|
|
Document and Entity Information - USD ($)
|
12 Months Ended |
|
|
Dec. 31, 2016 |
Feb. 17, 2017 |
Jun. 25, 2016 |
| Document And Entity Information |
|
|
|
| Entity Registrant Name |
GARMIN LTD
|
|
|
| Entity Central Index Key |
0001121788
|
|
|
| Document Type |
10-K
|
|
|
| Trading Symbol |
GRMN
|
|
|
| Document Period End Date |
Dec. 31, 2016
|
|
|
| Amendment Flag |
false
|
|
|
| Current Fiscal Year End Date |
--12-31
|
|
|
| Entity Well-known Seasoned Issuer |
Yes
|
|
|
| Entity Voluntary Filers |
No
|
|
|
| Entity Current Reporting Status |
Yes
|
|
|
| Entity Filer Category |
Large Accelerated Filer
|
|
|
| Entity Public Float |
|
|
$ 4,939,741,064
|
| Entity Common Stock, Shares Outstanding |
|
198,077,418
|
|
| Document Fiscal Period Focus |
FY
|
|
|
| Document Fiscal Year Focus |
2016
|
|
|
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|
Consolidated Balance Sheets - USD ($)
$ in Thousands |
Dec. 31, 2016 |
Dec. 26, 2015 |
| Current assets: |
|
|
| Cash and cash equivalents |
$ 846,883
|
$ 833,070
|
| Marketable securities (Note 3) |
266,952
|
215,161
|
| Accounts receivable, less allowance for doubtful accounts of $14,669 in 2016 and $13,805 in 2015 |
527,062
|
531,481
|
| Inventories, net |
484,821
|
500,554
|
| Deferred costs |
47,395
|
49,176
|
| Prepaid expenses and other current assets |
89,903
|
81,645
|
| Total current assets |
2,263,016
|
2,211,087
|
| Property and equipment, net |
|
|
| Land and improvements |
104,740
|
85,162
|
| Building and improvements |
376,916
|
351,778
|
| Office furniture and equipment |
222,439
|
206,025
|
| Manufacturing equipment |
129,526
|
131,055
|
| Engineering equipment |
124,979
|
113,690
|
| Vehicles |
21,259
|
20,939
|
| Property plant and equipment, gross |
979,859
|
908,649
|
| Accumulated depreciation |
(496,981)
|
(462,560)
|
| Property plant and equipment, net |
482,878
|
446,089
|
| Restricted cash (Note 4) |
113
|
259
|
| Marketable securities (Note 3) |
1,213,285
|
1,343,387
|
| Noncurrent deferred income tax (Note 6) |
110,293
|
116,518
|
| Noncurrent deferred costs |
56,151
|
38,769
|
| Intangible assets, net |
305,002
|
245,552
|
| Other assets |
94,395
|
97,730
|
| Total assets |
4,525,133
|
4,499,391
|
| Current liabilities: |
|
|
| Accounts payable |
172,404
|
178,905
|
| Salaries and benefits payable |
88,818
|
70,601
|
| Accrued warranty costs |
37,233
|
30,449
|
| Accrued sales program costs |
80,953
|
67,613
|
| Deferred revenue |
146,564
|
164,982
|
| Accrued royalty costs |
36,523
|
30,310
|
| Accrued advertising expense |
37,440
|
33,547
|
| Other accrued expenses |
70,469
|
74,926
|
| Income taxes payable |
16,163
|
21,674
|
| Dividend payable |
96,168
|
192,991
|
| Total current liabilities |
782,735
|
865,998
|
| Deferred income taxes (Note 6) |
61,220
|
56,210
|
| Non-current income taxes |
121,174
|
101,689
|
| Non-current deferred revenue |
140,407
|
128,731
|
| Other liabilities |
1,594
|
1,637
|
| Stockholders' equity: |
|
|
| Shares, CHF 0.10 par value, 198,077 shares authorized and issued, and 188,592 shares outstanding at December 31, 2016; Shares, CHF 10.00 par value, 208,077 shares authorized and issued; 189,722 shares outstanding at December 26, 2015; (Notes 9, 10, and 11): |
17,979
|
1,797,435
|
| Additional paid-in capital |
1,836,047
|
62,239
|
| Treasury stock |
(455,964)
|
(414,637)
|
| Retained earnings |
2,056,702
|
1,930,517
|
| Accumulated other comprehensive income (loss) |
(36,761)
|
(30,428)
|
| Total stockholders' equity |
3,418,003
|
3,345,126
|
| Total liabilities and stockholders' equity |
$ 4,525,133
|
$ 4,499,391
|
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Consolidated Balance Sheets (Parenthetical)
$ in Thousands |
Dec. 31, 2016
USD ($)
shares
|
Dec. 31, 2016
SFr / shares
|
Dec. 26, 2015
USD ($)
shares
|
Dec. 26, 2015
SFr / shares
|
| Statement of Financial Position [Abstract] |
|
|
|
|
| Allowance for doubtful accounts | $ |
$ 14,669
|
|
$ 13,805
|
|
| Common shares, par value (in swiss francs per share) | SFr / shares |
|
SFr 0.10
|
|
SFr 10.00
|
| Common shares, authorized |
198,077
|
|
208,077
|
|
| Common shares, issued |
198,077
|
|
208,077
|
|
| Common shares, outstanding |
188,565
|
|
189,722
|
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Consolidated Statements of Income - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Income Statement [Abstract] |
|
|
|
|
| Net sales |
[1] |
$ 3,018,665
|
$ 2,820,270
|
$ 2,870,658
|
| Cost of goods sold |
|
1,339,095
|
1,281,566
|
1,266,246
|
| Gross profit |
|
1,679,570
|
1,538,704
|
1,604,412
|
| Advertising expense |
|
177,143
|
167,166
|
146,633
|
| Selling, general and administrative expenses |
|
410,558
|
394,914
|
372,032
|
| Research and development expense |
|
467,960
|
427,043
|
395,121
|
| Total operating expense |
|
1,055,661
|
989,123
|
913,786
|
| Operating income |
|
623,909
|
549,581
|
690,626
|
| Other income (expense): |
|
|
|
|
| Interest income |
|
33,406
|
29,653
|
35,584
|
| Foreign currency losses |
|
(31,651)
|
(23,465)
|
(4,299)
|
| Other |
|
4,006
|
11,418
|
1,834
|
| Total other income (expense) |
|
5,761
|
17,606
|
33,119
|
| Income before income taxes |
|
629,670
|
567,187
|
723,745
|
| Income tax provision (benefit): (Note 6) |
|
|
|
|
| Current |
|
117,842
|
114,222
|
274,107
|
| Deferred |
|
1,014
|
(3,262)
|
85,427
|
| Income tax provision |
|
118,856
|
110,960
|
359,534
|
| Net income |
|
$ 510,814
|
$ 456,227
|
$ 364,211
|
| Basic net income per share (Note 10) (in dollars per share) |
|
$ 2.71
|
$ 2.39
|
$ 1.89
|
| Diluted net income per share (Note 10) (in dollars per share) |
|
$ 2.70
|
$ 2.39
|
$ 1.88
|
|
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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Statement of Comprehensive Income [Abstract] |
|
|
|
| Net income |
$ 510,814
|
$ 456,227
|
$ 364,211
|
| Foreign currency translation adjustment |
4,696
|
(34,981)
|
(64,489)
|
| Change in fair value of available-for-sale marketable securities, net of deferred taxes |
(11,029)
|
1,982
|
29,019
|
| Comprehensive income |
$ 504,481
|
$ 423,228
|
$ 328,741
|
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Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Treasury Stock [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Total |
| Balance at beginning at Dec. 28, 2013 |
$ 1,797,435
|
$ 79,263
|
$ (120,620)
|
$ 1,865,587
|
$ 38,041
|
$ 3,659,706
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
|
|
|
364,211
|
|
364,211
|
| Translation adjustment |
|
|
|
|
(64,489)
|
(64,489)
|
| Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects |
|
|
|
|
29,019
|
29,019
|
| Comprehensive income |
|
|
|
|
|
328,741
|
| Dividends declared |
|
|
|
(369,826)
|
|
(369,826)
|
| Tax benefit from issuance of equity awards |
|
(84)
|
|
|
|
(84)
|
| Issuance of treasury stock related to equity awards |
|
(29,951)
|
50,704
|
|
|
20,753
|
| Stock compensation |
|
24,293
|
|
|
|
24,293
|
| Purchase of treasury stock related to equity awards |
|
|
(18,638)
|
|
|
(18,638)
|
| Purchase of treasury stock under share repurchase plan |
|
|
(241,578)
|
|
|
(241,578)
|
| Balance at end at Dec. 27, 2014 |
1,797,435
|
73,521
|
(330,132)
|
1,859,972
|
2,571
|
3,403,367
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
|
|
|
456,227
|
|
456,227
|
| Translation adjustment |
|
|
|
|
(34,981)
|
(34,981)
|
| Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects |
|
|
|
|
1,982
|
1,982
|
| Comprehensive income |
|
|
|
|
|
423,228
|
| Dividends declared |
|
(100)
|
|
(385,682)
|
|
(385,782)
|
| Tax benefit from issuance of equity awards |
|
(2,050)
|
|
|
|
(2,050)
|
| Issuance of treasury stock related to equity awards |
|
(35,422)
|
52,494
|
|
|
17,072
|
| Stock compensation |
|
26,290
|
|
|
|
26,290
|
| Purchase of treasury stock related to equity awards |
|
|
(5,586)
|
|
|
(5,586)
|
| Purchase of treasury stock under share repurchase plan |
|
|
(131,413)
|
|
|
(131,413)
|
| Balance at end at Dec. 26, 2015 |
1,797,435
|
62,239
|
(414,637)
|
1,930,517
|
(30,428)
|
3,345,126
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
|
|
|
510,814
|
|
510,814
|
| Translation adjustment |
|
|
|
|
4,696
|
4,696
|
| Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects |
|
|
|
|
(11,029)
|
(11,029)
|
| Comprehensive income |
|
|
|
|
|
504,481
|
| Dividends declared |
|
|
|
(384,629)
|
|
(384,629)
|
| Tax benefit from issuance of equity awards |
|
(6,309)
|
|
|
|
(6,309)
|
| Issuance of treasury stock related to equity awards |
|
(40,589)
|
59,237
|
|
|
18,648
|
| Stock compensation |
|
41,250
|
|
|
|
41,250
|
| Purchase of treasury stock related to equity awards |
|
|
(7,331)
|
|
|
(7,331)
|
| Purchase of treasury stock under share repurchase plan |
|
|
(93,233)
|
|
|
(93,233)
|
| Reduction in par value of Common Stock |
(1,779,456)
|
1,779,456
|
|
|
|
|
| Balance at end at Dec. 31, 2016 |
$ 17,979
|
$ 1,836,047
|
$ (455,964)
|
$ 2,056,703
|
$ (36,761)
|
$ 3,418,003
|
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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Operating Activities: |
|
|
|
| Net income |
$ 510,814
|
$ 456,227
|
$ 364,211
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation |
55,796
|
51,311
|
48,433
|
| Amortization |
30,544
|
27,049
|
28,582
|
| Gain on sale of property and equipment |
(503)
|
(198)
|
(306)
|
| Provision for doubtful accounts |
4,136
|
(2,521)
|
66
|
| Provision for obsolete and slow-moving inventories |
26,458
|
23,257
|
25,903
|
| Unrealized foreign currency losses (gains) |
13,387
|
37,931
|
573
|
| Deferred income taxes |
1,699
|
5,897
|
89,828
|
| Stock compensation |
41,250
|
26,290
|
24,293
|
| Realized gains on marketable securities |
(822)
|
(55)
|
(505)
|
| Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
| Accounts receivable |
9,000
|
22,473
|
(27,398)
|
| Inventories |
(2,455)
|
(121,718)
|
(76,491)
|
| Other current and non-current assets |
2,234
|
(107,360)
|
627
|
| Accounts payable |
(11,496)
|
36,079
|
8,981
|
| Other current and non-current liabilities |
44,766
|
20,742
|
16,467
|
| Deferred revenue |
(6,363)
|
(43,338)
|
(87,543)
|
| Deferred costs |
(15,780)
|
(585)
|
11,029
|
| Income taxes payable |
3,017
|
(151,014)
|
95,961
|
| Net cash provided by operating activities |
705,682
|
280,467
|
522,711
|
| Investing activities: |
|
|
|
| Purchases of property and equipment |
(90,960)
|
(80,592)
|
(73,339)
|
| Proceeds from sale of property and equipment |
676
|
7,921
|
748
|
| Purchase of intangible assets |
(5,715)
|
(3,889)
|
(4,720)
|
| Purchase of marketable securities |
(905,089)
|
(915,921)
|
(1,006,482)
|
| Redemption of marketable securities |
957,350
|
919,141
|
1,096,676
|
| Proceeds from repayment of loan receivable |
|
|
137,379
|
| Acquisitions, net of cash acquired |
(77,945)
|
(38,687)
|
(18,871)
|
| Change in restricted cash |
146
|
48
|
(59)
|
| Net cash provided by (used in) investing activities |
(121,537)
|
(111,979)
|
131,332
|
| Financing activities: |
|
|
|
| Dividends |
(481,452)
|
(378,117)
|
(360,075)
|
| Tax benefit from issuance of equity awards |
1,692
|
(2,049)
|
(84)
|
| Proceeds from issuance of treasury stock related to equity awards |
18,648
|
17,073
|
20,753
|
| Purchase of treasury stock related to equity awards |
(7,331)
|
(5,586)
|
(18,638)
|
| Purchase of treasury stock under share repurchase plan |
(93,233)
|
(131,413)
|
(241,578)
|
| Net cash used in financing activities |
(561,676)
|
(500,092)
|
(599,622)
|
| Effect of exchange rate changes on cash and cash equivalents |
(8,656)
|
(31,594)
|
(37,302)
|
| Net increase (decrease) in cash and cash equivalents |
13,813
|
(363,198)
|
17,119
|
| Cash and cash equivalents at beginning of year |
833,070
|
1,196,268
|
1,179,149
|
| Cash and cash equivalents at end of year |
846,883
|
833,070
|
1,196,268
|
| Supplemental disclosures of cash flow information |
|
|
|
| Cash paid during the year for income taxes |
115,548
|
252,885
|
175,465
|
| Cash received during the year from income tax refunds |
4,275
|
3,793
|
5,260
|
| Cash paid during the year for interest |
|
|
|
| Supplemental disclosure of non-cash investing and financing activities |
|
|
|
| Change in marketable securities related to unrealized appreciation (depreciation) |
(12,123)
|
1,867
|
29,220
|
| Fair value of assets acquired |
91,620
|
38,687
|
22,735
|
| Liabilities assumed |
(6,344)
|
|
(3,718)
|
| Less:cash acquired |
(7,331)
|
|
(146)
|
| Cash paid for acquisitions, net of cash acquired |
$ 77,945
|
$ 38,687
|
$ 18,871
|
| X |
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-URI http://asc.fasb.org/extlink&oid=51831270
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Description of the Business
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Description of the Business |
1.
Description of the Business
Garmin
Ltd. and subsidiaries (together, the “Company”) design, develop, manufacture, market, and distribute a diverse family
of hand-held, wrist-based, portable and fixed-mount Global Positioning System (GPS)-enabled products and other navigation, communications,
information and sensor-based products. Garmin Corporation (GC) is primarily responsible for the manufacturing and distribution
of the Company’s products to the Company’s subsidiaries and, to a lesser extent, new product development and sales and
marketing of the Company’s products in Asia and the Far East. Garmin International, Inc. (GII) is primarily responsible for
sales and marketing of the Company’s products in the Americas region and for most of the Company’s research and new
product development. GII also manufactures most of the Company’s products in the aviation segment. Garmin (Europe) Ltd. (GEL)
is responsible for sales and marketing of the Company’s products in Europe, the Middle East and Africa (EMEA). Many of GEL’s
sales are to other Company-owned distributors in the EMEA region.
|
| X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Significant Accounting Policies |
2.
Summary of Significant Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States. The accompanying consolidated financial statements reflect the accounts of Garmin Ltd. and its wholly-owned
subsidiaries. All significant inter-company balances and transactions have been eliminated.
At
the Company’s Annual General Meeting on June 10, 2016, the Company’s shareholders approved the cancellation of 10,000,000
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.
Fiscal
Year
The
Company’s fiscal year is based on a 52-53-week period ending on the last Saturday of the calendar year. Due to the fact
that there are not exactly 52 weeks in a calendar year, and there is slightly more than one additional day per year (not including
the effects of leap year) in each calendar year as compared to a 52-week fiscal year, the Company will have a fiscal year comprising
53 weeks in certain fiscal years, as determined by when the last Saturday of the calendar year occurs.
In
those resulting fiscal years that have 53 weeks, the Company will record an extra week of sales, costs, and related financial
activity. Therefore, the financial results of those 53-week fiscal years, and the associated 14-week fourth quarters, will not
be entirely comparable to the prior and subsequent 52-week fiscal years and the associated 13-week quarters. Fiscal years 2015
and 2014 included 52 weeks while fiscal 2016 included 53 weeks.
Use
of Estimates
The
preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States
requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements
and accompanying notes. Actual results could differ from those estimates.
Foreign
Currency
Many
Garmin Ltd. subsidiaries utilize currencies other than the United States Dollar (USD) as their functional currency. As required
by the Foreign Currency Matters topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification
(ASC), the financial statements of these subsidiaries for all periods presented have been translated into USD, the functional
currency of Garmin Ltd., and the reporting currency herein, for purposes of consolidation at rates prevailing during the year
for sales, costs, and expenses and at end-of-year rates for all assets and liabilities. The effect of this translation is recorded
in a separate component of stockholders’ equity. Cumulative currency translation adjustments of ($9,411) and ($14,107) as
of December 31, 2016 and December 26, 2015, respectively, have been included in accumulated other comprehensive income in the
accompanying consolidated balance sheets.
Transactions
in foreign currencies are recorded at the approximate rate of exchange at the transaction date. Assets and liabilities resulting
from these transactions are translated at the rate of exchange in effect at the balance sheet date. The movements of the Taiwan
Dollar and Euro/British Pound Sterling have offsetting impacts on operating income when the currencies move congruently against
the U.S. Dollar due to the use of the Taiwan Dollar for manufacturing costs while the Euro and British Pound Sterling transactions
relate primarily to revenue. Foreign currency losses recorded in results of operations were $31,651, $23,465, and $4,299, for
the years ended December 31, 2016, December 26, 2015, and December 27, 2014, respectively. The loss in fiscal 2016 was due primarily
to the USD weakening against the Taiwan Dollar and the USD strengthening against the Euro and British Pound Sterling. The loss
in fiscal 2015 was due primarily to the USD strengthening against the Euro and British Pound Sterling, partially offset by the
USD strengthening against the Taiwan Dollar. The loss in fiscal 2014 was due primarily to the USD strengthening against the Euro
and the British Pound Sterling, which was largely offset by the USD strengthening against the Taiwan Dollar.
Earnings
Per Share
Basic
earnings per share amounts are computed based on the weighted-average number of common shares outstanding. For purposes of diluted
earnings per share, the number of shares that would be issued from the exercise of dilutive stock options has been reduced by
the number of shares which could have been purchased from the proceeds of the exercise at the average market price of the Company’s
stock during the period the options were outstanding. See Note 10.
Cash
and Cash Equivalents
For
purposes of reporting cash flows, cash and cash equivalents include cash on hand, operating accounts, money market funds, and
securities with maturities of three months or less when purchased. The carrying amount of cash and cash equivalents approximates
fair value, given the short maturity of those instruments.
Trade
Accounts Receivable
The
Company sells its products to retailers, wholesalers, and other customers and extends credit based on its evaluation of the customer’s
financial condition. Potential losses on receivables are dependent on each individual customer’s financial condition.
The Company carries its trade accounts receivable at net realizable value. Typically, its accounts receivable are collected within
80 days and do not bear interest. The Company monitors its exposure to losses on receivables and maintains allowances for potential
losses or adjustments. The Company determines these allowances by (1) evaluating the aging of its receivables and (2) reviewing
its high-risk customers. Past due receivable balances are written off when internal collection efforts have been unsuccessful
in collecting the amount due. The Company maintains trade credit insurance to provide security against large losses.
Concentration
of Credit Risk
The
Company grants credit to certain customers who meet the Company’s pre-established credit requirements. Generally, the Company
does not require security when trade credit is granted to customers. Credit losses are provided for in the Company’s consolidated
financial statements and typically have been within management’s expectations. Certain customers are allowed extended terms
consistent with normal industry practice. Most of these extended terms can be classified as either relating to seasonal sales
variations or to the timing of new product releases by the Company.
The
Company’s top ten customers have contributed between 22% and 24% of net sales since 2014. None of the Company’s customers
accounted for more than or equal to 10% of consolidated net sales in the years ended December 31, 2016, December 26, 2015 and
December 27, 2014.
Loan
Receivable
On
March 14, 2013, the Company entered into a Memorandum of Agreement (the “Agreement”) with Bombardier, Inc. (“Bombardier”).
The Company is the supplier of the avionics system for the Lear 70 and Lear 75 aircraft for Learjet, Inc., which is a subsidiary
of Bombardier (the “Program”). In order to assist Bombardier in connection with delayed cash flows from the
Program partially related to the certification of avionics for the Program exceeding the planned delivery date, the Company agreed
to provide Bombardier a short term, interest free, loan of $173,708 in cash in seven installments beginning on March 22, 2013
and ending on September 20, 2013 pursuant to the terms and conditions of the Agreement. Bombardier repaid the loan in five
installments beginning in November 2013 and ending in April 2014 pursuant to the terms and conditions of the Agreement and subsequent
amendment signed December 6, 2013.
Inventories
Inventories
are stated at the lower of cost or market with cost being determined on a first-in, first-out (FIFO) basis. The Company writes
down its inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory
and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are
less favorable than those projected by management, additional inventory write-downs may be required. Inventories consisted of
the following:
| |
|
December
31, 2016 |
|
|
December
26, 2015 |
|
| |
|
|
|
|
|
|
| Raw Materials |
|
$ |
162,882 |
|
|
$ |
203,173 |
|
| Work-in-process |
|
|
68,602 |
|
|
|
69,690 |
|
| Finished goods |
|
|
293,789 |
|
|
|
273,762 |
|
| Inventory
Reserves |
|
|
(40,452 |
) |
|
|
(46,071 |
) |
| Inventory,
net of reserves |
|
$ |
484,821 |
|
|
$ |
500,554 |
|
Property
and Equipment
Property
and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:
| Buildings
and improvements |
|
39-50 |
| Office furniture
and equipment |
|
3-5 |
| Manufacturing
and engineering equipment |
|
5 |
| Vehicles |
|
5 |
Long-Lived
Assets
As
required by the Property, Plant and Equipment topic of the FASB ASC, the Company reviews long-lived assets for impairment
whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully recoverable. The carrying
amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the
use and eventual disposition of the asset. That assessment is based on the carrying amount of the asset at the date it is tested
for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its
fair value.
The
Intangibles – Goodwill and Other topic of the FASB ASC requires that goodwill and intangible assets with indefinite
useful lives should not be amortized but rather be tested for impairment at least annually or sooner whenever events or changes
in circumstances indicate that they may be impaired. The Company performs its annual goodwill and intangible asset impairment
tests in the fourth quarter of each year. If the carrying amount of a reporting unit exceeds its fair value as determined by a
discounted cash flow model in step one of the impairment analysis, the second step of the analysis will be performed. Each of
the Company’s operating segments (auto PND, auto OEM, aviation, marine, outdoor, and fitness) represents a distinct reporting
unit. The Company did not recognize any material goodwill or intangible asset impairment charges in 2016, 2015, or 2014, and step
two was not considered necessary in any of those periods as fair value was substantially in excess of the carrying amount for
all reporting units in the respective periods.
As
noted above, the PND market has declined as competing technologies have emerged and market saturation has occurred. This has resulted
in, and is expected to continue to result in, periods of lower revenues and profits for the Company’s auto PND reporting
unit. Consequently, if operating results and/or market conditions deteriorate significantly faster or more drastically than the
forecasts utilized in our estimation of fair value, the goodwill associated with the Company’s auto PND reporting unit may
be at risk of impairment in the future.
