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Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2017
Oct. 30, 2017
Document And Entity Information    
Entity Registrant Name GARMIN LTD  
Entity Central Index Key 0001121788  
Document Type 10-Q  
Trading Symbol GRMN  
Document Period End Date Sep. 30, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity a Well-known Seasoned Issuer No  
Entity a Voluntary Filer No  
Entity's Reporting Status Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   198,077,418
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2017  
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 891,279 $ 846,883
Marketable securities 253,699 266,952
Accounts receivable, net 457,391 527,062
Inventories, net 575,335 484,821
Deferred costs 47,483 47,395
Prepaid expenses and other current assets 107,287 89,903
Total current assets 2,332,474 2,263,016
Property and equipment, net 554,441 482,878
Marketable securities 1,210,323 1,213,285
Restricted cash 117 113
Deferred income taxes 262,473 110,293
Noncurrent deferred costs 69,286 56,151
Intangible assets, net 313,269 305,002
Other assets 93,008 94,395
Total assets 4,835,391 4,525,133
Current liabilities:    
Accounts payable 158,591 172,404
Salaries and benefits payable 89,124 88,818
Accrued warranty costs 35,669 37,233
Accrued sales program costs 53,826 80,953
Deferred revenue 138,570 146,564
Accrued royalty costs 37,895 36,523
Accrued advertising expense 20,099 37,440
Other accrued expenses 105,783 70,469
Income taxes payable 15,250 16,163
Dividend payable 191,238 96,168
Total current liabilities 846,045 782,735
Deferred income taxes 68,204 61,220
Noncurrent income taxes 123,905 121,174
Noncurrent deferred revenue 155,814 140,407
Other liabilities 1,738 1,594
Stockholders' equity:    
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 187,500 shares outstanding at September 30, 2017 and 188,565 shares outstanding at December 31, 2016 17,979 17,979
Additional paid-in capital 1,851,529 1,836,047
Treasury stock (506,799) (455,964)
Retained earnings 2,230,489 2,056,702
Accumulated other comprehensive income (loss) 46,487 (36,761)
Total stockholders' equity 3,639,685 3,418,003
Total liabilities and stockholders' equity $ 4,835,391 $ 4,525,133
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - SFr / shares
Sep. 30, 2017
Dec. 31, 2016
Common shares, authorized 198,077 198,077
Common shares, issued 198,077 198,077
Common shares, outstanding 187,500 188,565
CHF [Member]    
Common shares, par value (in dollars per share) SFr 0.10 SFr 0.10
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 24, 2016
Sep. 30, 2017
Sep. 24, 2016
Income Statement [Abstract]        
Net sales $ 743,077 $ 722,250 $ 2,198,508 $ 2,157,898
Cost of goods sold 309,412 316,270 914,862 949,110
Gross profit 433,665 405,980 1,283,646 1,208,788
Advertising expense 32,449 32,956 105,983 109,441
Selling, general and administrative expense 101,794 96,959 309,095 296,246
Research and development expense 129,632 116,449 379,083 339,008
Total operating expense 263,875 246,364 794,161 744,695
Operating income 169,790 159,616 489,485 464,093
Other income (expense):        
Interest income 9,207 8,226 26,931 24,109
Foreign currency gains (losses) 8,579 (19,421) (13,808) (30,003)
Other (expense) income (1,520) 1,344 (805) 2,914
Total other income (expense) 16,266 (9,851) 12,318 (2,980)
Income before income taxes 186,056 149,765 501,803 461,113
Income tax provision (benefit) 38,643 24,711 (54,372) 86,904
Net income $ 147,413 $ 125,054 $ 556,175 $ 374,209
Net income per share:        
Basic (in dollars per share) $ 0.79 $ 0.66 $ 2.96 $ 1.98
Diluted (in dollars per share) $ 0.78 $ 0.66 $ 2.95 $ 1.98
Weighted average common shares outstanding:        
Basic (in shares) 187,616 188,692 187,902 189,027
Diluted (in shares) 188,490 189,238 188,671 189,376
Dividends declared per share $ 2.04 $ 2.04
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 24, 2016
Sep. 30, 2017
Sep. 24, 2016
Statement of Comprehensive Income [Abstract]        
Net income $ 147,413 $ 125,054 $ 556,175 $ 374,209
Foreign currency translation adjustment 5,804 29,598 71,310 41,760
Change in fair value of available-for-sale marketable securities, net of deferred taxes 536 (2,429) 11,938 14,434
Comprehensive income $ 153,753 $ 152,223 $ 639,423 $ 430,403
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
Sep. 24, 2016
Operating activities:    
Net income $ 556,175 $ 374,209
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 44,011 40,327
Amortization 19,688 22,215
(Gain) loss on sale or disposal of property and equipment (184) 155
Provision for doubtful accounts 551 2,559
Deferred income taxes (143,846) (6,821)
Unrealized foreign currency loss 17,504 19,536
Provision for obsolete and slow moving inventories 16,504 20,943
Stock compensation expense 32,441 29,211
Realized loss (gain) on marketable securities 594 (1,068)
Changes in operating assets and liabilities:    
Accounts receivable 84,982 76,372
Inventories (86,631) (41,002)
Other current and non-current assets (9,635) 3,400
Accounts payable (24,526) (40,694)
Other current and non-current liabilities (37,403) 1,942
Deferred revenue 5,726 (13,660)
Deferred costs (12,650) (9,906)
Income taxes payable (724) 14,648
Net cash provided by operating activities 462,577 492,366
Investing activities:    
Purchases of property and equipment (85,211) (42,157)
Proceeds from sale of property and equipment 264 15
Purchase of intangible assets (9,069) (4,706)
Purchase of marketable securities (438,046) (739,676)
Redemption of marketable securities 455,376 772,733
Change in restricted cash (6)
Acquisitions, net of cash acquired (12,400) (62,137)
Net cash used in investing activities (89,086) (75,934)
Financing activities:    
Dividends paid (287,318) (289,331)
Purchase of treasury stock under share repurchase plan (74,523) (65,221)
Purchase of treasury stock related to equity awards (3,587) (184)
Proceeds from issuance of treasury stock related to equity awards 10,316 10,210
Tax benefit from issuance of equity awards 365
Net cash used in financing activities (355,112) (344,161)
Effect of exchange rate changes on cash and cash equivalents 26,017 7,218
Net increase in cash and cash equivalents 44,396 79,489
Cash and cash equivalents at beginning of period 846,883 833,070
Cash and cash equivalents at end of period $ 891,279 $ 912,559
Basis of Presentation
 9 Months Ended
Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
1. Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Additionally, the condensed consolidated financial statements should be read in conjunction with Item 2 of Management's Discussion and Analysis of Financial Condition and Results of Operations, included in this Form 10-Q. Operating results for the 13-week and 39-week periods ended September 30, 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 September 30, 2017 and September 24, 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 Company adopted ASU 2016-09 on a prospective basis during the quarter ended April 1, 2017. ASU 2016-09 requires excess tax benefits or deficiencies from stock-based compensation to be recognized in the income tax provision. We previously recorded these amounts to additional paid-in capital. Additionally, under ASU 2016-09, excess tax benefits and deficiencies are not estimated in the effective tax rate, rather, are recorded as discrete tax items in the period they occur. Excess income tax benefits from stock-based compensation arrangements are classified as a cash flow from operations under ASU 2016-09, rather than as a cash flow from financing activities. The most significant impact of ASU 2016-09 during the 39-week period ended September 30, 2017 is the recognition of income tax expense of $7,275 resulting from stock options and stock appreciation rights expiring unexercised. There were no material expirations during the 13-week period ended September 30, 2017. The impact of the tax expense associated with the expiration of stock option and stock appreciation rights on diluted earnings per share was $0.04 for the 39-week period ended September 30, 2017. The Company believes ASU 2016-09 may have a material effect on forthcoming periods. However, the Company is unable to reasonably estimate the impact due to the dependency of these items on the underlying share price of the Company.
Inventories
 9 Months Ended
Sep. 30, 2017
Inventory Disclosure [Abstract]  
Inventories
2. Inventories

