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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands |
Jun. 25, 2016 |
Dec. 26, 2015 |
| Current assets: |
|
|
| Cash and cash equivalents |
$ 801,464
|
$ 833,070
|
| Marketable securities |
252,253
|
215,161
|
| Accounts receivable, net |
510,309
|
531,481
|
| Inventories, net |
508,161
|
500,554
|
| Deferred costs |
46,552
|
49,176
|
| Prepaid expenses and other current assets |
93,848
|
81,645
|
| Total current assets |
2,212,587
|
2,211,087
|
| Property and equipment, net |
450,654
|
446,089
|
| Marketable securities |
1,306,159
|
1,343,387
|
| Restricted cash |
257
|
259
|
| Noncurrent deferred income tax |
118,320
|
116,518
|
| Noncurrent deferred costs |
47,535
|
38,769
|
| Intangible assets, net |
303,348
|
245,552
|
| Other assets |
88,723
|
97,730
|
| Total assets |
4,527,583
|
4,499,391
|
| Current liabilities: |
|
|
| Accounts payable |
151,904
|
178,905
|
| Salaries and benefits payable |
68,067
|
70,601
|
| Accrued warranty costs |
34,670
|
30,449
|
| Accrued sales program costs |
49,538
|
67,613
|
| Deferred revenue |
150,587
|
164,982
|
| Accrued royalty costs |
44,213
|
30,310
|
| Accrued advertising expense |
24,534
|
33,547
|
| Other accrued expenses |
77,442
|
74,926
|
| Income taxes payable |
24,714
|
21,674
|
| Dividend payable |
384,760
|
192,991
|
| Total current liabilities |
1,010,429
|
865,998
|
| Deferred income taxes |
54,633
|
56,210
|
| Non-current income taxes |
111,664
|
101,689
|
| Non-current deferred revenue |
130,342
|
128,731
|
| Other liabilities |
1,680
|
1,637
|
| Stockholders' equity: |
|
|
| Shares, CHF 10 par value, 208,077 shares authorized and issued; 188,877 shares outstanding at June 25, 2016 and 189,722 shares outstanding at December 26, 2015 |
1,797,435
|
1,797,435
|
| Additional paid-in capital |
73,279
|
62,239
|
| Treasury stock |
(445,268)
|
(414,637)
|
| Retained earnings |
1,794,792
|
1,930,517
|
| Accumulated other comprehensive income |
(1,403)
|
(30,428)
|
| Total stockholders' equity |
3,218,835
|
3,345,126
|
| Total liabilities and stockholders' equity |
$ 4,527,583
|
$ 4,499,391
|
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - SFr / shares
shares in Thousands |
Jun. 25, 2016 |
Dec. 26, 2015 |
| Common shares, authorized |
208,077
|
208,077
|
| Common shares, issued |
208,077
|
208,077
|
| Common shares, outstanding |
188,877
|
189,722
|
| CHF [Member] |
|
|
| Common shares, par value (in dollars per share) |
SFr 10
|
SFr 10
|
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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
| Income Statement [Abstract] |
|
|
|
|
| Net sales |
$ 811,609
|
$ 773,830
|
$ 1,435,648
|
$ 1,359,224
|
| Cost of goods sold |
348,651
|
354,580
|
632,840
|
595,852
|
| Gross profit |
462,958
|
419,250
|
802,808
|
763,372
|
| Advertising expense |
44,252
|
45,794
|
76,485
|
73,466
|
| Selling, general and administrative expense |
103,677
|
97,552
|
199,287
|
196,302
|
| Research and development expense |
114,355
|
109,240
|
222,559
|
215,242
|
| Total operating expense |
262,284
|
252,586
|
498,331
|
485,010
|
| Operating income |
200,674
|
166,664
|
304,477
|
278,362
|
| Other income (expense): |
|
|
|
|
| Interest income |
8,455
|
7,420
|
15,883
|
15,444
|
| Foreign currency (losses) |
(5,743)
|
(487)
|
(10,582)
|
(44,751)
|
| Other income (loss) |
415
|
(39)
|
1,570
|
698
|
| Total other income (expense) |
3,127
|
6,894
|
6,871
|
(28,609)
|
| Income before income taxes |
203,801
|
173,558
|
311,348
|
249,753
|
| Income tax provision |
42,737
|
35,805
|
62,193
|
45,208
|
| Net income |
$ 161,064
|
$ 137,753
|
$ 249,155
|
$ 204,545
|
| Net income per share: |
|
|
|
|
| Basic (in dollars per share) |
$ 0.85
|
$ 0.72
|
$ 1.32
|
$ 1.07
|
| Diluted (in dollars per share) |
$ 0.85
|
$ 0.72
|
$ 1.31
|
$ 1.07
|
| Weighted average common shares outstanding: |
|
|
|
|
| Basic (in shares) |
188,892
|
191,101
|
189,195
|
191,432
|
| Diluted (in shares) |
189,356
|
191,600
|
189,491
|
191,939
|
| Dividends declared per share |
$ 2.04
|
$ 2.04
|
$ 2.04
|
$ 2.04
|
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
| Statement of Comprehensive Income [Abstract] |
|
|
|
|
| Net income |
$ 161,064
|
$ 137,753
|
$ 249,155
|
$ 204,545
|
| Foreign currency translation adjustment |
5,896
|
17,716
|
12,162
|
20,471
|
| Change in fair value of available-for-sale marketable securities, net of deferred taxes |
7,565
|
(10,216)
|
16,864
|
1,033
|
| Comprehensive income |
$ 174,525
|
$ 145,253
|
$ 278,181
|
$ 226,049
|
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 25, 2016 |
Jun. 27, 2015 |
| Operating Activities: |
|
|
| Net income |
$ 249,155
|
$ 204,545
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation |
26,657
|
24,915
|
| Amortization |
14,852
|
13,215
|
| Loss on sale or disposal of property and equipment |
64
|
420
|
| Provision for doubtful accounts |
1,548
|
(1,499)
|
| Deferred income taxes |
(6,074)
|
(9,325)
|
| Unrealized foreign currency loss |
3,198
|
59,046
|
| Provision for obsolete and slow moving inventories |
15,892
|
6,569
|
| Stock compensation expense |
19,507
|
14,742
|
| Realized gain on marketable securities |
(188)
|
(364)
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
24,415
|
60,016
|
| Inventories |
(16,672)
|
(45,635)
|
| Other current and non-current assets |
(865)
|
(74,725)
|
| Accounts payable |
(32,291)
|
(7,084)
|
| Other current and non-current liabilities |
(10,806)
|
(53,808)
|
| Deferred revenue |
(13,066)
|
(38,836)
|
| Deferred cost |
(6,089)
|
6,892
|
| Income taxes payable |
10,135
|
(174,788)
|
| Net cash provided by (used in) operating activities |
279,372
|
(15,704)
|
| Investing activities: |
|
|
| Purchases of property and equipment |
$ (28,614)
|
(39,732)
|
| Proceeds from sale of property and equipment |
|
665
|
| Purchase of intangible assets |
$ (2,831)
|
(1,939)
|
| Purchase of marketable securities |
(457,433)
|
(480,090)
|
| Redemption of marketable securities |
466,526
|
540,785
|
| Change in restricted cash |
2
|
29
|
| Acquisitions, net of cash acquired |
(62,137)
|
(12,632)
|
| Net cash (used in) provided by investing activities |
(84,487)
|
7,086
|
| Financing activities: |
|
|
| Dividends paid |
(193,111)
|
(183,925)
|
| Purchase of treasury stock under share repurchase plan |
(45,097)
|
(57,295)
|
| Purchase of treasury stock related to equity awards |
(173)
|
(240)
|
| Proceeds from issuance of treasury stock related to equity awards |
8,970
|
8,560
|
| Tax benefit from issuance of equity awards |
2
|
1,239
|
| Net cash used in financing activities |
(229,409)
|
(231,661)
|
| Effect of exchange rate changes on cash and cash equivalents |
2,918
|
(17,806)
|
| Net decrease in cash and cash equivalents |
(31,606)
|
(258,085)
|
| Cash and cash equivalents at beginning of period |
833,070
|
1,196,268
|
| Cash and cash equivalents at end of period |
$ 801,464
|
$ 938,183
|
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Basis of Presentation
|
6 Months Ended |
Jun. 25, 2016 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Basis of Presentation |
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly,
they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. Additionally, the condensed consolidated financial statements should be read in conjunction
with Item 2 of Management's Discussion and Analysis of Financial Condition and Results of Operations, included in this Form 10-Q.
