|
|
Document and Entity Information - USD ($)
$ in Thousands |
12 Months Ended |
|
|
Dec. 29, 2018 |
Feb. 15, 2019 |
Jun. 30, 2018 |
| 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. 29, 2018
|
|
|
| Amendment Flag |
false
|
|
|
| Current Fiscal Year End Date |
--12-29
|
|
|
| Entity a Well-known Seasoned Issuer |
Yes
|
|
|
| Entity a Voluntary Filer |
No
|
|
|
| Entity's Reporting Status Current |
Yes
|
|
|
| Entity Small Business |
false
|
|
|
| Entity Filer Category |
Large Accelerated Filer
|
|
|
| Entity Emerging Growth Company |
false
|
|
|
| Entity Ex Transition Period |
false
|
|
|
| Entity Shell Company |
false
|
|
|
| Entity Public Float |
|
|
$ 7,753,502,173
|
| Entity Common Stock, Shares Outstanding |
|
198,077,418
|
|
| Document Fiscal Period Focus |
FY
|
|
|
| Document Fiscal Year Focus |
2018
|
|
|
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|
Consolidated Balance Sheets - USD ($)
$ in Thousands |
Dec. 29, 2018 |
Dec. 30, 2017 |
| Current assets: |
|
|
| Cash and cash equivalents |
$ 1,201,732
|
$ 891,488
|
| Marketable securities (Note 3) |
182,989
|
161,687
|
| Accounts receivable, less allowance for doubtful accounts of $5,487 in 2018 and $4,168 in 2017 |
569,833
|
590,882
|
| Inventories |
561,840
|
517,644
|
| Deferred costs |
28,462
|
30,525
|
| Prepaid expenses and other current assets |
120,512
|
153,912
|
| Total current assets |
2,665,368
|
2,346,138
|
| Property and equipment, net |
|
|
| Land and improvements |
131,689
|
114,701
|
| Building and improvements |
539,177
|
482,794
|
| Office furniture and equipment |
264,818
|
246,107
|
| Manufacturing equipment |
162,077
|
156,119
|
| Engineering equipment |
154,742
|
141,321
|
| Vehicles |
20,991
|
21,115
|
| Property and equipment, gross |
1,273,494
|
1,162,157
|
| Accumulated depreciation |
(609,967)
|
(566,473)
|
| Property and equipment, net |
663,527
|
595,684
|
| Restricted cash (Note 4) |
73
|
271
|
| Marketable securities (Note 3) |
1,330,123
|
1,260,033
|
| Deferred income taxes (Note 6) |
176,959
|
195,981
|
| Noncurrent deferred costs |
29,473
|
33,029
|
| Intangible assets, net |
417,080
|
409,801
|
| Other assets |
100,255
|
107,352
|
| Total assets |
5,382,858
|
4,948,289
|
| Current liabilities: |
|
|
| Accounts payable |
204,985
|
169,640
|
| Salaries and benefits payable |
113,087
|
102,802
|
| Accrued warranty costs |
38,276
|
36,827
|
| Accrued sales program costs |
90,388
|
93,250
|
| Deferred revenue |
96,372
|
103,140
|
| Accrued royalty costs |
24,646
|
32,204
|
| Accrued advertising expense |
31,657
|
30,987
|
| Other accrued expenses |
69,777
|
93,652
|
| Income taxes payable |
51,642
|
33,638
|
| Dividend payable |
200,483
|
95,975
|
| Total current liabilities |
921,313
|
792,115
|
| Deferred income taxes (Note 6) |
92,944
|
76,612
|
| Noncurrent income taxes |
127,211
|
138,295
|
| Noncurrent deferred revenue |
76,566
|
87,060
|
| Other liabilities |
1,850
|
1,788
|
| Stockholders' equity: |
|
|
| Shares, CHF 0.10 par value, 198,077 shares authorized and issued, 189,461 shares outstanding at December 29, 2018; and 188,189 shares outstanding at December 30, 2017; (Notes 9, 10, and 11): |
17,979
|
17,979
|
| Additional paid-in capital |
1,823,638
|
1,828,386
|
| Treasury stock |
(397,692)
|
(468,818)
|
| Retained earnings |
2,710,619
|
2,418,444
|
| Accumulated other comprehensive income |
8,430
|
56,428
|
| Total stockholders' equity |
4,162,974
|
3,852,419
|
| Total liabilities and stockholders' equity |
$ 5,382,858
|
$ 4,948,289
|
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Consolidated Balance Sheets (Parenthetical)
$ in Thousands |
Dec. 29, 2018
USD ($)
shares
|
Dec. 29, 2018
SFr / shares
|
Dec. 30, 2017
USD ($)
shares
|
Dec. 30, 2017
SFr / shares
|
| Allowance for doubtful accounts | $ |
$ 5,487
|
|
$ 4,168
|
|
| Common shares, authorized |
198,077
|
|
198,077
|
|
| Common shares, issued |
198,077
|
|
198,077
|
|
| Common shares, outstanding |
189,461
|
|
188,189
|
|
| CHF [Member] |
|
|
|
|
| Common shares, par value (in swiss francs per share) | SFr / shares |
|
SFr 0.10
|
|
SFr 0.10
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Consolidated Statements of Income - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Income Statement [Abstract] |
|
|
|
|
| Net sales |
[1] |
$ 3,347,444
|
$ 3,121,560
|
$ 3,045,797
|
| Cost of goods sold |
|
1,367,725
|
1,323,619
|
1,357,272
|
| Gross profit |
|
1,979,719
|
1,797,941
|
1,688,525
|
| Advertising expense |
|
155,394
|
164,693
|
177,143
|
| Selling, general and administrative expenses |
|
478,177
|
437,977
|
410,558
|
| Research and development expense |
|
567,805
|
511,634
|
467,960
|
| Total operating expense |
|
1,201,376
|
1,114,304
|
1,055,661
|
| Operating income |
|
778,343
|
683,637
|
632,864
|
| Other income (expense): |
|
|
|
|
| Interest income |
|
47,147
|
36,925
|
33,406
|
| Foreign currency losses |
|
(7,616)
|
(22,579)
|
(31,651)
|
| Other income (expense) |
|
5,373
|
(912)
|
4,006
|
| Total other income (expense) |
|
44,904
|
13,434
|
5,761
|
| Income before income taxes |
|
823,247
|
697,071
|
638,625
|
| Income tax provision (benefit): (Note 6) |
|
|
|
|
| Current |
|
93,424
|
79,234
|
117,842
|
| Deferred |
|
35,743
|
(91,170)
|
3,059
|
| Income tax provision (benefit) |
|
129,167
|
(11,936)
|
120,901
|
| Net income |
|
$ 694,080
|
$ 709,007
|
$ 517,724
|
| Basic net income per share (Note 10) (in dollars per share) |
|
$ 3.68
|
$ 3.77
|
$ 2.74
|
| Diluted net income per share (Note 10) (in dollars per share) |
|
$ 3.66
|
$ 3.76
|
$ 2.73
|
|
|
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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Statement of Comprehensive Income [Abstract] |
|
|
|
| Net income |
$ 694,080
|
$ 709,007
|
$ 517,724
|
| Foreign currency translation adjustment |
(31,965)
|
88,965
|
4,434
|
| Change in fair value of available-for-sale marketable securities, net of deferred taxes |
(15,581)
|
4,486
|
(11,029)
|
| Comprehensive income |
$ 646,534
|
$ 802,458
|
$ 511,129
|
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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. 26, 2015 |
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|
$ 62,239
|
$ (414,637)
|
$ 1,959,125
|
$ (30,428)
|
$ 3,373,734
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
|
|
|
517,724
|
|
517,724
|
| Translation adjustment |
|
|
|
|
4,434
|
4,434
|
| Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects |
|
|
|
|
(11,029)
|
(11,029)
|
| Comprehensive income |
|
|
|
|
|
511,129
|
| 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)
|
2,092,220
|
(37,023)
|
3,453,259
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
|
|
|
709,007
|
|
709,007
|
| Translation adjustment |
|
|
|
|
88,965
|
88,965
|
| Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects |
|
|
|
|
4,486
|
4,486
|
| Comprehensive income |
|
|
|
|
|
802,458
|
| 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)
|
2,418,444
|
56,428
|
3,852,419
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
|
|
|
694,080
|
|
694,080
|
| Translation adjustment |
|
|
|
|
(31,965)
|
(31,965)
|
| Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects |
|
|
|
|
(15,581)
|
(15,581)
|
| Comprehensive income |
|
|
|
|
|
646,534
|
| Dividends declared |
|
|
|
(400,657)
|
|
(400,657)
|
| Issuance of treasury stock related to equity awards |
|
(61,139)
|
87,781
|
|
|
26,642
|
| Stock compensation |
|
56,391
|
|
|
|
56,391
|
| Purchase of treasury stock related to equity awards |
|
|
(16,655)
|
|
|
(16,655)
|
| Reclassification under ASU (Accounting Standards Update 2016-16 [Member]) at Dec. 29, 2018 |
|
|
|
(1,700)
|
|
(1,700)
|
| Reclassification under ASU (Accounting Standards Update 2018-02 [Member]) at Dec. 29, 2018 |
|
|
|
452
|
(452)
|
|
| Balance at end at Dec. 29, 2018 |
$ 17,979
|
$ 1,823,638
|
$ (397,692)
|
$ 2,710,619
|
$ 8,430
|
$ 4,162,974
|
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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Operating Activities: |
|
|
|
| Net income |
$ 694,080
|
$ 709,007
|
$ 517,724
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation |
64,798
|
59,895
|
55,796
|
| Amortization |
31,396
|
26,357
|
30,544
|
| Gain on sale of property and equipment |
(479)
|
(230)
|
(503)
|
| Provision for doubtful accounts |
2,123
|
1,021
|
4,136
|
| Provision for obsolete and slow-moving inventories |
24,579
|
31,071
|
26,458
|
| Unrealized foreign currency losses |
13,790
|
21,681
|
13,125
|
| Deferred income taxes |
38,978
|
(90,000)
|
3,745
|
| Stock compensation expense |
56,391
|
44,735
|
41,250
|
| Realized losses (gains) on marketable securities |
827
|
991
|
(822)
|
| Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
| Accounts receivable |
5,167
|
(40,088)
|
9,000
|
| Inventories |
(82,316)
|
(38,575)
|
(2,455)
|
| Other current and non-current assets |
7,358
|
(21,608)
|
2,234
|
| Accounts payable |
40,628
|
(17,240)
|
(11,496)
|
| Other current and non-current liabilities |
(1,323)
|
5,627
|
44,766
|
| Deferred revenue |
(17,208)
|
(20,754)
|
(32,733)
|
| Deferred costs |
5,611
|
2,395
|
1,896
|
| Income taxes payable |
35,120
|
(13,443)
|
3,017
|
| Net cash provided by operating activities |
919,520
|
660,842
|
705,682
|
| Investing activities: |
|
|
|
| Purchases of property and equipment |
(155,755)
|
(139,696)
|
(90,960)
|
| Proceeds from sale of property and equipment |
1,600
|
361
|
676
|
| Purchase of intangible assets |
(4,600)
|
(12,232)
|
(5,715)
|
| Purchase of marketable securities |
(403,181)
|
(587,656)
|
(905,089)
|
| Redemption of marketable securities |
283,603
|
635,311
|
957,350
|
| Acquisitions, net of cash acquired |
(29,170)
|
(90,471)
|
(77,945)
|
| Net cash used in investing activities |
(307,503)
|
(194,383)
|
(121,683)
|
| Financing activities: |
|
|
|
| Dividends |
(296,148)
|
(382,976)
|
(481,452)
|
| Tax benefit from issuance of equity awards |
|
|
1,692
|
| Proceeds from issuance of treasury stock related to equity awards |
26,642
|
21,860
|
18,648
|
| Purchase of treasury stock related to equity awards |
(16,655)
|
(12,773)
|
(7,331)
|
| Purchase of treasury stock under share repurchase plan |
|
(74,523)
|
(93,233)
|
| Net cash used in financing activities |
(286,161)
|
(448,412)
|
(561,676)
|
| Effect of exchange rate changes on cash and cash equivalents |
(15,810)
|
26,716
|
(8,656)
|
| Net increase in cash, cash equivalents, and restricted cash |
310,046
|
44,763
|
13,667
|
| Cash, cash equivalents, and restricted cash at beginning of year |
891,759
|
846,996
|
833,329
|
| Cash, cash equivalents, and restricted cash at end of year |
1,201,805
|
891,759
|
846,996
|
| Supplemental disclosures of cash flow information |
|
|
|
| Cash paid during the year for income taxes |
67,592
|
106,146
|
115,548
|
| Cash received during the year from income tax refunds |
6,122
|
3,806
|
4,275
|
| Supplemental disclosure of non-cash investing and financing activities |
|
|
|
| (Decrease) increase in accrued capital expenditures related to purchases of property and equipment |
(14,647)
|
13,864
|
2,154
|
| Change in marketable securities related to unrealized (depreciation) appreciation |
(17,755)
|
4,979
|
(12,123)
|
| Fair value of assets acquired |
31,920
|
128,190
|
91,620
|
| Liabilities assumed |
(2,273)
|
(29,587)
|
(6,344)
|
| Less: cash acquired |
(477)
|
(8,132)
|
(7,331)
|
| Cash paid for acquisitions, net of cash acquired |
$ 29,170
|
$ 90,471
|
$ 77,945
|
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Description of the Business
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| 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/disclosureRef
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Summary of Significant Accounting Policies
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| 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.
As
previously announced and discussed below within the “Recently Adopted Accounting Standards” section of this footnote,
effective beginning in the 2018 fiscal year, we adopted the requirements of Accounting Standards Update (“ASU”) No.
2014-09, Revenue from Contracts with Customers (Topic 606), using the full retrospective method. All amounts and disclosures set
forth in this Form 10-K reflect these changes. Further, as a result of the adoption of certain other accounting standards described
below, effective beginning in the 2018 fiscal year, certain amounts in prior periods have been reclassified to conform to the
current period presentation.
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 2018
and 2017 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 $47,327 and $79,292 as of December 29,
2018 and December 30, 2017, respectively, have been included in accumulated other comprehensive income in the accompanying consolidated
balance sheets.
Transactions
in foreign currencies are recorded at the approximate rate of exchange at the transaction date. Assets and liabilities resulting
from these transactions are translated at the rate of exchange in effect at the balance sheet date. The 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. Net foreign currency losses recorded
in results of operations were $7,616, $22,579, and $31,651 for the years ended December 29, 2018, December 30, 2017, and December
31, 2016, respectively. The loss in fiscal 2018 was due primarily to the USD strengthening against the Euro and British Pound
Sterling, offset by the USD strengthening against the Taiwan Dollar. 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.
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,
Cash Equivalents, and Restricted Cash
Cash
and cash equivalents include cash on hand, operating accounts, money market funds, deposits readily convertible to known amounts
of cash, 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. Restricted cash is reported separately from cash and cash
equivalents on the consolidated balance sheets. See Note 4 for additional information on restricted cash.
The
total of cash and cash equivalents and restricted cash balances presented on the consolidated balance sheet reconciles to the
total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows.
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 21% and 24% of net sales annually since 2016. None of the Company’s
customers accounted for more than or equal to 10% of consolidated net sales in the years ended December 29, 2018, December 30,
2017, and December 31, 2016, respectively.
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
29, 2018 |
|
|
December
30, 2017 |
|
| Raw materials |
|
$ |
205,696 |
|
|
$ |
179,659 |
|
| Work-in-process |
|
|
96,564 |
|
|
|
75,754 |
|
| Finished goods |
|
|
259,580 |
|
|
|
262,231 |
|
| Inventories |
|
$ |
561,840 |
|
|
$ |
517,644 |
|
Property
and Equipment
Property
and equipment are recorded at cost and typically 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 |
As
required by the Property, Plant and Equipment topic of the FASB ASC, the Company reviews property and equipment assets
for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or asset group 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.
