|
|
Document and Entity Information - USD ($)
$ in Thousands |
12 Months Ended |
|
|
Dec. 30, 2017 |
Feb. 16, 2018 |
Jul. 01, 2017 |
| Document And Entity Information |
|
|
|
| Entity Registrant Name |
GARMIN LTD
|
|
|
| Entity Central Index Key |
0001121788
|
|
|
| Document Type |
10-K
|
|
|
| Trading Symbol |
GRMN
|
|
|
| Document Period End Date |
Dec. 30, 2017
|
|
|
| Amendment Flag |
false
|
|
|
| Current Fiscal Year End Date |
--12-30
|
|
|
| Entity a Well-known Seasoned Issuer |
Yes
|
|
|
| Entity a Voluntary Filer |
No
|
|
|
| Entity's Reporting Status Current |
Yes
|
|
|
| Entity Filer Category |
Large Accelerated Filer
|
|
|
| Entity Public Float |
|
|
$ 6,129,443,292
|
| Entity Common Stock, Shares Outstanding |
|
198,077,418
|
|
| Document Fiscal Period Focus |
FY
|
|
|
| Document Fiscal Year Focus |
2017
|
|
|
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|
Consolidated Balance Sheets - USD ($)
$ in Thousands |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Current assets: |
|
|
|
| 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] |
| Deferred costs |
48,312
|
47,395
|
|
| Prepaid expenses and other current assets |
153,912
|
89,903
|
|
| Total current assets |
2,363,925
|
2,263,016
|
|
| Property and equipment, net |
|
|
|
| Land and improvements |
114,701
|
104,740
|
|
| Building and improvements |
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)
|
|
| Property and equipment, net |
595,684
|
482,878
|
|
| Restricted cash (Note 4) |
271
|
113
|
|
| Marketable securities (Note 3) |
1,260,033
|
1,213,285
|
|
| Deferred income taxes (Note 6) |
199,343
|
110,293
|
|
| Noncurrent deferred costs |
73,851
|
56,151
|
|
| Intangible assets, net |
409,801
|
305,002
|
|
| Other assets |
107,352
|
94,395
|
|
| Total assets |
5,010,260
|
4,525,133
|
|
| Current liabilities: |
|
|
|
| Accounts payable |
169,640
|
172,404
|
|
| Salaries and benefits payable |
102,802
|
88,818
|
|
| Accrued warranty costs |
36,827
|
37,233
|
|
| Accrued sales program costs |
93,250
|
80,953
|
|
| Deferred revenue |
139,681
|
146,564
|
|
| Accrued royalty costs |
32,204
|
36,523
|
|
| Accrued advertising expense |
30,987
|
37,440
|
|
| Other accrued expenses |
93,652
|
70,469
|
|
| Income taxes payable |
33,638
|
16,163
|
|
| Dividend payable |
95,975
|
96,168
|
|
| Total current liabilities |
828,656
|
782,735
|
|
| Deferred income taxes (Note 6) |
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
|
17,979
|
|
| Additional paid-in capital |
1,828,386
|
1,836,047
|
|
| Treasury stock |
(468,818)
|
(455,964)
|
|
| Retained earnings |
2,368,874
|
2,056,702
|
|
| Accumulated other comprehensive income (loss) |
56,045
|
(36,761)
|
|
| Total stockholders' equity |
3,802,466
|
3,418,003
|
|
| Total liabilities and stockholders' equity |
$ 5,010,260
|
$ 4,525,133
|
|
|
|
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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
|
| X |
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Consolidated Statements of Income - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 30, 2017 |
Dec. 31, 2016 |
Dec. 26, 2015 |
| Income Statement [Abstract] |
|
|
|
|
| Net sales |
[1] |
$ 3,087,004
|
$ 3,018,665
|
$ 2,820,270
|
| Cost of goods sold |
|
1,303,840
|
1,339,095
|
1,281,566
|
| Gross profit |
|
1,783,164
|
1,679,570
|
1,538,704
|
| Advertising expense |
|
164,693
|
177,143
|
167,166
|
| Selling, general and administrative expenses |
|
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
|
| Operating income |
|
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
|
| Total other income (expense) |
|
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
|
| Net income |
|
$ 694,955
|
$ 510,814
|
$ 456,227
|
| Basic net income per share (Note 10) (in dollars per share) |
|
$ 3.70
|
$ 2.71
|
$ 2.39
|
| Diluted net income per share (Note 10) (in dollars per share) |
|
$ 3.68
|
$ 2.70
|
$ 2.39
|
|
|
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- DefinitionThe aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X |
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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
|
| X |
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Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Treasury Stock [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Total |
| Balance at beginning at Dec. 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
|
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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
|
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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.
|
| X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 275
-URI http://asc.fasb.org/topic&trid=2134479
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Summary of Significant Accounting Policies
|
12 Months Ended |
Dec. 30, 2017 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Significant Accounting Policies |
2.