Operating results for the 13-week and 26-week periods ended June 25, 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 53-week 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 13-week quarters. The quarters ended June 25, 2016 and June 27, 2015 both contain
operating results for 13 weeks. The Company’s fiscal quarter and year ending December 31, 2016 will contain operating results
for 14 weeks and 53 weeks, respectively.
At
the Company’s Annual General Meeting on June 10, 2016, the Company’s shareholders approved the cancellation of 10,000
registered shares of the Company held by the Company (the “Formation Shares”) and the reduction in par value of each
share of the Company from CHF 10 to CHF 0.10 and the amendment of the Company’s Articles of Association to effect a corresponding
share capital reduction. The Company expects to complete the cancellation of the Formation Shares and the reduction in par value
of each share and the corresponding reduction of the Company’s issued share capital by the end of the third quarter of 2016.
|
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Inventories
|
6 Months Ended |
Jun. 25, 2016 |
|---|
| Inventory Disclosure [Abstract] |
|
| Inventories |
The
components of inventories consist of the following:
| |
|
June
25, |
|
|
December
26, |
|
| |
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
| Raw materials |
|
$ |
167,889 |
|
|
$ |
203,173 |
|
| Work-in-process |
|
|
75,985 |
|
|
|
69,690 |
|
| Finished goods |
|
|
309,898 |
|
|
|
273,762 |
|
| Inventory
reserves |
|
|
(45,611 |
) |
|
|
(46,071 |
) |
| Inventory,
net of reserves |
|
$ |
508,161 |
|
|
$ |
500,554 |
|
|
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|
Earnings Per Share
|
6 Months Ended |
Jun. 25, 2016 |
|---|
| Net income per share: |
|
| Earnings Per Share |
The
following table sets forth the computation of basic and diluted net income per share:
| |
|
13-Weeks
Ended |
|
| |
|
June
25, |
|
|
June
27, |
|
| |
|
2016 |
|
|
2015 |
|
| Numerator: |
|
|
|
|
|
|
|
|
| Numerator
for basic and diluted net income per share - net income |
|
$ |
161,064 |
|
|
$ |
137,753 |
|
| |
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
| Denominator
for basic net income per share – weighted-average common shares |
|
|
188,892 |
|
|
|
191,101 |
|
| |
|
|
|
|
|
|
|
|
| Effect
of dilutive securities – stock options, stock appreciation rights and restricted stock units |
|
|
464 |
|
|
|
499 |
|
| |
|
|
|
|
|
|
|
|
| Denominator
for diluted net income per share – adjusted weighted-average common shares |
|
|
189,356 |
|
|
|
191,600 |
|
| |
|
|
|
|
|
|
|
|
| Basic net income
per share |
|
$ |
0.85 |
|
|
$ |
0.72 |
|
| |
|
|
|
|
|
|
|
|
| Diluted net income
per share |
|
$ |
0.85 |
|
|
$ |
0.72 |
|
| |
|
26-Weeks
Ended |
|
| |
|
June
25, |
|
|
June
27, |
|
| |
|
2016 |
|
|
2015 |
|
| Numerator: |
|
|
|
|
|
|
|
|
| Numerator
for basic and diluted net income per share - net income |
|
$ |
249,155 |
|
|
$ |
204,545 |
|
| |
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
| Denominator
for basic net income per share – weighted-average common shares |
|
|
189,195 |
|
|
|
191,432 |
|
| |
|
|
|
|
|
|
|
|
| Effect
of dilutive securities – stock options, stock appreciation rights and restricted stock units |
|
|
296 |
|
|
|
507 |
|
| |
|
|
|
|
|
|
|
|
| Denominator
for diluted net income per share – adjusted weighted-average common shares |
|
|
189,491 |
|
|
|
191,939 |
|
| |
|
|
|
|
|
|
|
|
| Basic net income
per share |
|
$ |
1.32 |
|
|
$ |
1.07 |
|
| |
|
|
|
|
|
|
|
|
| Diluted net income
per share |
|
$ |
1.31 |
|
|
$ |
1.07 |
|
There
were 3,873 and 3,558 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity
awards”) outstanding during the 13-week periods ended June 25, 2016 and June 27, 2015, respectively.
There
were 4,231 and 3,598 anti-dilutive equity awards outstanding during the 26-week periods ended June 25, 2016 and June 27, 2015,
respectively.
There
were 11 and 91 shares issued as a result of exercises and releases of equity awards for the 13-week periods ended June 25, 2016
and June 27, 2015, respectively.
There
were 13 and 128 shares issued as a result of exercises and releases of equity awards for the 26-week periods ended June 25, 2016
and June 27, 2015, respectively.
There
were 285 employee stock purchase plan (ESPP) shares issued from outstanding Treasury stock during the 13-week and 26-week periods
ended June 25, 2016.
There
were 214 ESPP shares issued from outstanding Treasury stock during the 13-week and 26-week periods ended June 27, 2015.
|
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|
Segment Information
|
6 Months Ended |
Jun. 25, 2016 |
|---|
| Segment Reporting [Abstract] |
|
| 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 and 26-weeks ended June 27, 2015 have been recast to conform
to the current year presentation.