 

The components of inventories consist of the following:

 

    September 30,     December 31,  
    2017     2016  
             
Raw materials   $ 189,367     $ 162,882  
Work-in-process     84,249       68,602  
Finished goods     334,557       293,789  
Inventory reserves     (32,838 )     (40,452 )
Inventory, net of reserves   $ 575,335     $ 484,821  
Earnings Per Share
 9 Months Ended
Sep. 30, 2017
Net income per share:  
Earnings Per Share
3. Earnings Per Share

 

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

 

    13-Weeks Ended  
    September 30,     September 24,  
    2017     2016  
Numerator:                
Numerator for basic and diluted net income per share - net income   $ 147,413     $ 125,054  
                 
Denominator:                
Denominator for basic net income per share – weighted-average common shares     187,616       188,692  
                 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units     874       546  
                 
Denominator for diluted net income per share – adjusted weighted-average common shares     188,490       189,238  
                 
Basic net income per share   $ 0.79     $ 0.66  
                 
Diluted net income per share   $ 0.78     $ 0.66  

 

    39-Weeks Ended  
    September 30,     September 24,  
    2017     2016  
Numerator:                
Numerator for basic and diluted net income per share - net income   $ 556,175     $ 374,209  
                 
Denominator:                
Denominator for basic net income per share – weighted-average common shares     187,902       189,027  
                 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units     769       349  
                 
Denominator for diluted net income per share – adjusted weighted-average common shares     188,671       189,376  
                 
Basic net income per share   $ 2.96     $ 1.98  
                 
Diluted net income per share   $ 2.95     $ 1.98  

 

There were 1,051 and 3,170 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) outstanding during the 13-week periods ended September 30, 2017 and September 24, 2016, respectively.

 

There were 1,567 and 3,696 anti-dilutive equity awards outstanding during the 39-week periods ended September 30, 2017 and September 24, 2016, respectively.

 

There were 2 and 26 net shares issued as a result of exercises and releases of equity awards for the 13-week periods ended September 30, 2017 and September 24, 2016, respectively.

 

There were 161 and 39 shares issued as a result of exercises and releases of equity awards for the 39-week periods ended September 30, 2017 and September 24, 2016, respectively.

 

There were 248 employee stock purchase plan (ESPP) shares issued from outstanding Treasury stock during the 39-week period ended September 30, 2017.

 

There were 285 ESPP shares issued from outstanding Treasury stock during the 39-week period ended September 24, 2016.
Segment Information
 9 Months Ended
Sep. 30, 2017
Segment Reporting [Abstract]  
Segment Information
4. Segment Information

 

The Company has identified five reportable segments – auto, aviation, marine, outdoor and fitness. The Company’s Chief Operating Decision Maker (CODM) assesses segment performance and allocates resources to each segment individually. 

 

Net sales (“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 September 30, 2017                                                
                                                 
Net sales   $ 184,937     $ 167,147     $ 77,312     $ 189,053     $ 124,628     $ 743,077  
Gross profit   $ 118,175     $ 96,135     $ 44,574     $ 83,961     $ 90,820     $ 433,665  
Operating income   $ 67,810     $ 33,492     $ 18,420     $ 15,971     $ 34,097     $ 169,790  
                                                 
13-Weeks Ended September 24, 2016                                                
                                                 
Net sales   $ 141,006     $ 189,161     $ 70,010     $ 214,637     $ 107,436     $ 722,250  
Gross profit   $ 88,497     $ 103,363     $ 39,891     $ 93,638     $ 80,591     $ 405,980  
Operating income   $ 49,271     $ 44,774     $ 10,332     $ 24,795     $ 30,444     $ 159,616  
                                                 
39-Weeks Ended September 30, 2017                                                
                                                 
Net sales   $ 495,589     $ 485,999     $ 290,302     $ 555,059     $ 371,559     $ 2,198,508  
Gross profit   $ 319,457     $ 276,014     $ 166,690     $ 246,931     $ 274,554     $ 1,283,646  
Operating income   $ 176,544     $ 89,452     $ 60,860     $ 50,566     $ 112,063     $ 489,485  
                                                 
39-Weeks Ended September 24, 2016                                                
                                                 
Net sales   $ 370,929     $ 544,434     $ 264,489     $ 655,963     $ 322,083     $ 2,157,898  
Gross profit   $ 232,652     $ 295,463     $ 148,554     $ 292,770     $ 239,349     $ 1,208,788  
Operating income   $ 125,721     $ 114,422     $ 49,172     $ 82,984     $ 91,794     $ 464,093  

