XBRL Rendering Preview
Document and Entity Information - shares
shares in Thousands
 3 Months Ended
Mar. 26, 2016
Apr. 25, 2016
Document And Entity Information    
Entity Registrant Name GARMIN LTD  
Entity Central Index Key 0001121788  
Document Type 10-Q  
Trading Symbol GRMN  
Document Period End Date Mar. 26, 2016  
Amendment Flag false  
Current Fiscal Year End Date --12-25  
Entity's Reporting Status Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   208,077,418
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2016  
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 26, 2016
Dec. 26, 2015
Current assets:    
Cash and cash equivalents $ 857,679 $ 833,070
Marketable securities 198,147 215,161
Accounts receivable, net 408,283 531,481
Inventories, net 517,767 500,554
Deferred costs 50,861 49,176
Prepaid expenses and other current assets 96,396 81,645
Total current assets 2,129,133 2,211,087
Property and equipment, net 448,967 446,089
Marketable securities 1,279,799 1,343,387
Restricted cash 261 259
Noncurrent deferred income tax 117,467 116,518
Noncurrent deferred costs 39,663 38,769
Intangible assets, net 306,303 245,552
Other assets 88,731 97,730
Total assets 4,410,324 4,499,391
Current liabilities:    
Accounts payable 137,162 178,905
Salaries and benefits payable 75,862 70,601
Accrued warranty costs 31,407 30,449
Accrued sales program costs 49,236 67,613
Deferred revenue 154,965 164,982
Accrued royalty costs 25,737 30,310
Accrued advertising expense 20,185 33,547
Other accrued expenses 75,217 74,926
Income taxes payable 14,524 21,674
Dividend payable 96,425 192,991
Total current liabilities 680,720 865,998
Deferred income taxes 60,915 56,210
Non-current income taxes 103,035 101,689
Non-current deferred revenue 126,731 128,731
Other liabilities 1,676 1,637
Stockholders' equity:    
Shares, CHF 10 par value, 208,077 shares authorized and issued; 189,193 shares outstanding at March 26, 2016 and 189,722 shares outstanding at December 26, 2015 1,797,435 1,797,435
Additional paid-in capital 70,413 62,239
Treasury stock (434,346) (414,637)
Retained earnings 2,018,609 1,930,517
Accumulated other comprehensive income (14,864) (30,428)
Total stockholders' equity 3,437,247 3,345,126
Total liabilities and stockholders' equity $ 4,410,324 $ 4,499,391
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - SFr / shares
shares in Thousands
Mar. 26, 2016
Dec. 26, 2015
Common shares, authorized 208,077 208,077
Common shares, issued 208,077 208,077
Common shares, outstanding 189,193 189,722
CHF [Member]    
Common shares, par value (in dollars per share) SFr 10 SFr 10
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 26, 2016
Mar. 28, 2015
Income Statement [Abstract]    
Net sales $ 624,040 $ 585,394
Cost of goods sold 284,190 241,272
Gross profit 339,850 344,122
Advertising expense 32,233 27,672
Selling, general and administrative expense 95,610 98,750
Research and development expense 108,204 106,002
Total operating expense 236,047 232,424
Operating income 103,803 111,698
Other income (expense):    
Interest income 7,428 8,024
Foreign currency (losses) (4,839) (44,264)
Other income 1,155 738
Total other income (expense) 3,744 (35,502)
Income before income taxes 107,547 76,196
Income tax provision 19,455 9,403
Net income $ 88,092 $ 66,793
Net income per share:    
Basic (in dollars per share) $ 0.46 $ 0.35
Diluted (in dollars per share) $ 0.46 $ 0.35
Weighted average common shares outstanding:    
Basic (in shares) 189,497 191,762
Diluted (in shares) 189,651 192,341
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 26, 2016
Mar. 28, 2015
Statement of Comprehensive Income [Abstract]    
Net income $ 88,092 $ 66,793
Foreign currency translation adjustment 6,266 2,755
Change in fair value of available-for-sale marketable securities, net of deferred taxes 9,299 11,249
Comprehensive income $ 103,657 $ 80,797
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 26, 2016
Mar. 28, 2015
Operating Activities:    
Net income $ 88,092 $ 66,793
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 13,078 12,280
Amortization 7,115 6,584
Loss on sale or disposal of property and equipment 38 24
Provision for doubtful accounts 285 (1,080)
Deferred income taxes 3,906 (3,647)
Unrealized foreign currency (gain) loss (5,412) 47,877
Provision for obsolete and slow moving inventories 8,026 4,344
Stock compensation expense 8,172 7,769
Realized gain on marketable securities (452) (340)
Changes in operating assets and liabilities:    
Accounts receivable 130,036 129,448
Inventories (18,873) (56,897)
Other current and non-current assets (3,937) (11,537)
Accounts payable (45,515) (25,957)
Other current and non-current liabilities (31,606) (73,408)
Deferred revenue (12,337) (29,870)
Deferred cost (2,496) 6,470
Income taxes payable (8,733) 2,802
Net cash provided by operating activities 129,387 81,655
Investing activities:    
Purchases of property and equipment $ (13,908) (18,143)
Proceeds from sale of property and equipment 664
Purchase of intangible assets $ (1,716) (717)
Purchase of marketable securities (151,070) (254,741)
Redemption of marketable securities 237,464 308,751
Change in restricted cash (2) (5)
Acquisitions, net of cash acquired (62,137) (12,632)
Net cash provided by investing activities 8,631 23,177
Financing activities:    
Dividends paid (96,566) (91,964)
Purchase of treasury stock under share repurchase plan (19,796) (16,260)
Purchase of treasury stock related to equity awards (16) (89)
Proceeds from issuance of treasury stock related to equity awards 103 246
Tax benefit from issuance of equity awards 2 399
Net cash used in financing activities (116,273) (107,668)
Effect of exchange rate changes on cash and cash equivalents 2,864 (22,044)
Net increase (decrease) in cash and cash equivalents 24,609 (24,880)
Cash and cash equivalents at beginning of period 833,070 1,196,268
Cash and cash equivalents at end of period $ 857,679 $ 1,171,388
Basis of Presentation
 3 Months Ended
Mar. 26, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
1. Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Additionally, the condensed consolidated financial statements should be read in conjunction with Item 2 of Management's Discussion and Analysis of Financial Condition and Results of Operations, included in this Form 10-Q. Operating results for the 13-week period ended March 26, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.