| |
|
Reportable
Segments |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Outdoor |
|
|
Fitness |
|
|
Marine |
|
|
Auto |
|
|
Aviation |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 13-Weeks Ended
June 25, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
133,096 |
|
|
$ |
212,855 |
|
|
$ |
111,599 |
|
|
$ |
245,728 |
|
|
$ |
108,331 |
|
|
$ |
811,609 |
|
| Gross profit |
|
$ |
85,224 |
|
|
$ |
119,805 |
|
|
$ |
64,515 |
|
|
$ |
112,988 |
|
|
$ |
80,426 |
|
|
$ |
462,958 |
|
| Operating income |
|
$ |
48,565 |
|
|
$ |
53,074 |
|
|
$ |
28,548 |
|
|
$ |
39,623 |
|
|
$ |
30,864 |
|
|
$ |
200,674 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 13-Weeks Ended
June 27, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
108,621 |
|
|
$ |
158,649 |
|
|
$ |
103,713 |
|
|
$ |
300,581 |
|
|
$ |
102,266 |
|
|
$ |
773,830 |
|
| Gross profit |
|
$ |
66,019 |
|
|
$ |
88,458 |
|
|
$ |
58,577 |
|
|
$ |
131,933 |
|
|
$ |
74,263 |
|
|
$ |
419,250 |
|
| Operating income |
|
$ |
37,201 |
|
|
$ |
33,070 |
|
|
$ |
23,901 |
|
|
$ |
45,087 |
|
|
$ |
27,405 |
|
|
$ |
166,664 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 26-Weeks Ended
June 25, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
229,923 |
|
|
$ |
355,273 |
|
|
$ |
194,479 |
|
|
$ |
441,326 |
|
|
$ |
214,647 |
|
|
$ |
1,435,648 |
|
| Gross profit |
|
$ |
144,155 |
|
|
$ |
192,100 |
|
|
$ |
108,664 |
|
|
$ |
199,131 |
|
|
$ |
158,758 |
|
|
$ |
802,808 |
|
| Operating income |
|
$ |
76,450 |
|
|
$ |
69,647 |
|
|
$ |
38,840 |
|
|
$ |
58,190 |
|
|
$ |
61,350 |
|
|
$ |
304,477 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 26-Weeks Ended
June 27, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
181,436 |
|
|
$ |
289,644 |
|
|
$ |
168,010 |
|
|
$ |
519,807 |
|
|
$ |
200,327 |
|
|
$ |
1,359,224 |
|
| Gross profit |
|
$ |
115,084 |
|
|
$ |
171,534 |
|
|
$ |
94,090 |
|
|
$ |
236,891 |
|
|
$ |
145,773 |
|
|
$ |
763,372 |
|
| Operating income |
|
$ |
60,730 |
|
|
$ |
67,709 |
|
|
$ |
28,468 |
|
|
$ |
67,870 |
|
|
$ |
53,585 |
|
|
$ |
278,362 |
|
Allocation
of certain research and development expenses, and selling, general, and administrative expenses are made to each segment on a
percent of revenue basis.
Net
sales and property and equipment, net by geographic area are as follows as of and for the 26-week periods ended June 25, 2016
and June 27, 2015. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa:
| |
|
Americas |
|
|
APAC |
|
|
EMEA |
|
|
Total |
|
| June 25, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales
to external customers |
|
$ |
724,974 |
|
|
$ |
175,226 |
|
|
$ |
535,448 |
|
|
$ |
1,435,648 |
|
| Property and equipment,
net |
|
$ |
297,609 |
|
|
$ |
113,295 |
|
|
$ |
39,750 |
|
|
$ |
450,654 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| June 27, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external
customers |
|
$ |
722,317 |
|
|
$ |
154,102 |
|
|
$ |
482,805 |
|
|
$ |
1,359,224 |
|
| Property and equipment,
net |
|
$ |
287,171 |
|
|
$ |
110,524 |
|
|
$ |
47,977 |
|
|
$ |
445,672 |
|
|
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|
Warranty Reserves
|
6 Months Ended |
Jun. 25, 2016 |
|---|
| Product Warranties Disclosures [Abstract] |
|
| Warranty Reserves |
The
Company’s products sold are generally covered by a warranty for periods ranging from one to two years. The Company’s
estimate of costs to service its warranty obligations are based on historical experience and expectation of future conditions
and are recorded as a liability on the balance sheet. The following reconciliation provides an illustration of changes in the
aggregate warranty reserve.
| |
|
13-Weeks
Ended |
|
| |
|
June
25, |
|
|
June
27, |
|
| |
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
| Balance - beginning of period |
|
$ |
31,407 |
|
|
$ |
23,866 |
|
| Accrual for products
sold during the period |
|
|
17,860 |
|
|
|
10,348 |
|
| Expenditures |
|
|
(14,597 |
) |
|
|
(8,113 |
) |
| Balance - end of
period |
|
$ |
34,670 |
|
|
$ |
26,101 |
|
| |
|
26-Weeks
Ended |
|
| |
|
June
25, |
|
|
June
27, |
|
| |
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
| Balance - beginning of period |
|
$ |
30,449 |
|
|
$ |
27,609 |
|
| Accrual for products
sold during the period |
|
|
30,312 |
|
|
|
17,090 |
|
| Expenditures |
|
|
(26,091 |
) |
|
|
(18,598 |
) |
| Balance - end of
period |
|
$ |
34,670 |
|
|
$ |
26,101 |
|
|
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Commitments and Contingencies
|
6 Months Ended |
Jun. 25, 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 June 25, 2016 was approximately $306,545. 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 June 25, 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 June 25, 2016 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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|
Income Taxes
|
6 Months Ended |
Jun. 25, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
The
Company’s income tax expense increased from $35,805 to $42,737 for the 13-week period ended June 25, 2016, compared to the
13-week period ended June 27, 2015. The effective tax rate of 21.0% in the second quarter of 2016 is comparable to the 20.6%
in the second quarter of 2015. The increase in the effective tax rate is due to shifts in the projected income mix by jurisdiction
for 2016 compared to the same projection at second quarter of 2015. The increase in the effective tax rate was offset by the permanent
extension of the U.S. research and development tax credit legislation, which had not yet been extended in the second quarter of
2015.
The
Company’s income tax expense increased from $45,208 to $62,192 for the first half of 2016, compared to the first half of
2015. The effective tax rate increased to 20.0% for the first half of 2016, compared to 18.1% in the first half of 2015
primarily due to shifts in the projected income mix by jurisdiction for 2016 compared to the same projection at second quarter
of 2015. Additionally, the favorable release of uncertain tax position reserves due to expiration of certain statutes or completion
of tax audits was $2,009 lower compared to the first half 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 second quarter of 2015.