 

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 39-week periods ended September 30, 2017 and September 24, 2016. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa:

 

    Americas     APAC     EMEA     Total  
September 30, 2017                                
Net sales to external customers   $ 1,049,287     $ 315,096     $ 834,125     $ 2,198,508  
Property and equipment, net   $ 356,351     $ 160,360     $ 37,730     $ 554,441  
                                 
September 24, 2016                                
Net sales to external customers   $ 1,073,610     $ 274,083     $ 810,205     $ 2,157,898  
Property and equipment, net   $ 297,747     $ 117,301     $ 39,198     $ 454,246  
Warranty Reserves
 9 Months Ended
Sep. 30, 2017
Product Warranties Disclosures [Abstract]  
Warranty Reserves
5. 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  
    September 30,     September 24,  
    2017     2016  
             
Balance - beginning of period   $ 37,012     $ 34,670  
Accrual for products sold during the period     16,903       15,859  
Expenditures     (18,246 )     (11,657 )
Balance - end of period   $ 35,669     $ 38,872  

 

    39-Weeks Ended  
    September 30,     September 24,  
    2017     2016  
             
Balance - beginning of period   $ 37,233     $ 30,449  
Accrual for products sold during the period     40,850       46,170  
Expenditures     (42,414 )     (37,747 )
Balance - end of period   $ 35,669     $ 38,872  
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
6. Commitments and Contingencies

 

Commitments

 

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 September 30, 2017 was approximately $363,000. 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.

 

Contingencies

 

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 and annual basis, developments in legal proceedings, investigations, claims, and other loss contingencies that could affect any required accrual or disclosure or estimate of reasonably possible loss or range of loss. An estimated loss from a loss contingency is accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. If a range of loss is estimated, and some amount within that range appears to be a better estimate than any other amount within that range, then that amount is accrued. If no amount within the range can be identified as a better estimate than any other amount, the Company accrues the minimum amount in the range.

 

If an outcome unfavorable to the Company is determined to be probable, but the amount of loss cannot be reasonably estimated or is determined to be reasonably possible, but not probable, we disclose the nature of the contingency and an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. The Company’s aggregate range of reasonably possible losses includes (1) matters where a liability has been accrued and there is a reasonably possible loss in excess of the amount accrued for that liability, and (2) matters where a loss is believed to be reasonably possible, but not probable, and a liability therefore has not been accrued. This aggregate range only represents the Company’s estimate of reasonably possible losses and does not represent the Company’s maximum loss exposure. The assessment regarding whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. In assessing the probability of an outcome in a lawsuit, claim or assessment that could be unfavorable to the Company, we consider the following factors, among others: a) the nature of the litigation, claim, or assessment; b) the progress of the case; c) the opinions or views of legal counsel and other advisers; d) our experience in similar cases; e) the experience of other entities in similar cases; and f) how we intend to respond to the lawsuit, claim, or assessment. Costs incurred in defending lawsuits, claims or assessments are expensed as incurred. 

 

Other than the matter discussed below, management of the Company currently does not believe it is reasonably possible that the Company may have incurred a material loss, or a material loss in excess of recorded accruals, with respect to loss contingencies in the aggregate, for the fiscal quarter ended September 30, 2017. The results of legal proceedings, investigations and claims, however, cannot be predicted with certainty. An adverse resolution of one or more of such matters in excess of management’s expectations could have a material adverse effect in the particular quarter or fiscal year in which a loss is recorded, but based on information currently known, the Company does not believe it is likely that losses from such matters would have a material adverse effect on the Company’s business or its consolidated financial position, results of operations or cash flows.

 

The Company settled or resolved certain matters during the 13-week and 39-week periods ended September 30, 2017 that did not individually or in the aggregate have a material impact on the Company’s business or its consolidated financial position, results of operations or cash flows.

 

In the Matter of Certain Marine Sonar Imaging Devices, Including Downscan and Sidescan Devices, Products Containing the Same, and Components Thereof

 

On June 9, 2014, Navico Inc. and Navico Holding AS (collectively “Navico”) filed a complaint with the United States International Trade Commission (“ITC”) alleging the Company infringed upon three specific Navico patents relating to downscan sonar. On December 1, 2015, the ITC issued a Final Determination concluding that there was infringement by Garmin. On August 30, 2016, Navico filed a request that the ITC initiate an enforcement proceeding for alleged violations by Garmin of the previous cease and desist orders issued by the ITC. On May 26, 2017, the Administrative Law Judge issued his initial enforcement determination concluding that Garmin’s sale of certain DownVü sonar products violated the ITC’s December 2015 orders and recommended a civil penalty of $37 million. On June 13, 2017, the US Court of Appeals for the Federal Circuit (“Federal Circuit”) reversed the ITC’s December 2015 Final Determination. Specifically, the Federal Circuit ruled that two of the three patents in suit are invalid and that Garmin does not infringe upon the third patent. The ITC stayed the issuance of a Final Determination in this enforcement proceeding pending the issuance by the Federal Circuit of its mandate, which occurred on October 31, 2017. The Company believes the claims in this complaint are without merit, believes it has valid defenses, believes there is a remote likelihood that the Company may have incurred a material loss with respect to this matter, and no loss accrual has therefore been recorded.

 

Navico Inc. And Navico Holding AS v. Garmin International, Inc. and Garmin USA, Inc. (U.S. District Court for the Northern District of Oklahoma)

 

On June 4, 2014, Navico filed suit in the United States District Court for the Northern District of Oklahoma alleging the Company infringed upon the same three specific Navico patents relating to downscan sonar that are the subject of their complaint filed with ITC discussed above. On January 15, 2016, the court issued an order staying this lawsuit pending the final determination of any appeal filed with the Federal Circuit concerning that ITC complaint. The Federal Circuit issued its mandate in this appeal on October 31, 2017, reversing the ITC’s December 2015 infringement ruling. The Company believes the claims in this lawsuit are without merit, believes it has valid defenses, believes there is a remote likelihood that the Company may have incurred a material loss with respect to this matter, and no loss accrual has therefore been recorded.