 

The condensed consolidated balance sheet at December 26, 2015 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 26, 2015.

 

The Company’s fiscal year is based on a 52-53 week period ending on the last Saturday of the calendar year. Therefore the financial results of certain fiscal years, and the associated 14-week quarters, will not be exactly comparable to the prior and subsequent 52-week fiscal years and the associated quarters having only 13 weeks. The quarters ended March 26, 2016 and March 28, 2015 both contain operating results for 13 weeks.
Inventories
 3 Months Ended
Mar. 26, 2016
Inventory Disclosure [Abstract]  
Inventories
2. Inventories

 

The components of inventories consist of the following:

 

    March 26,     December 26,  
    2016     2015  
             
Raw materials   $ 195,441     $ 203,173  
Work-in-process     75,957       69,690  
Finished goods     295,117       273,762  
Inventory reserves     (48,748 )     (46,071 )
Inventory, net of reserves   $ 517,767     $ 500,554  
Earnings Per Share
 3 Months Ended
Mar. 26, 2016
Net income per share:  
Earnings Per Share
3. Earnings Per Share

 

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

 

    13-Weeks Ended  
    March 26,     March 28,  
    2016     2015  
Numerator:                
Numerator for basic and diluted net income  per share - net income   $ 88,092     $ 66,793  
                 
Denominator:                
Denominator for basic net income per share –  weighted-average common shares     189,497       191,762  
                 
Effect of dilutive securities – stock options, stock appreciation rights  and restricted stock units     154       579  
                 
Denominator for diluted net income per share –  adjusted weighted-average common shares     189,651       192,341  
                 
Basic net income per share   $ 0.46     $ 0.35  
                 
Diluted net income per share   $ 0.46     $ 0.35  

 

There were 4,295 and 2,229 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) outstanding during the 13-week periods ended March 26, 2016 and March 28, 2015, respectively.

 

There were 2 and 37 shares issued as a result of exercises and releases of equity awards for the 13-week periods ended March 26, 2016 and March 28, 2015, respectively.
Segment Information
 3 Months Ended
Mar. 26, 2016
Segment Reporting [Abstract]  
Segment Information
4. Segment Information

 

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

 

Net sales, gross profit, and operating income for each of the Company’s reportable segments are presented below. In 2016 the Company moved action camera related revenue 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 overall impact of the move was immaterial. However, action camera related operating results for the 13-weeks ended March 28, 2015 have been recast to conform to the current year presentation.

 

    Reportable Segments  
    Outdoor     Fitness     Marine     Auto     Aviation     Total  
                                     
13-Weeks Ended March 26, 2016                                                
                                                 
Net sales   $ 96,827     $ 142,418     $ 82,880     $ 195,599     $ 106,316     $ 624,040  
Gross profit   $ 58,932     $ 72,294     $ 44,149     $ 86,144     $ 78,331     $ 339,850  
Operating income   $ 27,885     $ 16,573     $ 10,293     $ 18,566     $ 30,486     $ 103,803  
                                                 
13-Weeks Ended March 28, 2015                                                
                                                 
Net sales   $ 72,815     $ 130,994     $ 64,297     $ 219,226     $ 98,062     $ 585,394  
Gross profit   $ 49,064     $ 83,075     $ 35,513     $ 104,959     $ 71,511     $ 344,122  
Operating income   $ 23,770     $ 34,638     $ 4,566     $ 22,544     $ 26,180     $ 111,698  

 

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

 

Net sales and property and equipment, net by geographic area are as follows as of and for the 13-week periods ended March 26, 2016 and March 28, 2015. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa:

