| |
|
2014 |
|
|
2013 |
|
| Weighted average grant
date fair value of options granted |
|
$ |
12.42 |
|
|
$ |
12.82 |
|
| Expected volatility |
|
|
0.3342 |
|
|
|
0.3746 |
|
| Dividend yield |
|
|
3.57 |
% |
|
|
3.86 |
% |
| Expected life of options
in years |
|
|
6.8 |
|
|
|
6.8 |
|
| Risk-free interest
rate |
|
|
1.9 |
% |
|
|
2.1 |
% |
|
| X |
- DefinitionTabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
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| X |
- DefinitionTabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
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| X |
- DefinitionTabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock options and stock appreciation rights that were outstanding at the beginning and end of the year, exercisable at the end of the year, and the number of stock options and stock appreciation rights that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
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| X |
- DefinitionTabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
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|
Earnings Per Share (Tables)
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of earnings per share |
The
following table sets forth the computation of basic and diluted net income per share:
| |
|
Fiscal
Year Ended |
|
| |
|
December
26, |
|
|
December
27, |
|
|
December
28, |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
| Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
| Numerator
for basic and diluted net income per share - net income |
|
$ |
456,227 |
|
|
$ |
364,211 |
|
|
$ |
612,412 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator
for basic net income per share – weighted-average common shares |
|
|
190,631 |
|
|
|
193,106 |
|
|
|
195,411 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Effect
of dilutive securities – stock options, stock appreciation rights and restricted stock units |
|
|
476 |
|
|
|
1,059 |
|
|
|
928 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator
for diluted net income per share – adjusted weighted-average common shares |
|
|
191,107 |
|
|
|
194,165 |
|
|
|
196,339 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic
net income per share |
|
$ |
2.39 |
|
|
$ |
1.89 |
|
|
$ |
3.13 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted
net income per share |
|
$ |
2.39 |
|
|
$ |
1.88 |
|
|
$ |
3.12 |
|
|
| X |
- References
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
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-Paragraph 1
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|
Accumulated Other Comprehensive Income (Tables)
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Schedule of changes in accumulated other comprehensive income |
The
following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the
year ended December 26, 2015:
| |
|
Foreign
Currency
Translation
Adjustment |
|
|
Gross
unrealized
losses on
available-for-sale
securities-OTTI (1 ) |
|
|
Net
unrealized
gains(losses) on
available-for-sale
securities-
Other(2) |
|
|
Total |
|
| Balance - beginning of period |
|
$ |
20,874 |
|
|
$ |
(13,031 |
) |
|
$ |
(5,272 |
) |
|
$ |
2,571 |
|
| Other
comprehensive income before reclassification |
|
|
(34,981 |
) |
|
|
7,754 |
|
|
|
(5,599 |
) |
|
|
(32,826 |
) |
| Amounts
reclassified from accumulated other comprehensive income |
|
|
- |
|
|
|
- |
|
|
|
(173 |
) |
|
|
(173 |
) |
| Net
current-period other comprehensive income |
|
|
(34,981 |
) |
|
|
7,754 |
|
|
|
(5,772 |
) |
|
|
(32,999 |
) |
| Balance - end
of period |
|
$ |
(14,107 |
) |
|
$ |
(5,277 |
) |
|
$ |
(11,044 |
) |
|
$ |
(30,428 |
) |
(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.
|
| Schedule of reporting reclassifications out of AOCI |
The
following provides required disclosure of reporting reclassifications out of AOCI for the year ended December 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 |
|
$ |
54 |
|
|
Other income (expense) |
| |
|
|
119 |
|
|
Income
tax provision |
| |
|
$ |
173 |
|
|
Net of tax |
|
| X |
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Section 45
-Paragraph 14A
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|
Selected Quarterly Information (Unaudited) (Tables)
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Quarterly Financial Information Disclosure [Abstract] |
|
| Schedule of quarterly financial information |
| |
|
Fiscal
Year Ended December 26, 2015 |
|
| |
|
Quarter
Ending |
|
| |
|
March
28 |
|
|
June
27 |
|
|
September
26 |
|
|
December
26 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
585,394 |
|
|
$ |
773,830 |
|
|
$ |
679,690 |
|
|
$ |
781,358 |
|
| Gross profit |
|
|
344,122 |
|
|
|
419,250 |
|
|
|
362,190 |
|
|
|
413,143 |
|
| Net income |
|
|
66,793 |
|
|
|
137,753 |
|
|
|
119,299 |
|
|
|
132,383 |
|
| Basic net income per share |
|
$ |
0.35 |
|
|
$ |
0.72 |
|
|
$ |
0.63 |
|
|
$ |
0.70 |
|
| |
|
Fiscal
Year Ended December 27, 2014 |
|
| |
|
Quarter
Ending |
|
| |
|
March
29 |
|
|
June
28 |
|
|
September
27 |
|
|
December
27 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
583,221 |
|
|
$ |
777,848 |
|
|
$ |
706,283 |
|
|
$ |
803,306 |
|
| Gross profit |
|
|
330,834 |
|
|
|
444,485 |
|
|
|
398,246 |
|
|
|
430,848 |
|
| Net income (loss) |
|
|
118,818 |
|
|
|
181,983 |
|
|
|
(146,834 |
) |
|
|
210,245 |
|
| Basic net income (loss)
per share |
|
$ |
0.61 |
|
|
$ |
0.94 |
|
|
$ |
(0.76 |
) |
|
$ |
1.10 |
|
|
| X |
- DefinitionTabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)-(j)
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|
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Accounting Policies [Abstract] |
|
|
| Raw Materials |
$ 203,173
|
$ 161,444
|
| Work-in-process |
69,690
|
53,824
|
| Finished goods |
273,762
|
244,282
|
| Inventory Reserves |
(46,071)
|
(39,075)
|
| Inventory, net of reserves |
$ 500,554
|
$ 420,475
|
| X |
- References
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|
| X |
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-Name Accounting Standards Codification
-Topic 210
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|
| X |
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-Name Accounting Standards Codification
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|
Summary of Significant Accounting Policies (Details 1)
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Buildings and improvements [Member] | Minimum [Member] |
|
| Property, Plant and Equipment, Useful Life |
39 years
|
| Buildings and improvements [Member] | Maximum [Member] |
