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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands |
Apr. 01, 2017 |
Dec. 31, 2016 |
| Current assets: |
|
|
| Cash and cash equivalents |
$ 833,577
|
$ 846,883
|
| Marketable securities |
258,400
|
266,952
|
| Accounts receivable, net |
391,345
|
527,062
|
| Inventories, net |
533,151
|
484,821
|
| Deferred costs |
46,124
|
47,395
|
| Prepaid expenses and other current assets |
94,313
|
89,903
|
| Total current assets |
2,156,910
|
2,263,016
|
| Property and equipment, net |
503,840
|
482,878
|
| Marketable securities |
1,211,141
|
1,213,285
|
| Restricted cash |
117
|
113
|
| Noncurrent deferred income tax |
283,440
|
110,293
|
| Noncurrent deferred costs |
57,579
|
56,151
|
| Intangible assets, net |
303,414
|
305,002
|
| Other assets |
84,240
|
94,395
|
| Total assets |
4,600,681
|
4,525,133
|
| Current liabilities: |
|
|
| Accounts payable |
136,901
|
172,404
|
| Salaries and benefits payable |
69,892
|
88,818
|
| Accrued warranty costs |
34,427
|
37,233
|
| Accrued sales program costs |
46,468
|
80,953
|
| Deferred revenue |
140,452
|
146,564
|
| Accrued royalty costs |
26,006
|
36,523
|
| Accrued advertising expense |
17,039
|
37,440
|
| Other accrued expenses |
79,986
|
70,469
|
| Income taxes payable |
$ 20,288
|
16,163
|
| Dividend payable |
|
96,168
|
| Total current liabilities |
$ 571,459
|
782,735
|
| Deferred income taxes |
62,593
|
61,220
|
| Non-current income taxes |
124,265
|
121,174
|
| Non-current deferred revenue |
138,665
|
140,407
|
| Other liabilities |
1,637
|
1,594
|
| Stockholders' equity: |
|
|
| Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 188,156 shares outstanding at April 1, 2017 and 188,565 shares outstanding at December 31, 2016 |
17,979
|
17,979
|
| Additional paid-in capital |
1,831,824
|
1,836,047
|
| Treasury stock |
(474,859)
|
(455,964)
|
| Retained earnings |
2,294,654
|
2,056,702
|
| Accumulated other comprehensive income |
32,464
|
(36,761)
|
| Total stockholders' equity |
3,702,062
|
3,418,003
|
| Total liabilities and stockholders' equity |
$ 4,600,681
|
$ 4,525,133
|
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - SFr / shares
|
Apr. 01, 2017 |
Dec. 31, 2016 |
| Common shares, authorized |
198,077
|
198,077
|
| Common shares, issued |
198,077
|
198,077
|
| Common shares, outstanding |
188,156
|
188,565
|
| CHF [Member] |
|
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| Common shares, par value (in dollars per share) |
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|
SFr 0.10
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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
Apr. 01, 2017 |
Mar. 26, 2016 |
| Income Statement [Abstract] |
|
|
| Net sales |
$ 638,546
|
$ 624,040
|
| Cost of goods sold |
266,423
|
284,190
|
| Gross profit |
372,123
|
339,850
|
| Advertising expense |
31,525
|
32,233
|
| Selling, general and administrative expense |
102,051
|
95,610
|
| Research and development expense |
122,202
|
108,204
|
| Total operating expense |
255,778
|
236,047
|
| Operating income |
116,345
|
103,803
|
| Other income (expense): |
|
|
| Interest income |
8,444
|
7,428
|
| Foreign currency losses |
(37,497)
|
(4,839)
|
| Other income |
400
|
1,155
|
| Total other income (expense) |
(28,653)
|
3,744
|
| Income before income taxes |
87,692
|
107,547
|
| Income tax (benefit) provision |
(150,120)
|
19,455
|
| Net income |
$ 237,812
|
$ 88,092
|
| Net income per share: |
|
|
| Basic (in dollars per share) |
$ 1.26
|
$ 0.46
|
| Diluted (in dollars per share) |
$ 1.26
|
$ 0.46
|
| Weighted average common shares outstanding: |
|
|
| Basic (in shares) |
188,333
|
189,497
|
| Diluted (in shares) |
189,031
|
189,651
|
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$ in Thousands |
3 Months Ended |
Apr. 01, 2017 |
Mar. 26, 2016 |
| Statement of Comprehensive Income [Abstract] |
|
|
| Net income |
$ 237,812
|
$ 88,092
|
| Foreign currency translation adjustment |
62,324
|
6,266
|
| Change in fair value of available-for-sale marketable securities, net of deferred taxes |
6,901
|
9,299
|
| Comprehensive income |
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$ 103,657
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$ in Thousands |
3 Months Ended |
Apr. 01, 2017 |
Mar. 26, 2016 |
| Operating activities: |
|
|
| Net income |
$ 237,812
|
$ 88,092
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation |
14,658
|
13,078
|
| Amortization |
7,070
|
7,115
|
| Loss on sale or disposal of property and equipment |
8
|
38
|
| Provision for doubtful accounts |
(294)
|
285
|
| Deferred income taxes |
(171,523)
|
3,906
|
| Unrealized foreign currency loss (gain) |
42,281
|
(5,412)
|
| Provision for obsolete and slow moving inventories |
7,193
|
8,026
|
| Stock compensation expense |
8,206
|
8,172
|
| Realized loss (gain) on marketable securities |
291
|
(452)
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
135,253
|
130,036
|
| Inventories |
(41,398)
|
(18,873)
|
| Other current and non-current assets |
7,534
|
(3,937)
|
| Accounts payable |
(44,180)
|
(45,515)
|
| Other current and non-current liabilities |
(81,038)
|
(31,606)
|
| Deferred revenue |
(8,375)
|
(12,337)
|
| Deferred cost |
(46)
|
(2,496)
|
| Income taxes payable |
6,943
|
(8,733)
|
| Net cash provided by operating activities |
120,395
|
129,387
|
| Investing activities: |
|
|
| Purchases of property and equipment |
(25,538)
|
$ (13,908)
|
| Proceeds from sale of property and equipment |
7
|
|
| Purchase of intangible assets |
(1,222)
|
$ (1,716)
|
| Purchase of marketable securities |
(96,049)
|
(151,070)
|
| Redemption of marketable securities |
109,526
|
237,464
|
| Change in restricted cash |
$ (4)
|
(2)
|
| Acquisitions, net of cash acquired |
|
(62,137)
|
| Net cash (used in) provided by investing activities |
$ (13,280)
|
8,631
|
| Financing activities: |
|
|
| Dividends paid |
(96,028)
|
(96,566)
|
| Purchase of treasury stock under share repurchase plan |
(27,873)
|
(19,796)
|
| Purchase of treasury stock related to equity awards |
$ (3,452)
|
(16)
|
| Proceeds from issuance of treasury stock related to equity awards |
|
103
|
| Tax benefit from issuance of equity awards |
|
2
|
| Net cash used in financing activities |
$ (127,353)
|
(116,273)
|
| Effect of exchange rate changes on cash and cash equivalents |
6,932
|
2,864
|
| Net increase (decrease) in cash and cash equivalents |
(13,306)
|
24,609
|
| Cash and cash equivalents at beginning of period |
846,883
|
833,070
|
| Cash and cash equivalents at end of period |
$ 833,577
|
$ 857,679
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Basis of Presentation
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Basis of Presentation |
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly,
they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. Additionally, the condensed consolidated financial statements should be read in conjunction
with Item 2 of Management's Discussion and Analysis of Financial Condition and Results of Operations, included in this Form 10-Q.