 

Navico Inc. And Navico Holding AS v. Garmin International, Inc. and Garmin USA, Inc. (U.S. District Court for the Eastern District of Texas)

 

On March 4, 2016, Navico filed suit in the United States District Court for the Eastern District of Texas, Marshall Division alleging the Company infringed upon two specific Navico patents relating to downscan sonar. On September 8, 2017, a jury returned a verdict finding that Garmin had willfully infringed upon those two patents and awarded damages of $38 million. The judge in this matter must now issue a final judgment which could result in damages of up to three times the original jury verdict (or up to $114 million). The final judgment could also include pre-judgment interest, post-judgment interest, and attorneys’ fees. 

 

If the final judgment orders the Company to pay any amount of damages, the Company will appeal that decision to the Federal Circuit, based on grounds which the same court found in favor of the Company that similar Navico patents were not valid or were not infringed. The Company believes the claims in this lawsuit are without merit, is challenging the verdict, believes it has valid defenses, and will vigorously defend this matter. We believe the Federal Circuit will not uphold the validity of the asserted claims of these Navico patents, which are closely related to the claims of the patents that the Federal Circuit has already concluded are obvious and invalid in view of the prior art, and will therefore reverse the jury verdict. As the Company believes a loss in this lawsuit is not probable after any and all challenges and appeals, no loss accrual has been recorded.

 

In assessing the probability of a loss, we considered, among other factors, our experience and the experience of other entities in similar cases, how we intend to respond to the lawsuit, and the opinions of internal and external legal counsel that a loss is not probable, but is reasonably possible. In view of these factors, the existence of the jury verdict, the possibility of needing to appeal the final judgment and other uncertainties, the Company believes that it is reasonably possible that a loss could occur in a range from zero to up to $114 million, exclusive of pre-judgment interest, post-judgment interest, and attorneys’ fees.
Income Taxes
 9 Months Ended
Sep. 30, 2017
Income Tax Disclosure [Abstract]  
Income Taxes
7. Income Taxes

 

The Company recorded income tax expense of $38,643 in the 13-week period ended September 30, 2017, compared to income tax expense of $24,711 in the 13-week period ended September 24, 2016. The effective tax rate was 20.8% in the third quarter of 2017, compared to 16.5% in the third quarter of 2016. The 430 basis points increase to the third quarter of 2017 effective tax rate compared to the prior year quarter is primarily due to the Company’s election in February 2017 to align certain Switzerland corporate tax positions with evolving international tax initiatives, and shifts in projected income mix by jurisdiction, partially offset by the release of reserves related to uncertain tax positions due to the expiration of certain statutes of limitations during the third quarter of 2017.

 

The Company recorded an income tax benefit of $54,372 for the first three quarters of 2017, compared to income tax expense of $86,904 for the first three quarters of 2016. The effective tax rate was (10.8%) in the first three quarters of 2017, compared to 18.8% in the first three quarters of 2016. Excluding an income tax benefit of $168,755 due to revaluation of deferred tax assets, and the $7,275 expense due to the expiration of share-based awards (see Note 1 regarding the impacts of ASU 2016-09), the effective tax rate for the first three quarters of 2017 increased 250 basis points compared to the effective tax rate for the first three quarters of 2016. This remaining 250 basis point increase in effective tax rate was primarily due to the Company’s election in February 2017 to align certain Switzerland corporate tax positions with evolving international tax initiatives.
Marketable Securities
 9 Months Ended
Sep. 30, 2017
Marketable Securities [Abstract]  
Marketable Securities
8. Marketable Securities

 

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

 

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

  

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

 

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

 

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

 

    Fair Value Measurements as
of September 30, 2017		  
    Total     Level 1     Level 2     Level 3  
U.S. Treasury securities   $ 19,859     $ -     $ 19,859     $ -  
Agency securities     50,975       -       50,975       -  
Mortgage-backed securities     192,966       -       192,966       -  
Corporate securities     866,665       -       866,665       -  
Municipal securities     160,398       -       160,398       -  
Other     173,159       -       173,159       -  
Total   $ 1,464,022     $ -     $ 1,464,022     $ -  

 

    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 September 30, 2017		  
       
    Amortized Cost     Gross Unrealized
Gains		     Gross Unrealized
Losses		     Fair Value  
U.S. Treasury securities   $ 19,986     $ 10     $ (137 )   $ 19,859  
Agency securities     51,594       5       (624 )     50,975  
Mortgage-backed securities     197,525       23       (4,582 )     192,966  
Corporate securities     876,508       721       (10,564 )     866,665  
Municipal securities     161,165       329       (1,096 )     160,398  
Other     174,754       10       (1,605 )     173,159  
Total   $ 1,481,532     $ 1,098     $ (18,608 )   $ 1,464,022  

 

    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 39-week period ending September 30, 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 September 30, 2017 were $1,140,662 and $1,122,054 respectively. Approximately 59% of securities in our portfolio were at an unrealized loss position at September 30, 2017. 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 September 30, 2017 and December 31, 2016.

 

    As of September 30, 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   $ (49 )   $ 10,535     $ (88 )   $ 4,835  
Agency securities     (416 )     29,139       (208 )     16,441  
Mortgage-backed securities     (1,486 )     73,508       (3,096 )     117,656  
Corporate securities     (4,034 )     432,176       (6,530 )     238,952  
Municipal securities     (298 )     54,675       (798 )     31,085  
Other     (1,602 )     111,332       (3 )     1,720  
Total   $ (7,885 )   $ 711,365     $ (10,723 )   $ 410,689  

 

    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 September 30, 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   $ 253,879     $ 253,699  
Due after one year through five years     1,012,722       1,002,997  
Due after five years through ten years     186,767       179,714  
Due after ten years     28,164       27,612  
    $ 1,481,532     $ 1,464,022  
Share Repurchase Plan
 9 Months Ended
Sep. 30, 2017
Equity [Abstract]  
Share Repurchase Plan
9. Share Repurchase Plan

 