|
| Property, Plant and Equipment, Useful Life |
50 years
|
| Office furniture and equipment [Member] | Minimum [Member] |
|
| Property, Plant and Equipment, Useful Life |
3 years
|
| Office furniture and equipment [Member] | Maximum [Member] |
|
| Property, Plant and Equipment, Useful Life |
5 years
|
| Manufacturing and engineering equipment [Member] |
|
| Property, Plant and Equipment, Useful Life |
5 years
|
| Vehicles [Member] |
|
| Property, Plant and Equipment, Useful Life |
5 years
|
| X |
- DefinitionUseful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
|
| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
|
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| Balance Type: |
|
| Period Type: |
|
|
| X |
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|
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| Balance Type: |
|
| Period Type: |
|
|
| X |
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| Namespace Prefix: |
|
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| Balance Type: |
|
| Period Type: |
|
|
| X |
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|
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| Balance Type: |
|
| Period Type: |
|
|
| X |
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| Namespace Prefix: |
|
| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
Summary of Significant Accounting Policies (Details 2) - $ / shares
|
Jun. 05, 2015 |
Jun. 06, 2014 |
Jun. 07, 2013 |
| Dividend Payable 1 [Member] |
|
|
|
| Dividend Date |
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 28, 2013
|
| Record Date |
Jun. 16, 2015
|
Jun. 17, 2014
|
Jun. 18, 2013
|
| Dividend per share |
$ 0.51
|
$ 0.48
|
$ 0.45
|
| Dividend Payable 2 [Member] |
|
|
|
| Dividend Date |
Sep. 30, 2015
|
Sep. 30, 2014
|
Sep. 30, 2013
|
| Record Date |
Sep. 15, 2015
|
Sep. 15, 2014
|
Sep. 16, 2013
|
| Dividend per share |
$ 0.51
|
$ 0.48
|
$ 0.45
|
| Dividend Payable 3 [Member] |
|
|
|
| Dividend Date |
Dec. 31, 2015
|
Dec. 31, 2014
|
Dec. 31, 2013
|
| Record Date |
Dec. 15, 2015
|
Dec. 15, 2014
|
Dec. 16, 2013
|
| Dividend per share |
$ 0.51
|
$ 0.48
|
$ 0.45
|
| Dividend Payable 4 [Member] |
|
|
|
| Dividend Date |
Mar. 31, 2016
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Record Date |
Mar. 15, 2016
|
Mar. 16, 2015
|
Mar. 17, 2014
|
| Dividend per share |
$ 0.51
|
$ 0.48
|
$ 0.45
|
| X |
- DefinitionDate the declared dividend will be paid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
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| Period Type: |
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|
| X |
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
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|
| X |
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| Balance Type: |
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|
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| Namespace Prefix: |
|
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| Balance Type: |
|
| Period Type: |
|
|
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|
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| Namespace Prefix: |
|
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| Balance Type: |
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| Period Type: |
|
|
Summary of Significant Accounting Policies (Details 3) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Goodwill [Roll Forward] |
|
|
| Goodwill balance at beginning of year |
$ 178,638
|
$ 179,290
|
| Acquisitions |
11,908
|
2,517
|
| Finalization of purchase price allocations and effect of foreign currency translation |
(2,755)
|
(3,169)
|
| Goodwill balance at end of year |
$ 187,791
|
$ 178,638
|
| X |
- DefinitionAmount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266
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|
| X |
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
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Summary of Significant Accounting Policies (Details 4) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] |
|
|
|
|
| Balance - beginning of period |
|
$ 27,609
|
$ 26,767
|
$ 37,301
|
| Change in accrual for products sold in prior periods |
[1] |
|
|
(8,709)
|
| Accrual for products sold |
[2] |
$ 44,620
|
$ 44,423
|
41,309
|
| Expenditures |
|
(41,780)
|
(43,581)
|
(43,134)
|
| Balance - end of period |
|
$ 30,449
|
$ 27,609
|
$ 26,767
|
|
|
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-Subparagraph (SX 210.9-03.15(5))
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|
Summary of Significant Accounting Policies (Details Narrative)
$ in Thousands |
|
12 Months Ended |
|
Mar. 14, 2013
USD ($)
Number
|
Dec. 26, 2015
USD ($)
|
Dec. 27, 2014
USD ($)
|
Dec. 28, 2013
USD ($)
|
| Cumulative translation adjustments |
|
$ (14,108)
|
$ 20,874
|
|
| Foreign currency (losses) gains |
|
(23,465)
|
(4,299)
|
$ 35,538
|
| Dividends |
|
378,117
|
360,075
|
351,707
|
| Intangible assets, net |
|
216,465
|
191,034
|
|
| Accumulated amortization intangible assets |
|
158,704
|
151,589
|
|
| Amortization expense intangible assets |
|
7,115
|
8,362
|
17,847
|
| Amortization expense intangible assets, Next twelve months |
|
19,780
|
|
|
| Amortization expense intangible assets, Year two |
|
7,506
|
|
|
| Amortization expense intangible assets, Year three |
|
6,734
|
|
|
| Amortization expense intangible assets, Year four |
|
4,787
|
|
|
| Amortization expense intangible assets, Year five |
|
3,610
|
|
|
| Goodwill |
|
187,791
|
178,638
|
179,290
|
| Fair value available-for-sale securities unrealized gains and losses, net of tax |
|
(16,321)
|
(18,303)
|
|
| Deferred revenues |
|
293,713
|
338,728
|
|
| Total deferred Costs |
|
87,945
|
87,476
|
|
| Deferred revenue and cost expenses, Next twelve months |
|
115,806
|
|
|
| Deferred revenue and cost expenses, Year two |
|
60,971
|
|
|
| Deferred revenue and cost expenses, Year three |
|
21,467
|
|
|
| Deferred revenue and cost expenses, Year four |
|
5,356
|
|
|
| Deferred revenue and cost expenses, Year five |
|
2,168
|
|
|
| Advertising expense |
|
167,166
|
146,633
|
112,905
|
| Research and development costs |
|
$ 427,043
|
395,121
|
$ 364,923
|
| Aviation Product [Member] |
|
|
|
|
| Product warranty term |
|
2 years
|
|
|
| State Administration of Taxation, China [Member] |
|
|
|
|
| Restricted retained earnings |
|
$ 304,674
|
$ 290,955
|
|
| Memorandum of Agreement [Member] | Interest Free Loans Receivable [Member] | Bombardier, Inc [Member] |
|
|
|
|
| Loans receivable |
$ 173,708