Summary of Significant Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States. The accompanying consolidated financial statements reflect the accounts of Garmin Ltd. and its wholly-owned
subsidiaries. All significant inter-company balances and transactions have been eliminated.
At
the Company’s Annual General Meeting on June 10, 2016, the Company’s shareholders approved the cancellation of 10,000,000
registered shares of the Company held by the Company (the “Formation Shares”) and the reduction in par value of each
share of the Company from CHF 10 to CHF 0.10 and the amendment of the Company’s Articles of Association to effect a corresponding
share capital reduction.
Fiscal
Year
The
Company’s fiscal year is based on a 52-53-week period ending on the last Saturday of the calendar year. Due to the fact
that there are not exactly 52 weeks in a calendar year, and there is slightly more than one additional day per year (not including
the effects of leap year) in each calendar year as compared to a 52-week fiscal year, the Company will have a fiscal year comprising
53 weeks in certain fiscal years, as determined by when the last Saturday of the calendar year occurs.
In
those resulting fiscal years that have 53 weeks, the Company will record an extra week of sales, costs, and related financial
activity. Therefore, the financial results of those 53-week fiscal years, and the associated 14-week fourth quarters, will not
be entirely comparable to the prior and subsequent 52-week fiscal years and the associated 13-week quarters. Fiscal years 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.
|
| X |
- References
+ Details
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us-gaap_AccountingPoliciesAbstract |
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| X |
- DefinitionThe entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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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 |
|
|
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- DefinitionThe entire disclosure for investments in certain debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928
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-Name Accounting Standards Codification
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-SubTopic 320
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-Name Accounting Standards Codification
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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.
|
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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.
|
| X |
- DefinitionThe entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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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.
|
| X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
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.
|
| X |
- References
+ Details
| Name: |
us-gaap_FairValueDisclosuresAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-URI http://asc.fasb.org/topic&trid=2155941
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
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.
|
| X |
- References
+ Details
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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duration |
|
| X |
- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510
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| Period Type: |
duration |
|
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.
|
| X |
- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-URI http://asc.fasb.org/subtopic&trid=2208855
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|
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.
|
| X |
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- DefinitionThe entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI http://asc.fasb.org/topic&trid=2144383
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|
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.
|
| X |
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| X |
- DefinitionThe entire disclosure for treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-URI http://asc.fasb.org/subtopic&trid=2208821
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|
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 |
|
| X |
- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-URI http://asc.fasb.org/topic&trid=2134417
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|
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.
|
| X |
- DefinitionThe entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-URI http://asc.fasb.org/topic&trid=2126967
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| Period Type: |
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|
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.
|
| X |
- References
+ Details
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| X |
- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 855
-URI http://asc.fasb.org/topic&trid=2122774
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|
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 |
|
|
| X |
- DefinitionThe entire disclosure for any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-URI http://asc.fasb.org/topic&trid=2122369
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|
Summary of Significant Accounting Policies (Policies)
|
12 Months Ended |
Dec. 30, 2017 |
|---|
| Accounting Policies [Abstract] |
|
| Basis of Presentation and Principles of Consolidation |
Basis
of Presentation and Principles of Consolidation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States. The accompanying consolidated financial statements reflect the accounts of Garmin Ltd. and its wholly-owned
subsidiaries. All significant inter-company balances and transactions have been eliminated.
At
the Company’s Annual General Meeting on June 10, 2016, the Company’s shareholders approved the cancellation of 10,000,000
registered shares of the Company held by the Company (the “Formation Shares”) and the reduction in par value of each
share of the Company from CHF 10 to CHF 0.10 and the amendment of the Company’s Articles of Association to effect a corresponding
share capital reduction.
|
| Fiscal Year |
Fiscal
Year
The
Company’s fiscal year is based on a 52-53-week period ending on the last Saturday of the calendar year. Due to the fact
that there are not exactly 52 weeks in a calendar year, and there is slightly more than one additional day per year (not including
the effects of leap year) in each calendar year as compared to a 52-week fiscal year, the Company will have a fiscal year comprising
53 weeks in certain fiscal years, as determined by when the last Saturday of the calendar year occurs.