On February 13, 2015, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $300,000 of the common shares of Garmin Ltd. The repurchases may be made from time to time as market and business conditions warrant on the open market or in negotiated transactions in compliance with the SEC’s Rule 10b-18. The timing and amounts of any repurchases will be determined by the Company’s management depending on 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 September 30, 2017, the Company had repurchased 6,776 shares using cash of $299,169. There remains approximately $831 available to repurchase additional shares under this authorization.
Accumulated Other Comprehensive Income
 9 Months Ended
Sep. 30, 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 and 39-week periods ended September 30, 2017:

 

    13-Weeks Ended September 30, 2017  
    Foreign Currency
Translation
Adjustment		     Net unrealized gains
(losses) on available-
for-sale securities		     Total  
Balance - beginning of period   $ 56,095     $ (15,948 )   $ 40,147  
Other comprehensive income before reclassification     5,804       519       6,323  
Amounts reclassified from accumulated other comprehensive income     -       17       17  
Net current-period other comprehensive income     5,804       536       6,340  
Balance - end of period   $ 61,899     $ (15,412 )   $ 46,487  

 

    39-Weeks Ended September 30, 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     71,310       11,378       82,688  
Amounts reclassified from accumulated other comprehensive income     -       560       560  
Net current-period other comprehensive income     71,310       11,938       83,248  
Balance - end of period   $ 61,899     $ (15,412 )   $ 46,487  

  

The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week and 39-week periods ended September 30, 2017:

 

13-Weeks Ended September 30, 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   $ (10 )   Other income (expense)
      (7 )   Income tax benefit (provision)
    $ (17 )   Net of tax

 

39-Weeks Ended September 30, 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   $ (594 )   Other income (expense)
      34     Income tax benefit (provision)
    $ (560 )   Net of tax
Recently Issued Accounting Pronouncements
 9 Months Ended
Sep. 30, 2017
Accounting Changes and Error Corrections [Abstract]  
Recently Issued Accounting Pronouncements
11. Recently Issued Accounting Pronouncements

 

Revenue from Contracts with Customers

 

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. The FASB has issued several standards amending or relating to ASU 2014-09 (collectively, the “new revenue standards”). The effective date of ASU 2014-09 is for fiscal years, and interim periods within those years, beginning on or after December 15, 2017. The Company does not intend to early adopt, and therefore will adopt in the Company’s fiscal year ending December 29, 2018. The Company plans to adopt the new revenue standards using the full retrospective method to restate each prior reporting period presented.

 

Our evaluation of the new revenue standards, as it relates to possible differences in the timing of revenue recognition for our contracts, is substantially complete. Based on our evaluation of the new revenue standards, our recognition will be consistent with our current accounting policies except for certain arrangements within the Company’s auto segment.

 

A portion of the Company’s auto segment contracts are currently accounted for under Accounting Standards Codification Topic 985-605 Software-Revenue Recognition (Topic 985-605). Under Topic 985-605, the Company defers all elements of multiple-element software arrangements if vendor-specific objective evidence of fair value (VSOE) cannot be established for an undelivered element (e.g. map updates). In applying the new revenue standards to certain contracts that include both software licenses and map updates, we will recognize the portion of revenue related to the software license at the time of delivery rather than ratably over the map update period. 

 

Additionally, for certain multiple-element arrangements within the Company’s auto segment, the Company’s current policy is to allocate consideration to traffic services and recognize it ratably over the estimated life of the underlying product. Under the new revenue standards, we will recognize revenue related to certain traffic services at the time of hardware and/or software delivery. Specifically, the new revenue standards emphasize the timing of the Company’s performance, and upon delivery of the navigation device and/or software, the Company has performed its obligation with respect to the design and production of the product to receive and interpret the broadcast traffic signal for the benefit of the end user.

 

The changes in accounting policy described above will collectively result in reductions to deferred costs (asset) and deferred revenue (liability) balances and will accelerate the recognition of revenues and deferred costs in the auto segment going forward. The Company is currently finalizing its assessment of these impacts of the new revenue standards to the Consolidated Financial Statements. The new revenue standards require enhanced disclosures regarding contract assets and liabilities, and increased disaggregation of revenues, among other enhanced disclosure requirements. We are in the process of implementing changes to processes and internal controls for the new revenue standards.

 

Financial Instruments – Recognition, Measurement, Presentation, and Disclosure

 

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.

 

Leases

 

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.

 

Statement of Cash Flows

 

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.

 

Income Taxes

 

In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory (“ASU 2016-16”), which requires recognition of the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU 2016-16 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. 

 

Receivables – Nonrefundable Fees and Other Costs

 

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.
Subsequent Events
 9 Months Ended
Sep. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events
12. Subsequent Events

 

On October 26, 2017, the Company acquired the shares of Navionics S.p.A., a privately held worldwide provider of electronic navigational charts and mobile applications for the marine industry. This acquisition was not material.
Inventories (Tables)
 9 Months Ended
Sep. 30, 2017
Inventory Disclosure [Abstract]  
Schedule of inventories

The components of inventories consist of the following:

 

    September 30,     December 31,  
    2017     2016  
             
Raw materials   $ 189,367     $ 162,882  
Work-in-process     84,249       68,602  
Finished goods     334,557       293,789  
Inventory reserves     (32,838 )     (40,452 )
Inventory, net of reserves   $ 575,335     $ 484,821
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 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  
    September 30,     September 24,  
    2017     2016  
Numerator:                
Numerator for basic and diluted net income per share - net income   $ 147,413     $ 125,054  
                 
Denominator:                
Denominator for basic net income per share – weighted-average common shares     187,616       188,692  
                 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units     874       546  
                 
Denominator for diluted net income per share – adjusted weighted-average common shares     188,490       189,238  
                 
Basic net income per share   $ 0.79     $ 0.66  
                 
Diluted net income per share   $ 0.78     $ 0.66  

 

    39-Weeks Ended  
    September 30,     September 24,  
    2017     2016  
Numerator:                
Numerator for basic and diluted net income per share - net income   $ 556,175     $ 374,209  
                 
Denominator:                
Denominator for basic net income per share – weighted-average common shares     187,902       189,027  
                 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units     769       349  
                 
Denominator for diluted net income per share – adjusted weighted-average common shares     188,671       189,376  
                 