 

    Americas     APAC     EMEA     Total  
March 26, 2016                                
Net sales to external customers   $ 317,957     $ 80,355     $ 225,728     $ 624,040  
Property and equipment, net   $ 297,033     $ 112,115     $ 39,819     $ 448,967  
                                 
March 28, 2015                                
Net sales to external customers   $ 305,261     $ 71,782     $ 208,351     $ 585,394  
Property and equipment, net   $ 276,605     $ 111,544     $ 47,955     $ 436,104  
Warranty Reserves
 3 Months Ended
Mar. 26, 2016
Product Warranties Disclosures [Abstract]  
Warranty Reserves
5. Warranty Reserves

 

The Company’s products sold are generally covered by a warranty for periods ranging from one to two years. The Company’s estimate of costs to service its warranty obligations are based on historical experience and expectation of future conditions and are recorded as a liability on the balance sheet. The following reconciliation provides an illustration of changes in the aggregate warranty reserve.

 

    13-Weeks Ended  
    March 26,     March 28,  
    2016     2015  
             
Balance - beginning of the period   $ 30,449     $ 27,609  
Accrual for products sold     12,452       6,742  
Expenditures     (11,494 )     (10,485 )
Balance - end of the period   $ 31,407     $ 23,866
Commitments and Contingencies
 3 Months Ended
Mar. 26, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
  6. Commitments and Contingencies

 

The Company is party to certain commitments, which include purchases of raw materials, advertising expenditures, investments in certain low income housing tax credit projects, and other indirect purchases in connection with conducting our business. The aggregate amount of purchase orders and other commitments open as of March 26, 2016 was approximately $273,124. 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 alleging patent infringement and other intellectual property claims. The Company evaluates, on a quarterly basis, developments in legal proceedings, investigations or claims that could affect the amount of any accrual or disclosure. The assessment regarding whether a loss is probable or a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events.

 

Management of the Company currently does not believe there is at least a reasonable possibility the Company may have incurred a material loss, or a material loss in excess of recorded accruals, with respect to loss contingencies individually and in the aggregate, for the fiscal quarter ended March 26, 2016. The results of legal proceedings, investigations and claims, however, cannot be predicted with certainty. Although management considers the likelihood to be remote, an adverse resolution of one or more of such matters in excess of management’s expectations could have a material adverse effect on the Company’s results of operations in a particular quarter or fiscal year.

 

The Company settled or resolved certain matters during the fiscal quarter ended March 26, 2016 that did not individually or in the aggregate have a material impact on the Company’s financial condition or results of operations.
Income Taxes
 3 Months Ended
Mar. 26, 2016
Income Tax Disclosure [Abstract]  
Income Taxes
7. Income Taxes

 

The Company’s income tax expense increased from $9,403 to $19,455 for the 13-week period ended March 26, 2016, compared to the 13-week period ended March 28, 2015.  The effective tax rate was 18.1% in the first quarter of 2016, compared to 12.3% in the first quarter of 2015.  The increase in effective tax rate compared to the first quarter 2015 resulted from the reduced income projection for 2016, which negatively impacts our income mix by jurisdiction. Additionally, the favorable release of uncertain tax position reserves due to expiration of certain statutes of limitations or completion of tax audits decreased by $1,514 compared to the first quarter of 2015. The increase in the effective tax rate was partially offset as a result of the permanent extension of the U.S. research and development tax credit legislation, which had not yet been extended in the first quarter of 2015.
Marketable Securities
 3 Months Ended
Mar. 26, 2016
Marketable Securities [Abstract]  
Marketable Securities
8. Marketable Securities

 

The Financial Accounting Standards Board ("FASB") ASC topic entitled Fair Value Measurements and Disclosures defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The accounting guidance classifies the inputs used to measure fair value into the following hierarchy:

  

Level 1 Unadjusted quoted prices in active markets for the identical asset or liability
   
Level 2 Observable inputs for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability
   
Level 3 Unobservable inputs for the asset or liability

 

 The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Valuation is based on prices obtained from an independent pricing vendor using both market and income approaches. The primary inputs to the valuation include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, and credit spreads.

 

The method described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

 

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

 

    Fair Value Measurements as
of March 26, 2016		  
    Total     Level 1     Level 2     Level 3  
U.S. Treasury securities   $ 26,688     $ -     $ 26,688     $ -  
Agency securities     166,716       -       166,716       -  
Mortgage-backed securities     299,413       -       299,413       -  
Corporate securities     687,534       -       687,534       -  
Municipal securities     218,589       -       218,589       -  
Other     79,006               79,006          
Total   $ 1,477,946     $ -     $ 1,477,946     $ -  

  

    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     $ -  

  

Marketable securities classified as available-for-sale securities are summarized below:

 

    Available-For-Sale Securities as
of March 26, 2016		  
    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   $ 26,491     $ 200     $ -     $ (3 )   $ 26,688  
Agency securities     167,604       95       (914 )     (69 )     166,716  
Mortgage-backed securities     302,047       261       (726 )     (2,169 )     299,413  
Corporate securities     692,034       1,008       (1,032 )     (4,476 )     687,534  
Municipal securities     218,079       990       (1 )     (479 )     218,589  
Other     79,047       4       (12 )     (33 )     79,006  
Total   $ 1,485,302     $ 2,558     $ (2,685 )   $ (7,229 )   $ 1,477,946  

 

    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  

 

  (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.