In
those resulting fiscal years that have 53 weeks, the Company will record an extra week of sales, costs, and related financial
activity. Therefore, the financial results of those 53-week fiscal years, and the associated 14-week fourth quarters, will not
be entirely comparable to the prior and subsequent 52-week fiscal years and the associated 13-week quarters. Fiscal years 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.
|
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- DefinitionDisclosure of accounting policy for the classification of shipping and handling costs, including whether the costs are included in cost of sales or included in other income statement accounts. If shipping and handling fees are significant and are not included in cost of sales, disclosure includes both the amounts of such costs and the line item on the income statement which includes such costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- DefinitionDisclosure of accounting policy for trade and other accounts receivables. This disclosure may include the basis at which such receivables are carried in the entity's statements of financial position (for example, net realizable value), how the entity determines the level of its allowance for doubtful accounts, when impairments, charge-offs or recoveries are recognized, and the entity's income recognition policies for such receivables, including its treatment of related fees and costs, its treatment of premiums, discounts or unearned income, when accrual of interest is discontinued, how the entity records payments received on nonaccrual receivables and its policy for resuming accrual of interest on such receivables. If the enterprise holds a large number of similar loans, disclosure may include the accounting policy for the anticipation of prepayments and significant assumptions underlying prepayment estimates for amortization of premiums, discounts, and nonrefundable fees and costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 30, 2017 |
|---|
| Accounting Policies [Abstract] |
|
| 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. |
|
| Schedule of property and equipment |
Property
and equipment are recorded at cost and depreciated using the straight-line method over the following estimated useful lives:
| Buildings and improvements |
|
|
39-50 |
|
| Office furniture and
equipment |
|
|
3-5 |
|
| Manufacturing and engineering
equipment |
|
|
5-10 |
|
| 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.
|
| X |
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- DefinitionTabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 1
-Subparagraph (SX 210.5-02(13))
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- DefinitionTabular disclosure of all or some of the information related to dividends declared, but not paid, as of the financial reporting date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
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| X |
- DefinitionTabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267
Reference 2: http://www.xbrl.org/2003/role/presentationRef
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| X |
- DefinitionTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(b))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Subparagraph (SX 210.5-02(6)(a))
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Topic 210
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- DefinitionTabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
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 |
|
|
| X |
- DefinitionTabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=75019621&loc=d3e62557-112803
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27337-111563
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27198-111563
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75019621&loc=d3e62586-112803
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
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- DefinitionTabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Subparagraph (b)
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-SubTopic 10
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-Paragraph 1
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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
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-Paragraph 2
-Subparagraph (a)
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- DefinitionTabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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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 |
|
|
| X |
- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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-Name Accounting Standards Codification
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-SubTopic 10
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
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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 |
|
|
| X |
- DefinitionTabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258
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-Paragraph 11
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-Paragraph 2
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-Subparagraph (a)
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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.
|
| X |
- DefinitionTabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
-URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688
Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
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| X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 22
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|
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 |
|
|
| X |
- DefinitionTabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
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| X |
- DefinitionTabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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| X |
- DefinitionTabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock options and stock appreciation rights that were outstanding at the beginning and end of the year, exercisable at the end of the year, and the number of stock options and stock appreciation rights that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
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|
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 |
|
|
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
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Accumulated Other Comprehensive Income (Tables)
|
12 Months Ended |
Dec. 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 |
|
| X |
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
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Selected Quarterly Information (Unaudited) (Tables)
|
12 Months Ended |
Dec. 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 |
|
|
| X |
- DefinitionTabular disclosure of quarterly financial data. Includes, but is not limited to, financial information for fiscal quarters, cumulative effect of a change in accounting principle and earnings per share data. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)-(j)
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|
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands |
Dec. 30, 2017 |
Dec. 31, 2016 |
[1] |
| Accounting Policies [Abstract] |
|
|
| Raw materials |
$ 179,659
|
$ 152,497
|
| Work-in-process |
75,754
|
61,048
|
| Finished goods |
262,231
|
271,276
|
| Inventory |
$ 517,644
|
$ 484,821
|
|
|
| X |
- References
+ Details
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| X |
- DefinitionAmount before valuation and LIFO reserves of completed merchandise or goods expected to be sold within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.6(a)(1))
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|
| X |
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-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Subparagraph (b)
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| X |
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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| X |
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Section S99
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-Subparagraph (SX 210.5-02.6(a)(3))
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|
Summary of Significant Accounting Policies (Details 1)
|
12 Months Ended |
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
|
| X |
- DefinitionUseful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.