|
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Marketable Securities
|
6 Months Ended |
Jun. 25, 2016 |
|---|
| Marketable Securities [Abstract] |
|
| 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 June 25, 2016 |
|
| |
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| U.S. Treasury
securities |
|
$ |
28,368 |
|
|
$ |
- |
|
|
$ |
28,368 |
|
|
$ |
- |
|
| Agency securities |
|
|
127,748 |
|
|
|
- |
|
|
|
127,748 |
|
|
|
- |
|
| Mortgage-backed securities |
|
|
293,723 |
|
|
|
- |
|
|
|
293,723 |
|
|
|
- |
|
| Corporate securities |
|
|
832,515 |
|
|
|
- |
|
|
|
832,515 |
|
|
|
- |
|
| Municipal securities |
|
|
197,944 |
|
|
|
- |
|
|
|
197,944 |
|
|
|
- |
|
| Other |
|
|
78,114 |
|
|
|
- |
|
|
|
78,114 |
|
|
|
- |
|
| Total |
|
$ |
1,558,412 |
|
|
$ |
- |
|
|
$ |
1,558,412 |
|
|
$ |
- |
|
| |
|
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 June 25, 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 |
|
$ |
28,074 |
|
|
$ |
293 |
|
|
$ |
- |
|
|
$ |
(0 |
) |
|
$ |
28,367 |
|
| Agency securities |
|
|
127,668 |
|
|
|
230 |
|
|
|
(146 |
) |
|
|
(4 |
) |
|
|
127,748 |
|
| Mortgage-backed securities |
|
|
293,785 |
|
|
|
1,143 |
|
|
|
(372 |
) |
|
|
(833 |
) |
|
|
293,723 |
|
| Corporate securities |
|
|
834,239 |
|
|
|
3,033 |
|
|
|
(640 |
) |
|
|
(4,116 |
) |
|
|
832,516 |
|
| Municipal securities |
|
|
196,492 |
|
|
|
1,540 |
|
|
|
(0 |
) |
|
|
(88 |
) |
|
|
197,944 |
|
| Other |
|
|
78,105 |
|
|
|
32 |
|
|
|
(8 |
) |
|
|
(15 |
) |
|
|
78,114 |
|
| Total |
|
$ |
1,558,363 |
|
|
$ |
6,271 |
|
|
$ |
(1,166 |
) |
|
$ |
(5,056 |
) |
|
$ |
1,558,412 |
|
| |
|
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 a material 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 26-week period ending June 25, 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 June 25, 2016 were $633,601 and $627,379
respectively. Approximately 30.4% of securities in our portfolio were at an unrealized loss position at June 25, 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 material deterioration in credit quality and no change in the
cash flows of the underlying securities. We do not intend to sell the securities and it is not more likely than not that we will
be required to sell the securities; therefore, no material 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 tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale
securities in an unrealized loss position as of June 25, 2016 and December 26, 2015:
| |
|
As
of June 25, 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 |
|
$ |
(0 |
) |
|
$ |
2,000 |
|
|
$ |
- |
|
|
$ |
- |
|
| Agency securities |
|
|
(37 |
) |
|
|
25,333 |
|
|
|
(113 |
) |
|
|
14,886 |
|
| Mortgage-backed securities |
|
|
(416 |
) |
|
|
61,305 |
|
|
|
(789 |
) |
|
|
81,949 |
|
| Corporate securities |
|
|
(3,711 |
) |
|
|
332,191 |
|
|
|
(1,045 |
) |
|
|
67,796 |
|
| Municipal securities |
|
|
(42 |
) |
|
|
13,996 |
|
|
|
(46 |
) |
|
|
9,836 |
|
| Other |
|
|
(8 |
) |
|
|
6,164 |
|
|
|
(15 |
) |
|
|
11,923 |
|
| Total |
|
$ |
(4,214 |
) |
|
$ |
440,989 |
|
|
$ |
(2,008 |
) |
|
$ |
186,390 |
|
| |
|
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 June 25, 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 |
|
$ |
252,055 |
|
|
$ |
252,253 |
|
| Due after one year
through five years |
|
|
1,099,787 |
|
|
|
1,101,047 |
|
| Due after five years
through ten years |
|
|
175,131 |
|
|
|
174,204 |
|
| Due
after ten years |
|
|
31,390 |
|
|
|
30,908 |
|
| |
|
$ |
1,558,363 |
|
|
$ |
1,558,412 |
|
|
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|
Share Repurchase Plan
|
6 Months Ended |
Jun. 25, 2016 |
|---|
| Equity [Abstract] |
|
| 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 June
25, 2016, the Company had repurchased 4,292 shares using cash of $176,510. There remains approximately $123,490 available
to repurchase additional shares under this authorization.
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|
Accumulated Other Comprehensive Income
|
6 Months Ended |
Jun. 25, 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 and 26-week periods ended June 25, 2016:
| |
|
13-Weeks
Ended June 25, 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 |
|
$ |
(7,841 |
) |
|
$ |
(2,685 |
) |
|
$ |
(4,338 |
) |
|
$ |
(14,864 |
) |
| Other
comprehensive income before reclassification |
|
|
5,896 |
|
|
|
1,519 |
|
|
|
6,231 |
|
|
|
13,646 |
|
| Amounts
reclassified from accumulated other comprehensive income |
|
|
- |
|
|
|
- |
|
|
|
(185 |
) |
|
|
(185 |
) |
| Net
current-period other comprehensive income |
|
|
5,896 |
|
|
|
1,519 |
|
|
|
6,046 |
|
|
|
13,461 |
|
| Balance
- end of period |
|
$ |
(1,945 |
) |
|
$ |
(1,166 |
) |
|
$ |
1,708 |
|
|
$ |
(1,403 |
) |
| |
|
26-Weeks
Ended June 25, 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 |
|
|
12,162 |
|
|
|
4,111 |
|
|
|
13,248 |
|
|
|
29,521 |
|
| Amounts
reclassified from accumulated other comprehensive income |
|
|
- |
|
|
|
- |
|
|
|
(496 |
) |
|
|
(496 |
) |
| Net
current-period other comprehensive income |
|
|
12,162 |
|
|
|
4,111 |
|
|
|
12,753 |
|
|
|
29,026 |
|
| Balance
- end of period |
|
$ |
(1,945 |
) |
|
$ |
(1,166 |
) |
|
$ |
1,708 |
|
|
$ |
(1,403 |
) |
(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 and 26-week periods ended June
25, 2016:
| 13-Weeks
Ended June 25, 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 |
|
$ |
(264 |
) |
|
Other income
(expense) |
| |
|
|
449 |
|
|
Income
tax (provision) benefit |
| |
|
$ |
185 |
|
|
Net of tax |
| 26-Weeks
Ended June 25, 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 |
|
$ |
188 |
|
|
Other income
(expense) |
| |
|
|
308 |
|
|
Income
tax (provision) benefit |
| |
|
$ |
496 |
|
|
Net of tax |
|
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|
Recently Issued Accounting Pronouncements
|
6 Months Ended |
Jun. 25, 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 (“ASU”) 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. Additional updates to Topic
606 issued by the FASB in 2015 and 2016 include the following:
| |
• |
ASU No. 2015-14, Revenue from Contracts with
Customers (Topic 606): Deferral of the Effective Date (“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 |
| |
• |
ASU 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). |
| |
• |
ASU No. 2016-10, Revenue from Contracts with
Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”), which clarifies the implementation
guidance on identifying performance obligations and classifying licensing arrangements |
| |
• |
ASU No. 2016-12, Revenue from Contracts with
Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”), which clarifies the implementation
guidance in a number of other areas. |
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.