Accounting
guidance also requires that intangible assets with finite lives be amortized over their estimated useful lives and reviewed for
impairment. The Company is currently amortizing its acquired intangible assets with finite lives over periods ranging from three
to ten years.
Dividends
Under
Swiss corporate law, dividends must be approved by shareholders at the general meeting of the Company’s shareholders.
On
June 10, 2016, the shareholders approved a dividend of $2.04 per share (of which, $1.53 was paid in the Company’s 2016 fiscal
year) payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were
as follows:
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 30, 2016 |
|
June 16, 2016 |
|
$ |
0.51 |
|
| September 30, 2016 |
|
September 15, 2016 |
|
$ |
0.51 |
|
| December 30, 2016 |
|
December 14, 2016 |
|
$ |
0.51 |
|
| March 31, 2017 |
|
March 15, 2017 |
|
$ |
0.51 |
|
The
Company paid dividends in 2016 in the amount of $481,452. Both the dividends paid and the remaining dividend payable were reported
as a reduction of retained earnings.
On
June 5, 2015, the shareholders approved a dividend of $2.04 per share (of which, $1.02 was paid in the Company's 2015 fiscal year)
payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 30, 2015 |
|
June 16, 2015 |
|
$ |
0.51 |
|
| September 30, 2015 |
|
September 15, 2015 |
|
$ |
0.51 |
|
| December 31, 2015 |
|
December 15, 2015 |
|
$ |
0.51 |
|
| March 31, 2016 |
|
March 16, 2016 |
|
$ |
0.51 |
|
The
Company paid dividends in 2015 in the amount of $378,117. Both the dividends paid and the remaining dividend payable were reported
as a reduction of retained earnings.
On
June 6, 2014, the shareholders approved a dividend of $1.92 per share (of which, $0.96 was paid in the Company's 2014 fiscal year)
payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 30, 2014 |
|
June 17, 2014 |
|
$ |
0.48 |
|
| September 30, 2014 |
|
September 15, 2014 |
|
$ |
0.48 |
|
| December 31, 2014 |
|
December 15, 2014 |
|
$ |
0.48 |
|
| March 31, 2015 |
|
March 16, 2015 |
|
$ |
0.48 |
|
The
Company paid dividends in 2014 in the amount of $360,075. Both the dividends paid and the remaining dividend payable were reported
as a reduction of retained earnings.
As
of December 31, 2016 and December 26, 2015, approximately $304,674 of retained earnings was indefinitely restricted from distribution
to stockholders pursuant to the laws of Taiwan.
Intangible
Assets
At
December 31, 2016 and December 26, 2015, the Company had patents, customer related intangibles and other identifiable finite-lived
intangible assets recorded at a cost of $253,472 and $216,465, respectively. Identifiable, finite-lived intangible assets are
amortized over their estimated useful lives on a straight-line basis over three to ten years. Accumulated amortization was $173,023
and $158,704 at December 31, 2016 and December 26, 2015, respectively. Amortization expense on these intangible assets was $14,319,
$7,115, and $8,362 for the years ended December 31, 2016, December 26, 2015, and December 27, 2014, respectively. In the next
five years, the amortization expense is estimated to be $15,727, $14,502, $11,798, $9,301, and $4,931, respectively.
The
Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $224,553 at December 31, 2016 and $187,791
at December 26, 2015.
| |
|
December
31,
2016 |
|
|
December
26,
2015 |
|
| Goodwill
balance at beginning of year |
|
$ |
187,791 |
|
|
$ |
178,638 |
|
| Acquisitions |
|
|
38,061 |
|
|
|
11,908 |
|
| Finalization
of purchase price allocations and effect of foreign currency translation |
|
|
(1,299 |
) |
|
|
(2,755 |
) |
| Goodwill
balance at end of year |
|
$ |
224,553 |
|
|
$ |
187,791 |
|
Marketable
Securities
Management
determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as
of each balance sheet date.
All
of the Company’s marketable securities were considered available-for-sale at December 31, 2016. Available-for-sale securities
are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income (loss). At
December 31, 2016 and December 26, 2015, cumulative unrealized net losses of $27,350 and $16,321, respectively, were reported
in accumulated other comprehensive income, net of related taxes.
Investments
are reviewed periodically to determine if they have suffered an impairment of value that is considered other than temporary. If
investments are determined to be impaired, a loss is recognized at the date of determination.
Testing
for impairment of investments requires significant management judgment. The identification of potentially impaired investments,
the determination of their fair value and the assessment of whether any decline in value is other than temporary are the key judgment
elements. The discovery of new information and the passage of time can significantly change these judgments. Revisions of impairment
judgments are made when new information becomes known, and any resulting impairment adjustments are made at that time. The economic
environment and volatility of securities markets increase the difficulty of determining fair value and assessing investment impairment.
The
amortized cost of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts
to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization is included
in interest income from investments. Realized gains and losses, and credit declines in value judged to be other-than-temporary
are included in other income. The cost of securities sold is based on the specific identification method.
Investments
are discussed in detail in Note 3 of the Notes to Consolidated Financial Statements.
Income
Taxes
The
Company accounts for income taxes using the liability method in accordance with the FASB ASC 740 topic Income Taxes. The
liability method provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases
of assets and liabilities and their carrying amount for financial reporting purposes as measured based on the enacted tax rates
and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce
deferred tax assets to the amount that is believed more likely than not to be realized.
The
Company accounts for uncertainty in income taxes in accordance with the FASB ASC 740 topic Income Taxes. The
Company recognizes liabilities for tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether,
and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves not to be required, the reversal
of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are
no longer necessary. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, a further
charge to expense would result.
Income
taxes are discussed in detail in Note 6 of the Notes to Consolidated Financial Statements.
Revenue
Recognition
The
Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed
or determinable, and collection is probable. For the large majority of the Company’s sales, these criteria are met
once product has shipped and title and risk of loss have transferred to the customer. The Company recognizes revenue from
the sale of hardware products and software bundled with hardware that is essential to the functionality of the hardware in accordance
with general revenue recognition accounting guidance. The Company recognizes revenue in accordance with industry specific software
accounting guidance for standalone sales of software products and sales of software bundled with hardware not essential to the
functionality of the hardware. The Company generally does not offer specified or unspecified upgrade rights to its customers
in connection with software sales.
For
multiple-element arrangements that include tangible products that contain software essential to the tangible product’s functionality
and undelivered software elements that relate to the tangible product’s essential software, the Company allocates revenue
to all deliverables based on their relative selling prices. In such circumstances, the accounting principles establish a hierarchy
to determine the selling price to be used for allocating revenue to deliverables as follows: (i) vendor-specific objective
evidence of fair value (VSOE), (ii) third-party evidence of selling price (TPE), and (iii) best estimate of the selling
price (ESP). VSOE generally exists only when the Company sells the deliverable separately, on more than a limited basis,
at prices within a relatively narrow range. In addition to the products listed below, the Company has offered certain other
products including mobile applications, in-dash navigation solutions, aviation subscriptions and extended warranties that involve
multiple-element arrangements that are immaterial.
The
Company offers PNDs with lifetime map updates (LMUs) bundled in the original purchase price. LMUs enable customers to download
the latest map and point of interest information for the useful life of their PND. In addition, the Company offers PNDs
with traffic service bundled in the original purchase price. The Company has identified multiple deliverables contained
in arrangements involving the sale of PNDs which include the LMU and/or traffic service. The first deliverable is the hardware
along with the software essential to the functionality of the hardware device delivered at the time of sale. The remaining
deliverables are the LMU and/or traffic service. The Company has allocated revenue between these deliverables using the
relative selling price method. Amounts allocated to the delivered hardware and the related essential software are recognized
at the time of sale provided the other conditions for revenue recognition have been met. The revenue and associated cost
of royalties allocated to the LMU and/or the traffic service are deferred and recognized on a straight-line basis over the estimated
life of the products.
The
Company has determined sufficient VSOE does not exist for LMU or traffic, and that third party evidence of selling price is not
available as stand-alone and unbundled unit sales do not occur on more than a limited basis. Therefore, the Company uses
the royalty cost plus a normal margin as the primary indicator to calculate relative selling prices of the LMU and traffic elements.
For
multiple-element software arrangements that do not include a tangible product, the Company allocates revenue to the various elements
based on VSOE. When VSOE cannot be established for undelivered elements, all revenue is deferred until the earlier point at which
all elements of the arrangement are delivered or sufficient VSOE does exist, unless the only undelivered element is post-contract
customer support. If the only undelivered element is post-contract customer support, the entire arrangement consideration is recognized
ratably over the support period. The Company offers navigation software licenses to certain customers, bundled with map updates
to be provided periodically over the support period. The Company has determined sufficient VSOE of similar map updates does not
exist for certain arrangements, and therefore revenue from these transactions is recognized ratably over the contractual map update
period.
The
Company records revenue net of sales tax, trade discounts and customer returns. The Company records estimated reductions
to revenue for customer sales programs, returns and incentive offerings including rebates, price protection (product discounts
offered to retailers to assist in clearing older products from their inventories in advance of new product releases), promotions
and other volume-based incentives. The reductions to revenue are based on estimates and judgments using historical experience
and expectation of future conditions. Changes in these estimates could negatively affect the Company’s operating results.
These incentives are reviewed periodically and, with the exceptions of price protection and certain other promotions, accrued
for on a percentage of sales basis. If market conditions were to decline, the Company may take actions to increase
customer incentive offerings, possibly resulting in an incremental reduction of revenue at the time the incentive is offered.
Deferred
Revenues and Costs
At
December 31, 2016 and December 26, 2015, the Company had deferred revenues totaling $286,971 and $293,713, respectively, and related
deferred costs totaling $103,546 and $87,945, respectively.
The
deferred revenues and costs are recognized over their estimated economic lives, typically two to five years, on a straight-line
basis. In the next five years, the gross margin recognition of deferred revenue and cost for the currently deferred amounts is
estimated to be $99,169, $49,605, $23,027, $8,255, and $3,369, respectively.
Shipping
and Handling Costs
Shipping
and handling costs are included in cost of goods sold in the accompanying consolidated financial statements.
Product
Warranty
The
Company provides for estimated warranty costs at the time of sale. The Company’s standard warranty obligation to retail
partners generally provides for a right of return of any product for a full refund in the event that such product is not merchantable,
is damaged or defective. The Company’s historical experience is that these types of warranty obligations are generally
fulfilled within 5 months from time of sale. The Company’s standard warranty obligation to its end-users provides
for a period of one to two years from date of shipment while certain aviation products have a warranty period of two years from
the date of installation. The Company’s estimate of costs to service its warranty obligations are based on
historical experience and expectations of future conditions and are recorded as a liability on the balance sheet. To the
extent the Company experiences increased warranty claim activity or increased costs associated with servicing those claims, its
warranty accrual will increase, resulting in decreased gross profit. The following reconciliation provides an illustration of
changes in the aggregate warranty reserve:
| |
|
Fiscal
Year Ended |
|
| |
|
December
31, |
|
|
December
26, |
|
|
December
25, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| |
|
|
|
|
|
|
|
|
|
| Balance - beginning of period |
|
$ |
30,449 |
|
|
$ |
27,609 |
|
|
$ |
26,767 |
|
| Accrual for products
sold(1) |
|
|
61,578 |
|
|
|
44,620 |
|
|
|
44,423 |
|
| Expenditures |
|
|
(54,794 |
) |
|
|
(41,780 |
) |
|
|
(43,581 |
) |
| Balance - end
of period |
|
$ |
37,233 |
|
|
$ |
30,449 |
|
|
$ |
27,609 |
|
| |
(1) |
Changes in cost
estimates related to pre-existing warranties are aggregated with accruals for new warranty contracts in the ‘accrual
for products sold’ line. |
Sales
Programs
The
Company provides certain monthly and quarterly incentives for its dealers and distributors based on various factors including
dealer purchasing volume and growth. Additionally, from time to time, the Company provides rebates to end users on certain products.
Estimated rebates and incentives payable to dealers and distributors are regularly reviewed and recorded as accrued expenses on
a monthly basis. In addition, the Company provides dealers and distributors with product discounts to assist these customers in
clearing older products from their inventories in advance of new product releases. Each discount is tied to a specific product
and can be applied to all customers who have purchased the product, or a special discount may be agreed to on an individual customer
basis. These rebates, incentives, and discounts are recorded as reductions to net sales in the accompanying consolidated statements
of income in the period the Company has sold the product.
Advertising
Costs
The
Company expenses advertising costs as incurred. Advertising expense amounted to approximately $177,143, $167,166, and $146,633,
for the years ended December 31, 2016, December 26, 2015 and December 27, 2014, respectively.
Research
and Development
A
majority of the Company’s research and development is performed in the United States. Research and development costs, which
are expensed as incurred, amounted to approximately $467,960, $427,043, and $395,121, for the years ended December 31, 2016, December
26, 2015 and December 27, 2014, respectively.
Customer
Service and Technical Support
Customer
service and technical support costs are included as selling, general and administrative expenses in the accompanying consolidated
statements of income. Customer service and technical support costs include costs associated with performing order processing,
answering customer inquiries by telephone and through Web sites, e-mail and other electronic means, and providing free technical
support assistance to customers. The technical support is provided within one year after the associated revenue is recognized.
The related cost of providing this free support is not material.
Software
Development Costs
The
FASB ASC topic entitled Software requires companies to expense software development costs as they incur them until technological
feasibility has been established, at which time those costs are capitalized until the product is available for general release
to customers. Capitalized software development costs are not significant as the time elapsed from working model to release is
typically short. As required by the Research and Development topic of the FASB ASC, costs incurred to enhance our existing products
or after the general release of the service using the product are expensed in the period they are incurred and included in research
and development costs in the accompanying consolidated statements of income.
Accounting
for Stock-Based Compensation
The
Company currently sponsors four stock based employee compensation plans. The FASB ASC topic entitled Compensation – Stock
Compensation requires the measurement and recognition of compensation expenses for all share-based payment awards made to
employees and directors including employee stock options and restricted stock based on estimated fair values.
Accounting
guidance requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing
model. The value of the portion of the award that is ultimately expected to vest is recognized as stock-based compensation expense
over the requisite service period in the Company’s consolidated financial statements.
As
stock-based compensation expenses recognized in the accompanying consolidated statements of income are based on awards ultimately
expected to vest, they have been reduced for estimated forfeitures. Accounting guidance requires forfeitures to be estimated at
the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures
were estimated based on historical experience and management’s estimates.
Stock
compensation plans are discussed in detail in Note 9 of the Notes to Consolidated Financial Statements.
Recently
Issued Accounting Pronouncements
In
May 2014, the FASB issued Accounting Standards Update (“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. The Company does not intend to early adopt, and adoption will therefore
occur in the fiscal year ending December 28, 2018. |
| |
• |
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. |
| |
• |
ASU No. 2016-20,
Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (“ASU 2016-20”), which
affects narrow aspects of Topic 606 such as providing incremental guidance around contract costs. |
We
currently anticipate we will adopt the new revenue standards using the full retrospective method to restate each prior reporting
period presented. Our decision to adopt using the full retrospective method is dependent on the finalization of our analysis of
information necessary to restate prior period financial statements.
We
continue to make progress in evaluating all potential impacts of adopting the new revenue standards on the Company’s consolidated
financial statements, the materiality of which is not yet known. This evaluation includes monitoring the work of standard setters,
including any impacts from the recently issued amendments, and considering the interpretive efforts of non-authoritative groups.
Refer
to the discussion above regarding the Company’s current revenue recognition policies. Adoption of the new standards is expected
to affect the manner in which the Company determines the unit of account for certain products (i.e. performance obligations),
as well as the allocation of consideration (i.e. revenue) to certain obligations. We have completed our grouping of the Company’s
homogenous revenue streams and are continuing to specify and allocate consideration to the associated obligations.
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. The Company does not intend to early adopt ASU 2016-09, rather, adoption
will occur in the fiscal year ending December 30, 2017. ASU 2016-09 requires that tax effects from stock-based compensation be
recognized in the income tax provision, as these amounts are currently recognized in additional paid-in capital. The Company believes
this aspect of the standard may have a material effect on the income tax provision within the consolidated statements of income
in future periods. Furthermore, under ASU 2016-09, excess income tax benefits from stock-based compensation arrangements are classified
as a cash flow from operations, rather than as a cash flow from financing activities. The Company will apply both changes prospectively.
The Company is currently unable to reasonably estimate the impact of these changes due to the dependency of these items on the
underlying share price of the Company.
In
August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain
Cash Receipts and Cash Payments (“ASU 2016-15”), which adds or clarifies guidance on the classification of certain
cash receipts and payments in the statement of cash flows. The standard addresses eight specific cash flow issues with the objective
of reducing diversity in practice. ASU 2016-15 is effective for fiscal years, and interim periods within those years, beginning
after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard
on its consolidated financial statements.
In
January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition
of a Business (“ASU 2017-01”), which narrows the scope of Topic 805 by revising the definition of a business. When
substantially all of the fair value of gross assets acquired or disposed of is concentrated in a single asset (or group of similar
assets), the asset(s) would not represent a business in the context of Topic 805. ASU 2017-01 should be applied prospectively
and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is
permitted. The Company does not expect the adoption of the new provisions to have a material impact on its consolidated financial
statements.
In
January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangible – Goodwill and Other (Topic 350): Simplify
the Test for Goodwill Impairment (“ASU 2017-04”) which simplifies the accounting for goodwill impairment. ASU 2017-04
removes Step 2 of the goodwill impairment test, such that a goodwill impairment will now be the amount by which a reporting unit’s
carrying value exceeds its fair value. ASU 2017-04 should be applied prospectively and is effective for fiscal years, or any goodwill
impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed
after January 1, 2017. The Company does not expect the adoption of the new provisions to have a material impact on its consolidated
financial statements.
|
| X |
- References
+ Details
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| X |
- DefinitionThe entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity.
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Marketable Securities
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Marketable Securities |
3.
Marketable Securities
The
FASB ASC topic entitled Fair Value Measurements and Disclosures defines fair value as the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date
(exit price). The accounting guidance classifies the inputs used to measure fair value into the following hierarchy:
| Level 1 |
Unadjusted quoted prices
in active markets for identical assets or liability |
| |
|
| Level 2 |
Observable inputs for the asset or liability,
either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for
identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable
for the asset or liability |
| |
|
| Level 3 |
Unobservable inputs for the asset or liability |
The
Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified
in their entirety based on the lowest level of input that is significant to the fair value measurement. 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 fair value on a recurring basis are summarized below:
| |
|
Fair
Value Measurements as
of December 31, 2016 |
|
| |
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| U.S.
Treasury securities |
|
$ |
29,034 |
|
|
$ |
- |
|
|
$ |
29,034 |
|
|
$ |
- |
|
| Agency securities |
|
|
59,541 |
|
|
|
- |
|
|
|
59,541 |
|
|
|
- |
|
| Mortgage-backed
securities |
|
|
230,823 |
|
|
|
- |
|
|
|
230,823 |
|
|
|
- |
|
| Corporate securities |
|
|
893,725 |
|
|
|
- |
|
|
|
893,725 |
|
|
|
- |
|
| Municipal securities |
|
|
176,168 |
|
|
|
- |
|
|
|
176,168 |
|
|
|
- |
|
| Other |
|
|
90,946 |
|
|
|
- |
|
|
|
90,946 |
|
|
|
- |
|
| Total |
|
$ |
1,480,237 |
|
|
$ |
- |
|
|
$ |
1,480,237 |
|
|
$ |
- |
|
| |
|
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 December 31, 2016 |
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses- OTTI (1) |
|
|
Gross
Unrealized
Losses- Other (2) |
|
|
Fair
Value |
|
| U.S. Treasury
securities |
|
$ |
29,291 |
|
|
$ |
31 |
|
|
$ |
- |
|
|
$ |
(288 |
) |
|
$ |
29,034 |
|
| Agency securities |
|
|
60,513 |
|
|
|
19 |
|
|
|
- |
|
|
|
(991 |
) |
|
|
59,541 |
|
| Mortgage-backed securities |
|
|
236,354 |
|
|
|
41 |
|
|
|
- |
|
|
|
(5,572 |
) |
|
|
230,823 |
|
| Corporate securities |
|
|
914,028 |
|
|
|
252 |
|
|
|
- |
|
|
|
(20,555 |
) |
|
|
893,725 |
|
| Municipal securities |
|
|
178,804 |
|
|
|
224 |
|
|
|
- |
|
|
|
(2,859 |
) |
|
|
176,169 |
|
| Other |
|
|
90,934 |
|
|
|
20 |
|
|
|
- |
|
|
|
(9 |
) |
|
|
90,945 |
|
| Total |
|
$ |
1,509,924 |
|
|
$ |
587 |
|
|
$ |
- |
|
|
$ |
(30,274 |
) |
|
$ |
1,480,237 |
|
| |
|
Available-For-Sale
Securities as
of December 26, 2015 |
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses- OTTI(1) |
|
|
Gross
Unrealized
Losses- Other(2) |
|
|
Fair
Value |
|
| 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 targets low risk investments with the objective of minimizing the potential risk of principal
loss. The fair value of our securities varies from period to period due to changes in interest rates, in the performance of the
underlying collateral and in the credit performance of the underlying issuer, among other factors. The Company does not intend
to sell the securities that have an unrealized loss shown in the table above, and it is not more likely than not that the Company
will be required to sell a security before recovery of its amortized cost basis, 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 2016 and 2015, the Company did not record any material
impairment charges on its outstanding securities.
The
amortized cost and fair value of the securities at an unrealized loss position at December 31, 2016 were $1,283,018 and $1,252,744
respectively. Approximately 64.7% of securities in our portfolio were at an unrealized loss position at December 31, 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 December 31, 2016 and December 26, 2015.
| |
|
As
of December 31, 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 |
|
$ |
(288 |
) |
|
$ |
24,260 |
|
|
$ |
- |
|
|
$ |
- |
|
| Agency securities |
|
|
(991 |
) |
|
|
49,255 |
|
|
|
- |
|
|
|
- |
|
| Mortgage-backed securities |
|
|
(3,702 |
) |
|
|
159,665 |
|
|
|
(1,870 |
) |
|
|
64,645 |
|
| Corporate securities |
|
|
(18,856 |
) |
|
|
765,712 |
|
|
|
(1,699 |
) |
|
|
40,910 |
|
| Municipal securities |
|
|
(2,762 |
) |
|
|
130,994 |
|
|
|
(97 |
) |
|
|
6,326 |
|
| Other |
|
|
(3 |
) |
|
|
4,058 |
|
|
|
(6 |
) |
|
|
6,919 |
|
| Total |
|
$ |
(26,602 |
) |
|
$ |
1,133,944 |
|
|
$ |
(3,672 |
) |
|
$ |
118,800 |
|
| |
|
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 fair value of marketable securities at December 31, 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.
| |
|
Amortized
Cost |
|
|
Fair
Value |
|
| |
|
|
|
|
|
|
| Due in
one year or less |
|
$ |
267,115 |
|
|
$ |
266,952 |
|
| Due after one year
through five years |
|
|
979,546 |
|
|
|
963,898 |
|
| Due after five years
through ten years |
|
|
256,691 |
|
|
|
243,052 |
|
| Due
after ten years |
|
|
6,572 |
|
|
|
6,335 |
|
| |
|
$ |
1,509,924 |
|
|
$ |
1,480,237 |
|
|
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Commitments and Contingencies
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
4.
Commitments and Contingencies
Rental
expense related to office, equipment, warehouse space, and real estate amounted to $19,657, $18,104, and $19,559 for the years
ended December 31, 2016, December 26, 2015, and December 27, 2014, respectively. The Company recognizes rental expense on a straight-line
basis over the lease term.
Future
minimum lease payments are as follows:
| Year |
|
Amount |
|
| 2017 |
|
$ |
15,229 |
|
| 2018 |
|
|
12,760 |
|
| 2019 |
|
|
9,243 |
|
| 2020 |
|
|
7,897 |
|
| 2021 |
|
|
7,008 |
|
| Thereafter |
|
|
21,168 |
|
| Total |
|
$ |
73,305 |
|
Certain
cash balances of GEL and GC are held as collateral by banks securing payment of local value-added tax requirements. The
total amount of restricted cash balances were $113 and $259 at December 31, 2016 and December 26, 2015, respectively.