Intangible
Assets
At
December 29, 2018, and December 30, 2017, the Company had patents, customer related intangibles and other identifiable finite-lived
intangible assets recorded at a cost of $330,532 and $316,705, respectively. Identifiable, finite-lived intangible assets are
amortized over their estimated useful lives on a straight-line basis typically over three to ten years. Accumulated amortization
was $214,469 and $193,886 at December 29, 2018 and December 30, 2017, respectively. Amortization expense on these intangible assets
was $21,796, $20,863, and $14,319 for the years ended December 29, 2018, December 30, 2017, and December 31, 2016, respectively.
In the next five years, the amortization expense is estimated to be $17,107, $15,125, $11,674, $9,390, and $8,452, respectively.
The
Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $301,017 at December 29, 2018, and
$286,982 at December 30, 2017.
| |
|
December
29, 2018 |
|
|
December
30, 2017 |
|
| Goodwill
balance at beginning of year |
|
$ |
286,982 |
|
|
$ |
224,553 |
|
| Acquisitions |
|
|
16,768 |
|
|
|
58,332 |
|
| Finalization
of purchase price allocations and effect of foreign currency translation |
|
|
(2,733 |
) |
|
|
4,097 |
|
| Goodwill
balance at end of year |
|
$ |
301,017 |
|
|
$ |
286,982 |
|
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 2018. 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 2018, 2017, or 2016.
Dividends
Under
Swiss corporate law, dividends must be approved by shareholders at the general meeting of the Company’s shareholders.
On
June 8, 2018, the shareholders approved a dividend of $2.12 per share (of which, $1.06 was paid in the Company’s 2018 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 29,
2018 |
|
June 18,
2018 |
|
$ |
0.53 |
|
| September 28, 2018 |
|
September 14, 2018 |
|
$ |
0.53 |
|
| December 31, 2018 |
|
December 14, 2018 |
|
$ |
0.53 |
|
| March 29, 2019 |
|
March 15, 2019 |
|
$ |
0.53 |
|
The
Company paid dividends in 2018 in the amount of $296,148, which included three dividend distributions in the fiscal year. Both
the dividends paid and the remaining dividend payable were reported as a reduction of retained earnings.
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, which included four dividend distributions in the fiscal year. 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, which included five dividend distributions in the fiscal year. Both
the dividends paid and the remaining dividend payable were reported as a reduction of retained earnings.
Approximately
$61,129 and $304,674 of retained earnings was indefinitely restricted from distribution to stockholders pursuant to the laws of
Taiwan at December 29, 2018 and December 30, 2017, respectively.
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 29, 2018. Available-for-sale securities
are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income. At December
29, 2018 and December 30, 2017, cumulative unrealized net losses of $38,897 and $22,864, 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 upon the transfer of control of promised products or services to the customer in an amount that depicts
the consideration the Company expects to be entitled to for the related products or services. For the large majority
of the Company’s sales, transfer of control occurs once product has shipped and title and risk of loss have transferred
to the customer. The Company offers certain tangible products with ongoing services promised over a period of time, typically
the useful life of the related tangible product. When we have identified such services as both capable of being distinct and separately
identifiable from the related tangible product, the associated revenue allocated to such services is recognized over time.
The Company generally does not offer specified or unspecified upgrade rights to its customers in connection with software sales.
For
products that include tangible hardware that contains software essential to the tangible product’s functionality and ongoing
services identified as separately identifiable performance obligations, the Company allocates revenue to all performance obligations
based on their relative standalone selling prices (“SSP”), with the amounts allocated to ongoing services deferred
and recognized over a period of time. These ongoing services primarily consist of the Company’s contractual promises to
provide personal navigation device (PND) users with lifetime map updates (LMU) and server-based traffic services. In addition,
we provide map update services (map care) over a contractual period in certain hardware and software contracts with original equipment
manufacturers (OEMs). The Company has determined that directly observable prices do not exist for LMU, map care, or server-based
traffic, as stand-alone and unbundled unit sales do not occur on more than a limited basis. Therefore, the Company uses the expected
cost plus a margin as the primary indicator to calculate relative SSP of the LMU, map care, and traffic performance obligations.
The revenue and associated costs allocated to the LMU, map care, and/or the server-based traffic service are deferred and recognized
ratably over the estimated life of the products of approximately 3 years for PNDs, or the estimated map care period in OEM contracts
of 3-10 years as we believe our efforts related to providing these services are spread evenly throughout the performance period.
In addition to the products listed above, the Company has offered certain other products with ongoing performance obligations
including mobile applications, incremental navigation and/or communication service subscriptions, aviation database subscriptions,
and extended warranties that are individually immaterial.
The
Company records revenue net of sales tax and variable consideration such as trade discounts and customer returns. Payment
is due typically within 90 days or less of shipment of product, or upon the grant of a given software license (as applicable).
The Company records estimated reductions to revenue in the form of variable consideration 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. Cooperative
advertising incentives payable to dealers and distributors are recorded as reductions of revenue unless we obtain proof of a distinct
advertising service, in which case we record the incentive as advertising expense. 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, typically accrued for on a percentage of sales basis.
Deferred
Revenues and Costs
At
December 29, 2018 and December 30, 2017, the Company had deferred revenues totaling $172,938 and $190,200, respectively, and related
deferred costs totaling $57,935 and $63,554, respectively.
Deferred
revenue consists primarily of the transaction price allocated to performance obligations that are recognized over a period of
time basis as discussed in the Revenue Recognition portion of this footnote. Billings associated with such items are typically
completed upon the transfer of control of promised products or services to the customer and recorded to accounts receivable until
payment is received. Deferred costs primarily refer to the royalties incurred by the Company associated with the aforementioned
unsatisfied performance obligations, which are amortized over the same period as the revenue is recognized. The Company typically
pays the associated royalties either monthly or quarterly in arrears, on a per item shipped or installed basis.
The
Company applies a practical expedient, as permitted within ASC 340, to expense as incurred the incremental costs to obtain a contract
when the amortization period of the asset that would have otherwise been recognized is one year or less.
Shipping
and Handling Costs
Shipping
and handling activities are typically performed before the customer obtains control of the good, and the related costs are therefore
expensed as incurred. Shipping and handling costs are included in cost of goods sold in the accompanying consolidated financial
statements.
Product
Warranty
The
Company accrues for estimated future warranty costs at the time products are sold. 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 is 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, marine, and auto OEM products have a warranty period of two years or more from the date of installation. The
Company’s estimates of costs to service its warranty obligations are based on historical experience and
management’s expectations and judgments of future conditions. 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
29, |
|
|
December
30, |
|
|
December
31, |
|
| |
|
2018 |
|
|
2017 |
|
|
2016 |
|
| |
|
|
|
|
|
|
|
|
|
| Balance - beginning of period |
|
$ |
36,827 |
|
|
$ |
37,233 |
|
|
$ |
30,449 |
|
| Accrual
for products sold(1) |
|
|
59,374 |
|
|
|
56,360 |
|
|
|
61,578 |
|
| Expenditures |
|
|
(57,925 |
) |
|
|
(56,766 |
) |
|
|
(54,794 |
) |
| Balance - end of period |
|
$ |
38,276 |
|
|
$ |
36,827 |
|
|
$ |
37,233 |
|
| |
(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. |
Advertising
Costs
The
Company expenses advertising costs as incurred. Advertising expense amounted to approximately $155,394, $164,693, and $177,143
for the years ended December 29, 2018, December 30, 2017, and December 31, 2016, 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 typically expensed as incurred, amounted to approximately $567,805, $511,634, and $467,960 for the years ended December 29,
2018, December 30, 2017, and December 31, 2016, 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. The Company’s 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. The Company 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, they are recorded as discrete
tax items in the period in which 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.
Stock
compensation plans are discussed in detail in Note 9 of the Notes to Consolidated Financial Statements.
Recently
Adopted Accounting Standards
Revenue
from Contracts with Customers
In
May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which
supersedes previous revenue recognition guidance. The FASB issued several updates amending or relating to ASU 2014-09 (collectively,
the “new revenue standard”). The Company has adopted the new revenue standard effective beginning in the 2018 fiscal
year using the full retrospective method, which requires the Company to restate each prior reporting period presented in future
financial statement issuances. The impacts of adopting the new revenue standard relate to our accounting for certain arrangements
within the auto segment.
A
portion of the Company’s auto segment contracts have historically been accounted for under Accounting Standards Codification
(ASC) 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 now 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 had 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 recognize revenue and associated costs of royalties related to certain
broadcast traffic services at the time of hardware and/or software delivery. Specifically, the new revenue standard emphasizes
the timing of the Company’s performance, and upon delivery of the navigation device and/or software, the Company has fully
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 revenue and deferred costs in the auto segment going forward.
Summarized
financial information depicting the impact of the new revenue standard is presented below. 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.
| |
|
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 |
|
|
|
2,346,138 |
|
|
|
(17,787 |
) |
|
|
2,263,016 |
|
|
|
2,250,286 |
|
|
|
(12,730 |
) |
| Deferred income taxes |
|
|
199,343 |
|
|
|
195,981 |
|
|
|
(3,362 |
) |
|
|
110,293 |
|
|
|
107,655 |
|
|
|
(2,638 |
) |
| Noncurrent deferred
costs |
|
|
73,851 |
|
|
|
33,029 |
|
|
|
(40,822 |
) |
|
|
56,151 |
|
|
|
30,934 |
|
|
|
(25,217 |
) |
| Total assets |
|
$ |
5,010,260 |
|
|
$ |
4,948,289 |
|
|
$ |
(61,971 |
) |
|
$ |
4,525,133 |
|
|
$ |
4,484,549 |
|
|
$ |
(40,584 |
) |
| Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred
revenue |
|
|
139,681 |
|
|
|
103,140 |
|
|
|
(36,541 |
) |
|
|
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 |
|
|
|
1,397 |
|
|
|
61,220 |
|
|
|
62,617 |
|
|
|
1,397 |
|
| Non-current deferred
revenue |
|
|
163,840 |
|
|
|
87,060 |
|
|
|
(76,780 |
) |
|
|
140,407 |
|
|
|
91,238 |
|
|
|
(49,169 |
) |
| Retained
earnings |
|
|
2,368,874 |
|
|
|
2,418,444 |
|
|
|
49,570 |
|
|
|
2,056,702 |
|
|
|
2,092,221 |
|
|
|
35,519 |
|
| Accumulated
other comprehensive income |
|
|
56,045 |
|
|
|
56,428 |
|
|
|
383 |
|
|
|
(36,761 |
) |
|
|
(37,024 |
) |
|
|
(263 |
) |
| Total stockholders’
equity |
|
|
3,802,466 |
|
|
|
3,852,419 |
|
|
|
49,953 |
|
|
|
3,418,003 |
|
|
|
3,453,259 |
|
|
|
35,256 |
|
| Total liabilities and
stockholders’ equity |
|
$ |
5,010,260 |
|
|
$ |
4,948,289 |
|
|
$ |
(61,971 |
) |
|
$ |
4,525,133 |
|
|
$ |
4,484,549 |
|
|
$ |
(40,584 |
) |
| |
|
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 |
|
|
$ |
3,045,797 |
|
|
$ |
27,132 |
|
| 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 |
) |
|
|
(11,936 |
) |
|
|
725 |
|
|
|
118,856 |
|
|
|
120,901 |
|
|
|
2,045 |
|
| Net income |
|
$ |
694,955 |
|
|
$ |
709,007 |
|
|
$ |
14,052 |
|
|
$ |
510,814 |
|
|
$ |
517,724 |
|
|
$ |
6,910 |
|
| Diluted net income
per share |
|
$ |
3.68 |
|
|
$ |
3.76 |
|
|
$ |
0.08 |
|
|
$ |
2.70 |
|
|
$ |
2.73 |
|
|
$ |
0.03 |
|
| |
(1) |
The Restated results
presented above are restated under ASC Topic 606. Amounts related to the income tax effect of the new standard that were previously
disclosed as the anticipated adoption impact in Note 2, Summary of Significant Accounting Policies, in the notes to the consolidated
financial statements of our fiscal 2017 Annual Report on Form 10-K filed with the SEC on February 21, 2018 have been revised
in this Note by immaterial amounts in connection with our adoption of ASC Topic 606. |
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. The Company has adopted the
new standard effective beginning in the 2018 fiscal year. The adoption did not have a material impact on the Company’s financial
position or results of operations.
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. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash
Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which requires restricted cash and restricted cash equivalents
to be included with cash and cash equivalents when reconciling changes in the total amounts within the statement of cash flows.
The Company has adopted the new standards effective beginning in the 2018 fiscal year. The adoption of ASU 2016-15 did not have
a material impact to the Company’s statements of cash flows. The amendments of ASU 2016-18 were applied using a retrospective
transition method, resulting in immaterial changes to the presentation of the Company’s statements of cash flows.
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. The Company has adopted the new standard effective beginning
in the 2018 fiscal year, which resulted in a reclassification of approximately $1,700 of certain prepaid tax balances in a cumulative
effect to retained earnings as of the date of adoption.
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. The Company has elected to early adopt the new standard effective beginning in the 2018
fiscal year, resulting in reclassification of approximately $452 from accumulated other comprehensive income into retained earnings.
The tax effects that were reclassified only relate to amounts resulting from the U.S. Tax Cuts and Jobs Act.
|
| X |
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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-URI http://asc.fasb.org/topic&trid=2122369
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duration |
|
Marketable Securities
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| 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 29, 2018 |
|
| |
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| U.S. Treasury
securities |
|
$ |
22,128 |
|
|
$ |
— |
|
|
$ |
22,128 |
|
|
$ |
— |
|
| Agency securities |
|
|
59,116 |
|
|
|
— |
|
|
|
59,116 |
|
|
|
— |
|
| Mortgage-backed securities |
|
|
135,865 |
|
|
|
— |
|
|
|
135,865 |
|
|
|
— |
|
| Corporate securities |
|
|
980,524 |
|
|
|
— |
|
|
|
980,524 |
|
|
|
— |
|
| Municipal securities |
|
|
173,137 |
|
|
|
— |
|
|
|
173,137 |
|
|
|
— |
|
| Other |
|
|
142,342 |
|
|
|
— |
|
|
|
142,342 |
|
|
|
— |
|
| Total |
|
$ |
1,513,112 |
|
|
$ |
— |
|
|
$ |
1,513,112 |
|
|
$ |
— |
|
| |
|
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 |
|
|
$ |
— |
|
Marketable
securities classified as available-for-sale securities are summarized below:
| |
|
Available-For-Sale
Securities as
of December 29, 2018 |
|
| |
|
|
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized Gains |
|
|
Gross
Unrealized Losses |
|
|
Fair
Value |
|
| U.S. Treasury
securities |
|
$ |
22,485 |
|
|
$ |
— |
|
|
$ |
(357 |
) |
|
$ |
22,128 |
|
| Agency securities |
|
|
60,088 |
|
|
|
28 |
|
|
|
(1,000 |
) |
|
|
59,116 |
|
| Mortgage-backed securities |
|
|
142,176 |
|
|
|
1 |
|
|
|
(6,312 |
) |
|
|
135,865 |
|
| Corporate securities |
|
|
1,010,590 |
|
|
|
33 |
|
|
|
(30,099 |
) |
|
|
980,524 |
|
| Municipal securities |
|
|
175,630 |
|
|
|
73 |
|
|
|
(2,566 |
) |
|
|
173,137 |
|
| Other |
|
|
144,606 |
|
|
|
0 |
|
|
|
(2,264 |
) |
|
|
142,342 |
|
| Total |
|
$ |
1,555,575 |
|
|
$ |
135 |
|
|
$ |
(42,598 |
) |
|
$ |
1,513,112 |
|
| |
|
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 |
|
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” 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 2018 and 2017, the Company
did not record any material impairment charges on its outstanding securities.