Operating results for the 13-week period ended April 1, 2017 are not necessarily indicative of the results that may be expected
for the year ending December 30, 2017.
The
condensed consolidated balance sheet at December 31, 2016 has been derived from the audited financial statements at that date
but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial
statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2016.
The
Company’s fiscal year is based on a 52-53 week period ending on the last Saturday of the calendar year. Therefore, the financial
results of certain 53-week fiscal years, and the associated 14-week quarters, will not be exactly comparable to the prior and
subsequent 52-week fiscal years and the associated 13-week quarters. The quarters ended April 1, 2017 and March 26, 2016 both
contain operating results for 13 weeks.
In
March 2016, the Financial Accounting Standards Board (“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 adopted ASU 2016-09 on
a prospective basis during the quarter ended April 1, 2017. ASU 2016-09 requires that tax effects from stock-based compensation
be recognized in the income tax provision, as these amounts were previously recognized in additional paid-in capital. 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 adoption of ASU 2016-09 did not have a material effect on the Company’s
condensed consolidated financial statements for the quarter ended April 1, 2017, however, the Company believes the standard may
have a material effect on forthcoming quarters during fiscal 2017. 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.
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Inventories
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Inventory Disclosure [Abstract] |
|
| Inventories |
The
components of inventories consist of the following:
| |
|
April
1, |
|
|
December
31, |
|
| |
|
2017 |
|
|
2016 |
|
| |
|
|
|
|
|
|
| Raw materials |
|
$ |
184,330 |
|
|
$ |
162,882 |
|
| Work-in-process |
|
|
82,881 |
|
|
|
68,602 |
|
| Finished goods |
|
|
308,102 |
|
|
|
293,789 |
|
| Inventory
reserves |
|
|
(42,162 |
) |
|
|
(40,452 |
) |
| Inventory,
net of reserves |
|
$ |
533,151 |
|
|
$ |
484,821 |
|
|
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|
Earnings Per Share
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Net income per share: |
|
| Earnings Per Share |
The
following table sets forth the computation of basic and diluted net income per share:
| |
|
13-Weeks
Ended |
|
| |
|
April
1, |
|
|
March
26, |
|
| |
|
2017 |
|
|
2016 |
|
| Numerator: |
|
|
|
|
|
|
|
|
| Numerator
for basic and diluted net income per share - net income |
|
$ |
237,812 |
|
|
$ |
88,092 |
|
| |
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
| Denominator
for basic net income per share – weighted-average common shares |
|
|
188,333 |
|
|
|
189,497 |
|
| |
|
|
|
|
|
|
|
|
| Effect
of dilutive securities – stock options, stock appreciation rights and restricted stock units |
|
|
698 |
|
|
|
154 |
|
| |
|
|
|
|
|
|
|
|
| Denominator
for diluted net income per share – adjusted weighted-average common shares |
|
|
189,031 |
|
|
|
189,651 |
|
| |
|
|
|
|
|
|
|
|
| Basic
net income per share |
|
$ |
1.26 |
|
|
$ |
0.46 |
|
| |
|
|
|
|
|
|
|
|
| Diluted
net income per share |
|
$ |
1.26 |
|
|
$ |
0.46 |
|
There
were 2,593 and 4,295 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity
awards”) outstanding during the 13-week periods ended April 1, 2017 and March 26, 2016, respectively.
There
were 150 and 2 net shares issued as a result of exercises and releases of equity awards for the 13-week periods ended April 1,
2017 and March 26, 2016, respectively.
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|
Segment Information
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Information |
The
Company has identified five reportable segments – auto, aviation, marine, outdoor and fitness. The Company’s Chief
Operating Decision Maker (CODM) assesses segment performance and allocates resources to each segment individually.
Net
sales (“revenue”), gross profit, and operating income for each of the Company’s reportable segments are presented
below.
| |
|
Reportable
Segments |
|
| |
|
Outdoor |
|
|
Fitness |
|
|
Marine |
|
|
Auto |
|
|
Aviation |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 13-Weeks Ended
April 1, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
|
$ |
115,875 |
|
|
$ |
137,831 |
|
|
$ |
104,445 |
|
|
$ |
157,524 |
|
|
$ |
122,871 |
|
|
$ |
638,546 |
|
| Gross
profit |
|
$ |
73,469 |
|
|
$ |
77,741 |
|
|
$ |
59,747 |
|
|
$ |
69,933 |
|
|
$ |
91,233 |
|
|
$ |
372,123 |
|
| Operating
income |
|
$ |
34,451 |
|
|
$ |
18,472 |
|
|
$ |
18,145 |
|
|
$ |
6,669 |
|
|
$ |
38,608 |
|
|
$ |
116,345 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 13-Weeks
Ended March 26, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
|
$ |
96,827 |
|
|
$ |
142,418 |
|
|
$ |
82,880 |
|
|
$ |
195,599 |
|
|
$ |
106,316 |
|
|
$ |
624,040 |
|
| Gross
profit |
|
$ |
58,932 |
|
|
$ |
72,294 |
|
|
$ |
44,149 |
|
|
$ |
86,144 |
|
|
$ |
78,331 |
|
|
$ |
339,850 |
|
| Operating
income |
|
$ |
27,885 |
|
|
$ |
16,573 |
|
|
$ |
10,293 |
|
|
$ |
18,566 |
|
|
$ |
30,486 |
|
|
$ |
103,803 |
|
Allocation
of certain research and development expenses, and selling, general, and administrative expenses are made to each segment on a
percent of revenue basis.