|
|
|
|
| Number of installment | Number |
7
|
|
|
|
| Number of installment repaid | Number |
5
|
|
|
|
| Minimum [Member] |
|
|
|
|
| Acquired intangible assets useful life |
|
3 years
|
|
|
| Deferred revenues useful life |
|
2 years
|
|
|
| Minimum [Member] | Other Product Other Than Aviation Product [Member] |
|
|
|
|
| Product warranty term |
|
1 year
|
|
|
| Maximum [Member] |
|
|
|
|
| Acquired intangible assets useful life |
|
10 years
|
|
|
| Deferred revenues useful life |
|
5 years
|
|
|
| Maximum [Member] | Other Product Other Than Aviation Product [Member] |
|
|
|
|
| Product warranty term |
|
2 years
|
|
|
| Customer Concentration Risk [Member] | Net Sales [Member] |
|
|
|
|
| Concentration risk net sales |
|
10.00%
|
10.00%
|
10.00%
|
| Ten Customer Concentration Risk [Member] | Net Sales [Member] | Minimum [Member] |
|
|
|
|
| Concentration risk net sales |
|
|
|
22.00%
|
| Ten Customer Concentration Risk [Member] | Net Sales [Member] | Maximum [Member] |
|
|
|
|
| Concentration risk net sales |
|
|
|
24.00%
|
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Marketable Securities (Details) - USD ($)
$ in Thousands |
Dec. 26, 2015 |
Dec. 27, 2014 |
[1] |
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
$ 1,558,548
|
$ 1,575,333
|
| U.S.Treasury Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
27,731
|
30,144
|
| Agency Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
208,631
|
428,320
|
| Mortgage-Backed Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
370,232
|
324,307
|
| Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
648,590
|
594,402
|
| Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
223,562
|
125,410
|
| Other [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
79,802
|
72,750
|
| Recurring Basis [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
1,558,548
|
1,575,333
|
| Recurring Basis [Member] | U.S.Treasury Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
27,731
|
30,144
|
| Recurring Basis [Member] | Agency Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
208,631
|
428,320
|
| Recurring Basis [Member] | Mortgage-Backed Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
370,232
|
324,307
|
| Recurring Basis [Member] | Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
648,590
|
594,402
|
| Recurring Basis [Member] | Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
223,562
|
125,410
|
| Recurring Basis [Member] | Other [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
$ 79,802
|
$ 72,750
|
| 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 |
$ 1,558,548
|
$ 1,575,333
|
| Recurring Basis [Member] | Level 2 [Member] | U.S.Treasury Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
27,731
|
30,144
|
| Recurring Basis [Member] | Level 2 [Member] | Agency Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
208,631
|
428,320
|
| Recurring Basis [Member] | Level 2 [Member] | Mortgage-Backed Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
370,232
|
324,307
|
| Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
648,590
|
594,402
|
| Recurring Basis [Member] | Level 2 [Member] | Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
223,562
|
125,410
|
| Recurring Basis [Member] | Level 2 [Member] | Other [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
$ 79,802
|
$ 72,750
|
| 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 |
|
|
|
|
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Marketable Securities (Details 1) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 26, 2015 |
Dec. 27, 2014 |
[1] |
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
$ 1,576,112
|
$ 1,594,764
|
| Gross Unrealized Gains |
|
1,142
|
2,020
|
| Gross Unrealized Losses-OTTI |
[2] |
(5,277)
|
(13,031)
|
| Gross Unrealized Losses-Other |
[3] |
(13,429)
|
(8,420)
|
| Estimated Fair Value (Net Carrying Amount) |
|
1,558,548
|
1,575,333
|
| U.S.Treasury Securities [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
27,772
|
30,185
|
| Gross Unrealized Gains |
|
$ 27
|
26
|
| Gross Unrealized Losses-OTTI |
[2] |
|
(25)
|
| Gross Unrealized Losses-Other |
[3] |
$ (68)
|
(42)
|
| Estimated Fair Value (Net Carrying Amount) |
|
27,731
|
30,144
|
| Agency Securities [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
211,248
|
436,817
|
| Gross Unrealized Gains |
|
105
|
169
|
| Gross Unrealized Losses-OTTI |
[2] |
(2,409)
|
(8,259)
|
| Gross Unrealized Losses-Other |
[3] |
(313)
|
(407)
|
| Estimated Fair Value (Net Carrying Amount) |
|
208,631
|
428,320
|
| Mortgage-Backed Securities [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
376,801
|
329,048
|
| Gross Unrealized Gains |
|
191
|
580
|
| Gross Unrealized Losses-OTTI |
[2] |
(1,210)
|
(1,813)
|
| Gross Unrealized Losses-Other |
[3] |
(5,550)
|
(3,508)
|
| Estimated Fair Value (Net Carrying Amount) |
|
370,232
|
324,307
|
| Corporate Securities [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
656,447
|
600,674
|
| Gross Unrealized Gains |
|
179
|
689
|
| Gross Unrealized Losses-OTTI |
[2] |
(1,635)
|
(2,874)
|
| Gross Unrealized Losses-Other |
[3] |
(6,401)
|
(4,087)
|
| Estimated Fair Value (Net Carrying Amount) |
|
648,590
|
594,402
|
| Municipal Securities [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
223,991
|
125,183
|
| Gross Unrealized Gains |
|
636
|
497
|
| Gross Unrealized Losses-OTTI |
[2] |
(9)
|
(48)
|
| Gross Unrealized Losses-Other |
[3] |
(1,056)
|
(222)
|
| Estimated Fair Value (Net Carrying Amount) |
|
223,562
|
125,410
|
| Other [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
79,853
|
72,857
|
| Gross Unrealized Gains |
|
4
|
59
|
| Gross Unrealized Losses-OTTI |
[2] |
(14)
|
(12)
|
| Gross Unrealized Losses-Other |
[3] |
(41)
|
(154)
|
| Estimated Fair Value (Net Carrying Amount) |
|
$ 79,802
|
$ 72,750
|
|
|
| X |
- DefinitionThis item represents the cost of debt securities, which are categorized neither as held-to-maturity nor trading, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (aa)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 1
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|
Marketable Securities (Details 2) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
$ (13,113)
|
$ (7,042)
|
| Fair Value Less than 12 Consecutive Months |
1,056,152
|
704,428
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(5,593)
|
(14,409)
|
| Fair Value 12 Consecutive Months or Longer |
224,998
|
550,525
|
| U.S.Treasury Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(68)
|
(42)
|
| Fair Value Less than 12 Consecutive Months |