|
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|
Inventories (Tables)
|
6 Months Ended |
Jun. 25, 2016 |
|---|
| Inventory Disclosure [Abstract] |
|
| Schedule of inventories |
The
components of inventories consist of the following:
| |
|
June
25, |
|
|
December
26, |
|
| |
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
| Raw materials |
|
$ |
167,889 |
|
|
$ |
203,173 |
|
| Work-in-process |
|
|
75,985 |
|
|
|
69,690 |
|
| Finished goods |
|
|
309,898 |
|
|
|
273,762 |
|
| Inventory
reserves |
|
|
(45,611 |
) |
|
|
(46,071 |
) |
| Inventory,
net of reserves |
|
$ |
508,161 |
|
|
$ |
500,554 |
|
|
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|
Earnings Per Share (Tables)
|
6 Months Ended |
Jun. 25, 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 |
|
| |
|
June
25, |
|
|
June
27, |
|
| |
|
2016 |
|
|
2015 |
|
| Numerator: |
|
|
|
|
|
|
|
|
| Numerator
for basic and diluted net income per share - net income |
|
$ |
161,064 |
|
|
$ |
137,753 |
|
| |
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
| Denominator
for basic net income per share – weighted-average common shares |
|
|
188,892 |
|
|
|
191,101 |
|
| |
|
|
|
|
|
|
|
|
| Effect
of dilutive securities – stock options, stock appreciation rights and restricted stock units |
|
|
464 |
|
|
|
499 |
|
| |
|
|
|
|
|
|
|
|
| Denominator
for diluted net income per share – adjusted weighted-average common shares |
|
|
189,356 |
|
|
|
191,600 |
|
| |
|
|
|
|
|
|
|
|
| Basic
net income per share |
|
$ |
0.85 |
|
|
$ |
0.72 |
|
| |
|
|
|
|
|
|
|
|
| Diluted
net income per share |
|
$ |
0.85 |
|
|
$ |
0.72 |
|
| |
|
26-Weeks
Ended |
|
| |
|
June
25, |
|
|
June
27, |
|
| |
|
2016 |
|
|
2015 |
|
| Numerator: |
|
|
|
|
|
|
|
|
| Numerator
for basic and diluted net income per share - net income |
|
$ |
249,155 |
|
|
$ |
204,545 |
|
| |
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
| Denominator
for basic net income per share – weighted-average common shares |
|
|
189,195 |
|
|
|
191,432 |
|
| |
|
|
|
|
|
|
|
|
| Effect
of dilutive securities – stock options, stock appreciation rights and restricted stock units |
|
|
296 |
|
|
|
507 |
|
| |
|
|
|
|
|
|
|
|
| Denominator
for diluted net income per share – adjusted weighted-average common shares |
|
|
189,491 |
|
|
|
191,939 |
|
| |
|
|
|
|
|
|
|
|
| Basic net income
per share |
|
$ |
1.32 |
|
|
$ |
1.07 |
|
| |
|
|
|
|
|
|
|
|
| Diluted net income
per share |
|
$ |
1.31 |
|
|
$ |
1.07 |
|
|
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|
Segment Information (Tables)
|
6 Months Ended |
Jun. 25, 2016 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of net sales, gross profit, and operating income |
| |
|
Reportable
Segments |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Outdoor |
|
|
Fitness |
|
|
Marine |
|
|
Auto |
|
|
Aviation |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 13-Weeks Ended
June 25, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
133,096 |
|
|
$ |
212,855 |
|
|
$ |
111,599 |
|
|
$ |
245,728 |
|
|
$ |
108,331 |
|
|
$ |
811,609 |
|
| Gross profit |
|
$ |
85,224 |
|
|
$ |
119,805 |
|
|
$ |
64,515 |
|
|
$ |
112,988 |
|
|
$ |
80,426 |
|
|
$ |
462,958 |
|
| Operating income |
|
$ |
48,565 |
|
|
$ |
53,074 |
|
|
$ |
28,548 |
|
|
$ |
39,623 |
|
|
$ |
30,864 |
|
|
$ |
200,674 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 13-Weeks Ended
June 27, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
108,621 |
|
|
$ |
158,649 |
|
|
$ |
103,713 |
|
|
$ |
300,581 |
|
|
$ |
102,266 |
|
|
$ |
773,830 |
|
| Gross profit |
|
$ |
66,019 |
|
|
$ |
88,458 |
|
|
$ |
58,577 |
|
|
$ |
131,933 |
|
|
$ |
74,263 |
|
|
$ |
419,250 |
|
| Operating income |
|
$ |
37,201 |
|
|
$ |
33,070 |
|
|
$ |
23,901 |
|
|
$ |
45,087 |
|
|
$ |
27,405 |
|
|
$ |
166,664 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 26-Weeks Ended
June 25, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
229,923 |
|
|
$ |
355,273 |
|
|
$ |
194,479 |
|
|
$ |
441,326 |
|
|
$ |
214,647 |
|
|
$ |
1,435,648 |
|
| Gross profit |
|
$ |
144,155 |
|
|
$ |
192,100 |
|
|
$ |
108,664 |
|
|
$ |
199,131 |
|
|
$ |
158,758 |
|
|
$ |
802,808 |
|
| Operating income |
|
$ |
76,450 |
|
|
$ |
69,647 |
|
|
$ |
38,840 |
|
|
$ |
58,190 |
|
|
$ |
61,350 |
|
|
$ |
304,477 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 26-Weeks Ended
June 27, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
181,436 |
|
|
$ |
289,644 |
|
|
$ |
168,010 |
|
|
$ |
519,807 |
|
|
$ |
200,327 |
|
|
$ |
1,359,224 |
|
| Gross profit |
|
$ |
115,084 |
|
|
$ |
171,534 |
|
|
$ |
94,090 |
|
|
$ |
236,891 |
|
|
$ |
145,773 |
|
|
$ |
763,372 |
|
| Operating income |
|
$ |
60,730 |
|
|
$ |
67,709 |
|
|
$ |
28,468 |
|
|
$ |
67,870 |
|
|
$ |
53,585 |
|
|
$ |
278,362 |
|
|
| 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 26-week periods ended June 25, 2016
and June 27, 2015. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa:
| |
|
Americas |
|
|
APAC |
|
|
EMEA |
|
|
Total |
|
| June 25, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales
to external customers |
|
$ |
724,974 |
|
|
$ |
175,226 |
|
|
$ |
535,448 |
|
|
$ |
1,435,648 |
|
| Property and equipment,
net |
|
$ |
297,609 |
|
|
$ |
113,295 |
|
|
$ |
39,750 |
|
|
$ |
450,654 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| June 27, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external
customers |
|
$ |
722,317 |
|
|
$ |
154,102 |
|
|
$ |
482,805 |
|
|
$ |
1,359,224 |
|
| Property and equipment,
net |
|
$ |
287,171 |
|
|
$ |
110,524 |
|
|
$ |
47,977 |
|
|
$ |
445,672 |
|
|
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|
Warranty Reserves (Tables)
|
6 Months Ended |
Jun. 25, 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 |
|
| |
|
June
25, |
|
|
June
27, |
|
| |
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
| Balance - beginning of period |
|
$ |
31,407 |
|
|
$ |
23,866 |
|
| Accrual for products
sold during the period |
|
|
17,860 |
|
|
|
10,348 |
|
| Expenditures |
|
|
(14,597 |
) |
|
|
(8,113 |
) |
| Balance - end of
period |
|
$ |
34,670 |
|
|
$ |
26,101 |
|
| |
|
26-Weeks
Ended |
|
| |
|
June
25, |
|
|
June
27, |
|
| |
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
| Balance - beginning of period |
|
$ |
30,449 |
|
|
$ |
27,609 |
|
| Accrual for products
sold during the period |
|
|
30,312 |
|
|
|
17,090 |
|
| Expenditures |
|
|
(26,091 |
) |
|
|
(18,598 |
) |
| Balance - end of
period |
|
$ |
34,680 |
|
|
$ |
26,101 |
|
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| Period Type: |
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|
Marketable Securities (Tables)
|
6 Months Ended |
Jun. 25, 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 June 25, 2016 |
|
| |
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| U.S. Treasury
securities |
|
$ |
28,368 |
|
|
$ |
- |
|
|
$ |
28,368 |
|
|
$ |
- |
|
| Agency securities |
|
|
127,748 |
|
|
|
- |
|
|
|
127,748 |
|
|
|
- |
|
| Mortgage-backed securities |
|
|
293,723 |
|
|
|
- |
|
|
|
293,723 |
|
|
|
- |
|
| Corporate securities |
|
|
832,515 |
|
|
|
- |
|
|
|
832,515 |
|
|
|
- |
|
| Municipal securities |
|
|
197,944 |
|
|
|
- |
|
|
|
197,944 |
|
|
|
- |
|
| Other |
|
|
78,114 |
|
|
|
- |
|
|
|