Net
sales and property and equipment, net by geographic area are as follows as of and for the 13-week periods ended April 1, 2017
and March 26, 2016. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and
Africa:
| |
|
Americas |
|
|
APAC |
|
|
EMEA |
|
|
Total |
|
| April 1, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales
to external customers |
|
$ |
320,189 |
|
|
$ |
91,562 |
|
|
$ |
226,795 |
|
|
$ |
638,546 |
|
| Property and equipment,
net |
|
$ |
312,630 |
|
|
$ |
152,804 |
|
|
$ |
38,406 |
|
|
$ |
503,840 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| March 26, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external
customers |
|
$ |
317,957 |
|
|
$ |
80,355 |
|
|
$ |
225,728 |
|
|
$ |
624,040 |
|
| Property and equipment,
net |
|
$ |
297,033 |
|
|
$ |
112,115 |
|
|
$ |
39,819 |
|
|
$ |
448,967 |
|
|
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|
Warranty Reserves
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Product Warranties Disclosures [Abstract] |
|
| Warranty Reserves |
The
Company’s products sold are generally covered by a standard warranty for periods ranging from one to three years. The Company’s
estimate of costs to service its warranty obligations are based on historical experience and expectation of future conditions
and are recorded as a liability on the balance sheet. The following reconciliation provides an illustration of changes in the
aggregate warranty reserve.
| |
|
13-Weeks
Ended |
|
| |
|
April
1, |
|
|
March
26, |
|
| |
|
2017 |
|
|
2016 |
|
| |
|
|
|
|
|
|
| Balance - beginning of period |
|
$ |
37,233 |
|
|
$ |
30,449 |
|
| Accrual for products
sold during the period |
|
|
8,200 |
|
|
|
12,452 |
|
| Expenditures |
|
|
(11,006 |
) |
|
|
(11,494 |
) |
| Balance - end
of period |
|
$ |
34,427 |
|
|
$ |
31,407 |
|
|
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|
Commitments and Contingencies
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
| 6. |
Commitments and Contingencies |
The
Company is party to certain commitments, which include purchases of raw materials, advertising expenditures, and other indirect
purchases in connection with conducting our business. The aggregate amount of purchase orders and other commitments open as of
April 1, 2017 was approximately $364,257. We cannot determine the aggregate amount of such purchase orders that represent contractual
obligations because purchase orders may represent authorizations to purchase rather than binding agreements. Our purchase orders
are based on our current needs and are typically fulfilled within short periods of time.
In
the normal course of business, the Company and its subsidiaries are parties to various legal claims, investigations and complaints,
including matters alleging patent infringement and other intellectual property claims. The Company evaluates, on a quarterly basis,
developments in legal proceedings, investigations or claims that could affect the amount of any accrual or disclosure. The assessment
regarding whether a loss is probable or a reasonable possibility, and whether the loss or a range of loss is estimable, often
involves a series of complex judgments about future events.
Management
of the Company currently does not believe there is at least a reasonable possibility the Company may have incurred a material
loss, or a material loss in excess of recorded accruals, with respect to loss contingencies individually and in the aggregate,
for the fiscal quarter ended April 1, 2017. The results of legal proceedings, investigations and claims, however, cannot be predicted
with certainty. Although management considers the likelihood to be remote, an adverse resolution of one or more of such matters
in excess of management’s expectations could have a material adverse effect on the Company’s results of operations
in a particular quarter or fiscal year.
The
Company settled or resolved certain matters during the fiscal quarter ended April 1, 2017 that did not individually or in the
aggregate have a material impact on the Company’s financial condition or results of operations.
|
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|
Income Taxes
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
The
Company recorded an income tax benefit of $150,120 in the 13-week period ended April 1, 2017, which includes a $168,755 income
tax benefit due to the revaluation of certain Switzerland deferred tax assets, compared to income tax expense of $19,455 in the
13-week period ended March 26, 2016. The effective tax rate was (171.2%) in the first quarter of 2017, compared to 18.1% in the
first quarter of 2016. Excluding the effect of the $168,755 revaluation of deferred tax assets, the Q1 2017 effective tax rate
increased 320 basis points compared to the effective tax rate in the prior year quarter. The revaluation of deferred tax assets
and the 320 basis point increase in effective tax rate mentioned above were primarily due to the Company’s election in February
2017 to align certain Switzerland corporate tax positions with evolving international tax initiatives.
|
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|
Marketable Securities
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Marketable Securities [Abstract] |
|
| 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 the identical asset or liability |
| |
|
| Level 2 |
Observable inputs
for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active
markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than
quoted prices that are observable for the asset or liability |
| |
|
| Level 3 |
Unobservable inputs
for the asset or liability |
The
Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified
in their entirety based on the lowest level of input that is significant to the fair value measurement. Valuation is based on
prices obtained from an independent pricing vendor using both market and income approaches. The primary inputs to the valuation
include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are
not active, contractual cash flows, benchmark yields, and credit spreads.
The
method described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of
future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market
participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could
result in a different fair value measurement at the reporting date.