| Name: |
us-gaap_PropertyPlantAndEquipmentUsefulLife |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingImprovementsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_RangeAxis=us-gaap_MinimumMember |
| Namespace Prefix: |
|
| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_RangeAxis=us-gaap_MaximumMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
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| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=grmn_ManufacturingAndEngineeringEquipmentMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_VehiclesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
Summary of Significant Accounting Policies (Details 2) - $ / shares
|
Jun. 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
|
| X |
- DefinitionDate the declared dividend will be paid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=98513485&loc=d3e4304-108586
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe per share amount of a dividend declared, but not paid, as of the financial reporting date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=98513485&loc=d3e4304-108586
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionDate the holder must own the stock to be entitled to the dividend, in CCYY-MM-DD format.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
|
|
| X |
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| Namespace Prefix: |
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|
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
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
|
| X |
- DefinitionAmount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=77989000&loc=SL49117168-202975
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of increase in asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized resulting from a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
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|
| X |
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| X |
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Subparagraph (g)
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-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
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-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=84229725&loc=d3e961-128460
Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267
| Name: |
us-gaap_GoodwillTranslationAndPurchaseAccountingAdjustments |
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| Balance Type: |
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| Period Type: |
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|
Summary of Significant Accounting Policies (Details 4) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 30, 2017 |
Dec. 31, 2016 |
Dec. 26, 2015 |
| Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] |
|
|
|
|
| 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
|
|
|
| X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred through that date and payable for estimated claims under standard and extended warranty protection rights granted to customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-Subparagraph (c)(5)
-URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(5))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
| Name: |
us-gaap_ProductWarrantyAccrual |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of decrease in the standard and extended product warranty accrual from payments made in cash or in kind to satisfy claims under the terms of the standard and extended product warranty. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-Subparagraph ((c)(2))
-URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249
| Name: |
us-gaap_ProductWarrantyAccrualPayments |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of increase in the standard and extended product warranty accrual from warranties issued. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-Subparagraph ((c)(3))
-URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249
| Name: |
us-gaap_ProductWarrantyAccrualWarrantiesIssued |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
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 |
| Net sales |
|
$ 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] |
|
| Gross profit |
|
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
|
|
|
| Operating income |
|
|
|
|
|
|
|
|
|
668,860
|
|
623,909
|
|
549,581
|
|
|
| Income tax (benefit) provision |
|
|
|
|
|
|
|
|
|
(12,661)
|
|
118,856
|
|
110,960
|
|
|
| Net income |
|
$ 138,780