 

The Company’s investment policy requires investments to be rated A or better with the objective of minimizing the potential risk of principal loss. The fair value of the securities varies from period to period due to changes in interest rates, in the performance of the underlying collateral and in the credit performance of the underlying issuer, among other factors. The Company does not intend to sell the securities that have an unrealized loss shown in the table above and it is not more likely than not that the Company will be required to sell the investment before recovery of their amortized costs bases, which may be maturity.

 

 The Company recognizes the credit component of other-than-temporary impairments of debt securities in "Other Income" and the noncredit component in "Other comprehensive income (loss)" for those securities that we do not intend to sell and for which it is not more likely than not that we will be required to sell before recovery. During 2015 and the 13-week period ending March 26, 2016, the Company did not record any material impairment charges on its outstanding securities.

  

The amortized cost and estimated fair value of the securities at an unrealized loss position at March 26, 2016 were $977,633 and $967,719, respectively. Approximately 48.8% of securities in the Company’s portfolio were at an unrealized loss position at March 26, 2016. 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 March 26, 2016  
    Less than 12 Consecutive Months     12 Consecutive Months or Longer  
    Gross Unrealized
Losses		     Fair Value     Gross Unrealized
Losses		     Fair Value  
U.S. Treasury securities   $ (3 )   $ 6,506     $ -     $ -  
Agency securities     (209 )     81,728       (774 )     46,326  
Mortgage-backed securities     (1,242 )     153,245       (1,653 )     97,584  
Corporate securities     (3,635 )     420,492       (1,873 )     73,627  
Municipal securities     (334 )     49,812       (146 )     11,454  
Other     (23 )     12,221       (22 )     14,724  
Total     (5,446 )   $ 724,004     $ (4,468 )   $ 243,715  

  

    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  

 

The amortized cost and estimated fair value of marketable securities at March 26, 2016, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

 

          Estimated  
    Cost     Fair Value  
             
Due in one year or less   $ 198,169     $ 198,147  
Due after one year through five years     1,103,644       1,098,731  
Due after five years through ten years     136,298       134,646  
Due after ten years     47,191       46,422  
    $ 1,485,302     $ 1,477,946  
Share Repurchase Plan
 3 Months Ended
Mar. 26, 2016
Equity [Abstract]  
Share Repurchase Plan
  9. Share Repurchase Plan

 

On February 13, 2015, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $300,000 of the common shares of Garmin Ltd. The repurchases may be made from time to time as market and business conditions warrant on the open market or in negotiated transactions in compliance with the SEC’s Rule 10b-18. The timing and amounts of any repurchases will be determined by the Company’s management depending on business and market conditions and other factors including price, regulatory requirements and capital availability. The program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time. The share repurchase authorization expires on December 31, 2016.  As of March 26, 2016, the Company had repurchased 3,679 shares using cash of $151,209.  There remains approximately $148,791 available to repurchase additional shares under this authorization.
Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 26, 2016
Stockholders' Equity Note [Abstract]  
Accumulated Other Comprehensive Income
10. Accumulated Other Comprehensive Income

 

The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the 13-week period ended March 26, 2016:

 

    13-Weeks Ended March 26, 2016  
                         
    Foreign Currency
Translation
Adjustment		     Gross unrealized
losses on available-
for-sale securities-
OTTI(3)		     Net unrealized gains
(losses) on available-
for-sale securities-
Other(4)		     Total  
Balance - beginning of period   $ (14,107 )   $ (5,277 )   $ (11,044 )   $ (30,428 )
Other comprehensive income before reclassification     6,266       2,592       7,017       15,875  
Amounts reclassified from accumulated other comprehensive income     -       -       (311 )     (311 )
Net current-period other comprehensive income     6,266       2,592       6,706       15,564  
Balance - end of period   $ (7,841 )   $ (2,685 )   $ (4,338 )   $ (14,864 )

 

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

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

 

The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week period ended March 26, 2016:

 

Reclassifications Out of Accumulated Other Comprehensive Income

 

13-Weeks Ended March 28, 2016
           
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   $ 452     Other income (expense)
      (141 )   Income tax (provision) benefit
    $ 311     Net of tax
Recently Issued Accounting Pronouncements
 3 Months Ended
Mar. 26, 2016
Accounting Changes and Error Corrections [Abstract]  
Recently Issued Accounting Pronouncements
11. Recently Issued Accounting Pronouncements

 

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes previous revenue recognition guidance. ASU 2014-09 requires that a company will recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. 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 (“ASU 2015-14”), which defers the effective date of the new guidance such that the new provisions will now be required for fiscal years, and interim periods within those years, beginning after December 15, 2017. In March 2016, the FASB issued Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”), which clarifies the implementation guidance on principal versus agent considerations (reporting revenue gross versus net) in the new revenue recognition standard. The Company is currently evaluating the impact of adopting the new revenue standards 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.

