Previewer: Reports

Cash and cash equivalents

$ 891,488

$ 846,883

Marketable securities (Note 3)

161,687

266,952

Accounts receivable, less allowance for doubtful accounts of $4,168 in 2017 and $14,669 in 2016

590,882

527,062

Inventories, net

517,644

484,821

^[1]

Prepaid expenses and other current assets

48,312

47,395

153,912

89,903

Building and improvements

2,363,925

2,263,016

Property and equipment, net

Land and improvements

114,701

104,740

482,794

376,916

Office furniture and equipment

246,107

222,439

Manufacturing equipment

156,119

129,526

Engineering equipment

141,321

124,979

Vehicles

21,115

21,259

Total Property and equipment, gross

1,162,157

979,859

Accumulated depreciation

(566,473)

(496,981)

Marketable securities (Note 3)

595,684

482,878

Restricted cash (Note 4)

271

113

1,260,033

1,213,285

Deferred income taxes (Note 6)

199,343

110,293

73,851

56,151

Intangible assets, net

409,801

305,002

Other assets

107,352

94,395

5,010,260

4,525,133

Salaries and benefits payable

Accounts payable

169,640

172,404

102,802

88,818

Accrued warranty costs

36,827

37,233

Accrued sales program costs

93,250

80,953

Accrued advertising expense

139,681

146,564

Accrued royalty costs

32,204

36,523

30,987

37,440

Other accrued expenses

93,652

70,469

Income taxes payable

33,638

16,163

Dividend payable

95,975

96,168

Deferred income taxes (Note 6)

828,656

782,735

75,215

61,220

Noncurrent income taxes

138,295

121,174

Noncurrent deferred revenue

163,840

140,407

Other liabilities

1,788

1,594

Stockholders' equity:

Shares, CHF 0.10 par value, 198,077 shares authorized and issued, 188,189 shares outstanding at December 30, 2017; and 188,565 shares outstanding at December 31, 2016; (Notes 9, 10, and 11):

17,979

Additional paid-in capital

1,828,386

1,836,047

Treasury stock

(468,818)

(455,964)

2,368,874

2,056,702

56,045

(36,761)

3,802,466

3,418,003

$ 5,010,260

$ 4,525,133

[1]	Inventory balances by major class of inventory as of December 31, 2016 have been recast to conform to the current year presentation.

Consolidated Balance Sheets (Parenthetical) $ in Thousands	Dec. 30, 2017 USD ($) shares	Dec. 30, 2017 SFr / shares	Dec. 31, 2016 USD ($) shares	Dec. 31, 2016 SFr / shares
Allowance for doubtful accounts \| $	$ 4,168		$ 14,669
Common shares, authorized	198,077		198,077
Common shares, issued	198,077		198,077
Common shares, outstanding	188,189		188,565
CHF [Member]
Common shares, par value (in swiss francs per share) \| SFr / shares		SFr 0.10		SFr 0.10

Consolidated Statements of Income - USD ($)
$ in Thousands

12 Months Ended

Dec. 30, 2017

Dec. 31, 2016

Dec. 26, 2015

Income Statement [Abstract]

^[1]

$ 3,087,004

$ 3,018,665

$ 2,820,270

Cost of goods sold

1,303,840

1,339,095

1,281,566

Selling, general and administrative expenses

1,783,164

1,679,570

1,538,704

Advertising expense

164,693

177,143

167,166

437,977

410,558

394,914

Research and development expense

511,634

467,960

427,043

Total operating expense

1,114,304

1,055,661

989,123

Total other income (expense)

668,860

623,909

549,581

Other income (expense):

Interest income

36,925

33,406

29,653

Foreign currency losses

(22,579)

(31,651)

(23,465)

Other

(912)

4,006

11,418

13,434

5,761

17,606

Income before income taxes

682,294

629,670

567,187

Income tax provision (benefit): (Note 6)

Current

79,234

117,842

114,222

Deferred

(91,895)

1,014

(3,262)

Income tax provision

(12,661)

118,856

110,960

Basic net income per share (Note 10) (in dollars per share)

$ 694,955

$ 510,814

$ 456,227

$ 3.70

$ 2.71

$ 2.39

Diluted net income per share (Note 10) (in dollars per share)

$ 3.68

$ 2.70

$ 2.39

[1]	The U.S. is the only country which constitutes greater than 10% of net sales to external customers.

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 694,955	$ 510,814	$ 456,227
Foreign currency translation adjustment	88,320	4,696	(34,981)
Change in fair value of available-for-sale marketable securities, net of deferred taxes	4,486	(11,029)	1,982
Comprehensive income	$ 787,761	$ 504,481	$ 423,228

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balance at beginning at Dec. 27, 2014	$ 1,797,435	$ 73,521	$ (330,132)	$ 1,859,972	$ 2,571	$ 3,403,367
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				456,227		456,227
Translation adjustment					(34,981)	(34,981)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects					1,982	1,982
Comprehensive income						423,228
Dividends declared		(100)		(385,682)		(385,782)
Tax benefit from issuance of equity awards		(2,050)				(2,050)
Issuance of treasury stock related to equity awards		(35,422)	52,494			17,072
Stock compensation		26,290				26,290
Purchase of treasury stock related to equity awards			(5,586)			(5,586)
Purchase of treasury stock under share repurchase plan			(131,413)			(131,413)
Balance at end at Dec. 26, 2015	1,797,435	62,239	(414,637)	1,930,517	(30,428)	3,345,126
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				510,814		510,814
Translation adjustment					4,696	4,696
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects					(11,029)	(11,029)
Comprehensive income						504,481
Dividends declared				(384,629)		(384,629)
Tax benefit from issuance of equity awards		(6,309)				(6,309)
Issuance of treasury stock related to equity awards		(40,589)	59,237			18,648
Stock compensation		41,250				41,250
Purchase of treasury stock related to equity awards			(7,331)			(7,331)
Purchase of treasury stock under share repurchase plan			(93,233)			(93,233)
Reduction in par value of Common Stock	(1,779,456)	1,779,456
Balance at end at Dec. 31, 2016	17,979	1,836,047	(455,964)	2,056,702	(36,761)	3,418,003
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				694,955		694,955
Translation adjustment					88,320	88,320
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects					4,486	4,486
Comprehensive income						787,761
Dividends declared				(382,783)		(382,783)
Issuance of treasury stock related to equity awards		(52,581)	74,442			21,861
Stock compensation		44,735				44,735
Purchase of treasury stock related to equity awards		185	(12,773)			(12,588)
Purchase of treasury stock under share repurchase plan			(74,523)			(74,523)
Balance at end at Dec. 30, 2017	$ 17,979	$ 1,828,386	$ (468,818)	$ 2,368,874	$ 56,045	$ 3,802,466

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Statement of Stockholders' Equity [Abstract]
Adjustment related to unrealized gains (losses) on available-for-sale securities income tax effects	$ 493	$ 1,094	$ 115

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Operating Activities:
Net income	$ 694,955	$ 510,814	$ 456,227
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	59,895	55,796	51,311
Amortization	26,357	30,544	27,049
Gain on sale of property and equipment	(230)	(503)	(198)
Provision for doubtful accounts	1,021	4,136	(2,521)
Provision for obsolete and slow-moving inventories	31,071	26,458	23,257
Unrealized foreign currency losses	21,036	13,387	37,931
Deferred income taxes	(90,725)	1,699	5,897
Stock compensation	44,735	41,250	26,290
Realized losses (gains) on marketable securities	991	(822)	(55)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(40,088)	9,000	22,473
Inventories	(38,575)	(2,455)	(121,718)
Other current and non-current assets	(21,608)	2,234	(107,360)
Accounts payable	(17,240)	(11,496)	36,079
Other current and non-current liabilities	5,627	44,766	20,742
Deferred revenue	15,329	(6,363)	(43,338)
Deferred costs	(18,266)	(15,780)	(585)
Income taxes payable	(13,443)	3,017	(151,014)
Net cash provided by operating activities	660,842	705,682	280,467
Investing activities:
Purchases of property and equipment	(139,696)	(90,960)	(80,592)
Proceeds from sale of property and equipment	361	676	7,921
Purchase of intangible assets	(12,232)	(5,715)	(3,889)
Purchase of marketable securities	(587,656)	(905,089)	(915,921)
Redemption of marketable securities	635,311	957,350	919,141
Acquisitions, net of cash acquired	(90,471)	(77,945)	(38,687)
Change in restricted cash	(153)	146	48
Net cash used in investing activities	(194,536)	(121,537)	(111,979)
Financing activities:
Dividends	(382,976)	(481,452)	(378,117)
Tax benefit from issuance of equity awards		1,692	(2,049)
Proceeds from issuance of treasury stock related to equity awards	21,860	18,648	17,073
Purchase of treasury stock related to equity awards	(12,773)	(7,331)	(5,586)
Purchase of treasury stock under share repurchase plan	(74,523)	(93,233)	(131,413)
Net cash used in financing activities	(448,412)	(561,676)	(500,092)
Effect of exchange rate changes on cash and cash equivalents	26,711	(8,656)	(31,594)
Net increase (decrease) in cash and cash equivalents	44,605	13,813	(363,198)
Cash and cash equivalents at beginning of year	846,883	833,070	1,196,268
Cash and cash equivalents at end of year	891,488	846,883	833,070
Supplemental disclosures of cash flow information
Cash paid during the year for income taxes	106,146	115,548	252,885
Cash received during the year from income tax refunds	3,806	4,275	3,793
Supplemental disclosure of non-cash investing and financing activities
Increase in accrued capital expenditures related to purchases of property and equipment	13,864	2,154
Change in marketable securities related to unrealized appreciation (depreciation)	4,979	(12,123)	1,867
Fair value of assets acquired	128,190	91,620	38,687
Liabilities assumed	(29,587)	(6,344)
Less: cash acquired	(8,132)	(7,331)
Cash paid for acquisitions, net of cash acquired	$ 90,471	$ 77,945	$ 38,687

Description of the Business

12 Months Ended

Dec. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of the Business

1. Description of the Business

Garmin Ltd. and subsidiaries (together, the “Company”) design, develop, manufacture, market, and distribute a diverse family of hand-held, wrist-based, portable and fixed-mount Global Positioning System (GPS)-enabled products and other navigation, communications, information and sensor-based products. Garmin Corporation (GC) is primarily responsible for the manufacturing and distribution of the Company’s products to the Company’s subsidiaries and, to a lesser extent, new product development and sales and marketing of the Company’s products in Asia and the Far East. Garmin International, Inc. (GII) is primarily responsible for sales and marketing of the Company’s products in the Americas region and for most of the Company’s research and new product development. GII also manufactures most of the Company’s products in the aviation segment. Garmin (Europe) Ltd. (GEL) is responsible for sales and marketing of the Company’s products in Europe, the Middle East and Africa (EMEA). Many of GEL’s sales are to other Company-owned distributors in the EMEA region.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 30, 2017

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The accompanying consolidated financial statements reflect the accounts of Garmin Ltd. and its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated.

At the Company’s Annual General Meeting on June 10, 2016, the Company’s shareholders approved the cancellation of 10,000,000 registered shares of the Company held by the Company (the “Formation Shares”) and the reduction in par value of each share of the Company from CHF 10 to CHF 0.10 and the amendment of the Company’s Articles of Association to effect a corresponding share capital reduction.

Fiscal Year

The Company’s fiscal year is based on a 52-53-week period ending on the last Saturday of the calendar year. Due to the fact that there are not exactly 52 weeks in a calendar year, and there is slightly more than one additional day per year (not including the effects of leap year) in each calendar year as compared to a 52-week fiscal year, the Company will have a fiscal year comprising 53 weeks in certain fiscal years, as determined by when the last Saturday of the calendar year occurs.

In those resulting fiscal years that have 53 weeks, the Company will record an extra week of sales, costs, and related financial activity. Therefore, the financial results of those 53-week fiscal years, and the associated 14-week fourth quarters, will not be entirely comparable to the prior and subsequent 52-week fiscal years and the associated 13-week quarters. Fiscal years 2017 and 2015 included 52 weeks while fiscal 2016 included 53 weeks.

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Foreign Currency

Many Garmin Ltd. subsidiaries utilize currencies other than the United States Dollar (USD) as their functional currency. As required by the Foreign Currency Matters topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), the financial statements of these subsidiaries for all periods presented have been translated into USD, the functional currency of Garmin Ltd., and the reporting currency herein, for purposes of consolidation at rates prevailing during the year for sales, costs, and expenses and at end-of-year rates for all assets and liabilities. The effect of this translation is recorded in a separate component of stockholders’ equity. Cumulative currency translation adjustments of $78,909 and ($9,411) as of December 30, 2017 and December 31, 2016, respectively, have been included in accumulated other comprehensive income in the accompanying consolidated balance sheets.

Transactions in foreign currencies are recorded at the approximate rate of exchange at the transaction date. The movements of the Taiwan Dollar and Euro/British Pound Sterling typically have offsetting impacts on operating income when the currencies move congruently against the U.S. Dollar due to the use of the Taiwan Dollar for manufacturing costs while the Euro and British Pound Sterling transactions relate primarily to revenue.

Assets and liabilities resulting from these transactions are translated at the rate of exchange in effect at the balance sheet date. The majority of the Company’s consolidated foreign currency gain or loss is typically driven by the significant cash and marketable securities, receivables and payables held in a currency other than the functional currency at a given legal entity. Foreign currency losses recorded in results of operations were $22,579, $31,651, and $23,465 for the years ended December 30, 2017, December 31, 2016, and December 26, 2015, respectively. The loss in fiscal 2017 was due primarily to the USD weakening against the Taiwan Dollar, which was partially offset by the USD weakening against the Euro and British Pound Sterling. The loss in fiscal 2016 was due primarily to the USD weakening against the Taiwan Dollar and the USD strengthening against the Euro and British Pound Sterling. The loss in fiscal 2015 was due primarily to the USD strengthening against the Euro and British Pound Sterling, which was partially offset by the USD strengthening against the Taiwan Dollar.

Earnings Per Share

Basic earnings per share amounts are computed based on the weighted-average number of common shares outstanding. For purposes of diluted earnings per share, the number of shares that would be issued from the exercise of dilutive share-based compensation awards has been reduced by the number of shares which could have been purchased from the proceeds of the exercise or release at the average market price of the Company’s stock during the period the awards were outstanding. See Note 10.

Cash and Cash Equivalents

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, operating accounts, money market funds, and securities with maturities of three months or less when purchased. The carrying amount of cash and cash equivalents approximates fair value, given the short maturity of those instruments.

Trade Accounts Receivable

The Company sells its products to retailers, wholesalers, and other customers and extends credit based on its evaluation of the customer’s financial condition. Potential losses on receivables are dependent on each individual customer’s financial condition. The Company carries its trade accounts receivable at net realizable value. Typically, its accounts receivable are collected within 80 days and do not bear interest. The Company monitors its exposure to losses on receivables and maintains allowances for potential losses or adjustments. The Company determines these allowances by (1) evaluating the aging of its receivables and (2) reviewing its high-risk customers. Past due receivable balances are written off when internal collection efforts have been unsuccessful in collecting the amount due. The Company maintains trade credit insurance to provide security against large losses.

Concentration of Credit Risk

The Company grants credit to certain customers who meet the Company’s pre-established credit requirements. Generally, the Company does not require security when trade credit is granted to customers. Credit losses are provided for in the Company’s consolidated financial statements and typically have been within management’s expectations. Certain customers are allowed extended terms consistent with normal industry practice. Most of these extended terms can be classified as either relating to seasonal sales variations or to the timing of new product releases by the Company.

The Company’s top ten customers have contributed between 22% and 24% of net sales since 2015. None of the Company’s customers accounted for more than or equal to 10% of consolidated net sales in the years ended December 30, 2017, December 31, 2016, and December 26, 2015.

Inventories

Inventories are stated at the lower of cost or market with cost being determined on a first-in, first-out (FIFO) basis. The Company writes down its inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. Inventories consisted of the following:

	December 30, 2017		December 31, 2016⁽¹⁾
Raw materials	$	179,659	$	152,497
Work-in-process		75,754		61,048
Finished goods		262,231		271,276
Inventory	$	517,644	$	484,821

⁽¹⁾

Inventory balances by major class of inventory as of December 31, 2016 have been recast to conform to the current year presentation.

Property and Equipment

Property and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:

Buildings and improvements			39-50
Office furniture and equipment			3-5
Manufacturing and engineering equipment			5-10
Vehicles			5

Long-Lived Assets

As required by the Property, Plant and Equipment topic of the FASB ASC, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. That assessment is based on the carrying amount of the asset at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value.

The Intangibles – Goodwill and Other topic of the FASB ASC (ASC Topic 350) requires that goodwill and intangible assets with indefinite useful lives should not be amortized but rather be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that they may be impaired. The Company performs its annual goodwill and intangible asset impairment tests in the fourth quarter of each year. ASC Topic 350 allows management to first perform a qualitative assessment (“step zero”) by assessing the qualitative factors of relevant events and circumstances at the reporting unit level to determine if it is necessary to perform the quantitative goodwill impairment test (“step one”). If factors indicate that it is more likely than not that the fair value of the reporting unit is less than the carrying amount, then the step one assessment will be performed. If the fair value of the reporting unit is less than the carrying amount in step one then goodwill impairment will be recognized and the charge is determined through the “step two” analysis.

Each of the Company’s operating segments (auto PND, auto OEM, aviation, marine, outdoor, and fitness) represents a distinct reporting unit. The auto PND market has declined in recent years as competing technologies have emerged and market saturation has occurred. This has resulted in periods of lower revenues and profits for the Company’s auto PND reporting unit. Considering these qualitative factors, management performed a step one quantitative goodwill impairment assessment of the auto PND reporting unit in the fourth quarter of 2017. Management determined that the fair value of the reporting unit was substantially in excess of its carrying amount, and a step two analysis was therefore not performed. However, considering the uncertainty of future operating results and/or market conditions deteriorating faster or more drastically than the forecasts utilized in management’s estimation of fair value, management believes some or all of the approximately $80 million of goodwill associated with the Company’s auto PND reporting unit is at risk of future impairment. Management concluded that no other reporting units are currently at risk of impairment.

The Company did not recognize any material goodwill or intangible asset impairment charges in 2017, 2016, or 2015.

Accounting guidance also requires that intangible assets with finite lives be amortized over their estimated useful lives and reviewed for impairment. The Company is currently amortizing its acquired intangible assets with finite lives over periods ranging from three to ten years.