The
Company is party to certain commitments, which include purchases of raw materials, advertising expenditures, investments in certain
low income housing tax credit projects, and other indirect purchases in connection with conducting our business. The aggregate
amount of purchase orders and other commitments open as of December 31, 2016 was approximately $403,059. 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 fulfilled by our suppliers,
contract manufacturers, and logistics providers 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 year ended December 31, 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 year ended December 31, 2016 that did not individually or in the
aggregate have a material adverse impact on the Company’s financial condition or results of operations.
|
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Employee Benefit Plans
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Compensation and Retirement Disclosure [Abstract] |
|
| Employee Benefit Plans |
5.
Employee Benefit Plans
GII
and the Company’s other U.S.-based subsidiaries sponsor a defined contribution employee retirement plan under which their
employees may contribute up to 50% of their annual compensation subject to Internal Revenue Code maximum limitations and to which
the subsidiaries contribute a specified percentage of each participant’s annual compensation up to certain limits as defined
in the retirement plan. Additionally, GEL has a defined contribution plan under which its employees may contribute up to 7.5%
of their annual compensation. During the years ended December 31, 2016, December 26, 2015, and December 27, 2014, expense related
to these and other defined contribution plans of $40,844, $37,489, and $29,267, respectively, was charged to operations.
Certain
of the Company’s foreign subsidiaries participate in local defined benefit pension plans. Contributions are calculated by
formulas that consider final pensionable salaries. Neither obligations nor contributions for the years ended December 31, 2016,
December 26, 2015, and December 27, 2014 were significant.
|
| X |
- DefinitionThe entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.
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Income Taxes
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
6.
Income Taxes
The
Company’s income tax provision (benefit) consists of the following:
| |
|
Fiscal
Year Ended |
|
| |
|
December
31, |
|
|
December
26, |
|
|
December
27, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Federal: |
|
|
|
|
|
|
|
|
|
| Current |
|
$ |
66,627 |
|
|
$ |
49,138 |
|
|
$ |
(18,665 |
) |
| Deferred |
|
|
5,343 |
|
|
|
4,216 |
|
|
|
58,164 |
|
| |
|
$ |
71,970 |
|
|
$ |
53,354 |
|
|
$ |
39,499 |
|
| State: |
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
8,809 |
|
|
|
9,354 |
|
|
|
5,575 |
|
| Deferred |
|
|
(3,823 |
) |
|
|
(5,858 |
) |
|
|
4,368 |
|
| |
|
$ |
4,986 |
|
|
$ |
3,496 |
|
|
$ |
9,943 |
|
| Foreign: |
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
42,406 |
|
|
|
55,730 |
|
|
|
287,197 |
|
| Deferred |
|
|
(506 |
) |
|
|
(1,620 |
) |
|
|
22,895 |
|
| |
|
$ |
41,900 |
|
|
$ |
54,110 |
|
|
$ |
310,092 |
|
| Total |
|
$ |
118,856 |
|
|
$ |
110,960 |
|
|
$ |
359,534 |
|
The
income tax provision differs from the amount computed by applying the U.S. statutory federal income tax rate to income before
taxes. The sources and tax effects of the differences, including the impact of establishing tax contingency accruals, are as follows:
| |
|
Fiscal
Year Ended |
|
| |
|
December
31, |
|
|
December
26, |
|
|
December
27, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Federal
income tax expense at U.S. statutory rate |
|
$ |
220,385 |
|
|
$ |
198,516 |
|
|
$ |
253,260 |
|
| State income tax expense,
net of federal tax effect |
|
|
2,749 |
|
|
|
1,931 |
|
|
|
6,463 |
|
| Foreign tax rate differential |
|
|
(111,989 |
) |
|
|
(100,010 |
) |
|
|
(154,338 |
) |
| Taiwan tax holiday
benefit |
|
|
(2,032 |
) |
|
|
(3,488 |
) |
|
|
(3,147 |
) |
| Other foreign taxes
less incentives and credits |
|
|
(16,593 |
) |
|
|
(8,592 |
) |
|
|
5,947 |
|
| Withholding Tax |
|
|
17,447 |
|
|
|
16,969 |
|
|
|
21,039 |
|
| Intercompany Restructuring |
|
|
- |
|
|
|
- |
|
|
|
307,635 |
|
| Net Change in Uncertain
Tax Positions |
|
|
17,328 |
|
|
|
21,246 |
|
|
|
(67,231 |
) |
| Federal Domestic Production
Activities Deduction |
|
|
(5,528 |
) |
|
|
(4,589 |
) |
|
|
(3,606 |
) |
| Federal Research and
Development Credit |
|
|
(8,548 |
) |
|
|
(8,573 |
) |
|
|
(8,373 |
) |
| Other,
net |
|
|
5,637 |
|
|
|
(2,450 |
) |
|
|
1,885 |
|
| Income
tax expense |
|
$ |
118,856 |
|
|
$ |
110,960 |
|
|
$ |
359,534 |
|
In
the third quarter of 2014, the Company initiated an inter-company restructuring that realigned our corporate entity structure.
This change in corporate structure provides access to historical earnings that were previously permanently reinvested and allows
us to efficiently repatriate future earnings. As a result of the change in corporate structure, the Company recorded tax expense
of $307,635. Approximately $265,000 of this amount has been paid. The remainder of the accrued tax is expected to be paid incrementally
as the cash is repatriated.
The
holding company’s statutory federal income tax rate in Switzerland, the Company's place of incorporation since the Redomestication,
effective June 27, 2010, is 7.83%. If the Company reconciled taxes at the Swiss holding company federal statutory tax rate to
the reported income tax for 2016 as presented above, the amounts related to tax at the statutory rate would be $171,000 lower,
or $49,000, and the foreign tax rate differential would be adjusted by a similar amount to $55,000. For 2015, the amounts related
to tax at the statutory rate would be approximately $154,000 lower, or $44,000, and the foreign tax rate differential would be
adjusted by a similar amount to approximately $52,000. For 2014, the amount related to tax at the statutory rate would be approximately
$197,000 lower, or $57,000, and the foreign tax differential would be reduced by a similar amount to approximately $44,000. All
other amounts would remain substantially unchanged.
The
Company’s income before income taxes attributable to non-U.S. operations was $453,729, $403,242, and $546,790, for the years
ended December 31, 2016, December 26, 2015, and December 27, 2014, respectively. The Taiwan tax holiday benefits included in the
table above reflect $0.01, $0.02, and $0.02 per weighted-average common share outstanding for the years ended December 31, 2016,
December 26, 2015, and December 27, 2014, respectively. The Company currently expects to benefit from these Taiwan tax holidays
through 2017, at which time these tax benefits will likely expire.
Income
taxes of $22,139, $21,085, and $20,606 at December 31, 2016, December 26, 2015, and December 27, 2014, respectively, have not
been accrued by the Company for the unremitted earnings of several of its foreign subsidiaries because such earnings are intended
to be reinvested in the subsidiaries indefinitely.
Deferred
income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets
and liabilities are as follows:
| |
|
December
31, |
|
|
December
26, |
|
| |
|
2016 |
|
|
2015 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Product
warranty accruals |
|
$ |
2,768 |
|
|
$ |
2,990 |
|
| Allowance
for doubtful accounts |
|
|
10,100 |
|
|
|
10,323 |
|
| Inventory
reserves |
|
|
8,953 |
|
|
|
10,904 |
|
| Sales
program allowances |
|
|
1,397 |
|
|
|
1,783 |
|
| Reserve
for sales returns |
|
|
2,196 |
|
|
|
1,457 |
|
| Other
accruals |
|
|
13,548 |
|
|
|
10,799 |
|
| Share
based compensation |
|
|
29,632 |
|
|
|
35,360 |
|
| Tax
credit carryforwards |
|
|
5,012 |
|
|
|
3,906 |
|
| Amortization |
|
|
15,368 |
|
|
|
20,005 |
|
| Deferred
Revenue |
|
|
32,487 |
|
|
|
32,809 |
|
| Net
operating losses of subsidiaries |
|
|
5,403 |
|
|
|
5,228 |
|
| Unrealized
investment gain, net |
|
|
5 |
|
|
|
- |
|
| Benefit
related to uncertain tax positions |
|
|
7,542 |
|
|
|
5,546 |
|
| Other |
|
|
4,000 |
|
|
|
4,106 |
|
| Valuation
allowance related to loss carryforward and tax credits |
|
|
(4,622 |
) |
|
|
(2,781 |
) |
| |
|
$ |
133,789 |
|
|
$ |
142,435 |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Depreciation |
|
|
17,854 |
|
|
|
18,029 |
|
| Prepaid
Expenses |
|
|
2,876 |
|
|
|
2,821 |
|
| Book
basis in excess of tax basis for acquired entities |
|
|
3,865 |
|
|
|
1,307 |
|
| Unrealized
investment loss, net |
|
|
- |
|
|
|
3,198 |
|
| Withholding
tax |
|
|
58,597 |
|
|
|
54,865 |
|
| Other |
|
|
1,523 |
|
|
|
1,907 |
|
| |
|
|
84,715 |
|
|
|
82,127 |
|
| Net
deferred tax assets |
|
$ |
49,074 |
|
|
$ |
60,308 |
|
Included
in the share based compensation deferred tax asset of $29,632 are stock options that will begin to expire over the next several
years. Given the exercise price of the options expiring over the next 12 months compared to the current market price it is possible
that these options will expire unexercised, resulting in a potential increase to income tax expense.
At
December 31, 2016, the Company had $5,012 of tax credit carryover compared to $3,906 at December 26, 2015.
At
December 31, 2016, the Company had a deferred tax asset of $5,403 related to the future tax benefit on net operating loss (NOL)
carryforwards of $35,843. Included in the NOL carryforwards is $22,968 that relates to Switzerland and expires in 2023, $1,462
that relates to Finland and expires in varying amounts between 2025 and 2026, $1,991 that relates to the United States and expires
in varying amounts between 2035 and 2036, and $9,422 that relates to various other jurisdictions and has no expiration date. The
Company has recorded a valuation allowance for a portion of its deferred tax asset relating to various tax attributes that it
does not believe are more likely than not to be realized. In the future, if the Company determines, based on existence of sufficient
evidence, that it should realize more or less of its deferred tax assets, an adjustment to the valuation allowance will be made
in the period such a determination is made.
The
total amount of gross unrecognized tax benefits as of December 31, 2016 was $115,090. A reconciliation of the beginning and ending
amount of gross unrecognized tax benefits for years ended December 31, 2016, December 26, 2015, and December 27, 2014 is as follows:
| |
|
December
31, |
|
|
December
26, |
|
|
December
27, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Balance
beginning of year |
|
$ |
97,904 |
|
|
$ |
77,495 |
|
|
$ |
133,015 |
|
| Additions
based on tax positions related to prior years |
|
|
489 |
|
|
|
89 |
|
|
|
2,889 |
|
| Reductions
based on tax positions related to prior years |
|
|
(940 |
) |
|
|
(1,671 |
) |
|
|
(60,967 |
) |
| Additions
based on tax positions related to current period |
|
|
28,859 |
|
|
|
29,019 |
|
|
|
39,115 |
|
| Reductions
related to settlements with tax authorities |
|
|
(134 |
) |
|
|
(364 |
) |
|
|
(401 |
) |
| Expiration
of statute of limitations |
|
|
(11,088 |
) |
|
|
(6,664 |
) |
|
|
(36,156 |
) |
| Balance
at end of year |
|
$ |
115,090 |
|
|
$ |
97,904 |
|
|
$ |
77,495 |
|
Accounting
guidance requires unrecognized tax benefits to be classified as non-current liabilities, except for the portion that is expected
to be paid within one year of the balance sheet date. The entire balance of net unrecognized benefits of $109,667, $93,654 and
$74,205 are required to be classified as non-current at December 31, 2016, December 26, 2015, and December 27, 2014, respectively.
The net unrecognized tax benefits, if recognized, would reduce the effective tax rate. None of the unrecognized tax benefits are
due to uncertainty in the timing of deductibility.
Interest
and penalties, if any, accrued on the unrecognized tax benefits are reflected in income tax expense. At December 31, 2016, December
26, 2015, and December 27, 2014, the Company had accrued approximately $3,901, $2,479, and $2,159, respectively, for interest.
The interest component of the reserve increased (decreased) income tax expense for the years ending December 31, 2016, December
26, 2015, and December 27, 2014, by $1,422, $320, and ($2,953), respectively. The Company had no amounts accrued for penalties
as the nature of the unrecognized tax benefits, if recognized, would not warrant the imposition of penalties.
The
Company files income tax returns in Switzerland and U.S. federal jurisdictions, as well as various state, local and foreign jurisdictions.
With few exceptions, the Company is no longer subject to U.S. federal, state, or local tax examinations by tax authorities for
years 2012 and prior. The Company is no longer subject to Taiwan income tax examinations by tax authorities for years 2010 and
prior. The Company is no longer subject to United Kingdom tax examinations by tax authorities for years 2013 and prior. The Company
is no longer subject to Switzerland tax examinations by tax authorities for years 2011 and prior.
The
Company recognized a reduction of income tax expense of $11,151, $6,971, and $83,006 in fiscal years ended December 31, 2016,
December 26, 2015, and December 27, 2014, respectively, to reflect the expiration of statutes of limitations and releases due
to audit settlement in various jurisdictions.
The
Company believes that it is reasonably possible that approximately $15,000 to $20,000 of its reserves for certain unrecognized
tax benefits will decrease within the next 12 months as the result of the expiration of statutes of limitations. This potential
decrease in unrecognized tax benefits would impact the Company’s effective tax rate within the next 12 months.
|
| X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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| Period Type: |
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|
Fair Value of Financial Instruments
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value of Financial Instruments |
7.
Fair Value of Financial Instruments
As
required by the Financial Instruments topic of the FASB ASC, the following summarizes required information about the fair
value of certain financial instruments for which it is currently practicable to estimate such value. None of the financial instruments
are held or issued for trading purposes. The carrying amounts and fair values of the Company’s financial instruments are
as follows:
| |
|
December
31, 2016 |
|
|
December
26, 2015 |
|
| |
|
Carrying |
|
|
Fair |
|
|
Carrying |
|
|
Fair |
|
| |
|
Amount |
|
|
Value |
|
|
Amount |
|
|
Value |
|
| Cash and
cash equivalents |
|
$ |
846,883 |
|
|
$ |
846,883 |
|
|
$ |
833,070 |
|
|
$ |
833,070 |
|
| Restricted cash |
|
|
113 |
|
|
|
113 |
|
|
|
259 |
|
|
|
259 |
|
| Marketable securities |
|
|
1,480,237 |
|
|
|
1,480,237 |
|
|
|
1,558,548 |
|
|
|
1,558,548 |
|
For
certain of the Company’s financial instruments, including accounts receivable, loan receivable, accounts payable and other
accrued liabilities, the carrying amounts approximate fair value due to their short maturities.
|
| X |
- References
+ Details
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| X |
- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258
Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13537-108611
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13504-108611
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
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Segment Information
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Information |
8.
Segment Information
The
Company has identified five reportable segments for external reporting purposes – auto, aviation, marine, outdoor and fitness.
There are two operating segments (auto PND and auto OEM) that are not reported separately but aggregated within the auto reportable
segment. Each operating segment is individually reviewed and evaluated by the Chief Operating Decision Maker (CODM), who allocates
resources and assesses performance of each segment individually.
All
of the Company’s reportable segments offer products through the Company’s network of independent dealers and distributors
as well as through OEMs. However, the nature of products and types of customers for the five reportable segments vary. The Company’s
marine, auto, outdoor, and fitness segments include portable global positioning system (GPS) receivers and accessories sold primarily
to retail outlets. These products are produced primarily by the Company’s subsidiary in Taiwan. The Company’s aviation
products are portable and panel mount avionics for Visual Flight Rules and Instrument Flight Rules navigation and are sold primarily
to aviation dealers and certain aircraft manufacturers.
The
Company’s Chief Executive Officer has been identified as the CODM. In 2015, the measure of segment profit or loss used by
the CODM to assess segment performance and allocate resources changed from income before income taxes to operating income. This
change did not impact the measurement methods used to determine reported segment profit or loss in all years presented. Operating
income represents net sales less costs of goods sold and operating expenses, including certain allocated general and administrative
costs. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting
policies. There are no inter-segment sales or transfers.
The
Company’s reportable segments share many common resources, infrastructures and assets in the normal course of business.
Thus, the Company does not report accounts receivable, inventories, property and equipment, intangible assets, or capital expenditures
by segment to the CODM.
Revenues,
gross profit, and operating income for each of the Company’s reportable segments are presented below. 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 52-weeks ended December 26, 2015 and December 27, 2014 have been recast to conform to
the current year presentation.
| |
|
Reportable
Segments |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Outdoor |
|
|
Fitness |
|
|
Marine |
|
|
Auto |
|
|
Aviation |
|
|
Total |
|
| 53-Weeks Ended
December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
|
$ |
546,326 |
|
|
$ |
818,486 |
|
|
$ |
331,947 |
|
|
$ |
882,558 |
|
|
$ |
439,348 |
|
|
$ |
3,018,665 |
|
| Gross profit |
|
|
340,504 |
|
|
|
437,205 |
|
|
|
183,709 |
|
|
|
388,747 |
|
|
|
329,405 |
|
|
|
1,679,570 |
|
| Operating income |
|
|
184,035 |
|
|
|
160,596 |
|
|
|
52,167 |
|
|
|
102,347 |
|
|
|
124,764 |
|
|
|
623,909 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 52-Weeks
Ended December 26, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
411,184 |
|
|
$ |
661,599 |
|
|
$ |
286,778 |
|
|
$ |
1,062,091 |
|
|
$ |
398,618 |
|
|
$ |
2,820,270 |
|
| Gross profit |
|
|
254,878 |
|
|
|
366,139 |
|
|
|
158,493 |
|
|
|
464,480 |
|
|
|
294,714 |
|
|
|
1,538,704 |
|
| Operating income |
|
|
139,070 |
|
|
|
134,574 |
|
|
|
28,611 |
|
|
|
136,069 |
|
|
|
111,257 |
|
|
|
549,581 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 52-Weeks
Ended December 27, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
409,847 |
|
|
$ |
568,440 |
|
|
$ |
248,371 |
|
|
$ |
1,258,085 |
|
|
$ |
385,915 |
|
|
$ |
2,870,658 |
|
| Gross profit |
|
|
266,659 |
|
|
|
358,287 |
|
|
|
129,710 |
|
|
|
569,343 |
|
|
|
280,413 |
|
|
|
1,604,412 |
|
| Operating income |
|
|
156,059 |
|
|
|
190,682 |
|
|
|
26,232 |
|
|
|
210,675 |
|
|
|
106,978 |
|
|
|
690,626 |
|
Net
sales, long-lived assets (property and equipment), and net assets by geographic area are as shown below for the years ended December
31, 2016, December 26, 2015, and December 27, 2014. Note that APAC refers to the Asia Pacific region, and EMEA includes Europe,
the Middle East and Africa.
| |
|
Americas |
|
|
APAC |
|
|
EMEA |
|
|
Total |
|
| December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales
to external customers (1) |
|
$ |
1,518,934 |
|
|
$ |
386,549 |
|
|
$ |
1,113,182 |
|
|
$ |
3,018,665 |
|
| Property and equipment,
net |
|
|
300,158 |
|
|
|
144,470 |
|
|
|
38,250 |
|
|
|
482,878 |
|
| Net assets (2) |
|
|
2,153,161 |
|
|
|
933,999 |
|
|
|
330,843 |
|
|
|
3,418,003 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 26, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external
customers (1) |
|
$ |
1,469,243 |
|
|
$ |
337,888 |
|
|
$ |
1,013,139 |
|
|
$ |
2,820,270 |
|
| Property and equipment,
net |
|
|
294,234 |
|
|
|
111,700 |
|
|
|
40,154 |
|
|
|
446,089 |
|
| Net assets (2) |
|
|
2,110,108 |
|
|
|
921,410 |
|
|
|
313,608 |
|
|
|
3,345,126 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 27, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external
customers (1) |
|
$ |
1,538,322 |
|
|
$ |
278,092 |
|
|
$ |
1,054,244 |
|
|
$ |
2,870,658 |
|
| Property and equipment,
net |
|
|
269,858 |
|
|
|
111,464 |
|
|
|
49,565 |
|
|
|
430,887 |
|
| Net assets (2) |
|
|
2,142,624 |
|
|
|
939,852 |
|
|
|
320,891 |
|
|
|
3,403,367 |
|
(1)
The U.S. is the only country which constitutes greater than 10% of net sales to external customers.
(2)
Americas and APAC net assets are primarily held in the United States and Taiwan, respectively.
|
| X |
- References
+ Details
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| X |
- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
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Stock Compensation Plans
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Stock Compensation Plans |
9.
Stock Compensation Plans
Accounting
for Stock-Based Compensation
The
various Company stock compensation plans are summarized below. For all stock compensation plans, the company’s policy is
to issue treasury shares for option/stock appreciation right (SAR) exercises, restricted stock unit (RSU) releases and employee
stock purchase plan (ESPP) purchases.
2011
Non-employee Directors’ Equity Incentive Plan
In
June 2011, the stockholders adopted an equity incentive plan for non-employee directors (the “2011 Directors Plan”)
providing for grants of stock options, SARs, RSUs and/or performance shares, pursuant to which up to 122,592 shares were available
for issuance. The term of each award cannot exceed ten years. Awards may vest over a minimum two-year period. In 2016, 2015, and
2014, 12,984, 12,008, and 7,120 RSUs were granted under this plan.
2005
Equity Incentive Plan
In
June 2005, the shareholders adopted an equity incentive plan (the “2005 Plan”) providing for grants of incentive and
nonqualified stock options, SARs, RSUs and/or performance shares to employees of the Company and its subsidiaries, pursuant to
which up to 10,000,000 common shares were available for issuance. In 2013, the shareholders approved an additional 3,000,000 shares
to the plan, making the total shares authorized under the plan 13,000,000. Option and SAR grants vest evenly over a period of
five years or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from
the date of grant, if not exercised. RSUs granted prior to December 10, 2012 vested or are vesting evenly over a period of five
years, while RSUs granted on and after that date vested or are vesting evenly over a period of three years. In addition to time-based
vesting requirements, the vesting of certain RSU grants is also contingent upon the Company’s achievement of certain financial
performance goals. During 2016, 2015, and 2014, 1,228,427, 1,171,905, and 425,347 RSUs were granted under the 2005 Plan. No SARs
were granted under the 2005 Plan in 2016 and 2015. During 2014, 47,095 SARs were granted under the 2005 plan.
2000
Equity Incentive Plan
In
October 2000, the shareholders adopted an equity incentive plan (the “2000 Plan”) providing for grants of incentive
and nonqualified stock options, SARs, RSUs and/or performance shares to employees of the Company and its subsidiaries, pursuant
to which up to 7,000,000 common shares were available for issuance. The stock options and SARs vest evenly over a period of five
years or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the
date of grant, if not exercised. The Company did not grant any stock awards from the 2000 Plan in 2016, 2015, or 2014.
2000
Non-employee Directors’ Option Plan
Also
in October 2000, the stockholders adopted a stock option plan for non-employee directors (the “2000 Directors Plan”)
providing for grants of options for up to 100,000 common shares. In 2009, the stockholders approved an additional 150,000 shares
to the plan, making the total shares authorized under the plan 250,000. The term of each award is ten years. All awards vest evenly
over a three-year period. Following the June 2011 approval of the 2011 Directors Plan, the Company will no longer issue options
to purchase shares under this plan.