78,114 |
|
|
|
- |
|
| Total |
|
$ |
1,558,412 |
|
|
$ |
- |
|
|
$ |
1,558,412 |
|
|
$ |
- |
|
| |
|
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 classified as available-for-sale securities |
Marketable
securities classified as available-for-sale securities are summarized below:
| |
|
Available-For-Sale
Securities as
of June 25, 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 |
|
$ |
28,074 |
|
|
$ |
293 |
|
|
$ |
- |
|
|
$ |
(0 |
) |
|
$ |
28,367 |
|
| Agency securities |
|
|
127,668 |
|
|
|
230 |
|
|
|
(146 |
) |
|
|
(4 |
) |
|
|
127,748 |
|
| Mortgage-backed securities |
|
|
293,785 |
|
|
|
1,143 |
|
|
|
(372 |
) |
|
|
(833 |
) |
|
|
293,723 |
|
| Corporate securities |
|
|
834,239 |
|
|
|
3,033 |
|
|
|
(640 |
) |
|
|
(4,116 |
) |
|
|
832,516 |
|
| Municipal securities |
|
|
196,492 |
|
|
|
1,540 |
|
|
|
(0 |
) |
|
|
(88 |
) |
|
|
197,944 |
|
| Other |
|
|
78,105 |
|
|
|
32 |
|
|
|
(8 |
) |
|
|
(15 |
) |
|
|
78,114 |
|
| Total |
|
$ |
1,558,363 |
|
|
$ |
6,271 |
|
|
$ |
(1,166 |
) |
|
$ |
(5,056 |
) |
|
$ |
1,558,412 |
|
| |
|
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. |
|
| Schedule of gross unrealized losses and fair value by major security type |
The
following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale
securities in an unrealized loss position as of June 25, 2016 and December 26, 2015:
| |
|
As
of June 25, 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 |
|
$ |
(0 |
) |
|
$ |
2,000 |
|
|
$ |
- |
|
|
$ |
- |
|
| Agency securities |
|
|
(37 |
) |
|
|
25,333 |
|
|
|
(113 |
) |
|
|
14,886 |
|
| Mortgage-backed securities |
|
|
(416 |
) |
|
|
61,305 |
|
|
|
(789 |
) |
|
|
81,949 |
|
| Corporate securities |
|
|
(3,711 |
) |
|
|
332,191 |
|
|
|
(1,045 |
) |
|
|
67,796 |
|
| Municipal securities |
|
|
(42 |
) |
|
|
13,996 |
|
|
|
(46 |
) |
|
|
9,836 |
|
| Other |
|
|
(8 |
) |
|
|
6,164 |
|
|
|
(15 |
) |
|
|
11,923 |
|
| Total |
|
$ |
(4,214 |
) |
|
$ |
440,989 |
|
|
$ |
(2,008 |
) |
|
$ |
186,390 |
|
| |
|
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 June 25, 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 |
|
$ |
252,055 |
|
|
$ |
252,253 |
|
| Due after one year
through five years |
|
|
1,099,787 |
|
|
|
1,101,047 |
|
| Due after five years
through ten years |
|
|
175,131 |
|
|
|
174,204 |
|
| Due
after ten years |
|
|
31,390 |
|
|
|
30,908 |
|
| |
|
$ |
1,558,363 |
|
|
$ |
1,558,412 |
|
|
| X |
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|
Accumulated Other Comprehensive Income (Tables)
|
6 Months Ended |
Jun. 25, 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 and 26-week periods ended June 25, 2016:
| |
|
13-Weeks
Ended June 25, 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 |
|
$ |
(7,841 |
) |
|
$ |
(2,685 |
) |
|
$ |
(4,338 |
) |
|
$ |
(14,864 |
) |
| Other
comprehensive income before reclassification |
|
|
5,896 |
|
|
|
1,519 |
|
|
|
6,231 |
|
|
|
13,646 |
|
| Amounts
reclassified from accumulated other comprehensive income |
|
|
- |
|
|
|
- |
|
|
|
(185 |
) |
|
|
(185 |
) |
| Net
current-period other comprehensive income |
|
|
5,896 |
|
|
|
1,519 |
|
|
|
6,046 |
|
|
|
13,461 |
|
| Balance
- end of period |
|
$ |
(1,945 |
) |
|
$ |
(1,166 |
) |
|
$ |
1,708 |
|
|
$ |
(1,403 |
) |
| |
|
26-Weeks
Ended June 25, 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 |
|
|
12,162 |
|
|
|
4,111 |
|
|
|
13,248 |
|
|
|
29,521 |
|
| Amounts
reclassified from accumulated other comprehensive income |
|
|
- |
|
|
|
- |
|
|
|
(496 |
) |
|
|
(496 |
) |
| Net
current-period other comprehensive income |
|
|
12,162 |
|
|
|
4,111 |
|
|
|
12,753 |
|
|
|
29,026 |
|
| Balance
- end of period |
|
$ |
(1,945 |
) |
|
$ |
(1,166 |
) |
|
$ |
1,708 |
|
|
$ |
(1,403 |
) |
(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 |
The
following provides required disclosure of reporting reclassifications out of AOCI for the 13-week and 26-week periods ended June
25, 2016:
| 13-Weeks
Ended June 25, 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 |
|
$ |
(264 |
) |
|
Other income
(expense) |
| |
|
|
449 |
|
|
Income
tax (provision) benefit |
| |
|
$ |
185 |
|
|
Net of tax |
| 26-Weeks
Ended June 25, 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 |
|
$ |
188 |
|
|
Other income
(expense) |
| |
|
|
308 |
|
|
Income
tax (provision) benefit |
| |
|
$ |
496 |
|
|
Net of tax |
|
| X |
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| X |
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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 |
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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 |
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| Data Type: |
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| Period Type: |
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|
| X |
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|
Inventories (Details) - USD ($)
$ in Thousands |
Jun. 25, 2016 |
Dec. 26, 2015 |
| Inventory Disclosure [Abstract] |
|
|
| Raw materials |
$ 167,889
|
$ 203,173
|
| Work-in-process |
75,985
|
69,690
|
| Finished goods |
309,898
|
273,762
|
| Inventory reserves |
(45,611)
|
(46,071)
|
| Inventory, net of reserves |
$ 508,161
|
$ 500,554
|
| X |
- References
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|
| X |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- References
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- References
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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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 |
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|
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
| Numerator: |
|
|
|
|
| Numerator for basic and diluted net income per share - net income |
$ 161,064
|
$ 137,753
|
$ 249,155
|
$ 204,545
|
| Denominator: |
|
|
|
|
| Denominator for basic net income per share - weighted-average common shares |
188,892
|
191,101
|
189,195
|
191,432
|
| Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units |
464
|
499
|
296
|
507
|
| Denominator for diluted net income per share - adjusted weighted-average common shares |
189,356
|
191,600
|
189,491
|
191,939
|
| Basic net income per share |
$ 0.85
|
$ 0.72
|
$ 1.32
|
$ 1.07
|
| Diluted net income per share |
$ 0.85
|
$ 0.72
|
$ 1.31
|
$ 1.07
|
| X |
- References
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| X |
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| Period Type: |
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|
| X |
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Segment Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
| Net sales |
$ 811,609
|
$ 773,830
|
$ 1,435,648
|
$ 1,359,224
|
| Gross profit |
462,958
|
419,250
|
802,808
|
763,372
|
| Operating income |
200,674
|
166,664
|
304,477
|
278,362
|
| Outdoor [Member] |
|
|
|
|
| Net sales |
133,096
|
108,621
|
229,923
|
181,436
|
| Gross profit |
85,224
|
66,019
|
144,155
|
115,084
|
| Operating income |
48,565
|
37,201
|
76,450
|
60,730
|
| Fitness [Member] |
|
|
|
|
| Net sales |
212,855
|
158,649
|
355,273
|
289,644
|
| Gross profit |
119,805
|
88,458
|
192,100
|
171,534
|
| Operating income |
53,074
|