  

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to present a right-of-use asset and a corresponding lease liability on the balance sheet. Lessor accounting is substantially unchanged compared to the current accounting guidance. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements.

 

In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which is intended to simplify the accounting for share-based payment awards. The standard includes provisions addressing income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements.
Inventories (Tables)
 3 Months Ended
Mar. 26, 2016
Inventory Disclosure [Abstract]  
Schedule of inventories

The components of inventories consist of the following:

 

    March 26,     December 26,  
    2016     2015  
             
Raw materials   $ 195,441     $ 203,173  
Work-in-process     75,957       69,690  
Finished goods     295,117       273,762  
Inventory reserves     (48,748 )     (46,071 )
Inventory, net of reserves   $ 517,767     $ 500,554  
Earnings Per Share (Tables)
 3 Months Ended
Mar. 26, 2016
Net income per share:  
Schedule of computation of basic and diluted net income per share

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

 

    13-Weeks Ended  
    March 26,     March 28,  
    2016     2015  
Numerator:                
Numerator for basic and diluted net income  per share - net income   $ 88,092     $ 66,793  
                 
Denominator:                
Denominator for basic net income per share –  weighted-average common shares     189,497       191,762  
                 
Effect of dilutive securities – stock options, stock appreciation rights  and restricted stock units     154       579  
                 
Denominator for diluted net income per share –  adjusted weighted-average common shares     189,651       192,341  
                 
Basic net income per share   $ 0.46     $ 0.35  
                 
Diluted net income per share   $ 0.46     $ 0.35  
Segment Information (Tables)
 3 Months Ended
Mar. 26, 2016
Segment Reporting [Abstract]  
Schedule of net sales, gross profit, and operating income

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

 

    Reportable Segments  
    Outdoor     Fitness     Marine     Auto     Aviation     Total  
                                     
13-Weeks Ended March 26, 2016                                                
                                                 
Net sales   $ 96,827     $ 142,418     $ 82,880     $ 195,599     $ 106,316     $ 624,040  
Gross profit   $ 58,932     $ 72,294     $ 44,149     $ 86,144     $ 78,331     $ 339,850  
Operating income   $ 27,885     $ 16,573     $ 10,293     $ 18,566     $ 30,486     $ 103,803  
                                                 
13-Weeks Ended March 28, 2015                                                
                                                 
Net sales   $ 72,815     $ 130,994     $ 64,297     $ 219,226     $ 98,062     $ 585,394  
Gross profit   $ 49,064     $ 83,075     $ 35,513     $ 104,959     $ 71,511     $ 344,122  
Operating income   $ 23,770     $ 34,638     $ 4,566     $ 22,544     $ 26,180     $ 111,698  
Schedule of net sales and property and equipment, net by geographic area

Net sales and property and equipment, net by geographic area are as follows as of and for the 13-week periods ended March 26, 2016 and March 28, 2015.

 

    Americas     APAC     EMEA     Total  
March 26, 2016                                
Net sales to external customers   $ 317,957     $ 80,355     $ 225,728     $ 624,040  
Property and equipment, net   $ 297,033     $ 112,115     $ 39,819     $ 448,967  
                                 
March 28, 2015                                
Net sales to external customers   $ 305,261     $ 71,782     $ 208,351     $ 585,394  
Property and equipment, net   $ 276,605     $ 111,544     $ 47,955     $ 436,104  
Warranty Reserves (Tables)
 3 Months Ended
Mar. 26, 2016
Product Warranties Disclosures [Abstract]  
Schedule of changes in the aggregate warranty reserve

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

 

    13-Weeks Ended  
    March 26,     March 28,  
    2016     2015  
             
Balance - beginning of the period   $ 30,449     $ 27,609  
Accrual for products sold     12,452       6,742  
Expenditures     (11,494 )     (10,485 )
Balance - end of the period   $ 31,407     $ 23,866  
Marketable Securities (Tables)
 3 Months Ended
Mar. 26, 2016
Marketable Securities [Abstract]  
Schedule of available-for-sale securities

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

 

    Fair Value Measurements as
of March 26, 2016		  
    Total     Level 1     Level 2     Level 3  
U.S. Treasury securities   $ 26,688     $ -     $ 26,688     $ -  
Agency securities     166,716       -       166,716       -  
Mortgage-backed securities     299,413       -       299,413       -  
Corporate securities     687,534       -       687,534       -  
Municipal securities     218,589       -       218,589       -  
Other     79,006               79,006          
Total   $ 1,477,946     $ -     $ 1,477,946     $ -  

  

    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     $ -  
Schedule of marketable securities