Basic net income per share   $ 2.96     $ 1.98  
                 
Diluted net income per share   $ 2.95     $ 1.98  

 
Segment Information (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2017                                                
                                                 
Net sales   $ 184,937     $ 167,147     $ 77,312     $ 189,053     $ 124,628     $ 743,077  
Gross profit   $ 118,175     $ 96,135     $ 44,574     $ 83,961     $ 90,820     $ 433,665  
Operating income   $ 67,810     $ 33,492     $ 18,420     $ 15,971     $ 34,097     $ 169,790  
                                                 
13-Weeks Ended September 24, 2016                                                
                                                 
Net sales   $ 141,006     $ 189,161     $ 70,010     $ 214,637     $ 107,436     $ 722,250  
Gross profit   $ 88,497     $ 103,363     $ 39,891     $ 93,638     $ 80,591     $ 405,980  
Operating income   $ 49,271     $ 44,774     $ 10,332     $ 24,795     $ 30,444     $ 159,616  
                                                 
39-Weeks Ended September 30, 2017                                                
                                                 
Net sales   $ 495,589     $ 485,999     $ 290,302     $ 555,059     $ 371,559     $ 2,198,508  
Gross profit   $ 319,457     $ 276,014     $ 166,690     $ 246,931     $ 274,554     $ 1,283,646  
Operating income   $ 176,544     $ 89,452     $ 60,860     $ 50,566     $ 112,063     $ 489,485  
                                                 
39-Weeks Ended September 24, 2016                                                
                                                 
Net sales   $ 370,929     $ 544,434     $ 264,489     $ 655,963     $ 322,083     $ 2,157,898  
Gross profit   $ 232,652     $ 295,463     $ 148,554     $ 292,770     $ 239,349     $ 1,208,788  
Operating income   $ 125,721     $ 114,422     $ 49,172     $ 82,984     $ 91,794     $ 464,093  
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 39-week periods ended September 30, 2017 and September 24, 2016. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa:

 

    Americas     APAC     EMEA     Total  
September 30, 2017                                
Net sales to external customers   $ 1,049,287     $ 315,096     $ 834,125     $ 2,198,508  
Property and equipment, net   $ 356,351     $ 160,360     $ 37,730     $ 554,441  
                                 
September 24, 2016                                
Net sales to external customers   $ 1,073,610     $ 274,083     $ 810,205     $ 2,157,898  
Property and equipment, net   $ 297,747     $ 117,301     $ 39,198     $ 454,246  
Warranty Reserves (Tables)
 9 Months Ended
Sep. 30, 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  
    September 30,     September 24,  
    2017     2016  
             
Balance - beginning of period   $ 37,012     $ 34,670  
Accrual for products sold during the period     16,903       15,859  
Expenditures     (18,246 )     (11,657 )
Balance - end of period   $ 35,669     $ 38,872  

 

    39-Weeks Ended  
    September 30,     September 24,  
    2017     2016  
             
Balance - beginning of period   $ 37,233     $ 30,449  
Accrual for products sold during the period     40,850       46,170  
Expenditures     (42,414 )     (37,747 )
Balance - end of period   $ 35,669     $ 38,872
Marketable Securities (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2017		  
    Total     Level 1     Level 2     Level 3  
U.S. Treasury securities   $ 19,859     $ -     $ 19,859     $ -  
Agency securities     50,975       -       50,975       -  
Mortgage-backed securities     192,966       -       192,966       -  
Corporate securities     866,665       -       866,665       -  
Municipal securities     160,398       -       160,398       -  
Other     173,159       -       173,159       -  
Total   $ 1,464,022     $ -     $ 1,464,022     $ -  

 

    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 September 30, 2017		  
       
    Amortized Cost     Gross Unrealized
Gains		     Gross Unrealized
Losses		     Fair Value  
U.S. Treasury securities   $ 19,986     $ 10     $ (137 )   $ 19,859  
Agency securities     51,594       5       (624 )     50,975  
Mortgage-backed securities     197,525       23       (4,582 )     192,966  
Corporate securities     876,508       721       (10,564 )     866,665  
Municipal securities     161,165       329       (1,096 )     160,398  
Other     174,754       10       (1,605 )     173,159  
Total   $ 1,481,532     $ 1,098     $ (18,608 )   $ 1,464,022  

 

    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 September 30, 2017 and December 31, 2016.

 

    As of September 30, 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   $ (49 )   $ 10,535     $ (88 )   $ 4,835  
Agency securities     (416 )     29,139       (208 )     16,441  
Mortgage-backed securities     (1,486 )     73,508       (3,096 )     117,656  
Corporate securities     (4,034 )     432,176       (6,530 )     238,952  
Municipal securities     (298 )     54,675       (798 )     31,085  
Other     (1,602 )     111,332       (3 )     1,720  
Total   $ (7,885 )   $ 711,365     $ (10,723 )   $ 410,689  

 

    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 September 30, 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   $ 253,879     $ 253,699  
Due after one year through five years     1,012,722       1,002,997  
Due after five years through ten years     186,767       179,714  
Due after ten years     28,164       27,612  
    $ 1,481,532     $ 1,464,022  
Accumulated Other Comprehensive Income (Tables)
 9 Months Ended
Sep. 30, 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 and 39-week periods ended September 30, 2017:

 

    13-Weeks Ended September 30, 2017  
    Foreign Currency
Translation
Adjustment		     Net unrealized gains
(losses) on available-
for-sale securities		     Total  
Balance - beginning of period   $ 56,095     $ (15,948 )   $ 40,147  
Other comprehensive income before reclassification     5,804       519       6,323  
Amounts reclassified from accumulated other comprehensive income     -       17       17  
Net current-period other comprehensive income     5,804       536       6,340  
Balance - end of period   $ 61,899     $ (15,412 )   $ 46,487  

 

    39-Weeks Ended September 30, 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     71,310       11,378       82,688  
Amounts reclassified from accumulated other comprehensive income     -       560       560  
Net current-period other comprehensive income     71,310       11,938       83,248  
Balance - end of period   $ 61,899     $ (15,412 )   $ 46,487  

 
Schedule of reporting reclassifications out of AOCI

The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week and 39-week periods ended September 30, 2017:

 

13-Weeks Ended September 30, 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   $ (10 )   Other income (expense)
      (7 )   Income tax benefit (provision)
    $ (17 )   Net of tax

 