The
amortized cost and fair value of the securities at an unrealized loss position at December 29, 2018 were $1,488,514 and $1,445,916
respectively. Approximately 86% of securities in our portfolio were at an unrealized loss position at December 29, 2018. 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 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 29, 2018 and December 30, 2017.
| |
|
As
of December 29, 2018 |
|
| |
|
Less
than 12 Consecutive Months |
|
|
12
Consecutive Months or Longer |
|
| |
|
|
|
|
|
|
| |
|
Gross
Unrealized Losses |
|
|
Fair
Value |
|
|
Gross
Unrealized Losses |
|
|
Fair
Value |
|
| U.S. Treasury
securities |
|
$ |
(3 |
) |
|
$ |
3,975 |
|
|
$ |
(354 |
) |
|
$ |
18,153 |
|
| Agency securities |
|
|
(5 |
) |
|
|
4,656 |
|
|
|
(995 |
) |
|
|
40,508 |
|
| Mortgage-backed securities |
|
|
(1 |
) |
|
|
361 |
|
|
|
(6,311 |
) |
|
|
135,323 |
|
| Corporate securities |
|
|
(4,028 |
) |
|
|
323,633 |
|
|
|
(26,071 |
) |
|
|
640,439 |
|
| Municipal securities |
|
|
(454 |
) |
|
|
38,371 |
|
|
|
(2,112 |
) |
|
|
118,362 |
|
| Other |
|
|
(102 |
) |
|
|
8,015 |
|
|
|
(2,162 |
) |
|
|
114,120 |
|
| Total |
|
$ |
(4,593 |
) |
|
$ |
379,011 |
|
|
$ |
(38,005 |
) |
|
$ |
1,066,905 |
|
| |
|
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 |
|
The
amortized cost and fair value of marketable securities at December 29, 2018, 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 |
|
$ |
183,894 |
|
|
$ |
182,989 |
|
| Due after one year
through five years |
|
|
1,261,083 |
|
|
|
1,227,551 |
|
| Due
after five years through ten years |
|
|
110,598 |
|
|
|
102,572 |
|
| |
|
$ |
1,555,575 |
|
|
$ |
1,513,112 |
|
|
| X |
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- DefinitionThe entire disclosure for investments in certain debt and equity securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-URI http://asc.fasb.org/subtopic&trid=2209399
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 320
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Commitments and Contingencies
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
4.
Commitments and Contingencies
Commitments
Rental
expense related to real estate, equipment, and vehicles amounted to $21,096, $18,915, and $19,657 for the years ended December
29, 2018, December 30, 2017, and December 31, 2016, respectively. The Company recognizes rental expense on a straight-line basis
over the lease term.
Future
minimum rental payments are as follows:
| Year |
|
|
Amount |
|
| 2019 |
|
|
$ |
17,170 |
|
| 2020 |
|
|
|
13,961 |
|
| 2021 |
|
|
|
10,559 |
|
| 2022 |
|
|
|
7,290 |
|
| 2023 |
|
|
|
6,947 |
|
| Thereafter |
|
|
|
13,910 |
|
| Total |
|
|
$ |
69,837 |
|
Certain
cash balances are held as collateral in relation to bank guarantees. The total amount of restricted cash was $73 and $271
at December 29, 2018 and December 30, 2017, 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 29, 2018 was approximately $354,553. 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 29,
2018. The results of legal proceedings, investigations and claims, however, cannot be predicted with certainty. An adverse resolution
of one or more of such matters in excess of management’s expectations could have a material adverse effect in the particular
quarter or fiscal year in which a loss is recorded, but based on information currently known, the Company does not believe it
is likely that losses from such matters would have a material adverse effect on the Company’s business or its consolidated
financial position, results of operations or cash flows.
The
Company settled or resolved certain legal matters during the fiscal years ended December 29, 2018, December 30, 2017, and December
31, 2016 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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-URI http://asc.fasb.org/topic&trid=2127136
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|
Employee Benefit Plans
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| 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. During the years ended December 29, 2018, December 30, 2017, and December 31, 2016, expense related to
this and other defined contribution plans of $52,232, $43,826, and $40,844, 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 29, 2018,
December 30, 2017, and December 31, 2016 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 712
-URI http://asc.fasb.org/topic&trid=2197446
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 710
-URI http://asc.fasb.org/topic&trid=2127225
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Income Taxes
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
6.
Income Taxes
The
Company’s income tax provision (benefit) consists of the following:
| |
|
|
Fiscal
Year Ended |
|
| |
|
|
December
29, |
|
|
December
30, |
|
|
December
31, |
|
| |
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
| Federal: |
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
$ |
26,784 |
|
|
$ |
31,343 |
|
|
$ |
66,627 |
|
| Deferred |
|
|
|
13,249 |
|
|
|
50,724 |
|
|
|
4,522 |
|
| |
|
|
$ |
40,033 |
|
|
$ |
82,067 |
|
|
$ |
71,149 |
|
| State: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
$ |
13,015 |
|
|
$ |
4,203 |
|
|
$ |
8,809 |
|
| Deferred |
|
|
|
(1,599 |
) |
|
|
11,684 |
|
|
|
(3,933 |
) |
| |
|
|
$ |
11,416 |
|
|
$ |
15,887 |
|
|
$ |
4,876 |
|
| Foreign: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
$ |
53,625 |
|
|
$ |
43,688 |
|
|
$ |
42,406 |
|
| Deferred |
|
|
|
24,093 |
|
|
|
(153,578 |
) |
|
|
2,470 |
|
| |
|
|
$ |
77,718 |
|
|
$ |
(109,890 |
) |
|
$ |
44,876 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
$ |
129,167 |
|
|
$ |
(11,936 |
) |
|
$ |
120,901 |
|
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
29, |
|
|
December
30, |
|
|
December
31, |
|
| |
|
2018 |
|
|
2017 |
|
|
2016 |
|
| Federal
income tax expense at U.S. statutory rate |
|
$ |
172,882 |
|
|
$ |
243,975 |
|
|
$ |
223,519 |
|
| State
income tax expense, net of federal tax effect |
|
|
5,339 |
|
|
|
5,977 |
|
|
|
2,749 |
|
| Foreign-Derived
Intangible Income Deduction |
|
|
(4,666 |
) |
|
|
— |
|
|
|
— |
|
| Foreign
tax rate differential |
|
|
(38,563 |
) |
|
|
(106,763 |
) |
|
|
(113,078 |
) |
| Other
foreign taxes less incentives and credits |
|
|
(12,841 |
) |
|
|
(4,646 |
) |
|
|
(16,593 |
) |
| Withholding
Tax |
|
|
33,306 |
|
|
|
14,632 |
|
|
|
17,447 |
|
| Net
Change in Uncertain Tax Positions |
|
|
(13,728 |
) |
|
|
5,363 |
|
|
|
17,328 |
|
| Federal
Domestic Production Activities Deduction |
|
|
— |
|
|
|
(3,895 |
) |
|
|
(5,528 |
) |
| Federal
Research and Development Credit |
|
|
(16,562 |
) |
|
|
(10,851 |
) |
|
|
(8,548 |
) |
| Switzerland
Corporate Tax Election |
|
|
— |
|
|
|
(180,034 |
) |
|
|
— |
|
| Share
Based Compensation |
|
|
(2,747 |
) |
|
|
19,916 |
|
|
|
— |
|
| Other,
net |
|
|
6,747 |
|
|
|
4,390 |
|
|
|
3,605 |
|
| Income
tax expense (benefit) |
|
$ |
129,167 |
|
|
$ |
(11,936 |
) |
|
$ |
120,901 |
|
The
Company recorded income tax benefit of $11,936 in the year ended December 30, 2017, which included an income tax benefit of $180,034
primarily related to the revaluation of certain Switzerland deferred tax assets resulting from the Company’s election in
the first quarter of 2017 to align certain Switzerland corporate tax positions with 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 2018 as presented above, the amounts related to tax at the statutory rate would be approximately $108,000
lower, or $65,000, and the foreign tax rate differential would be adjusted by a similar amount to approximately $65,000. For 2017,
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 amount related to tax at the statutory rate would
be approximately $171,000 lower, or $49,000, and the foreign tax differential would be reduced by a similar amount to approximately
$55,000. All other amounts would remain substantially unchanged.
The
Company’s income before income taxes attributable to non-U.S. operations was $532,657, $461,436, and $453,729, for the years
ended December 29, 2018, December 30, 2017, and December 31, 2016, respectively.
Income
taxes of $36,800, $45,534, and $45,291 at December 29, 2018, December 30, 2017, and December 31, 2016, 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
29, |
|
|
December
30, |
|
| |
|
2018 |
|
|
2017 |
|
| Deferred
tax assets: |
|
|
|
|
|
|
|
|
| Product
warranty accruals |
|
$ |
2,468 |
|
|
$ |
2,202 |
|
| Allowance
for doubtful accounts |
|
|
3,964 |
|
|
|
5,129 |
|
| Inventory
reserves |
|
|
6,023 |
|
|
|
6,920 |
|
| Sales
program allowances |
|
|
1,657 |
|
|
|
910 |
|
| Reserve
for sales returns |
|
|
1,368 |
|
|
|
816 |
|
| Accrued
vacation |
|
|
8,179 |
|
|
|
7,121 |
|
| Other
accruals |
|
|
3,336 |
|
|
|
3,601 |
|
| Share
based compensation |
|
|
6,744 |
|
|
|
6,261 |
|
| Tax
credit carryforwards |
|
|
9,697 |
|
|
|
8,413 |
|
| Amortization |
|
|
147,674 |
|
|
|
165,162 |
|
| Net
operating losses |
|
|
3,580 |
|
|
|
8,799 |
|
| Benefit
related to uncertain tax positions |
|
|
5,852 |
|
|
|
5,383 |
|
| Other |
|
|
4,543 |
|
|
|
3,677 |
|
| Valuation
allowance related to loss carryforward and tax credits |
|
|
(4,568 |
) |
|
|
(7,267 |
) |
| |
|
$ |
200,517 |
|
|
$ |
217,127 |
|
| Deferred
tax liabilities: |
|
|
|
|
|
|
|
|
| Depreciation |
|
|
17,543 |
|
|
|
11,674 |
|
| Prepaid
Expenses |
|
|
2,257 |
|
|
|
3,147 |
|
| Book
basis in excess of tax basis for acquired entities |
|
|
14,068 |
|
|
|
17,364 |
|
| Withholding
tax |
|
|
79,660 |
|
|
|
60,555 |
|
| Other |
|
|
2,974 |
|
|
|
5,018 |
|
| |
|
|
116,502 |
|
|
|
97,758 |
|
| Net
deferred tax assets |
|
$ |
84,015 |
|
|
$ |
119,369 |
|
At
December 29, 2018, the Company had $9,697 of tax credit carryover compared to $8,413 at December 30, 2017.
At
December 29, 2018, the Company had a deferred tax asset of $3,580 related to the future tax benefit on net operating loss (NOL)
carryforwards of $15,604. Included in the NOL carryforwards is $1,437 that relates to Finland and expires in varying amounts between
2025 and 2028, $1,889 that relates to various United States state jurisdictions and expires in varying amounts between 2022 and
2037, $1,353 that relates to the Netherlands and expires in 2026, and $10,925 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. Due to the complexities of the new tax
legislation, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”) which allowed for the recognition of provisional
amounts during a measurement period. The Company recorded a provisional remeasurement of its deferred tax assets and liabilities
in the fourth quarter of 2017. The Company filed its U.S. federal and state income tax returns during the third and fourth quarters
of 2018, which did not result in adjustments of its provisional remeasurement of deferred tax assets and liabilities.
The
total amount of gross unrecognized tax benefits as of December 29, 2018 was $118,287. A reconciliation of the beginning and ending
amount of gross unrecognized tax benefits for years ended December 29, 2018, December 30, 2017, and December 31, 2016 is as follows:
| |
|
December
29, |
|
|
December
30, |
|
|
December
31, |
|
| |
|
2018 |
|
|
2017 |
|
|
2016 |
|
| Balance
beginning of year |
|
$ |
130,798 |
|
|
$ |
115,090 |
|
|
$ |
97,904 |
|
| Additions
based on tax positions related to prior years |
|
|
1,138 |
|
|
|
8,564 |
|
|
|
489 |
|
| Reductions
based on tax positions related to prior years |
|
|
(5,340 |
) |
|
|
(983 |
) |
|
|
(940 |
) |
| Additions
based on tax positions related to current period |
|
|
19,368 |
|
|
|
26,295 |
|
|
|
28,859 |
|
| Reductions
related to settlements with tax authorities |
|
|
(527 |
) |
|
|
— |
|
|
|
(134 |
) |
| Expiration of statute
of limitations |
|
|
(27,150 |
) |
|
|
(18,168 |
) |
|
|
(11,088 |
) |
| Balance at end of year |
|
$ |
118,287 |
|
|
$ |
130,798 |
|
|
$ |
115,090 |
|
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 $114,682, $127,306 and
$109,667 are required to be classified as noncurrent at December 29, 2018, December 30, 2017, and December 31, 2016, 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 29, 2018, December
30, 2017, and December 31, 2016, the Company had accrued approximately $6,613, $5,605, and $3,901, respectively, for interest.
The interest component of the reserve increased income tax expense for the years ending December 29, 2018, December 30, 2017,
and December 31, 2016, by $1,008, $1,704, and $1,422 respectively. The Company did not have significant amounts accrued for penalties
for the years ending December 29, 2018, December 30, 2017, and December 31, 2016.
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 2014, 2013, 2016, and 2015, respectively.
The
Company recognized a reduction of income tax expense of $27,106, $17,918, and $11,151 in fiscal years ended December 29, 2018,
December 30, 2017, and December 31, 2016, 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680
| Name: |
us-gaap_IncomeTaxDisclosureTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
nonnum:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Fair Value of Financial Instruments
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| 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
29, 2018 |
|
|
December
30, 2017 |
|
| |
|
Carrying |
|
|
Fair |
|
|
Carrying |
|
|
Fair |
|
| |
|
Amount |
|
|
Value |
|
|
Amount |
|
|
Value |
|
| Cash and
cash equivalents |
|
$ |
1,201,732 |
|
|
$ |
1,201,732 |
|
|
$ |
891,488 |
|
|
$ |
891,488 |
|
| Restricted cash |
|
$ |
73 |
|
|
$ |
73 |
|
|
$ |
271 |
|
|
$ |
271 |
|
| Marketable securities |
|
$ |
1,513,112 |
|
|
$ |
1,513,112 |
|
|
$ |
1,421,720 |
|
|
$ |
1,421,720 |
|
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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-URI http://asc.fasb.org/topic&trid=2155941
| Name: |
us-gaap_FairValueDisclosuresTextBlock |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
nonnum:textBlockItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Segment Information
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Information |
8.
Segment Information
The
Company has identified five reportable segments – 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. Net sales are directly attributed to each segment. Most costs of goods sold and the majority of operating
expenses are also directly attributed to each segment, while certain other costs of goods sold and operating expenses are allocated
to the segments in a manner appropriate to the specific facts and circumstances of the expenses being allocated. 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.