Dividends

Under Swiss corporate law, dividends must be approved by shareholders at the general meeting of the Company’s shareholders.

On June 9, 2017, the shareholders approved a dividend of $2.04 per share (of which, $1.53 was paid in the Company’s 2017 fiscal year) payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:

Dividend Date	Record Date	$s per share
June 30, 2017	June 19, 2017	$	0.51
September 29, 2017	September 15, 2017	$	0.51
December 29, 2017	December 15, 2017	$	0.51
March 30, 2018	March 15, 2018	$	0.51

The Company paid dividends in 2017 in the amount of $382,976. Both the dividends paid and the remaining dividend payable were reported as a reduction of retained earnings.

On June 10, 2016, the shareholders approved a dividend of $2.04 per share (of which, $1.53 was paid in the Company’s 2016 fiscal year) payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:

Dividend Date	Record Date	$s per share
June 30, 2016	June 16, 2016	$	0.51
September 30, 2016	September 15, 2016	$	0.51
December 30, 2016	December 14, 2016	$	0.51
March 31, 2017	March 15, 2017	$	0.51

The Company paid dividends in 2016 in the amount of $481,452. Both the dividends paid and the remaining dividend payable were reported as a reduction of retained earnings.

On June 5, 2015, the shareholders approved a dividend of $2.04 per share (of which, $1.02 was paid in the Company's 2015 fiscal year) payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:

Dividend Date	Record Date	$s per share
June 30, 2015	June 16, 2015	$	0.51
September 30, 2015	September 15, 2015	$	0.51
December 31, 2015	December 15, 2015	$	0.51
March 31, 2016	March 16, 2016	$	0.51

The Company paid dividends in 2015 in the amount of $378,117. Both the dividends paid and the remaining dividend payable were reported as a reduction of retained earnings.

As of December 30, 2017 and December 31, 2016, approximately $304,674 of retained earnings was indefinitely restricted from distribution to stockholders pursuant to the laws of Taiwan.

Intangible Assets

At December 30, 2017, and December 31, 2016, the Company had patents, customer related intangibles and other identifiable finite-lived intangible assets recorded at a cost of $316,705 and $253,473, respectively. Identifiable, finite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis over three to ten years. Accumulated amortization was $193,886 and $173,023 at December 30, 2017, and December 31, 2016, respectively. Amortization expense on these intangible assets was $20,863, $14,319, and $7,115 for the years ended December 30, 2017, December 31, 2016, and December 26, 2015, respectively. In the next five years, the amortization expense is estimated to be $18,796, $16,293, $14,167, $10,463, and $8,111, respectively.

The Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $286,982 at December 30, 2017, and $224,553 at December 31, 2016.

	December 30, 2017		December 31, 2016
Goodwill balance at beginning of year	$	224,553	$	187,791
Acquisitions		58,332		38,061
Finalization of purchase price allocations and effect of foreign currency translation		4,097		(1,299	)
Goodwill balance at end of year	$	286,982	$	224,553

Marketable Securities

Management determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date.

All of the Company’s marketable securities were considered available-for-sale at December 30, 2017. Available-for-sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income (loss). At December 30, 2017 and December 31, 2016, cumulative unrealized net losses of $22,864 and $27,350, respectively, were reported in accumulated other comprehensive income, net of related taxes.

Investments are reviewed periodically to determine if they have suffered an impairment of value that is considered other than temporary. If investments are determined to be impaired, a loss is recognized at the date of determination.

Testing for impairment of investments requires significant management judgment. The identification of potentially impaired investments, the determination of their fair value and the assessment of whether any decline in value is other than temporary are the key judgment elements. The discovery of new information and the passage of time can significantly change these judgments. Revisions of impairment judgments are made when new information becomes known, and any resulting impairment adjustments are made at that time. The economic environment and volatility of securities markets increase the difficulty of determining fair value and assessing investment impairment.

The amortized cost of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization is included in interest income from investments. Realized gains and losses, and credit declines in value judged to be other-than-temporary are included in other income. The cost of securities sold is based on the specific identification method.

Investments are discussed in detail in Note 3 of the Notes to Consolidated Financial Statements.

Income Taxes

The Company accounts for income taxes using the liability method in accordance with the FASB ASC 740 topic Income Taxes. The liability method provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amount for financial reporting purposes as measured based on the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

The Company accounts for uncertainty in income taxes in accordance with the FASB ASC 740 topic Income Taxes. The Company recognizes liabilities based on our estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves not to be required, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result.

Income taxes are discussed in detail in Note 6 of the Notes to Consolidated Financial Statements.

Revenue Recognition

The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collection is probable. For the large majority of the Company’s sales, these criteria are met once product has shipped and title and risk of loss have transferred to the customer. The Company recognizes revenue from the sale of hardware products and software bundled with hardware that is essential to the functionality of the hardware in accordance with general revenue recognition accounting guidance. The Company recognizes revenue in accordance with industry specific software accounting guidance for standalone sales of software products and sales of software bundled with hardware not essential to the functionality of the hardware. The Company generally does not offer specified or unspecified upgrade rights to its customers in connection with software sales.

For multiple-element arrangements that include tangible products that contain software essential to the tangible product’s functionality and undelivered software elements that relate to the tangible product’s essential software, the Company allocates revenue to all deliverables based on their relative selling prices. In such circumstances, the accounting principles establish a hierarchy to determine the selling price to be used for allocating revenue to deliverables as follows: (i) vendor-specific objective evidence of fair value (VSOE), (ii) third-party evidence of selling price (TPE), and (iii) best estimate of the selling price (ESP). VSOE generally exists only when the Company sells the deliverable separately, on more than a limited basis, at prices within a relatively narrow range. In addition to the products listed below, the Company has offered certain other products including mobile applications, in-dash navigation solutions, incremental navigation and/or communication service subscriptions, aviation subscriptions and extended warranties that involve multiple-element arrangements that are individually immaterial.

The Company offers PNDs with lifetime map updates (LMUs) bundled in the original purchase price. LMUs enable customers to download the latest map and point of interest information for the useful life of their PND. In addition, the Company offers PNDs with traffic service bundled in the original purchase price. The Company has identified multiple deliverables contained in arrangements involving the sale of PNDs which include the LMU and/or traffic service. The first deliverable is the hardware along with the software essential to the functionality of the hardware device delivered at the time of sale. The remaining deliverables are the LMU and/or traffic service. The Company has allocated revenue between these deliverables using the relative selling price method. Amounts allocated to the delivered hardware and the related essential software are recognized at the time of sale provided the other conditions for revenue recognition have been met. The revenue and associated cost of royalties allocated to the LMU and/or the traffic service are deferred and recognized on a straight-line basis over the estimated life of the products.

The Company has determined sufficient VSOE does not exist for LMU or traffic, and that third party evidence of selling price is not available as stand-alone and unbundled unit sales do not occur on more than a limited basis. Therefore, the Company uses the royalty cost plus a normal margin as the primary indicator to calculate relative selling prices of the LMU and traffic elements.

For multiple-element software arrangements that do not include a tangible product, the Company allocates revenue to the various elements based on VSOE. When VSOE cannot be established for undelivered elements, all revenue is deferred until the earlier point at which all elements of the arrangement are delivered or sufficient VSOE does exist, unless the only undelivered element is post-contract customer support. If the only undelivered element is post-contract customer support, the entire arrangement consideration is recognized ratably over the support period. The Company offers navigation software licenses to certain customers, bundled with map updates to be provided periodically over the support period. The Company has determined sufficient VSOE of similar map updates does not exist for certain arrangements, and therefore revenue from these transactions is recognized ratably over the contractual map update period.

The Company records revenue net of sales tax, trade discounts and customer returns. The Company records estimated reductions to revenue for customer sales programs, returns and incentive offerings including rebates, price protection (product discounts offered to retailers to assist in clearing older products from their inventories in advance of new product releases), promotions and other volume-based incentives. The reductions to revenue are based on estimates and judgments using historical experience and expectation of future conditions. Changes in these estimates could negatively affect the Company’s operating results. These incentives are reviewed periodically and, with the exceptions of price protection and certain other promotions, accrued for on a percentage of sales basis. If market conditions were to decline, the Company may take actions to increase customer incentive offerings, possibly resulting in an incremental reduction of revenue at the time the incentive is offered.

Deferred Revenues and Costs

At December 30, 2017 and December 31, 2016, the Company had deferred revenues totaling $303,521 and $286,971, respectively, and related deferred costs totaling $122,162 and $103,546, respectively.

The deferred revenues and costs are recognized over their estimated economic lives, typically one to five years, on a straight-line basis. In the next five years, the gross margin recognition of deferred revenue and cost for the currently deferred amounts is estimated to be $91,370, $48,627, $25,340, $11,208, and $4,814, respectively.

Shipping and Handling Costs

Shipping and handling costs are included in cost of goods sold in the accompanying consolidated financial statements.

Product Warranty

The Company provides for estimated warranty costs at the time of sale. The Company’s standard warranty obligation to retail partners generally provides for a right of return of any product for a full refund in the event that such product is not merchantable, is damaged or defective. The Company’s historical experience is that these types of warranty obligations are generally fulfilled within 5 months from time of sale. The Company’s standard warranty obligation to its end-users provides for a period of one to two years from date of shipment while certain aviation and auto OEM products have a warranty period of two years or more from the date of installation. The Company’s estimate of costs to service its warranty obligations are based on historical experience and expectations of future conditions and are recorded as a liability on the balance sheet. To the extent the Company experiences increased warranty claim activity or increased costs associated with servicing those claims, its warranty accrual will increase, resulting in decreased gross profit. The following reconciliation provides an illustration of changes in the aggregate warranty accrual:

	Fiscal Year Ended
	December 30,			December 31,			December 26,
	2017			2016			2015

Balance - beginning of period	$	37,233		$	30,449		$	27,609
Accrual for products sold⁽¹⁾		56,360			61,578			44,620
Expenditures		(56,766	)		(54,794	)		(41,780	)
Balance - end of period	$	36,827		$	37,233		$	30,449

(1)

Changes in cost estimates related to pre-existing warranties are not material and aggregated with accruals for new warranty contracts in the ‘accrual for products sold’ line.

Sales Programs

The Company provides certain monthly and quarterly incentives for its dealers and distributors based on various factors including dealer purchasing volume and growth. Additionally, from time to time, the Company provides rebates to end users on certain products. Estimated rebates and incentives payable to dealers and distributors are regularly reviewed and recorded as accrued expenses on a monthly basis. In addition, the Company provides dealers and distributors with product discounts to assist these customers in clearing older products from their inventories in advance of new product releases. Each discount is tied to a specific product and can be applied to all customers who have purchased the product, or a special discount may be agreed to on an individual customer basis. These rebates, incentives, and discounts are recorded as reductions to net sales in the accompanying consolidated statements of income in the period the Company has sold the product.

Advertising Costs

The Company expenses advertising costs as incurred. Advertising expense amounted to approximately $164,693, $177,143, and $167,166 for the years ended December 30, 2017, December 31, 2016, and December 26, 2015, respectively.

Research and Development

A majority of the Company’s research and development is performed in the United States. Research and development costs, which are expensed as incurred, amounted to approximately $511,634, $467,960, and $427,043 for the years ended December 30, 2017, December 31, 2016, and December 26, 2015, respectively.

Customer Service and Technical Support

Customer service and technical support costs are included as selling, general and administrative expenses in the accompanying consolidated statements of income. Customer service and technical support costs include costs associated with performing order processing, answering customer inquiries by telephone and through websites, e-mail and other electronic means, and providing free technical support assistance to customers. The technical support is typically provided within one year after the associated revenue is recognized. The related cost of providing this free support is not material.

Software Development Costs

The FASB ASC topic entitled Software requires companies to expense software development costs as they incur them until technological feasibility has been established, at which time those costs are capitalized until the product is available for general release to customers. Capitalized software development costs are not significant as the time elapsed from working model to release is typically short. As required by the Research and Development topic of the FASB ASC, costs incurred to enhance our existing products or after the general release of the service using the product are expensed in the period they are incurred and included in research and development costs in the accompanying consolidated statements of income.

Accounting for Stock-Based Compensation

The Company currently sponsors four stock-based employee compensation plans. The FASB ASC topic entitled Compensation – Stock Compensation requires the measurement and recognition of compensation expenses for all share-based payment awards made to employees and directors, including employee stock options and restricted stock, based on estimated fair values.

Accounting guidance requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as stock-based compensation expense over the requisite service period in the Company’s consolidated financial statements.

As stock-based compensation expenses recognized in the accompanying consolidated statements of income are based on awards ultimately expected to vest, they have been reduced for estimated forfeitures. Accounting guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience and management’s estimates.

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 fiscal year ending December 30, 2017 was the recognition of income tax expense of $22,620 resulting from stock options and stock appreciation rights expiring unexercised in the second and fourth quarters.

Stock compensation plans are discussed in detail in Note 9 of the Notes to Consolidated Financial Statements.

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 standard”). 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 has adopted the new revenue standard in the first quarter of the Company’s fiscal year ending December 29, 2018 using the full retrospective method, which will require the Company to restate each prior reporting period presented in future financial statement issuances.

The Company has evaluated Topic 606, and has assessed existing and historical contracts to identify possible differences in the timing of revenue recognition under the new revenue standard. During this evaluation, both senior management and the Audit Committee have been updated as to progress and findings on a frequent basis. Based on our evaluation of the new revenue standard, our recognition will be consistent with our historical accounting policies except for certain arrangements within the Company’s auto segment.

A portion of the Company’s auto segment contracts have historically been accounted for under Accounting Standards Codification Topic 985-605 Software-Revenue Recognition (Topic 985-605). Under Topic 985-605, the Company deferred revenue and associated costs of all elements of multiple-element software arrangements if vendor-specific objective evidence of fair value (VSOE) could not be established for an undelivered element (e.g. map updates). In applying the new revenue standard to certain contracts that include both software licenses and map updates, we will recognize the portion of revenue and costs 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 policy has been to allocate consideration to traffic services and recognize the revenue and associated cost of royalties ratably over the estimated life of the underlying product. Under the new revenue standard, we will recognize revenue and associated costs of royalties related to certain traffic services at the time of hardware and/or software delivery. Specifically, the new revenue standard 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 collectively result in reductions to deferred costs (asset) and deferred revenue (liability) balances, and accelerate the recognition of revenues and deferred costs in the auto segment going forward. Summarized financial information depicting the impact of the new revenue standard follows:

	52-Weeks Ended December 30, 2017								53-Weeks Ended December 31, 2016
	As reported			Restated⁽¹⁾			Impact		As reported		Restated⁽¹⁾		Impact
Net sales	$	3,087,004		$	3,121,560		$	34,556	$	3,018,665	$	3,045,796	$	27,131
Gross profit		1,783,164			1,797,941			14,777		1,679,570		1,688,525		8,955
Operating income		668,860			683,637			14,777		623,909		632,864		8,955
Income tax (benefit) provision		(12,661	)		(7,902	)		4,759		118,856		122,890		4,034
Net income	$	694,955		$	704,973		$	10,018	$	510,814	$	515,735	$	4,921
Diluted net income per share	$	3.68		$	3.74		$	0.06	$	2.70	$	2.72	$	0.02

	December 30, 2017							December 31, 2016
	As reported		Restated⁽¹⁾		Impact			As reported			Restated⁽¹⁾			Impact
Current assets:
Deferred costs	$	48,312	$	30,525	$	(17,787	)	$	47,395		$	34,665		$	(12,730	)
Total current assets		2,363,925		2,346,139		(17,786	)		2,263,016			2,250,286			(12,731	)
Noncurrent deferred income tax		199,343		189,959		(9,384	)		110,293			105,668			(4,625	)
Noncurrent deferred costs		73,851		33,029		(40,822	)		56,151			30,934			(25,217	)
Total assets	$	5,010,260	$	4,942,268	$	(67,991	)	$	4,525,133		$	4,482,560		$	(42,573	)
Current liabilities:
Deferred revenue		139,681		103,140		(36,542	)		146,564			118,496			(28,068	)
Total current liabilities		828,656		792,115		(36,541	)		782,735			754,667			(28,068	)
Deferred income taxes		75,215		76,612		1,396			61,220			62,617			1,397
Non-current deferred revenue		163,840		87,061		(76,779	)		140,407			91,238			(49,169	)
Retained earnings		2,368,874		2,412,423		43,549			2,056,702			2,090,233			33,531
Accumulated other comprehensive income		56,045		56,428		382			(36,761	)		(37,024	)		(263	)
Total stockholders' equity		3,802,466		3,846,397		43,931			3,418,003			3,451,271			33,268
Total liabilities and stockholders' equity	$	5,010,260	$	4,942,267	$	(67,992	)	$	4,525,133		$	4,482,561		$	(42,572	)

(1) Effective for the fiscal year ending December 29, 2018, we have adopted ASC Topic 606. The balances above are restated under ASC Topic 606.

The Company’s historical net cash flows provided by or used in operating, investing, and financing activities are not impacted by adoption of the new revenue standard.

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 will adopt the new standard effective in the first quarter of fiscal year 2018, and it is not expected to have a material impact on the Company’s financial position or results of operations.

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. The Company will adopt the new standard effective in the first quarter of fiscal year 2018, and it is not expected to have a material impact on the Company’s financial position of results of operations.

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. The Company will adopt the new standard effective in the first quarter of fiscal year 2018, and it is not expected to have a material impact on the Company’s financial position or results of operations.

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.

Income Statement – Reporting Comprehensive Income

In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”), which allows for stranded tax effects in accumulated other comprehensive income resulting from the U.S. Tax Cuts and Jobs Act to be reclassified to retained earnings. ASU 2018-02 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 and expects to early adopt the new standard effective in the first quarter of fiscal year 2018. The Company does not expect the new standard to have a material impact on the Company’s financial position or results of operations.

Marketable Securities

12 Months Ended

Dec. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3. Marketable Securities

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

Level 1

Unadjusted quoted prices in active markets for identical assets or liability

Level 2

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

Level 3

Unobservable inputs for the asset or liability

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

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

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

	Fair Value Measurements as of December 30, 2017
	Total		Level 1		Level 2		Level 3
U.S. Treasury securities	$	19,337	$	-	$	19,337	$	-
Agency securities		43,361		-		43,361		-
Mortgage-backed securities		174,615		-		174,615		-
Corporate securities		816,793		-		816,793		-
Municipal securities		186,105		-		186,105		-
Other		181,509		-		181,509		-
Total	$	1,421,720	$	-	$	1,421,720	$	-

	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 December 30, 2017

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities	$	19,591	$	-	$	(254	)	$	19,337
Agency securities		44,191		1		(831	)		43,361
Mortgage-backed securities		180,470		13		(5,868	)		174,615
Corporate securities		830,447		136		(13,790	)		816,793
Municipal securities		187,999		110		(2,004	)		186,105
Other		183,730		2		(2,223	)		181,509
Total	$	1,446,428	$	262	$	(24,970	)	$	1,421,720

	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 2017 and 2016, the Company did not record any material impairment charges on its outstanding securities.