Marketable securities classified as available-for-sale securities are summarized below:

 

    Available-For-Sale Securities as
of March 26, 2016		  
    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   $ 26,491     $ 200     $ -     $ (3 )   $ 26,688  
Agency securities     167,604       95       (914 )     (69 )     166,716  
Mortgage-backed securities     302,047       261       (726 )     (2,169 )     299,413  
Corporate securities     692,034       1,008       (1,032 )     (4,476 )     687,534  
Municipal securities     218,079       990       (1 )     (479 )     218,589  
Other     79,047       4       (12 )     (33 )     79,006  
Total   $ 1,485,302     $ 2,558     $ (2,685 )   $ (7,229 )   $ 1,477,946  

 

    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  
Schedule of gross unrealized losses and fair value by major security type

The following table displays additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position:

 

    As of March 26, 2016  
    Less than 12 Consecutive Months     12 Consecutive Months or Longer  
    Gross Unrealized
Losses		     Fair Value     Gross Unrealized
Losses		     Fair Value  
U.S. Treasury securities   $ (3 )   $ 6,506     $ -     $ -  
Agency securities     (209 )     81,728       (774 )     46,326  
Mortgage-backed securities     (1,242 )     153,245       (1,653 )     97,584  
Corporate securities     (3,635 )     420,492       (1,873 )     73,627  
Municipal securities     (334 )     49,812       (146 )     11,454  
Other     (23 )     12,221       (22 )     14,724  
Total     (5,446 )   $ 724,004     $ (4,468 )   $ 243,715  

 

    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  
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 March 26, 2016, by contractual maturity, are shown below.

 

          Estimated  
    Cost     Fair Value  
             
Due in one year or less   $ 198,169     $ 198,147  
Due after one year through five years     1,103,644       1,098,731  
Due after five years through ten years     136,298       134,646  
Due after ten years     47,191       46,422  
    $ 1,485,302     $ 1,477,946  
Accumulated Other Comprehensive Income (Tables)
 3 Months Ended
Mar. 26, 2016
Stockholders' Equity Note [Abstract]  
Schedule of changes in accumulated other comprehensive income (AOCI)

The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the 13-week period ended March 26, 2016:

 

    13-Weeks Ended March 26, 2016  
                         
    Foreign Currency
Translation
Adjustment		     Gross unrealized
losses on available-
for-sale securities-
OTTI(3)		     Net unrealized gains
(losses) on available-
for-sale securities-
Other(4)		     Total  
Balance - beginning of period   $ (14,107 )   $ (5,277 )   $ (11,044 )   $ (30,428 )
Other comprehensive income before reclassification     6,266       2,592       7,017       15,875  
Amounts reclassified from accumulated other comprehensive income     -       -       (311 )     (311 )
Net current-period other comprehensive income     6,266       2,592       6,706       15,564  
Balance - end of period   $ (7,841 )   $ (2,685 )   $ (4,338 )   $ (14,864 )

 

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

(4) 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

Reclassifications Out of Accumulated Other Comprehensive Income

 