Net
sales (“revenue”), gross profit, and operating income for each of the Company’s reportable segments are presented
below.
| |
|
Reportable
Segments |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 52-Weeks
Ended December 29, 2018 |
|
Outdoor |
|
|
Fitness |
|
|
Marine |
|
|
Auto |
|
|
Aviation |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
|
$ |
809,883 |
|
|
$ |
858,329 |
|
|
$ |
441,560 |
|
|
$ |
634,213 |
|
|
$ |
603,459 |
|
|
$ |
3,347,444 |
|
| Gross
profit |
|
|
528,254 |
|
|
|
471,764 |
|
|
|
258,756 |
|
|
|
270,793 |
|
|
|
450,152 |
|
|
|
1,979,719 |
|
| Operating
income |
|
|
290,510 |
|
|
|
181,745 |
|
|
|
63,344 |
|
|
|
37,998 |
|
|
|
204,746 |
|
|
|
778,343 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 52-Weeks
Ended December 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
|
$ |
698,867 |
|
|
$ |
762,194 |
|
|
$ |
374,001 |
|
|
$ |
785,139 |
|
|
$ |
501,359 |
|
|
$ |
3,1221,560 |
|
| Gross
profit |
|
|
448,410 |
|
|
|
422,636 |
|
|
|
212,592 |
|
|
|
342,698 |
|
|
|
371,605 |
|
|
|
1,797,941 |
|
| Operating
income |
|
|
249,867 |
|
|
|
146,765 |
|
|
|
50,328 |
|
|
|
82,744 |
|
|
|
153,933 |
|
|
|
683,637 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 53-Weeks
Ended December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
|
$ |
546,326 |
|
|
$ |
818,486 |
|
|
$ |
331,947 |
|
|
$ |
909,690 |
|
|
$ |
439,348 |
|
|
$ |
3,045,797 |
|
| Gross
profit |
|
|
340,504 |
|
|
|
437,205 |
|
|
|
183,709 |
|
|
|
397,702 |
|
|
|
329,405 |
|
|
|
1,688,525 |
|
| Operating
income |
|
|
184,035 |
|
|
|
160,596 |
|
|
|
52,167 |
|
|
|
111,302 |
|
|
|
124,764 |
|
|
|
632,864 |
|
Net
sales, property and equipment, and net assets by geographic area are as shown below for the years ended December 29, 2018, December
30, 2017, and December 31, 2016. Note that APAC includes Asia Pacific and Australian Continent, and EMEA includes Europe, the
Middle East and Africa.
| |
|
Americas |
|
|
APAC |
|
|
EMEA |
|
|
Total |
|
| December 29, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales to external customers (1) |
|
$ |
1,596,716 |
|
|
$ |
545,759 |
|
|
$ |
1,204,969 |
|
|
$ |
3,347,444 |
|
| Property and equipment,
net |
|
|
408,992 |
|
|
|
208,964 |
|
|
|
45,571 |
|
|
|
663,527 |
|
| Net
assets (2) |
|
|
2,726,196 |
|
|
|
995,272 |
|
|
|
441,506 |
|
|
|
4,162,974 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales to external customers (1) |
|
$ |
1,504,194 |
|
|
$ |
444,828 |
|
|
$ |
1,172,538 |
|
|
$ |
3,121,560 |
|
| Property and equipment,
net |
|
|
381,974 |
|
|
|
173,392 |
|
|
|
40,318 |
|
|
|
595,684 |
|
| Net
assets (2) |
|
|
2,375,522 |
|
|
|
982,898 |
|
|
|
493,999 |
|
|
|
3,852,419 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales to external customers (1) |
|
$ |
1,538,550 |
|
|
$ |
386,411 |
|
|
$ |
1,120,836 |
|
|
$ |
3,045,797 |
|
| Property and equipment,
net |
|
|
300,158 |
|
|
|
144,470 |
|
|
|
38,250 |
|
|
|
482,878 |
|
| Net
assets (2) |
|
|
2,188,417 |
|
|
|
933,999 |
|
|
|
330,844 |
|
|
|
3,453,260 |
|
| |
(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
| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510
| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Period Type: |
duration |
|
Stock Compensation Plans
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| 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 2018, 2017, and
2016, 10,376, 10,432, and 12,984 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 2018, 2017, and 2016, 1,040,001, 1,044,045, and 1,228,427 RSUs were granted under the 2005 Plan. No SARs were granted
under the 2005 Plan in 2018, 2017, and 2016.
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 2018, 2017, or 2016.
2000
Non-employee Directors’ Option Plan
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 29, 2018, December 30, 2017, and December 31, 2016
is provided below:
| |
|
Stock
Options and SARs |
|
| |
|
|
|
|
|
|
| |
|
Weighted-Average |
|
|
|
|
| |
|
Exercise
Price |
|
|
Number
of Shares |
|
| |
|
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
|
|
| 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 |
|
| Granted |
|
|
|
|
|
|
— |
|
| Exercised |
|
$ |
48.16 |
|
|
|
(304 |
) |
| Forfeited/Expired |
|
$ |
83.01 |
|
|
|
(2 |
) |
| Outstanding
at December 29, 2018 |
|
$ |
50.92 |
|
|
|
86 |
|
| Exercisable
at December 29, 2018 |
|
$ |
50.74 |
|
|
|
76 |
|
| Expected
to vest after December 29, 2018 |
|
$ |
52.44 |
|
|
|
10 |
|
| Stock
Options and SARs as of December 29, 2018 |
|
| Exercise |
|
|
Awards |
|
|
Remaining |
|
|
Awards |
|
| Price |
|
|
Outstanding |
|
|
Life
(Years) |
|
|
Exercisable |
|
| |
|
|
(In
Thousands) |
|
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
|
|
|
|
| $18.00 - $40.00 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| $40.01
- $60.00 |
|
|
|
86 |
|
|
|
5.51 |
|
|
|
76 |
|
| $60.01 - $80.00 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| $80.01 - $100.00 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| $100.01 - $120.00 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| $120.01 - $140.00 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
86 |
|
|
|
5.51 |
|
|
|
76 |
|
| |
|
|
Restricted
Stock Units |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
Weighted-Average |
|
|
|
|
| |
|
|
Grant
Date Fair Value |
|
|
Number
of Shares |
|
| |
|
|
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| 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 |
|
| Granted |
|
|
$ |
58.66 |
|
|
|
1,050 |
|
| Released/Vested |
|
|
$ |
42.55 |
|
|
|
(961 |
) |
| Cancelled |
|
|
$ |
47.91 |
|
|
|
(52 |
) |
| Outstanding
at December 29, 2018 |
|
|
$ |
53.17 |
|
|
|
2,099 |
|
The
weighted-average remaining contract life for stock options and SARs outstanding and exercisable at December 29, 2018 was 5.51
and 5.45 years, respectively. The weighted-average remaining contract life of restricted stock units at December 29, 2018 was
1.21 years.
The
total fair value of awards vested during 2018, 2017, and 2016 was $41,092, $30,280, and $22,429, respectively. The aggregate intrinsic
values of options and SARs outstanding and exercisable at December 29, 2018 were $1,018 and $920, respectively. The aggregate
intrinsic values of options and SARs exercised during 2018, 2017, and 2016 were $4,452, $3,742, and $1,632, respectively. The
aggregate intrinsic value of RSUs outstanding at December 29, 2018 was $131,876. The aggregate intrinsic values of RSUs released
during 2018, 2017, and 2016 were $60,361, $45,424, and $27,386, 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 $62.82 on December 29, 2018. As of December 29, 2018, there was $72,912 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. 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 2018, 2017, and 2016, 463,066, 489,267, and 541,018 shares, respectively,
were purchased under the plan for a total purchase price of $23,709, $20,996, and $18,157, respectively. During 2018, 2017, and
2016, the purchases were issued from treasury shares. At December 29, 2018, approximately 507,301 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-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. 29, 2018 |
|---|
| 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
29,
2018 |
|
|
December
30,
2017 |
|
|
December
31,
2016 |
|
| Numerator: |
|
|
|
|
|
|
|
|
|
| Numerator
for basic and diluted net income per share - net income |
|
$ |
694,080 |
|
|
$ |
709,007 |
|
|
$ |
517,724 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator
for basic net income per share – weighted-average common shares |
|
|
188,635 |
|
|
|
187,828 |
|
|
|
188,818 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Effect
of dilutive securities – employee stock options and stock appreciation rights |
|
|
1,099 |
|
|
|
904 |
|
|
|
525 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator
for diluted net income per share – adjusted weighted-average common shares |
|
|
189,734 |
|
|
|
188,732 |
|
|
|
189,343 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic
net income per share |
|
$ |
3.68 |
|
|
$ |
3.77 |
|
|
$ |
2.74 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted
net income per share |
|
$ |
3.66 |
|
|
$ |
3.76 |
|
|
$ |
2.73 |
|
There
were no outstanding stock options, stock appreciation rights, and restricted stock units (collectively “equity awards”)
excluded from the computation of diluted earnings per share for the 2018 fiscal year because the effect would have been anti-dilutive.
There were 1,175,728 and 3,547,738 equity awards excluded from the computation of diluted earnings per share for the 2017 and
2016 fiscal years, respectively, because the effect would have been anti-dilutive.
|
| X |
- References
+ Details
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- DefinitionThe entire disclosure for earnings per share. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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. 29, 2018 |
|---|
| 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 0 shares in fiscal 2018, 1,474,092
shares using cash of $74,523 in fiscal 2017, and 2,152,716 shares using cash of $93,233 in fiscal 2016.
|
| X |
- References
+ Details
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us-gaap_EquityAbstract |
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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://fasb.org/us-gaap/role/ref/legacyRef
-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. 29, 2018 |
|---|
| 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 29, 2018:
| |
|
Foreign
Currency Translation Adjustment |
|
|
Net
unrealized gains (losses) on available-for-sale securities |
|
|
Total |
|
| Balance
- beginning of period |
|
$ |
79,292 |
|
|
$ |
(22,864 |
) |
|
$ |
56,428 |
|
| Other
comprehensive income before reclassification, net of income tax expense of $2,174 |
|
|
(31,965 |
) |
|
|
(16,283 |
) |
|
|
(48,248 |
) |
| Amounts
reclassified from accumulated other comprehensive income |
|
|
— |
|
|
|
702 |
|
|
|
702 |
|
| Net
current-period other comprehensive income |
|
|
(31,965 |
) |
|
|
(15,581 |
) |
|
|
(47,546 |
) |
| Reclassification
of tax effects due to adoption of ASU 2018-02 |
|
|
— |
|
|
|
(452 |
) |
|
|
(452 |
) |
| Balance
- end of period |
|
$ |
47,327 |
|
|
$ |
(38,897 |
) |
|
$ |
8,430 |
|
The
following provides required disclosure of reporting reclassifications out of AOCI for the year ended December 29, 2018:
| 52-Weeks
Ended Dec 29, 2018 |
| 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 |
|
$ |
(827 |
) |
|
Other income
(expense) |
| |
|
|
125 |
|
|
Income
tax benefit (provision) |
| |
|
$ |
(702 |
) |
|
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://fasb.org/us-gaap/role/ref/legacyRef
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Revenue
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Revenue |
13.
Revenue
In
order to further depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic
factors, we disaggregate revenue (or “net sales”) by geographic region, major product category, and pattern of recognition.
Disaggregated
revenue by geographic region (Americas, APAC, and EMEA) is presented in Note 8 – Segment Information. The Company has identified
six major product categories – aviation, marine, outdoor, fitness, auto PND, and auto OEM. Note 8 also contains disaggregated
revenue information of the aviation, marine, outdoor, and fitness major product categories. Auto segment revenue presented in
Note 8 is comprised of the auto PND and auto OEM major product categories as depicted below.
| |
|
Auto
Revenue by
Major Product Category |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
Fiscal
Year Ended |
|
| |
|
December
29,
2018 |
|
|
December
30,
2017 |
|
|
December
31,
2016 |
|
| Auto PND |
|
|
67 |
% |
|
|
69 |
% |
|
|
76 |
% |
| Auto OEM |
|
|
33 |
% |
|
|
31 |
% |
|
|
24 |
% |
A
large majority of the Company’s sales are recognized on a point in time basis, usually once the product is shipped and title
and risk of loss have transferred to the customer. Sales recognized over a period of time are primarily within the auto segment
and relate to performance obligations that are satisfied over the life of the product or contractual service period. Revenue disaggregated
by the timing of transfer of the goods or services is presented in the table below:
| |
|
Fiscal
Year Ended |
|
| |
|
December
29,
2018 |
|
|
December
30,
2017 |
|
|
December
31,
2016 |
|
| Point in
time |
|
$ |
3,176,949 |
|
|
$ |
2,954,945 |
|
|
$ |
2,864,501 |
|
| Over
time |
|
|
170,495 |
|
|
|
166,615 |
|
|
|
181,296 |
|
| Net
sales |
|
$ |
3,347,444 |
|
|
$ |
3,121,560 |
|
|
$ |
3,045,797 |
|
Transaction
price and costs associated with the Company’s unsatisfied performance obligations are reflected as deferred revenue and
deferred costs, respectively, on the Company’s consolidated balance sheets. Such amounts are recognized ratably over the
applicable service period or estimated useful life. Changes in deferred revenue and costs during the 52-week periods ending December
29, 2018 and December 30, 2017, are presented below:
| |
|
|
Fiscal
Year Ended |
|
| |
|
|
December
29,
2018 |
|
|
December
30,
2017 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Deferred
Revenue(1) |
|
|
Deferred
Costs(2) |
|
|
Deferred
Revenue(1) |
|
|
Deferred
Costs(2) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance,
beginning of period |
|
|
$ |
190,200 |
|
|
$ |
63,554 |
|
|
$ |
209,735 |
|
|
$ |
65,599 |
|
| Deferrals
in period |
|
|
|
153,233 |
|
|
|
36,297 |
|
|
|
147,080 |
|
|
|
39,053 |
|
| Recognition
of deferrals in period |
|
|
|
(170,495 |
) |
|
|
(41,916 |
) |
|
|
(166,615 |
) |
|
|
(41,098 |
) |
| Balance,
end of period |
|
|
$ |
172,938 |
|
|
$ |
57,935 |
|
|
$ |
190,200 |
|
|
$ |
63,554 |
|
(1)
Deferred revenue is comprised of both Deferred revenue and Noncurrent deferred revenue per the Consolidated Balance Sheets
(2)
Deferred costs are comprised of both Deferred costs and Noncurrent deferred costs per the Consolidated Balance Sheets
Of
the $170,495 of deferred revenue recognized in the 52-weeks ended December 29, 2018, $105,924 was deferred as of the beginning
of the period. Of the $166,615 of deferred revenue recognized in the 52-weeks ended December 30, 2017, $114,787 was deferred as
of the beginning of the period.
Of
the $172,938 and $190,200 of deferred revenue at the end of the periods, December 29, 2018, and December 30, 2017, respectively,
approximately two-thirds is recognized ratably over a period of three years or less.
|
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| X |
- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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|
Selected Quarterly Information (Unaudited)
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| Quarterly Financial Information Disclosure [Abstract] |
|
| Selected Quarterly Information (Unaudited) |
14.
Selected Quarterly Information (Unaudited)
| |
|
52-Weeks
Ended December 29, 2018 |
|
| |
|
Quarter
Ending |
|
| |
|
March
31 |
|
|
June
30 |
|
|
September
29 |
|
|
December
29 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
710,872 |
|
|
$ |
894,452 |
|
|
$ |
810,011 |
|
|
$ |
932,108 |
|
| Gross profit |
|
|
426,535 |
|
|
|
523,270 |
|
|
|
480,747 |
|
|
|
549,166 |
|
| Net income |
|
|
129,374 |
|
|
|
190,342 |
|
|
|
184,214 |
|
|
|
190,150 |
|
| Basic net income per share |
|
$ |
0.69 |
|
|
$ |
1.01 |
|
|
$ |
0.98 |
|
|
$ |
1.01 |
|
| Diluted net income per share |
|
$ |
0.68 |
|
|
$ |
1.00 |
|
|
$ |
0.97 |
|
|
$ |
1.00 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
52-Weeks
Ended December 30, 2017 |
|
| |
|
Quarter
Ending |
|
| |
|
April
1 |
|
|
July
1 |
|
|
September
30 |
|
|
December
30 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
641,510 |
|
|
$ |
831,486 |
|
|
$ |
751,244 |
|
|
$ |
897,319 |
|
| Gross profit |
|
|
372,806 |
|
|
|
484,130 |
|
|
|
437,523 |
|
|
|
503,482 |
|
| Net income |
|
|
238,404 |
|
|
|
176,979 |
|
|
|
151,074 |
|
|
|
142,550 |
|
| Basic net income per share |
|
$ |
1.27 |
|
|
$ |
0.94 |
|
|
$ |
0.81 |
|
|
$ |
0.76 |
|
| Diluted net income per share |
|
$ |
1.26 |
|
|
$ |
0.94 |
|
|
$ |
0.80 |
|
|
$ |
0.75 |
|
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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-URI http://asc.fasb.org/topic&trid=2126967
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|
Recently Issued Accounting Pronouncements
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| Recently Issued Accounting Pronouncements |
|
| Recently Issued Accounting Pronouncements |
15.