The amortized cost and fair value of the securities at an unrealized loss position at December 30, 2017 were $1,348,777 and $1,323,807 respectively. Approximately 80% of securities in our portfolio were at an unrealized loss position at December 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 December 30, 2017 and December 31, 2016.

	As of December 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	$	(111	)	$	12,966	$	(143	)	$	6,371
Agency securities		(168	)		16,097		(663	)		25,972
Mortgage-backed securities		(503	)		19,628		(5,365	)		153,835
Corporate securities		(4,562	)		439,174		(9,228	)		347,052
Municipal securities		(1,027	)		125,819		(977	)		38,167
Other		(2,219	)		136,147		(4	)		2,579
Total	$	(8,590	)	$	749,831	$	(16,380	)	$	573,976

	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 December 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	$	162,045	$	161,687
Due after one year through five years		1,108,172		1,089,840
Due after five years through ten years		160,967		155,354
Due after ten years		15,244		14,839
	$	1,446,428	$	1,421,720

Commitments and Contingencies

12 Months Ended

Dec. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

4. Commitments and Contingencies

Commitments

Rental expense related to office, equipment, warehouse space, and real estate amounted to $18,915, $19,657, and $18,104 for the years ended December 30, 2017, December 31, 2016, and December 26, 2015, respectively. The Company recognizes rental expense on a straight-line basis over the lease term.

Future minimum lease payments are as follows:

Year	Amount
2018	$	17,572
2019		14,179
2020		11,598
2021		9,478
2022		7,777
Thereafter		21,606
Total	$	82,210

Certain cash balances, primarily of GEL and GC, are held as collateral by banks securing payment of local value-added tax requirements. The total amount of restricted cash balances were $271 and $113 at December 30, 2017 and December 31, 2016, respectively.

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 December 30, 2017 was approximately $313,385. We cannot determine the aggregate amount of such purchase orders that represent contractual obligations because purchase orders may represent authorizations to purchase rather than binding agreements. Our purchase orders are based on our current needs and are fulfilled by our suppliers, contract manufacturers, and logistics providers within short periods of time.

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.

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 year ended December 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.

On January 24, 2018, Garmin and Navico agreed on a global settlement of all pending litigation between them, pursuant to which it is expected that all related claims will be dismissed with prejudice or terminated, including those for which the Company had previously disclosed a reasonably possible loss. The settlement is not material to the Company’s financial condition or results of operations. The parties have agreed to keep the terms of the settlement confidential. The Company also settled or resolved certain other matters during the fiscal year ended December 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.

Employee Benefit Plans

12 Months Ended

Dec. 30, 2017

Retirement Benefits [Abstract]

Employee Benefit Plans

5. Employee Benefit Plans

GII and the Company’s other U.S.-based subsidiaries sponsor a defined contribution employee retirement plan under which their employees may contribute up to 50% of their annual compensation subject to Internal Revenue Code maximum limitations and to which the subsidiaries contribute a specified percentage of each participant’s annual compensation up to certain limits as defined in the retirement plan. Additionally, GEL has a defined contribution plan under which its employees may contribute up to 7.5% of their annual compensation. During the years ended December 30, 2017, December 31, 2016, and December 26, 2015, expense related to these and other defined contribution plans of $43,826, $40,844, and $37,489, respectively, was charged to operations.

Certain of the Company’s foreign subsidiaries participate in local defined benefit pension plans. Contributions are calculated by formulas that consider final pensionable salaries. Neither obligations nor contributions for the years ended December 30, 2017, December 31, 2016, and December 26, 2015 were significant.

Income Taxes

12 Months Ended

Dec. 30, 2017

Income Tax Disclosure [Abstract]

Income Taxes

6. Income Taxes

The Company’s income tax provision (benefit) consists of the following:

	Fiscal Year Ended
	December 30,			December 31,			December 26,
	2017			2016			2015
Federal:
Current	$	31,343		$	66,627		$	49,138
Deferred		50,936			5,343			4,216
	$	82,279		$	71,970		$	53,354
State:
Current		4,203			8,809			9,354
Deferred		11,712			(3,823	)		(5,858	)
	$	15,915		$	4,986		$	3,496
Foreign:
Current		43,688			42,406			55,730
Deferred		(154,543	)		(506	)		(1,620	)
	$	(110,855	)	$	41,900		$	54,110
Total	$	(12,661	)	$	118,856		$	110,960

The income tax provision differs from the amount computed by applying the U.S. statutory federal income tax rate to income before taxes. The sources and tax effects of the differences, including the impact of establishing tax contingency accruals, are as follows:

	Fiscal Year Ended
	December 30,			December 31,			December 26,
	2017			2016			2015
Federal income tax expense at U.S. statutory rate	$	238,803		$	220,385		$	198,516
State income tax expense, net of federal tax effect		5,977			2,749			1,931
Foreign tax rate differential		(102,316	)		(111,989	)		(100,010	)
Other foreign taxes less incentives and credits		(4,646	)		(16,593	)		(8,592	)
Withholding Tax		14,632			17,447			16,969
Net Change in Uncertain Tax Positions		5,363			17,328			21,246
Federal Domestic Production Activities Deduction		(3,895	)		(5,528	)		(4,589	)
Federal Research and Development Credit		(10,851	)		(8,548	)		(8,573	)
Switzerland Corporate Tax Election		(180,034	)		-			-
Share Based Compensation		19,916			-			-
Other, net		4,390			3,605			(5,938	)
Income tax expense	$	(12,661	)	$	118,856		$	110,960

In the year ended December 30, 2017, the Company recorded an income tax benefit of $180,034 as a result of the Company’s February 2017 election to align certain Switzerland corporate tax positions with evolving international tax initiatives.

The Company’s statutory federal income tax rate in Switzerland, the Company's place of incorporation since the Redomestication, effective June 27, 2010, is 7.83%. If the Company reconciled taxes at the Swiss holding company federal statutory tax rate to the reported income tax for 2017 as presented above, the amounts related to tax at the statutory rate would be approximately $186,000 lower, or $53,600, and the foreign tax rate differential would be adjusted by a similar amount to approximately $77,000. For 2016, the amounts related to tax at the statutory rate would be approximately $171,000 lower, or $49,000, and the foreign tax rate differential would be adjusted by a similar amount to approximately $55,000. For 2015, the amount related to tax at the statutory rate would be approximately $154,000 lower, or $44,000, and the foreign tax differential would be reduced by a similar amount to approximately $52,000. All other amounts would remain substantially unchanged.

The Company’s income before income taxes attributable to non-U.S. operations was $461,436, $453,729, and $403,242, for the years ended December 30, 2017, December 31, 2016, and December 26, 2015, respectively.

Income taxes of $20,287, $22,139, and $21,085 at December 30, 2017, December 31, 2016, and December 26, 2015, respectively, have not been accrued by the Company for the unremitted earnings of several of its foreign subsidiaries because such earnings are intended to be reinvested in the subsidiaries indefinitely.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 30,			December 31,
	2017			2016
Deferred tax assets:
Product warranty accruals	$	2,202		$	2,768
Allowance for doubtful accounts		5,129			10,100
Inventory reserves		6,920			8,953
Sales program allowances		910			1,397
Reserve for sales returns		816			2,196
Other accruals		10,722			13,548
Share based compensation		6,261			29,632
Tax credit carryforwards		8,413			5,012
Amortization		165,162			15,368
Deferred Revenue		4,690			32,487
Net operating losses of subsidiaries		8,799			5,403
Benefit related to uncertain tax positions		5,383			7,542
Other		3,677			4,005
Valuation allowance related to loss carryforward and tax credits		(7,267	)		(4,622	)
	$	221,817		$	133,789
Deferred tax liabilities:
Depreciation		11,674			17,854
Prepaid Expenses		3,147			2,876
Book basis in excess of tax basis for acquired entities		17,364			3,865
Withholding tax		60,555			58,597
Other		4,950			1,523
		97,690			84,715
Net deferred tax assets	$	124,127		$	49,074

At December 30, 2017, the Company had $8,413 of tax credit carryover compared to $5,012 at December 31, 2016.

At December 30, 2017, the Company had a deferred tax asset of $8,799 related to the future tax benefit on net operating loss (NOL) carryforwards of $70,419. Included in the NOL carryforwards is $43,210 that relates to Switzerland and expires in varying amounts between 2023 and 2024, $1,757 that relates to Finland and expires in varying amounts between 2025 and 2027, $10,610 that relates to the United States and various state jurisdictions and expires in varying amounts between 2022 and 2037, $5,234 that relates to the Netherlands and expires in 2026 and $9,608 that relates to various other jurisdictions and has no expiration date. The Company has recorded a valuation allowance for a portion of its deferred tax asset relating to various tax attributes that it does not believe are more likely than not to be realized. In the future, if the Company determines, based on existence of sufficient evidence, that it should realize more or less of its deferred tax assets, an adjustment to the valuation allowance will be made in the period such a determination is made.

On December 22, 2017, the Tax Cuts and Jobs Act was enacted into law in the United States. The new tax legislation contains several provisions that will impact the Company, including the reduction of the corporate income tax rate from 35% to 21%, acceleration of business asset expensing, and a reduction in the amount of executive pay that may qualify as a tax deduction, among others. The decrease in the corporate income tax rate will require the Company to remeasure its U.S. deferred tax assets and liabilities, as well as reassess the realizability of its deferred tax assets and liabilities. FASB ASC 740 requires the recognition of the effects of tax law changes in the period of enactment. However, due to the complexities of the new tax legislation, the SEC has issued SAB 118 which allows for the recognition of provisional amounts during a measurement period similar to the measurement period used when accounting for business combinations. The Company has recorded a provisional re-measurement of its deferred tax assets and liabilities, resulting in an immaterial impact on its 2017 income tax provision. The Company will continue to assess the impact of the new tax legislation, as well as any related future regulations and rules, and will record any additional impacts as identified during the measurement period, if necessary. The Company does not expect any such potential adjustments in the future periods will materially impact the Company’s financial condition or result of operations.

The total amount of gross unrecognized tax benefits as of December 30, 2017 was $130,798. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for years ended December 30, 2017, December 31, 2016, and December 26, 2015 is as follows:

	December 30,			December 31,			December 26,
	2017			2016			2015
Balance beginning of year	$	115,090		$	97,904		$	77,495
Additions based on tax positions related to prior years		8,564			489			89
Reductions based on tax positions related to prior years		(983	)		(940	)		(1,671	)
Additions based on tax positions related to current period		26,295			28,859			29,019
Reductions related to settlements with tax authorities		-			(134	)		(364	)
Expiration of statute of limitations		(18,168	)		(11,088	)		(6,664	)
Balance at end of year	$	130,798		$	115,090		$	97,904

Accounting guidance requires unrecognized tax benefits to be classified as noncurrent liabilities, except for the portion that is expected to be paid within one year of the balance sheet date. The entire balance of net unrecognized benefits of $127,306, $109,667 and $93,654 are required to be classified as noncurrent at December 30, 2017, December 31, 2016, and December 26, 2015, respectively. The net unrecognized tax benefits, if recognized, would reduce the effective tax rate. None of the unrecognized tax benefits are due to uncertainty in the timing of deductibility.

Interest and penalties, if any, accrued on the unrecognized tax benefits are reflected in income tax expense. At December 30, 2017, December 31, 2016, and December 26, 2015, the Company had accrued approximately $5,605, $3,901, and $2,479, respectively, for interest. The interest component of the reserve increased income tax expense for the years ending December 30, 2017, December 31, 2016, and December 26, 2015, by $1,704, $1,422, and $320 respectively. The Company did not have significant amounts accrued for penalties for the years ending December 30, 2017, December 31, 2016, and December 26, 2015.

The Company files income tax returns in Switzerland, U.S. federal jurisdiction, as well as various states, local, and foreign jurisdictions. In its major tax jurisdictions, Switzerland, Taiwan, United Kingdom, and U.S. federal and various states, the Company is no longer subject to income tax examinations by tax authorities, with few exceptions, for years prior to 2013, 2012, 2015, and 2014, respectively.

The Company recognized a reduction of income tax expense of $17,918, $11,151, and $6,971 in fiscal years ended December 30, 2017, December 31, 2016, and December 26, 2015, respectively, to reflect the expiration of statutes of limitations and releases due to audit settlement in various jurisdictions.

The Company believes that it is reasonably possible that approximately $20,000 to $25,000 of its reserves for certain unrecognized tax benefits will decrease within the next 12 months as the result of the expiration of statutes of limitations. This potential decrease in unrecognized tax benefits would impact the Company’s effective tax rate within the next 12 months.

Fair Value of Financial Instruments

12 Months Ended

Dec. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

7. Fair Value of Financial Instruments

As required by the Financial Instruments topic of the FASB ASC, the following summarizes required information about the fair value of certain financial instruments for which it is currently practicable to estimate such value. None of the financial instruments are held or issued for trading purposes. The carrying amounts and fair values of the Company’s financial instruments are as follows:

	December 30, 2017				December 31, 2016
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Cash and cash equivalents	$	891,488	$	891,488	$	846,883	$	846,883
Restricted cash	$	271	$	271	$	113	$	113
Marketable securities	$	1,421,720	$	1,421,720	$	1,480,237	$	1,480,237

For certain of the Company’s financial instruments, including accounts receivable, loan receivable, accounts payable and other accrued liabilities, the carrying amounts approximate fair value due to their short maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Segment Information

12 Months Ended

Dec. 30, 2017

Segment Reporting [Abstract]

Segment Information

8. Segment Information

The Company has identified five reportable segments for external reporting purposes – auto, aviation, marine, outdoor and fitness. There are two operating segments (auto PND and auto OEM) that are not reported separately but aggregated within the auto reportable segment. Each operating segment is individually reviewed and evaluated by the Chief Operating Decision Maker (CODM), who allocates resources and assesses performance of each segment individually.

All of the Company’s reportable segments offer products through the Company’s network of independent dealers and distributors as well as through OEMs. However, the nature of products and types of customers for the five reportable segments vary. The Company’s marine, auto, outdoor, and fitness segments include portable global positioning system (GPS) receivers and accessories sold primarily to retail outlets. These products are produced primarily by the Company’s subsidiary in Taiwan. The Company’s aviation products are portable and panel mount avionics for Visual Flight Rules and Instrument Flight Rules navigation and are sold primarily to aviation dealers and certain aircraft manufacturers.

The Company’s Chief Executive Officer has been identified as the CODM. The CODM uses operating income as the measure of profit or loss to assess segment performance and allocate resources. Operating income represents net sales less costs of goods sold and operating expenses, including certain allocated general and administrative costs. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. There are no inter-segment sales or transfers.

The Company’s reportable segments share many common resources, infrastructures and assets in the normal course of business. Thus, the Company does not report accounts receivable, inventories, property and equipment, intangible assets, or capital expenditures by segment to the CODM.

Revenues, gross profit, and operating income for each of the Company’s reportable segments are presented below. In 2016 the Company moved action camera related revenue and expenses from the outdoor segment to the auto segment, allowing for alignment and synergies with other camera-based efforts occurring within the auto segment. The overall impact of the move was immaterial. However, action camera related operating results for the 52-weeks ended December 26, 2015 has been recast to conform to the 2017 and 2016 presentation.

	Reportable Segments

52-Weeks Ended December 30, 2017	Outdoor		Fitness		Marine		Auto		Aviation		Total

Net sales	$	698,867	$	762,194	$	374,001	$	750,583	$	501,359	$	3,087,004
Gross profit		448,410		422,636		212,592		327,921		371,605		1,783,164
Operating income		249,867		146,765		50,328		67,967		153,933		668,860

53-Weeks Ended December 31, 2016

Net sales	$	546,326	$	818,486	$	331,947	$	882,558	$	439,348	$	3,018,665
Gross profit		340,504		437,205		183,709		388,747		329,405		1,679,570
Operating income		184,035		160,596		52,167		102,347		124,764		623,909

52-Weeks Ended December 26, 2015

Net sales	$	411,184	$	661,599	$	286,778	$	1,062,091	$	398,618	$	2,820,270
Gross profit		254,878		366,139		158,493		464,480		294,714		1,538,704
Operating income		139,070		134,574		28,611		136,069		111,257		549,581

Net sales, long-lived assets (property and equipment), and net assets by geographic area are as shown below for the years ended December 30, 2017, December 31, 2016, and December 26, 2015. Note that APAC refers to the Asia Pacific region, and EMEA includes Europe, the Middle East and Africa.

	Americas		APAC		EMEA		Total
December 30, 2017
Net sales to external customers ⁽¹⁾	$	1,475,661	$	436,188	$	1,175,155	$	3,087,004
Property and equipment, net		381,974		173,392		40,318		595,684
Net assets ⁽²⁾		2,325,569		982,898		493,999		3,802,466

December 31, 2016
Net sales to external customers ⁽¹⁾	$	1,518,934	$	386,549	$	1,113,182	$	3,018,665
Property and equipment, net		300,158		144,470		38,250		482,878
Net assets ⁽²⁾		2,153,161		933,999		330,843		3,418,003

December 26, 2015
Net sales to external customers ⁽¹⁾	$	1,469,243	$	337,888	$	1,013,139	$	2,820,270
Property and equipment, net		294,234		111,700		40,154		446,089
Net assets ⁽²⁾		2,110,108		921,410		313,608		3,345,126

⁽¹⁾The U.S. is the only country which constitutes greater than 10% of net sales to external customers.

⁽²⁾Americas and APAC net assets are primarily held in the United States and Taiwan, respectively.

Stock Compensation Plans

12 Months Ended

Dec. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Compensation Plans

9. Stock Compensation Plans

Accounting for Stock-Based Compensation

The various Company stock compensation plans are summarized below. For all stock compensation plans, the company’s policy is to issue treasury shares for option/stock appreciation right (SAR) exercises, restricted stock unit (RSU) releases and employee stock purchase plan (ESPP) purchases.