|
$ 147,413
|
$ 170,950
|
$ 237,812
|
$ 136,605
|
$ 125,054
|
$ 161,064
|
$ 88,092
|
$ 694,955
|
|
$ 510,814
|
|
$ 456,227
|
|
|
| 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
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred costs |
|
$ 48,312
|
|
|
|
$ 47,395
|
|
|
|
$ 48,312
|
|
$ 47,395
|
|
|
|
|
| Total current assets |
|
2,363,925
|
|
|
|
2,263,016
|
|
|
|
2,363,925
|
|
2,263,016
|
|
|
|
|
| Noncurrent deferred income tax |
|
199,343
|
|
|
|
110,293
|
|
|
|
199,343
|
|
110,293
|
|
|
|
|
| Noncurrent deferred costs |
|
73,851
|
|
|
|
56,151
|
|
|
|
73,851
|
|
56,151
|
|
|
|
|
| Total assets |
|
5,010,260
|
|
|
|
4,525,133
|
|
|
|
5,010,260
|
|
4,525,133
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred revenue |
|
139,681
|
|
|
|
146,564
|
|
|
|
139,681
|
|
146,564
|
|
|
|
|
| Total current liabilities |
|
828,656
|
|
|
|
782,735
|
|
|
|
828,656
|
|
782,735
|
|
|
|
|
| Deferred income taxes |
|
75,215
|
|
|
|
61,220
|
|
|
|
75,215
|
|
61,220
|
|
|
|
|
| Non-current deferred revenue |
|
163,840
|
|
|
|
140,407
|
|
|
|
163,840
|
|
140,407
|
|
|
|
|
| Retained earnings |
|
2,368,874
|
|
|
|
2,056,702
|
|
|
|
2,368,874
|
|
2,056,702
|
|
|
|
|
| Accumulated other comprehensive income (loss) |
|
56,045
|
$ (36,761)
|
|
|
(36,761)
|
|
|
|
56,045
|
|
(36,761)
|
|
|
|
|
| Total stockholders' equity |
|
3,802,466
|
|
|
|
3,418,003
|
|
|
|
3,802,466
|
|
3,418,003
|
|
$ 3,345,126
|
|
$ 3,403,367
|
| Total liabilities and stockholders' equity |
|
5,010,260
|
|
|
|
4,525,133
|
|
|
|
5,010,260
|
|
4,525,133
|
|
|
|
|
| Restated [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
[2] |
|
|
|
|
|
|
|
|
3,121,560
|
|
3,045,796
|
|
|
|
|
| Gross profit |
[2] |
|
|
|
|
|
|
|
|
1,797,941
|
|
1,688,525
|
|
|
|
|
| Operating income |
[2] |
|
|
|
|
|
|
|
|
683,637
|
|
632,864
|
|
|
|
|
| Income tax (benefit) provision |
[2] |
|
|
|
|
|
|
|
|
(7,902)
|
|
122,890
|
|
|
|
|
| Net income |
[2] |
|
|
|
|
|
|
|
|
$ 704,973
|
|
$ 515,735
|
|
|
|
|
| Diluted net income per share (in dollars per share) |
[2] |
|
|
|
|
|
|
|
|
$ 3.74
|
|
$ 2.72
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred costs |
[2] |
30,525
|
|
|
|
34,665
|
|
|
|
$ 30,525
|
|
$ 34,665
|
|
|
|
|
| Total current assets |
[2] |
2,346,139
|
|
|
|
2,250,286
|
|
|
|
2,346,139
|
|
2,250,286
|
|
|
|
|
| Noncurrent deferred income tax |
[2] |
189,959
|
|
|
|
105,668
|
|
|
|
189,959
|
|
105,668
|
|
|
|
|
| Noncurrent deferred costs |
[2] |
33,029
|
|
|
|
30,934
|
|
|
|
33,029
|
|
30,934
|
|
|
|
|
| Total assets |
[2] |
4,942,268
|
|
|
|
4,482,560
|
|
|
|
4,942,268
|
|
4,482,560
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred revenue |
[2] |
103,140
|
|
|
|
118,496
|
|
|
|
103,140
|
|
118,496
|
|
|
|
|
| Total current liabilities |
[2] |
792,115
|
|
|
|
754,667
|
|
|
|
792,115
|
|
754,667
|
|
|
|
|
| Deferred income taxes |
[2] |
76,612
|
|
|
|
62,617
|
|
|
|
76,612
|
|
62,617
|
|
|
|
|
| Non-current deferred revenue |
[2] |
87,061
|
|
|
|
91,238
|
|
|
|
87,061
|
|
91,238
|
|
|
|
|
| Retained earnings |
[2] |
2,412,423
|
|
|
|
2,090,233
|
|
|
|
2,412,423
|
|
2,090,233
|
|
|
|
|
| Accumulated other comprehensive income (loss) |
[2] |
56,428
|
|
|
|
(37,024)
|
|
|
|
56,428
|
|
(37,024)
|
|
|
|
|
| Total stockholders' equity |
[2] |
3,846,397
|
|
|
|
3,451,271
|
|
|
|
3,846,397
|
|
3,451,271
|
|
|
|
|
| Total liabilities and stockholders' equity |
[2] |
4,942,267
|
|
|
|
4,482,561
|
|
|
|
4,942,267
|
|
4,482,561
|
|
|
|
|
| Impact [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
|
34,556
|
|
27,131
|
|
|
|
|
| Gross profit |
|
|
|
|
|
|
|
|
|
14,777
|
|
8,955
|
|
|
|
|
| Operating income |
|
|
|
|
|
|
|
|
|
14,777
|
|
8,955
|
|
|
|
|
| Income tax (benefit) provision |
|
|
|
|
|
|
|
|
|
4,759
|
|
4,034
|
|
|
|
|
| Net income |
|
|
|
|
|
|
|
|
|
$ 10,018
|
|
$ 4,921
|
|
|
|
|
| Diluted net income per share (in dollars per share) |
|
|
|
|
|
|
|
|
|
$ 0.06
|
|
$ 0.02
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred costs |
|
(17,787)
|
|
|
|
(12,730)
|
|
|
|
$ (17,787)
|
|
$ (12,730)
|
|
|
|
|
| Total current assets |
|
(17,786)
|
|
|
|
(12,731)
|
|
|
|
(17,786)
|
|
(12,731)
|
|
|
|
|
| Noncurrent deferred income tax |
|
(9,384)
|
|
|
|
(4,625)
|
|
|
|
(9,384)
|
|
(4,625)
|
|
|
|
|
| Noncurrent deferred costs |
|
(40,822)
|
|
|
|
(25,217)
|
|
|
|
(40,822)
|
|
(25,217)
|
|
|
|
|
| Total assets |
|
(67,991)
|
|
|
|
(42,573)
|
|
|
|
(67,991)
|
|
(42,573)
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred revenue |
|
(36,542)
|
|
|
|
(28,068)
|
|
|
|
(36,542)
|
|
(28,068)
|
|
|
|
|