Recently Issued Accounting Pronouncements
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.
The FASB subsequently issued Accounting Standards Update No. 2018-10 and Accounting Standards Update No. 2018-11 in July 2018,
which provide clarifications and improvements to ASU 2016-02 (collectively, the “new lease standard”). Accounting
Standards Update No. 2018-11 also provides the optional transition method, which allows companies to apply the new lease standard
at the adoption date instead of at the earliest comparative period presented. The new lease standard 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. Additional footnote disclosures related to leases will also be required. The new lease standard
is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018.
The
Company has adopted the new lease standard as of the beginning of its 2019 fiscal year (the Company’s “adoption date”)
using the optional transition method. The Company elected the package of transitional practical expedients upon adoption which,
among other provisions, allows the Company to carry forward historical lease classification. The Company also made an accounting
policy election to not recognize a right-of-use asset and lease liability for short term leases with an original term of 12 months
or less. Expense associated with short term leases will continue to be recognized in the consolidated statements of income on
a straight-line basis over the term of the lease.
Adoption
of the standard resulted in the recognition of a right-of-use asset and a lease liability for operating leases of approximately
$60 million each on the Company’s consolidated balance sheet as of the adoption date, as the Company’s leases are
primarily classified as operating leases. The Company does not expect the new lease standard to have a material impact on the
Company’s consolidated statements of income or consolidated statements of cash flows. Prior periods of the consolidated
financial statements are unchanged due to our election to apply the optional transition method. In conjunction with adopting the
new lease standard, the Company has implemented changes to accounting policies, processes, systems, and internal controls to enable
financial reporting under the new standard.
Intangible
– Goodwill and Other
In
January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangible – Goodwill and Other (Topic 350): Simplify
the Test for Goodwill Impairment (“ASU 2017-04”) which simplifies the accounting for goodwill impairment. ASU 2017-04
removes Step 2 of the goodwill impairment test, such that a goodwill impairment will now be the amount by which a reporting unit’s
carrying value exceeds its fair value. ASU 2017-04 should be applied prospectively and is effective for fiscal years, or any goodwill
impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for any impairment tests performed
after January 1, 2017. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial
statements.
Receivables
– Nonrefundable Fees and Other Costs
In
March 2017, the FASB issued Accounting Standards Update No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Topic
310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”), which shortens the amortization
period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date.
Callable debt securities held at a discount continue to be amortized to maturity. ASU 2017-08 is effective for fiscal years, and
interim periods within those years, beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating
the impact of adopting the new standard on its consolidated financial statements.
|
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-Publisher FASB
-Name Accounting Standards Codification
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Subsequent Events
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
16.
Subsequent Events
On
February 12, 2019, Garmin Ltd. announced the signing of a purchase agreement to acquire Tacx, a privately-held Dutch company,
that designs and manufacturers indoor bike trainers, tools and accessories, as well as indoor training software and applications.
The acquisition is not expected to be material. The completion of the acquisition is subject to customary regulatory approvals
and closing conditions.
|
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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://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 855
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|
Summary of Significant Accounting Policies (Policies)
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| 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.
As
previously announced and discussed below within the “Recently Adopted Accounting Standards” section of this footnote,
effective beginning in the 2018 fiscal year, we adopted the requirements of Accounting Standards Update (“ASU”) No.
2014-09, Revenue from Contracts with Customers (Topic 606), using the full retrospective method. All amounts and disclosures set
forth in this Form 10-K reflect these changes. Further, as a result of the adoption of certain other accounting standards described
below, effective beginning in the 2018 fiscal year, certain amounts in prior periods have been reclassified to conform to the
current period presentation.
|
| 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 2018
and 2017 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 $47,327 and $79,292 as of December 29,
2018 and December 30, 2017, respectively, have been included in accumulated other comprehensive income in the accompanying consolidated
balance sheets.
Transactions
in foreign currencies are recorded at the approximate rate of exchange at the transaction date. Assets and liabilities resulting
from these transactions are translated at the rate of exchange in effect at the balance sheet date. The 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. Net foreign currency losses recorded
in results of operations were $7,616, $22,579, and $31,651 for the years ended December 29, 2018, December 30, 2017, and December
31, 2016, respectively. The loss in fiscal 2018 was due primarily to the USD strengthening against the Euro and British Pound
Sterling, offset by the USD strengthening against the Taiwan Dollar. 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.
|
| 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, Cash Equivalents, and Restricted Cash |
Cash,
Cash Equivalents, and Restricted Cash
Cash
and cash equivalents include cash on hand, operating accounts, money market funds, deposits readily convertible to known amounts
of cash, 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. Restricted cash is reported separately from cash and cash
equivalents on the consolidated balance sheets. See Note 4 for additional information on restricted cash.
The
total of cash and cash equivalents and restricted cash balances presented on the consolidated balance sheet reconciles to the
total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows.
|
| 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 21% and 24% of net sales annually since 2016. None of the Company’s
customers accounted for more than or equal to 10% of consolidated net sales in the years ended December 29, 2018, December 30,
2017, and December 31, 2016, respectively.
|
| 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
29, 2018 |
|
|
December
30, 2017 |
|
| Raw materials |
|
$ |
205,696 |
|
|
$ |
179,659 |
|
| Work-in-process |
|
|
96,564 |
|
|
|
75,754 |
|
| Finished goods |
|
|
259,580 |
|
|
|
262,231 |
|
| Inventories |
|
$ |
561,840 |
|
|
$ |
517,644 |
|
|
| Property and Equipment |
Property
and Equipment
Property
and equipment are recorded at cost and typically 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 |
As
required by the Property, Plant and Equipment topic of the FASB ASC, the Company reviews property and equipment assets
for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or asset group 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.
|
| Intangible Assets |
Intangible
Assets
At
December 29, 2018, and December 30, 2017, the Company had patents, customer related intangibles and other identifiable finite-lived
intangible assets recorded at a cost of $330,532 and $316,705, respectively. Identifiable, finite-lived intangible assets are
amortized over their estimated useful lives on a straight-line basis typically over three to ten years. Accumulated amortization
was $214,469 and $193,886 at December 29, 2018 and December 30, 2017, respectively. Amortization expense on these intangible assets
was $21,796, $20,863, and $14,319 for the years ended December 29, 2018, December 30, 2017, and December 31, 2016, respectively.
In the next five years, the amortization expense is estimated to be $17,107, $15,125, $11,674, $9,390, and $8,452, respectively.
The
Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $301,017 at December 29, 2018, and
$286,982 at December 30, 2017.
| |
|
December
29, 2018 |
|
|
December
30, 2017 |
|
| Goodwill
balance at beginning of year |
|
$ |
286,982 |
|
|
$ |
224,553 |
|
| Acquisitions |
|
|
16,768 |
|
|
|
58,332 |
|
| Finalization
of purchase price allocations and effect of foreign currency translation |
|
|
(2,733 |
) |
|
|
4,097 |
|
| Goodwill
balance at end of year |
|
$ |
301,017 |
|
|
$ |
286,982 |
|
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 2018. 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 2018, 2017, or 2016.
|
| Dividends |
Dividends
Under
Swiss corporate law, dividends must be approved by shareholders at the general meeting of the Company’s shareholders.
On
June 8, 2018, the shareholders approved a dividend of $2.12 per share (of which, $1.06 was paid in the Company’s 2018 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 29,
2018 |
|
June 18,
2018 |
|
$ |
0.53 |
|
| September 28, 2018 |
|
September 14, 2018 |
|
$ |
0.53 |
|
| December 31, 2018 |
|
December 14, 2018 |
|
$ |
0.53 |
|
| March 29, 2019 |
|
March 15, 2019 |
|
$ |
0.53 |
|
The
Company paid dividends in 2018 in the amount of $296,148, which included three dividend distributions in the fiscal year. Both
the dividends paid and the remaining dividend payable were reported as a reduction of retained earnings.
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, which included four dividend distributions in the fiscal year. 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, which included five dividend distributions in the fiscal year. Both
the dividends paid and the remaining dividend payable were reported as a reduction of retained earnings.
Approximately
$61,129 and $304,674 of retained earnings was indefinitely restricted from distribution to stockholders pursuant to the laws of
Taiwan at December 29, 2018 and December 30, 2017, respectively.
|
| 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 29, 2018. Available-for-sale securities
are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income. At December
29, 2018 and December 30, 2017, cumulative unrealized net losses of $38,897 and $22,864, 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 upon the transfer of control of promised products or services to the customer in an amount that depicts
the consideration the Company expects to be entitled to for the related products or services. For the large majority
of the Company’s sales, transfer of control occurs once product has shipped and title and risk of loss have transferred
to the customer. The Company offers certain tangible products with ongoing services promised over a period of time, typically
the useful life of the related tangible product. When we have identified such services as both capable of being distinct and separately
identifiable from the related tangible product, the associated revenue allocated to such services is recognized over time.
The Company generally does not offer specified or unspecified upgrade rights to its customers in connection with software sales.
For
products that include tangible hardware that contains software essential to the tangible product’s functionality and ongoing
services identified as separately identifiable performance obligations, the Company allocates revenue to all performance obligations
based on their relative standalone selling prices (“SSP”), with the amounts allocated to ongoing services deferred
and recognized over a period of time. These ongoing services primarily consist of the Company’s contractual promises to
provide personal navigation device (PND) users with lifetime map updates (LMU) and server-based traffic services. In addition,
we provide map update services (map care) over a contractual period in certain hardware and software contracts with original equipment
manufacturers (OEMs). The Company has determined that directly observable prices do not exist for LMU, map care, or server-based
traffic, as stand-alone and unbundled unit sales do not occur on more than a limited basis. Therefore, the Company uses the expected
cost plus a margin as the primary indicator to calculate relative SSP of the LMU, map care, and traffic performance obligations.
The revenue and associated costs allocated to the LMU, map care, and/or the server-based traffic service are deferred and recognized
ratably over the estimated life of the products of approximately 3 years for PNDs, or the estimated map care period in OEM contracts
of 3-10 years as we believe our efforts related to providing these services are spread evenly throughout the performance period.
In addition to the products listed above, the Company has offered certain other products with ongoing performance obligations
including mobile applications, incremental navigation and/or communication service subscriptions, aviation database subscriptions,
and extended warranties that are individually immaterial.
The
Company records revenue net of sales tax and variable consideration such as trade discounts and customer returns. Payment
is due typically within 90 days or less of shipment of product, or upon the grant of a given software license (as applicable).
The Company records estimated reductions to revenue in the form of variable consideration 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. Cooperative
advertising incentives payable to dealers and distributors are recorded as reductions of revenue unless we obtain proof of a distinct
advertising service, in which case we record the incentive as advertising expense. 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, typically accrued for on a percentage of sales basis.
|
| Deferred Revenues and Costs |
Deferred
Revenues and Costs
At
December 29, 2018 and December 30, 2017, the Company had deferred revenues totaling $172,938 and $190,200, respectively, and related
deferred costs totaling $57,935 and $63,554, respectively.
Deferred
revenue consists primarily of the transaction price allocated to performance obligations that are recognized over a period of
time basis as discussed in the Revenue Recognition portion of this footnote. Billings associated with such items are typically
completed upon the transfer of control of promised products or services to the customer and recorded to accounts receivable until
payment is received. Deferred costs primarily refer to the royalties incurred by the Company associated with the aforementioned
unsatisfied performance obligations, which are amortized over the same period as the revenue is recognized. The Company typically
pays the associated royalties either monthly or quarterly in arrears, on a per item shipped or installed basis.
The
Company applies a practical expedient, as permitted within ASC 340, to expense as incurred the incremental costs to obtain a contract
when the amortization period of the asset that would have otherwise been recognized is one year or less.
|
| Shipping and Handling Costs |
Shipping
and Handling Costs
Shipping
and handling activities are typically performed before the customer obtains control of the good, and the related costs are therefore
expensed as incurred. Shipping and handling costs are included in cost of goods sold in the accompanying consolidated financial
statements.
|
| Product Warranty |
Product
Warranty
The
Company accrues for estimated future warranty costs at the time products are sold. 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 is 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, marine, and
auto OEM products have a warranty period of two years or more from the date of installation. The Company’s
estimates of costs to service its warranty obligations are based on historical experience and management’s expectations
and judgments of future conditions. 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
29, |
|
|
December
30, |
|
|
December
31, |
|
| |
|
2018 |
|
|
2017 |
|
|
2016 |
|
| |
|
|
|
|
|
|
|
|
|
| Balance - beginning of period |
|
$ |
36,827 |
|
|
$ |
37,233 |
|
|
$ |
30,449 |
|
| Accrual
for products sold(1) |
|
|
59,374 |
|
|
|
56,360 |
|
|
|
61,578 |
|
| Expenditures |
|
|
(57,925 |
) |
|
|
(56,766 |
) |
|
|
(54,794 |
) |
| Balance - end of period |
|
$ |
38,276 |
|
|
$ |
36,827 |
|
|
$ |
37,233 |
|
| |
(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. |
|
| Advertising Costs |
Advertising
Costs
The
Company expenses advertising costs as incurred. Advertising expense amounted to approximately $155,394, $164,693, and $177,143
for the years ended December 29, 2018, December 30, 2017, and December 31, 2016, 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 typically expensed as incurred, amounted to approximately $567,805, $511,634, and $467,960 for the years ended December 29,
2018, December 30, 2017, and December 31, 2016, 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. The Company’s 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. The Company 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, they are recorded as discrete
tax items in the period in which 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.
Stock
compensation plans are discussed in detail in Note 9 of the Notes to Consolidated Financial Statements.
|
| Recently Adopted Accounting Standards |
Recently
Adopted Accounting Standards
Revenue
from Contracts with Customers
In
May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which
supersedes previous revenue recognition guidance. The FASB issued several updates amending or relating to ASU 2014-09 (collectively,
the “new revenue standard”). The Company has adopted the new revenue standard effective beginning in the 2018 fiscal
year using the full retrospective method, which requires the Company to restate each prior reporting period presented in future
financial statement issuances. The impacts of adopting the new revenue standard relate to our accounting for certain arrangements
within the auto segment.
A
portion of the Company’s auto segment contracts have historically been accounted for under Accounting Standards Codification
(ASC) 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 now 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 had 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 recognize revenue and associated costs of royalties related to certain
broadcast traffic services at the time of hardware and/or software delivery. Specifically, the new revenue standard emphasizes
the timing of the Company’s performance, and upon delivery of the navigation device and/or software, the Company has fully
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 revenue and deferred costs in the auto segment going forward.