Available-for-sale
securities measured at fair value on a recurring basis are summarized below:
| |
|
Fair
Value Measurements as
of April 1, 2017 |
|
| |
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| U.S. Treasury
securities |
|
$ |
29,402 |
|
|
$ |
- |
|
|
$ |
29,402 |
|
|
$ |
- |
|
| Agency securities |
|
|
59,912 |
|
|
|
- |
|
|
|
59,912 |
|
|
|
- |
|
| Mortgage-backed securities |
|
|
212,438 |
|
|
|
- |
|
|
|
212,438 |
|
|
|
- |
|
| Corporate securities |
|
|
905,652 |
|
|
|
- |
|
|
|
905,652 |
|
|
|
- |
|
| Municipal securities |
|
|
173,327 |
|
|
|
- |
|
|
|
173,327 |
|
|
|
- |
|
| Other |
|
|
88,810 |
|
|
|
- |
|
|
|
88,810 |
|
|
|
- |
|
| Total |
|
$ |
1,469,541 |
|
|
$ |
- |
|
|
$ |
1,469,541 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|
$ |
- |
|
Marketable
securities classified as available-for-sale securities are summarized below:
| |
|
Available-For-Sale
Securities as
of April 1, 2017 |
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
| U.S. Treasury
securities |
|
$ |
29,551 |
|
|
$ |
41 |
|
|
$ |
(190 |
) |
|
$ |
29,402 |
|
| Agency securities |
|
|
60,723 |
|
|
|
21 |
|
|
|
(832 |
) |
|
|
59,912 |
|
| Mortgage-backed securities |
|
|
217,432 |
|
|
|
31 |
|
|
|
(5,025 |
) |
|
|
212,438 |
|
| Corporate securities |
|
|
921,342 |
|
|
|
357 |
|
|
|
(16,047 |
) |
|
|
905,652 |
|
| Municipal securities |
|
|
175,203 |
|
|
|
277 |
|
|
|
(2,153 |
) |
|
|
173,327 |
|
| Other |
|
|
88,810 |
|
|
|
12 |
|
|
|
(12 |
) |
|
|
88,810 |
|
| Total |
|
$ |
1,493,061 |
|
|
$ |
739 |
|
|
$ |
(24,259 |
) |
|
$ |
1,469,541 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Available-For-Sale
Securities as
of December 31, 2016 |
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
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 |
|
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 the 13-week period ending April 1, 2017, 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 April 1, 2017 were $1,214,794 and $1,190,535
respectively. Approximately 58.7% of securities in our portfolio were at an unrealized loss position at April 1, 2017. We believe
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 April 1, 2017 and December 31, 2016:
| |
|
As
of April 1, 2017 |
|
| |
|
Less
than 12 Consecutive Months |
|
|
12
Consecutive Months or Longer |
|
| |
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
| U.S. Treasury
securities |
|
$ |
(190 |
) |
|
$ |
22,788 |
|
|
$ |
- |
|
|
$ |
- |
|
| Agency securities |
|
|
(832 |
) |
|
|
52,970 |
|
|
|
- |
|
|
|
- |
|
| Mortgage-backed securities |
|
|
(3,142 |
) |
|
|
139,365 |
|
|
|
(1,883 |
) |
|
|
67,493 |
|
| Corporate securities |
|
|
(14,474 |
) |
|
|
760,940 |
|
|
|
(1,573 |
) |
|
|
28,303 |
|
| Municipal securities |
|
|
(2,059 |
) |
|
|
100,519 |
|
|
|
(94 |
) |
|
|
5,421 |
|
| Other |
|
|
(8 |
) |
|
|
9,861 |
|
|
|
(4 |
) |
|
|
2,875 |
|
| Total |
|
$ |
(20,705 |
) |
|
$ |
1,086,443 |
|
|
$ |
(3,554 |
) |
|
$ |
104,092 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
The
amortized cost and fair value of marketable securities at April 1, 2017, 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 |
|
$ |
258,468 |
|
|
$ |
258,400 |
|
| Due after one year
through five years |
|
|
986,419 |
|
|
|
973,711 |
|
| Due after five years
through ten years |
|
|
241,521 |
|
|
|
231,026 |
|
| Due
after ten years |
|
|
6,653 |
|
|
|
6,404 |
|
| |
|
$ |
1,493,061 |
|
|
$ |
1,469,541 |
|
|
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|
Share Repurchase Plan
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Equity [Abstract] |
|
| Share Repurchase Plan |
On
February 13, 2015, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $300,000
of the common shares of Garmin Ltd. The repurchases may be made from time to time as market and business conditions warrant on
the open market or in negotiated transactions in compliance with the SEC’s Rule 10b-18. The timing and amounts of any repurchases
will be determined by the Company’s management depending on market conditions and other factors including price, regulatory
requirements and capital availability. The program does not require the purchase of any minimum number of shares and may be suspended
or discontinued at any time. In December 2016, the Board of Directors authorized an extension through December 31, 2017 to purchase
remaining common shares. As of April 1, 2017, the Company had repurchased 5,861 shares using cash of $252,518. There remains approximately
$47,482 available to repurchase additional shares under this authorization.
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|
Accumulated Other Comprehensive Income
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Accumulated Other Comprehensive Income |
| 10. |
Accumulated Other
Comprehensive Income |
The
following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the
13-week period ended April 1, 2017:
| |
|
13-Weeks
Ended April 1, 2017 |
|
| |
|
Foreign
Currency
Translation
Adjustment |
|
|
Net
unrealized gains
(losses) on available-
for-sale securities |
|
|
Total |
|
| Balance - beginning of period |
|
$ |
(9,411 |
) |
|
$ |
(27,350 |
) |
|
$ |
(36,761 |
) |
| Other
comprehensive income before reclassification |
|
|
62,324 |
|
|
|
6,626 |
|
|
|
68,950 |
|
| Amounts
reclassified from accumulated other comprehensive income |
|
|
- |
|
|
|
275 |
|
|
|
275 |
|
| Net
current-period other comprehensive income |
|
|
62,324 |
|
|
|
6,901 |
|
|
|
69,225 |
|
| Balance - end
of period |
|
$ |
52,913 |
|
|
$ |
(20,449 |
) |
|
$ |
32,464 |
|
The
following provides required disclosure of reporting reclassifications out of AOCI for the 13-week period ended April 1, 2017:
| 13-Weeks
Ended April 1, 2017 |
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 |
|
$ |
(291 |
) |
|
Other income
(expense) |
| |
|
|
16 |
|
|
Income
tax benefit (provision) |
| |
|
$ |
(275 |
) |
|
Net of tax |
|
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|
Recently Issued Accounting Pronouncements
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Accounting Changes and Error Corrections [Abstract] |
|
| Recently Issued Accounting Pronouncements |
| 11. |
Recently Issued
Accounting Pronouncements |
In
May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic
606) (“ASU 2014-09”), which supersedes previous revenue recognition guidance. ASU 2014-09 requires a company to recognize
revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring
goods or services to a customer. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic
606): Deferral of the Effective Date (“ASU 2015-14”), which deferred the effective date of ASU 2014-09 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 Company’s fiscal year ending December
29, 2018.