| Total current liabilities |
|
(36,541)
|
|
|
|
(28,068)
|
|
|
|
(36,541)
|
|
(28,068)
|
|
|
|
|
| Deferred income taxes |
|
1,396
|
|
|
|
1,397
|
|
|
|
1,396
|
|
1,397
|
|
|
|
|
| Non-current deferred revenue |
|
(76,779)
|
|
|
|
(49,169)
|
|
|
|
(76,779)
|
|
(49,169)
|
|
|
|
|
| Retained earnings |
|
43,549
|
|
|
|
33,531
|
|
|
|
43,549
|
|
33,531
|
|
|
|
|
| Accumulated other comprehensive income (loss) |
|
382
|
|
|
|
(263)
|
|
|
|
382
|
|
(263)
|
|
|
|
|
| Total stockholders' equity |
|
43,931
|
|
|
|
33,268
|
|
|
|
43,931
|
|
33,268
|
|
|
|
|
| Total liabilities and stockholders' equity |
|
$ (67,992)
|
|
|
|
$ (42,572)
|
|
|
|
$ (67,992)
|
|
$ (42,572)
|
|
|
|
|
|
|
| X |
- DefinitionAccumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- DefinitionThe carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-SubTopic 10
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-SubTopic 10
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-Subparagraph (SAB Topic 13.A.3)
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-SubTopic 10
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-Paragraph 1
-Subparagraph (SAB Topic 13.A.3(b).Q2)
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-Paragraph 2
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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%
|
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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 |
|
|
| X |
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Marketable Securities (Details 1) - USD ($)
$ in Thousands |
12 Months Ended |
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
|
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Marketable Securities (Details 2) - USD ($)
$ in Thousands |
12 Months Ended |
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
|
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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
|
| X |
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-Paragraph 1
-Subparagraph (SX 210.5-02.2)
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Income Taxes (Details) - USD ($)
$ in Thousands |
12 Months Ended |
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
|
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Income Taxes (Details 1) - USD ($)
$ in Thousands |
12 Months Ended |
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
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Income Taxes (Details 3) - USD ($)
$ in Thousands |
12 Months Ended |
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
|
| X |
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Income Taxes (Details Narrative) - USD ($)
$ in Thousands |
12 Months Ended |
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
|
| X |
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Income Taxes (Details Narrative 1) - USD ($)
$ in Thousands |
|
12 Months Ended |
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
|
|
|
| X |
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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
|
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-Paragraph 1
-Subparagraph (SX 210.5-02(1))
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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 |
| Net sales |
$ 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] |
| Gross profit |
$ 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
|
|
| Operating income |
|
|
|
|
|
|
|
|
668,860
|
|
623,909
|
|
549,581
|
|
| Outdoor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
698,867
|
|
546,326
|
|
411,184
|
|
| Gross profit |
|
|
|
|
|
|
|
|
448,410
|
|
340,504
|
|
254,878
|
|
| Operating income |
|
|
|
|
|
|
|
|
249,867
|
|
184,035
|
|
139,070
|
|
| Fitness [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
762,194
|
|
818,486
|
|
661,599
|
|
| Gross profit |
|
|
|
|
|
|
|
|
422,636
|
|
437,205
|
|
366,139
|
|
| Operating income |
|
|
|
|
|
|
|
|
146,765
|
|
160,596
|
|
134,574
|
|
| Marine [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
374,001
|
|
331,947
|
|
286,778
|
|
| Gross profit |
|
|
|
|
|
|
|
|
212,592
|
|
183,709
|
|
158,493
|
|
| Operating income |
|
|
|
|
|
|
|
|
50,328
|
|
52,167
|
|
28,611
|
|
| Auto [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
750,583
|
|
882,558
|
|
1,062,091
|
|
| Gross profit |
|
|
|
|
|
|
|
|
327,921
|
|
388,747
|
|
464,480
|
|
| Operating income |
|
|
|
|
|
|
|
|
67,967
|
|
102,347
|
|
136,069
|
|
| Aviation [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
501,359