Stock-Based
Compensation Activity
A
summary of the Company’s stock-based compensation activity and related information under the 2011 Directors Plan, the 2005
Plan, the 2000 Plan and the 2000 Directors Plan for the years ended December 31, 2016, December 26, 2015 and December 27, 2014
is provided below:
| |
|
Stock
Options and SARs |
|
| |
|
Weighted-Average |
|
|
|
|
| |
|
Exercise
Price |
|
|
Number
of Shares |
|
| |
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
| Outstanding
at December 28, 2013 |
|
$ |
58.44 |
|
|
|
6,239 |
|
| Granted |
|
$ |
52.44 |
|
|
|
47 |
|
| Exercised |
|
$ |
40.60 |
|
|
|
(1,430 |
) |
| Forfeited/Expired |
|
$ |
80.49 |
|
|
|
(125 |
) |
| Outstanding at December
27, 2014 |
|
$ |
63.19 |
|
|
|
4,731 |
|
| Granted |
|
|
|
|
|
|
0 |
|
| Exercised |
|
$ |
29.15 |
|
|
|
(474 |
) |
| Forfeited/Expired |
|
$ |
70.58 |
|
|
|
(196 |
) |
| Outstanding at December
26, 2015 |
|
$ |
66.80 |
|
|
|
4,061 |
|
| Granted |
|
|
|
|
|
|
0 |
|
| Exercised |
|
$ |
50.77 |
|
|
|
(716 |
) |
| Forfeited/Expired |
|
$ |
51.12 |
|
|
|
(608 |
) |
| Outstanding
at December 31, 2016 |
|
$ |
74.48 |
|
|
|
2,737 |
|
| Exercisable
at December 31, 2016 |
|
$ |
74.97 |
|
|
|
2,684 |
|
| Expected
to vest after December 31, 2016 |
|
$ |
49.69 |
|
|
|
53 |
|
| Stock
Options and SARs as of December 31, 2016 |
| Exercise |
|
Awards |
|
|
Remaining |
|
|
Awards |
|
| Price |
|
Outstanding |
|
|
Life
(Years) |
|
|
Exercisable |
|
| |
|
(In
Thousands) |
|
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| $18.00
- $40.00 |
|
|
49 |
|
|
|
4.14 |
|
|
|
49 |
|
| $40.01 - $60.00 |
|
|
758 |
|
|
|
2.35 |
|
|
|
705 |
|
| $60.01 - $80.00 |
|
|
940 |
|
|
|
0.43 |
|
|
|
940 |
|
| $80.01 - $100.00 |
|
|
3 |
|
|
|
0.94 |
|
|
|
3 |
|
| $100.01 - $120.00 |
|
|
985 |
|
|
|
0.92 |
|
|
|
985 |
|
| $120.01
- $140.00 |
|
|
2 |
|
|
|
0.74 |
|
|
|
2 |
|
| |
|
|
2,737 |
|
|
|
1.21 |
|
|
|
2,684 |
|
| |
|
Restricted
Stock Units |
|
| |
|
Weighted-Average |
|
|
|
|
| |
|
Grant
Date Fair Value |
|
|
Number
of Shares |
|
| |
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
| Outstanding
at December 28, 2013 |
|
$ |
37.36 |
|
|
|
1,225 |
|
| Granted |
|
$ |
48.73 |
|
|
|
432 |
|
| Released/Vested |
|
$ |
36.00 |
|
|
|
(522 |
) |
| Cancelled |
|
$ |
37.02 |
|
|
|
(47 |
) |
| Outstanding at December
27, 2014 |
|
$ |
42.55 |
|
|
|
1,088 |
|
| Granted |
|
$ |
37.07 |
|
|
|
1,184 |
|
| Released/Vested |
|
$ |
40.18 |
|
|
|
(562 |
) |
| Cancelled |
|
$ |
42.02 |
|
|
|
(53 |
) |
| Outstanding at December
26, 2015 |
|
$ |
39.45 |
|
|
|
1,657 |
|
| Granted |
|
$ |
40.59 |
|
|
|
1,241 |
|
| Released/Vested |
|
$ |
38.96 |
|
|
|
(565 |
) |
| Cancelled |
|
$ |
44.57 |
|
|
|
(509 |
) |
| Outstanding
at December 31, 2016 |
|
$ |
38.94 |
|
|
|
1,824 |
|
The
weighted-average remaining contract life for stock options and SARs outstanding and exercisable at December 31, 2016 was 1.21
and 1.09 years, respectively. The weighted-average remaining contract life of restricted stock units at December 31, 2016 was
1.47 years.
The
fair value of awards is determined at the date of grant using a Black-Scholes option pricing model. The fair value of RSUs is
calculated using the closing price of the Company’s common stock on the date of grant, reduced by the present value of estimated
dividends over the vesting period, which are not accrued. The fair value of stock options and SARs was calculated with the following
weighted-average assumptions for 2014. No options or SARs were granted in 2016 or 2015.
| |
|
2014 |
|
| Weighted average grant date
fair value of options granted |
|
$ |
12.42 |
|
| Expected volatility |
|
|
0.3342 |
|
| Dividend yield |
|
|
3.57 |
% |
| Expected life of options
in years |
|
|
6.8 |
|
| Risk-free interest
rate |
|
|
1.9 |
% |
The
Black-Scholes option valuation model was developed for use in estimating the fair value of traded options and SARs which have
no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective
assumptions, including the expected stock price volatility.
The
total fair value of awards vested during 2016, 2015, and 2014 was $22,429, $23,351, and $19,127, respectively. The aggregate intrinsic
values of options and SARs outstanding and exercisable at December 31, 2016 were $942 and $884, respectively. The aggregate intrinsic
values of options and SARs exercised during 2016, 2015, and 2014 were $1,632, $3,714, and $18,885, respectively. The aggregate
intrinsic value of RSUs outstanding at December 31, 2016 was $88,449. The aggregate intrinsic values of RSUs released during 2016,
2015, and 2014 were $27,386, $20,787, and $28,119, respectively. Aggregate intrinsic value of options and SARs represents the
applicable number of awards multiplied by the positive difference between the exercise price and the Company’s closing stock
price on the last trading day of the relevant fiscal period. Aggregate intrinsic value of RSUs represents the applicable number
of awards multiplied by the Company’s closing stock price on the last trading day of the relevant fiscal period. The Company’s
closing stock price was $48.49 on December 31, 2016. As of December 31, 2016, there was $55,802 of total unrecognized compensation
cost related to unvested share-based compensation awards granted to employees under the stock compensation plans. That cost is
expected to be recognized over the weighted average remaining vesting period.
Employee
Stock Purchase Plan
The
shareholders also adopted an ESPP. Up to 6,000,000 shares of common stock have been reserved for the ESPP with shareholders approving
an additional 2,000,000 shares in June 2015. Shares will be offered to employees at a price equal to the lesser of 85% of the
fair market value of the stock on the date of purchase or 85% of the fair market value on the first day of the ESPP period. The
ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. During
2016, 2015, and 2014, 541,018, 488,753, and 349,982 shares, respectively were purchased under the plan for a total purchase price
of $18,157, $16,789, and $14,634, respectively. During 2016, 2015, and 2014, the purchases were issued from treasury shares. At
December 31, 2016, approximately 1,459,610 shares were available for future issuance.
|
| X |
- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14)
-URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809
Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-SubTopic 10
-Section 50
-Paragraph 2
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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|
Earnings Per Share
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Earnings Per Share [Abstract] |
|
| Earnings Per Share |
10.
Earnings Per Share
The
following table sets forth the computation of basic and diluted net income per share:
| |
|
Fiscal
Year Ended |
|
| (In thousands, except
per share information) |
|
December
31, |
|
|
December
26, |
|
|
December
27, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Numerator: |
|
|
|
|
|
|
|
|
|
| Numerator
for basic and diluted net income per share - net income |
|
$ |
510,814 |
|
|
$ |
456,227 |
|
|
$ |
364,211 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator
for basic net income per share – weighted-average common shares |
|
|
188,818 |
|
|
|
190,631 |
|
|
|
193,106 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Effect
of dilutive securities – employee stock options and stock appreciation rights |
|
|
525 |
|
|
|
476 |
|
|
|
1,059 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator
for diluted net income per share – adjusted weighted-average common shares |
|
|
189,343 |
|
|
|
191,107 |
|
|
|
194,165 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic net income
per share |
|
$ |
2.71 |
|
|
$ |
2.39 |
|
|
$ |
1.89 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted net income
per share |
|
$ |
2.70 |
|
|
$ |
2.39 |
|
|
$ |
1.88 |
|
There
were 3,547,738, 4,086,983, and 2,240,005 outstanding stock options, stock appreciation rights and restricted stock units (collectively
“equity awards”) excluded from the computation of diluted earnings per share for the fiscal years of 2016, 2015, and
2014, respectively, because the effect would have been anti-dilutive.
|
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| X |
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 3
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-Paragraph 1
-Subparagraph (a)
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=65016374&loc=d3e4984-109258
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-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
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|
Share Repurchase Plan
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Equity [Abstract] |
|
| Share Repurchase Plan |
11.
Share Repurchase Plan
On
February 13, 2015, the Board of Directors approved a share repurchase program authorizing the Company to purchase up to $300,000
of its common shares through December 31, 2016. In December 2016, the Board of Directors authorized an extension through December
31, 2017 to purchase remaining common shares. Under the plan, the Company repurchased 3,148,901 shares using cash of $131,413
in fiscal 2015 and 2,152,716 shares using cash of $93,233 in fiscal 2016.
On
February 15, 2013, the Board of Directors approved a share repurchase program authorizing the Company to purchase up to $300,000
of its common shares through December 31, 2014. Under the plan, the Company repurchased 4,369,360 shares using cash of $241,578
in fiscal 2014.
|
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|
Accumulated Other Comprehensive Income
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Accumulated Other Comprehensive Income |
12.
Accumulated Other Comprehensive Income
The
following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the
year ended December 31, 2016:
| |
|
Foreign
Currency
Translation
Adjustment |
|
|
Gross
unrealized
losses on available-
for-sale securities-
OTTI (1) |
|
|
Net
unrealized
gains(losses) on
available-for-sale
securities-Other(2) |
|
|
Total |
|
| Balance - beginning of period |
|
$ |
(14,107 |
) |
|
$ |
(5,277 |
) |
|
$ |
(11,044 |
) |
|
$ |
(30,428 |
) |
| Other
comprehensive income before reclassification |
|
|
4,696 |
|
|
|
5,277 |
|
|
|
(15,188 |
) |
|
|
(5,215 |
) |
| Amounts
reclassified from accumulated other comprehensive income |
|
|
- |
|
|
|
- |
|
|
|
(1,118 |
) |
|
|
(1,118 |
) |
| Net
current-period other comprehensive income |
|
|
4,696 |
|
|
|
5,277 |
|
|
|
(16,306 |
) |
|
|
(6,333 |
) |
| Balance - end of
period |
|
$ |
(9,411 |
) |
|
$ |
- |
|
|
$ |
(27,350 |
) |
|
$ |
(36,761 |
) |
(1)
Represents the change in impairment, not related to credit, for those investment securities that have been determined to be other-than-temporarily
impaired.
(2)
Represents the change in unrealized gains (losses) on investment securities that have not been determined to be other-than-temporarily
impaired.
The
following provides required disclosure of reporting reclassifications out of AOCI for the year ended December 31, 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 |
|
$ |
822 |
|
|
Other income
(expense) |
| |
|
|
296 |
|
|
Income
tax provision |
| |
|
$ |
1,118 |
|
|
Net of tax |
|
| X |
- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
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-Paragraph 1A
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-Topic 220
-SubTopic 10
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-Paragraph 17
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770
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-Paragraph 11
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-Paragraph 14
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-Glossary Reclassification Adjustments
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|
Selected Quarterly Information (Unaudited)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Quarterly Financial Information Disclosure [Abstract] |
|
| Selected Quarterly Information (Unaudited) |
13.
Selected Quarterly Information (Unaudited)
| |
|
53-Weeks
Ended December 31, 2016 |
|
| |
|
Quarter
Ending |
|
| |
|
March
26 |
|
|
June
25 |
|
|
September
24 |
|
|
December
31 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
624,040 |
|
|
$ |
811,609 |
|
|
$ |
722,250 |
|
|
$ |
860,767 |
|
| Gross profit |
|
|
339,850 |
|
|
|
462,958 |
|
|
|
405,980 |
|
|
|
470,782 |
|
| Net income |
|
|
88,092 |
|
|
|
161,064 |
|
|
|
125,054 |
|
|
|
136,605 |
|
| Basic net income per share |
|
$ |
0.46 |
|
|
$ |
0.85 |
|
|
$ |
0.66 |
|
|
$ |
0.73 |
|
| |
|
52-Weeks
Ended December 26, 2015 |
|
| |
|
Quarter
Ending |
|
| |
|
March
28 |
|
|
June
27 |
|
|
September
26 |
|
|
December
26 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
585,394 |
|
|
$ |
773,830 |
|
|
$ |
679,690 |
|
|
$ |
781,358 |
|
| Gross profit |
|
|
344,122 |
|
|
|
419,250 |
|
|
|
362,190 |
|
|
|
413,143 |
|
| Net income |
|
|
66,793 |
|
|
|
137,753 |
|
|
|
119,299 |
|
|
|
132,383 |
|
| Basic net income per share |
|
$ |
0.35 |
|
|
$ |
0.72 |
|
|
$ |
0.63 |
|
|
$ |
0.70 |
|
The
above quarterly financial data is unaudited, but in the opinion of management, all adjustments necessary for a fair presentation
of the selected data for these interim periods presented have been included. These results are not necessarily indicative of future
quarterly results (the table may not foot due to rounding).
|
| X |
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
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-Paragraph 2
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-Name Accounting Standards Codification
-Topic 270
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-Paragraph 13
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-Paragraph 12
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Subsequent Events
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
14.
Subsequent Events
As
a result of Switzerland corporate tax reform failing to pass on February 12, 2017, coupled with potential tax risk from evolving
global tax initiatives, the Company has elected on February 20, 2017 to adjust certain Switzerland tax positions. The Company
expects this election to result in an estimated 300 basis points increase to the fiscal year 2017 effective tax rate compared
to fiscal year 2016. In addition, the Company expects to revalue certain Switzerland deferred tax assets as a result of this election,
for which the Company anticipates recording approximately $150 million of income tax benefit in the first quarter of 2017.
|
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|
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Valuation and Qualifying Accounts [Abstract] |
|
| SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS |
SCHEDULE
II - VALUATION AND QUALIFYING ACCOUNTS
Garmin
Ltd. and Subsidiaries
(In
thousands)
| |
|
|
|
|
Additions |
|
|
|
|
|
|
|
| |
|
Balance
at |
|
|
Charged
to |
|
|
Charged
to |
|
|
|
|
|
Balance
at |
|
| |
|
Beginning
of |
|
|
Costs
and |
|
|
Other |
|
|
|
|
|
End
of |
|
| Description |
|
Period |
|
|
Expenses |
|
|
Accounts |
|
|
Deductions |
|
|
Period |
|
| Year Ended December 31, 2016: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deducted from asset accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for doubtful accounts |
|
$ |
13,805 |
|
|
$ |
4,137 |
|
|
|
- |
|
|
$ |
(3,273 |
) |
|
$ |
14,669 |
|
| Inventory reserve |
|
|
46,071 |
|
|
|
26,458 |
|
|
|
- |
|
|
|
(32,077 |
) |
|
|
40,452 |
|
| Valuation allowance - Deferred Tax Asset |
|
|
2,781 |
|
|
|
1,966 |
|
|
|
- |
|
|
|
(125 |
) |
|
|
4,622 |
|
| Total |
|
$ |
62,657 |
|
|
$ |
32,561 |
|
|
|
- |
|
|
$ |
(35,475 |
) |
|
$ |
59,743 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year Ended December 26, 2015: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deducted from asset accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for doubtful accounts |
|
$ |
18,330 |
|
|
$ |
(2,521 |
) |
|
|
- |
|
|
$ |
(2,004 |
) |
|
$ |
13,805 |
|
| Inventory reserve |
|
|
37,135 |
|
|
|
23,257 |
|
|
|
- |
|
|
|
(14,321 |
) |
|
|
46,071 |
|
| Valuation allowance - Deferred Tax Asset |
|
|
11,358 |
|
|
|
422 |
|
|
|
- |
|
|
|
(8,999 |
) |
|
|
2,781 |
|
| Total |
|
$ |
66,823 |
|
|
$ |
21,158 |
|
|
|
- |
|
|
$ |
(25,324 |
) |
|
$ |
62,657 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year Ended December 27, 2014: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deducted from asset accounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for doubtful accounts |
|
$ |
20,367 |
|
|
$ |
66 |
|
|
|
- |
|
|
$ |
(2,103 |
) |
|
$ |
18,330 |
|
| Inventory reserve |
|
|
28,381 |
|
|
|
25,903 |
|
|
|
- |
|
|
|
(17,149 |
) |
|
|
37,135 |
|
| Valuation allowance - Deferred Tax Asset |
|
|
63,361 |
|
|
|
2,930 |
|
|
|
- |
|
|
|
(54,933 |
) |
|
|
11,358 |
|
| Total |
|
$ |
112,109 |
|
|
$ |
28,899 |
|
|
|
- |
|
|
$ |
(74,185 |
) |
|
$ |
66,823 |
|
|
| X |
- DefinitionThe entire disclosure for any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-09)
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|
Summary of Significant Accounting Policies (Policies)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Accounting Policies [Abstract] |
|
| Basis of Presentation and Principles of Consolidation |
Basis
of Presentation and Principles of Consolidation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States. The accompanying consolidated financial statements reflect the accounts of Garmin Ltd. and its wholly-owned
subsidiaries. All significant inter-company balances and transactions have been eliminated.
At
the Company’s Annual General Meeting on June 10, 2016, the Company’s shareholders approved the cancellation of 10,000,000
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.
|
| Fiscal Year |
Fiscal
Year
The
Company’s fiscal year is based on a 52-53-week period ending on the last Saturday of the calendar year. Due to the fact
that there are not exactly 52 weeks in a calendar year, and there is slightly more than one additional day per year (not including
the effects of leap year) in each calendar year as compared to a 52-week fiscal year, the Company will have a fiscal year comprising
53 weeks in certain fiscal years, as determined by when the last Saturday of the calendar year occurs.
In
those resulting fiscal years that have 53 weeks, the Company will record an extra week of sales, costs, and related financial
activity. Therefore, the financial results of those 53-week fiscal years, and the associated 14-week fourth quarters, will not
be entirely comparable to the prior and subsequent 52-week fiscal years and the associated 13-week quarters. Fiscal years 2015
and 2014 included 52 weeks while fiscal 2016 included 53 weeks.
|
| Use of Estimates |
Use
of Estimates
The
preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States
requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements
and accompanying notes. Actual results could differ from those estimates.
|
| Foreign Currency |
Foreign
Currency
Many
Garmin Ltd. subsidiaries utilize currencies other than the United States Dollar (USD) as their functional currency. As required
by the Foreign Currency Matters topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification
(ASC), the financial statements of these subsidiaries for all periods presented have been translated into USD, the functional
currency of Garmin Ltd., and the reporting currency herein, for purposes of consolidation at rates prevailing during the year
for sales, costs, and expenses and at end-of-year rates for all assets and liabilities. The effect of this translation is recorded
in a separate component of stockholders’ equity. Cumulative currency translation adjustments of ($9,411) and ($14,107) as
of December 31, 2016 and December 26, 2015, respectively, have been included in accumulated other comprehensive income in the
accompanying consolidated balance sheets.
Transactions
in foreign currencies are recorded at the approximate rate of exchange at the transaction date. Assets and liabilities resulting
from these transactions are translated at the rate of exchange in effect at the balance sheet date. The movements of the Taiwan
Dollar and Euro/British Pound Sterling have offsetting impacts on operating income when the currencies move congruently against
the U.S. Dollar due to the use of the Taiwan Dollar for manufacturing costs while the Euro and British Pound Sterling transactions
relate primarily to revenue. Foreign currency losses recorded in results of operations were $31,651, $23,465, and $4,299, for
the years ended December 31, 2016, December 26, 2015, and December 27, 2014, respectively. The loss in fiscal 2016 was due primarily
to the USD weakening against the Taiwan Dollar and the USD strengthening against the Euro and British Pound Sterling. The loss
in fiscal 2015 was due primarily to the USD strengthening against the Euro and British Pound Sterling, partially offset by the
USD strengthening against the Taiwan Dollar. The loss in fiscal 2014 was due primarily to the USD strengthening against the Euro
and the British Pound Sterling, which was largely offset by the USD strengthening against the Taiwan Dollar.
|
| Earnings Per Share |
Earnings
Per Share
Basic
earnings per share amounts are computed based on the weighted-average number of common shares outstanding. For purposes of diluted
earnings per share, the number of shares that would be issued from the exercise of dilutive stock options has been reduced by
the number of shares which could have been purchased from the proceeds of the exercise at the average market price of the Company’s
stock during the period the options were outstanding. See Note 10.
|
| Cash and Cash Equivalents |
Cash
and Cash Equivalents
For
purposes of reporting cash flows, cash and cash equivalents include cash on hand, operating accounts, money market funds, and
securities with maturities of three months or less when purchased. The carrying amount of cash and cash equivalents approximates
fair value, given the short maturity of those instruments.
|
| Trade Accounts Receivable |
Trade
Accounts Receivable
The
Company sells its products to retailers, wholesalers, and other customers and extends credit based on its evaluation of the customer’s
financial condition. Potential losses on receivables are dependent on each individual customer’s financial condition.
The Company carries its trade accounts receivable at net realizable value. Typically, its accounts receivable are collected within
80 days and do not bear interest. The Company monitors its exposure to losses on receivables and maintains allowances for potential
losses or adjustments. The Company determines these allowances by (1) evaluating the aging of its receivables and (2) reviewing
its high-risk customers. Past due receivable balances are written off when internal collection efforts have been unsuccessful
in collecting the amount due. The Company maintains trade credit insurance to provide security against large losses.
|
| Concentration of Credit Risk |
Concentration
of Credit Risk
The
Company grants credit to certain customers who meet the Company’s pre-established credit requirements. Generally, the Company
does not require security when trade credit is granted to customers. Credit losses are provided for in the Company’s consolidated
financial statements and typically have been within management’s expectations. Certain customers are allowed extended terms
consistent with normal industry practice. Most of these extended terms can be classified as either relating to seasonal sales
variations or to the timing of new product releases by the Company.
The
Company’s top ten customers have contributed between 22% and 24% of net sales since 2014. None of the Company’s
customers accounted for more than or equal to 10% of consolidated net sales in the years ended December 31, 2016, December 26,
2015 and December 27, 2014.
|
| Loan Receivable |
Loan
Receivable
On
March 14, 2013, the Company entered into a Memorandum of Agreement (the “Agreement”) with Bombardier, Inc. (“Bombardier”).
The Company is the supplier of the avionics system for the Lear 70 and Lear 75 aircraft for Learjet, Inc., which is a subsidiary
of Bombardier (the “Program”). In order to assist Bombardier in connection with delayed cash flows from the
Program partially related to the certification of avionics for the Program exceeding the planned delivery date, the Company agreed
to provide Bombardier a short term, interest free, loan of $173,708 in cash in seven installments beginning on March 22, 2013
and ending on September 20, 2013 pursuant to the terms and conditions of the Agreement. Bombardier repaid the loan in five
installments beginning in November 2013 and ending in April 2014 pursuant to the terms and conditions of the Agreement and subsequent
amendment signed December 6, 2013.
|
| Inventories |
Inventories
Inventories
are stated at the lower of cost or market with cost being determined on a first-in, first-out (FIFO) basis. The Company writes
down its inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory
and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are
less favorable than those projected by management, additional inventory write-downs may be required. Inventories consisted of
the following:
| |
|
December
31, 2016 |
|
|
December
26, 2015 |
|
| |
|
|
|
|
|
|
| Raw Materials |
|
$ |
162,882 |
|
|
$ |
203,173 |
|
| Work-in-process |
|
|
68,602 |
|
|
|
69,690 |
|
| Finished goods |
|
|
293,789 |
|
|
|
273,762 |
|
| Inventory
Reserves |
|
|
(40,452 |
) |
|
|
(46,071 |
) |
| Inventory,
net of reserves |
|
$ |
484,821 |
|
|
$ |
500,554 |
|
|
| Property and Equipment |
Property
and Equipment
Property
and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:
| Buildings and improvements |
|
39-50 |
| Office furniture and
equipment |
|
3-5 |
| Manufacturing
and engineering equipment |
|
5 |
| Vehicles |
|
5 |
|
| Long-Lived Assets |
Long-Lived
Assets
As
required by the Property, Plant and Equipment topic of the FASB ASC, the Company reviews long-lived assets for impairment
whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully recoverable. The carrying
amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the
use and eventual disposition of the asset. That assessment is based on the carrying amount of the asset at the date it is tested
for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its
fair value.