$ 22,184
|
18,822
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
|
(25)
|
| Fair Value 12 Consecutive Months or Longer |
|
6,634
|
| Agency Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
$ (691)
|
(397)
|
| Fair Value Less than 12 Consecutive Months |
117,803
|
64,862
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(2,031)
|
(8,269)
|
| Fair Value 12 Consecutive Months or Longer |
69,418
|
312,139
|
| Mortgage-Backed Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(4,571)
|
(2,169)
|
| Fair Value Less than 12 Consecutive Months |
263,735
|
187,309
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(2,189)
|
(3,152)
|
| Fair Value 12 Consecutive Months or Longer |
83,722
|
99,566
|
| Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(6,719)
|
(4,058)
|
| Fair Value Less than 12 Consecutive Months |
521,731
|
373,925
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(1,317)
|
(2,903)
|
| Fair Value 12 Consecutive Months or Longer |
50,374
|
114,076
|
| Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(1,035)
|
(222)
|
| Fair Value Less than 12 Consecutive Months |
116,033
|
29,533
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(30)
|
(48)
|
| Fair Value 12 Consecutive Months or Longer |
6,557
|
15,019
|
| Other [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(29)
|
(154)
|
| Fair Value Less than 12 Consecutive Months |
14,666
|
29,977
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(26)
|
(12)
|
| Fair Value 12 Consecutive Months or Longer |
$ 14,927
|
$ 3,091
|
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Marketable Securities (Details 3) - USD ($)
$ in Thousands |
Dec. 26, 2015 |
Dec. 27, 2014 |
[1] |
| Cost [Abstract] |
|
|
| Due in one year or less |
$ 215,143
|
|
| Due after one year through five years |
1,179,753
|
|
| Due after five years through ten years |
112,256
|
|
| Due after ten years |
68,960
|
|
| Total |
1,576,112
|
$ 1,594,764
|
| Estimated Fair Value [Abstract] |
|
|
| Due in one year or less |
215,161
|
|
| Due after one year through five years |
1,167,026
|
|
| Due after five years through ten years |
108,923
|
|
| Due after ten years |
67,438
|
|
| Total |
$ 1,558,548
|
$ 1,575,333
|
|
|
| X |
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-Topic 320
-SubTopic 10
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-Paragraph 2
-Subparagraph (aa)
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-Paragraph 1
-Subparagraph (SX 210.5-02.2)
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Income Taxes (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Federal: |
|
|
|
| Current |
$ 49,138
|
$ (18,665)
|
$ (11,907)
|
| Deferred |
4,216
|
58,164
|
1,913
|
| Total federal income tax provision (benefit) |
53,354
|
39,499
|
(9,994)
|
| State: |
|
|
|
| Current |
9,354
|
5,575
|
2,584
|
| Deferred |
(5,858)
|
4,368
|
(408)
|
| Total state income tax provision (benefit) |
3,496
|
9,943
|
2,176
|
| Foreign: |
|
|
|
| Current |
55,730
|
287,197
|
37,094
|
| Deferred |
(1,620)
|
22,895
|
11,870
|
| Total foreign income tax provision (benefit) |
54,110
|
310,092
|
48,964
|
| Income tax provision |
$ 110,960
|
$ 359,534
|
$ 41,146
|
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Income Taxes (Details 1) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Sep. 27, 2014 |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Income Tax Disclosure [Abstract] |
|
|
|
|
| Federal income tax expense at U.S. statutory rate |
|
$ 198,516
|
$ 253,260
|
$ 229,420
|
| State income tax expense, net of federal tax effect |
|
1,931
|
6,463
|
1,414
|
| Foreign tax rate differential |
|
(100,010)
|
(154,338)
|
(121,279)
|
| Taiwan tax holiday benefit |
|
(3,488)
|
(3,147)
|
(4,944)
|
| Other foreign taxes less incentives and credits |
|
(8,592)
|
5,947
|
(2,032)
|
| Withholding Tax |
|
16,969
|
21,039
|
$ 7,073
|
| Intercompany Restructuring |
$ 307,635
|
0
|
307,635
|
|
| Net change in uncertain tax positions |
|
21,246
|
(67,231)
|
$ (50,700)
|
| U.S. federal domestic production activities deduction |
|
(4,589)
|
(3,606)
|
(3,550)
|
| U.S. federal research and development credit |
|
(8,573)
|
(8,373)
|
(14,876)
|
| Other, net |
|
(2,450)
|
1,885
|
620
|
| Income tax provision |
|
$ 110,960
|
$ 359,534
|
$ 41,146
|
Income Taxes (Details 2) - USD ($)
$ in Thousands |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Deferred tax assets: |
|
|
| Product warranty accruals |
$ 2,990
|
$ 3,560
|
| Allowance for doubtful accounts |
10,323
|
9,111
|
| Inventory reserves |
10,904
|
8,161
|
| Sales program allowances |
1,783
|
$ 1,081
|
| Reserve for sales returns |
1,457
|
|
| Other accruals |
10,799
|
$ 11,058
|
| Stock option compensation |
35,360
|
38,265
|
| Tax credit carryforwards |
3,906
|
2,726
|
| Amortization |
20,005
|
21,595
|
| Deferred revenue |
32,809
|
43,644
|
| Net operating losses of subsidiaries |
5,228
|
12,456
|
| Benefit related to uncertain tax positions |
5,546
|
4,246
|
| Other |
4,106
|
3,485
|
| Valuation allowance related to loss carryforward and tax credits |
(2,781)
|
(11,358)
|
| Total deferred tax assets |
142,435
|
148,030
|
| Deferred tax liabilities: |
|
|
| Depreciation |
$ 18,029
|
16,192
|
| Reserve for sales returns |
|
419
|
| Prepaid expenses |
$ 2,821
|
3,283
|
| Book basis in excess of tax basis for acquired entities |
1,307
|
2,099
|
| Unrealized investment loss |
3,198
|
6,384
|
| Withholding tax |
54,865
|
50,561
|
| Other |
1,907
|
2,448
|
| Total deferred tax liabilities |
82,127
|
81,386
|
| Net deferred tax assets |
$ 60,308
|
$ 66,644
|
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|
Income Taxes (Details 3) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Income Tax Disclosure [Abstract] |
|
|
|
| Balance at beginning of year |
$ 77,495
|
$ 133,015
|
$ 182,870
|
| Additions based on tax positions related to prior years |
89
|
2,889
|
2,668
|
| Reductions based on tax positions related to prior years |
(1,671)
|
(60,967)
|
(8,195)
|
| Additions based on tax positions related to current period |
29,019
|
39,115
|
30,262
|
| Reductions related to settlements with tax authorities |
(364)
|
(401)
|
(416)
|
| Expiration of statute of limitations |
(6,664)
|
(36,156)
|
(74,174)
|
| Balance at end of year |
$ 97,904
|
$ 77,495
|
$ 133,015
|
| X |
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Income Taxes (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
Sep. 27, 2014 |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Inter-company restructuring tax expenses |
$ 307,635
|
$ 0
|
$ 307,635
|
|