Summarized
financial information depicting the impact of the new revenue standard is presented below. 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.
| |
|
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 |
|
|
|
2,346,138 |
|
|
|
(17,787 |
) |
|
|
2,263,016 |
|
|
|
2,250,286 |
|
|
|
(12,730 |
) |
| Deferred income taxes |
|
|
199,343 |
|
|
|
195,981 |
|
|
|
(3,362 |
) |
|
|
110,293 |
|
|
|
107,655 |
|
|
|
(2,638 |
) |
| Noncurrent deferred
costs |
|
|
73,851 |
|
|
|
33,029 |
|
|
|
(40,822 |
) |
|
|
56,151 |
|
|
|
30,934 |
|
|
|
(25,217 |
) |
| Total assets |
|
$ |
5,010,260 |
|
|
$ |
4,948,289 |
|
|
$ |
(61,971 |
) |
|
$ |
4,525,133 |
|
|
$ |
4,484,549 |
|
|
$ |
(40,584 |
) |
| Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred
revenue |
|
|
139,681 |
|
|
|
103,140 |
|
|
|
(36,541 |
) |
|
|
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 |
|
|
|
1,397 |
|
|
|
61,220 |
|
|
|
62,617 |
|
|
|
1,397 |
|
| Non-current deferred
revenue |
|
|
163,840 |
|
|
|
87,060 |
|
|
|
(76,780 |
) |
|
|
140,407 |
|
|
|
91,238 |
|
|
|
(49,169 |
) |
| Retained
earnings |
|
|
2,368,874 |
|
|
|
2,418,444 |
|
|
|
49,570 |
|
|
|
2,056,702 |
|
|
|
2,092,221 |
|
|
|
35,519 |
|
| Accumulated
other comprehensive income |
|
|
56,045 |
|
|
|
56,428 |
|
|
|
383 |
|
|
|
(36,761 |
) |
|
|
(37,024 |
) |
|
|
(263 |
) |
| Total stockholders’
equity |
|
|
3,802,466 |
|
|
|
3,852,419 |
|
|
|
49,953 |
|
|
|
3,418,003 |
|
|
|
3,453,259 |
|
|
|
35,256 |
|
| Total liabilities and
stockholders’ equity |
|
$ |
5,010,260 |
|
|
$ |
4,948,289 |
|
|
$ |
(61,971 |
) |
|
$ |
4,525,133 |
|
|
$ |
4,484,549 |
|
|
$ |
(40,584 |
) |
| |
|
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 |
|
|
$ |
3,045,797 |
|
|
$ |
27,132 |
|
| 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 |
) |
|
|
(11,936 |
) |
|
|
725 |
|
|
|
118,856 |
|
|
|
120,901 |
|
|
|
2,045 |
|
| Net income |
|
$ |
694,955 |
|
|
$ |
709,007 |
|
|
$ |
14,052 |
|
|
$ |
510,814 |
|
|
$ |
517,724 |
|
|
$ |
6,910 |
|
| Diluted net income
per share |
|
$ |
3.68 |
|
|
$ |
3.76 |
|
|
$ |
0.08 |
|
|
$ |
2.70 |
|
|
$ |
2.73 |
|
|
$ |
0.03 |
|
| |
(1) |
The Restated results presented above are restated
under ASC Topic 606. Amounts related to the income tax effect of the new standard that were previously disclosed as the anticipated
adoption impact in Note 2, Summary of Significant Accounting Policies, in the notes to the consolidated financial statements
of our fiscal 2017 Annual Report on Form 10-K filed with the SEC on February 21, 2018 have been revised in this Note by immaterial
amounts in connection with our adoption of ASC Topic 606. |
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. The Company has adopted the
new standard effective beginning in the 2018 fiscal year. The adoption did not have a material impact on the Company’s financial
position or results of operations.
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. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash
Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which requires restricted cash and restricted cash equivalents
to be included with cash and cash equivalents when reconciling changes in the total amounts within the statement of cash flows.
The Company has adopted the new standards effective beginning in the 2018 fiscal year. The adoption of ASU 2016-15 did not have
a material impact to the Company’s statements of cash flows. The amendments of ASU 2016-18 were applied using a retrospective
transition method, resulting in immaterial changes to the presentation of the Company’s statements of cash flows.
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. The Company has adopted the new standard effective beginning
in the 2018 fiscal year, which resulted in a reclassification of approximately $1,700 of certain prepaid tax balances in a cumulative
effect to retained earnings as of the date of adoption.
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. The Company has elected to early adopt the new standard effective beginning in the 2018
fiscal year, resulting in reclassification of approximately $452 from accumulated other comprehensive income into retained earnings.
The tax effects that were reclassified only relate to amounts resulting from the U.S. Tax Cuts and Jobs Act.
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Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of inventory |
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
29, 2018 |
|
|
December
30, 2017 |
|
| Raw materials |
|
$ |
205,696 |
|
|
$ |
179,659 |
|
| Work-in-process |
|
|
96,564 |
|
|
|
75,754 |
|
| Finished goods |
|
|
259,580 |
|
|
|
262,231 |
|
| Inventories |
|
$ |
561,840 |
|
|
$ |
517,644 |
|
|
| Schedule of property and equipment |
Property
and equipment are recorded at cost and typically 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 intangiable assets |
The
Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $301,017 at December 29, 2018, and
$286,982 at December 30, 2017.
| |
|
December
29, 2018 |
|
|
December
30, 2017 |
|
| Goodwill
balance at beginning of year |
|
$ |
286,982 |
|
|
$ |
224,553 |
|
| Acquisitions |
|
|
16,768 |
|
|
|
58,332 |
|
| Finalization
of purchase price allocations and effect of foreign currency translation |
|
|
(2,733 |
) |
|
|
4,097 |
|
| Goodwill
balance at end of year |
|
$ |
301,017 |
|
|
$ |
286,982 |
|
|
| Schedule of dividends payable |
On
June 8, 2018, the shareholders approved a dividend of $2.12 per share (of which, $1.06 was paid in the Company’s 2018 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 29,
2018 |
|
June 18,
2018 |
|
$ |
0.53 |
|
| September 28, 2018 |
|
September 14, 2018 |
|
$ |
0.53 |
|
| December 31, 2018 |
|
December 14, 2018 |
|
$ |
0.53 |
|
| March 29, 2019 |
|
March 15, 2019 |
|
$ |
0.53 |
|
The
Company paid dividends in 2018 in the amount of $296,148, which included three dividend distributions in the fiscal year. Both
the dividends paid and the remaining dividend payable were reported as a reduction of retained earnings.
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, which included four dividend distributions in the fiscal year. 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 |
|
|
| Schedule of product warranty |
The
following reconciliation provides an illustration of changes in the aggregate warranty accrual:
| |
|
Fiscal
Year Ended |
|
| |
|
December
29, |
|
|
December
30, |
|
|
December
31, |
|
| |
|
2018 |
|
|
2017 |
|
|
2016 |
|
| |
|
|
|
|
|
|
|
|
|
| Balance - beginning of period |
|
$ |
36,827 |
|
|
$ |
37,233 |
|
|
$ |
30,449 |
|
| Accrual
for products sold(1) |
|
|
59,374 |
|
|
|
56,360 |
|
|
|
61,578 |
|
| Expenditures |
|
|
(57,925 |
) |
|
|
(56,766 |
) |
|
|
(54,794 |
) |
| Balance - end of period |
|
$ |
38,276 |
|
|
$ |
36,827 |
|
|
$ |
37,233 |
|
| |
(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 |
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.
| |
|
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 |
|
|
|
2,346,138 |
|
|
|
(17,787 |
) |
|
|
2,263,016 |
|
|
|
2,250,286 |
|
|
|
(12,730 |
) |
| Deferred income taxes |
|
|
199,343 |
|
|
|
195,981 |
|
|
|
(3,362 |
) |
|
|
110,293 |
|
|
|
107,655 |
|
|
|
(2,638 |
) |
| Noncurrent deferred
costs |
|
|
73,851 |
|
|
|
33,029 |
|
|
|
(40,822 |
) |
|
|
56,151 |
|
|
|
30,934 |
|
|
|
(25,217 |
) |
| Total assets |
|
$ |
5,010,260 |
|
|
$ |
4,948,289 |
|
|
$ |
(61,971 |
) |
|
$ |
4,525,133 |
|
|
$ |
4,484,549 |
|
|
$ |
(40,584 |
) |
| Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred
revenue |
|
|
139,681 |
|
|
|
103,140 |
|
|
|
(36,541 |
) |
|
|
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 |
|
|
|
1,397 |
|
|
|
61,220 |
|
|
|
62,617 |
|
|
|
1,397 |
|
| Non-current deferred
revenue |
|
|
163,840 |
|
|
|
87,060 |
|
|
|
(76,780 |
) |
|
|
140,407 |
|
|
|
91,238 |
|
|
|
(49,169 |
) |
| Retained
earnings |
|
|
2,368,874 |
|
|
|
2,418,444 |
|
|
|
49,570 |
|
|
|
2,056,702 |
|
|
|
2,092,221 |
|
|
|
35,519 |
|
| Accumulated
other comprehensive income |
|
|
56,045 |
|
|
|
56,428 |
|
|
|
383 |
|
|
|
(36,761 |
) |
|
|
(37,024 |
) |
|
|
(263 |
) |
| Total stockholders’
equity |
|
|
3,802,466 |
|
|
|
3,852,419 |
|
|
|
49,953 |
|
|
|
3,418,003 |
|
|
|
3,453,259 |
|
|
|
35,256 |
|
| Total liabilities and
stockholders’ equity |
|
$ |
5,010,260 |
|
|
$ |
4,948,289 |
|
|
$ |
(61,971 |
) |
|
$ |
4,525,133 |
|
|
$ |
4,484,549 |
|
|
$ |
(40,584 |
) |
| |
|
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 |
|
|
$ |
3,045,797 |
|
|
$ |
27,132 |
|
| 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 |
) |
|
|
(11,936 |
) |
|
|
725 |
|
|
|
118,856 |
|
|
|
120,901 |
|
|
|
2,045 |
|
| Net income |
|
$ |
694,955 |
|
|
$ |
709,007 |
|
|
$ |
14,052 |
|
|
$ |
510,814 |
|
|
$ |
517,724 |
|
|
$ |
6,910 |
|
| Diluted net income
per share |
|
$ |
3.68 |
|
|
$ |
3.76 |
|
|
$ |
0.08 |
|
|
$ |
2.70 |
|
|
$ |
2.73 |
|
|
$ |
0.03 |
|
| |
(1) |
The Restated results presented above are restated
under ASC Topic 606. Amounts related to the income tax effect of the new standard that were previously disclosed as the anticipated
adoption impact in Note 2, Summary of Significant Accounting Policies, in the notes to the consolidated financial statements
of our fiscal 2017 Annual Report on Form 10-K filed with the SEC on February 21, 2018 have been revised in this Note by immaterial
amounts in connection with our adoption of ASC Topic 606. |
|
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Marketable Securities (Tables)
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| 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 29, 2018 |
|
| |
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| U.S. Treasury
securities |
|
$ |
22,128 |
|
|
$ |
— |
|
|
$ |
22,128 |
|
|
$ |
— |
|
| Agency securities |
|
|
59,116 |
|
|
|
— |
|
|
|
59,116 |
|
|
|
— |
|
| Mortgage-backed securities |
|
|
135,865 |
|
|
|
— |
|
|
|
135,865 |
|
|
|
— |
|
| Corporate securities |
|
|
980,524 |
|
|
|
— |
|
|
|
980,524 |
|
|
|
— |
|
| Municipal securities |
|
|
173,137 |
|
|
|
— |
|
|
|
173,137 |
|
|
|
— |
|
| Other |
|
|
142,342 |
|
|
|
— |
|
|
|
142,342 |
|
|
|
— |
|
| Total |
|
$ |
1,513,112 |
|
|
$ |
— |
|
|
$ |
1,513,112 |
|
|
$ |
— |
|
| |
|
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 |
|
|
$ |
— |
|
|
| Schedule of available for sale securities |
Marketable
securities classified as available-for-sale securities are summarized below:
| |
|
Available-For-Sale
Securities as
of December 29, 2018 |
|
| |
|
|
|
| |
|
Amortized
Cost |
|
|
Gross
Unrealized Gains |
|
|
Gross
Unrealized Losses |
|
|
Fair
Value |
|
| U.S. Treasury
securities |
|
$ |
22,485 |
|
|
$ |
— |
|
|
$ |
(357 |
) |
|
$ |
22,128 |
|
| Agency securities |
|
|
60,088 |
|
|
|
28 |
|
|
|
(1,000 |
) |
|
|
59,116 |
|
| Mortgage-backed securities |
|
|
142,176 |
|
|
|
1 |
|
|
|
(6,312 |
) |
|
|
135,865 |
|
| Corporate securities |
|
|
1,010,590 |
|
|
|
33 |
|
|
|
(30,099 |
) |
|
|
980,524 |
|
| Municipal securities |
|
|
175,630 |
|
|
|
73 |
|
|
|
(2,566 |
) |
|
|
173,137 |
|
| Other |
|
|
144,606 |
|
|
|
0 |
|
|
|
(2,264 |
) |
|
|
142,342 |
|
| Total |
|
$ |
1,555,575 |
|
|
$ |
135 |
|
|
$ |
(42,598 |
) |
|
$ |
1,513,112 |
|
| |
|
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 |
|
| 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 29, 2018 and December 30, 2017.
| |
|
As
of December 29, 2018 |
|
| |
|
Less
than 12 Consecutive Months |
|
|
12
Consecutive Months or Longer |
|
| |
|
|
|
|
|
|
| |
|
Gross
Unrealized Losses |
|
|
Fair
Value |
|
|
Gross
Unrealized Losses |
|
|
Fair
Value |
|
| U.S. Treasury
securities |
|
$ |
(3 |
) |
|
$ |
3,975 |
|
|
$ |
(354 |
) |
|
$ |
18,153 |
|
| Agency securities |
|
|
(5 |
) |
|
|
4,656 |
|
|
|
(995 |
) |
|
|
40,508 |
|
| Mortgage-backed securities |
|
|
(1 |
) |
|
|
361 |
|
|
|
(6,311 |
) |
|
|
135,323 |
|
| Corporate securities |
|
|
(4,028 |
) |
|
|
323,633 |
|
|
|
(26,071 |
) |
|
|
640,439 |
|
| Municipal securities |
|
|
(454 |
) |
|
|
38,371 |
|
|
|
(2,112 |
) |
|
|
118,362 |
|
| Other |
|
|
(102 |
) |
|
|
8,015 |
|
|
|
(2,162 |
) |
|
|
114,120 |
|
| Total |
|
$ |
(4,593 |
) |
|
$ |
379,011 |
|
|
$ |
(38,005 |
) |
|
$ |
1,066,905 |
|
| |
|
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 |
|
| 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 29, 2018, 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 |
|
$ |
183,894 |
|
|
$ |
182,989 |
|
| Due after one year
through five years |
|
|
1,261,083 |
|
|
|
1,227,551 |
|
| Due
after five years through ten years |
|
|
110,598 |
|
|
|
102,572 |
|
| |
|
$ |
1,555,575 |
|
|
$ |
1,513,112 |
|
|
| 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.