2011 Non-employee Directors’ Equity Incentive Plan

In June 2011, the stockholders adopted an equity incentive plan for non-employee directors (the “2011 Directors Plan”) providing for grants of stock options, SARs, RSUs and/or performance shares, pursuant to which up to 122,592 shares were available for issuance. The term of each award cannot exceed ten years. Awards may vest over a minimum two-year period. In 2017, 2016, and 2015, 10,432, 12,984, and 12,008 RSUs were granted under this plan.

2005 Equity Incentive Plan

In June 2005, the shareholders adopted an equity incentive plan (the “2005 Plan”) providing for grants of incentive and nonqualified stock options, SARs, RSUs and/or performance shares to employees of the Company and its subsidiaries, pursuant to which up to 10,000,000 common shares were available for issuance. In 2013, the shareholders approved an additional 3,000,000 shares to the plan, making the total shares authorized under the plan 13,000,000. Option and SAR grants vest evenly over a period of five years or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the date of grant, if not exercised. RSUs granted prior to December 10, 2012 vested evenly over a period of five years, while RSUs granted on and after that date vested or are vesting evenly over a period of three years. In addition to time-based vesting requirements, the vesting of certain RSU grants is also contingent upon the Company’s achievement of certain financial performance goals. During 2017, 2016, and 2015, 1,044,045, 1,228,427, and 1,171,905 RSUs were granted under the 2005 Plan. No SARs were granted under the 2005 Plan in 2017, 2016, and 2015.

2000 Equity Incentive Plan

In October 2000, the shareholders adopted an equity incentive plan (the “2000 Plan”) providing for grants of incentive and nonqualified stock options, SARs, RSUs and/or performance shares to employees of the Company and its subsidiaries, pursuant to which up to 7,000,000 common shares were available for issuance. The stock options and SARs vest evenly over a period of five years or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the date of grant, if not exercised. The Company did not grant any stock awards from the 2000 Plan in 2017, 2016, or 2015.

2000 Non-employee Directors’ Option Plan

Also in October 2000, the stockholders adopted a stock option plan for non-employee directors (the “2000 Directors Plan”) providing for grants of options for up to 100,000 common shares. In 2009, the stockholders approved an additional 150,000 shares to the plan, making the total shares authorized under the plan 250,000. The term of each award is ten years. All awards vest evenly over a three-year period. Following the June 2011 approval of the 2011 Directors Plan, the Company will no longer issue options to purchase shares under this plan.

Stock-Based Compensation Activity

A summary of the Company’s stock-based compensation activity and related information under the 2011 Directors Plan, the 2005 Plan, the 2000 Plan and the 2000 Directors Plan for the years ended December 30, 2017, December 31, 2016, and December 26, 2015 is provided below:

	Stock Options and SARs
	Weighted-Average
	Exercise Price		Number of Shares
			(In Thousands)

Outstanding at December 27, 2014	$	63.19		4,731
Granted				-
Exercised	$	29.15		(474	)
Forfeited/Expired	$	70.58		(196	)
Outstanding at December 26, 2015	$	66.80		4,061
Granted				-
Exercised	$	50.77		(716	)
Forfeited/Expired	$	51.12		(608	)
Outstanding at December 31, 2016	$	74.48		2,737
Granted				-
Exercised	$	50.15		(397	)
Forfeited/Expired	$	84.57		(1,948	)
Outstanding at December 30, 2017	$	48.94		392
Exercisable at December 30, 2017	$	48.76		365
Expected to vest after December 30, 2017	$	51.46		27

Stock Options and SARs as of December 30, 2017
Exercise	Awards		Remaining		Awards
Price	Outstanding		Life (Years)		Exercisable
	(In Thousands)				(In Thousands)

$18.00 - $40.00		21		1.98		21
$40.01 - $60.00		369		2.39		343
$60.01 - $80.00		-		-		-
$80.01 - $100.00		2		0.01		2
$100.01 - $120.00		-		-		-
$120.01 - $140.00		-		-		-
		392		2.36		366

	Restricted Stock Units
	Weighted-Average
	Grant Date Fair Value		Number of Shares
			(In Thousands)

Outstanding at December 27, 2014	$	42.55		1,088
Granted	$	37.07		1,184
Released/Vested	$	40.18		(562	)
Cancelled	$	42.02		(53	)
Outstanding at December 26, 2015	$	39.45		1,657
Granted	$	40.59		1,241
Released/Vested	$	38.96		(565	)
Cancelled	$	44.57		(509	)
Outstanding at December 31, 2016	$	38.94		1,824
Granted	$	51.71		1,055
Released/Vested	$	39.31		(763	)
Cancelled	$	40.40		(54	)
Outstanding at December 30, 2017	$	45.30		2,062

The weighted-average remaining contract life for stock options and SARs outstanding and exercisable at December 30, 2017 was 2.36 and 2.05 years, respectively. The weighted-average remaining contract life of restricted stock units at December 30, 2017 was 1.29 years.

The total fair value of awards vested during 2017, 2016, and 2015 was $30,280, $22,429, and $23,351, respectively. The aggregate intrinsic values of options and SARs outstanding and exercisable at December 30, 2017 were $4,209 and $3,994, respectively. The aggregate intrinsic values of options and SARs exercised during 2017, 2016, and 2015 were $3,742, $1,632, and $3,714, respectively. The aggregate intrinsic value of RSUs outstanding at December 30, 2017 was $122,885. The aggregate intrinsic values of RSUs released during 2017, 2016, and 2015 were $45,424, $27,386, and $20,787, respectively. Aggregate intrinsic value of options and SARs represents the applicable number of awards multiplied by the positive difference between the exercise price and the Company’s closing stock price on the last trading day of the relevant fiscal period. Aggregate intrinsic value of RSUs represents the applicable number of awards multiplied by the Company’s closing stock price on the last trading day of the relevant fiscal period. The Company’s closing stock price was $59.57 on December 30, 2017. As of December 30, 2017, there was $65,166 of total unrecognized compensation cost related to unvested share-based compensation awards granted to employees under the stock compensation plans. That cost is expected to be recognized over the weighted average remaining vesting period.

Employee Stock Purchase Plan

The shareholders have adopted an ESPP. Up to 6,000,000 shares of common stock have been reserved for the ESPP, including 2,000,000 shares approved by shareholders in June 2015. Shares will be offered to employees at a price equal to the lesser of 85% of the fair market value of the stock on the date of purchase or 85% of the fair market value on the first day of the ESPP period. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. During 2017, 2016, and 2015, 489,267, 541,018, 488,753 shares, respectively, were purchased under the plan for a total purchase price of $20,996, $18,157, and $16,789, respectively. During 2017, 2016, and 2015, the purchases were issued from treasury shares. At December 30, 2017, approximately 970,366 shares were available for future issuance.

Earnings Per Share

12 Months Ended

Dec. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share

10. Earnings Per Share

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

	Fiscal Year Ended
	December 30,		December 31,		December 26,
	2017		2016		2015
Numerator:
Numerator for basic and diluted net income per share - net income	$	694,955	$	510,814	$	456,227

Denominator:
Denominator for basic net income per share – weighted-average common shares		187,828		188,818		190,631

Effect of dilutive securities – employee stock options and stock appreciation rights		904		525		476

Denominator for diluted net income per share – adjusted weighted-average common shares		188,732		189,343		191,107

Basic net income per share	$	3.70	$	2.71	$	2.39

Diluted net income per share	$	3.68	$	2.70	$	2.39

There were 1,175,728, 3,547,738, and 4,086,983 outstanding stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) excluded from the computation of diluted earnings per share for the fiscal years of 2017, 2016, and 2015, respectively, because the effect would have been anti-dilutive.

Share Repurchase Plan

12 Months Ended

Dec. 30, 2017

Equity [Abstract]

Share Repurchase Plan

11. Share Repurchase Plan

On February 13, 2015, the Board of Directors approved a share repurchase program authorizing the Company to purchase up to $300,000 of its common shares through December 31, 2016. In December 2016, the Board of Directors authorized an extension through December 31, 2017 to purchase remaining common shares. Under the plan, the Company repurchased 1,474,092 shares using cash of $74,523 in fiscal 2017, 2,152,716 shares using cash of $93,233 in fiscal 2016, and 3,148,901 shares using cash of $131,413 in fiscal 2015.

Accumulated Other Comprehensive Income

12 Months Ended

Dec. 30, 2017

Stockholders' Equity Note [Abstract]

Accumulated Other Comprehensive Income

12. Accumulated Other Comprehensive Income

The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the year ended December 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		88,320			3,585			91,905
Amounts reclassified from accumulated other comprehensive income		-			901			901
Net current-period other comprehensive income		88,320			4,486			92,806
Balance - end of period	$	78,909		$	(22,864	)	$	56,045

The following provides required disclosure of reporting reclassifications out of AOCI for the year ended December 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	$	(991	)	Other income (expense)
		90		Income tax provision
	$	(901	)	Net of tax

Selected Quarterly Information (Unaudited)

12 Months Ended

Dec. 30, 2017

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Information (Unaudited)

13. Selected Quarterly Information (Unaudited)

52-Weeks Ended December 30, 2017

Quarter Ending

April 1

July 1

September 30

December 30

Net sales

$

638,546

$

816,885

$

743,077

$

888,496

Gross profit

372,123

477,858

433,665

499,518

Net income

237,812

170,950

147,413

138,780

Basic net income per share

$

1.26

$

0.91

$

0.79

$

0.74

Diluted net income per share

$

1.26

$

0.91

$

0.78

$

0.73

53-Weeks Ended December 31, 2016

Quarter Ending

March 26

June 25

September 24

December 31

Net sales

$

624,040

$

811,609

$

722,250

$

860,767

Gross profit

339,850

462,958

405,980

470,782

Net income

88,092

161,064

125,054

136,605

Basic net income per share

$

0.46

$

0.85

$

0.66

$

0.73

Diluted net income per share

$

0.46

$

0.85

$

0.66

$

0.72

The above quarterly financial data is unaudited, but in the opinion of management, all adjustments necessary for a fair presentation of the selected data for these interim periods presented have been included. These results are not necessarily indicative of future quarterly results, and the table may not foot due to rounding.

Subsequent Events

12 Months Ended

Dec. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On February 19, 2018, the Company acquired the shares of Trigentic AB, a privately held supplier of intelligent products, solutions and services in the areas of embedded systems, power supply and power distribution for the marine market. This acquisition was not material.

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 30, 2017

Valuation and Qualifying Accounts [Abstract]

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

Garmin Ltd. and Subsidiaries

(In thousands)

			Additions
	Balance at		Charged to			Charged to					Balance at
	Beginning of		Costs and			Other					End of
Description	Period		Expenses			Accounts		Deductions			Period
Year Ended December 30, 2017:
Deducted from asset accounts
Allowance for doubtful accounts	$	14,669	$	1,021			-	$	(11,522	)	$	4,168
Valuation allowance - Deferred Tax Asset		4,622		3,077			-		(432	)		7,267
Total	$	19,291	$	4,098			-	$	(11,954	)	$	11,435

Year Ended December 31, 2016:
Deducted from asset accounts
Allowance for doubtful accounts	$	13,805	$	4,137			-	$	(3,273	)	$	14,669
Valuation allowance - Deferred Tax Asset		2,781		1,966			-		(125	)		4,622
Total	$	16,586	$	6,103			-	$	(3,398	)	$	19,291

Year Ended December 26, 2015:
Deducted from asset accounts
Allowance for doubtful accounts	$	18,330	$	(2,521	)		-	$	(2,004	)	$	13,805
Valuation allowance - Deferred Tax Asset		11,358		422			-		(8,999	)		2,781
Total	$	29,688	$	(2,099	)		-	$	(11,003	)	$	16,586

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 30, 2017

Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The accompanying consolidated financial statements reflect the accounts of Garmin Ltd. and its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated.

At the Company’s Annual General Meeting on June 10, 2016, the Company’s shareholders approved the cancellation of 10,000,000 registered shares of the Company held by the Company (the “Formation Shares”) and the reduction in par value of each share of the Company from CHF 10 to CHF 0.10 and the amendment of the Company’s Articles of Association to effect a corresponding share capital reduction.

Fiscal Year

Fiscal Year

The Company’s fiscal year is based on a 52-53-week period ending on the last Saturday of the calendar year. Due to the fact that there are not exactly 52 weeks in a calendar year, and there is slightly more than one additional day per year (not including the effects of leap year) in each calendar year as compared to a 52-week fiscal year, the Company will have a fiscal year comprising 53 weeks in certain fiscal years, as determined by when the last Saturday of the calendar year occurs.

In those resulting fiscal years that have 53 weeks, the Company will record an extra week of sales, costs, and related financial activity. Therefore, the financial results of those 53-week fiscal years, and the associated 14-week fourth quarters, will not be entirely comparable to the prior and subsequent 52-week fiscal years and the associated 13-week quarters. Fiscal years 2017 and 2015 included 52 weeks while fiscal 2016 included 53 weeks.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Foreign Currency

Foreign Currency

Many Garmin Ltd. subsidiaries utilize currencies other than the United States Dollar (USD) as their functional currency. As required by the Foreign Currency Matters topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC), the financial statements of these subsidiaries for all periods presented have been translated into USD, the functional currency of Garmin Ltd., and the reporting currency herein, for purposes of consolidation at rates prevailing during the year for sales, costs, and expenses and at end-of-year rates for all assets and liabilities. The effect of this translation is recorded in a separate component of stockholders’ equity. Cumulative currency translation adjustments of $78,909 and ($9,411) as of December 30, 2017 and December 31, 2016, respectively, have been included in accumulated other comprehensive income in the accompanying consolidated balance sheets.

Transactions in foreign currencies are recorded at the approximate rate of exchange at the transaction date. The movements of the Taiwan Dollar and Euro/British Pound Sterling typically have offsetting impacts on operating income when the currencies move congruently against the U.S. Dollar due to the use of the Taiwan Dollar for manufacturing costs while the Euro and British Pound Sterling transactions relate primarily to revenue.

Assets and liabilities resulting from these transactions are translated at the rate of exchange in effect at the balance sheet date. The majority of the Company’s consolidated foreign currency gain or loss is typically driven by the significant cash and marketable securities, receivables and payables held in a currency other than the functional currency at a given legal entity. Foreign currency losses recorded in results of operations were $22,579, $31,651, and $23,465 for the years ended December 30, 2017, December 31, 2016, and December 26, 2015, respectively. The loss in fiscal 2017 was due primarily to the USD weakening against the Taiwan Dollar, which was partially offset by the USD weakening against the Euro and British Pound Sterling. The loss in fiscal 2016 was due primarily to the USD weakening against the Taiwan Dollar and the USD strengthening against the Euro and British Pound Sterling. The loss in fiscal 2015 was due primarily to the USD strengthening against the Euro and British Pound Sterling, which was partially offset by the USD strengthening against the Taiwan Dollar.

Earnings Per Share

Earnings Per Share

Basic earnings per share amounts are computed based on the weighted-average number of common shares outstanding. For purposes of diluted earnings per share, the number of shares that would be issued from the exercise of dilutive share-based compensation awards has been reduced by the number of shares which could have been purchased from the proceeds of the exercise or release at the average market price of the Company’s stock during the period the awards were outstanding. See Note 10.

Cash and Cash Equivalents

Cash and Cash Equivalents

For purposes of reporting cash flows, cash and cash equivalents include cash on hand, operating accounts, money market funds, and securities with maturities of three months or less when purchased. The carrying amount of cash and cash equivalents approximates fair value, given the short maturity of those instruments.

Trade Accounts Receivable

Trade Accounts Receivable

The Company sells its products to retailers, wholesalers, and other customers and extends credit based on its evaluation of the customer’s financial condition. Potential losses on receivables are dependent on each individual customer’s financial condition. The Company carries its trade accounts receivable at net realizable value. Typically, its accounts receivable are collected within 80 days and do not bear interest. The Company monitors its exposure to losses on receivables and maintains allowances for potential losses or adjustments. The Company determines these allowances by (1) evaluating the aging of its receivables and (2) reviewing its high-risk customers. Past due receivable balances are written off when internal collection efforts have been unsuccessful in collecting the amount due. The Company maintains trade credit insurance to provide security against large losses.

Concentration of Credit Risk

Concentration of Credit Risk

The Company grants credit to certain customers who meet the Company’s pre-established credit requirements. Generally, the Company does not require security when trade credit is granted to customers. Credit losses are provided for in the Company’s consolidated financial statements and typically have been within management’s expectations. Certain customers are allowed extended terms consistent with normal industry practice. Most of these extended terms can be classified as either relating to seasonal sales variations or to the timing of new product releases by the Company.

The Company’s top ten customers have contributed between 22% and 24% of net sales since 2015. None of the Company’s customers accounted for more than or equal to 10% of consolidated net sales in the years ended December 30, 2017, December 31, 2016, and December 26, 2015.

Inventories

Inventories

Inventories are stated at the lower of cost or market with cost being determined on a first-in, first-out (FIFO) basis. The Company writes down its inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. Inventories consisted of the following:

	December 30, 2017		December 31, 2016⁽¹⁾
Raw materials	$	179,659	$	152,497
Work-in-process		75,754		61,048
Finished goods		262,231		271,276
Inventory	$	517,644	$	484,821

⁽¹⁾

Inventory balances by major class of inventory as of December 31, 2016 have been recast to conform to the current year presentation.

Property and Equipment

Property and Equipment

Property and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:

Buildings and improvements			39-50
Office furniture and equipment			3-5
Manufacturing and engineering equipment			5-10
Vehicles			5

Long-Lived Assets

Long-Lived Assets

As required by the Property, Plant and Equipment topic of the FASB ASC, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be fully recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. That assessment is based on the carrying amount of the asset at the date it is tested for recoverability. An impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds its fair value.

The Intangibles – Goodwill and Other topic of the FASB ASC (ASC Topic 350) requires that goodwill and intangible assets with indefinite useful lives should not be amortized but rather be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that they may be impaired. The Company performs its annual goodwill and intangible asset impairment tests in the fourth quarter of each year. ASC Topic 350 allows management to first perform a qualitative assessment (“step zero”) by assessing the qualitative factors of relevant events and circumstances at the reporting unit level to determine if it is necessary to perform the quantitative goodwill impairment test (“step one”). If factors indicate that it is more likely than not that the fair value of the reporting unit is less than the carrying amount, then the step one assessment will be performed. If the fair value of the reporting unit is less than the carrying amount in step one then goodwill impairment will be recognized and the charge is determined through the “step two” analysis.