The
Intangibles – Goodwill and Other topic of the FASB ASC requires that goodwill and intangible assets with indefinite
useful lives should not be amortized but rather be tested for impairment at least annually or sooner whenever events or changes
in circumstances indicate that they may be impaired. The Company performs its annual goodwill and intangible asset impairment
tests in the fourth quarter of each year. If the carrying amount of a reporting unit exceeds its fair value as determined by a
discounted cash flow model in step one of the impairment analysis, the second step of the analysis will be performed. Each of
the Company’s operating segments (auto PND, auto OEM, aviation, marine, outdoor, and fitness) represents a distinct reporting
unit. The Company did not recognize any material goodwill or intangible asset impairment charges in 2016, 2015, or 2014, and step
two was not considered necessary in any of those periods as fair value was substantially in excess of the carrying amount for
all reporting units in the respective periods.
As
noted above, the PND market has declined as competing technologies have emerged and market saturation has occurred. This has resulted
in, and is expected to continue to result in, periods of lower revenues and profits for the Company’s auto PND reporting
unit. Consequently, if operating results and/or market conditions deteriorate significantly faster or more drastically than the
forecasts utilized in our estimation of fair value, the goodwill associated with the Company’s auto PND reporting unit may
be at risk of impairment in the future.
Accounting
guidance also requires that intangible assets with finite lives be amortized over their estimated useful lives and reviewed for
impairment. The Company is currently amortizing its acquired intangible assets with finite lives over periods ranging from three
to ten years.
|
| Dividends |
Dividends
Under
Swiss corporate law, dividends must be approved by shareholders at the general meeting of the Company’s shareholders.
On
June 10, 2016, the shareholders approved a dividend of $2.04 per share (of which, $1.53 was paid in the Company’s 2016 fiscal
year) payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were
as follows:
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 30, 2016 |
|
June 16, 2016 |
|
$ |
0.51 |
|
| September 30, 2016 |
|
September 15, 2016 |
|
$ |
0.51 |
|
| December 30, 2016 |
|
December 14, 2016 |
|
$ |
0.51 |
|
| March 31, 2017 |
|
March 15, 2017 |
|
$ |
0.51 |
|
The
Company paid dividends in 2016 in the amount of $481,452. Both the dividends paid and the remaining dividend payable were reported
as a reduction of retained earnings.
On
June 5, 2015, the shareholders approved a dividend of $2.04 per share (of which, $1.02 was paid in the Company's 2015 fiscal year)
payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 30, 2015 |
|
June 16, 2015 |
|
$ |
0.51 |
|
| September 30, 2015 |
|
September 15, 2015 |
|
$ |
0.51 |
|
| December 31, 2015 |
|
December 15, 2015 |
|
$ |
0.51 |
|
| March 31, 2016 |
|
March 16, 2016 |
|
$ |
0.51 |
|
The
Company paid dividends in 2015 in the amount of $378,117. Both the dividends paid and the remaining dividend payable were reported
as a reduction of retained earnings.
On
June 6, 2014, the shareholders approved a dividend of $1.92 per share (of which, $0.96 was paid in the Company's 2014 fiscal year)
payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 30, 2014 |
|
June 17, 2014 |
|
$ |
0.48 |
|
| September 30, 2014 |
|
September 15, 2014 |
|
$ |
0.48 |
|
| December 31, 2014 |
|
December 15, 2014 |
|
$ |
0.48 |
|
| March 31, 2015 |
|
March 16, 2015 |
|
$ |
0.48 |
|
The
Company paid dividends in 2014 in the amount of $360,075. Both the dividends paid and the remaining dividend payable were reported
as a reduction of retained earnings.
As
of December 31, 2016 and December 26, 2015, approximately $304,674 of retained earnings was indefinitely restricted from distribution
to stockholders pursuant to the laws of Taiwan.
|
| Intangible Assets |
Intangible
Assets
At
December 31, 2016 and December 26, 2015, the Company had patents, customer related intangibles and other identifiable finite-lived
intangible assets recorded at a cost of $253,472 and $216,465, respectively. Identifiable, finite-lived intangible assets are
amortized over their estimated useful lives on a straight-line basis over three to ten years. Accumulated amortization was $173,023
and $158,704 at December 31, 2016 and December 26, 2015, respectively. Amortization expense on these intangible assets was $14,319,
$7,115, and $8,362 for the years ended December 31, 2016, December 26, 2015, and December 27, 2014, respectively. In the next
five years, the amortization expense is estimated to be $15,727, $14,502, $11,798, $9,301, and $4,931, respectively.
The
Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $224,553 at December 31, 2016 and $187,791
at December 26, 2015.
| |
|
December
31,
2016 |
|
|
December
26,
2015 |
|
| Goodwill
balance at beginning of year |
|
$ |
187,791 |
|
|
$ |
178,638 |
|
| Acquisitions |
|
|
38,061 |
|
|
|
11,908 |
|
| Finalization
of purchase price allocations and effect of foreign currency translation |
|
|
(1,299 |
) |
|
|
(2,755 |
) |
| Goodwill
balance at end of year |
|
$ |
224,553 |
|
|
$ |
187,791 |
|
|
| Marketable Securities |
Marketable
Securities
Management
determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as
of each balance sheet date.
All
of the Company’s marketable securities were considered available-for-sale at December 31, 2016. Available-for-sale securities
are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income (loss). At
December 31, 2016 and December 26, 2015, cumulative unrealized net losses of $27,350 and $16,321, respectively, were reported
in accumulated other comprehensive income, net of related taxes.
Investments
are reviewed periodically to determine if they have suffered an impairment of value that is considered other than temporary. If
investments are determined to be impaired, a loss is recognized at the date of determination.
Testing
for impairment of investments requires significant management judgment. The identification of potentially impaired investments,
the determination of their fair value and the assessment of whether any decline in value is other than temporary are the key judgment
elements. The discovery of new information and the passage of time can significantly change these judgments. Revisions of impairment
judgments are made when new information becomes known, and any resulting impairment adjustments are made at that time. The economic
environment and volatility of securities markets increase the difficulty of determining fair value and assessing investment impairment.
The
amortized cost of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts
to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization is included
in interest income from investments. Realized gains and losses, and credit declines in value judged to be other-than-temporary
are included in other income. The cost of securities sold is based on the specific identification method.
Investments
are discussed in detail in Note 3 of the Notes to Consolidated Financial Statements.
|
| Income Taxes |
Income
Taxes
The
Company accounts for income taxes using the liability method in accordance with the FASB ASC 740 topic Income Taxes. The
liability method provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases
of assets and liabilities and their carrying amount for financial reporting purposes as measured based on the enacted tax rates
and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce
deferred tax assets to the amount that is believed more likely than not to be realized.
The
Company accounts for uncertainty in income taxes in accordance with the FASB ASC 740 topic Income Taxes. The
Company recognizes liabilities for tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether,
and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves not to be required, the reversal
of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are
no longer necessary. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, a further
charge to expense would result.
Income
taxes are discussed in detail in Note 6 of the Notes to Consolidated Financial Statements.
|
| Revenue Recognition |
Revenue
Recognition
The
Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed
or determinable, and collection is probable. For the large majority of the Company’s sales, these criteria are met
once product has shipped and title and risk of loss have transferred to the customer. The Company recognizes revenue from
the sale of hardware products and software bundled with hardware that is essential to the functionality of the hardware in accordance
with general revenue recognition accounting guidance. The Company recognizes revenue in accordance with industry specific software
accounting guidance for standalone sales of software products and sales of software bundled with hardware not essential to the
functionality of the hardware. The Company generally does not offer specified or unspecified upgrade rights to its customers
in connection with software sales.
For
multiple-element arrangements that include tangible products that contain software essential to the tangible product’s functionality
and undelivered software elements that relate to the tangible product’s essential software, the Company allocates revenue
to all deliverables based on their relative selling prices. In such circumstances, the accounting principles establish a hierarchy
to determine the selling price to be used for allocating revenue to deliverables as follows: (i) vendor-specific objective
evidence of fair value (VSOE), (ii) third-party evidence of selling price (TPE), and (iii) best estimate of the selling
price (ESP). VSOE generally exists only when the Company sells the deliverable separately, on more than a limited basis,
at prices within a relatively narrow range. In addition to the products listed below, the Company has offered certain other
products including mobile applications, in-dash navigation solutions, aviation subscriptions and extended warranties that involve
multiple-element arrangements that are immaterial.
The
Company offers PNDs with lifetime map updates (LMUs) bundled in the original purchase price. LMUs enable customers to download
the latest map and point of interest information for the useful life of their PND. In addition, the Company offers PNDs
with traffic service bundled in the original purchase price. The Company has identified multiple deliverables contained
in arrangements involving the sale of PNDs which include the LMU and/or traffic service. The first deliverable is the hardware
along with the software essential to the functionality of the hardware device delivered at the time of sale. The remaining
deliverables are the LMU and/or traffic service. The Company has allocated revenue between these deliverables using the
relative selling price method. Amounts allocated to the delivered hardware and the related essential software are recognized
at the time of sale provided the other conditions for revenue recognition have been met. The revenue and associated cost
of royalties allocated to the LMU and/or the traffic service are deferred and recognized on a straight-line basis over the estimated
life of the products.
The
Company has determined sufficient VSOE does not exist for LMU or traffic, and that third party evidence of selling price is not
available as stand-alone and unbundled unit sales do not occur on more than a limited basis. Therefore, the Company uses
the royalty cost plus a normal margin as the primary indicator to calculate relative selling prices of the LMU and traffic elements.
For
multiple-element software arrangements that do not include a tangible product, the Company allocates revenue to the various elements
based on VSOE. When VSOE cannot be established for undelivered elements, all revenue is deferred until the earlier point at which
all elements of the arrangement are delivered or sufficient VSOE does exist, unless the only undelivered element is post-contract
customer support. If the only undelivered element is post-contract customer support, the entire arrangement consideration is recognized
ratably over the support period. The Company offers navigation software licenses to certain customers, bundled with map updates
to be provided periodically over the support period. The Company has determined sufficient VSOE of similar map updates does not
exist for certain arrangements, and therefore revenue from these transactions is recognized ratably over the contractual map update
period.
The
Company records revenue net of sales tax, trade discounts and customer returns. The Company records estimated reductions
to revenue for customer sales programs, returns and incentive offerings including rebates, price protection (product discounts
offered to retailers to assist in clearing older products from their inventories in advance of new product releases), promotions
and other volume-based incentives. The reductions to revenue are based on estimates and judgments using historical experience
and expectation of future conditions. Changes in these estimates could negatively affect the Company’s operating results.
These incentives are reviewed periodically and, with the exceptions of price protection and certain other promotions, accrued
for on a percentage of sales basis. If market conditions were to decline, the Company may take actions to increase
customer incentive offerings, possibly resulting in an incremental reduction of revenue at the time the incentive is offered.
|
| Deferred Revenues and Costs |
Deferred
Revenues and Costs
At
December 31, 2016 and December 26, 2015, the Company had deferred revenues totaling $286,971 and $293,713, respectively, and related
deferred costs totaling $103,546 and $87,945, respectively.
The
deferred revenues and costs are recognized over their estimated economic lives, typically two to five years, on a straight-line
basis. In the next five years, the gross margin recognition of deferred revenue and cost for the currently deferred amounts is
estimated to be $99,169, $49,605, $23,027, $8,255, and $3,369, respectively.
|
| Shipping and Handling Costs |
Shipping
and Handling Costs
Shipping
and handling costs are included in cost of goods sold in the accompanying consolidated financial statements.
|
| Product Warranty |
Product
Warranty
The
Company provides for estimated warranty costs at the time of sale. The Company’s standard warranty obligation to retail
partners generally provides for a right of return of any product for a full refund in the event that such product is not merchantable,
is damaged or defective. The Company’s historical experience is that these types of warranty obligations are generally
fulfilled within 5 months from time of sale. The Company’s standard warranty obligation to its end-users provides
for a period of one to two years from date of shipment while certain aviation products have a warranty period of two years from
the date of installation. The Company’s estimate of costs to service its warranty obligations are based on
historical experience and expectations of future conditions and are recorded as a liability on the balance sheet. To the
extent the Company experiences increased warranty claim activity or increased costs associated with servicing those claims, its
warranty accrual will increase, resulting in decreased gross profit. The following reconciliation provides an illustration of
changes in the aggregate warranty reserve:
| |
|
Fiscal
Year Ended |
|
| |
|
December
31, |
|
|
December
26, |
|
|
December
25, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| |
|
|
|
|
|
|
|
|
|
| Balance - beginning of period |
|
$ |
30,449 |
|
|
$ |
27,609 |
|
|
$ |
26,767 |
|
| Accrual for products
sold(1) |
|
|
61,578 |
|
|
|
44,620 |
|
|
|
44,423 |
|
| Expenditures |
|
|
(54,794 |
) |
|
|
(41,780 |
) |
|
|
(43,581 |
) |
| Balance - end
of period |
|
$ |
37,233 |
|
|
$ |
30,449 |
|
|
$ |
27,609 |
|
| |
(1) |
Changes in cost
estimates related to pre-existing warranties are aggregated with accruals for new warranty contracts in the ‘accrual
for products sold’ line. |
|
| Sales Programs |
Sales
Programs
The
Company provides certain monthly and quarterly incentives for its dealers and distributors based on various factors including
dealer purchasing volume and growth. Additionally, from time to time, the Company provides rebates to end users on certain products.
Estimated rebates and incentives payable to dealers and distributors are regularly reviewed and recorded as accrued expenses on
a monthly basis. In addition, the Company provides dealers and distributors with product discounts to assist these customers in
clearing older products from their inventories in advance of new product releases. Each discount is tied to a specific product
and can be applied to all customers who have purchased the product or a special discount may be agreed to on an individual customer
basis. These rebates, incentives, and discounts are recorded as reductions to net sales in the accompanying consolidated statements
of income in the period the Company has sold the product.
|
| Advertising Costs |
Advertising
Costs
The
Company expenses advertising costs as incurred. Advertising expense amounted to approximately $177,143, $167,166, and $146,633,
for the years ended December 31, 2016, December 26, 2015 and December 27, 2014, respectively.
|
| Research and Development |
Research
and Development
A
majority of the Company’s research and development is performed in the United States. Research and development costs, which
are expensed as incurred, amounted to approximately $467,960, $427,043, and $395,121, for the years ended December 31, 2016, December
26, 2015 and December 27, 2014, respectively.
|
| Customer Service and Technical Support |
Customer
Service and Technical Support
Customer
service and technical support costs are included as selling, general and administrative expenses in the accompanying consolidated
statements of income. Customer service and technical support costs include costs associated with performing order processing,
answering customer inquiries by telephone and through Web sites, e-mail and other electronic means, and providing free technical
support assistance to customers. The technical support is provided within one year after the associated revenue is recognized.
The related cost of providing this free support is not material.
|
| Software Development Costs |
Software
Development Costs
The
FASB ASC topic entitled Software requires companies to expense software development costs as they incur them until technological
feasibility has been established, at which time those costs are capitalized until the product is available for general release
to customers. Capitalized software development costs are not significant as the time elapsed from working model to release is
typically short. As required by the Research and Development topic of the FASB ASC, costs incurred to enhance our existing
products or after the general release of the service using the product are expensed in the period they are incurred and included
in research and development costs in the accompanying consolidated statements of income.
|
| Accounting for Stock-Based Compensation |
Accounting
for Stock-Based Compensation
The
Company currently sponsors four stock based employee compensation plans. The FASB ASC topic entitled Compensation – Stock
Compensation requires the measurement and recognition of compensation expenses for all share-based payment awards made to
employees and directors including employee stock options and restricted stock based on estimated fair values.
Accounting
guidance requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing
model. The value of the portion of the award that is ultimately expected to vest is recognized as stock-based compensation expense
over the requisite service period in the Company’s consolidated financial statements.
As
stock-based compensation expenses recognized in the accompanying consolidated statements of income are based on awards ultimately
expected to vest, they have been reduced for estimated forfeitures. Accounting guidance requires forfeitures to be estimated at
the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures
were estimated based on historical experience and management’s estimates.
Stock
compensation plans are discussed in detail in Note 9 of the Notes to Consolidated Financial Statements.
|
| Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
In
May 2014, the FASB issued Accounting Standards Update (“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. The Company does not intend to early adopt, and adoption will therefore
occur in the fiscal year ending December 28, 2018. |
| |
• |
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. |
| |
• |
ASU No. 2016-20,
Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (“ASU 2016-20”), which
affects narrow aspects of Topic 606 such as providing incremental guidance around contract costs. |
We
currently anticipate we will adopt the new revenue standards using the full retrospective method to restate each prior reporting
period presented. Our decision to adopt using the full retrospective method is dependent on the finalization of our analysis of
information necessary to restate prior period financial statements.
We
continue to make progress in evaluating all potential impacts of adopting the new revenue standards on the Company’s consolidated
financial statements, the materiality of which is not yet known. This evaluation includes monitoring the work of standard setters,
including any impacts from the recently issued amendments, and considering the interpretive efforts of non-authoritative groups.
Refer
to the discussion above regarding the Company’s current revenue recognition policies. Adoption of the new standards is expected
to affect the manner in which the Company determines the unit of account for certain products (i.e. performance obligations),
as well as the allocation of consideration (i.e. revenue) to certain obligations. We have completed our grouping of the Company’s
homogenous revenue streams and are continuing to specify and allocate consideration to the associated obligations.
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. The Company does not intend to early adopt ASU 2016-09, rather, adoption
will occur in the fiscal year ending December 30, 2017. ASU 2016-09 requires that tax effects from stock-based compensation be
recognized in the income tax provision, as these amounts are currently recognized in additional paid-in capital. The Company believes
this aspect of the standard may have a material effect on the income tax provision within the consolidated statements of income
in future periods. Furthermore, under ASU 2016-09, excess income tax benefits from stock-based compensation arrangements are classified
as a cash flow from operations, rather than as a cash flow from financing activities. The Company will apply both changes prospectively.
The Company is currently unable to reasonably estimate the impact of these changes due to the dependency of these items on the
underlying share price of the Company.
In
August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain
Cash Receipts and Cash Payments (“ASU 2016-15”), which adds or clarifies guidance on the classification of certain
cash receipts and payments in the statement of cash flows. The standard addresses eight specific cash flow issues with the objective
of reducing diversity in practice. ASU 2016-15 is effective for fiscal years, and interim periods within those years, beginning
after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard
on its consolidated financial statements.
In
January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition
of a Business (“ASU 2017-01”), which narrows the scope of Topic 805 by revising the definition of a business. When
substantially all of the fair value of gross assets acquired or disposed of is concentrated in a single asset (or group of similar
assets), the asset(s) would not represent a business in the context of Topic 805. ASU 2017-01 should be applied prospectively
and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is
permitted. The Company does not expect the adoption of the new provisions to have a material impact on its consolidated financial
statements.
In
January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangible – Goodwill and Other (Topic 350): Simplify
the Test for Goodwill Impairment (“ASU 2017-04”) which simplifies the accounting for goodwill impairment. ASU 2017-04
removes Step 2 of the goodwill impairment test, such that a goodwill impairment will now be the amount by which a reporting unit’s
carrying value exceeds its fair value. ASU 2017-04 should be applied prospectively and is effective for fiscal years, or any goodwill
impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed
after January 1, 2017. The Company does not expect the adoption of the new provisions to have a material impact on its consolidated
financial statements.
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Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of inventory |
Inventories consisted of the
following:
| |
|
December
31, 2016 |
|
|
December
26, 2015 |
|
| |
|
|
|
|
|
|
| Raw Materials |
|
$ |
162,882 |
|
|
$ |
203,173 |
|
| Work-in-process |
|
|
68,602 |
|
|
|
69,690 |
|
| Finished goods |
|
|
293,789 |
|
|
|
273,762 |
|
| Inventory
Reserves |
|
|
(40,452 |
) |
|
|
(46,071 |
) |
| Inventory,
net of reserves |
|
$ |
484,821 |
|
|
$ |
500,554 |
|
|
| Schedule of property and equipment |
Property
and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:
| Buildings
and improvements |
|
39-50 |
| Office
furniture and equipment |
|
3-5 |
| Manufacturing
and engineering equipment |
|
5 |
| Vehicles |
|
5 |
|
| Schedule of dividends payable |
The dates determined by
the Board were as follows:
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 30, 2016 |
|
June 16, 2016 |
|
$ |
0.51 |
|
| September 30, 2016 |
|
September 15, 2016 |
|
$ |
0.51 |
|
| December 30, 2016 |
|
December 14, 2016 |
|
$ |
0.51 |
|
| March 31, 2017 |
|
March 15, 2017 |
|
$ |
0.51 |
|
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 30, 2015 |
|
June 16, 2015 |
|
$ |
0.51 |
|
| September 30, 2015 |
|
September 15, 2015 |
|
$ |
0.51 |
|
| December 31, 2015 |
|
December 15, 2015 |
|
$ |
0.51 |
|
| March 31, 2016 |
|
March 16, 2016 |
|
$ |
0.51 |
|
| Dividend
Date |
|
Record
Date |
|
$s
per share |
|
| June 30, 2014 |
|
June 17, 2014 |
|
$ |
0.48 |
|
| September 30, 2014 |
|
September 15, 2014 |
|
$ |
0.48 |
|
| December 31, 2014 |
|
December 15, 2014 |
|
$ |
0.48 |
|
| March 31, 2015 |
|
March 16, 2015 |
|
$ |
0.48 |
|
|
| Schedule of product warranty |
The following reconciliation
provides an illustration of changes in the aggregate warranty reserve:
| |
|
Fiscal
Year Ended |
|
| |
|
December
31, |
|
|
December
26, |
|
|
December
25, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| |
|
|
|
|
|
|
|
|
|
| Balance - beginning of period |
|
$ |
30,449 |
|
|
$ |
27,609 |
|
|
$ |
26,767 |
|
| Accrual for products
sold(1) |
|
|
61,578 |
|
|
|
44,620 |
|
|
|
44,423 |
|
| Expenditures |
|
|
(54,794 |
) |
|
|
(41,780 |
) |
|
|
(43,581 |
) |
| Balance - end
of period |
|
$ |
37,233 |
|
|
$ |
30,449 |
|
|
$ |
27,609 |
|
|
| X |
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-Publisher FASB
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-Name Accounting Standards Codification
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|
Marketable Securities (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of available for sale securities measured at estimated fair value on a recurring basis |
Available-for-sale
securities measured at fair value on a recurring basis are summarized below:
| |
|
Fair
Value Measurements as
of December 31, 2016 |
|
| |
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| U.S.