39-Weeks Ended September 30, 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   $ (594 )   Other income (expense)
      34     Income tax benefit (provision)
    $ (560 )   Net of tax
Basis of Presentation (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Recognized income tax expense from stock options and stock appreciation rights $ 0 $ 7,275
Diluted earnings per share $ 0.04
Inventories (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Inventory Disclosure [Abstract]    
Raw materials $ 189,367 $ 162,882
Work-in-process 84,249 68,602
Finished goods 334,557 293,789
Inventory reserves (32,838) (40,452)
Inventory, net of reserves $ 575,335 $ 484,821
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 24, 2016
Sep. 30, 2017
Sep. 24, 2016
Numerator:        
Numerator for basic and diluted net income per share - net income $ 147,413 $ 125,054 $ 556,175 $ 374,209
Denominator:        
Denominator for basic net income per share - weighted-average common shares 187,616 188,692 187,902 189,027
Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units 874 546 769 349
Denominator for diluted net income per share - adjusted weighted-average common shares 188,490 189,238 188,671 189,376
Basic net income per share (in dollars per share) $ 0.79 $ 0.66 $ 2.96 $ 1.98
Diluted net income per share (in dollars per share) $ 0.78 $ 0.66 $ 2.95 $ 1.98
Earnings Per Share (Details Narrative) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 24, 2016
Sep. 30, 2017
Sep. 24, 2016
Net income per share:        
Anti-dilutive stock options, stock appreciation rights and restricted stock units 1,051,000 3,170,000 1,567,000 3,696,000
Shares issued as a result of exercises and releases of equity awards 2,000 26,000 161,000 39,000
Number of shares issued from treasury stock under ESPP (employee stock purchase plan)     248 285
Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 24, 2016
Sep. 30, 2017
Sep. 24, 2016
Net sales $ 743,077 $ 722,250 $ 2,198,508 $ 2,157,898
Gross profit 433,665 405,980 1,283,646 1,208,788
Operating income 169,790 159,616 489,485 464,093
Outdoor [Member]        
Net sales 184,937 141,006 495,589 370,929
Gross profit 118,175 88,497 319,457 232,652
Operating income 67,810 49,271 176,544 125,721
Fitness [Member]        
Net sales 167,147 189,161 485,999 544,434
Gross profit 96,135 103,363 276,014 295,463
Operating income 33,492 44,774 89,452 114,422
Marine [Member]        
Net sales 77,312 70,010 290,302 264,489
Gross profit 44,574 39,891 166,690 148,554
Operating income 18,420 10,332 60,860 49,172
Auto [Member]        
Net sales 189,053 214,637 555,059 655,963
Gross profit 83,961 93,638 246,931 292,770
Operating income 15,971 24,795 50,566 82,984
Aviation [Member]        
Net sales 124,628 107,436 371,559 322,083
Gross profit 90,820 80,591 274,554 239,349
Operating income $ 34,097 $ 30,444 $ 112,063 $ 91,794
Segment Information (Details 1) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 24, 2016
Sep. 30, 2017
Sep. 24, 2016
Dec. 31, 2016
Net sales to external customers $ 743,077 $ 722,250 $ 2,198,508 $ 2,157,898  
Property and equipment, net 554,441 454,246 554,441 454,246 $ 482,878
Americas [Member]          
Net sales to external customers     1,049,287 1,073,610  
Property and equipment, net 356,351 297,747 356,351 297,747  
APAC [Member]          
Net sales to external customers     315,096 274,083  
Property and equipment, net 160,360 117,301 160,360 117,301  
EMEA [Member]          
Net sales to external customers     834,125 810,205  
Property and equipment, net $ 37,730 $ 39,198 $ 37,730 $ 39,198  
Segment Information (Details Narrative)
 9 Months Ended
Sep. 30, 2017
Segment
Segment Reporting [Abstract]  
Number of reportable segments 5
Warranty Reserves (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 24, 2016
Sep. 30, 2017
Sep. 24, 2016
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]        
Balance - beginning of period $ 37,012 $ 34,670 $ 37,233 $ 30,449
Accrual for products sold during the period 16,903 15,859 40,850 46,170
Expenditures (18,246) (11,657) (42,414) (37,747)
Balance - end of period $ 35,669 $ 38,872 $ 35,669 $ 38,872
Warranty Reserves (Details Narrative)
 9 Months Ended
Sep. 30, 2017
Minimum [Member]  
Product warranty term 1 year
Maximum [Member]  
Product warranty term 3 years
Commitments and Contingencies (Details Narrative) - USD ($)
$ in Thousands
Sep. 08, 2017
May 26, 2017
Sep. 30, 2017
Aggregate amount of purchase orders and other commitments     $ 363,000
Marine Sonar Imaging Devices [Member]      
Name of plantiff  