Subsequently,
the FASB has issued the following standards amending or relating to ASU 2014-09 (collectively, the “new revenue standards”):
ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”),
ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU
2016-10”), ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients
(“ASU 2016-12”), and ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts
with Customers (“ASU 2016-20”).
The
new revenue standards 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. 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.
For
discussion regarding the Company’s current revenue recognition policies, refer to the consolidated financial statements
and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Adoption
of the new revenue 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
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
March 2017, the FASB issued Accounting Standards Update No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Topic
310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”), which shortens the amortization
period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date.
Callable debt securities held at a discount continue to be amortized to maturity. ASU 2017-08 is effective for fiscal years, and
interim periods within those years, beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating
the impact of adopting the new standard on its consolidated financial statements.
|
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|
Inventories (Tables)
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Inventory Disclosure [Abstract] |
|
| Schedule of inventories |
The
components of inventories consist of the following:
| |
|
April
1, |
|
|
December
31, |
|
| |
|
2017 |
|
|
2016 |
|
| |
|
|
|
|
|
|
| Raw materials |
|
$ |
184,330 |
|
|
$ |
162,882 |
|
| Work-in-process |
|
|
82,881 |
|
|
|
68,602 |
|
| Finished goods |
|
|
308,102 |
|
|
|
293,789 |
|
| Inventory
reserves |
|
|
(42,162 |
) |
|
|
(40,452 |
) |
| Inventory,
net of reserves |
|
$ |
533,151 |
|
|
$ |
484,821 |
|
|
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|
Earnings Per Share (Tables)
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Net income per share: |
|
| Schedule of computation of basic and diluted net income per share |
The
following table sets forth the computation of basic and diluted net income per share:
| |
|
13-Weeks
Ended |
|
| |
|
April
1, |
|
|
March
26, |
|
| |
|
2017 |
|
|
2016 |
|
| Numerator: |
|
|
|
|
|
|
|
|
| Numerator
for basic and diluted net income per share - net income |
|
$ |
237,812 |
|
|
$ |
88,092 |
|
| |
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
| Denominator
for basic net income per share – weighted-average common shares |
|
|
188,333 |
|
|
|
189,497 |
|
| |
|
|
|
|
|
|
|
|
| Effect
of dilutive securities – stock options, stock appreciation rights and restricted stock units |
|
|
698 |
|
|
|
154 |
|
| |
|
|
|
|
|
|
|
|
| Denominator
for diluted net income per share – adjusted weighted-average common shares |
|
|
189,031 |
|
|
|
189,651 |
|
| |
|
|
|
|
|
|
|
|
| Basic
net income per share |
|
$ |
1.26 |
|
|
$ |
0.46 |
|
| |
|
|
|
|
|
|
|
|
| Diluted
net income per share |
|
$ |
1.26 |
|
|
$ |
0.46 |
|
|
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|
Segment Information (Tables)
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of net sales, gross profit, and operating income |
Net
sales (“revenue”), gross profit, and operating income for each of the Company’s reportable segments are presented
below.
| |
|
Reportable
Segments |
|
| |
|
Outdoor |
|
|
Fitness |
|
|
Marine |
|
|
Auto |
|
|
Aviation |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 13-Weeks Ended April
1, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
|
$ |
115,875 |
|
|
$ |
137,831 |
|
|
$ |
104,445 |
|
|
$ |
157,524 |
|
|
$ |
122,871 |
|
|
$ |
638,546 |
|
| Gross
profit |
|
$ |
73,469 |
|
|
$ |
77,741 |
|
|
$ |
59,747 |
|
|
$ |
69,933 |
|
|
$ |
91,233 |
|
|
$ |
372,123 |
|
| Operating
income |
|
$ |
34,451 |
|
|
$ |
18,472 |
|
|
$ |
18,145 |
|
|
$ |
6,669 |
|
|
$ |
38,608 |
|
|
$ |
116,345 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 13-Weeks
Ended March 26, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
|
$ |
96,827 |
|
|
$ |
142,418 |
|
|
$ |
82,880 |
|
|
$ |
195,599 |
|
|
$ |
106,316 |
|
|
$ |
624,040 |
|
| Gross
profit |
|
$ |
58,932 |
|
|
$ |
72,294 |
|
|
$ |
44,149 |
|
|
$ |
86,144 |
|
|
$ |
78,331 |
|
|
$ |
339,850 |
|
| Operating
income |
|
$ |
27,885 |
|
|
$ |
16,573 |
|
|
$ |
10,293 |
|
|
$ |
18,566 |
|
|
$ |
30,486 |
|
|
$ |
103,803 |
|
|
| Schedule of net sales and property and equipment, net by geographic area |
Net
sales and property and equipment, net by geographic area are as follows as of and for the 13-week periods ended April 1, 2017
and March 26, 2016. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and
Africa:
| |
|
Americas |
|
|
APAC |
|
|
EMEA |
|
|
Total |
|
| April 1, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales
to external customers |
|
$ |
320,189 |
|
|
$ |
91,562 |
|
|
$ |
226,795 |
|
|
$ |
638,546 |
|
| Property and equipment,
net |
|
$ |
312,630 |
|
|
$ |
152,804 |
|
|
$ |
38,406 |
|
|
$ |
503,840 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| March 26, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external
customers |
|
$ |
317,957 |
|
|
$ |
80,355 |
|
|
$ |
225,728 |
|
|
$ |
624,040 |
|
| Property and equipment,
net |
|
$ |
297,033 |
|
|
$ |
112,115 |
|
|
$ |
39,819 |
|
|
$ |
448,967 |
|
|
| X |
- References
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|
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|
Warranty Reserves (Tables)
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Product Warranties Disclosures [Abstract] |
|
| Schedule of changes in the aggregate warranty reserve |
The
following reconciliation provides an illustration of changes in the aggregate warranty reserve.