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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
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-Paragraph 1
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-Paragraph 2
-Subparagraph (a)
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Income Taxes (Tables)
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of income tax provision |
The
Company’s income tax provision (benefit) consists of the following:
| |
|
|
Fiscal
Year Ended |
|
| |
|
|
December
29, |
|
|
December
30, |
|
|
December
31, |
|
| |
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
| Federal: |
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
$ |
26,784 |
|
|
$ |
31,343 |
|
|
$ |
66,627 |
|
| Deferred |
|
|
|
13,249 |
|
|
|
50,724 |
|
|
|
4,522 |
|
| |
|
|
$ |
40,033 |
|
|
$ |
82,067 |
|
|
$ |
71,149 |
|
| State: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
$ |
13,015 |
|
|
$ |
4,203 |
|
|
$ |
8,809 |
|
| Deferred |
|
|
|
(1,599 |
) |
|
|
11,684 |
|
|
|
(3,933 |
) |
| |
|
|
$ |
11,416 |
|
|
$ |
15,887 |
|
|
$ |
4,876 |
|
| Foreign: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current |
|
|
$ |
53,625 |
|
|
$ |
43,688 |
|
|
$ |
42,406 |
|
| Deferred |
|
|
|
24,093 |
|
|
|
(153,578 |
) |
|
|
2,470 |
|
| |
|
|
$ |
77,718 |
|
|
$ |
(109,890 |
) |
|
$ |
44,876 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
$ |
129,167 |
|
|
$ |
(11,936 |
) |
|
$ |
120,901 |
|
|
| 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
29, |
|
|
December
30, |
|
|
December
31, |
|
| |
|
2018 |
|
|
2017 |
|
|
2016 |
|
| Federal
income tax expense at U.S. statutory rate |
|
$ |
172,882 |
|
|
$ |
243,975 |
|
|
$ |
223,519 |
|
| State
income tax expense, net of federal tax effect |
|
|
5,339 |
|
|
|
5,977 |
|
|
|
2,749 |
|
| Foreign-Derived
Intangible Income Deduction |
|
|
(4,666 |
) |
|
|
— |
|
|
|
— |
|
| Foreign
tax rate differential |
|
|
(38,563 |
) |
|
|
(106,763 |
) |
|
|
(113,078 |
) |
| Other
foreign taxes less incentives and credits |
|
|
(12,841 |
) |
|
|
(4,646 |
) |
|
|
(16,593 |
) |
| Withholding
Tax |
|
|
33,306 |
|
|
|
14,632 |
|
|
|
17,447 |
|
| Net
Change in Uncertain Tax Positions |
|
|
(13,728 |
) |
|
|
5,363 |
|
|
|
17,328 |
|
| Federal
Domestic Production Activities Deduction |
|
|
— |
|
|
|
(3,895 |
) |
|
|
(5,528 |
) |
| Federal
Research and Development Credit |
|
|
(16,562 |
) |
|
|
(10,851 |
) |
|
|
(8,548 |
) |
| Switzerland
Corporate Tax Election |
|
|
— |
|
|
|
(180,034 |
) |
|
|
— |
|
| Share
Based Compensation |
|
|
(2,747 |
) |
|
|
19,916 |
|
|
|
— |
|
| Other,
net |
|
|
6,747 |
|
|
|
4,390 |
|
|
|
3,605 |
|
| Income
tax expense (benefit) |
|
$ |
129,167 |
|
|
$ |
(11,936 |
) |
|
$ |
120,901 |
|
| Schedule of deferred tax assets and liabilities |
Significant
components of the Company’s deferred tax assets and liabilities are as follows:
| |
|
December
29, |
|
|
December
30, |
|
| |
|
2018 |
|
|
2017 |
|
| Deferred
tax assets: |
|
|
|
|
|
|
|
|
| Product
warranty accruals |
|
$ |
2,468 |
|
|
$ |
2,202 |
|
| Allowance
for doubtful accounts |
|
|
3,964 |
|
|
|
5,129 |
|
| Inventory
reserves |
|
|
6,023 |
|
|
|
6,920 |
|
| Sales
program allowances |
|
|
1,657 |
|
|
|
910 |
|
| Reserve
for sales returns |
|
|
1,368 |
|
|
|
816 |
|
| Accrued
vacation |
|
|
8,179 |
|
|
|
7,121 |
|
| Other
accruals |
|
|
3,336 |
|
|
|
3,601 |
|
| Share
based compensation |
|
|
6,744 |
|
|
|
6,261 |
|
| Tax
credit carryforwards |
|
|
9,697 |
|
|
|
8,413 |
|
| Amortization |
|
|
147,674 |
|
|
|
165,162 |
|
| Net
operating losses |
|
|
3,580 |
|
|
|
8,799 |
|
| Benefit
related to uncertain tax positions |
|
|
5,852 |
|
|
|
5,383 |
|
| Other |
|
|
4,543 |
|
|
|
3,677 |
|
| Valuation
allowance related to loss carryforward and tax credits |
|
|
(4,568 |
) |
|
|
(7,267 |
) |
| |
|
$ |
200,517 |
|
|
$ |
217,127 |
|
| Deferred
tax liabilities: |
|
|
|
|
|
|
|
|
| Depreciation |
|
|
17,543 |
|
|
|
11,674 |
|
| Prepaid
Expenses |
|
|
2,257 |
|
|
|
3,147 |
|
| Book
basis in excess of tax basis for acquired entities |
|
|
14,068 |
|
|
|
17,364 |
|
| Withholding
tax |
|
|
79,660 |
|
|
|
60,555 |
|
| Other |
|
|
2,974 |
|
|
|
5,018 |
|
| |
|
|
116,502 |
|
|
|
97,758 |
|
| Net
deferred tax assets |
|
$ |
84,015 |
|
|
$ |
119,369 |
|
|
| Schedule of unrecognized tax benefits |
The
total amount of gross unrecognized tax benefits as of December 29, 2018 was $118,287. A reconciliation of the beginning and ending
amount of gross unrecognized tax benefits for years ended December 29, 2018, December 30, 2017, and December 31, 2016 is as follows:
| |
|
December
29, |
|
|
December
30, |
|
|
December
31, |
|
| |
|
2018 |
|
|
2017 |
|
|
2016 |
|
| Balance
beginning of year |
|
$ |
130,798 |
|
|
$ |
115,090 |
|
|
$ |
97,904 |
|
| Additions
based on tax positions related to prior years |
|
|
1,138 |
|
|
|
8,564 |
|
|
|
489 |
|
| Reductions
based on tax positions related to prior years |
|
|
(5,340 |
) |
|
|
(983 |
) |
|
|
(940 |
) |
| Additions
based on tax positions related to current period |
|
|
19,368 |
|
|
|
26,295 |
|
|
|
28,859 |
|
| Reductions
related to settlements with tax authorities |
|
|
(527 |
) |
|
|
— |
|
|
|
(134 |
) |
| Expiration of statute
of limitations |
|
|
(27,150 |
) |
|
|
(18,168 |
) |
|
|
(11,088 |
) |
| Balance at end of year |
|
$ |
118,287 |
|
|
$ |
130,798 |
|
|
$ |
115,090 |
|
| 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319
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| X |
- DefinitionTabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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| X |
- DefinitionTabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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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. 29, 2018 |
|---|
| 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
29, 2018 |
|
|
December
30, 2017 |
|
| |
|
Carrying |
|
|
Fair |
|
|
Carrying |
|
|
Fair |
|
| |
|
Amount |
|
|
Value |
|
|
Amount |
|
|
Value |
|
| Cash and
cash equivalents |
|
$ |
1,201,732 |
|
|
$ |
1,201,732 |
|
|
$ |
891,488 |
|
|
$ |
891,488 |
|
| Restricted cash |
|
$ |
73 |
|
|
$ |
73 |
|
|
$ |
271 |
|
|
$ |
271 |
|
| Marketable securities |
|
$ |
1,513,112 |
|
|
$ |
1,513,112 |
|
|
$ |
1,421,720 |
|
|
$ |
1,421,720 |
|
| 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13467-108611
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19207-110258
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|
Segment Information (Tables)
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of revenues, gross profit, and operating income |
Net
sales (“revenue”), gross profit, and operating income for each of the Company’s reportable segments are presented
below.
| |
|
Reportable
Segments |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 52-Weeks
Ended December 29, 2018 |
|
Outdoor |
|
|
Fitness |
|
|
Marine |
|
|
Auto |
|
|
Aviation |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
|
$ |
809,883 |
|
|
$ |
858,329 |
|
|
$ |
441,560 |
|
|
$ |
634,213 |
|
|
$ |
603,459 |
|
|
$ |
3,347,444 |
|
| Gross
profit |
|
|
528,254 |
|
|
|
471,764 |
|
|
|
258,756 |
|
|
|
270,793 |
|
|
|
450,152 |
|
|
|
1,979,719 |
|
| Operating
income |
|
|
290,510 |
|
|
|
181,745 |
|
|
|
63,344 |
|
|
|
37,998 |
|
|
|
204,746 |
|
|
|
778,343 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 52-Weeks
Ended December 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
|
$ |
698,867 |
|
|
$ |
762,194 |
|
|
$ |
374,001 |
|
|
$ |
785,139 |
|
|
$ |
501,359 |
|
|
$ |
3,1221,560 |
|
| Gross
profit |
|
|
448,410 |
|
|
|
422,636 |
|
|
|
212,592 |
|
|
|
342,698 |
|
|
|
371,605 |
|
|
|
1,797,941 |
|
| Operating
income |
|
|
249,867 |
|
|
|
146,765 |
|
|
|
50,328 |
|
|
|
82,744 |
|
|
|
153,933 |
|
|
|
683,637 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 53-Weeks
Ended December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales |
|
$ |
546,326 |
|
|
$ |
818,486 |
|
|
$ |
331,947 |
|
|
$ |
909,690 |
|
|
$ |
439,348 |
|
|
$ |
3,045,797 |
|
| Gross
profit |
|
|
340,504 |
|
|
|
437,205 |
|
|
|
183,709 |
|
|
|
397,702 |
|
|
|
329,405 |
|
|
|
1,688,525 |
|
| Operating
income |
|
|
184,035 |
|
|
|
160,596 |
|
|
|
52,167 |
|
|
|
111,302 |
|
|
|
124,764 |
|
|
|
632,864 |
|
|
| Schedule of net sales, long-lived assets and net assets by geographic area |
Net
sales, property and equipment, and net assets by geographic area are as shown below for the years ended December 29, 2018, December
30, 2017, and December 31, 2016. Note that APAC includes Asia Pacific and Australian Continent, and EMEA includes Europe, the
Middle East and Africa.
| |
|
Americas |
|
|
APAC |
|
|
EMEA |
|
|
Total |
|
| December 29, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales to external customers (1) |
|
$ |
1,596,716 |
|
|
$ |
545,759 |
|
|
$ |
1,204,969 |
|
|
$ |
3,347,444 |
|
| Property and equipment,
net |
|
|
408,992 |
|
|
|
208,964 |
|
|
|
45,571 |
|
|
|
663,527 |
|
| Net
assets (2) |
|
|
2,726,196 |
|
|
|
995,272 |
|
|
|
441,506 |
|
|
|
4,162,974 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales to external customers (1) |
|
$ |
1,504,194 |
|
|
$ |
444,828 |
|
|
$ |
1,172,538 |
|
|
$ |
3,121,560 |
|
| Property and equipment,
net |
|
|
381,974 |
|
|
|
173,392 |
|
|
|
40,318 |
|
|
|
595,684 |
|
| Net
assets (2) |
|
|
2,375,522 |
|
|
|
982,898 |
|
|
|
493,999 |
|
|
|
3,852,419 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
sales to external customers (1) |
|
$ |
1,538,550 |
|
|
$ |
386,411 |
|
|
$ |
1,120,836 |
|
|
$ |
3,045,797 |
|
| Property and equipment,
net |
|
|
300,158 |
|
|
|
144,470 |
|
|
|
38,250 |
|
|
|
482,878 |
|
| Net
assets (2) |
|
|
2,188,417 |
|
|
|
933,999 |
|
|
|
330,844 |
|
|
|
3,453,260 |
|
| |
(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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e9038-108599
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868664-224227
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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://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267
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-Topic 280
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-Subparagraph (b)
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-Topic 280
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|
Stock Compensation Plans (Tables)
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| 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 29, 2018, December 30, 2017, and December 31, 2016
is provided below:
| |
|
Stock
Options and SARs |
|
| |
|
|
|
|
|
|
| |
|
Weighted-Average |
|
|
|
|
| |
|
Exercise
Price |
|
|
Number
of Shares |
|
| |
|
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
|
|
| 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 |
|
| Granted |
|
|
|
|
|
|
— |
|
| Exercised |
|
$ |
48.16 |
|
|
|
(304 |
) |
| Forfeited/Expired |
|
$ |
83.01 |
|
|
|
(2 |
) |
| Outstanding
at December 29, 2018 |
|
$ |
50.92 |
|
|
|
86 |
|
| Exercisable
at December 29, 2018 |
|
$ |
50.74 |
|
|
|
76 |
|
| Expected
to vest after December 29, 2018 |
|
$ |
52.44 |
|
|
|
10 |
|
| Schedule of exercise price range |
| Stock
Options and SARs as of December 29, 2018 |
|
| Exercise |
|
|
Awards |
|
|
Remaining |
|
|
Awards |
|
| Price |
|
|
Outstanding |
|
|
Life
(Years) |
|
|
Exercisable |
|
| |
|
|
(In
Thousands) |
|
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
|
|
|
|
| $18.00 - $40.00 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| $40.01
- $60.00 |
|
|
|
86 |
|
|
|
5.51 |
|
|
|
76 |
|
| $60.01 - $80.00 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| $80.01 - $100.00 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| $100.01 - $120.00 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| $120.01 - $140.00 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
86 |
|
|
|
5.51 |
|
|
|
76 |
|
|
| Schedule of restricted stock units award activity |
| |
|
|
Restricted
Stock Units |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
Weighted-Average |
|
|
|
|
| |
|
|
Grant
Date Fair Value |
|
|
Number
of Shares |
|
| |
|
|
|
|
|
|
(In
Thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| 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 |
|
| Granted |
|
|
$ |
58.66 |
|
|
|
1,050 |
|
| Released/Vested |
|
|
$ |
42.55 |
|
|
|
(961 |
) |
| Cancelled |
|
|
$ |
47.91 |
|
|
|
(52 |
) |
| Outstanding
at December 29, 2018 |
|
|
$ |
53.17 |
|
|
|
2,099 |
|
|
| 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://fasb.org/us-gaap/role/ref/legacyRef
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- 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://fasb.org/us-gaap/role/ref/legacyRef
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- 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://fasb.org/us-gaap/role/ref/legacyRef
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|
Earnings Per Share (Tables)
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| 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
29,
2018 |
|
|
December
30,
2017 |
|
|
December
31,
2016 |
|
| Numerator: |
|
|
|
|
|
|
|
|
|
| Numerator
for basic and diluted net income per share - net income |
|
$ |
694,080 |
|
|
$ |
709,007 |
|
|
$ |
517,724 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator
for basic net income per share – weighted-average common shares |
|
|
188,635 |
|
|
|
187,828 |
|
|
|
188,818 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Effect
of dilutive securities – employee stock options and stock appreciation rights |
|
|
1,099 |
|
|
|
904 |
|
|
|
525 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Denominator
for diluted net income per share – adjusted weighted-average common shares |
|
|
189,734 |
|
|
|
188,732 |
|
|
|
189,343 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic
net income per share |
|
$ |
3.68 |
|
|
$ |
3.77 |
|
|
$ |
2.74 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted
net income per share |
|
$ |
3.66 |
|
|
$ |
3.76 |
|
|
$ |
2.73 |
|
| X |
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|
Accumulated Other Comprehensive Income (Tables)
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| 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 29, 2018:
| |
|
Foreign
Currency Translation Adjustment |
|
|
Net
unrealized gains (losses) on available-for-sale securities |
|
|
Total |
|
| Balance
- beginning of period |
|
$ |
79,292 |
|
|
$ |
(22,864 |
) |
|
$ |
56,428 |
|
| Other
comprehensive income before reclassification, net of income tax expense of $2,174 |
|
|
(31,965 |
) |
|
|
(16,283 |
) |
|
|
(48,248 |
) |
| Amounts
reclassified from accumulated other comprehensive income |
|
|
— |
|
|
|
702 |
|
|
|
702 |
|
| Net
current-period other comprehensive income |
|
|
(31,965 |
) |
|
|
(15,581 |
) |
|
|
(47,546 |
) |
| Reclassification
of tax effects due to adoption of ASU 2018-02 |
|
|
— |
|
|
|
(452 |
) |
|
|
(452 |
) |
| Balance
- end of period |
|
$ |
47,327 |
|
|
$ |
(38,897 |
) |
|
$ |
8,430 |
|
| Schedule of reporting reclassifications out of AOCI |
The
following provides required disclosure of reporting reclassifications out of AOCI for the year ended December 29, 2018:
| 52-Weeks
Ended Dec 29, 2018 |
| 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 |
|
$ |
(827 |
) |
|
Other income
(expense) |
| |
|
|
125 |
|
|
Income
tax benefit (provision) |
| |
|
$ |
(702 |
) |
|
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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|
Revenue (Tables)
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Schedule of disaggregated revenue by major product category |
Auto
segment revenue presented in Note 8 is comprised of the auto PND and auto OEM major product categories as depicted below.