13-Weeks Ended March 28, 2016
           
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   $ 452     Other income (expense)
      (141 )   Income tax (provision) benefit
    $ 311     Net of tax
Inventories (Details) - USD ($)
$ in Thousands
Mar. 26, 2016
Dec. 26, 2015
Inventory Disclosure [Abstract]    
Raw materials $ 195,441 $ 203,173
Work-in-process 75,957 69,690
Finished goods 295,117 273,762
Inventory reserves (48,748) (46,071)
Inventory, net of reserves $ 517,767 $ 500,554
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 26, 2016
Mar. 28, 2015
Numerator:    
Numerator for basic and diluted net income per share - net income $ 88,092 $ 66,793
Denominator:    
Denominator for basic net income per share - weighted-average common shares 189,497 191,762
Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units 154 579
Denominator for diluted net income per share - adjusted weighted-average common shares 189,651 192,341
Basic net income per share $ 0.46 $ 0.35
Diluted net income per share $ 0.46 $ 0.35
Earnings Per Share (Details Narrative) - shares
shares in Thousands
 3 Months Ended
Mar. 26, 2016
Mar. 28, 2015
Net income per share:    
Anti-dilutive stock options, stock appreciation rights and restricted stock units 4,295 2,229
Shares issued as a result of exercises of equity awards 2 37
Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 26, 2016
Mar. 28, 2015
Net sales $ 624,040 $ 585,394
Gross profit 339,850 344,122
Operating income 103,803 111,698
Outdoor [Member]    
Net sales 96,827 72,815
Gross profit 58,932 49,064
Operating income 27,885 23,770
Fitness [Member]    
Net sales 142,418 130,994
Gross profit 72,294 83,075
Operating income 16,573 34,638
Marine [Member]    
Net sales 82,880 64,297
Gross profit 44,149 35,513
Operating income 10,293 4,566
Auto [Member]    
Net sales 195,599 219,226
Gross profit 86,144 104,959
Operating income 18,566 22,544
Aviation [Member]    
Net sales 106,316 98,062
Gross profit 78,331 71,511
Operating income $ 30,486 $ 26,180
Segment Information (Details 1) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 26, 2016
Mar. 28, 2015
Dec. 26, 2015
Net sales to external customers $ 624,040 $ 585,394  
Property and equipment, net 448,967 436,104 $ 446,089
Americas [Member]      
Net sales to external customers 317,957 305,261  
Property and equipment, net 297,033 276,605  
APAC [Member]      
Net sales to external customers 80,355 71,782  
Property and equipment, net 112,115 111,544  
EMEA [Member]      
Net sales to external customers 225,728 208,351  
Property and equipment, net $ 39,819 $ 47,955  
Segment Information (Details Narrative)
 3 Months Ended
Mar. 26, 2016
Number
Segment Reporting [Abstract]  
Number of reportable segments 5
Warranty Reserves (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 26, 2016
Mar. 28, 2015
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]    
Balance - beginning of period $ 30,449 $ 27,609
Accrual for products sold 12,452 6,742
Expenditures (11,494) (10,485)
Balance - end of period $ 31,407 $ 23,866
Warranty Reserves (Details Narrative)
 3 Months Ended
Mar. 26, 2016
Minimum [Member]  
Product warranty term 1 year
Maximum [Member]  
Product warranty term 2 years
Commitments and Contingencies (Details Narrative)
$ in Thousands
Mar. 26, 2016
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Aggregate amount of purchase orders and other commitments $ 273,124
Income Taxes (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 26, 2016
Mar. 28, 2015
Income Tax Disclosure [Abstract]    
Income tax expense $ 19,455 $ 9,403
Effective income tax rate 18.10% 12.30%
Uncertain tax position reserves $ 1,514  
Marketable Securities (Details) - USD ($)
$ in Thousands
Mar. 26, 2016
Dec. 26, 2015
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total $ 1,477,946 $ 1,558,548
U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 26,688 27,731
Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 166,716 208,631
Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 299,413 370,232
Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 687,534 648,590
Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 218,589 223,562
Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 79,006 79,802
Recurring Basis [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 1,477,946 1,558,548
Recurring Basis [Member] | U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 26,688 27,731
Recurring Basis [Member] | Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 166,716 208,631
Recurring Basis [Member] | Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 299,413 370,232
Recurring Basis [Member] | Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 687,534 648,590
Recurring Basis [Member] | Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 218,589 223,562
Recurring Basis [Member] | Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total $ 79,006 $ 79,802
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 $ 1,477,946 $ 1,558,548
Recurring Basis [Member] | Level 2 [Member] | U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 26,688 27,731
Recurring Basis [Member] | Level 2 [Member] | Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 166,716 208,631
Recurring Basis [Member] | Level 2 [Member] | Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 299,413 370,232
Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 687,534 648,590
Recurring Basis [Member] | Level 2 [Member] | Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 218,589 223,562
Recurring Basis [Member] | Level 2 [Member] | Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total $ 79,006 $ 79,802
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  
Marketable Securities (Details 1) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 26, 2016
Dec. 26, 2015
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost $ 1,485,302 $ 1,576,112
Gross Unrealized Gains 2,558 1,142
Gross Unrealized Losses-OTTI [1] (2,685) (5,277)
Gross Unrealized Losses-Other [2] (7,229) (13,429)
Estimated Fair Value (Net Carrying Amount) 1,477,946 1,558,548
U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 26,491 27,772
Gross Unrealized Gains $ 200 $ 27
Gross Unrealized Losses-OTTI [1]
Gross Unrealized Losses-Other [2] $ (3) $ (68)
Estimated Fair Value (Net Carrying Amount) 26,688 27,731
Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 167,604 211,248
Gross Unrealized Gains 95 105