| Income taxes paid |
263,000
|
|
|
|
| Effective income tax amount |
|
198,516
|
253,260
|
$ 229,420
|
| Effective income tax foreign tax rate differential |
|
(100,010)
|
(154,338)
|
(121,279)
|
| Income before income taxes |
|
567,187
|
723,745
|
653,558
|
| Income tax expense used for unremitted earnings |
|
110,960
|
359,534
|
41,146
|
| Write-off stock option compensation |
$ 6,000
|
|
|
|
| Tax credit carryforward amount |
|
3,906
|
2,726
|
|
| Surtax Credit Carryforward [Member] |
|
|
|
|
| Tax credit carryforward amount |
|
|
52,618
|
52,618
|
| Non-U.S. Operations Entity's [Member] |
|
|
|
|
| Income before income taxes |
|
403,242
|
546,790
|
502,423
|
| Foreign Subsidiaries [Member] |
|
|
|
|
| Income tax expense used for unremitted earnings |
|
$ 21,085
|
$ 20,606
|
$ 307,990
|
| Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] |
|
|
|
|
| Effective income tax rate |
|
7.83%
|
7.83%
|
7.83%
|
| Effective income tax foreign tax rate differential |
|
$ 52,000
|
$ 44,000
|
$ 64,000
|
| Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] | Maximum [Member] |
|
|
|
|
| Effective income tax amount |
|
154,000
|
197,000
|
178,000
|
| Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] | Minimum [Member] |
|
|
|
|
| Effective income tax amount |
|
$ 44,000
|
$ 57,000
|
$ 51,000
|
| Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] |
|
|
|
|
| Weighted-average common share outstanding tax holiday benefits (in dollars per share) |
|
$ 0.02
|
$ 0.02
|
$ 0.03
|
| Tax holiday benefits termination year |
|
2017
|
|
|
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Income Taxes (Details Narrative 1) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Deferred tax assets related to future tax benefit on net operating loss carryforward |
$ 5,228
|
|
|
| Net operating loss carryforwards |
19,580
|
|
|
| Net unrecognized tax benefits |
93,654
|
$ 74,205
|
$ 125,918
|
| Accrued interest and penalties on unrecognized tax benefits |
2,479
|
2,159
|
5,111
|
| Increase (decrease) unrecognized tax benefits |
320
|
(2,953)
|
(3,111)
|
| Reduction in income tax expense |
(6,664)
|
(36,156)
|
(74,174)
|
| Minimum [Member] |
|
|
|
| Reserves for certain unrecognized tax benefits |
5,000
|
|
|
| Maximum [Member] |
|
|
|
| Reserves for certain unrecognized tax benefits |
10,000
|
|
|
| Various Other Jurisdictions [Member] |
|
|
|
| Net operating loss carryforwards |
5,295
|
|
|
| Reduction in income tax expense |
6,971
|
$ 83,006
|
$ 74,217
|
| Foreign Tax Authority [Member] | Tax Authority, Spain [Member] |
|
|
|
| Net operating loss carryforwards |
$ 7,092
|
|
|
| Foreign Tax Authority [Member] | Tax Authority, Spain [Member] | Minimum [Member] |
|
|
|
| Net operating loss carryforwards expiration year |
2022
|
|
|
| Foreign Tax Authority [Member] | Tax Authority, Spain [Member] | Maximum [Member] |
|
|
|
| Net operating loss carryforwards expiration year |
2027
|
|
|
| Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] |
|
|
|
| Net operating loss carryforwards |
$ 338
|
|
|
| Net operating loss carryforwards expiration year |
2022
|
|
|
| Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] | Minimum [Member] |
|
|
|
| Income tax examination year |
2011
|
|
|
| Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] | Maximum [Member] |
|
|
|
| Income tax examination year |
2015
|
|
|
| Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member] |
|
|
|
| Net operating loss carryforwards |
$ 4,238
|
|
|
| Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member] | Minimum [Member] |
|
|
|
| Net operating loss carryforwards expiration year |
2017
|
|
|
| Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member] | Maximum [Member] |
|
|
|
| Net operating loss carryforwards expiration year |
2022
|
|
|
| Foreign Tax Authority [Member] | Finnish Tax Administration [Member] |
|
|
|
| Net operating loss carryforwards |
$ 1,317
|
|
|
| Net operating loss carryforwards expiration year |
2025
|
|
|
| Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] |
|
|
|
| Income tax examination year |
2009
|
|
|
| Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] |
|
|
|
| Income tax examination year |
2012
|
|
|
| Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] |
|
|
|
| Net operating loss carryforwards |
$ 1,300
|
|
|
| Net operating loss carryforwards expiration year |
2035
|
|
|
| Income tax examination year |
2012
|
|
|
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Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Marketable securities |
$ 1,558,548
|
$ 1,575,333
|
[1] |
| Fair Value [Member] |
|
|
|
| Cash and cash equivalents |
833,070
|
1,196,268
|
|
| Restricted cash |
259
|
308
|
|
| Marketable securities |
1,558,548
|
1,575,333
|
|
| Carrying Amount [Member] |
|
|
|
| Cash and cash equivalents |
833,070
|
1,196,268
|
|
| Restricted cash |
259
|
308
|
|
| Marketable securities |
$ 1,558,548
|
$ 1,575,333
|
|
|
|
| X |
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Segment Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 26, 2015 |
Sep. 26, 2015 |
Jun. 27, 2015 |
Mar. 28, 2015 |
Dec. 27, 2014 |
Sep. 27, 2014 |
Jun. 28, 2014 |
Mar. 29, 2014 |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Net sales |
$ 781,358
|
$ 679,690
|
$ 773,830
|
$ 585,394
|
$ 803,306
|
$ 706,283
|
$ 777,848
|
$ 583,221
|
$ 2,820,270
|
[1] |
$ 2,870,658
|
[1] |
$ 2,631,851
|
[1] |
| Gross profit |
$ 413,143
|
$ 362,190
|
$ 419,250
|
$ 344,122
|
$ 430,848
|
$ 398,246
|
$ 444,485
|
$ 330,834
|
1,538,704
|
|
1,604,412
|
|
1,407,300
|
|
| Operating income |
|
|
|
|
|
|
|
|
549,581
|
|
690,626
|
|
574,032
|
|
| Outdoor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
425,150
|
|
427,555
|
|
410,989
|
|
| Gross profit |
|
|
|
|
|
|
|
|
259,889
|
|
266,550
|
|
262,529
|
|
| Operating income |
|
|
|
|
|
|
|
|
140,200
|
|
151,055
|
|
159,197
|
|
| Fitness [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
661,599
|
|
568,440
|
|
356,283
|
|
| Gross profit |
|
|
|
|
|
|
|
|
366,139
|
|
358,287
|
|
222,925
|
|
| Operating income |
|
|
|
|
|
|
|
|
134,574
|
|
190,682
|
|
120,250
|
|
| Marine [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
286,778
|
|
248,371
|
|
222,928
|
|
| Gross profit |
|
|
|
|
|
|
|
|
158,493
|
|
129,710
|
|
115,091
|
|
| Operating income |
|
|
|
|
|
|
|
|
28,611
|
|
26,232
|
|
18,493
|
|
| Auto [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
1,048,125
|
|
1,240,377
|
|
1,302,314
|
|
| Gross profit |
|
|
|
|
|
|
|
|
459,469
|
|
569,452
|
|
565,083
|
|
| Operating income |
|
|
|
|
|
|
|
|
134,939
|