33,070
|
69,647
|
67,709
|
| Marine [Member] |
|
|
|
|
| Net sales |
111,599
|
103,713
|
194,479
|
168,010
|
| Gross profit |
64,515
|
58,577
|
108,664
|
94,090
|
| Operating income |
28,548
|
23,901
|
38,840
|
28,468
|
| Auto [Member] |
|
|
|
|
| Net sales |
245,728
|
300,581
|
441,326
|
519,807
|
| Gross profit |
112,988
|
131,933
|
199,131
|
236,891
|
| Operating income |
39,623
|
45,087
|
58,190
|
67,870
|
| Aviation [Member] |
|
|
|
|
| Net sales |
108,331
|
102,266
|
214,647
|
200,327
|
| Gross profit |
80,426
|
74,263
|
158,758
|
145,773
|
| Operating income |
$ 30,864
|
$ 27,405
|
$ 61,350
|
$ 53,585
|
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Segment Information (Details 1) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
Dec. 26, 2015 |
| Net sales to external customers |
$ 811,609
|
$ 773,830
|
$ 1,435,648
|
$ 1,359,224
|
|
| Property and equipment, net |
450,654
|
445,672
|
450,654
|
445,672
|
$ 446,089
|
| Americas [Member] |
|
|
|
|
|
| Net sales to external customers |
|
|
724,974
|
722,317
|
|
| Property and equipment, net |
297,609
|
287,171
|
297,609
|
287,171
|
|
| APAC [Member] |
|
|
|
|
|
| Net sales to external customers |
|
|
175,226
|
154,102
|
|
| Property and equipment, net |
113,295
|
110,524
|
113,295
|
110,524
|
|
| EMEA [Member] |
|
|
|
|
|
| Net sales to external customers |
|
|
535,448
|
482,805
|
|
| Property and equipment, net |
$ 39,750
|
$ 47,977
|
$ 39,750
|
$ 47,977
|
|
| X |
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|
Warranty Reserves (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
| Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] |
|
|
|
|
| Balance - beginning of period |
$ 31,407
|
$ 23,866
|
$ 30,449
|
$ 27,609
|
| Accrual for products sold |
17,860
|
10,348
|
30,312
|
17,090
|
| Expenditures |
(14,597)
|
(8,113)
|
(26,091)
|
(18,598)
|
| Balance - end of period |
$ 34,670
|
$ 26,101
|
$ 34,670
|
$ 26,101
|
| X |
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Marketable Securities (Details) - USD ($)
$ in Thousands |
Jun. 25, 2016 |
Dec. 26, 2015 |
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
$ 1,558,412
|
$ 1,558,548
|
| U.S.Treasury Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
28,367
|
27,731
|
| Agency Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
127,748
|
208,631
|
| Mortgage-Backed Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
293,723
|
370,232
|
| Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
832,516
|
648,590
|
| Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
197,944
|
223,562
|
| Other [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
78,114
|
79,802
|
| Recurring Basis [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
1,558,412
|
1,558,548
|
| Recurring Basis [Member] | U.S.Treasury Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
28,368
|
27,731
|
| Recurring Basis [Member] | Agency Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
127,748
|
208,631
|
| Recurring Basis [Member] | Mortgage-Backed Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
293,723
|
370,232
|
| Recurring Basis [Member] | Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
832,515
|
648,590
|
| Recurring Basis [Member] | Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
197,944
|
223,562
|
| Recurring Basis [Member] | Other [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
$ 78,114
|
$ 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] |
|
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| 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] |
|
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| 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 |
$ 1,558,412
|
$ 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 |
28,368
|
27,731
|
| Recurring Basis [Member] | Level 2 [Member] | Agency Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
127,748
|
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 |
293,723
|
370,232
|
| Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
832,515
|
648,590
|
| Recurring Basis [Member] | Level 2 [Member] | Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
197,944
|
223,562
|
| Recurring Basis [Member] | Level 2 [Member] | Other [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
$ 78,114
|
$ 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 |
|
|
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|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
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| Available-for-sale securities, total |
|
|
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|
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| Schedule of Available-for-sale Securities [Line Items] |
|
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| Available-for-sale securities, total |
|
|
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|
|
| Schedule of Available-for-sale Securities [Line Items] |
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| Available-for-sale securities, total |
|
|
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|
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| Schedule of Available-for-sale Securities [Line Items] |
|
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| Available-for-sale securities, total |
|
|
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|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
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Marketable Securities (Details 1) - USD ($)
$ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 25, 2016 |
Dec. 26, 2015 |
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
$ 1,558,363
|
$ 1,576,112
|
| Gross Unrealized Gains |
|
6,271
|
1,142
|
| Gross Unrealized Losses-OTTI |
[1] |
(1,166)
|
(5,277)
|
| Gross Unrealized Losses-Other |
[2] |
(5,056)
|
(13,429)
|
| Estimated Fair Value (Net Carrying Amount) |
|
1,558,412
|
1,558,548
|
| U.S.Treasury Securities [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
28,074
|
27,772
|
| Gross Unrealized Gains |
|
$ 293
|
$ 27
|
| Gross Unrealized Losses-OTTI |
[1] |
|
|
| Gross Unrealized Losses-Other |
[2] |
$ 0
|
$ (68)
|
| Estimated Fair Value (Net Carrying Amount) |
|
28,367
|
27,731
|
| Agency Securities [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
127,668
|
211,248
|
| Gross Unrealized Gains |
|
230
|
105
|
| Gross Unrealized Losses-OTTI |
[1] |
(146)
|
(2,409)
|
| Gross Unrealized Losses-Other |
[2] |
(4)
|
(313)
|
| Estimated Fair Value (Net Carrying Amount) |
|
127,748
|
208,631
|
| Mortgage-Backed Securities [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
293,785
|
376,801
|
| Gross Unrealized Gains |
|
1,143
|
191
|
| Gross Unrealized Losses-OTTI |
[1] |
(372)
|
(1,210)
|
| Gross Unrealized Losses-Other |
[2] |
(833)
|
(5,550)
|
| Estimated Fair Value (Net Carrying Amount) |
|
293,723
|
370,232
|
| Corporate Securities [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
834,239
|
656,447
|
| Gross Unrealized Gains |
|
3,033
|
179
|
| Gross Unrealized Losses-OTTI |
[1] |
(640)
|
(1,635)
|
| Gross Unrealized Losses-Other |
[2] |
(4,116)
|
(6,401)
|
| Estimated Fair Value (Net Carrying Amount) |
|
832,516
|
648,590
|