| |
|
13-Weeks
Ended |
|
| |
|
April
1, |
|
|
March
26, |
|
| |
|
2017 |
|
|
2016 |
|
| |
|
|
|
|
|
|
| Balance - beginning of period |
|
$ |
37,233 |
|
|
$ |
30,449 |
|
| Accrual for products
sold during the period |
|
|
8,200 |
|
|
|
12,452 |
|
| Expenditures |
|
|
(11,006 |
) |
|
|
(11,494 |
) |
| Balance - end
of period |
|
$ |
34,427 |
|
|
$ |
31,407 |
|
|
| X |
- References
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| Period Type: |
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|
Marketable Securities (Tables)
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Marketable Securities [Abstract] |
|
| Schedule of available-for-sale securities |
Available-for-sale
securities measured at fair value on a recurring basis are summarized below:
| |
|
Fair
Value Measurements as
of April 1, 2017 |
|
| |
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| U.S. Treasury
securities |
|
$ |
29,402 |
|
|
$ |
- |
|
|
$ |
29,402 |
|
|
$ |
- |
|
| Agency securities |
|
|
59,912 |
|
|
|
- |
|
|
|
59,912 |
|
|
|
- |
|
| Mortgage-backed securities |
|
|
212,438 |
|
|
|
- |
|
|
|
212,438 |
|
|
|
- |
|
| Corporate securities |
|
|
905,652 |
|
|
|
- |
|
|
|
905,652 |
|
|
|
- |
|
| Municipal securities |
|
|
173,327 |
|
|
|
- |
|
|
|
173,327 |
|
|
|
- |
|
| Other |
|
|
88,810 |
|
|
|
- |
|
|
|
88,810 |
|
|
|
- |
|
| Total |
|
$ |
1,469,541 |
|
|
$ |
- |
|
|
$ |
1,469,541 |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|
$ |
- |
|
|
| Schedule of marketable securities classified as available-for-sale securities |
Marketable
securities classified as available-for-sale securities are summarized below:
| |
|
Available-For-Sale
Securities as
of April 1, 2017 |
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
| U.S. Treasury
securities |
|
$ |
29,551 |
|
|
$ |
41 |
|
|
$ |
(190 |
) |
|
$ |
29,402 |
|
| Agency securities |
|
|
60,723 |
|
|
|
21 |
|
|
|
(832 |
) |
|
|
59,912 |
|
| Mortgage-backed securities |
|
|
217,432 |
|
|
|
31 |
|
|
|
(5,025 |
) |
|
|
212,438 |
|
| Corporate securities |
|
|
921,342 |
|
|
|
357 |
|
|
|
(16,047 |
) |
|
|
905,652 |
|
| Municipal securities |
|
|
175,203 |
|
|
|
277 |
|
|
|
(2,153 |
) |
|
|
173,327 |
|
| Other |
|
|
88,810 |
|
|
|
12 |
|
|
|
(12 |
) |
|
|
88,810 |
|
| Total |
|
$ |
1,493,061 |
|
|
$ |
739 |
|
|
$ |
(24,259 |
) |
|
$ |
1,469,541 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Available-For-Sale
Securities as
of December 31, 2016 |
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
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 |
|
|
| Schedule of gross unrealized losses and fair value by major security type |
The
following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale
securities in an unrealized loss position as of April 1, 2017 and December 31, 2016:
| |
|
As
of April 1, 2017 |
|
| |
|
Less
than 12 Consecutive Months |
|
|
12
Consecutive Months or Longer |
|
| |
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
| U.S. Treasury
securities |
|
$ |
(190 |
) |
|
$ |
22,788 |
|
|
$ |
- |
|
|
$ |
- |
|
| Agency securities |
|
|
(832 |
) |
|
|
52,970 |
|
|
|
- |
|
|
|
- |
|
| Mortgage-backed securities |
|
|
(3,142 |
) |
|
|
139,365 |
|
|
|
(1,883 |
) |
|
|
67,493 |
|
| Corporate securities |
|
|
(14,474 |
) |
|
|
760,940 |
|
|
|
(1,573 |
) |
|
|
28,303 |
|
| Municipal securities |
|
|
(2,059 |
) |
|
|
100,519 |
|
|
|
(94 |
) |
|
|
5,421 |
|
| Other |
|
|
(8 |
) |
|
|
9,861 |
|
|
|
(4 |
) |
|
|
2,875 |
|
| Total |
|
$ |
(20,705 |
) |
|
$ |
1,086,443 |
|
|
$ |
(3,554 |
) |
|
$ |
104,092 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|
| Schedule of amortized cost and estimated fair value of marketable securities by contractual maturity |
The
amortized cost and fair value of marketable securities at April 1, 2017, by contractual maturity, are shown below.