|
215,679
|
|
188,517
|
|
| Aviation [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
398,618
|
|
385,915
|
|
339,337
|
|
| Gross profit |
|
|
|
|
|
|
|
|
294,714
|
|
280,413
|
|
241,672
|
|
| Operating income |
|
|
|
|
|
|
|
|
$ 111,257
|
|
$ 106,978
|
|
$ 87,575
|
|
|
|
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Segment Information (Details 1) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 26, 2015 |
Sep. 26, 2015 |
Jun. 27, 2015 |
Mar. 28, 2015 |
Dec. 27, 2014 |
Sep. 27, 2014 |
Jun. 28, 2014 |
Mar. 29, 2014 |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Net sales to external customers |
|
$ 781,358
|
$ 679,690
|
$ 773,830
|
$ 585,394
|
$ 803,306
|
$ 706,283
|
$ 777,848
|
$ 583,221
|
$ 2,820,270
|
[1] |
$ 2,870,658
|
[1] |
$ 2,631,851
|
[1] |
| Property and equipment, net |
|
446,089
|
|
|
|
430,887
|
|
|
|
446,089
|
|
430,887
|
|
414,848
|
|
| Net assets |
[2] |
3,345,126
|
|
|
|
3,403,367
|
|
|
|
3,345,126
|
|
3,403,367
|
|
3,659,706
|
|
| Americas [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external customers |
[1] |
|
|
|
|
|
|
|
|
1,469,243
|
|
1,538,322
|
|
1,432,895
|
|
| Property and equipment, net |
|
294,234
|
|
|
|
269,858
|
|
|
|
294,234
|
|
269,858
|
|
239,528
|
|
| Net assets |
[2] |
2,110,108
|
|
|
|
2,142,624
|
|
|
|
2,110,108
|
|
2,142,624
|
|
1,338,401
|
|
| APAC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external customers |
[1] |
|
|
|
|
|
|
|
|
337,888
|
|
278,092
|
|
243,056
|
|
| Property and equipment, net |
|
111,701
|
|
|
|
111,464
|
|
|
|
111,701
|
|
111,464
|
|
121,012
|
|
| Net assets |
[2] |
921,410
|
|
|
|
939,852
|
|
|
|
921,410
|
|
939,852
|
|
2,048,903
|
|
| EMEA [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external customers |
[1] |
|
|
|
|
|
|
|
|
1,013,139
|
|
1,054,244
|
|
955,900
|
|
| Property and equipment, net |
|
40,154
|
|
|
|
49,565
|
|
|
|
40,154
|
|
49,565
|
|
54,308
|
|
| Net assets |
[2] |
$ 313,608
|
|
|
|
$ 320,891
|
|
|
|
$ 313,608
|
|
$ 320,891
|
|
$ 272,402
|
|
|
|
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Stock Compensation Plans (Details) - Stock Option & Stock Appreciation Rights [Member] - $ / shares
|
12 Months Ended |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Share-based Compensation Arrangement by Share-based Payment Award, Weighted Average Exercise Price [Roll Forward] |
|
|
|
| Outstanding at beginning |
$ 63.19
|
$ 58.44
|
$ 55.88
|
| Granted |
|
52.44
|
49.07
|
| Exercised |
29.15
|
40.60
|
26.85
|
| Forfeited/Expired |
70.58
|
80.49
|
66.09
|
| Outstanding at end |
66.80
|
$ 63.19
|
$ 58.44
|
| Exercisable at end |
67.23
|
|
|
| Expected to vest |
$ 47.92
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award, Outstanding [Roll Forward] |
|
|
|
| Outstanding at beginning |
4,731,000
|
6,239,000
|
7,132,000
|
| Granted |
0
|
47,000
|
52,000
|
| Exercised |
(474,000)
|
(1,430,000)
|
(662,000)
|
| Forfeited/Expired |
(196,000)
|
(125,000)
|
(283,000)
|
| Outstanding at end |
4,061,000
|
4,731,000
|
6,239,000
|
| Exercisable at end |
3,970,000
|
|
|
| Expected to vest |
91,000
|
|
|
| X |
- References
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|
Stock Compensation Plans (Details 1) - Stock Option & Stock Appreciation Rights [Member]
|
12 Months Ended |
|
Dec. 26, 2015
shares
|
|---|
| Awards Oustanding |
4,061,000
|
| Remaining Life |
1 year 9 months 22 days
|
| Awards Exercisable |
3,970,000
|
| Exercise Price $18.00 - $40.00 [Member] |
|
| Awards Oustanding |
60,000
|
| Remaining Life |
4 years 7 months 24 days
|
| Awards Exercisable |
49,000
|
| Exercise Price $40.01 - $60.00 [Member] |
|
| Awards Oustanding |
1,998,000
|
| Remaining Life |
1 year 10 months 10 days
|
| Awards Exercisable |
1,918,000
|
| Exercise Price $60.01 - $80.00 [Member] |
|
| Awards Oustanding |
977,000
|
| Remaining Life |
1 year 5 months 8 days
|
| Awards Exercisable |
977,000
|
| Exercise Price $80.01 - $100.00 [Member] |
|
| Awards Oustanding |
3,000
|
| Remaining Life |
1 year 11 months 16 days
|
| Awards Exercisable |
3,000
|
| Exercise Price $100.01 - $120.00 [Member] |
|
| Awards Oustanding |
1,021,000
|
| Remaining Life |
1 year 11 months 5 days
|
| Awards Exercisable |
1,021,000
|
| Exercise Price $120.01 - $140.00 [Member] |
|
| Awards Oustanding |
2,000
|
| Remaining Life |
1 year 9 months 3 days
|
| Awards Exercisable |
2,000
|
| X |
- DefinitionThe number of shares reserved for issuance pertaining to the outstanding exercisable stock options as of the balance sheet date in the customized range of exercise prices for which the market and performance vesting condition has been satisfied. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(iii)
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|
Stock Compensation Plans (Details 2) - Restricted Stock Units [Member] - $ / shares
|
12 Months Ended |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract |
|
|
|
| Outstanding at beginning |
$ 42.55
|
$ 37.36
|
|
| Granted |
37.07
|
48.73
|
$ 45.05
|
| Released/Vested |
40.18
|
36
|
28.28
|
| Cancelled |
42.02
|
37.02
|
30.63
|
| Outstanding at end |
$ 39.45
|
$ 42.55
|
$ 37.36
|
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] |
|
|
|
| Outstanding at beginning |
1,088,000
|
1,225,000
|
1,460,000
|
| Granted |
1,184,000
|
432,000
|
425,000
|
| Released/Vested |
(562,000)
|
(522,000)
|
(579,000)
|
| Cancelled |
(53,000)
|
(47,000)
|
(81,000)
|
| Outstanding at end |
1,657,000
|
1,088,000
|
1,225,000
|
| X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(3)
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| X |
- DefinitionWeighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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| X |
- DefinitionThe number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(1)
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| X |
- DefinitionThe weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(1)
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| X |
- DefinitionThe number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)-(ii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
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| X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
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| X |
- DefinitionThe weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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-Subparagraph (c)(2)(iii)(2)
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| Period Type: |
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| X |