Each of the Company’s operating segments (auto PND, auto OEM, aviation, marine, outdoor, and fitness) represents a distinct reporting unit. The auto PND market has declined in recent years as competing technologies have emerged and market saturation has occurred. This has resulted in periods of lower revenues and profits for the Company’s auto PND reporting unit. Considering these qualitative factors, management performed a step one quantitative goodwill impairment assessment of the auto PND reporting unit in the fourth quarter of 2017. Management determined that the fair value of the reporting unit was substantially in excess of its carrying amount, and a step two analysis was therefore not performed. However, considering the uncertainty of future operating results and/or market conditions deteriorating faster or more drastically than the forecasts utilized in management’s estimation of fair value, management believes some or all of the approximately $80 million of goodwill associated with the Company’s auto PND reporting unit is at risk of future impairment. Management concluded that no other reporting units are currently at risk of impairment.

The Company did not recognize any material goodwill or intangible asset impairment charges in 2017, 2016, or 2015.

Accounting guidance also requires that intangible assets with finite lives be amortized over their estimated useful lives and reviewed for impairment. The Company is currently amortizing its acquired intangible assets with finite lives over periods ranging from three to ten years.

Dividends

Dividends

Under Swiss corporate law, dividends must be approved by shareholders at the general meeting of the Company’s shareholders.

On June 9, 2017, the shareholders approved a dividend of $2.04 per share (of which, $1.53 was paid in the Company’s 2017 fiscal year) payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:

Dividend Date	Record Date	$s per share
June 30, 2017	June 19, 2017	$	0.51
September 29, 2017	September 15, 2017	$	0.51
December 29, 2017	December 15, 2017	$	0.51
March 30, 2018	March 15, 2018	$	0.51

The Company paid dividends in 2017 in the amount of $382,976. Both the dividends paid and the remaining dividend payable were reported as a reduction of retained earnings.

On June 10, 2016, the shareholders approved a dividend of $2.04 per share (of which, $1.53 was paid in the Company’s 2016 fiscal year) payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:

Dividend Date	Record Date	$s per share
June 30, 2016	June 16, 2016	$	0.51
September 30, 2016	September 15, 2016	$	0.51
December 30, 2016	December 14, 2016	$	0.51
March 31, 2017	March 15, 2017	$	0.51

The Company paid dividends in 2016 in the amount of $481,452. Both the dividends paid and the remaining dividend payable were reported as a reduction of retained earnings.

On June 5, 2015, the shareholders approved a dividend of $2.04 per share (of which, $1.02 was paid in the Company's 2015 fiscal year) payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:

Dividend Date	Record Date	$s per share
June 30, 2015	June 16, 2015	$	0.51
September 30, 2015	September 15, 2015	$	0.51
December 31, 2015	December 15, 2015	$	0.51
March 31, 2016	March 16, 2016	$	0.51

The Company paid dividends in 2015 in the amount of $378,117. Both the dividends paid and the remaining dividend payable were reported as a reduction of retained earnings.

As of December 30, 2017 and December 31, 2016, approximately $304,674 of retained earnings was indefinitely restricted from distribution to stockholders pursuant to the laws of Taiwan.

Intangible Assets

Intangible Assets

At December 30, 2017, and December 31, 2016, the Company had patents, customer related intangibles and other identifiable finite-lived intangible assets recorded at a cost of $316,705 and $253,473, respectively. Identifiable, finite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis over three to ten years. Accumulated amortization was $193,886 and $173,023 at December 30, 2017, and December 31, 2016, respectively. Amortization expense on these intangible assets was $20,863, $14,319, and $7,115 for the years ended December 30, 2017, December 31, 2016, and December 26, 2015, respectively. In the next five years, the amortization expense is estimated to be $18,796, $16,293, $14,167, $10,463, and $8,111, respectively.

The Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $286,982 at December 30, 2017, and $224,553 at December 31, 2016.

	December 30, 2017		December 31, 2016
Goodwill balance at beginning of year	$	224,553	$	187,791
Acquisitions		58,332		38,061
Finalization of purchase price allocations and effect of foreign currency translation		4,097		(1,299	)
Goodwill balance at end of year	$	286,982	$	224,553

Marketable Securities

Marketable Securities

Management determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date.

All of the Company’s marketable securities were considered available-for-sale at December 30, 2017. Available-for-sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income (loss). At December 30, 2017 and December 31, 2016, cumulative unrealized net losses of $22,864 and $27,350, respectively, were reported in accumulated other comprehensive income, net of related taxes.

Investments are reviewed periodically to determine if they have suffered an impairment of value that is considered other than temporary. If investments are determined to be impaired, a loss is recognized at the date of determination.

Testing for impairment of investments requires significant management judgment. The identification of potentially impaired investments, the determination of their fair value and the assessment of whether any decline in value is other than temporary are the key judgment elements. The discovery of new information and the passage of time can significantly change these judgments. Revisions of impairment judgments are made when new information becomes known, and any resulting impairment adjustments are made at that time. The economic environment and volatility of securities markets increase the difficulty of determining fair value and assessing investment impairment.

The amortized cost of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization is included in interest income from investments. Realized gains and losses, and credit declines in value judged to be other-than-temporary are included in other income. The cost of securities sold is based on the specific identification method.

Investments are discussed in detail in Note 3 of the Notes to Consolidated Financial Statements.

Income Taxes

Income Taxes

The Company accounts for income taxes using the liability method in accordance with the FASB ASC 740 topic Income Taxes. The liability method provides that deferred tax assets and liabilities are recorded based on the difference between the tax bases of assets and liabilities and their carrying amount for financial reporting purposes as measured based on the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

The Company accounts for uncertainty in income taxes in accordance with the FASB ASC 740 topic Income Taxes. The Company recognizes liabilities based on our estimate of whether, and the extent to which, additional taxes will be due. If payment of these amounts ultimately proves not to be required, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. If the Company’s estimate of tax liabilities proves to be less than the ultimate assessment, a further charge to expense would result.

Income taxes are discussed in detail in Note 6 of the Notes to Consolidated Financial Statements.

Revenue Recognition

Revenue Recognition

The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collection is probable. For the large majority of the Company’s sales, these criteria are met once product has shipped and title and risk of loss have transferred to the customer. The Company recognizes revenue from the sale of hardware products and software bundled with hardware that is essential to the functionality of the hardware in accordance with general revenue recognition accounting guidance. The Company recognizes revenue in accordance with industry specific software accounting guidance for standalone sales of software products and sales of software bundled with hardware not essential to the functionality of the hardware. The Company generally does not offer specified or unspecified upgrade rights to its customers in connection with software sales.

For multiple-element arrangements that include tangible products that contain software essential to the tangible product’s functionality and undelivered software elements that relate to the tangible product’s essential software, the Company allocates revenue to all deliverables based on their relative selling prices. In such circumstances, the accounting principles establish a hierarchy to determine the selling price to be used for allocating revenue to deliverables as follows: (i) vendor-specific objective evidence of fair value (VSOE), (ii) third-party evidence of selling price (TPE), and (iii) best estimate of the selling price (ESP). VSOE generally exists only when the Company sells the deliverable separately, on more than a limited basis, at prices within a relatively narrow range. In addition to the products listed below, the Company has offered certain other products including mobile applications, in-dash navigation solutions, incremental navigation and/or communication service subscriptions, aviation subscriptions and extended warranties that involve multiple-element arrangements that are individually immaterial.

The Company offers PNDs with lifetime map updates (LMUs) bundled in the original purchase price. LMUs enable customers to download the latest map and point of interest information for the useful life of their PND. In addition, the Company offers PNDs with traffic service bundled in the original purchase price. The Company has identified multiple deliverables contained in arrangements involving the sale of PNDs which include the LMU and/or traffic service. The first deliverable is the hardware along with the software essential to the functionality of the hardware device delivered at the time of sale. The remaining deliverables are the LMU and/or traffic service. The Company has allocated revenue between these deliverables using the relative selling price method. Amounts allocated to the delivered hardware and the related essential software are recognized at the time of sale provided the other conditions for revenue recognition have been met. The revenue and associated cost of royalties allocated to the LMU and/or the traffic service are deferred and recognized on a straight-line basis over the estimated life of the products.

The Company has determined sufficient VSOE does not exist for LMU or traffic, and that third party evidence of selling price is not available as stand-alone and unbundled unit sales do not occur on more than a limited basis. Therefore, the Company uses the royalty cost plus a normal margin as the primary indicator to calculate relative selling prices of the LMU and traffic elements.

For multiple-element software arrangements that do not include a tangible product, the Company allocates revenue to the various elements based on VSOE. When VSOE cannot be established for undelivered elements, all revenue is deferred until the earlier point at which all elements of the arrangement are delivered or sufficient VSOE does exist, unless the only undelivered element is post-contract customer support. If the only undelivered element is post-contract customer support, the entire arrangement consideration is recognized ratably over the support period. The Company offers navigation software licenses to certain customers, bundled with map updates to be provided periodically over the support period. The Company has determined sufficient VSOE of similar map updates does not exist for certain arrangements, and therefore revenue from these transactions is recognized ratably over the contractual map update period.

The Company records revenue net of sales tax, trade discounts and customer returns. The Company records estimated reductions to revenue for customer sales programs, returns and incentive offerings including rebates, price protection (product discounts offered to retailers to assist in clearing older products from their inventories in advance of new product releases), promotions and other volume-based incentives. The reductions to revenue are based on estimates and judgments using historical experience and expectation of future conditions. Changes in these estimates could negatively affect the Company’s operating results. These incentives are reviewed periodically and, with the exceptions of price protection and certain other promotions, accrued for on a percentage of sales basis. If market conditions were to decline, the Company may take actions to increase customer incentive offerings, possibly resulting in an incremental reduction of revenue at the time the incentive is offered.

Deferred Revenues and Costs

Deferred Revenues and Costs

At December 30, 2017 and December 31, 2016, the Company had deferred revenues totaling $303,521 and $286,971, respectively, and related deferred costs totaling $122,162 and $103,546, respectively.

The deferred revenues and costs are recognized over their estimated economic lives, typically one to five years, on a straight-line basis. In the next five years, the gross margin recognition of deferred revenue and cost for the currently deferred amounts is estimated to be $91,370, $48,627, $25,340, $11,208, and $4,814, respectively.

Shipping and Handling Costs

Shipping and Handling Costs

Shipping and handling costs are included in cost of goods sold in the accompanying consolidated financial statements.

Product Warranty

Product Warranty

The Company provides for estimated warranty costs at the time of sale. The Company’s standard warranty obligation to retail partners generally provides for a right of return of any product for a full refund in the event that such product is not merchantable, is damaged or defective. The Company’s historical experience is that these types of warranty obligations are generally fulfilled within 5 months from time of sale. The Company’s standard warranty obligation to its end-users provides for a period of one to two years from date of shipment while certain aviation and auto OEM products have a warranty period of two years or more from the date of installation. The Company’s estimate of costs to service its warranty obligations are based on historical experience and expectations of future conditions and are recorded as a liability on the balance sheet. To the extent the Company experiences increased warranty claim activity or increased costs associated with servicing those claims, its warranty accrual will increase, resulting in decreased gross profit. The following reconciliation provides an illustration of changes in the aggregate warranty accrual:

	Fiscal Year Ended
	December 30,			December 31,			December 26,
	2017			2016			2015

Balance - beginning of period	$	37,233		$	30,449		$	27,609
Accrual for products sold⁽¹⁾		56,360			61,578			44,620
Expenditures		(56,766	)		(54,794	)		(41,780	)
Balance - end of period	$	36,827		$	37,233		$	30,449

(1)

Changes in cost estimates related to pre-existing warranties are not material and aggregated with accruals for new warranty contracts in the ‘accrual for products sold’ line.

Sales Programs

Sales Programs

The Company provides certain monthly and quarterly incentives for its dealers and distributors based on various factors including dealer purchasing volume and growth. Additionally, from time to time, the Company provides rebates to end users on certain products. Estimated rebates and incentives payable to dealers and distributors are regularly reviewed and recorded as accrued expenses on a monthly basis. In addition, the Company provides dealers and distributors with product discounts to assist these customers in clearing older products from their inventories in advance of new product releases. Each discount is tied to a specific product and can be applied to all customers who have purchased the product, or a special discount may be agreed to on an individual customer basis. These rebates, incentives, and discounts are recorded as reductions to net sales in the accompanying consolidated statements of income in the period the Company has sold the product.

Advertising Costs

Advertising Costs

The Company expenses advertising costs as incurred. Advertising expense amounted to approximately $164,693, $177,143, and $167,166 for the years ended December 30, 2017, December 31, 2016, and December 26, 2015, respectively.

Research and Development

Research and Development

A majority of the Company’s research and development is performed in the United States. Research and development costs, which are expensed as incurred, amounted to approximately $511,634, $467,960, and $427,043 for the years ended December 30, 2017, December 31, 2016, and December 26, 2015, respectively.

Customer Service and Technical Support

Customer Service and Technical Support

Customer service and technical support costs are included as selling, general and administrative expenses in the accompanying consolidated statements of income. Customer service and technical support costs include costs associated with performing order processing, answering customer inquiries by telephone and through websites, e-mail and other electronic means, and providing free technical support assistance to customers. The technical support is typically provided within one year after the associated revenue is recognized. The related cost of providing this free support is not material.

Software Development Costs

Software Development Costs

The FASB ASC topic entitled Software requires companies to expense software development costs as they incur them until technological feasibility has been established, at which time those costs are capitalized until the product is available for general release to customers. Capitalized software development costs are not significant as the time elapsed from working model to release is typically short. As required by the Research and Development topic of the FASB ASC, costs incurred to enhance our existing products or after the general release of the service using the product are expensed in the period they are incurred and included in research and development costs in the accompanying consolidated statements of income.

Accounting for Stock-Based Compensation

Accounting for Stock-Based Compensation

The Company currently sponsors four stock-based employee compensation plans. The FASB ASC topic entitled Compensation – Stock Compensation requires the measurement and recognition of compensation expenses for all share-based payment awards made to employees and directors, including employee stock options and restricted stock, based on estimated fair values.

Accounting guidance requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as stock-based compensation expense over the requisite service period in the Company’s consolidated financial statements.

As stock-based compensation expenses recognized in the accompanying consolidated statements of income are based on awards ultimately expected to vest, they have been reduced for estimated forfeitures. Accounting guidance requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeitures were estimated based on historical experience and management’s estimates.

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 fiscal year ending December 30, 2017 was the recognition of income tax expense of $22,620 resulting from stock options and stock appreciation rights expiring unexercised in the second and fourth quarters.

Stock compensation plans are discussed in detail in Note 9 of the Notes to Consolidated Financial Statements.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

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 standard”). 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 has adopted the new revenue standard in the first quarter of the Company’s fiscal year ending December 29, 2018 using the full retrospective method, which will require the Company to restate each prior reporting period presented in future financial statement issuances.

The Company has evaluated Topic 606, and has assessed existing and historical contracts to identify possible differences in the timing of revenue recognition under the new revenue standard. During this evaluation, both senior management and the Audit Committee have been updated as to progress and findings on a frequent basis. Based on our evaluation of the new revenue standard, our recognition will be consistent with our historical accounting policies except for certain arrangements within the Company’s auto segment.

A portion of the Company’s auto segment contracts have historically been accounted for under Accounting Standards Codification Topic 985-605 Software-Revenue Recognition (Topic 985-605). Under Topic 985-605, the Company deferred revenue and associated costs of all elements of multiple-element software arrangements if vendor-specific objective evidence of fair value (VSOE) could not be established for an undelivered element (e.g. map updates). In applying the new revenue standard to certain contracts that include both software licenses and map updates, we will recognize the portion of revenue and costs 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 policy has been to allocate consideration to traffic services and recognize the revenue and associated cost of royalties ratably over the estimated life of the underlying product. Under the new revenue standard, we will recognize revenue and associated costs of royalties related to certain traffic services at the time of hardware and/or software delivery. Specifically, the new revenue standard 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 collectively result in reductions to deferred costs (asset) and deferred revenue (liability) balances, and accelerate the recognition of revenues and deferred costs in the auto segment going forward. Summarized financial information depicting the impact of the new revenue standard follows:

	52-Weeks Ended December 30, 2017								53-Weeks Ended December 31, 2016
	As reported			Restated⁽¹⁾			Impact		As reported		Restated⁽¹⁾		Impact
Net sales	$	3,087,004		$	3,121,560		$	34,556	$	3,018,665	$	3,045,796	$	27,131
Gross profit		1,783,164			1,797,941			14,777		1,679,570		1,688,525		8,955
Operating income		668,860			683,637			14,777		623,909		632,864		8,955
Income tax (benefit) provision		(12,661	)		(7,902	)		4,759		118,856		122,890		4,034
Net income	$	694,955		$	704,973		$	10,018	$	510,814	$	515,735	$	4,921
Diluted net income per share	$	3.68		$	3.74		$	0.06	$	2.70	$	2.72	$	0.02

	December 30, 2017							December 31, 2016
	As reported		Restated⁽¹⁾		Impact			As reported			Restated⁽¹⁾			Impact
Current assets:
Deferred costs	$	48,312	$	30,525	$	(17,787	)	$	47,395		$	34,665		$	(12,730	)
Total current assets		2,363,925		2,346,139		(17,786	)		2,263,016			2,250,286			(12,731	)
Noncurrent deferred income tax		199,343		189,959		(9,384	)		110,293			105,668			(4,625	)
Noncurrent deferred costs		73,851		33,029		(40,822	)		56,151			30,934			(25,217	)
Total assets	$	5,010,260	$	4,942,268	$	(67,991	)	$	4,525,133		$	4,482,560		$	(42,573	)
Current liabilities:
Deferred revenue		139,681		103,140		(36,542	)		146,564			118,496			(28,068	)
Total current liabilities		828,656		792,115		(36,541	)		782,735			754,667			(28,068	)
Deferred income taxes		75,215		76,612		1,396			61,220			62,617			1,397
Non-current deferred revenue		163,840		87,061		(76,779	)		140,407			91,238			(49,169	)
Retained earnings		2,368,874		2,412,423		43,549			2,056,702			2,090,233			33,531
Accumulated other comprehensive income		56,045		56,428		382			(36,761	)		(37,024	)		(263	)
Total stockholders' equity		3,802,466		3,846,397		43,931			3,418,003			3,451,271			33,268
Total liabilities and stockholders' equity	$	5,010,260	$	4,942,267	$	(67,992	)	$	4,525,133		$	4,482,561		$	(42,572	)

(1) Effective for the fiscal year ending December 29, 2018, we have adopted ASC Topic 606. The balances above are restated under ASC Topic 606.