|
|
439,348
|
|
398,618
|
|
| Gross profit |
|
|
|
|
|
|
|
|
371,605
|
|
329,405
|
|
294,714
|
|
| Operating income |
|
|
|
|
|
|
|
|
$ 153,933
|
|
$ 124,764
|
|
$ 111,257
|
|
|
|
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-Subparagraph (SX 210.5-03.1,2)
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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 |
| Net sales to external customers |
|
$ 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] |
| Property and equipment, net |
|
595,684
|
|
|
|
482,878
|
|
|
|
595,684
|
|
482,878
|
|
446,089
|
|
| Net assets |
[2] |
3,802,466
|
|
|
|
3,418,003
|
|
|
|
3,802,466
|
|
3,418,003
|
|
3,345,126
|
|
| Americas [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external customers |
[1] |
|
|
|
|
|
|
|
|
1,475,661
|
|
1,518,934
|
|
1,469,243
|
|
| Property and equipment, net |
|
381,974
|
|
|
|
300,158
|
|
|
|
381,974
|
|
300,158
|
|
294,234
|
|
| Net assets |
[2] |
2,325,569
|
|
|
|
2,153,161
|
|
|
|
2,325,569
|
|
2,153,161
|
|
2,110,108
|
|
| APAC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external customers |
[1] |
|
|
|
|
|
|
|
|
436,188
|
|
386,549
|
|
337,888
|
|
| Property and equipment, net |
|
173,392
|
|
|
|
144,470
|
|
|
|
173,392
|
|
144,470
|
|
111,700
|
|
| Net assets |
[2] |
982,898
|
|
|
|
933,999
|
|
|
|
982,898
|
|
933,999
|
|
921,410
|
|
| EMEA [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external customers |
[1] |
|
|
|
|
|
|
|
|
1,175,155
|
|
1,113,182
|
|
1,013,139
|
|
| Property and equipment, net |
|
40,318
|
|
|
|
38,250
|
|
|
|
40,318
|
|
38,250
|
|
40,154
|
|
| Net assets |
[2] |
$ 493,999
|
|
|
|
$ 330,843
|
|
|
|
$ 493,999
|
|
$ 330,843
|
|
$ 313,608
|
|
|
|
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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
|
|
|
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- DefinitionWeighted average price of stock options and SAR that were either forfeited or expired.
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| X |
- DefinitionGross number of share stock options and SAR (or share units) granted during the period.
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| Namespace Prefix: |
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- DefinitionNumber of share stock options and SAR (or share units) exercised during the current period.
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(iii)
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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
|
| X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(3)
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| X |
- DefinitionWeighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- DefinitionThe number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 718
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-Name Accounting Standards Codification
-Topic 718
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| X |
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|
Stock Compensation Plans (Details Narrative) - shares
|
1 Months Ended |
12 Months Ended |
|
|
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
|
|
|
| X |
- DefinitionWeighted average remaining contractual term for stock option and equity-based awards excluding options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
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| X |
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| X |
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| X |
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| Balance Type: |
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| Period Type: |
|
|
| X |
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| Balance Type: |
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| Period Type: |
|
|
| X |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
|
|
| X |
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| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
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| Balance Type: |
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| Period Type: |
|
|
| X |
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|
Stock Compensation Plans (Details Narrative 1) - USD ($)
$ / shares in Units, $ in Thousands |
1 Months Ended |
12 Months Ended |
Jun. 30, 2015 |
Dec. 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
|
| X |
- DefinitionFair value of share-based awards for which the grantee gained the right by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash.