- DefinitionThe weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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-Subparagraph (c)(2)(iii)(2)
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| X |
- Details
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| Balance Type: |
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|
| X |
- DefinitionThe estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
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- DefinitionThe estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
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- DefinitionThe risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
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-Paragraph 2
-Subparagraph (d)(1)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 14.D.2)
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 14
-Section D
-Subsection 2
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Stock Compensation Plans (Details Narrative) - shares
|
1 Months Ended |
12 Months Ended |
Jun. 30, 2011 |
Jun. 30, 2005 |
Oct. 31, 2000 |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
Dec. 26, 2009 |
| Restricted Stock Units [Member] |
|
|
|
|
|
|
|
| Number of shares granted |
|
|
|
1,184,000
|
432,000
|
425,000
|
|
| Outstanding awards weighted-average remaining contract life |
|
|
|
1 year 6 months 14 days
|
|
|
|
| Stock Option & Stock Appreciation Rights [Member] |
|
|
|
|
|
|
|
| Outstanding awards weighted-average remaining contract life |
|
|
|
1 year 9 months 22 days
|
|
|
|
| Exercisable awards weighted-average remaining contract life |
|
|
|
1 year 8 months 1 day
|
|
|
|
| 2011 Non-employee Directors' Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
| Maximum number of authorized shares available for issuance |
122,592
|
|
|
|
|
|
|
| Award vesting period |
2 years
|
|
|
|
|
|
|
| Award expiration period |
10 years
|
|
|
|
|
|
|
| 2011 Non-employee Directors' Equity Incentive Plan [Member] | Restricted Stock Units [Member] |
|
|
|
|
|
|
|
| Number of shares granted |
|
|
|
12,008
|
7,120
|
11,484
|
|
| 2005 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
| Maximum number of authorized shares available for issuance |
|
10,000,000
|
|
|
|
13,000,000
|
|
| Number of additional authorized shares issued |
|
|
|
|
|
3,000,000
|
|
| 2005 Equity Incentive Plan [Member] | Restricted Stock Units [Member] |
|
|
|
|
|
|
|
| Award vesting period |
|
3 years
|
|
|
|
|
|
| Number of shares granted |
|
|
|
1,171,905
|
425,347
|
413,978
|
|
| Description of vesting period |
|
|
|
RSUs granted prior to December 10, 2012 vested or
are vesting evenly over a period of five years.
|
|
|
|
| 2005 Equity Incentive Plan [Member] | Stock Option & Stock Appreciation Rights [Member] |
|
|
|
|
|
|
|
| Award vesting period |
|
5 years
|
|
|
|
|
|
| Award expiration period |
|
10 years
|
|
|
|
|
|
| 2005 Equity Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] |
|
|
|
|
|
|
|
| Number of shares granted |
|
|
|
|
47,095
|
52,673
|
|
| 2000 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
| Maximum number of authorized shares available for issuance |
|
|
7,000,000
|
|
|
|
|
| 2000 Equity Incentive Plan [Member] | Stock Option & Stock Appreciation Rights [Member] |
|
|
|
|
|
|
|
| Award vesting period |
|
|
5 years
|
|
|
|
|
| Award expiration period |
|
|
10 years
|
|
|
|
|
| 2000 Non-employee Directors' Option Plan [Member] |
|
|
|
|
|
|
|
| Maximum number of authorized shares available for issuance |
|
|
100,000
|
|
|
|
250,000
|
| Award vesting period |
|
|
3 years
|
|
|
|
|
| Award expiration period |
|
|
10 years
|
|
|
|
|
| Number of additional authorized shares issued |
|
|
|
|
|
|
150,000
|
| X |
- DefinitionWeighted average remaining contractual term for stock option and equity-based awards excluding options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
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-Name Accounting Standards Codification
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| X |
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-Name Accounting Standards Codification
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|
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|
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|
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|
| X |
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|
Stock Compensation Plans (Details Narrative 1) - USD ($)
$ / shares in Units, $ in Thousands |
12 Months Ended |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Total fair value of vested awards |
$ 23,351
|
$ 19,127
|
$ 20,956
|
| Closing stock price (in dollars per share) |
$ 36.98
|
|
|
| Total unrecognized compensation cost related to unvested share-based compensation awards |
$ 52,590
|
|
|
| Employee Stock Purchase Plan [Member] |
|
|
|
| Maximum number of authorized shares available for issuance |
6,000,000
|
|
|
| Number of additional authorized shares issued |
2,000,000
|
|
|
| Purchase price of common stock (fair market value of the stock on the date of purchase) |
85.00%
|
|
|
| Purchase price of common stock (fair market value on the first day of the ESPP period) |
85.00%
|
|
|
| Number of shares purchased |
488,753
|
349,982
|
395,220
|
| Total shares purchase price |
$ 16,789
|
$ 14,634
|
$ 12,181
|
| Number of shares available for future issuance |
2,000,628
|
|
|
| Stock Option & Stock Appreciation Rights [Member] |
|
|
|
| Outstanding awards aggregate intrinsic values |
$ 207
|
|
|
| Exercisable awards aggregate intrinsic values |
207
|
|
|
| Aggregate intrinsic values |
3,714
|
18,885
|
13,114
|
| Restricted Stock Units [Member] |
|
|
|
| Outstanding awards aggregate intrinsic values |
61,259
|
|
|
| Aggregate intrinsic values |
$ 20,787
|
$ 28,119
|
$ 27,007
|
| X |
- DefinitionFair value of share-based awards for which the grantee gained the right by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash.
| Name: |
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| X |
- DefinitionThe value of shares purchased on the open market during the period for issuance to employees under the plan.
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| Namespace Prefix: |
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|
| X |
- DefinitionPurchase price of common stock expressed as a percentage of its fair value.
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|
| X |
- DefinitionIntrinsic value of equity-based compensation awards. Includes stock and unit options.