| Municipal Securities [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
196,492
|
223,991
|
| Gross Unrealized Gains |
|
1,540
|
636
|
| Gross Unrealized Losses-OTTI |
[1] |
0
|
(9)
|
| Gross Unrealized Losses-Other |
[2] |
(88)
|
(1,056)
|
| Estimated Fair Value (Net Carrying Amount) |
|
197,944
|
223,562
|
| Other [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
78,105
|
79,853
|
| Gross Unrealized Gains |
|
32
|
4
|
| Gross Unrealized Losses-OTTI |
[1] |
(8)
|
(14)
|
| Gross Unrealized Losses-Other |
[2] |
(15)
|
(41)
|
| Estimated Fair Value (Net Carrying Amount) |
|
$ 78,114
|
$ 79,802
|
|
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Marketable Securities (Details 2) - USD ($)
$ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 25, 2016 |
Dec. 26, 2015 |
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
$ (4,214)
|
$ (13,113)
|
| Fair Value Less than 12 Consecutive Months |
440,989
|
1,056,152
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(2,008)
|
(5,593)
|
| Fair Value 12 Consecutive Months or Longer |
186,390
|
224,998
|
| U.S.Treasury Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
0
|
(68)
|
| Fair Value Less than 12 Consecutive Months |
$ 2,000
|
$ 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 |
$ (37)
|
$ (691)
|
| Fair Value Less than 12 Consecutive Months |
25,333
|
117,803
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(113)
|
(2,031)
|
| Fair Value 12 Consecutive Months or Longer |
14,886
|
69,418
|
| Mortgage-Backed Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(416)
|
(4,571)
|
| Fair Value Less than 12 Consecutive Months |
61,305
|
263,735
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(789)
|
(2,189)
|
| Fair Value 12 Consecutive Months or Longer |
81,949
|
83,722
|
| Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(3,711)
|
(6,719)
|
| Fair Value Less than 12 Consecutive Months |
332,191
|
521,731
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(1,045)
|
(1,317)
|
| Fair Value 12 Consecutive Months or Longer |
67,796
|
50,374
|
| Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(42)
|
(1,035)
|
| Fair Value Less than 12 Consecutive Months |
13,996
|
116,033
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(46)
|
(30)
|
| Fair Value 12 Consecutive Months or Longer |
9,836
|
6,557
|
| Other [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(8)
|
(29)
|
| Fair Value Less than 12 Consecutive Months |
6,164
|
14,666
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(15)
|
(26)
|
| Fair Value 12 Consecutive Months or Longer |
$ 11,923
|
$ 14,927
|
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Marketable Securities (Details 3) - USD ($)
$ in Thousands |
Jun. 25, 2016 |
Dec. 26, 2015 |
| Cost [Abstract] |
|
|
| Due in one year or less |
$ 252,055
|
|
| Due after one year through five years |
1,099,787
|
|
| Due after five years through ten years |
175,131
|
|
| Due after ten years |
31,390
|
|
| Total |
1,558,363
|
$ 1,576,112
|
| Estimated Fair Value [Abstract] |
|
|
| Due in one year or less |
252,253
|
|
| Due after one year through five years |
1,101,047
|
|
| Due after five years through ten years |
174,204
|
|
| Due after ten years |
30,908
|
|
| Total |
$ 1,558,412
|
$ 1,558,548
|
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Share Repurchase Plan (Details Narrative) - USD ($)
shares in Thousands, $ in Thousands |
|
6 Months Ended |
Feb. 13, 2015 |
Jun. 25, 2016 |
| Equity [Abstract] |
|
|
| Stock repurchase program, authorized amount |
$ 300,000
|
|
| Stock repurchase program, expiration date |
Dec. 31, 2016
|
|
| Stock issued for repurchase program, shares |
|
4,292
|
| Stock issued for repurchase program, value |
|
$ 176,510
|
| Remaining stock available under repurchase program |
|
$ 123,490
|
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|
Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 25, 2016 |
Jun. 25, 2016 |
| Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward] |
|
|
|
| Balance - beginning of period |
|
$ (7,841)
|
$ (14,107)
|
| Other comprehensive income before reclassification |
|
$ 5,896
|
$ 12,162
|
| Amounts reclassified from accumulated other comprehensive income |
|
|
|
| Net current-period other comprehensive income |
|
$ 5,896
|
$ 12,162
|
| Balance - end of period |
|
(1,945)
|
(1,945)
|
| Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Roll Forward] |
|
|
|
| Balance - beginning of period |
[1] |
(2,685)
|
(5,277)
|
| Other comprehensive income before reclassification |
[1] |
$ 1,519
|
$ 4,111
|
| Amounts reclassified from accumulated other comprehensive income |
[1] |
|
|
| Net current-period other comprehensive income |
[1] |
$ 1,519
|
$ 4,111
|
| Balance - end of period |
[1] |
(1,166)
|
(1,166)
|
| Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward] |
|
|
|
| Balance - beginning of period |
[2] |
(4,338)
|
(11,044)
|
| Other comprehensive income before reclassification |
[2] |
6,231
|
13,248
|
| Amounts reclassified from accumulated other comprehensive income |
[2] |
(185)
|
(496)
|
| Net current-period other comprehensive income |
[2] |
6,046
|
12,753
|
| Balance - end of period |
[2] |
1,708
|
1,708
|
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] |
|
|
|
| Balance - beginning of period |
|
(14,864)
|
(30,428)
|
| Other comprehensive income before reclassification |
|
13,646
|
29,521
|
| Amounts reclassified from accumulated other comprehensive income |
|
(185)
|
(496)
|
| Net current-period other comprehensive income |
|
13,461
|
29,026
|
| Balance - end of period |
|
$ (1,403)
|
$ (1,403)
|
|
|
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Accumulated Other Comprehensive Income (Details 1) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 25, 2016 |
Jun. 27, 2015 |
Jun. 25, 2016 |
Jun. 27, 2015 |
| Other income (expense) |
$ 3,127
|
$ 6,894
|
$ 6,871
|
$ (28,609)
|
| Income tax (provision) benefit |
(42,737)
|
$ (35,805)
|
(62,193)
|
$ (45,208)
|
| Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] |
|
|
|
|
| Other income (expense) |
(264)
|
|
188
|
|
| Income tax (provision) benefit |
449
|
|
308
|
|
| Net of tax |
$ 185
|
|
$ 496
|
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| 2016-07-28 02:39:48,060 [info] Ignoring file cmd.bat of unknown type found in folder or zip. - |
| 2016-07-28 02:39:48,244 [info] Ignoring file grmn-20160625.zip of unknown type found in folder or zip. - |
| 2016-07-28 02:39:48,439 [info] Ignoring file V7.xfr of unknown type found in folder or zip. - |
| 2016-07-28 02:39:48,467 [info] Ignoring file xbrl_preview.txt of unknown type found in folder or zip. - |
| 2016-07-28 02:39:48,483 [info] Ignoring file ~7_xfr.~afc of unknown type found in folder or zip. - |
| 2016-07-28 02:39:51,052 [info] In ''Condensed Consolidated Balance Sheets (Unaudited)'', column(s) 2, 4, 5 are contained in other reports, so were removed by flow through suppression. - grmn-20160625.xml |
| 2016-07-28 02:39:51,054 [info] In ''Condensed Consolidated Statements of Cash Flows (Unaudited)'', column(s) 1, 2 are contained in other reports, so were removed by flow through suppression. - grmn-20160625.xml |
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