Treasury securities |
|
$ |
29,033.97 |
|
|
$ |
- |
|
|
$ |
29,034 |
|
|
$ |
- |
|
| Agency securities |
|
|
59,541 |
|
|
|
- |
|
|
|
59,541 |
|
|
|
- |
|
| Mortgage-backed
securities |
|
|
230,823 |
|
|
|
- |
|
|
|
230,823 |
|
|
|
- |
|
| Corporate securities |
|
|
893,725 |
|
|
|
- |
|
|
|
893,725 |
|
|
|
- |
|
| Municipal securities |
|
|
176,168 |
|
|
|
- |
|
|
|
176,168 |
|
|
|
- |
|
| Other |
|
|
90,946 |
|
|
|
- |
|
|
|
90,946 |
|
|
|
- |
|
| Total |
|
$ |
1,480,237 |
|
|
$ |
- |
|
|
$ |
1,480,237 |
|
|
$ |
- |
|
| |
|
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 available for sale securities |
Marketable securities classified
as available-for-sale securities are summarized below:
| |
|
Available-For-Sale
Securities as
of December 31, 2016 |
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses- OTTI (1) |
|
|
Gross
Unrealized
Losses- Other (2) |
|
|
Fair
Value |
|
| U.S. Treasury
securities |
|
$ |
29,291 |
|
|
$ |
31 |
|
|
$ |
- |
|
|
$ |
(288 |
) |
|
$ |
29,034 |
|
| Agency securities |
|
|
60,513 |
|
|
|
19 |
|
|
|
- |
|
|
|
(991 |
) |
|
|
59,541 |
|
| Mortgage-backed securities |
|
|
236,354 |
|
|
|
41 |
|
|
|
- |
|
|
|
(5,572 |
) |
|
|
230,823 |
|
| Corporate securities |
|
|
914,028 |
|
|
|
252 |
|
|
|
- |
|
|
|
(20,555 |
) |
|
|
893,725 |
|
| Municipal securities |
|
|
178,804 |
|
|
|
224 |
|
|
|
- |
|
|
|
(2,859 |
) |
|
|
176,169 |
|
| Other |
|
|
90,934 |
|
|
|
20 |
|
|
|
- |
|
|
|
(9 |
) |
|
|
90,945 |
|
| Total |
|
$ |
1,509,924 |
|
|
$ |
587 |
|
|
$ |
- |
|
|
$ |
(30,274 |
) |
|
$ |
1,480,237 |
|
| |
|
Available-For-Sale
Securities as
of December 26, 2015 |
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses- OTTI(1) |
|
|
Gross
Unrealized
Losses- Other(2) |
|
|
Fair
Value |
|
| 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 available for sale securities unrealized loss on investments |
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 December 31, 2016 and December 26, 2015.
| |
|
As
of December 31, 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 |
|
$ |
(288 |
) |
|
$ |
24,259.80 |
|
|
$ |
- |
|
|
$ |
- |
|
| Agency securities |
|
|
(991 |
) |
|
|
49,255 |
|
|
|
- |
|
|
|
- |
|
| Mortgage-backed securities |
|
|
(3,702 |
) |
|
|
159,665 |
|
|
|
(1,870 |
) |
|
|
64,645 |
|
| Corporate securities |
|
|
(18,856 |
) |
|
|
765,712 |
|
|
|
(1,699 |
) |
|
|
40,910 |
|
| Municipal securities |
|
|
(2,762 |
) |
|
|
130,994 |
|
|
|
(97 |
) |
|
|
6,326 |
|
| Other |
|
|
(3 |
) |
|
|
4,058 |
|
|
|
(6 |
) |
|
|
6,919 |
|
| Total |
|
$ |
(26,602 |
) |
|
$ |
1,133,944 |
|
|
$ |
(3,672 |
) |
|
$ |
118,800 |
|
| |
|
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 |
Expected maturities will differ
from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment
penalties.
| |
|
Amortized
Cost |
|
|
Fair
Value |
|
| |
|
|
|
|
|
|
| Due in
one year or less |
|
$ |
267,115 |
|
|
$ |
266,952 |
|
| Due after one year
through five years |
|
|
979,546 |
|
|
|
963,898 |
|
| Due after five years
through ten years |
|
|
256,691 |
|
|
|
243,052 |
|
| Due
after ten years |
|
|
6,572 |
|
|
|
6,335 |
|
| |
|
$ |
1,509,924 |
|
|
$ |
1,480,237 |
|
|
| X |
- DefinitionTabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 7
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-Name Accounting Standards Codification
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-Paragraph 3
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 3
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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|
| X |
- DefinitionFor all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
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| X |
- DefinitionTabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
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|
Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of income tax provision |
The
Company’s income tax provision (benefit) consists of the following:
| |
|
Fiscal
Year Ended |
|
| |
|
December
31, |
|
|
December
26, |
|
|
December
27, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Federal: |
|
|
|
|
|
|
|
|
|
| Current |
|
$ |
66,627 |
|
|
$ |
49,138 |
|
|
$ |
(18,665 |
) |
| Deferred |
|
|
5,343 |
|
|
|
4,216 |
|
|
|
58,164 |
|
| |
|
$ |
71,970 |
|
|
$ |
53,354 |
|
|
$ |
39,499 |
|
| State: |
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
8,809 |
|
|
|
9,354 |
|
|
|
5,575 |
|
| Deferred |
|
|
(3,823 |
) |
|
|
(5,858 |
) |
|
|
4,368 |
|
| |
|
$ |
4,986 |
|
|
$ |
3,496 |
|
|
$ |
9,943 |
|
| Foreign: |
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
42,406 |
|
|
|
55,730 |
|
|
|
287,197 |
|
| Deferred |
|
|
(506 |
) |
|
|
(1,620 |
) |
|
|
22,895 |
|
| |
|
$ |
41,900 |
|
|
$ |
54,110 |
|
|
$ |
310,092 |
|
| Total |
|
$ |
118,856 |
|
|
$ |
110,960 |
|
|
$ |
359,534 |
|
| Schedule of sources and tax effects of the differences |
The
income tax provision differs from the amount computed by applying the U.S. statutory federal income tax rate to income before
taxes. The sources and tax effects of the differences, including the impact of establishing tax contingency accruals, are as follows:
| |
|
Fiscal
Year Ended |
|
| |
|
December
31, |
|
|
December
26, |
|
|
December
27, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Federal
income tax expense at U.S. statutory rate |
|
$ |
220,385 |
|
|
$ |
198,516 |
|
|
$ |
253,260 |
|
| State income tax expense,
net of federal tax effect |
|
|
2,749 |
|
|
|
1,931 |
|
|
|
6,463 |
|
| Foreign tax rate differential |
|
|
(111,989 |
) |
|
|
(100,010 |
) |
|
|
(154,338 |
) |
| Taiwan tax holiday
benefit |
|
|
(2,032 |
) |
|
|
(3,488 |
) |
|
|
(3,147 |
) |
| Other foreign taxes
less incentives and credits |
|
|
(16,593 |
) |
|
|
(8,592 |
) |
|
|
5,947 |
|
| Withholding Tax |
|
|
17,447 |
|
|
|
16,969 |
|
|
|
21,039 |
|
| Intercompany Restructuring |
|
|
- |
|
|
|
- |
|
|
|
307,635 |
|
| Net Change in Uncertain
Tax Positions |
|
|
17,328 |
|
|
|
21,246 |
|
|
|
(67,231 |
) |
| Federal Domestic Production
Activities Deduction |
|
|
(5,528 |
) |
|
|
(4,589 |
) |
|
|
(3,606 |
) |
| Federal Research and
Development Credit |
|
|
(8,548 |
) |
|
|
(8,573 |
) |
|
|
(8,373 |
) |
| Other,
net |
|
|
5,637 |
|
|
|
(2,450 |
) |
|
|
1,885 |
|
| Income
tax expense |
|
$ |
118,856 |
|
|
$ |
110,960 |
|
|
$ |
359,534 |
|
| Schedule of deferred tax assets and liabilities |
Significant
components of the Company’s deferred tax assets and liabilities are as follows:
| |
|
December
31, |
|
|
December
26, |
|
| |
|
2016 |
|
|
2015 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Product
warranty accruals |
|
$ |
2,768 |
|
|
$ |
2,990 |
|
| Allowance
for doubtful accounts |
|
|
10,100 |
|
|
|
10,323 |
|
| Inventory
reserves |
|
|
8,953 |
|
|
|
10,904 |
|
| Sales
program allowances |
|
|
1,397 |
|
|
|
1,783 |
|
| Reserve
for sales returns |
|
|
2,196 |
|
|
|
1,457 |
|
| Other
accruals |
|
|
13,548 |
|
|
|
10,799 |
|
| Share
based compensation |
|
|
29,632 |
|
|
|
35,360 |
|
| Tax
credit carryforwards |
|
|
5,012 |
|
|
|
3,906 |
|
| Amortization |
|
|
15,368 |
|
|
|
20,005 |
|
| Deferred
Revenue |
|
|
32,487 |
|
|
|
32,809 |
|
| Net
operating losses of subsidiaries |
|
|
5,403 |
|
|
|
5,228 |
|
| Unrealized
investment gain, net |
|
|
5 |
|
|
|
- |
|
| Benefit
related to uncertain tax positions |
|
|
7,542 |
|
|
|
5,546 |
|
| Other |
|
|
4,000 |
|
|
|
4,106 |
|
| Valuation
allowance related to loss carryforward and tax credits |
|
|
(4,622 |
) |
|
|
(2,781 |
) |
| |
|
$ |
133,789 |
|
|
$ |
142,435 |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Depreciation |
|
|
17,854 |
|
|
|
18,029 |
|
| Prepaid
Expenses |
|
|
2,876 |
|
|
|
2,821 |
|
| Book
basis in excess of tax basis for acquired entities |
|
|
3,865 |
|
|
|
1,307 |
|
| Unrealized
investment loss, net |
|
|
- |
|
|
|
3,198 |
|
| Withholding
tax |
|
|
58,597 |
|
|
|
54,865 |
|
| Other |
|
|
1,523 |
|
|
|
1,907 |
|
| |
|
|
84,715 |
|
|
|
82,127 |
|
| Net
deferred tax assets |
|
$ |
49,074 |
|
|
$ |
60,308 |
|
| Schedule of unrecognized tax benefits |
The
total amount of gross unrecognized tax benefits as of December 31, 2016 was $115,090. A reconciliation of the beginning and ending
amount of gross unrecognized tax benefits for years ended December 31, 2016, December 26, 2015, and December 27, 2014 is as follows:
| |
|
December
31, |
|
|
December
26, |
|
|
December
27, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Balance
beginning of year |
|
$ |
97,904 |
|
|
$ |
77,495 |
|
|
$ |
133,015 |
|
| Additions
based on tax positions related to prior years |
|
|
489 |
|
|
|
89 |
|
|
|
2,889 |
|
| Reductions
based on tax positions related to prior years |
|
|
(940 |
) |
|
|
(1,671 |
) |
|
|
(60,967 |
) |
| Additions
based on tax positions related to current period |
|
|
28,859 |
|
|
|
29,019 |
|
|
|
39,115 |
|
| Reductions
related to settlements with tax authorities |
|
|
(134 |
) |
|
|
(364 |
) |
|
|
(401 |
) |
| Expiration
of statute of limitations |
|
|
(11,088 |
) |
|
|
(6,664 |
) |
|
|
(36,156 |
) |
| Balance
at end of year |
|
$ |
115,090 |
|
|
$ |
97,904 |
|
|
$ |
77,495 |
|
|
| X |
- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319
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| X |
- DefinitionTabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- DefinitionTabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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- DefinitionTabular disclosure of the change in unrecognized tax benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
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-Name Accounting Standards Codification
-Topic 740
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|
Fair Value of Financial Instruments (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of carrying amounts and fair values of financial instruments |
The
carrying amounts and fair values of the Company’s financial instruments are as follows:
| |
|
December
31, 2016 |
|
|
December
26, 2015 |
|
| |
|
Carrying |
|
|
Fair |
|
|
Carrying |
|
|
Fair |
|
| |
|
Amount |
|
|
Value |
|
|
Amount |
|
|
Value |
|
| Cash and
cash equivalents |
|
$ |
846,883 |
|
|
$ |
846,883 |
|
|
$ |
833,070 |
|
|
$ |
833,070 |
|
| Restricted cash |
|
|
113 |
|
|
|
113 |
|
|
|
259 |
|
|
|
259 |
|
| Marketable securities |
|
|
1,480,237 |
|
|
|
1,480,237 |
|
|
|
1,558,548 |
|
|
|
1,558,548 |
|
|
| X |
- DefinitionTabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=73719730&loc=d3e13476-108611
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
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-Subparagraph (a)
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Segment Information (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of revenues, gross profit, and operating income |
Revenues,
gross profit, and operating income for each of the Company’s reportable segments are presented below:
| |
|
Reportable
Segments |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Outdoor |
|
|
Fitness |
|
|
Marine |
|
|
Auto |
|
|
Aviation |
|
|
Total |
|
| 53-Weeks Ended December
31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
|
$ |
546,326 |
|
|
$ |
818,486 |
|
|
$ |
331,947 |
|
|
$ |
882,558 |
|
|
$ |
439,348 |
|
|
$ |
3,018,665 |
|
| Gross profit |
|
|
340,504 |
|
|
|
437,205 |
|
|
|
183,709 |
|
|
|
388,747 |
|
|
|
329,405 |
|
|
|
1,679,570 |
|
| Operating income |
|
|
184,035 |
|
|
|
160,596 |
|
|
|
52,167 |
|
|
|
102,347 |
|
|
|
124,764 |
|
|
|
623,908 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 52-Weeks
Ended December 26, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
411,184 |
|
|
$ |
661,599 |
|
|
$ |
286,778 |
|
|
$ |
1,062,091 |
|
|
$ |
398,618 |
|
|
$ |
2,820,270 |
|
| Gross profit |
|
|
254,878 |
|
|
|
366,139 |
|
|
|
158,493 |
|
|
|
464,480 |
|
|
|
294,714 |
|
|
|
1,538,704 |
|
| Operating income |
|
|
139,070 |
|
|
|
134,574 |
|
|
|
28,611 |
|
|
|
136,069 |
|
|
|
111,257 |
|
|
|
549,581 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 52-Weeks
Ended December 27, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
409,847 |
|
|
$ |
568,440 |
|
|
$ |
248,371 |
|
|
$ |
1,258,085 |
|
|
$ |
385,915 |
|
|
$ |
2,870,658 |
|
| Gross profit |
|
|
266,659 |
|
|
|
358,287 |
|
|
|
129,710 |
|
|
|
569,343 |
|
|
|
280,413 |
|
|
|
1,604,412 |
|
| Operating income |
|
|
156,059 |
|
|
|
190,682 |
|
|
|
26,232 |
|
|
|
210,675 |
|
|
|
106,978 |
|
|
|
690,626 |
|
|
| Schedule of net sales, long-lived assets and net assets by geographic area |
Net
sales, long-lived assets (property and equipment), and net assets by geographic area are as shown below for the years ended December
31, 2016, December 26, 2015, and December 27, 2014.
| |
|
Americas |
|
|
APAC |
|
|
EMEA |
|
|
Total |
|
| December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales
to external customers (1) |
|
$ |
1,518,934 |
|
|
$ |
386,549 |
|
|
$ |
1,113,182 |
|
|
$ |
3,018,665 |
|
| Property and equipment,
net |
|
|
300,158 |
|
|
|
144,470 |
|
|
|
38,250 |
|
|
|
482,878 |
|
| Net assets (2) |
|
|
2,155,093 |
|
|
|
933,999 |
|
|
|
330,844 |
|
|
|
3,419,936 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 26, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external
customers (1) |
|
$ |
1,469,243 |
|
|
$ |
337,888 |
|
|
$ |
1,013,139 |
|
|
$ |
2,820,270 |
|
| Property and equipment,
net |
|
|
294,234 |
|
|
|
111,700 |
|
|
|
40,154 |
|
|
|
446,089 |
|
| Net assets (2) |
|
|
2,110,108 |
|
|
|
921,410 |
|
|
|
313,608 |
|
|
|
3,345,126 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 27, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external
customers (1) |
|
$ |
1,538,322 |
|
|
$ |
278,092 |
|
|
$ |
1,054,244 |
|
|
$ |
2,870,658 |
|
| Property and equipment,
net |
|
|
269,858 |
|
|
|
111,464 |
|
|
|
49,565 |
|
|
|
430,887 |
|
| Net assets (2) |
|
|
2,142,624 |
|
|
|
939,852 |
|
|
|
320,891 |
|
|
|
3,403,367 |
|
(1)
The U.S. is the only country which constitutes greater than 10% of net sales to external customers.
(2)
Americas and APAC net assets are primarily held in the United States and Taiwan, respectively.
|
| X |
- DefinitionTabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
-URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599
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| X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8813-108599
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8721-108599
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
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|
Stock Compensation Plans (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Schedule of stock options and stock appreciation rights award activity |
A
summary of the Company’s stock-based compensation activity and related information under the 2011 Directors Plan, the 2005
Plan, the 2000 Plan and the 2000 Directors Plan for the years ended December 31, 2016, December 26, 2015 and December 27, 2014
is provided below:
| |
|
Stock
Options and SARs |
|
| |
|
Weighted-Average |
|
|
|
|
| |
|
Exercise
Price |
|
|
Number
of Shares |
|
| |
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
| Outstanding
at December 28, 2013 |
|
$ |
58.44 |
|
|
|
6,239 |
|
| Granted |
|
$ |
52.44 |
|
|
|
47 |
|
| Exercised |
|
$ |
40.60 |
|
|
|
(1,430 |
) |
| Forfeited/Expired |
|
$ |
80.49 |
|
|
|
(125 |
) |
| Outstanding at December
27, 2014 |
|
$ |
63.19 |
|
|
|
4,731 |
|
| Granted |
|
|
|
|
|
|
0 |
|
| Exercised |
|
$ |
29.15 |
|
|
|
(474 |
) |
| Forfeited/Expired |
|
$ |
70.58 |
|
|
|
(196 |
) |
| Outstanding at December
26, 2015 |
|
$ |
66.80 |
|
|
|
4,061 |
|
| Granted |
|
|
|
|
|
|
0 |
|
| Exercised |
|
$ |
50.77 |
|
|
|
(716 |
) |
| Forfeited/Expired |
|
$ |
51.12 |
|
|
|
(608 |
) |
| Outstanding
at December 31, 2016 |
|
$ |
74.48 |
|
|
|
2,737 |
|
| Exercisable
at December 31, 2016 |
|
$ |
74.97 |
|
|
|
2,684 |
|
| Expected
to vest after December 31, 2016 |
|
$ |
49.69 |
|
|
|
53 |
|
|
| Schedule of exercise price range |
| Stock
Options and SARs as of December 31, 2016 |
| Exercise |
|
Awards |
|
|
Remaining |
|
|
Awards |
|
| Price |
|
Outstanding |
|
|
Life
(Years) |
|
|
Exercisable |
|
| |
|
(In
Thousands) |
|
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| $18.00
- $40.00 |
|
|
49 |
|
|
|
4.14 |
|
|
|
49 |
|
| $40.01 - $60.00 |
|
|
758 |
|
|
|
2.35 |
|
|
|
705 |
|
| $60.01 - $80.00 |
|
|
940 |
|
|
|
0.43 |
|
|
|
940 |
|
| $80.01 - $100.00 |
|
|
3 |
|
|
|
0.94 |
|
|
|
3 |
|
| $100.01 - $120.00 |
|
|
985 |
|
|
|
0.92 |
|
|
|
985 |
|
| $120.01
- $140.00 |
|
|
2 |
|
|
|
0.74 |
|
|
|
2 |
|
| |
|
|
2,737 |
|
|
|
1.21 |
|
|
|
2,684 |
|
|
| Schedule of restricted stock units award activity |
| |
|
Restricted
Stock Units |
|
| |
|
Weighted-Average |
|
|
|
|
| |
|
Grant
Date Fair Value |
|
|
Number
of Shares |
|
| |
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
| Outstanding
at December 28, 2013 |
|
$ |
37.36 |
|
|
|
1,225 |
|
| Granted |
|
$ |
48.73 |
|
|
|
432 |
|
| Released/Vested |
|
$ |
36.00 |
|
|
|
(522 |
) |
| Cancelled |
|
$ |
37.02 |
|
|
|
(47 |
) |
| Outstanding at December
27, 2014 |
|
$ |
42.55 |
|
|
|
1,088 |
|
| Granted |
|
$ |
37.07 |
|
|
|
1,184 |
|
| Released/Vested |
|
$ |
40.18 |
|
|
|
(562 |
) |
| Cancelled |
|
$ |
42.02 |
|
|
|
(53 |
) |
| Outstanding at December
26, 2015 |
|
$ |
39.45 |
|
|
|
1,657 |
|
| Granted |
|
$ |
40.59 |
|
|
|
1,241 |
|
| Released/Vested |
|
$ |
38.96 |
|
|
|
(565 |
) |
| Cancelled |
|
$ |
44.57 |
|
|
|
(509 |
) |
| Outstanding
at December 31, 2016 |
|
$ |
38.94 |
|
|
|
1,824 |
|
|
| Schedule of weighted-average assumptions used for fair value estimates using stock option pricing model |
No options or SARs were
granted in 2016 or 2015.
| |
|
2014 |
|
| Weighted average grant date
fair value of options granted |
|
$ |
12.42 |
|
| Expected volatility |
|
|
0.3342 |
|
| Dividend yield |
|
|
3.57 |
% |
| Expected life of options
in years |
|
|
6.8 |
|
| Risk-free interest
rate |
|
|
1.9 |
% |
|
| X |
- DefinitionTabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
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| X |
- DefinitionTabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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| X |
- DefinitionTabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock options and stock appreciation rights that were outstanding at the beginning and end of the year, exercisable at the end of the year, and the number of stock options and stock appreciation rights that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
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| X |
- DefinitionTabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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|
Earnings Per Share (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of earnings per share |
The
following table sets forth the computation of basic and diluted net income per share:
| |
|
Fiscal
Year Ended |
|
| (In thousands, except
per share information) |
|
December
31, |
|
|
December
26, |
|
|
December
27, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Numerator: |
|
|
|
|
|
|
|
|
|
| Numerator
for basic and diluted net income per share - net income |
|
$ |
510,814 |
|
|
$ |
456,227 |
|
|
$ |
364,211 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator
for basic net income per share – weighted-average common shares |
|
|
188,818 |
|
|
|
190,631 |
|
|
|
193,106 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Effect
of dilutive securities – employee stock options and stock appreciation rights |
|
|
525 |
|
|
|
476 |
|
|
|
1,059 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator
for diluted net income per share – adjusted weighted-average common shares |
|
|
189,343 |
|
|
|
191,107 |
|
|
|
194,165 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic net income
per share |
|
$ |
2.71 |
|
|
$ |
2.39 |
|
|
$ |
1.89 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted net income
per share |
|
$ |
2.70 |
|
|
$ |
2.39 |
|
|
$ |
1.88 |
|
|
| X |
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
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Accumulated Other Comprehensive Income (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Schedule of changes in accumulated other comprehensive income |
The
following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the
year ended December 31, 2016:
| |
|
Foreign
Currency
Translation
Adjustment |
|
|
Gross
unrealized
losses on available-
for-sale securities-
OTTI (1) |
|
|
Net
unrealized
gains(losses) on
available-for-sale
securities-Other(2) |
|
|
Total |
|
| Balance - beginning of period |
|
$ |
(14,107 |
) |
|
$ |
(5,277 |
) |
|
$ |
(11,044 |
) |
|
$ |
(30,428 |
) |
| Other
comprehensive income before reclassification |
|
|
4,696 |
|
|
|
5,277 |
|
|
|
(15,188 |
) |
|
|
(5,215 |
) |
| Amounts
reclassified from accumulated other comprehensive income |
|
|
- |
|
|
|
- |
|
|
|
(1,118 |
) |
|
|
(1,118 |
) |
| Net
current-period other comprehensive income |
|
|
4,696 |
|
|
|
5,277 |
|
|
|
(16,306 |
) |
|
|
(6,333 |
) |
| Balance - end of
period |
|
$ |
(9,411 |
) |
|
$ |
- |
|
|
$ |
(27,350 |
) |
|
$ |
(36,761 |
) |
|
| Schedule of reporting reclassifications out of AOCI |
The following provides
required disclosure of reporting reclassifications out of AOCI for the year ended December 31, 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 |
|
$ |
822 |
|
|
Other income (expense) |
| |
|
|
296 |
|
|
Income tax provision |
| |
|
$ |
1,118 |
|
|
Net of tax |
|
| X |
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
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Selected Quarterly Information (Unaudited) (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Quarterly Financial Information Disclosure [Abstract] |
|
| Schedule of quarterly financial information |
| |
|
53-Weeks
Ended December 31, 2016 |
|
| |
|
Quarter
Ending |
|
| |
|
March
26 |
|
|
June
25 |
|
|
September
24 |
|
|
December
31 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
624,040 |
|
|
$ |
811,609 |
|
|
$ |
722,250 |
|
|
$ |
860,767 |
|
| Gross profit |
|
|
339,850 |
|
|
|
462,958 |
|
|
|
405,980 |
|
|
|
470,782 |
|
| Net income |
|
|
88,092 |
|
|
|
161,064 |
|
|
|
125,054 |
|
|
|
138,537 |
|
| Basic net income per share |
|
$ |
0.46 |
|
|
$ |
0.85 |
|
|
$ |
0.66 |
|
|
$ |
0.74 |
|
| |
|
52-Weeks
Ended December 26, 2015 |
|
| |
|
Quarter
Ending |
|
| |
|
March
28 |
|
|
June
27 |
|
|
September
26 |
|
|
December
26 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
585,394 |
|
|
$ |
773,830 |
|
|
$ |
679,690 |
|
|
$ |
781,358 |
|
| Gross profit |
|
|
344,122 |
|
|
|
419,250 |
|
|
|
362,190 |
|
|
|
413,143 |
|
| Net income |
|
|
66,793 |
|
|
|
137,753 |
|
|
|
119,299 |
|
|
|
132,383 |
|
| Basic net income per share |
|
$ |
0.35 |
|
|
$ |
0.72 |
|
|
$ |
0.63 |
|
|
$ |
0.70 |
|
|
| X |
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-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)-(j)
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|
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands |
Dec. 31, 2016 |
Dec. 26, 2015 |
| Accounting Policies [Abstract] |
|
|
| Raw Materials |
$ 162,882
|
$ 203,173
|
| Work-in-process |
68,602
|
69,690
|
| Finished goods |
293,789
|
273,762
|
| Inventory Reserves |
(40,452)
|
(46,071)
|
| Inventory, net of reserves |
$ 484,821
|
$ 500,554
|
| X |
- References
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| X |
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|
Summary of Significant Accounting Policies (Details 1)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Buildings and improvements [Member] | Minimum [Member] |
|
| Property, Plant and Equipment, Useful Life |
39 years
|
| Buildings and improvements [Member] | Maximum [Member] |
|
| Property, Plant and Equipment, Useful Life |
50 years
|
| Office furniture and equipment [Member] | Minimum [Member] |
|
| Property, Plant and Equipment, Useful Life |
3 years
|
| Office furniture and equipment [Member] | Maximum [Member] |
|
| Property, Plant and Equipment, Useful Life |
5 years
|
| Manufacturing and engineering equipment [Member] |
|
| Property, Plant and Equipment, Useful Life |
5 years
|
| Vehicles [Member] |
|
| Property, Plant and Equipment, Useful Life |
5 years
|
| X |
- DefinitionUseful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.