The Company’s historical net cash flows provided by or used in operating, investing, and financing activities are not impacted by adoption of the new revenue standard.

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 will adopt the new standard effective in the first quarter of fiscal year 2018, and it is not expected to have a material impact on the Company’s financial position or results of operations.

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. The Company will adopt the new standard effective in the first quarter of fiscal year 2018, and it is not expected to have a material impact on the Company’s financial position of results of operations.

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. The Company will adopt the new standard effective in the first quarter of fiscal year 2018, and it is not expected to have a material impact on the Company’s financial position or results of operations.

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.

Income Statement – Reporting Comprehensive Income

In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”), which allows for stranded tax effects in accumulated other comprehensive income resulting from the U.S. Tax Cuts and Jobs Act to be reclassified to retained earnings. ASU 2018-02 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 and expects to early adopt the new standard effective in the first quarter of fiscal year 2018. The Company does not expect the new standard to have a material impact on the Company’s financial position or results of operations.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 30, 2017

Schedule of property and equipment

Schedule of inventory

The Company writes down its inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. Inventories consisted of the following:

	December 30, 2017		December 31, 2016⁽¹⁾
Raw materials	$	179,659	$	152,497
Work-in-process		75,754		61,048
Finished goods		262,231		271,276
Inventory	$	517,644	$	484,821

⁽¹⁾

Inventory balances by major class of inventory as of December 31, 2016 have been recast to conform to the current year presentation.

Property and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:

Buildings and improvements			39-50
Office furniture and equipment			3-5
Manufacturing and engineering equipment			5-10
Vehicles			5

Schedule of dividends payable

On June 9, 2017, the shareholders approved a dividend of $2.04 per share (of which, $1.53 was paid in the Company’s 2017 fiscal year) payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:

Dividend Date	Record Date	$s per share
June 30, 2017	June 19, 2017	$	0.51
September 29, 2017	September 15, 2017	$	0.51
December 29, 2017	December 15, 2017	$	0.51
March 30, 2018	March 15, 2018	$	0.51

On June 10, 2016, the shareholders approved a dividend of $2.04 per share (of which, $1.53 was paid in the Company’s 2016 fiscal year) payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:

Dividend Date	Record Date	$s per share
June 30, 2016	June 16, 2016	$	0.51
September 30, 2016	September 15, 2016	$	0.51
December 30, 2016	December 14, 2016	$	0.51
March 31, 2017	March 15, 2017	$	0.51

On June 5, 2015, the shareholders approved a dividend of $2.04 per share (of which, $1.02 was paid in the Company's 2015 fiscal year) payable in four equal installments on dates determined by the Board of Directors. The dates determined by the Board were as follows:

Dividend Date	Record Date	$s per share
June 30, 2015	June 16, 2015	$	0.51
September 30, 2015	September 15, 2015	$	0.51
December 31, 2015	December 15, 2015	$	0.51
March 31, 2016	March 16, 2016	$	0.51

Schedule of intangiable assets

The Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $286,982 at December 30, 2017, and $224,553 at December 31, 2016.

	December 30, 2017		December 31, 2016
Goodwill balance at beginning of year	$	224,553	$	187,791
Acquisitions		58,332		38,061
Finalization of purchase price allocations and effect of foreign currency translation		4,097		(1,299	)
Goodwill balance at end of year	$	286,982	$	224,553

Schedule of product warranty

The following reconciliation provides an illustration of changes in the aggregate warranty accrual:

	Fiscal Year Ended
	December 30,			December 31,			December 26,
	2017			2016			2015

Balance - beginning of period	$	37,233		$	30,449		$	27,609
Accrual for products sold⁽¹⁾		56,360			61,578			44,620
Expenditures		(56,766	)		(54,794	)		(41,780	)
Balance - end of period	$	36,827		$	37,233		$	30,449

(1)

Changes in cost estimates related to pre-existing warranties are not material and aggregated with accruals for new warranty contracts in the ‘accrual for products sold’ line

Sdchedule of recently issued accounting pronouncements

Summarized financial information depicting the impact of the new revenue standard follows:

	52-Weeks Ended December 30, 2017								53-Weeks Ended December 31, 2016
	As reported			Restated⁽¹⁾			Impact		As reported		Restated⁽¹⁾		Impact
Net sales	$	3,087,004		$	3,121,560		$	34,556	$	3,018,665	$	3,045,796	$	27,131
Gross profit		1,783,164			1,797,941			14,777		1,679,570		1,688,525		8,955
Operating income		668,860			683,637			14,777		623,909		632,864		8,955
Income tax (benefit) provision		(12,661	)		(7,902	)		4,759		118,856		122,890		4,034
Net income	$	694,955		$	704,973		$	10,018	$	510,814	$	515,735	$	4,921
Diluted net income per share	$	3.68		$	3.74		$	0.06	$	2.70	$	2.72	$	0.02

	December 30, 2017							December 31, 2016
	As reported		Restated⁽¹⁾		Impact			As reported			Restated⁽¹⁾			Impact
Current assets:
Deferred costs	$	48,312	$	30,525	$	(17,787	)	$	47,395		$	34,665		$	(12,730	)
Total current assets		2,363,925		2,346,139		(17,786	)		2,263,016			2,250,286			(12,731	)
Noncurrent deferred income tax		199,343		189,959		(9,384	)		110,293			105,668			(4,625	)
Noncurrent deferred costs		73,851		33,029		(40,822	)		56,151			30,934			(25,217	)
Total assets	$	5,010,260	$	4,942,268	$	(67,991	)	$	4,525,133		$	4,482,560		$	(42,573	)
Current liabilities:
Deferred revenue		139,681		103,140		(36,542	)		146,564			118,496			(28,068	)
Total current liabilities		828,656		792,115		(36,541	)		782,735			754,667			(28,068	)
Deferred income taxes		75,215		76,612		1,396			61,220			62,617			1,397
Non-current deferred revenue		163,840		87,061		(76,779	)		140,407			91,238			(49,169	)
Retained earnings		2,368,874		2,412,423		43,549			2,056,702			2,090,233			33,531
Accumulated other comprehensive income		56,045		56,428		382			(36,761	)		(37,024	)		(263	)
Total stockholders' equity		3,802,466		3,846,397		43,931			3,418,003			3,451,271			33,268
Total liabilities and stockholders' equity	$	5,010,260	$	4,942,267	$	(67,992	)	$	4,525,133		$	4,482,561		$	(42,572	)

(1) Effective for the fiscal year ending December 29, 2018, we have adopted ASC Topic 606. The balances above are restated under ASC Topic 606.

Marketable Securities (Tables)

12 Months Ended

Dec. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Schedule of available for sale securities measured at estimated fair value on a recurring basis

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

	Fair Value Measurements as of December 30, 2017
	Total		Level 1		Level 2		Level 3
U.S. Treasury securities	$	19,337	$	-	$	19,337	$	-
Agency securities		43,361		-		43,361		-
Mortgage-backed securities		174,615		-		174,615		-
Corporate securities		816,793		-		816,793		-
Municipal securities		186,105		-		186,105		-
Other		181,509		-		181,509		-
Total	$	1,421,720	$	-	$	1,421,720	$	-

	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 available for sale securities

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

	Available-For-Sale Securities as of December 30, 2017

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury securities	$	19,591	$	-	$	(254	)	$	19,337
Agency securities		44,191		1		(831	)		43,361
Mortgage-backed securities		180,470		13		(5,868	)		174,615
Corporate securities		830,447		136		(13,790	)		816,793
Municipal securities		187,999		110		(2,004	)		186,105
Other		183,730		2		(2,223	)		181,509
Total	$	1,446,428	$	262	$	(24,970	)	$	1,421,720

	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 available for sale securities unrealized loss on investments

The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of December 30, 2017 and December 31, 2016.

	As of December 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	$	(111	)	$	12,966	$	(143	)	$	6,371
Agency securities		(168	)		16,097		(663	)		25,972
Mortgage-backed securities		(503	)		19,628		(5,365	)		153,835
Corporate securities		(4,562	)		439,174		(9,228	)		347,052
Municipal securities		(1,027	)		125,819		(977	)		38,167
Other		(2,219	)		136,147		(4	)		2,579
Total	$	(8,590	)	$	749,831	$	(16,380	)	$	573,976

	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 December 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	$	162,045	$	161,687
Due after one year through five years		1,108,172		1,089,840
Due after five years through ten years		160,967		155,354
Due after ten years		15,244		14,839
	$	1,446,428	$	1,421,720

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease payments

Future minimum lease payments are as follows:

Year	Amount
2018	$	17,572
2019		14,179
2020		11,598
2021		9,478
2022		7,777
Thereafter		21,606
Total	$	82,210

Income Taxes (Tables)

12 Months Ended

Dec. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of income tax provision

The Company’s income tax provision (benefit) consists of the following:

	Fiscal Year Ended
	December 30,			December 31,			December 26,
	2017			2016			2015
Federal:
Current	$	31,343		$	66,627		$	49,138
Deferred		50,936			5,343			4,216
	$	82,279		$	71,970		$	53,354
State:
Current		4,203			8,809			9,354
Deferred		11,712			(3,823	)		(5,858	)
	$	15,915		$	4,986		$	3,496
Foreign:
Current		43,688			42,406			55,730
Deferred		(154,543	)		(506	)		(1,620	)
	$	(110,855	)	$	41,900		$	54,110
Total	$	(12,661	)	$	118,856		$	110,960

Schedule of sources and tax effects of the differences

The sources and tax effects of the differences, including the impact of establishing tax contingency accruals, are as follows:

	Fiscal Year Ended
	December 30,			December 31,			December 26,
	2017			2016			2015
Federal income tax expense at U.S. statutory rate	$	238,803		$	220,385		$	198,516
State income tax expense, net of federal tax effect		5,977			2,749			1,931
Foreign tax rate differential		(102,316	)		(111,989	)		(100,010	)
Other foreign taxes less incentives and credits		(4,646	)		(16,593	)		(8,592	)
Withholding Tax		14,632			17,447			16,969
Net Change in Uncertain Tax Positions		5,363			17,328			21,246
Federal Domestic Production Activities Deduction		(3,895	)		(5,528	)		(4,589	)
Federal Research and Development Credit		(10,851	)		(8,548	)		(8,573	)
Switzerland Corporate Tax Election		(180,034	)		-			-
Share Based Compensation		19,916			-			-
Other, net		4,390			3,605			(5,938	)
Income tax expense	$	(12,661	)	$	118,856		$	110,960

Schedule of deferred tax assets and liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 30,			December 31,
	2017			2016
Deferred tax assets:
Product warranty accruals	$	2,202		$	2,768
Allowance for doubtful accounts		5,129			10,100
Inventory reserves		6,920			8,953
Sales program allowances		910			1,397
Reserve for sales returns		816			2,196
Other accruals		10,722			13,548
Share based compensation		6,261			29,632
Tax credit carryforwards		8,413			5,012
Amortization		165,162			15,368
Deferred Revenue		4,690			32,487
Net operating losses of subsidiaries		8,799			5,403
Benefit related to uncertain tax positions		5,383			7,542
Other		3,677			4,005
Valuation allowance related to loss carryforward and tax credits		(7,267	)		(4,622	)
	$	221,817		$	133,789
Deferred tax liabilities:
Depreciation		11,674			17,854
Prepaid Expenses		3,147			2,876
Book basis in excess of tax basis for acquired entities		17,364			3,865
Withholding tax		60,555			58,597
Other		4,950			1,523
		97,690			84,715
Net deferred tax assets	$	124,127		$	49,074

Schedule of unrecognized tax benefits

The total amount of gross unrecognized tax benefits as of December 30, 2017 was $130,798. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for years ended December 30, 2017, December 31, 2016, and December 26, 2015 is as follows:

	December 30,			December 31,			December 26,
	2017			2016			2015
Balance beginning of year	$	115,090		$	97,904		$	77,495
Additions based on tax positions related to prior years		8,564			489			89
Reductions based on tax positions related to prior years		(983	)		(940	)		(1,671	)
Additions based on tax positions related to current period		26,295			28,859			29,019
Reductions related to settlements with tax authorities		-			(134	)		(364	)
Expiration of statute of limitations		(18,168	)		(11,088	)		(6,664	)
Balance at end of year	$	130,798		$	115,090		$	97,904

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of carrying amounts and fair values of financial instruments

The carrying amounts and fair values of the Company’s financial instruments are as follows:

	December 30, 2017				December 31, 2016
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
Cash and cash equivalents	$	891,488	$	891,488	$	846,883	$	846,883
Restricted cash	$	271	$	271	$	113	$	113
Marketable securities	$	1,421,720	$	1,421,720	$	1,480,237	$	1,480,237

Segment Information (Tables)

12 Months Ended

Dec. 30, 2017

Segment Reporting [Abstract]

Schedule of revenues, gross profit, and operating income

The overall impact of the move was immaterial. However, action camera related operating results for the 52-weeks ended December 26, 2015 has been recast to conform to the 2017 and 2016 presentation.

	Reportable Segments

52-Weeks Ended December 30, 2017	Outdoor		Fitness		Marine		Auto		Aviation		Total

Net sales	$	698,867	$	762,194	$	374,001	$	750,583	$	501,359	$	3,087,004
Gross profit		448,410		422,636		212,592		327,921		371,605		1,783,164
Operating income		249,867		146,765		50,328		67,967		153,933		668,860

53-Weeks Ended December 31, 2016

Net sales	$	546,326	$	818,486	$	331,947	$	882,558	$	439,348	$	3,018,665
Gross profit		340,504		437,205		183,709		388,747		329,405		1,679,570
Operating income		184,035		160,596		52,167		102,347		124,764		623,909

52-Weeks Ended December 26, 2015

Net sales	$	411,184	$	661,599	$	286,778	$	1,062,091	$	398,618	$	2,820,270
Gross profit		254,878		366,139		158,493		464,480		294,714		1,538,704
Operating income		139,070		134,574		28,611		136,069		111,257		549,581

Schedule of net sales, long-lived assets and net assets by geographic area

Net sales, long-lived assets (property and equipment), and net assets by geographic area are as shown below for the years ended December 30, 2017, December 31, 2016, and December 26, 2015. Note that APAC refers to the Asia Pacific region, and EMEA includes Europe, the Middle East and Africa.

	Americas		APAC		EMEA		Total
December 30, 2017
Net sales to external customers ⁽¹⁾	$	1,475,661	$	436,188	$	1,175,155	$	3,087,004
Property and equipment, net		381,974		173,392		40,318		595,684
Net assets ⁽²⁾		2,325,569		982,898		493,999		3,802,466

December 31, 2016
Net sales to external customers ⁽¹⁾	$	1,518,934	$	386,549	$	1,113,182	$	3,018,665
Property and equipment, net		300,158		144,470		38,250		482,878
Net assets ⁽²⁾		2,153,161		933,999		330,843		3,418,003

December 26, 2015
Net sales to external customers ⁽¹⁾	$	1,469,243	$	337,888	$	1,013,139	$	2,820,270
Property and equipment, net		294,234		111,700		40,154		446,089
Net assets ⁽²⁾		2,110,108		921,410		313,608		3,345,126

⁽¹⁾The U.S. is the only country which constitutes greater than 10% of net sales to external customers.

⁽²⁾Americas and APAC net assets are primarily held in the United States and Taiwan, respectively.

Stock Compensation Plans (Tables)

12 Months Ended

Dec. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of stock options and stock appreciation rights award activity

A summary of the Company’s stock-based compensation activity and related information under the 2011 Directors Plan, the 2005 Plan, the 2000 Plan and the 2000 Directors Plan for the years ended December 30, 2017, December 31, 2016, and December 26, 2015 is provided below:

	Stock Options and SARs
	Weighted-Average
	Exercise Price		Number of Shares
			(In Thousands)

Outstanding at December 27, 2014	$	63.19		4,731
Granted				-
Exercised	$	29.15		(474	)
Forfeited/Expired	$	70.58		(196	)
Outstanding at December 26, 2015	$	66.80		4,061
Granted				-
Exercised	$	50.77		(716	)
Forfeited/Expired	$	51.12		(608	)
Outstanding at December 31, 2016	$	74.48		2,737
Granted				-
Exercised	$	50.15		(397	)
Forfeited/Expired	$	84.57		(1,948	)
Outstanding at December 30, 2017	$	48.94		392
Exercisable at December 30, 2017	$	48.76		365
Expected to vest after December 30, 2017	$	51.46		27

Schedule of exercise price range

Stock Options and SARs as of December 30, 2017
Exercise	Awards		Remaining		Awards
Price	Outstanding		Life (Years)		Exercisable
	(In Thousands)				(In Thousands)

$18.00 - $40.00		21		1.98		21
$40.01 - $60.00		369		2.39		343
$60.01 - $80.00		-		-		-
$80.01 - $100.00		2		0.01		2
$100.01 - $120.00		-		-		-
$120.01 - $140.00		-		-		-
		392		2.36		366

Schedule of restricted stock units award activity

	Restricted Stock Units
	Weighted-Average
	Grant Date Fair Value		Number of Shares
			(In Thousands)

Outstanding at December 27, 2014	$	42.55		1,088
Granted	$	37.07		1,184
Released/Vested	$	40.18		(562	)
Cancelled	$	42.02		(53	)
Outstanding at December 26, 2015	$	39.45		1,657
Granted	$	40.59		1,241
Released/Vested	$	38.96		(565	)
Cancelled	$	44.57		(509	)
Outstanding at December 31, 2016	$	38.94		1,824
Granted	$	51.71		1,055
Released/Vested	$	39.31		(763	)
Cancelled	$	40.40		(54	)
Outstanding at December 30, 2017	$	45.30		2,062

Earnings Per Share (Tables)

12 Months Ended

Dec. 30, 2017

Earnings Per Share [Abstract]

Schedule of earnings per share

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

	Fiscal Year Ended
	December 30,		December 31,		December 26,
	2017		2016		2015
Numerator:
Numerator for basic and diluted net income per share - net income	$	694,955	$	510,814	$	456,227

Denominator:
Denominator for basic net income per share – weighted-average common shares		187,828		188,818		190,631

Effect of dilutive securities – employee stock options and stock appreciation rights		904		525		476

Denominator for diluted net income per share – adjusted weighted-average common shares		188,732		189,343		191,107

Basic net income per share	$	3.70	$	2.71	$	2.39

Diluted net income per share	$	3.68	$	2.70	$	2.39

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 30, 2017

Stockholders' Equity Note [Abstract]

Schedule of changes in accumulated other comprehensive income

The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the year ended December 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		88,320			3,585			91,905
Amounts reclassified from accumulated other comprehensive income		-			901			901
Net current-period other comprehensive income		88,320			4,486			92,806
Balance - end of period	$	78,909		$	(22,864	)	$	56,045

Schedule of reporting reclassifications out of AOCI

The following provides required disclosure of reporting reclassifications out of AOCI for the year ended December 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	$	(991	)	Other income (expense)
		90		Income tax provision
	$	(901	)	Net of tax

Selected Quarterly Information (Unaudited) (Tables)

12 Months Ended

Dec. 30, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial information

52-Weeks Ended December 30, 2017

Quarter Ending

April 1

July 1

September 30

December 30

Net sales

$

638,546

$

816,885

$

743,077

$

888,496

Gross profit

372,123

477,858

433,665

499,518

Net income

237,812

170,950

147,413

138,780

Basic net income per share

$

1.26

$

0.91

$

0.79

$

0.74

Diluted net income per share

$

1.26

$

0.91

$

0.78

$

0.73

53-Weeks Ended December 31, 2016

Quarter Ending

March 26

June 25

September 24

December 31

Net sales

$

624,040

$

811,609

$

722,250

$

860,767

Gross profit

339,850

462,958

405,980

470,782

Net income

88,092

161,064

125,054

136,605

Basic net income per share

$

0.46

$

0.85

$

0.66

$

0.73

Diluted net income per share

$

0.46

$

0.85

$

0.66

$

0.72

Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands

Dec. 30, 2017

Dec. 31, 2016

^[1]

Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]

Raw materials

$ 179,659

$ 152,497

Work-in-process

75,754

61,048

Finished goods

262,231

271,276

Inventory

$ 517,644

$ 484,821

[1]	Inventory balances by major class of inventory as of December 31, 2016 have been recast to conform to the current year presentation.