| |
|
Amortized
Cost |
|
|
Fair
Value |
|
| |
|
|
|
|
|
|
| Due in
one year or less |
|
$ |
258,468 |
|
|
$ |
258,400 |
|
| Due after one year
through five years |
|
|
986,419 |
|
|
|
973,711 |
|
| Due after five years
through ten years |
|
|
241,521 |
|
|
|
231,026 |
|
| Due
after ten years |
|
|
6,653 |
|
|
|
6,404 |
|
| |
|
$ |
1,493,061 |
|
|
$ |
1,469,541 |
|
|
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|
Accumulated Other Comprehensive Income (Tables)
|
3 Months Ended |
Apr. 01, 2017 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Schedule of changes in accumulated other comprehensive income (AOCI) |
The
following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the
13-week period ended April 1, 2017:
| |
|
13-Weeks
Ended April 1, 2017 |
|
| |
|
Foreign
Currency
Translation
Adjustment |
|
|
Net
unrealized gains
(losses) on available-
for-sale securities |
|
|
Total |
|
| Balance - beginning of period |
|
$ |
(9,411 |
) |
|
$ |
(27,350 |
) |
|
$ |
(36,761 |
) |
| Other
comprehensive income before reclassification |
|
|
62,324 |
|
|
|
6,626 |
|
|
|
68,950 |
|
| Amounts
reclassified from accumulated other comprehensive income |
|
|
- |
|
|
|
275 |
|
|
|
275 |
|
| Net
current-period other comprehensive income |
|
|
62,324 |
|
|
|
6,901 |
|
|
|
69,225 |
|
| Balance - end
of period |
|
$ |
52,913 |
|
|
$ |
(20,449 |
) |
|
$ |
32,464 |
|
|
| Schedule of reporting reclassifications out of AOCI |
The
following provides required disclosure of reporting reclassifications out of AOCI for the 13-week period ended April 1, 2017:
| 13-Weeks
Ended April 1, 2017 |
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 |
|
$ |
(291 |
) |
|
Other income
(expense) |
| |
|
|
16 |
|
|
Income
tax benefit (provision) |
| |
|
$ |
(275 |
) |
|
Net of tax |
|
| X |
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|
Inventories (Details) - USD ($)
$ in Thousands |
Apr. 01, 2017 |
Dec. 31, 2016 |
| Inventory Disclosure [Abstract] |
|
|
| Raw materials |
$ 184,330
|
$ 162,882
|
| Work-in-process |
82,881
|
68,602
|
| Finished goods |
308,102
|
293,789
|
| Inventory reserves |
(42,162)
|
(40,452)
|
| Inventory, net of reserves |
$ 533,151
|
$ 484,821
|
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|
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
Apr. 01, 2017 |
Mar. 26, 2016 |
| Numerator: |
|
|
| Numerator for basic and diluted net income per share - net income |
$ 237,812
|
$ 88,092
|
| Denominator: |
|
|
| Denominator for basic net income per share - weighted-average common shares |
188,333
|
189,497
|
| Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units |
698
|
154
|
| Denominator for diluted net income per share - adjusted weighted-average common shares |
189,031
|
189,651
|
| Basic net income per share (in dollars per share) |
$ 1.26
|
$ 0.46
|
| Diluted net income per share (in dollars per share) |
$ 1.26
|
$ 0.46
|
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Segment Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
Apr. 01, 2017 |
Mar. 26, 2016 |
| Net sales |
$ 638,546
|
$ 624,040
|
| Gross profit |
372,123
|
339,850
|
| Operating income |
116,345
|
103,803
|
| Outdoor [Member] |
|
|
| Net sales |
115,875
|
96,827
|
| Gross profit |
73,469
|
58,932
|
| Operating income |
34,451
|
27,885
|
| Fitness [Member] |
|
|
| Net sales |
137,831
|
142,418
|
| Gross profit |
77,741
|
72,294
|
| Operating income |
18,472
|
16,573
|
| Marine [Member] |
|
|
| Net sales |
104,445
|
82,880
|
| Gross profit |
59,747
|
44,149
|
| Operating income |
18,145
|
10,293
|
| Auto [Member] |
|
|
| Net sales |
157,524
|
195,599
|
| Gross profit |
69,933
|
86,144
|
| Operating income |
6,669
|
18,566
|
| Aviation [Member] |
|
|
| Net sales |
122,871
|
106,316
|
| Gross profit |
91,233
|
78,331
|
| Operating income |
$ 38,608
|
$ 30,486
|
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Segment Information (Details 1) - USD ($)
$ in Thousands |
3 Months Ended |
|
Apr. 01, 2017 |
Mar. 26, 2016 |
Dec. 31, 2016 |
| Net sales to external customers |
$ 638,546
|
$ 624,040
|
|
| Property and equipment, net |
503,840
|
448,967
|
$ 482,878
|
| Americas [Member] |
|
|
|
| Net sales to external customers |
320,189
|
317,957
|
|
| Property and equipment, net |
312,630
|
297,033
|
|
| APAC [Member] |
|
|
|
| Net sales to external customers |
91,562
|
80,355
|
|
| Property and equipment, net |
152,804
|
112,115
|
|
| EMEA [Member] |
|
|
|
| Net sales to external customers |
226,795
|
225,728
|
|
| Property and equipment, net |
$ 38,406
|
$ 39,819
|
|
| X |
- References
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|
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|
Warranty Reserves (Details) - USD ($)
$ in Thousands |
3 Months Ended |
Apr. 01, 2017 |
Mar. 26, 2016 |
| Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] |
|
|
| Balance - beginning of period |
$ 37,233
|
$ 30,449
|
| Accrual for products sold during the period |
8,200
|
12,452
|
| Expenditures |
(11,006)
|
(11,494)
|
| Balance - end of period |
$ 34,427
|
$ 31,407
|
| X |
- References
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|
Marketable Securities (Details) - USD ($)
$ in Thousands |
Apr. 01, 2017 |
Dec. 31, 2016 |
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
$ 1,469,541
|
$ 1,480,237
|
| U.S.Treasury Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
29,402
|
29,034
|
| Agency Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
59,912
|
59,541
|
| Mortgage-Backed Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
212,438
|
230,823
|
| Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
905,652
|
893,725
|
| Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
173,327
|
176,169
|
| Other [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
88,810
|
90,945
|
| Recurring Basis [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
1,469,541
|
1,480,237
|
| Recurring Basis [Member] | U.S.Treasury Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
29,402
|
29,034
|
| Recurring Basis [Member] | Agency Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
59,912
|
59,541
|
| Recurring Basis [Member] | Mortgage-Backed Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
212,438
|
230,823
|
| Recurring Basis [Member] | Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
905,652
|
893,725
|
| Recurring Basis [Member] | Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
173,327
|
176,168
|
| Recurring Basis [Member] | Other [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
$ 88,810
|
$ 90,946
|
| 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 |
$ 1,469,541
|
$ 1,480,237
|
| Recurring Basis [Member] | Level 2 [Member] | U.S.Treasury Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
29,402
|
29,034
|
| Recurring Basis [Member] | Level 2 [Member] | Agency Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
59,912
|
59,541
|
| Recurring Basis [Member] | Level 2 [Member] | Mortgage-Backed Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