| Name: |
us-gaap_PropertyPlantAndEquipmentUsefulLife |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingImprovementsMember |
| Namespace Prefix: |
|
| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
|
| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
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| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_OfficeEquipmentMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
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| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
Summary of Significant Accounting Policies (Details 2) - $ / shares
|
Jun. 10, 2016 |
Jun. 05, 2015 |
Jun. 06, 2014 |
| Dividend Payable 1 [Member] |
|
|
|
| Dividend Date |
Jun. 30, 2016
|
Jun. 30, 2015
|
Jun. 30, 2014
|
| Record Date |
Jun. 16, 2016
|
Jun. 16, 2015
|
Jun. 17, 2014
|
| Dividend per share |
$ 0.51
|
$ 0.51
|
$ 0.48
|
| Dividend Payable 2 [Member] |
|
|
|
| Dividend Date |
Sep. 30, 2016
|
Sep. 30, 2015
|
Sep. 30, 2014
|
| Record Date |
Sep. 15, 2016
|
Sep. 15, 2015
|
Sep. 15, 2014
|
| Dividend per share |
$ 0.51
|
$ 0.51
|
$ 0.48
|
| Dividend Payable 3 [Member] |
|
|
|
| Dividend Date |
Dec. 30, 2016
|
Dec. 31, 2015
|
Dec. 31, 2014
|
| Record Date |
Dec. 14, 2016
|
Dec. 15, 2015
|
Dec. 15, 2014
|
| Dividend per share |
$ 0.51
|
$ 0.51
|
$ 0.48
|
| Dividend Payable 4 [Member] |
|
|
|
| Dividend Date |
Mar. 31, 2017
|
Mar. 31, 2016
|
Mar. 31, 2015
|
| Record Date |
Mar. 15, 2017
|
Mar. 16, 2016
|
Mar. 16, 2015
|
| Dividend per share |
$ 0.51
|
$ 0.51
|
$ 0.48
|
| X |
- DefinitionDate the declared dividend will be paid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
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| X |
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
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|
| X |
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|
Summary of Significant Accounting Policies (Details 3) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 26, 2015 |
| Goodwill [Roll Forward] |
|
|
| Goodwill balance at beginning of year |
$ 187,791
|
$ 178,638
|
| Acquisitions |
38,061
|
11,908
|
| Finalization of purchase price allocations and effect of foreign currency translation |
(1,299)
|
(2,755)
|
| Goodwill balance at end of year |
$ 224,553
|
$ 187,791
|
| X |
- DefinitionAmount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
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-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 5
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|
| X |
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-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (b)
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-SubTopic 10
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-Paragraph 16
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267
| Name: |
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| Balance Type: |
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| Period Type: |
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|
Summary of Significant Accounting Policies (Details 4) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] |
|
|
|
|
| Balance - beginning of period |
|
$ 30,449
|
$ 27,609
|
$ 26,767
|
| Accrual for products sold |
[1] |
61,578
|
44,620
|
44,423
|
| Expenditures |
|
(54,794)
|
(41,780)
|
(43,581)
|
| Balance - end of period |
|
$ 37,233
|
$ 30,449
|
$ 27,609
|
|
|
| X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
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| Period Type: |
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|
| X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred through that date and payable for estimated claims under standard and extended warranty protection rights granted to customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-Subparagraph (c)(5)
-URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(5))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
| Name: |
us-gaap_ProductWarrantyAccrual |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of decrease in the standard and extended product warranty accrual from payments made in cash or in kind to satisfy claims under the terms of the standard and extended product warranty. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-Subparagraph ((c)(2))
-URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249
| Name: |
us-gaap_ProductWarrantyAccrualPayments |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of increase in the standard and extended product warranty accrual from warranties issued. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-Subparagraph ((c)(3))
-URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249
| Name: |
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| Data Type: |
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| Period Type: |
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|
Summary of Significant Accounting Policies (Details Narrative)
$ in Thousands |
|
|
12 Months Ended |
|
|
Jun. 10, 2016
SFr / shares
shares
|
Mar. 14, 2013
USD ($)
Number
|
Dec. 31, 2016
USD ($)
|
Dec. 26, 2015
USD ($)
|
Dec. 27, 2014
USD ($)
|
Jun. 09, 2016
SFr / shares
|
| Cumulative currency translation adjustments |
|
|
$ (9,411)
|
$ (14,107)
|
|
|
| Foreign currency losses |
|
|
(31,651)
|
(23,465)
|
$ (4,299)
|
|
| Dividends |
|
|
481,452
|
378,117
|
360,075
|
|
| Intangible assets, net |
|
|
253,472
|
216,465
|
|
|
| Accumulated amortization intangible assets |
|
|
173,023
|
158,704
|
|
|
| Amortization expense intangible assets |
|
|
14,319
|
7,115
|
8,362
|
|
| Amortization expense intangible assets, Next twelve months |
|
|
15,727
|
|
|
|
| Amortization expense intangible assets, Year two |
|
|
14,502
|
|
|
|
| Amortization expense intangible assets, Year three |
|
|
11,798
|
|
|
|
| Amortization expense intangible assets, Year four |
|
|
9,301
|
|
|
|
| Amortization expense intangible assets, Year five |
|
|
4,931
|
|
|
|
| Goodwill |
|
|
224,553
|
187,791
|
178,638
|
|
| Fair value available-for-sale securities unrealized losses |
|
|
(27,350)
|
(16,321)
|
|
|
| Deferred revenues |
|
|
286,971
|
293,713
|
|
|
| Total deferred Costs |
|
|
103,546
|
87,945
|
|
|
| Deferred revenue and cost expenses, Next twelve months |
|
|
99,169
|
|
|
|
| Deferred revenue and cost expenses, Year two |
|
|
49,605
|
|
|
|
| Deferred revenue and cost expenses, Year three |
|
|
23,027
|
|
|
|
| Deferred revenue and cost expenses, Year four |
|
|
8,255
|
|
|
|
| Deferred revenue and cost expenses, Year five |
|
|
3,369
|
|
|
|
| Advertising expense |
|
|
177,143
|
167,166
|
146,633
|
|
| Research and development costs |
|
|
$ 467,960
|
427,043
|
$ 395,121
|
|
| Number of shares cancelled | shares |
10,000,000
|
|
|
|
|
|
| Decline in par value of common stock (in swiss francs per share) | SFr / shares |
SFr 0.10
|
|
|
|
|
SFr 10
|
| Aviation Product [Member] |
|
|
|
|
|
|
| Product warranty term |
|
|
2 years
|
|
|
|
| State Administration of Taxation, China [Member] |
|
|
|
|
|
|
| Restricted retained earnings |
|
|
$ 304,674
|
$ 304,674
|
|
|
| Memorandum of Agreement [Member] | Interest Free Loans Receivable [Member] | Bombardier, Inc [Member] |
|
|
|
|
|
|
| Loans receivable |
|
$ 173,708
|
|
|
|
|
| Number of installment | Number |
|
7
|
|
|
|
|
| Number of installment repaid | Number |
|
5
|
|
|
|
|
| Minimum [Member] |
|
|
|
|
|
|
| Acquired intangible assets useful life |
|
|
3 years
|
|
|
|
| Deferred revenues useful life |
|
|
2 years
|
|
|
|
| Minimum [Member] | Other Product Other Than Aviation Product [Member] |
|
|
|
|
|
|
| Product warranty term |
|
|
1 year
|
|
|
|
| Maximum [Member] |
|
|
|
|
|
|
| Acquired intangible assets useful life |
|
|
10 years
|
|
|
|
| Deferred revenues useful life |
|
|
5 years
|
|
|
|
| Maximum [Member] | Other Product Other Than Aviation Product [Member] |
|
|
|
|
|
|
| Product warranty term |
|
|
2 years
|
|
|
|
| Customer Concentration Risk [Member] | Net Sales [Member] |
|
|
|
|
|
|
| Concentration risk net sales |
|
|
10.00%
|
10.00%
|
10.00%
|
|
| Ten Customer Concentration Risk [Member] | Net Sales [Member] | Minimum [Member] |
|
|
|
|
|
|
| Concentration risk net sales |
|
|
|
|
22.00%
|
|
| Ten Customer Concentration Risk [Member] | Net Sales [Member] | Maximum [Member] |
|
|
|
|
|
|
| Concentration risk net sales |
|
|
|
|
24.00%
|
|
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Marketable Securities (Details) - USD ($)
$ in Thousands |
Dec. 31, 2016 |
Dec. 26, 2015 |
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
$ 1,480,237
|
$ 1,558,548
|
| U.S.Treasury Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
29,034
|
27,731
|
| Agency Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
59,541
|
208,631
|
| Mortgage-Backed Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
230,823
|
370,232
|
| Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
893,725
|
648,590
|
| Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
176,169
|
223,562
|
| Other [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
90,945
|
79,802
|
| Recurring Basis [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
1,480,237
|
1,558,548
|
| Recurring Basis [Member] | U.S.Treasury Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
29,034
|
27,731
|
| Recurring Basis [Member] | Agency Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
59,541
|
208,631
|
| Recurring Basis [Member] | Mortgage-Backed Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
230,823
|
370,232
|
| Recurring Basis [Member] | Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
893,725
|
648,590
|
| Recurring Basis [Member] | Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
176,168
|
223,562
|
| Recurring Basis [Member] | Other [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
90,946
|
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 |
1,480,237
|
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 |
29,034
|
27,731
|
| Recurring Basis [Member] | Level 2 [Member] | Agency Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
59,541
|
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 |
230,823
|
370,232
|
| Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
893,725
|
648,590
|
| Recurring Basis [Member] | Level 2 [Member] | Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
176,168
|
223,562
|
| Recurring Basis [Member] | Level 2 [Member] | Other [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
90,946
|
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 |
|
|
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|
|
| 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] |
|
|
| Available-for-sale securities, total |
|
|
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Marketable Securities (Details 1) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 26, 2015 |
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
$ 1,509,924
|
$ 1,576,112
|
| Gross Unrealized Gains |
|
587
|
1,142
|
| Gross Unrealized Losses-OTTI |
[1] |
|
(5,277)
|
| Gross Unrealized Losses-Other |
[2] |
(30,274)
|
(13,429)
|
| Fair Value |
|
1,480,237
|
1,558,548
|
| U.S.Treasury Securities [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
29,291
|
27,772
|
| Gross Unrealized Gains |
|
31
|
27
|
| Gross Unrealized Losses-OTTI |
[1] |
|
|
| Gross Unrealized Losses-Other |
[2] |
(288)
|
(68)
|
| Fair Value |
|
29,034
|
27,731
|
| Agency Securities [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
60,513
|
211,248
|
| Gross Unrealized Gains |
|
19
|
105
|
| Gross Unrealized Losses-OTTI |
[1] |
|
(2,409)
|
| Gross Unrealized Losses-Other |
[2] |
(991)
|
(313)
|
| Fair Value |
|
59,541
|
208,631
|
| Mortgage-Backed Securities [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
236,354
|
376,801
|
| Gross Unrealized Gains |
|
41
|
191
|
| Gross Unrealized Losses-OTTI |
[1] |
|
(1,210)
|
| Gross Unrealized Losses-Other |
[2] |
(5,572)
|
(5,550)
|
| Fair Value |
|
230,823
|
370,232
|
| Corporate Securities [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
914,028
|
656,447
|
| Gross Unrealized Gains |
|
252
|
179
|
| Gross Unrealized Losses-OTTI |
[1] |
|
(1,635)
|
| Gross Unrealized Losses-Other |
[2] |
(20,555)
|
(6,401)
|
| Fair Value |
|
893,725
|
648,590
|
| Municipal Securities [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
178,804
|
223,991
|
| Gross Unrealized Gains |
|
224
|
636
|
| Gross Unrealized Losses-OTTI |
[1] |
|
(9)
|
| Gross Unrealized Losses-Other |
[2] |
(2,859)
|
(1,056)
|
| Fair Value |
|
176,169
|
223,562
|
| Other [Member] |
|
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
|
| Amortized Cost |
|
90,934
|
79,853
|
| Gross Unrealized Gains |
|
20
|
4
|
| Gross Unrealized Losses-OTTI |
[1] |
|
(14)
|
| Gross Unrealized Losses-Other |
[2] |
(9)
|
(41)
|
| Fair Value |
|
$ 90,945
|
$ 79,802
|
|
|
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Marketable Securities (Details 2) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 26, 2015 |
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
$ (26,602)
|
$ (13,113)
|
| Fair Value Less than 12 Consecutive Months |
1,133,944
|
1,056,152
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(3,672)
|
(5,593)
|
| Fair Value 12 Consecutive Months or Longer |
118,800
|
224,998
|
| U.S.Treasury Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(288)
|
(68)
|
| Fair Value Less than 12 Consecutive Months |
24,260
|
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 |
(991)
|
(691)
|
| Fair Value Less than 12 Consecutive Months |
49,255
|
117,803
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
|
(2,031)
|
| Fair Value 12 Consecutive Months or Longer |
|
69,418
|
| Mortgage-Backed Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(3,702)
|
(4,571)
|
| Fair Value Less than 12 Consecutive Months |
159,665
|
263,735
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(1,870)
|
(2,189)
|
| Fair Value 12 Consecutive Months or Longer |
64,645
|
83,722
|
| Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(18,856)
|
(6,719)
|
| Fair Value Less than 12 Consecutive Months |
765,712
|
521,731
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(1,699)
|
(1,317)
|
| Fair Value 12 Consecutive Months or Longer |
40,910
|
50,374
|
| Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(2,762)
|
(1,035)
|
| Fair Value Less than 12 Consecutive Months |
130,994
|
116,033
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(97)
|
(30)
|
| Fair Value 12 Consecutive Months or Longer |
6,326
|
6,557
|
| Other [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(3)
|
(29)
|
| Fair Value Less than 12 Consecutive Months |
4,058
|
14,666
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(6)
|
(26)
|
| Fair Value 12 Consecutive Months or Longer |
$ 6,919
|
$ 14,927
|
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Marketable Securities (Details 3) - USD ($)
$ in Thousands |
Dec. 31, 2016 |
Dec. 26, 2015 |
| Amortized Cost [Abstract] |
|
|
| Due in one year or less |
$ 267,115
|
|
| Due after one year through five years |
979,546
|
|
| Due after five years through ten years |
256,691
|
|
| Due after ten years |
6,572
|
|
| Total |
1,509,924
|
$ 1,576,112
|
| Fair Value [Abstract] |
|
|
| Due in one year or less |
266,952
|
|
| Due after one year through five years |
963,898
|
|
| Due after five years through ten years |
243,052
|
|
| Due after ten years |
6,335
|
|
| Total |
$ 1,480,237
|
$ 1,558,548
|
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Income Taxes (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Federal: |
|
|
|
| Current |
$ 66,627
|
$ 49,138
|
$ (18,665)
|
| Deferred |
5,343
|
4,216
|
58,164
|
| Total federal income tax provision (benefit) |
71,970
|
53,354
|
39,499
|
| State: |
|
|
|
| Current |
8,809
|
9,354
|
5,575
|
| Deferred |
(3,823)
|
(5,858)
|
4,368
|
| Total state income tax provision (benefit) |
4,986
|
3,496
|
9,943
|
| Foreign: |
|
|
|
| Current |
42,406
|
55,730
|
287,197
|
| Deferred |
(506)
|
(1,620)
|
22,895
|
| Total foreign income tax provision (benefit) |
41,900
|
54,110
|
310,092
|
| Income tax provision |
$ 118,856
|
$ 110,960
|
$ 359,534
|
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Income Taxes (Details 1) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Income Tax Disclosure [Abstract] |
|
|
|
| Federal income tax expense at U.S. statutory rate |
$ 220,385
|
$ 198,516
|
$ 253,260
|
| State income tax expense, net of federal tax effect |
2,749
|
1,931
|
6,463
|
| Foreign tax rate differential |
(111,989)
|
(100,010)
|
(154,338)
|
| Taiwan tax holiday benefit |
(2,032)
|
(3,488)
|
(3,147)
|
| Other foreign taxes less incentives and credits |
(16,593)
|
(8,592)
|
5,947
|
| Withholding Tax |
17,447
|
16,969
|
21,039
|
| Intercompany Restructuring |
|
|
307,635
|
| Net Change in Uncertain Tax Positions |
17,328
|
21,246
|
(67,231)
|
| Federal Domestic Production Activities Deduction |
(5,528)
|
(4,589)
|
(3,606)
|
| Federal Research and Development Credit |
(8,548)
|
(8,573)
|
(8,373)
|
| Other, net |
5,637
|
(2,450)
|
1,885
|
| Income tax expense |
$ 118,856
|
$ 110,960
|
$ 359,534
|
Income Taxes (Details 2) - USD ($)
$ in Thousands |
Dec. 31, 2016 |
Dec. 26, 2015 |
| Deferred tax assets: |
|
|
| Product warranty accruals |
$ 2,768
|
$ 2,990
|
| Allowance for doubtful accounts |
10,100
|
10,323
|
| Inventory reserves |
8,953
|
10,904
|
| Sales program allowances |
1,397
|
1,783
|
| Reserve for sales returns |
2,196
|
1,457
|
| Other accruals |
13,548
|
10,799
|
| Share based compensation |
29,632
|
35,360
|
| Tax credit carryforwards |
5,012
|
3,906
|
| Amortization |
15,368
|
20,005
|
| Deferred Revenue |
32,487
|
32,809
|
| Net operating losses of subsidiaries |
5,403
|
5,228
|
| Unrealized investment gain, net |
5
|
|
| Benefit related to uncertain tax positions |
7,542
|
5,546
|
| Other |
4,000
|
4,106
|
| Valuation allowance related to loss carryforward and tax credits |
(4,622)
|
(2,781)
|
| Total deferred tax assets |
133,789
|
142,435
|
| Deferred tax liabilities: |
|
|
| Depreciation |
17,854
|
18,029
|
| Prepaid Expenses |
2,876
|
2,821
|
| Book basis in excess of tax basis for acquired entities |
3,865
|
1,307
|
| Unrealized investment loss, net |
|
3,198
|
| Withholding tax |
58,597
|
54,865
|
| Other |
1,523
|
1,907
|
| Total deferred tax liabilities |
84,715
|
82,127
|
| Net deferred tax assets |
$ 49,074
|
$ 60,308
|
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Income Taxes (Details 3) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Income Tax Disclosure [Abstract] |
|
|
|
| Balance at beginning of year |
$ 97,904
|
$ 77,495
|
$ 133,015
|
| Additions based on tax positions related to prior years |
489
|
89
|
2,889
|
| Reductions based on tax positions related to prior years |
(940)
|
(1,671)
|
(60,967)
|
| Additions based on tax positions related to current period |
28,859
|
29,019
|
39,115
|
| Reductions related to settlements with tax authorities |
(134)
|
(364)
|
(401)
|
| Expiration of statute of limitations |
(11,088)
|
(6,664)
|
(36,156)
|
| Balance at end of year |
$ 115,090
|
$ 97,904
|
$ 77,495
|
| X |
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Income Taxes (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
Sep. 27, 2014 |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Inter-company restructuring tax expenses |
|
|
|
$ 307,635
|
| Income taxes paid |
$ 265,000
|
|
|
|
| Effective income tax amount |
|
220,385
|
198,516
|
253,260
|
| Effective income tax foreign tax rate differential |
|
(111,989)
|
(100,010)
|
(154,338)
|
| Income before income taxes |
|
629,670
|
567,187
|
723,745
|
| Income tax expense used for unremitted earnings |
|
118,856
|
110,960
|
359,534
|
| Tax credit carryforward amount |
|
5,012
|
3,906
|
|
| Non-U.S. Operations Entity's [Member] |
|
|
|
|
| Income before income taxes |
|
453,729
|
403,242
|
546,790
|
| Foreign Subsidiaries [Member] |
|
|
|
|
| Income tax expense used for unremitted earnings |
|
$ 22,139
|
$ 21,085
|
$ 20,606
|
| Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] |
|
|
|
|
| Effective income tax rate |
|
7.83%
|
7.83%
|
7.83%
|
| Effective income tax foreign tax rate differential |
|
$ 55,000
|
$ 52,000
|
$ 44,000
|
| Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] | Maximum [Member] |
|
|
|
|
| Effective income tax amount |
|
171,000
|
154,000
|
197,000
|
| Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] | Minimum [Member] |
|
|
|
|
| Effective income tax amount |
|
$ 49,000
|
$ 44,000
|
$ 57,000
|
| Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] |
|
|
|
|
| Weighted-average common share outstanding tax holiday benefits (in dollars per share) |
|
$ 0.01
|
$ 0.02
|
$ 0.02
|
| Tax holiday benefits termination year |
|
2017
|
|
|
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Income Taxes (Details Narrative 1) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Deferred tax assets related to future tax benefit on net operating loss carryforward |
$ 5,403
|
|
|
| Net operating loss carryforwards |
35,843
|
|
|
| Net unrecognized tax benefits |
109,667
|
$ 93,654
|
$ 74,205
|
| Accrued interest and penalties on unrecognized tax benefits |
3,901
|
2,479
|
2,159
|
| Increase (decrease) unrecognized tax benefits |
1,422
|
320
|
(2,953)
|
| Reduction in income tax expense |
11,088
|
6,664
|
36,156
|
| Minimum [Member] |
|
|
|
| Reserves for certain unrecognized tax benefits |
15,000
|
|
|
| Maximum [Member] |
|
|
|
| Reserves for certain unrecognized tax benefits |
20,000
|
|
|
| Various Other Jurisdictions [Member] |
|
|
|
| Net operating loss carryforwards |
9,422
|
|
|
| Reduction in income tax expense |
11,151
|
$ 6,971
|
$ 83,006
|
| Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] |
|
|
|
| Net operating loss carryforwards |
$ 22,968
|
|
|
| Net operating loss carryforwards expiration year |
2023
|
|
|
| Income tax examination year |
2011
|
|
|
| Foreign Tax Authority [Member] | Finnish Tax Administration [Member] |
|
|
|
| Net operating loss carryforwards |
$ 1,462
|
|
|
| Foreign Tax Authority [Member] | Finnish Tax Administration [Member] | Minimum [Member] |
|
|
|
| Net operating loss carryforwards expiration year |
2025
|
|
|
| Foreign Tax Authority [Member] | Finnish Tax Administration [Member] | Maximum [Member] |
|
|
|
| Net operating loss carryforwards expiration year |
2026
|
|
|
| Foreign Tax Authority [Member] | State Administration of Taxation, China [Member] |
|
|
|