Summary of Significant Accounting Policies (Details 1)	12 Months Ended
Summary of Significant Accounting Policies (Details 1)	Dec. 30, 2017
Buildings and improvements [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life	39 years
Buildings and improvements [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life	50 years
Office furniture and equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Office furniture and equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life	5 years
Manufacturing and engineering equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life	5 years
Manufacturing and engineering equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life	10 years
Vehicles [Member]
Property, Plant and Equipment, Useful Life	5 years

Summary of Significant Accounting Policies (Details 2) - $ / shares	Jun. 09, 2017	Jun. 10, 2016	Jun. 05, 2015
Dividend Payable 1 [Member]
Dividend Date	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Record Date	Jun. 19, 2017	Jun. 16, 2016	Jun. 16, 2015
Dividend per share	$ 0.51	$ 0.51	$ 0.51
Dividend Payable 2 [Member]
Dividend Date	Sep. 29, 2017	Sep. 30, 2016	Sep. 30, 2015
Record Date	Sep. 15, 2017	Sep. 15, 2016	Sep. 15, 2015
Dividend per share	$ 0.51	$ 0.51	$ 0.51
Dividend Payable 3 [Member]
Dividend Date	Dec. 29, 2017	Dec. 30, 2016	Dec. 31, 2015
Record Date	Dec. 15, 2017	Dec. 14, 2016	Dec. 15, 2015
Dividend per share	$ 0.51	$ 0.51	$ 0.51
Dividend Payable 4 [Member]
Dividend Date	Mar. 30, 2018	Mar. 31, 2017	Mar. 31, 2016
Record Date	Mar. 15, 2018	Mar. 15, 2017	Mar. 16, 2016
Dividend per share	$ 0.51	$ 0.51	$ 0.51

Summary of Significant Accounting Policies (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016
Goodwill [Roll Forward]
Goodwill balance at beginning of year	$ 224,553	$ 187,791
Acquisitions	58,332	38,061
Finalization of purchase price allocations and effect of foreign currency translation	4,097	(1,299)
Goodwill balance at end of year	$ 286,982	$ 224,553

Summary of Significant Accounting Policies (Details 4) - USD ($)
$ in Thousands

12 Months Ended

Dec. 30, 2017

Dec. 31, 2016

Dec. 26, 2015

Balance - beginning of period

$ 37,233

$ 30,449

$ 27,609

Accrual for products sold

^[1]

56,360

61,578

44,620

Expenditures

(56,766)

(54,794)

(41,780)

Balance - end of period

$ 36,827

$ 37,233

$ 30,449

[1]	Changes in cost estimates related to pre-existing warranties are not material and aggregated with accruals for new warranty contracts in the 'accrual for products sold' line.

Summary of Significant Accounting Policies (Details 5) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 30, 2017

Sep. 30, 2017

Jul. 01, 2017

Apr. 01, 2017

Dec. 31, 2016

Sep. 24, 2016

Jun. 25, 2016

Mar. 26, 2016

Dec. 30, 2017

Dec. 31, 2016

Dec. 26, 2015

Dec. 27, 2014

$ 888,496

$ 743,077

$ 816,885

$ 638,546

$ 860,767

$ 722,250

$ 811,609

$ 624,040

$ 3,087,004

^[1]

$ 3,018,665

^[1]

$ 2,820,270

^[1]

499,518

433,665

477,858

372,123

470,782

405,980

462,958

339,850

1,783,164

1,679,570

1,538,704

Income tax (benefit) provision

668,860

623,909

549,581

(12,661)

118,856

110,960

Diluted net income per share (in dollars per share)

$ 138,780

$ 147,413

$ 170,950

$ 237,812

$ 136,605

$ 125,054

$ 161,064

$ 88,092

$ 694,955

$ 510,814

$ 456,227

$ 0.73

$ 0.78

$ 0.91

$ 1.26

$ 0.72

$ 0.66

$ 0.85

$ 0.46

$ 3.68

$ 2.70

$ 2.39

$ 48,312

$ 47,395

$ 48,312

$ 47,395

Noncurrent deferred income tax

2,363,925

2,263,016

2,363,925

2,263,016

199,343

110,293

199,343

110,293

73,851

56,151

73,851

56,151

5,010,260

4,525,133

5,010,260

4,525,133

139,681

146,564

139,681

146,564

Non-current deferred revenue

828,656

782,735

828,656

782,735

Deferred income taxes

75,215

61,220

75,215

61,220

163,840

140,407

163,840

140,407

2,368,874

2,056,702

2,368,874

2,056,702

56,045

$ (36,761)

(36,761)

56,045

(36,761)

3,802,466

3,418,003

3,802,466

3,418,003

$ 3,345,126

$ 3,403,367

5,010,260

4,525,133

5,010,260

4,525,133

Restated [Member]

^[2]

3,121,560

3,045,796

^[2]

1,797,941

1,688,525

Income tax (benefit) provision

^[2]

683,637

632,864

^[2]

(7,902)

122,890

Diluted net income per share (in dollars per share)

^[2]

$ 704,973

$ 515,735

^[2]

$ 3.74

$ 2.72

^[2]

30,525

34,665

$ 30,525

$ 34,665

Noncurrent deferred income tax

^[2]

2,346,139

2,250,286

2,346,139

2,250,286

^[2]

189,959

105,668

189,959

105,668

^[2]

33,029

30,934

33,029

30,934

^[2]

4,942,268

4,482,560

4,942,268

4,482,560

^[2]

103,140

118,496

103,140

118,496

Non-current deferred revenue

^[2]

792,115

754,667

792,115

754,667

Deferred income taxes

^[2]

76,612

62,617

76,612

62,617

^[2]

87,061

91,238

87,061

91,238

^[2]

2,412,423

2,090,233

2,412,423

2,090,233

^[2]

56,428

(37,024)

56,428

(37,024)

^[2]

3,846,397

3,451,271

3,846,397

3,451,271

^[2]

4,942,267

4,482,561

4,942,267

4,482,561

Impact [Member]

34,556

27,131

14,777

8,955

Income tax (benefit) provision

14,777

8,955

4,759

4,034

Diluted net income per share (in dollars per share)

$ 10,018

$ 4,921

$ 0.06

$ 0.02

(17,787)

(12,730)

$ (17,787)

$ (12,730)

Noncurrent deferred income tax

(17,786)

(12,731)

(17,786)

(12,731)

(9,384)

(4,625)

(9,384)

(4,625)

(40,822)

(25,217)

(40,822)

(25,217)

(67,991)

(42,573)

(67,991)

(42,573)

(36,542)

(28,068)

(36,542)

(28,068)

Non-current deferred revenue

(36,541)

(28,068)

(36,541)

(28,068)

Deferred income taxes

1,396

1,397

1,396

1,397

(76,779)

(49,169)

(76,779)

(49,169)

43,549

33,531

43,549

33,531

382

(263)

382

(263)

43,931

33,268

43,931

33,268

$ (67,992)

$ (42,572)

$ (67,992)

$ (42,572)

[1]	The U.S. is the only country which constitutes greater than 10% of net sales to external customers.
[2]	Effective for the fiscal year ending December 29, 2018, we have adopted ASC Topic 606. The balances above are restated under ASC Topic 606.

Summary of Significant Accounting Policies (Details Narrative) $ in Thousands		12 Months Ended
	Jun. 10, 2016 SFr / shares shares	Dec. 30, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 26, 2015 USD ($)	Jun. 09, 2016 SFr / shares
Cumulative currency translation adjustments		$ 78,909	$ (9,411)
Foreign currency losses		(22,579)	(31,651)	$ (23,465)
Dividends		382,976	481,452	378,117
Intangible assets, net		316,705	253,473
Accumulated amortization intangible assets		193,886	173,023
Amortization expense intangible assets		20,863	14,319	7,115
Amortization expense intangible assets, Next twelve months		18,796
Amortization expense intangible assets, Year two		16,293
Amortization expense intangible assets, Year three		14,167
Amortization expense intangible assets, Year four		10,463
Amortization expense intangible assets, Year five		8,111
Goodwill		286,982	224,553	187,791
Fair value available-for-sale securities unrealized losses		(22,864)	(27,350)
Deferred revenues		303,521	286,971
Total deferred Costs		122,162	103,546
Deferred revenue and cost expenses, Next twelve months		91,370
Deferred revenue and cost expenses, Year two		48,627
Deferred revenue and cost expenses, Year three		25,340
Deferred revenue and cost expenses, Year four		11,208
Deferred revenue and cost expenses, Year five		4,814
Advertising expense		164,693	177,143	167,166
Research and development costs		$ 511,634	467,960	$ 427,043
Number of shares cancelled \| shares	10,000,000
Decline in par value of common stock (in swiss francs per share) \| SFr / shares	SFr 0.10				SFr 10
Aviation Product [Member]
Product warranty term		2 years
State Administration of Taxation, China [Member]
Restricted retained earnings		$ 304,674	$ 304,674
Minimum [Member]
Acquired intangible assets useful life		3 years
Deferred revenues useful life		1 year
Minimum [Member] \| Other Product Other Than Aviation Product [Member]
Product warranty term		1 year
Maximum [Member]
Acquired intangible assets useful life		10 years
Deferred revenues useful life		5 years
Maximum [Member] \| Other Product Other Than Aviation Product [Member]
Product warranty term		2 years
Customer Concentration Risk [Member] \| Net Sales [Member]
Concentration risk net sales		10.00%	10.00%	10.00%
Ten Customer Concentration Risk [Member] \| Net Sales [Member] \| Minimum [Member]
Concentration risk net sales				22.00%
Ten Customer Concentration Risk [Member] \| Net Sales [Member] \| Maximum [Member]
Concentration risk net sales				24.00%

Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	$ 1,421,720	$ 1,480,237
U.S.Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	19,337	29,034
Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	43,361	59,541
Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	174,615	230,823
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	816,793	893,725
Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	186,105	176,169
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	181,509	90,945
Recurring Basis [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	1,421,720	1,480,237
Recurring Basis [Member] \| U.S.Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	19,337	29,034
Recurring Basis [Member] \| Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	43,361	59,541
Recurring Basis [Member] \| Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	174,615	230,823
Recurring Basis [Member] \| Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	816,793	893,725
Recurring Basis [Member] \| Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	186,105	176,168
Recurring Basis [Member] \| Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	181,509	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	1,421,720	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	19,337	29,034
Recurring Basis [Member] \| Level 2 [Member] \| Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	43,361	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	174,615	230,823
Recurring Basis [Member] \| Level 2 [Member] \| Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	816,793	893,725
Recurring Basis [Member] \| Level 2 [Member] \| Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	186,105	176,168
Recurring Basis [Member] \| Level 2 [Member] \| Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	181,509	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	12 Months Ended
Marketable Securities (Details 1) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 1,446,428	$ 1,509,924
Gross Unrealized Gains	262	587
Gross Unrealized Losses	(24,970)	(30,274)
Fair Value	1,421,720	1,480,237
U.S.Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	19,591	29,291
Gross Unrealized Gains		31
Gross Unrealized Losses	(254)	(288)
Fair Value	19,337	29,034
Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	44,191	60,513
Gross Unrealized Gains	1	19
Gross Unrealized Losses	(831)	(991)
Fair Value	43,361	59,541
Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	180,470	236,354
Gross Unrealized Gains	13	41
Gross Unrealized Losses	(5,868)	(5,572)
Fair Value	174,615	230,823
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	830,447	914,028
Gross Unrealized Gains	136	252
Gross Unrealized Losses	(13,790)	(20,555)
Fair Value	816,793	893,725
Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	187,999	178,804
Gross Unrealized Gains	110	224
Gross Unrealized Losses	(2,004)	(2,859)
Fair Value	186,105	176,169
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	183,730	90,934
Gross Unrealized Gains	2	20
Gross Unrealized Losses	(2,223)	(9)
Fair Value	$ 181,509	$ 90,945

Marketable Securities (Details 2) - USD ($) $ in Thousands	12 Months Ended
Marketable Securities (Details 2) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	$ (8,590)	$ (26,602)
Fair Value Less than 12 Consecutive Months	749,831	1,133,944
Gross Unrealized Losses 12 Consecutive Months or Longer	(16,380)	(3,672)
Fair Value 12 Consecutive Months or Longer	573,976	118,800
U.S.Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(111)	(288)
Fair Value Less than 12 Consecutive Months	12,966	24,260
Gross Unrealized Losses 12 Consecutive Months or Longer	(143)
Fair Value 12 Consecutive Months or Longer	6,371
Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(168)	(991)
Fair Value Less than 12 Consecutive Months	16,097	49,255
Gross Unrealized Losses 12 Consecutive Months or Longer	(663)
Fair Value 12 Consecutive Months or Longer	25,972
Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(503)	(3,702)
Fair Value Less than 12 Consecutive Months	19,628	159,665
Gross Unrealized Losses 12 Consecutive Months or Longer	(5,365)	(1,870)
Fair Value 12 Consecutive Months or Longer	153,835	64,645
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(4,562)	(18,856)
Fair Value Less than 12 Consecutive Months	439,174	765,712
Gross Unrealized Losses 12 Consecutive Months or Longer	(9,228)	(1,699)
Fair Value 12 Consecutive Months or Longer	347,052	40,910
Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(1,027)	(2,762)
Fair Value Less than 12 Consecutive Months	125,819	130,994
Gross Unrealized Losses 12 Consecutive Months or Longer	(977)	(97)
Fair Value 12 Consecutive Months or Longer	38,167	6,326
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(2,219)	(3)
Fair Value Less than 12 Consecutive Months	136,147	4,058
Gross Unrealized Losses 12 Consecutive Months or Longer	(4)	(6)
Fair Value 12 Consecutive Months or Longer	$ 2,579	$ 6,919

Marketable Securities (Details 3) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016
Amortized Cost [Abstract]
Due in one year or less	$ 162,045
Due after one year through five years	1,108,172
Due after five years through ten years	160,967
Due after ten years	15,244
Total	1,446,428	$ 1,509,924
Fair Value [Abstract]
Due in one year or less	161,687
Due after one year through five years	1,089,840
Due after five years through ten years	155,354
Due after ten years	14,839
Total	$ 1,421,720	$ 1,480,237

Marketable Securities (Details Narrative) $ in Thousands	12 Months Ended
Marketable Securities (Details Narrative) $ in Thousands	Dec. 30, 2017 USD ($)
Investments, Debt and Equity Securities [Abstract]
Unrealized loss position amortized cost	$ 1,348,777
Unrealized loss position fair value	$ 1,323,807
Percentage of available-for-sale securities in unrealized loss positions	80.00%

Commitments and Contingencies (Details) $ in Thousands	Dec. 30, 2017 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018	$ 17,572
2019	14,179
2020	11,598
2021	9,478
2022	7,777
Thereafter	21,606
Total	$ 82,210

Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Rental expense of office, equipment, warehouse space and real estate	$ 18,915	$ 19,657	$ 18,104
Aggregate amount of purchase orders and other commitments	313,385
Garmin (Europe) Ltd & Garmin Corporation [Member]
Restricted cash balances (Local value-added tax)	$ 271	$ 113

Employee Benefit Plans (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Expenses related to other defined contribution plans	$ 43,826	$ 40,844	$ 37,489
Defined Contribution Retirement Plan [Member] \| Garmin (Europe) Ltd [Member]
Maximum annually percentage of employees contribution to retirement plan	7.50%
Defined Contribution Retirement Plan [Member] \| Garmin International, Inc & Other U.S. - based Subsidiaries Sponsor [Member]
Maximum annually percentage of employees contribution to retirement plan	50.00%

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Federal:
Current	$ 31,343	$ 66,627	$ 49,138
Deferred	50,936	5,343	4,216
Total federal income tax provision (benefit)	82,279	71,970	53,354
State:
Current	4,203	8,809	9,354
Deferred	11,712	(3,823)	(5,858)
Total state income tax provision (benefit)	15,915	4,986	3,496
Foreign:
Current	43,688	42,406	55,730
Deferred	(154,543)	(506)	(1,620)
Total foreign income tax provision (benefit)	(110,855)	41,900	54,110
Income tax provision	$ (12,661)	$ 118,856	$ 110,960

Income Taxes (Details 1) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 1) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Income Tax Disclosure [Abstract]
Federal income tax expense at U.S. statutory rate	$ 238,803	$ 220,385	$ 198,516
State income tax expense, net of federal tax effect	5,977	2,749	1,931
Foreign tax rate differential	(102,316)	(111,989)	(100,010)
Other foreign taxes less incentives and credits	(4,646)	(16,593)	(8,592)
Withholding Tax	14,632	17,447	16,969
Net Change in Uncertain Tax Positions	5,363	17,328	21,246
Federal Domestic Production Activities Deduction	(3,895)	(5,528)	(4,589)
Federal Research and Development Credit	(10,851)	(8,548)	(8,573)
Switzerland Corporate Tax Election	(180,034)
Share Based Compensation	19,916
Other, net	4,390	3,605	(5,938)
Income tax provision	$ (12,661)	$ 118,856	$ 110,960

Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016
Deferred tax assets:
Product warranty accruals	$ 2,202	$ 2,768
Allowance for doubtful accounts	5,129	10,100
Inventory reserves	6,920	8,953
Sales program allowances	910	1,397
Reserve for sales returns	816	2,196
Other accruals	10,722	13,548
Share based compensation	6,261	29,632
Tax credit carryforwards	8,413	5,012
Amortization	165,162	15,368
Deferred Revenue	4,690	32,487
Net operating losses of subsidiaries	8,799	5,403
Benefit related to uncertain tax positions	5,383	7,542
Other	3,677	4,005
Valuation allowance related to loss carryforward and tax credits	(7,267)	(4,622)
Total deferred tax assets	221,817	133,789
Deferred tax liabilities:
Depreciation	11,674	17,854
Prepaid Expenses	3,147	2,876
Book basis in excess of tax basis for acquired entities	17,364	3,865
Withholding tax	60,555	58,597
Other	4,950	1,523
Total deferred tax liabilities	97,690	84,715
Net deferred tax assets	$ 124,127	$ 49,074

Income Taxes (Details 3) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 3) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Income Tax Disclosure [Abstract]
Balance beginning of year	$ 115,090	$ 97,904	$ 77,495
Additions based on tax positions related to prior years	8,564	489	89
Reductions based on tax positions related to prior years	983	(940)	(1,671)
Additions based on tax positions related to current period	26,295	28,859	29,019
Reductions related to settlements with tax authorities		(134)	(364)
Expiration of statute of limitations	18,168	(11,088)	(6,664)
Balance at end of year	$ 130,798	$ 115,090	$ 97,904

Income Taxes (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details Narrative) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Effective income tax amount	$ 238,803	$ 220,385	$ 198,516
Effective income tax foreign tax rate differential	(102,316)	(111,989)	(100,010)
Income before income taxes	682,294	629,670	567,187
Income tax expense	(12,661)	118,856	110,960
Tax credit carryforward amount	8,413	5,012
Switzerland Corporate Tax Election	(180,034)
Non-U.S. Operations Entity's [Member]
Income before income taxes	461,436	453,729	403,242
Foreign Subsidiaries [Member]
Income tax expense	$ 20,287	$ 22,139	$ 21,085
Foreign Tax Authority [Member] \| Swiss Federal Tax Administration (FTA) [Member]
Effective income tax rate	7.83%	7.83%	7.83%
Effective income tax foreign tax rate differential	$ 77,000	$ 55,000	$ 52,000
Foreign Tax Authority [Member] \| Swiss Federal Tax Administration (FTA) [Member] \| Maximum [Member]
Effective income tax amount	186,000	171,000	154,000
Foreign Tax Authority [Member] \| Swiss Federal Tax Administration (FTA) [Member] \| Minimum [Member]
Effective income tax amount	$ 53,600	$ 49,000	$ 44,000

Income Taxes (Details Narrative 1) - USD ($) $ in Thousands		12 Months Ended
Income Taxes (Details Narrative 1) - USD ($) $ in Thousands	Dec. 22, 2017	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Deferred tax assets related to future tax benefit on net operating loss carryforward		$ 8,799
Net operating loss carryforwards		70,419
Net unrecognized tax benefits		127,306	$ 109,667	$ 93,654
Accrued interest and penalties on unrecognized tax benefits		5,605	3,901	2,479
Increase (decrease) unrecognized tax benefits		1,704	1,422	320
Reduction in income tax expense		(18,168)	$ 11,088	6,664
Corporate income tax rate	21.00%		35.00%
Minimum [Member]
Reserves for certain unrecognized tax benefits		20,000
Maximum [Member]
Reserves for certain unrecognized tax benefits		25,000
Various Other Jurisdictions [Member]
Net operating loss carryforwards		9,608
Reduction in income tax expense		17,918	$ 11,151	$ 6,971
Foreign Tax Authority [Member] \| Tax and Customs Administration, Netherlands [Member]
Net operating loss carryforwards		$ 5,234
Net operating loss carryforwards expiration year		2026
Foreign Tax Authority [Member] \| Swiss Federal Tax Administration (FTA) [Member]
Net operating loss carryforwards		$ 43,210
Income tax examination year		2012
Foreign Tax Authority [Member] \| Swiss Federal Tax Administration (FTA) [Member] \| Minimum [Member]
Net operating loss carryforwards expiration year		2023
Foreign Tax Authority [Member] \| Swiss Federal Tax Administration (FTA) [Member] \| Maximum [Member]
Net operating loss carryforwards expiration year		2024
Foreign Tax Authority [Member] \| Finnish Tax Administration [Member]
Net operating loss carryforwards		$ 1,757
Foreign Tax Authority [Member] \| Finnish Tax Administration [Member] \| Minimum [Member]
Net operating loss carryforwards expiration year		2025
Foreign Tax Authority [Member] \| Finnish Tax Administration [Member] \| Maximum [Member]
Net operating loss carryforwards expiration year		2027
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member]
Net operating loss carryforwards		$ 10,610
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member] \| Minimum [Member]
Net operating loss carryforwards expiration year		2022
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member] \| Maximum [Member]
Net operating loss carryforwards expiration year		2037

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 30, 2017	Dec. 31, 2016
Marketable securities	$ 1,421,720	$ 1,480,237
Carrying Amount [Member]
Cash and cash equivalents	891,488	846,883
Restricted cash	271	113
Marketable securities	1,421,720	1,480,237
Fair Value [Member]
Cash and cash equivalents	891,488	846,883
Restricted cash	271	113
Marketable securities	$ 1,421,720	$ 1,480,237

Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 30, 2017

Sep. 30, 2017

Jul. 01, 2017

Apr. 01, 2017

Dec. 31, 2016

Sep. 24, 2016

Jun. 25, 2016

Mar. 26, 2016

Dec. 30, 2017

Dec. 31, 2016

Dec. 26, 2015

$ 888,496

$ 743,077

$ 816,885

$ 638,546

$ 860,767

$ 722,250

$ 811,609

$ 624,040

$ 3,087,004

^[1]

$ 3,018,665

^[1]

$ 2,820,270

^[1]

$ 499,518

$ 433,665

$ 477,858

$ 372,123

$ 470,782

$ 405,980

$ 462,958

$ 339,850

1,783,164

1,679,570

1,538,704

668,860

623,909

549,581

Outdoor [Member]

698,867

546,326

411,184

448,410

340,504

254,878

249,867

184,035

139,070

Fitness [Member]

762,194

818,486

661,599

422,636

437,205

366,139

146,765

160,596

134,574

Marine [Member]

374,001

331,947

286,778

212,592

183,709

158,493

50,328

52,167

28,611

Auto [Member]

750,583

882,558

1,062,091

327,921

388,747

464,480

67,967

102,347

136,069

Aviation [Member]

501,359

439,348

398,618

371,605

329,405

294,714

$ 153,933

$ 124,764

$ 111,257

[1]	The U.S. is the only country which constitutes greater than 10% of net sales to external customers.

Segment Information (Details 1) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 30, 2017

Sep. 30, 2017

Jul. 01, 2017

Apr. 01, 2017

Dec. 31, 2016

Sep. 24, 2016

Jun. 25, 2016

Mar. 26, 2016

Dec. 30, 2017

Dec. 31, 2016

Dec. 26, 2015

$ 888,496

$ 743,077

$ 816,885

$ 638,546

$ 860,767

$ 722,250

$ 811,609

$ 624,040

$ 3,087,004

^[1]

$ 3,018,665

^[1]

$ 2,820,270

^[1]

595,684

482,878

595,684

482,878

446,089

^[2]

3,802,466

3,418,003

3,802,466

3,418,003

3,345,126

Americas [Member]

^[1]

1,475,661

1,518,934

1,469,243

381,974

300,158

381,974

300,158

294,234

^[2]

2,325,569

2,153,161

2,325,569

2,153,161

2,110,108

APAC [Member]

^[1]

436,188

386,549

337,888

173,392

144,470

173,392

144,470

111,700

^[2]

982,898

933,999

982,898

933,999

921,410

EMEA [Member]

^[1]

1,175,155

1,113,182

1,013,139

40,318

38,250

40,318

38,250

40,154

Quarterly Financial Information Disclosure [Abstract]

^[2]

$ 493,999

$ 330,843

$ 493,999

$ 330,843

$ 313,608

[1]	The U.S. is the only country which constitutes greater than 10% of net sales to external customers.
[2]	Americas and APAC net assets are primarily held in the United States and Taiwan, respectively.

Segment Information (Details Narrative)	12 Months Ended
Segment Information (Details Narrative)	Dec. 31, 2017 Segment
Segment Reporting [Abstract]
Number of reportable segments	5
Number of operating segments	2

Stock Compensation Plans (Details) - Stock Option & Stock Appreciation Rights [Member] - $ / shares	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Weighted Average Exercise Price [Roll Forward]
Outstanding at beginning	$ 74.48	$ 66.80	$ 63.19
Granted
Exercised	50.15	50.77	29.15
Forfeited/Expired	84.57	51.12	70.58
Outstanding at end	48.94	$ 74.48	$ 66.80
Exercisable at end	48.76
Expected to vest	$ 51.46
Share-based Compensation Arrangement by Share-based Payment Award, Outstanding [Roll Forward]
Outstanding at beginning	2,737,000	4,061,000	4,731,000
Granted
Exercised	(397,000)	(716,000)	(474,000)
Forfeited/Expired	(1,948,000)	(608,000)	(196,000)
Outstanding at end	392,000	2,737,000	4,061,000
Exercisable at end	365,000
Expected to vest	27,000

Stock Compensation Plans (Details 1) - Stock Option & Stock Appreciation Rights [Member]	12 Months Ended
	Dec. 30, 2017 shares
Awards Outstanding	392,000
Remaining Life	2 years 4 months 10 days
Awards Exercisable	366,000
Exercise Price $18.00 - $40.00 [Member]
Awards Outstanding	21,000
Remaining Life	1 year 11 months 23 days
Awards Exercisable	21,000
Exercise Price $40.01 - $60.00 [Member]
Awards Outstanding	369,000
Remaining Life	2 years 4 months 20 days
Awards Exercisable	343,000
Exercise Price $60.01 - $80.00 [Member]
Awards Outstanding
Awards Exercisable
Exercise Price $80.01 - $100.00 [Member]
Awards Outstanding	2,000
Remaining Life	4 days
Awards Exercisable	2,000
Exercise Price $100.01 - $120.00 [Member]
Awards Outstanding
Awards Exercisable
Exercise Price $120.01 - $140.00 [Member]
Awards Outstanding
Awards Exercisable

Stock Compensation Plans (Details 2) - Restricted Stock Units [Member] - $ / shares	12 Months Ended
	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Outstanding at beginning	$ 38.94	$ 39.45	$ 42.55
Granted	51.71	40.59	37.07
Released/Vested	39.31	38.96	40.18
Cancelled	40.40	44.57	42.02
Outstanding at end	$ 45.30	$ 38.94	$ 39.45
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning	1,824,000	1,657,000	1,088,000
Granted	1,055,000	1,241,000	1,184,000
Released/Vested	(763,000)	(565,000)	(562,000)
Cancelled	(54,000)	(509,000)	(53,000)
Outstanding at end	2,062,000	1,824,000	1,657,000

Stock Compensation Plans (Details Narrative) - shares	1 Months Ended				12 Months Ended
Stock Compensation Plans (Details Narrative) - shares	Jun. 30, 2011	Jun. 30, 2005	Oct. 31, 2001	Oct. 31, 2000	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015	Dec. 30, 2014	Dec. 26, 2011	Dec. 28, 2013	Dec. 26, 2009
Restricted Stock Units [Member]
Number of shares granted (in shares)					1,055,000	1,241,000	1,184,000
Outstanding awards weighted-average remaining contract life					1 year 3 months 14 days
Stock Option & Stock Appreciation Rights [Member]
Outstanding awards weighted-average remaining contract life					2 years 4 months 10 days
Exercisable awards weighted-average remaining contract life					2 years 18 days
2011 Non-employee Directors' Equity Incentive Plan [Member]
Maximum number of authorized shares available for issuance (in shares)	122,592
Award vesting period	2 years
Award expiration period	10 years
2011 Non-employee Directors' Equity Incentive Plan [Member] \| Restricted Stock Units [Member]
Number of shares granted (in shares)					10,432	12,984	12,008
2005 Equity Incentive Plan [Member]
Maximum number of authorized shares available for issuance (in shares)		10,000,000								13,000,000
Number of additional authorized shares issued (in shares)								3,000,000
2005 Equity Incentive Plan [Member] \| Restricted Stock Units [Member]
Award vesting period		3 years
Number of shares granted (in shares)					1,044,045	1,228,427	1,171,905
Description of vesting period					RSUs granted prior to December 10, 2012 vested or are vesting evenly over a period of five years.
2005 Equity Incentive Plan [Member] \| Stock Option & Stock Appreciation Rights [Member]
Award vesting period		5 years
Award expiration period		10 years
2000 Equity Incentive Plan [Member]
Maximum number of authorized shares available for issuance (in shares)				7,000,000
2000 Equity Incentive Plan [Member] \| Stock Option & Stock Appreciation Rights [Member]
Award vesting period			5 years
Award expiration period			10 years
2000 Non-employee Directors' Option Plan [Member]
Maximum number of authorized shares available for issuance (in shares)			100,000								250,000
Award vesting period				3 years
Award expiration period				10 years
Number of additional authorized shares issued (in shares)									150,000

Stock Compensation Plans (Details Narrative 1) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Total fair value of vested awards		$ 30,280	$ 22,429	$ 23,351
Closing stock price (in dollars per share)		$ 59.57
Total unrecognized compensation cost related to unvested share-based compensation awards		$ 65,166
Employee Stock Purchase Plan [Member]
Maximum number of authorized shares available for issuance (in shares)	6,000,000
Number of additional authorized shares issued (in shares)	2,000,000
Purchase price of common stock (fair market value of the stock on the date of purchase) (in percent)	85.00%
Purchase price of common stock (fair market value on the first day of the ESPP period) (in percent)	85.00%
Number of shares purchased (in shares)		489,267	541,018	488,753
Total shares purchase price		$ 20,996	$ 18,157	$ 16,789
Number of shares available for future issuance (in shares)		970,366
Stock Option & Stock Appreciation Rights [Member]
Outstanding awards aggregate intrinsic values		$ 4,209
Exercisable awards aggregate intrinsic values		3,994
Aggregate intrinsic values		3,742	1,632	3,714
Restricted Stock Units [Member]
Outstanding awards aggregate intrinsic values		122,885
Aggregate intrinsic values		$ 45,424	$ 27,386	$ 20,787

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 30, 2017	Sep. 30, 2017	Jul. 01, 2017	Apr. 01, 2017	Dec. 31, 2016	Sep. 24, 2016	Jun. 25, 2016	Mar. 26, 2016	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Numerator:
Numerator for basic and diluted net income per share - net income	$ 138,780	$ 147,413	$ 170,950	$ 237,812	$ 136,605	$ 125,054	$ 161,064	$ 88,092	$ 694,955	$ 510,814	$ 456,227
Denominator:
Denominator for basic net income per share - weighted-average common shares									187,828	188,818	190,631
Effect of dilutive securities - employee stock options and stock appreciation rights									904	525	476
Denominator for diluted net income per share - adjusted weighted-average common shares									188,732	189,343	191,107
Basic net income per share (in dollars per share)	$ 0.74	$ 0.79	$ 0.91	$ 1.26	$ 0.73	$ 0.66	$ 0.85	$ 0.46	$ 3.70	$ 2.71	$ 2.39
Diluted net income per share (in dollars per share)	$ 0.73	$ 0.78	$ 0.91	$ 1.26	$ 0.72	$ 0.66	$ 0.85	$ 0.46	$ 3.68	$ 2.70	$ 2.39

Earnings Per Share (Details Narrative) - shares	12 Months Ended
Earnings Per Share (Details Narrative) - shares	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Earnings Per Share [Abstract]
Number of anti-dilutive equity awards	1,175,728	3,547,738	4,086,983

Share Repurchase Plan (Details Narrative) - USD ($) $ in Thousands		12 Months Ended
	Feb. 13, 2015	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Equity [Abstract]
Stock repurchase program, authorized amount	$ 300,000
Stock repurchase program, expiration date	Dec. 31, 2016
Stock issued for repurchase program, shares		1,474,092	2,152,716	3,148,901
Stock issued for repurchase program, value		$ 74,523	$ 93,233	$ 131,413

Accumulated Other Comprehensive Income (Details) $ in Thousands	3 Months Ended
	Dec. 30, 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	88,320
Amounts reclassified from accumulated other comprehensive income
Net current-period other comprehensive income	88,320
Balance - end of period	78,909
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	3,585
Amounts reclassified from accumulated other comprehensive income	901
Net current-period other comprehensive income	4,486
Balance - end of period	(22,864)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance - beginning of period	(36,761)
Other comprehensive income before reclassification	91,905
Amounts reclassified from accumulated other comprehensive income	901
Net current-period other comprehensive income	92,806
Balance - end of period	$ 56,045

Accumulated Other Comprehensive Income (Details 1) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 30, 2017	Dec. 30, 2017	Dec. 31, 2016	Dec. 26, 2015
Other income (expense)		$ 13,434	$ 5,761	$ 17,606
Income tax (provision) benefit		$ 12,661	$ (118,856)	$ (110,960)
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] \| Reclassification From Accumulated Other Comprehensive Income [Member]
Other income (expense)	$ (991)
Income tax (provision) benefit	90
Net of tax	$ (901)

Selected Quarterly Information (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 30, 2017

Sep. 30, 2017

Jul. 01, 2017

Apr. 01, 2017

Dec. 31, 2016

Sep. 24, 2016

Jun. 25, 2016

Mar. 26, 2016

Dec. 30, 2017

Dec. 31, 2016

Dec. 26, 2015

$ 888,496

$ 743,077

$ 816,885

$ 638,546

$ 860,767

$ 722,250

$ 811,609

$ 624,040

$ 3,087,004

^[1]

$ 3,018,665

^[1]

$ 2,820,270

^[1]

499,518

433,665

477,858

372,123

470,782

405,980

462,958

339,850

1,783,164

1,679,570

1,538,704