Navico Inc. and Navico Holding AS

  
Civil penalty awarded   $ 37,000  
Navico Inc. And Navico Holding AS v. Garmin International, Inc. and Garmin USA, Inc. [Member]      
Civil penalty awarded $ 38,000    
Final damages sought, value $ 114,000    
Income Taxes (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 24, 2016
Sep. 30, 2017
Sep. 24, 2016
Income Tax Disclosure [Abstract]        
Income tax expense $ 38,643 $ 24,711 $ (54,372) $ 86,904
Deferred tax assets gross $ 168,755   $ 168,755  
Effective income tax rate 20.80% 16.50% (10.80%) 18.80%
Recognized income tax expense from stock options and stock appreciation rights $ 0   $ 7,275  
Marketable Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total $ 1,464,022 $ 1,480,237
U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 19,859 29,034
Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 50,975 59,541
Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 192,966 230,823
Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 866,665 893,725
Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 160,398 176,169
Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 173,159 90,945
Recurring Basis [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 1,464,022 1,480,237
Recurring Basis [Member] | U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 19,859 29,034
Recurring Basis [Member] | Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 50,975 59,541
Recurring Basis [Member] | Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 192,966 230,823
Recurring Basis [Member] | Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 866,665 893,725
Recurring Basis [Member] | Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 160,398 176,168
Recurring Basis [Member] | Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 173,159 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 1,464,022 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 19,859 29,034
Recurring Basis [Member] | Level 2 [Member] | Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 50,975 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 192,966 230,823
Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 866,665 893,725
Recurring Basis [Member] | Level 2 [Member] | Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 160,398 176,168
Recurring Basis [Member] | Level 2 [Member] | Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 173,159 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
Recurring Basis [Member] | Level 3 [Member] | Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Recurring Basis [Member] | Level 3 [Member] | Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Recurring Basis [Member] | Level 3 [Member] | Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Marketable Securities (Details 1) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Amortized Cost $ 1,481,532 $ 1,509,924
Gross Unrealized Gains 1,098 587
Gross Unrealized Losses (18,608) (30,274)
Fair Value 1,464,022 1,480,237
U.S.Treasury Securities [Member]    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Amortized Cost 19,986 29,291
Gross Unrealized Gains 10 31
Gross Unrealized Losses (137) (288)
Fair Value 19,859 29,034
Agency Securities [Member]    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Amortized Cost 51,594 60,513
Gross Unrealized Gains 5 19
Gross Unrealized Losses (624) (991)
Fair Value 50,975 59,541
Mortgage-Backed Securities [Member]    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Amortized Cost 197,525 236,354
Gross Unrealized Gains 23 41
Gross Unrealized Losses (4,582) (5,572)
Fair Value 192,966 230,823
Corporate Securities [Member]    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Amortized Cost 876,508 914,028
Gross Unrealized Gains 721 252
Gross Unrealized Losses (10,564) (20,555)
Fair Value 866,665 893,725
Municipal Securities [Member]    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Amortized Cost 161,165 178,804
Gross Unrealized Gains 329 224
Gross Unrealized Losses (1,096) (2,859)
Fair Value 160,398 176,169
Other [Member]    
Schedule of Trading Securities and Other Trading Assets [Line Items]    
Amortized Cost 174,754 90,934
Gross Unrealized Gains 10 20
Gross Unrealized Losses (1,605) (9)
Fair Value $ 173,159 $ 90,945
Marketable Securities (Details 2) - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months $ (7,885) $ (26,602)
Fair Value Less than 12 Consecutive Months 711,365 1,133,944
Gross Unrealized Losses 12 Consecutive Months or Longer (10,723) (3,672)
Fair Value 12 Consecutive Months or Longer 410,689 118,800
U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (49) (288)
Fair Value Less than 12 Consecutive Months 10,535 24,260
Gross Unrealized Losses 12 Consecutive Months or Longer (88)
Fair Value 12 Consecutive Months or Longer 4,835
Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (416) (991)
Fair Value Less than 12 Consecutive Months 29,139 49,255
Gross Unrealized Losses 12 Consecutive Months or Longer (208)
Fair Value 12 Consecutive Months or Longer 16,441
Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (1,486) (3,702)
Fair Value Less than 12 Consecutive Months 73,508 159,665
Gross Unrealized Losses 12 Consecutive Months or Longer (3,096) (1,870)
Fair Value 12 Consecutive Months or Longer 117,656 64,645
Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (4,034) (18,856)
Fair Value Less than 12 Consecutive Months 432,176 765,712
Gross Unrealized Losses 12 Consecutive Months or Longer (6,530) (1,699)
Fair Value 12 Consecutive Months or Longer 238,952 40,910
Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (298) (2,762)
Fair Value Less than 12 Consecutive Months 54,675 130,994
Gross Unrealized Losses 12 Consecutive Months or Longer (798) (97)
Fair Value 12 Consecutive Months or Longer 31,085 6,326
Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (1,602) (3)
Fair Value Less than 12 Consecutive Months 111,332 4,058
Gross Unrealized Losses 12 Consecutive Months or Longer (3) (6)
Fair Value 12 Consecutive Months or Longer $ 1,720 $ 6,919
Marketable Securities (Details 3) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Amortized Cost    
Due in one year or less $ 253,879  
Due after one year through five years 1,012,722  
Due after five years through ten years 186,767  
Due after ten years 28,164  
Total 1,481,532 $ 1,509,924
Fair Value    
Due in one year or less 253,699  
Due after one year through five years 1,002,997  
Due after five years through ten years 179,714  
Due after ten years 27,612  
Total $ 1,464,022 $ 1,480,237
Marketable Securities (Details Narrative)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
USD ($)
Marketable Securities [Abstract]  
Unrealized loss position amortized cost $ 1,140,662
Unrealized loss position fair value $ 1,122,054
Percentage of available-for-sale securities in unrealized loss positions 59.00%
Share Repurchase Plan (Details Narrative) - USD ($)
$ in Thousands
 9 Months Ended
Feb. 13, 2015
Sep. 30, 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)   6,776
Stock issued for repurchase program, value   $ 299,169
Remaining stock available under repurchase program   $ 831
Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2017
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward]    
Balance - beginning of period $ 56,095 $ (9,411)
Other comprehensive income before reclassification 5,804 71,310
Amounts reclassified from accumulated other comprehensive income
Net current-period other comprehensive income 5,804 71,310
Balance - end of period 61,899 61,899
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward]    
Balance - beginning of period (15,948) (27,350)
Other comprehensive income before reclassification 519 11,378
Amounts reclassified from accumulated other comprehensive income 17 560
Net current-period other comprehensive income 536 11,938
Balance - end of period (15,412) (15,412)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Balance - beginning of period 40,147 (36,761)
Other comprehensive income before reclassification 6,323 82,688
Amounts reclassified from accumulated other comprehensive income 17 560
Net current-period other comprehensive income 6,340 83,248
Balance - end of period $ 46,487 $ 46,487
Accumulated Other Comprehensive Income (Details 1) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 24, 2016
Sep. 30, 2017
Sep. 24, 2016
Other income (expense) $ 16,266 $ (9,851) $ 12,318 $ (2,980)
Income tax benefit (provision) (38,643) $ (24,711) 54,372 $ (86,904)
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification From Accumulated Other Comprehensive Income [Member]        
Other income (expense) (10)   (594)  
Income tax benefit (provision) (7)   34  
Net of tax $ (17)   $ (560)  
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[info] In "Condensed Consolidated Balance Sheets (Unaudited)", column(s) 2, 4, 5 are contained in other reports, so were removed by flow through suppression. - grmn-20170930.xml
[info] In "Condensed Consolidated Statements of Cash Flows (Unaudited)", column(s) 1, 2 are contained in other reports, so were removed by flow through suppression. - grmn-20170930.xml