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-Name Accounting Standards Codification
-Topic 210
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Glossary Antidilution
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Glossary Contingent Stock Agreement
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
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-Paragraph 1
-Subparagraph (c)
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Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 26, 2015 |
Sep. 26, 2015 |
Jun. 27, 2015 |
Mar. 28, 2015 |
Dec. 27, 2014 |
Sep. 27, 2014 |
Jun. 28, 2014 |
Mar. 29, 2014 |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Numerator: |
|
|
|
|
|
|
|
|
|
|
|
| Numerator for basic and diluted net income per share - net income |
$ 132,383
|
$ 119,299
|
$ 137,753
|
$ 66,793
|
$ 210,245
|
$ (146,834)
|
$ 181,983
|
$ 118,818
|
$ 456,227
|
$ 364,211
|
$ 612,412
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
| Denominator for basic net income per share - weighted-average common shares |
|
|
|
|
|
|
|
|
190,631
|
193,106
|
195,411
|
| Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units |
|
|
|
|
|
|
|
|
476
|
1,059
|
928
|
| Denominator for diluted net income per share - adjusted weighted-average common shares |
|
|
|
|
|
|
|
|
191,107
|
194,165
|
196,339
|
| Basic net income per share (in dollars per share) |
$ 0.70
|
$ 0.63
|
$ 0.72
|
$ 0.35
|
$ 1.10
|
$ (0.76)
|
$ 0.94
|
$ 0.61
|
$ 2.39
|
$ 1.89
|
$ 3.13
|
| Diluted net income per share (in dollars per share) |
|
|
|
|
|
|
|
|
$ 2.39
|
$ 1.88
|
$ 3.12
|
| X |
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Share Repurchase Plan (Details Narrative) - USD ($)
$ in Thousands |
|
|
12 Months Ended |
Feb. 13, 2015 |
Feb. 15, 2013 |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Equity [Abstract] |
|
|
|
|
|
| Stock repurchase program, authorized amount |
$ 300,000
|
$ 300,000
|
|
|
|
| Stock repurchase program, expiration date |
Dec. 31, 2016
|
Dec. 31, 2014
|
|
|
|
| Stock issued for repurchase program, shares |
|
|
3,148,901
|
4,369,360
|
1,376,500
|
| Stock issued for repurchase program, value |
|
|
$ 131,413
|
$ 241,578
|
$ 58,422
|
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Accumulated Other Comprehensive Income (Details)
$ in Thousands |
12 Months Ended |
|
Dec. 26, 2015
USD ($)
|
|---|
| Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward] |
|
|
| Beginning Balance |
$ 20,874
|
|
| Other comprehensive income before reclassification |
$ (34,981)
|
|
| Amounts reclassified from accumulated other comprehensive income |
|
|
| Net current-period other comprehensive income |
$ (34,981)
|
|
| Ending Balance |
(14,107)
|
|
| Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Roll Forward] |
|
|
| Beginning Balance |
(13,031)
|
[1] |
| Other comprehensive income before reclassification |
$ 7,754
|
[1] |
| Amounts reclassified from accumulated other comprehensive income |
|
[1] |
| Net current-period other comprehensive income |
$ 7,754
|
[1] |
| Ending Balance |
(5,277)
|
[1] |
| Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward] |
|
|
| Beginning Balance |
(5,272)
|
[2] |
| Other comprehensive income before reclassification |
(5,599)
|
[2] |
| Amounts reclassified from accumulated other comprehensive income |
(173)
|
[2] |
| Net current-period other comprehensive income |
(5,772)
|
[2] |
| Ending Balance |
(11,044)
|
[2] |
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] |
|
|
| Beginning Balance |
2,571
|
|
| Other comprehensive income before reclassification |
(32,826)
|
|
| Amounts reclassified from accumulated other comprehensive income |
(173)
|
|
| Net current-period other comprehensive income |
(33,999)
|
|
| Ending Balance |
$ (30,428)
|
|
|
|
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Selected Quarterly Information (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 26, 2015 |
Sep. 26, 2015 |
Jun. 27, 2015 |
Mar. 28, 2015 |
Dec. 27, 2014 |
Sep. 27, 2014 |
Jun. 28, 2014 |
Mar. 29, 2014 |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Quarterly Financial Information Disclosure [Abstract] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
$ 781,358
|
$ 679,690
|
$ 773,830
|
$ 585,394
|
$ 803,306
|
$ 706,283
|
$ 777,848
|
$ 583,221
|
$ 2,820,270
|
[1] |
$ 2,870,658
|
[1] |
$ 2,631,851
|
[1] |
| Gross profit |
413,143
|
362,190
|
419,250
|
344,122
|
430,848
|
398,246
|
444,485
|
330,834
|
1,538,704
|
|
1,604,412
|
|
1,407,300
|
|
| Net income |
$ 132,383
|
$ 119,299
|
$ 137,753
|
$ 66,793
|
$ 210,245
|
$ (146,834)
|
$ 181,983
|
$ 118,818
|
$ 456,227
|
|
$ 364,211
|
|
$ 612,412
|
|
| Basic net income per share |
$ 0.70
|
$ 0.63
|
$ 0.72
|
$ 0.35
|
$ 1.10
|
$ (0.76)
|
$ 0.94
|
$ 0.61
|
$ 2.39
|
|
$ 1.89
|
|
$ 3.13
|
|
|
|
| X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
| Valuation and Qualifying Accounts Disclosure [Line Items] |
|
|
|
| Balance at Beginning of Period |
$ 66,823
|
$ 112,109
|
$ 98,080
|
| Additions Charged to Costs and Expenses |
$ 21,158
|
$ 28,899
|
$ 41,924
|
| Additions Charged to Other Accounts |
|
|
|
| Deductions |
$ (25,324)
|
$ (74,185)
|
$ (27,895)
|
| Balance at End of Period |
62,657
|
66,823
|
112,109
|
| Allowance for doubtful accounts [Member] |
|
|
|
| Valuation and Qualifying Accounts Disclosure [Line Items] |
|
|
|
| Balance at Beginning of Period |
18,330
|
20,367
|
|
| Additions Charged to Costs and Expenses |
$ (2,521)
|
$ 66
|
$ 1,553
|
| Additions Charged to Other Accounts |
|
|
|
| Deductions |
$ (2,004)
|
$ (2,103)
|
$ (1,768)
|
| Balance at End of Period |
13,805
|
18,330
|
20,367
|
| Inventory reserve [Member] |
|
|
|
| Valuation and Qualifying Accounts Disclosure [Line Items] |
|
|
|
| Balance at Beginning of Period |
37,135
|
28,381
|
|
| Additions Charged to Costs and Expenses |
$ 23,257
|
$ 25,903
|
$ 20,891
|
| Additions Charged to Other Accounts |
|
|
|
| Deductions |
$ (14,321)
|
$ (17,149)
|
$ (18,615)
|
| Balance at End of Period |
46,071
|
37,135
|
28,381
|
| Deferred tax asset valuation allowance [Member] |
|
|
|
| Valuation and Qualifying Accounts Disclosure [Line Items] |
|
|
|
| Balance at Beginning of Period |
11,358
|
63,361
|
|
| Additions Charged to Costs and Expenses |
$ 422
|
$ 2,930
|
$ 19,480
|
| Additions Charged to Other Accounts |
|
|
|
| Deductions |
$ (8,999)
|
$ (54,933)
|
$ (7,512)
|
| Balance at End of Period |
$ 2,781
|
$ 11,358
|
$ 63,361
|
| X |
- DefinitionTotal of allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24092-122690
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-Name Regulation S-X (SX)
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-Paragraph 4
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-Name Regulation S-X (SX)
-Number 210
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