212,438
|
230,823
|
| Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
905,652
|
893,725
|
| Recurring Basis [Member] | Level 2 [Member] | Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
173,327
|
176,168
|
| Recurring Basis [Member] | Level 2 [Member] | Other [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
$ 88,810
|
$ 90,946
|
| 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 |
|
|
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|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
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|
|
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|
|
| Available-for-sale securities, total |
|
|
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|
|
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|
|
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|
|
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|
Marketable Securities (Details 1) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Apr. 01, 2017 |
Dec. 31, 2016 |
| Amortized Cost |
$ 1,493,061
|
$ 1,509,924
|
| Gross Unrealized Gains |
739
|
587
|
| Gross Unrealized Losses |
(24,259)
|
(30,274)
|
| Fair Value |
1,469,541
|
1,480,237
|
| U.S.Treasury Securities [Member] |
|
|
| Amortized Cost |
29,551
|
29,291
|
| Gross Unrealized Gains |
41
|
31
|
| Gross Unrealized Losses |
(190)
|
(288)
|
| Fair Value |
29,402
|
29,034
|
| Agency Securities [Member] |
|
|
| Amortized Cost |
60,723
|
60,513
|
| Gross Unrealized Gains |
21
|
19
|
| Gross Unrealized Losses |
(832)
|
(991)
|
| Fair Value |
59,912
|
59,541
|
| Mortgage-Backed Securities [Member] |
|
|
| Amortized Cost |
217,432
|
236,354
|
| Gross Unrealized Gains |
31
|
41
|
| Gross Unrealized Losses |
(5,025)
|
(5,572)
|
| Fair Value |
212,438
|
230,823
|
| Corporate Securities [Member] |
|
|
| Amortized Cost |
921,342
|
914,028
|
| Gross Unrealized Gains |
357
|
252
|
| Gross Unrealized Losses |
(16,047)
|
(20,555)
|
| Fair Value |
905,652
|
893,725
|
| Municipal Securities [Member] |
|
|
| Amortized Cost |
175,203
|
178,804
|
| Gross Unrealized Gains |
277
|
224
|
| Gross Unrealized Losses |
(2,153)
|
(2,859)
|
| Fair Value |
173,327
|
176,169
|
| Other [Member] |
|
|
| Amortized Cost |
88,810
|
90,934
|
| Gross Unrealized Gains |
12
|
20
|
| Gross Unrealized Losses |
(12)
|
(9)
|
| Fair Value |
$ 88,810
|
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Marketable Securities (Details 2) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Apr. 01, 2017 |
Dec. 31, 2016 |
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
$ (20,705)
|
$ (26,602)
|
| Fair Value Less than 12 Consecutive Months |
1,086,443
|
1,133,944
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(3,554)
|
(3,672)
|
| Fair Value 12 Consecutive Months or Longer |
104,092
|
118,800
|
| U.S.Treasury Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(190)
|
(288)
|
| Fair Value Less than 12 Consecutive Months |
$ 22,788
|
$ 24,260
|
| 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 |
$ (832)
|
$ (991)
|
| Fair Value Less than 12 Consecutive Months |
$ 52,970
|
$ 49,255
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
|
|
| Fair Value 12 Consecutive Months or Longer |
|
|
| Mortgage-Backed Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
$ (3,142)
|
$ (3,702)
|
| Fair Value Less than 12 Consecutive Months |
139,365
|
159,665
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(1,883)
|
(1,870)
|
| Fair Value 12 Consecutive Months or Longer |
67,493
|
64,645
|
| Corporate Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(14,474)
|
(18,856)
|
| Fair Value Less than 12 Consecutive Months |
760,940
|
765,712
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(1,573)
|
(1,699)
|
| Fair Value 12 Consecutive Months or Longer |
28,303
|
40,910
|
| Municipal Securities [Member] |
|
|
| Schedule of Available-for-sale Securities [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(2,059)
|
(2,762)
|
| Fair Value Less than 12 Consecutive Months |
100,519
|
130,994
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(94)
|
(97)
|
| Fair Value 12 Consecutive Months or Longer |
5,421
|
6,326
|
| Other [Member] |
|
|
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|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(8)
|
(3)
|
| Fair Value Less than 12 Consecutive Months |
9,861
|
4,058
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(4)
|
(6)
|
| Fair Value 12 Consecutive Months or Longer |
$ 2,875
|
$ 6,919
|
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Marketable Securities (Details 3) - USD ($)
$ in Thousands |
Apr. 01, 2017 |
Dec. 31, 2016 |
| Cost [Abstract] |
|
|
| Due in one year or less |
$ 258,468
|
|
| Due after one year through five years |
986,419
|
|
| Due after five years through ten years |
241,521
|
|
| Due after ten years |
6,653
|
|
| Total |
1,493,061
|
$ 1,509,924
|
| Estimated Fair Value [Abstract] |
|
|
| Due in one year or less |
258,400
|
|
| Due after one year through five years |
973,711
|
|
| Due after five years through ten years |
231,026
|
|
| Due after ten years |
6,404
|
|
| Total |
$ 1,469,541
|
$ 1,480,237
|
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Share Repurchase Plan (Details Narrative) - USD ($)
$ in Thousands |
|
3 Months Ended |
Feb. 13, 2015 |
Apr. 01, 2017 |
| Equity [Abstract] |
|
|
| Stock repurchase program, authorized amount |
$ 300,000
|
|
| Stock repurchase program, expiration date |
Dec. 31, 2016
|
|
| Stock issued for repurchase program (in shares) |
|
5,861
|
| Stock issued for repurchase program, value |
|
$ 252,518
|
| Remaining stock available under repurchase program |
|
$ 47,482
|
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Accumulated Other Comprehensive Income (Details)
$ in Thousands |
3 Months Ended |
|
Apr. 01, 2017
USD ($)
|
|---|
| Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward] |
|
| Balance - beginning of period |
$ (9,411)
|
| Other comprehensive income before reclassification |
$ 62,324
|
| Amounts reclassified from accumulated other comprehensive income |
|
| Net current-period other comprehensive income |
$ 62,324
|
| Balance - end of period |
52,913
|
| Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward] |
|
| Balance - beginning of period |
(27,350)
|
| Other comprehensive income before reclassification |
6,626
|
| Amounts reclassified from accumulated other comprehensive income |
275
|
| Net current-period other comprehensive income |
6,901
|
| Balance - end of period |
(20,449)
|
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] |
|
| Balance - beginning of period |
(36,761)
|
| Other comprehensive income before reclassification |
68,950
|
| Amounts reclassified from accumulated other comprehensive income |
275
|
| Net current-period other comprehensive income |
69,225
|
| Balance - end of period |
$ 32,464
|
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