| Income tax examination year |
2010
|
|
|
| Foreign Tax Authority [Member] | Her Majesty's Revenue and Customs (HMRC) [Member] |
|
|
|
| Income tax examination year |
2013
|
|
|
| Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] |
|
|
|
| Net operating loss carryforwards |
$ 1,991
|
|
|
| Income tax examination year |
2012
|
|
|
| Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Minimum [Member] |
|
|
|
| Net operating loss carryforwards expiration year |
2035
|
|
|
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|
|
|
| Net operating loss carryforwards expiration year |
2036
|
|
|
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Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands |
Dec. 31, 2016 |
Dec. 26, 2015 |
| Marketable securities |
$ 1,480,237
|
$ 1,558,548
|
| Carrying Amount [Member] |
|
|
| Cash and cash equivalents |
846,883
|
833,070
|
| Restricted cash |
113
|
259
|
| Marketable securities |
1,480,237
|
1,558,548
|
| Fair Value [Member] |
|
|
| Cash and cash equivalents |
846,883
|
833,070
|
| Restricted cash |
113
|
259
|
| Marketable securities |
$ 1,480,237
|
$ 1,558,548
|
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Segment Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 31, 2016 |
Sep. 24, 2016 |
Jun. 25, 2016 |
Mar. 26, 2016 |
Dec. 26, 2015 |
Sep. 26, 2015 |
Jun. 27, 2015 |
Mar. 28, 2015 |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Net sales |
$ 860,767
|
$ 722,250
|
$ 811,609
|
$ 624,040
|
$ 781,358
|
$ 679,690
|
$ 773,830
|
$ 585,394
|
$ 3,018,665
|
[1] |
$ 2,820,270
|
[1] |
$ 2,870,658
|
[1] |
| Gross profit |
$ 470,782
|
$ 405,980
|
$ 462,958
|
$ 339,850
|
$ 413,143
|
$ 362,190
|
$ 419,250
|
$ 344,122
|
1,679,570
|
|
1,538,704
|
|
1,604,412
|
|
| Operating income |
|
|
|
|
|
|
|
|
623,909
|
|
549,581
|
|
690,626
|
|
| Outdoor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
546,326
|
|
411,184
|
|
409,847
|
|
| Gross profit |
|
|
|
|
|
|
|
|
340,504
|
|
254,878
|
|
266,659
|
|
| Operating income |
|
|
|
|
|
|
|
|
184,035
|
|
139,070
|
|
156,059
|
|
| Fitness [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
818,486
|
|
661,599
|
|
568,440
|
|
| Gross profit |
|
|
|
|
|
|
|
|
437,205
|
|
366,139
|
|
358,287
|
|
| Operating income |
|
|
|
|
|
|
|
|
160,596
|
|
134,574
|
|
190,682
|
|
| Marine [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
331,947
|
|
286,778
|
|
248,371
|
|
| Gross profit |
|
|
|
|
|
|
|
|
183,709
|
|
158,493
|
|
129,710
|
|
| Operating income |
|
|
|
|
|
|
|
|
52,167
|
|
28,611
|
|
26,232
|
|
| Auto [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
882,558
|
|
1,062,091
|
|
1,258,085
|
|
| Gross profit |
|
|
|
|
|
|
|
|
388,747
|
|
464,480
|
|
569,343
|
|
| Operating income |
|
|
|
|
|
|
|
|
102,347
|
|
136,069
|
|
210,675
|
|
| Aviation [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
439,348
|
|
398,618
|
|
385,915
|
|
| Gross profit |
|
|
|
|
|
|
|
|
329,405
|
|
294,714
|
|
280,413
|
|
| Operating income |
|
|
|
|
|
|
|
|
$ 124,764
|
|
$ 111,257
|
|
$ 106,978
|
|
|
|
| X |
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Segment Information (Details 1) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 31, 2016 |
Sep. 24, 2016 |
Jun. 25, 2016 |
Mar. 26, 2016 |
Dec. 26, 2015 |
Sep. 26, 2015 |
Jun. 27, 2015 |
Mar. 28, 2015 |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Net sales to external customers |
|
$ 860,767
|
$ 722,250
|
$ 811,609
|
$ 624,040
|
$ 781,358
|
$ 679,690
|
$ 773,830
|
$ 585,394
|
$ 3,018,665
|
[1] |
$ 2,820,270
|
[1] |
$ 2,870,658
|
[1] |
| Property and equipment, net |
|
482,878
|
|
|
|
446,089
|
|
|
|
482,878
|
|
446,089
|
|
430,887
|
|
| Net assets |
[2] |
3,418,003
|
|
|
|
3,345,126
|
|
|
|
3,418,003
|
|
3,345,126
|
|
3,403,367
|
|
| Americas [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external customers |
[1] |
|
|
|
|
|
|
|
|
1,518,934
|
|
1,469,243
|
|
1,538,322
|
|
| Property and equipment, net |
|
300,158
|
|
|
|
294,234
|
|
|
|
300,158
|
|
294,234
|
|
269,858
|
|
| Net assets |
[2] |
2,153,161
|
|
|
|
2,110,108
|
|
|
|
2,153,161
|
|
2,110,108
|
|
2,142,624
|
|
| APAC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external customers |
[1] |
|
|
|
|
|
|
|
|
386,549
|
|
337,888
|
|
278,092
|
|
| Property and equipment, net |
|
144,470
|
|
|
|
111,700
|
|
|
|
144,470
|
|
111,700
|
|
111,464
|
|
| Net assets |
[2] |
933,999
|
|
|
|
921,410
|
|
|
|
933,999
|
|
921,410
|
|
939,852
|
|
| EMEA [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external customers |
[1] |
|
|
|
|
|
|
|
|
1,113,182
|
|
1,013,139
|
|
1,054,244
|
|
| Property and equipment, net |
|
38,250
|
|
|
|
40,154
|
|
|
|
38,250
|
|
40,154
|
|
49,565
|
|
| Net assets |
[2] |
$ 330,843
|
|
|
|
$ 313,608
|
|
|
|
$ 330,843
|
|
$ 313,608
|
|
$ 320,891
|
|
|
|
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Stock Compensation Plans (Details) - Stock Option & Stock Appreciation Rights [Member] - $ / shares
|
12 Months Ended |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Share-based Compensation Arrangement by Share-based Payment Award, Weighted Average Exercise Price [Roll Forward] |
|
|
|
| Outstanding at beginning |
$ 66.80
|
$ 63.19
|
$ 58.44
|
| Granted |
|
|
52.44
|
| Exercised |
50.77
|
29.15
|
40.60
|
| Forfeited/Expired |
51.12
|
70.58
|
80.49
|
| Outstanding at end |
74.48
|
$ 66.80
|
$ 63.19
|
| Exercisable at end |
74.97
|
|
|
| Expected to vest |
$ 49.69
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award, Outstanding [Roll Forward] |
|
|
|
| Outstanding at beginning |
4,061,000
|
4,731,000
|
6,239,000
|
| Granted |
|
|
47,000
|
| Exercised |
(716,000)
|
(474,000)
|
(1,430,000)
|
| Forfeited/Expired |
(608,000)
|
(196,000)
|
(125,000)
|
| Outstanding at end |
2,737,000
|
4,061,000
|
4,731,000
|
| Exercisable at end |
2,684,000
|
|
|
| Expected to vest |
53,000
|
|
|
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xbrli:sharesItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_AwardTypeAxis=grmn_StockOptionAndSARMember |
| Namespace Prefix: |
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| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
Stock Compensation Plans (Details 1) - Stock Option & Stock Appreciation Rights [Member]
|
12 Months Ended |
|
Dec. 31, 2016
shares
|
|---|
| Awards Oustanding |
2,737,000
|
| Remaining Life |
1 year 2 months 16 days
|
| Awards Exercisable |
2,684,000
|
| Exercise Price $18.00 - $40.00 [Member] |
|
| Awards Oustanding |
49,000
|
| Remaining Life |
4 years 1 month 20 days
|
| Awards Exercisable |
49,000
|
| Exercise Price $40.01 - $60.00 [Member] |
|
| Awards Oustanding |
758,000
|
| Remaining Life |
2 years 4 months 6 days
|
| Awards Exercisable |
705,000
|
| Exercise Price $60.01 - $80.00 [Member] |
|
| Awards Oustanding |
940,000
|
| Remaining Life |
5 months 5 days
|
| Awards Exercisable |
940,000
|
| Exercise Price $80.01 - $100.00 [Member] |
|
| Awards Oustanding |
3,000
|
| Remaining Life |
11 months 8 days
|
| Awards Exercisable |
3,000
|
| Exercise Price $100.01 - $120.00 [Member] |
|
| Awards Oustanding |
985,000
|
| Remaining Life |
11 months 1 day
|
| Awards Exercisable |
985,000
|
| Exercise Price $120.01 - $140.00 [Member] |
|
| Awards Oustanding |
2,000
|
| Remaining Life |
8 months 26 days
|
| Awards Exercisable |
2,000
|
| X |
- DefinitionThe number of shares reserved for issuance pertaining to the outstanding exercisable stock options as of the balance sheet date in the customized range of exercise prices for which the market and performance vesting condition has been satisfied. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(iii)
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-Name Accounting Standards Codification
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|
Stock Compensation Plans (Details 2) - Restricted Stock Units [Member] - $ / shares
|
12 Months Ended |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] |
|
|
|
| Outstanding at beginning |
$ 39.45
|
$ 42.55
|
$ 37.36
|
| Granted |
40.59
|
37.07
|
48.73
|
| Released/Vested |
38.96
|
40.18
|
36.00
|
| Cancelled |
44.57
|
42.02
|
37.02
|
| Outstanding at end |
$ 38.94
|
$ 39.45
|
$ 42.55
|
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] |
|
|
|
| Outstanding at beginning |
1,657,000
|
1,088,000
|
1,225,000
|
| Granted |
1,241,000
|
1,184,000
|
432,000
|
| Released/Vested |
(565,000)
|
(562,000)
|
(522,000)
|
| Cancelled |
(509,000)
|
(53,000)
|
(47,000)
|
| Outstanding at end |
1,824,000
|
1,657,000
|
1,088,000
|
| X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(3)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
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| X |
- DefinitionWeighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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-Section 50
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-Subparagraph (c)(2)(iii)(3)
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionThe number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(1)
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| X |
- DefinitionThe weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(1)
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionThe number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)-(ii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
| Name: |
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| Data Type: |
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| Period Type: |
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|
| X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
| Name: |
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| Data Type: |
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|
| X |
- DefinitionThe weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)-(ii)
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| X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
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| X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(2)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
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| Period Type: |
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| X |
- DefinitionThe weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(2)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
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- Details
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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| X |
- DefinitionThe estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
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| X |
- DefinitionThe estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
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| X |
- DefinitionThe risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
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| X |
- DefinitionThe weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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-Subparagraph (d)(1)
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| X |
- DefinitionExpected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
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-Topic 718
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-Paragraph 1
-Subparagraph (SAB Topic 14.D.2)
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|
Stock Compensation Plans (Details Narrative) - shares
|
1 Months Ended |
12 Months Ended |
Jun. 30, 2011 |
Jun. 30, 2005 |
Oct. 31, 2000 |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 28, 2013 |
Dec. 26, 2009 |
| Restricted Stock Units [Member] |
|
|
|
|
|
|
|
|
| Number of shares granted |
|
|
|
1,241,000
|
1,184,000
|
432,000
|
|
|
| Outstanding awards weighted-average remaining contract life |
|
|
|
1 year 1 month 2 days
|
|
|
|
|
| Stock Option & Stock Appreciation Rights [Member] |
|
|
|
|
|
|
|
|
| Outstanding awards weighted-average remaining contract life |
|
|
|
1 year 2 months 17 days
|
|
|
|
|
| Exercisable awards weighted-average remaining contract life |
|
|
|
1 year 1 month 2 days
|
|
|
|
|
| 2011 Non-employee Directors' Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
| Maximum number of authorized shares available for issuance |
122,592
|
|
|
|
|
|
|
|
| Award vesting period |
2 years
|
|
|
|
|
|
|
|
| Award expiration period |
10 years
|
|
|
|
|
|
|
|
| 2011 Non-employee Directors' Equity Incentive Plan [Member] | Restricted Stock Units [Member] |
|
|
|
|
|
|
|
|
| Number of shares granted |
|
|
|
12,984
|
12,008
|
7,120
|
|
|
| 2005 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
| Maximum number of authorized shares available for issuance |
|
10,000,000
|
|
|
|
|
13,000,000
|
|
| Number of additional authorized shares issued |
|
|
|
|
|
|
3,000,000
|
|
| 2005 Equity Incentive Plan [Member] | Restricted Stock Units [Member] |
|
|
|
|
|
|
|
|
| Award vesting period |
|
3 years
|
|
|
|
|
|
|
| Number of shares granted |
|
|
|
1,228,427
|
1,171,905
|
425,347
|
|
|
| Description of vesting period |
|
|
|
RSUs granted prior to December 10, 2012 vested or
are vesting evenly over a period of five years.
|
|
|
|
|
| 2005 Equity Incentive Plan [Member] | Stock Option & Stock Appreciation Rights [Member] |
|
|
|
|
|
|
|
|
| Award vesting period |
|
5 years
|
|
|
|
|
|
|
| Award expiration period |
|
10 years
|
|
|
|
|
|
|
| 2005 Equity Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] |
|
|
|
|
|
|
|
|
| Number of shares granted |
|
|
|
|
|
47,095
|
|
|
| 2000 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
| Maximum number of authorized shares available for issuance |
|
|
7,000,000
|
|
|
|
|
|
| 2000 Equity Incentive Plan [Member] | Stock Option & Stock Appreciation Rights [Member] |
|
|
|
|
|
|
|
|
| Award vesting period |
|
|
5 years
|
|
|
|
|
|
| Award expiration period |
|
|
10 years
|
|
|
|
|
|
| 2000 Non-employee Directors' Option Plan [Member] |
|
|
|
|
|
|
|
|
| Maximum number of authorized shares available for issuance |
|
|
100,000
|
|
|
|
|
250,000
|
| Award vesting period |
|
|
3 years
|
|
|
|
|
|
| Award expiration period |
|
|
10 years
|
|
|
|
|
|
| Number of additional authorized shares issued |
|
|
|
|
|
|
|
150,000
|
| X |
- DefinitionWeighted average remaining contractual term for stock option and equity-based awards excluding options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
| Name: |
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Stock Compensation Plans (Details Narrative 1) - USD ($)
$ / shares in Units, $ in Thousands |
1 Months Ended |
12 Months Ended |
Jun. 30, 2015 |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Total fair value of vested awards |
|
$ 22,429
|
$ 23,351
|
$ 19,127
|
| Closing stock price (in dollars per share) |
|
$ 48.49
|
|
|
| Total unrecognized compensation cost related to unvested share-based compensation awards |
|
$ 55,802
|
|
|
| Employee Stock Purchase Plan [Member] |
|
|
|
|
| Maximum number of authorized shares available for issuance |
6,000,000
|
|
|
|
| Number of additional authorized shares issued |
2,000,000
|
|
|
|
| Purchase price of common stock (fair market value of the stock on the date of purchase) |
85.00%
|
|
|
|
| Purchase price of common stock (fair market value on the first day of the ESPP period) |
85.00%
|
|
|
|
| Number of shares purchased |
|
541,018
|
488,753
|
349,982
|
| Total shares purchase price |
|
$ 18,157
|
$ 16,789
|
$ 14,634
|
| Number of shares available for future issuance |
|
1,459,610
|
|
|
| Stock Option & Stock Appreciation Rights [Member] |
|
|
|
|
| Outstanding awards aggregate intrinsic values |
|
$ 942
|
|
|
| Exercisable awards aggregate intrinsic values |
|
884
|
|
|
| Aggregate intrinsic values |
|
1,632
|
3,714
|
18,885
|
| Restricted Stock Units [Member] |
|
|
|
|
| Outstanding awards aggregate intrinsic values |
|
88,449
|
|
|
| Aggregate intrinsic values |
|
$ 27,386
|
$ 20,787
|
$ 28,119
|
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Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 31, 2016 |
Sep. 24, 2016 |
Jun. 25, 2016 |
Mar. 26, 2016 |
Dec. 26, 2015 |
Sep. 26, 2015 |
Jun. 27, 2015 |
Mar. 28, 2015 |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 27, 2014 |
| Numerator: |
|
|
|
|
|
|
|
|
|
|
|
|
| Numerator for basic and diluted net income per share - net income |
$ 136,605
|
$ 125,054
|
$ 161,064
|
$ 88,092
|
$ 132,383
|
$ 119,299
|
$ 137,753
|
$ 66,793
|
$ 510,814
|
$ 456,227
|
$ 364,211
|
$ 364,211
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator for basic net income per share - weighted-average common shares |
|
|
|
|
|
|
|
|
188,818
|
190,631
|
193,106
|
|
| Effect of dilutive securities - employee stock options and stock appreciation rights |
|
|
|
|
|
|
|
|
525
|
476
|
1,059
|
|
| Denominator for diluted net income per share - adjusted weighted-average common shares |
|
|
|
|
|
|
|
|
189,343
|
191,107
|
194,165
|
|
| Basic net income per share (in dollars per share) |
$ 0.73
|
$ 0.66
|
$ 0.85
|
$ 0.46
|
$ 0.70
|
$ 0.63
|
$ 0.72
|
$ 0.35
|
$ 2.71
|
$ 2.39
|
$ 1.89
|
$ 1.89
|
| Diluted net income per share (in dollars per share) |
|
|
|
|
|
|
|
|
$ 2.70
|
$ 2.39
|
$ 1.88
|
$ 1.88
|
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Share Repurchase Plan (Details Narrative) - USD ($)
$ in Thousands |
|
|
12 Months Ended |
Feb. 13, 2015 |
Feb. 15, 2013 |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 31, 2014 |
| Equity [Abstract] |
|
|
|
|
|
| Stock repurchase program, authorized amount |
$ 300,000
|
$ 300,000
|
|
|
|
| Stock repurchase program, expiration date |
Dec. 31, 2016
|
Dec. 31, 2014
|
|
|
|
| Stock issued for repurchase program, shares |
|
|
2,152,716
|
3,148,901
|
4,369,360
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| Stock issued for repurchase program, value |
|
|
$ 93,233
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$ 131,413
|
$ 241,578
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Accumulated Other Comprehensive Income (Details)
$ in Thousands |
12 Months Ended |
|
Dec. 31, 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 |
4,696
|
|
| Amounts reclassified from accumulated other comprehensive income |
|
|
| Net current-period other comprehensive income |
4,696
|
|
| Balance - end of period |
(9,411)
|
|
| 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 |
5,277
|
[1] |
| Amounts reclassified from accumulated other comprehensive income |
|
[1] |
| Net current-period other comprehensive income |
5,277
|
[1] |
| Balance - end of period |
|
[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 |
(15,188)
|
[2] |
| Amounts reclassified from accumulated other comprehensive income |
(1,118)
|
[2] |
| Net current-period other comprehensive income |
(16,306)
|
[2] |
| Balance - end of period |
(27,350)
|
[2] |
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] |
|
|
| Balance - beginning of period |
(30,428)
|
|
| Other comprehensive income before reclassification |
(5,215)
|
|
| Amounts reclassified from accumulated other comprehensive income |
(1,118)
|
|
| Net current-period other comprehensive income |
(6,333)
|
|
| Balance - end of period |
$ (36,761)
|
|
|
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Accumulated Other Comprehensive Income (Details 1) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Other income (expense) |
$ 5,761
|
$ 17,606
|
$ 33,119
|
| Income tax (provision) benefit |
(118,856)
|
$ (110,960)
|
$ (359,534)
|
| Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] |
|
|
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| Other income (expense) |
822
|
|
|
| Income tax (provision) benefit |
296
|
|
|
| Net of tax |
$ 1,118
|
|
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Selected Quarterly Information (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 31, 2016 |
Sep. 24, 2016 |
Jun. 25, 2016 |
Mar. 26, 2016 |
Dec. 26, 2015 |
Sep. 26, 2015 |
Jun. 27, 2015 |
Mar. 28, 2015 |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
Dec. 27, 2014 |
| Quarterly Financial Information Disclosure [Abstract] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
$ 860,767
|
$ 722,250
|
$ 811,609
|
$ 624,040
|
$ 781,358
|
$ 679,690
|
$ 773,830
|
$ 585,394
|
$ 3,018,665
|
[1] |
$ 2,820,270
|
[1] |
|
$ 2,870,658
|
[1] |
| Gross profit |
470,782
|
405,980
|
462,958
|
339,850
|
413,143
|
362,190
|
419,250
|
344,122
|
1,679,570
|
|
1,538,704
|
|
|
1,604,412
|
|
| Net income |
$ 136,605
|
$ 125,054
|
$ 161,064
|
$ 88,092
|
$ 132,383
|
$ 119,299
|
$ 137,753
|
$ 66,793
|
$ 510,814
|
|
$ 456,227
|
|
$ 364,211
|
$ 364,211
|
|
| Basic net income per share |
$ 0.73
|
$ 0.66
|
$ 0.85
|
$ 0.46
|
$ 0.70
|
$ 0.63
|
$ 0.72
|
$ 0.35
|
$ 2.71
|
|
$ 2.39
|
|
$ 1.89
|
$ 1.89
|
|
|
|
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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 26, 2015 |
Dec. 27, 2014 |
| Movement in Valuation Allowances and Reserves [Roll Forward] |
|
|
|
| Balance at Beginning of Period |
$ 62,657
|
$ 66,823
|
$ 112,109
|
| Additions Charged to Costs and Expenses |
32,561
|
21,158
|
28,899
|
| Additions Charged to Other Accounts |
|
|
|
| Deductions |
(35,475)
|
(25,324)
|
(74,185)
|
| Balance at End of Period |
59,743
|
62,657
|
66,823
|
| Allowance for doubtful accounts [Member] |
|
|
|
| Movement in Valuation Allowances and Reserves [Roll Forward] |
|
|
|
| Balance at Beginning of Period |
13,805
|
18,330
|
20,367
|
| Additions Charged to Costs and Expenses |
4,137
|
(2,521)
|
66
|
| Additions Charged to Other Accounts |
|
|
|
| Deductions |
(3,273)
|
(2,004)
|
(2,103)
|
| Balance at End of Period |
14,669
|
13,805
|
18,330
|
| Inventory reserve [Member] |
|
|
|
| Movement in Valuation Allowances and Reserves [Roll Forward] |
|
|
|
| Balance at Beginning of Period |
46,071
|
37,135
|
28,381
|
| Additions Charged to Costs and Expenses |
26,458
|
23,257
|
25,903
|
| Additions Charged to Other Accounts |
|
|
|
| Deductions |
(32,077)
|
(14,321)
|
(17,149)
|
| Balance at End of Period |
40,452
|
46,071
|
37,135
|
| Valuation allowance - Deferred Tax Asset [Member] |
|
|
|
| Movement in Valuation Allowances and Reserves [Roll Forward] |
|
|
|
| Balance at Beginning of Period |
2,781
|
11,358
|
63,361
|
| Additions Charged to Costs and Expenses |
1,966
|
422
|
2,930
|
| Additions Charged to Other Accounts |
|
|
|
| Deductions |
(125)
|
(8,999)
|
(54,933)
|
| Balance at End of Period |
$ 4,622
|
$ 2,781
|
$ 11,358
|
| X |
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