Gross Unrealized Losses-OTTI [1] (914) (2,409)
Gross Unrealized Losses-Other [2] (69) (313)
Estimated Fair Value (Net Carrying Amount) 166,716 208,631
Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 302,047 376,801
Gross Unrealized Gains 261 191
Gross Unrealized Losses-OTTI [1] (726) (1,210)
Gross Unrealized Losses-Other [2] (2,169) (5,550)
Estimated Fair Value (Net Carrying Amount) 299,413 370,232
Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 692,034 656,447
Gross Unrealized Gains 1,008 179
Gross Unrealized Losses-OTTI [1] (1,032) (1,635)
Gross Unrealized Losses-Other [2] (4,476) (6,401)
Estimated Fair Value (Net Carrying Amount) 687,534 648,590
Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 218,079 223,991
Gross Unrealized Gains 990 636
Gross Unrealized Losses-OTTI [1] (1) (9)
Gross Unrealized Losses-Other [2] (479) (1,056)
Estimated Fair Value (Net Carrying Amount) 218,589 223,562
Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 79,047 79,853
Gross Unrealized Gains 4 4
Gross Unrealized Losses-OTTI [1] (12) (14)
Gross Unrealized Losses-Other [2] (33) (41)
Estimated Fair Value (Net Carrying Amount) $ 79,006 $ 79,802
[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.
Marketable Securities (Details 2) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 26, 2016
Dec. 26, 2015
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months $ (5,446) $ (13,113)
Fair Value Less than 12 Consecutive Months 724,004 1,056,152
Gross Unrealized Losses 12 Consecutive Months or Longer (4,468) (5,593)
Fair Value 12 Consecutive Months or Longer 243,715 224,998
U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (3) (68)
Fair Value Less than 12 Consecutive Months $ 6,506 $ 22,184
Gross Unrealized Losses 12 Consecutive Months or Longer
Fair Value 12 Consecutive Months or Longer
Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months $ (209) $ (691)
Fair Value Less than 12 Consecutive Months 81,728 117,803
Gross Unrealized Losses 12 Consecutive Months or Longer (774) (2,031)
Fair Value 12 Consecutive Months or Longer 46,326 69,418
Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (1,242) (4,571)
Fair Value Less than 12 Consecutive Months 153,245 263,735
Gross Unrealized Losses 12 Consecutive Months or Longer (1,653) (2,189)
Fair Value 12 Consecutive Months or Longer 97,584 83,722
Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (3,635) (6,719)
Fair Value Less than 12 Consecutive Months 420,492 521,731
Gross Unrealized Losses 12 Consecutive Months or Longer (1,873) (1,317)
Fair Value 12 Consecutive Months or Longer 73,627 50,374
Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (334) (1,035)
Fair Value Less than 12 Consecutive Months 49,812 116,033
Gross Unrealized Losses 12 Consecutive Months or Longer (146) (30)
Fair Value 12 Consecutive Months or Longer 11,454 6,557
Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (23) (29)
Fair Value Less than 12 Consecutive Months 12,221 14,666
Gross Unrealized Losses 12 Consecutive Months or Longer (22) (26)
Fair Value 12 Consecutive Months or Longer $ 14,724 $ 14,927
Marketable Securities (Details 3) - USD ($)
$ in Thousands
Mar. 26, 2016
Dec. 26, 2015
Cost [Abstract]    
Due in one year or less $ 198,169  
Due after one year through five years 1,103,644  
Due after five years through ten years 136,298  
Due after ten years 47,191  
Total 1,485,302 $ 1,576,112
Estimated Fair Value [Abstract]    
Due in one year or less 198,147  
Due after one year through five years 1,098,731  
Due after five years through ten years 134,646  
Due after ten years 46,422  
Total $ 1,477,946 $ 1,558,548
Marketable Securities (Details Narrative)
$ in Thousands
 3 Months Ended
Mar. 26, 2016
USD ($)
Marketable Securities [Abstract]  
Unrealized loss position amortized cost $ 977,633
Unrealized loss position fair value $ 967,719
Percentage of available-for-sale securities in unrealized loss positions 48.80%
Share Repurchase Plan (Details Narrative) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Feb. 13, 2015
Mar. 26, 2016
Equity [Abstract]    
Stock repurchase program, authorized amount $ 300,000  
Stock repurchase program, expiration date Dec. 31, 2016  
Stock issued for repurchase program, shares   3,679
Stock issued for repurchase program, value   $ 151,209
Remaining stock available under repurchase program   $ 148,791
Accumulated Other Comprehensive Income (Details)
$ in Thousands
 3 Months Ended
Mar. 26, 2016
USD ($)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward]  
Balance - beginning of period $ (14,107)
Other comprehensive income before reclassification $ 6,266
Amounts reclassified from accumulated other comprehensive income
Net current-period other comprehensive income $ 6,266
Balance - end of period (7,841)
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Roll Forward]  
Balance - beginning of period (5,277) [1]
Other comprehensive income before reclassification $ 2,592 [1]
Amounts reclassified from accumulated other comprehensive income [1]
Net current-period other comprehensive income $ 2,592 [1]
Balance - end of period (2,685) [1]
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward]  
Balance - beginning of period (11,044) [2]
Other comprehensive income before reclassification 7,017 [2]
Amounts reclassified from accumulated other comprehensive income (311) [2]
Net current-period other comprehensive income 6,706 [2]
Balance - end of period (4,338) [2]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Balance - beginning of period (30,428)
Other comprehensive income before reclassification 15,875
Amounts reclassified from accumulated other comprehensive income (311)
Net current-period other comprehensive income 15,564
Balance - end of period $ (14,864)
[1] Represents the change in impairment, not related to credit, for those investment securities that have been determined to be other-than-temporarily impaired.
[2] Represents the change in unrealized gains (losses) on investment securities that have not been determined to be other-than-temporarily impaired.
Accumulated Other Comprehensive Income (Details 1) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 26, 2016
Mar. 28, 2015
Other income (expense) $ 3,744 $ (35,502)
Income tax (provision) benefit (19,455) $ (9,403)
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification From Accumulated Other Comprehensive Income [Member]    
Other income (expense) 452  
Income tax (provision) benefit (141)  
Net of tax $ 311