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| X |
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| X |
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|
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| X |
- DefinitionAggregate number of common shares reserved for future issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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| Balance Type: |
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| Balance Type: |
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|
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|
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
|
| X |
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
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-Paragraph 52
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Topic 944
-SubTopic 225
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-Paragraph 1
-Subparagraph (SX 210.7-04(19))
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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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] |
|
|
|
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| Stock repurchase program, authorized amount |
$ 300,000
|
|
|
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| Stock repurchase program, expiration date |
Dec. 31, 2016
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|
|
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| Stock issued for repurchase program, shares |
|
1,474,092
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2,152,716
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3,148,901
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| Stock issued for repurchase program, value |
|
$ 74,523
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$ 93,233
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$ 131,413
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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
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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)
|
|
|
|
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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 |
| Quarterly Financial Information Disclosure [Abstract] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
$ 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] |
| Gross profit |
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
|
|
| Net income |
$ 138,780
|
$ 147,413
|
$ 170,950
|
$ 237,812
|
$ 136,605
|
$ 125,054
|
$ 161,064
|
$ 88,092
|
$ 694,955
|
|
$ 510,814
|
|
$ 456,227
|
|
| 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
|
|
|
|
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| X |
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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 30, 2017 |
Dec. 31, 2016 |
Dec. 26, 2015 |
| Movement in Valuation Allowances and Reserves [Roll Forward] |
|
|
|
| Balance at Beginning of Period |
$ 19,291
|
$ 16,586
|
$ 29,688
|
| Additions Charged to Costs and Expenses |
4,098
|
6,103
|
(2,099)
|
| Additions Charged to Other Accounts |
|
|
|
| Deductions |
(11,954)
|
(3,398)
|
(11,003)
|
| Balance at End of Period |
11,435
|
19,291
|
16,586
|
| Allowance for doubtful accounts [Member] |
|
|
|
| Movement in Valuation Allowances and Reserves [Roll Forward] |
|
|
|
| Balance at Beginning of Period |
14,669
|
13,805
|
18,330
|
| Additions Charged to Costs and Expenses |
1,021
|
4,137
|
(2,521)
|
| Additions Charged to Other Accounts |
|
|
|
| Deductions |
(11,522)
|
(3,273)
|
(2,004)
|
| Balance at End of Period |
4,168
|
14,669
|
13,805
|
| Valuation allowance - Deferred Tax Asset [Member] |
|
|
|
| Movement in Valuation Allowances and Reserves [Roll Forward] |
|
|
|
| Balance at Beginning of Period |
4,622
|
2,781
|
11,358
|
| Additions Charged to Costs and Expenses |
3,077
|
1,966
|
422
|
| Additions Charged to Other Accounts |
|
|
|
| Deductions |
(432)
|
(125)
|
(8,999)
|
| Balance at End of Period |
$ 7,267
|
$ 4,622
|
$ 2,781
|
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| [info] loaded in 4.41 secs at 2018-02-21T18:08:07 - Z:\Live Filings - corporations\2018\Q1\Feb\S2\GARMIN LTD_10K_s109029\Out Bound\V5\Dispatch\grmn-20171230.xml |
| [info] In "Consolidated Balance Sheets", column(s) 2, 4, 5 are contained in other reports, so were removed by flow through suppression. - grmn-20171230.xml |
| [info] In "Consolidated Statements of Income", column(s) 1, 3, 5, 7, 9, 11, 13, 15 are contained in other reports, so were removed by flow through suppression. - grmn-20171230.xml |
| [info] In "Consolidated Statements of Comprehensive Income", column(s) 1, 2, 3, 4, 5, 6, 7, 8 are contained in other reports, so were removed by flow through suppression. - grmn-20171230.xml |
| [info] In "Consolidated Statements of Cash Flows", column(s) 1, 2, 3, 4, 5, 6, 7, 8 are contained in other reports, so were removed by flow through suppression. - grmn-20171230.xml |
|