| |
|
Auto
Revenue by
Major Product Category |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
Fiscal
Year Ended |
|
| |
|
December
29,
2018 |
|
|
December
30,
2017 |
|
|
December
31,
2016 |
|
| Auto PND |
|
|
67 |
% |
|
|
69 |
% |
|
|
76 |
% |
| Auto OEM |
|
|
33 |
% |
|
|
31 |
% |
|
|
24 |
% |
|
| Schedule of revenue disaggregated |
Revenue
disaggregated by the timing of transfer of the goods or services is presented in the table below:
| |
|
Fiscal
Year Ended |
|
| |
|
December
29,
2018 |
|
|
December
30,
2017 |
|
|
December
31,
2016 |
|
| Point in
time |
|
$ |
3,176,949 |
|
|
$ |
2,954,945 |
|
|
$ |
2,864,501 |
|
| Over
time |
|
|
170,495 |
|
|
|
166,615 |
|
|
|
181,296 |
|
| Net
sales |
|
$ |
3,347,444 |
|
|
$ |
3,121,560 |
|
|
$ |
3,045,797 |
|
|
| Schedule of deferred revenue and costs |
Changes
in deferred revenue and costs during the 52-week periods ending December 29, 2018 and December 30, 2017, are presented below:
| |
|
|
Fiscal
Year Ended |
|
| |
|
|
December
29,
2018 |
|
|
December
30,
2017 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Deferred
Revenue(1) |
|
|
Deferred
Costs(2) |
|
|
Deferred
Revenue(1) |
|
|
Deferred
Costs(2) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance,
beginning of period |
|
|
$ |
190,200 |
|
|
$ |
63,554 |
|
|
$ |
209,735 |
|
|
$ |
65,599 |
|
| Deferrals
in period |
|
|
|
153,233 |
|
|
|
36,297 |
|
|
|
147,080 |
|
|
|
39,053 |
|
| Recognition
of deferrals in period |
|
|
|
(170,495 |
) |
|
|
(41,916 |
) |
|
|
(166,615 |
) |
|
|
(41,098 |
) |
| Balance,
end of period |
|
|
$ |
172,938 |
|
|
$ |
57,935 |
|
|
$ |
190,200 |
|
|
$ |
63,554 |
|
(1)
Deferred revenue is comprised of both Deferred revenue and Noncurrent deferred revenue per the Consolidated Balance Sheets
(2)
Deferred costs are comprised of both Deferred costs and Noncurrent deferred costs per the Consolidated Balance Sheets
|
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
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| X |
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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 5
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|
Selected Quarterly Information (Unaudited) (Tables)
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| Quarterly Financial Information Disclosure [Abstract] |
|
| Schedule of quarterly financial information |
| |
|
52-Weeks
Ended December 29, 2018 |
|
| |
|
Quarter
Ending |
|
| |
|
March
31 |
|
|
June
30 |
|
|
September
29 |
|
|
December
29 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
710,872 |
|
|
$ |
894,452 |
|
|
$ |
810,011 |
|
|
$ |
932,108 |
|
| Gross profit |
|
|
426,535 |
|
|
|
523,270 |
|
|
|
480,747 |
|
|
|
549,166 |
|
| Net income |
|
|
129,374 |
|
|
|
190,342 |
|
|
|
184,214 |
|
|
|
190,150 |
|
| Basic net income per share |
|
$ |
0.69 |
|
|
$ |
1.01 |
|
|
$ |
0.98 |
|
|
$ |
1.01 |
|
| Diluted net income per share |
|
$ |
0.68 |
|
|
$ |
1.00 |
|
|
$ |
0.97 |
|
|
$ |
1.00 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
52-Weeks
Ended December 30, 2017 |
|
| |
|
Quarter
Ending |
|
| |
|
April
1 |
|
|
July
1 |
|
|
September
30 |
|
|
December
30 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
$ |
641,510 |
|
|
$ |
831,486 |
|
|
$ |
751,244 |
|
|
$ |
897,319 |
|
| Gross profit |
|
|
372,806 |
|
|
|
484,130 |
|
|
|
437,523 |
|
|
|
503,482 |
|
| Net income |
|
|
238,404 |
|
|
|
176,979 |
|
|
|
151,074 |
|
|
|
142,550 |
|
| Basic net income per share |
|
$ |
1.27 |
|
|
$ |
0.94 |
|
|
$ |
0.81 |
|
|
$ |
0.76 |
|
| Diluted net income per share |
|
$ |
1.26 |
|
|
$ |
0.94 |
|
|
$ |
0.80 |
|
|
$ |
0.75 |
|
|
| X |
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-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 50
-Paragraph 1
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Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands |
Dec. 29, 2018 |
Dec. 30, 2017 |
| Accounting Policies [Abstract] |
|
|
| Raw materials |
$ 205,696
|
$ 179,659
|
| Work-in-process |
96,564
|
75,754
|
| Finished goods |
259,580
|
262,231
|
| Inventories |
$ 561,840
|
$ 517,644
|
| X |
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-Topic 210
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-Paragraph 1
-Subparagraph (SX 210.5-02.6(a)(1))
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-Topic 210
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-Paragraph 1
-Subparagraph (b)
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-Topic 330
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-Paragraph 2
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-Paragraph 1
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Summary of Significant Accounting Policies (Details 1)
|
12 Months Ended |
Dec. 29, 2018 |
|---|
| 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.
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|
| X |
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|
Summary of Significant Accounting Policies (Details 2) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
| Goodwill [Roll Forward] |
|
|
| Goodwill balance at beginning of year |
$ 286,982
|
$ 224,553
|
| Acquisitions |
16,768
|
58,332
|
| Finalization of purchase price allocations and effect of foreign currency translation |
(2,733)
|
4,097
|
| Goodwill balance at end of year |
$ 301,017
|
$ 286,982
|
| 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://fasb.org/us-gaap/role/ref/legacyRef
-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
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
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-Name Accounting Standards Codification
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-SubTopic 20
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-Paragraph 1
-Subparagraph (b)
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-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
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-Paragraph 16
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-Paragraph 1
-Subparagraph (g)
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-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267
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|
Summary of Significant Accounting Policies (Details 3) - $ / shares
|
Jun. 08, 2018 |
Jun. 09, 2017 |
Jun. 10, 2016 |
| Dividend Payable 1 [Member] |
|
|
|
| Dividend Date |
Jun. 29, 2018
|
Jun. 30, 2017
|
Jun. 30, 2016
|
| Record Date |
Jun. 18, 2018
|
Jun. 19, 2017
|
Jun. 16, 2016
|
| Dividend per share |
$ 0.53
|
$ 0.51
|
$ 0.51
|
| Dividend Payable 2 [Member] |
|
|
|
| Dividend Date |
Sep. 28, 2018
|
Sep. 29, 2017
|
Sep. 30, 2016
|
| Record Date |
Sep. 14, 2018
|
Sep. 15, 2017
|
Sep. 15, 2016
|
| Dividend per share |
$ 0.53
|
$ 0.51
|
$ 0.51
|
| Dividend Payable 3 [Member] |
|
|
|
| Dividend Date |
Dec. 31, 2018
|
Dec. 29, 2017
|
Dec. 30, 2016
|
| Record Date |
Dec. 14, 2018
|
Dec. 15, 2017
|
Dec. 14, 2016
|
| Dividend per share |
$ 0.53
|
$ 0.51
|
$ 0.51
|
| Dividend Payable 4 [Member] |
|
|
|
| Dividend Date |
Mar. 29, 2019
|
Mar. 30, 2018
|
Mar. 31, 2017
|
| Record Date |
Mar. 15, 2019
|
Mar. 15, 2018
|
Mar. 15, 2017
|
| Dividend per share |
$ 0.53
|
$ 0.51
|
$ 0.51
|
| X |
- DefinitionDate the declared dividend will be paid, in CCYY-MM-DD format. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 3
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| X |
- DefinitionThe per share amount of a dividend declared, but not paid, as of the financial reporting date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
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-Paragraph 3
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Summary of Significant Accounting Policies (Details 4) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] |
|
|
|
|
| Balance - beginning of period |
|
$ 36,827
|
$ 37,233
|
$ 30,449
|
| Accrual for products sold |
[1] |
59,374
|
56,360
|
61,578
|
| Expenditures |
|
(57,925)
|
(56,766)
|
(54,794)
|
| Balance - end of period |
|
$ 38,276
|
$ 36,827
|
$ 37,233
|
|
|
| X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
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| X |
- 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://fasb.org/us-gaap/role/ref/legacyRef
-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
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-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 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-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
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| Balance Type: |
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| Period Type: |
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|
| 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-Subparagraph ((c)(2))
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| Period Type: |
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|
| X |
- DefinitionAmount of increase in the standard and extended product warranty accrual from warranties issued. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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
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|
Summary of Significant Accounting Policies (Details 5) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
|
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Dec. 26, 2015 |
| Gross profit |
|
$ 549,166
|
$ 480,747
|
$ 523,270
|
$ 426,535
|
$ 503,482
|
$ 437,523
|
$ 484,130
|
$ 372,806
|
$ 1,979,719
|
$ 1,797,941
|
$ 1,688,525
|
|
| Operating income |
|
|
|
|
|
|
|
|
|
778,343
|
683,637
|
632,864
|
|
| Income tax (benefit) provision |
|
|
|
|
|
|
|
|
|
129,167
|
(11,936)
|
120,901
|
|
| Net income |
|
$ 190,150
|
$ 184,214
|
$ 190,342
|
$ 129,374
|
$ 142,550
|
$ 151,074
|
$ 176,979
|
$ 238,404
|
$ 694,080
|
$ 709,007
|
$ 517,724
|
|
| Diluted net income per share (in dollars per share) |
|
$ 1.00
|
$ 0.97
|
$ 1.00
|
$ 0.68
|
$ 0.75
|
$ 0.80
|
$ 0.94
|
$ 1.26
|
$ 3.66
|
$ 3.76
|
$ 2.73
|
|
| Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred costs |
|
$ 28,462
|
|
|
|
$ 30,525
|
|
|
|
$ 28,462
|
$ 30,525
|
|
|
| Total current assets |
|
2,665,368
|
|
|
|
2,346,138
|
|
|
|
2,665,368
|
2,346,138
|
|
|
| Deferred income taxes |
|
176,959
|
|
|
|
195,981
|
|
|
|
176,959
|
195,981
|
|
|
| Noncurrent deferred costs |
|
29,473
|
|
|
|
33,029
|
|
|
|
29,473
|
33,029
|
|
|
| Total assets |
|
5,382,858
|
|
|
|
4,948,289
|
|
|
|
5,382,858
|
4,948,289
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred revenue |
|
96,372
|
|
|
|
103,140
|
|
|
|
96,372
|
103,140
|
|
|
| Total current liabilities |
|
921,313
|
|
|
|
792,115
|
|
|
|
921,313
|
792,115
|
|
|
| Deferred income taxes |
|
92,944
|
|
|
|
76,612
|
|
|
|
92,944
|
76,612
|
|
|
| Non-current deferred revenue |
|
76,566
|
|
|
|
87,060
|
|
|
|
76,566
|
87,060
|
|
|
| Retained earnings |
|
2,710,619
|
|
|
|
2,418,444
|
|
|
|
2,710,619
|
2,418,444
|
|
|
| Accumulated other comprehensive income |
|
8,430
|
|
|
|
56,428
|
|
|
|
8,430
|
56,428
|
|
|
| Total stockholders' equity |
|
4,162,974
|
|
|
|
3,852,419
|
|
|
|
4,162,974
|
3,852,419
|
$ 3,453,259
|
$ 3,373,734
|
| Total liabilities and stockholders' equity |
|
$ 5,382,858
|
|
|
|
4,948,289
|
|
|
|
$ 5,382,858
|
4,948,289
|
|
|
| As Reported [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
|
|
3,087,004
|
3,018,665
|
|
| Gross profit |
|
|
|
|
|
|
|
|
|
|
1,783,164
|
1,679,570
|
|
| Operating income |
|
|
|
|
|
|
|
|
|
|
668,860
|
623,909
|
|
| Income tax (benefit) provision |
|
|
|
|
|
|
|
|
|
|
(12,661)
|
118,856
|
|
| Net income |
|
|
|
|
|
|
|
|
|
|
$ 694,955
|
$ 510,814
|
|
| Diluted net income per share (in dollars per share) |
|
|
|
|
|
|
|
|
|
|
$ 3.68
|
$ 2.7
|
|
| Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred costs |
|
|
|
|
|
48,312
|
|
|
|
|
$ 48,312
|
$ 47,395
|
|
| Total current assets |
|
|
|
|
|
2,363,925
|
|
|
|
|
2,363,925
|
2,263,016
|
|
| Deferred income taxes |
|
|
|
|
|
199,343
|
|
|
|
|
199,343
|
110,293
|
|
| Noncurrent deferred costs |
|
|
|
|
|
73,851
|
|
|
|
|
73,851
|
56,151
|
|
| Total assets |
|
|
|
|
|
5,010,260
|
|
|
|
|
5,010,260
|
4,525,133
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred revenue |
|
|
|
|
|
139,681
|
|
|
|
|
139,681
|
146,564
|
|
| Total current liabilities |
|
|
|
|
|
828,656
|
|
|
|
|
828,656
|
782,735
|
|
| Deferred income taxes |
|
|
|
|
|
75,215
|
|
|
|
|
75,215
|
61,220
|
|
| Non-current deferred revenue |
|
|
|
|
|
163,840
|
|
|
|
|
163,840
|
140,407
|
|
| Retained earnings |
|
|
|
|
|
2,368,874
|
|
|
|
|
2,368,874
|
2,056,702
|
|
| Accumulated other comprehensive income |
|
|
|
|
|
56,045
|
|
|
|
|
56,045
|
(36,761)
|
|
| Total stockholders' equity |
|
|
|
|
|
3,802,466
|
|
|
|
|
3,802,466
|
3,418,003
|
|
| Total liabilities and stockholders' equity |
|
|
|
|
|
5,010,260
|
|
|
|
|
5,010,260
|
4,525,133
|
|
| Restatement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
[1] |
|
|
|
|
|
|
|
|
|
3,121,560
|
3,045,797
|
|
| Gross profit |
[1] |
|
|
|
|
|
|
|
|
|
1,797,941
|
1,688,525
|
|
| Operating income |
[1] |
|
|
|
|
|
|
|
|
|
683,637
|
632,864
|
|
| Income tax (benefit) provision |
[1] |
|
|
|
|
|
|
|
|
|
(11,936)
|
120,901
|
|
| Net income |
[1] |
|
|
|
|
|
|
|
|
|
$ 709,007
|
$ 517,724
|
|
| Diluted net income per share (in dollars per share) |
[1] |
|
|
|
|
|
|
|
|
|
$ 3.76
|
$ 2.73
|
|
| Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred costs |
[1] |
|
|
|
|
30,525
|
|
|
|
|
$ 30,525
|
$ 34,665
|
|
| Total current assets |
[1] |
|
|
|
|
2,346,138
|
|
|
|
|
2,346,138
|
2,250,286
|
|
| Deferred income taxes |
[1] |
|
|
|
|
195,981
|
|
|
|
|
195,981
|
107,655
|
|
| Noncurrent deferred costs |
[1] |
|
|
|
|
33,029
|
|
|
|
|
33,029
|
30,934
|
|
| Total assets |
[1] |
|
|
|
|
4,948,289
|
|
|
|
|
4,948,289
|
4,484,549
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred revenue |
|
|
|
|
|
103,140
|
|
|
|
|
103,140
|
118,496
|
|
| Total current liabilities |
[1] |
|
|
|
|
792,115
|
|
|
|
|
792,115
|
754,667
|
|
| Deferred income taxes |
[1] |
|
|
|
|
76,612
|
|
|
|
|
76,612
|
62,617
|
|
| Non-current deferred revenue |
|
|
|
|
|
87,060
|
|
|
|
|
87,060
|
91,238
|
|
| Retained earnings |
[1] |
|
|
|
|
2,418,444
|
|
|
|
|
2,418,444
|
2,092,221
|
|
| Accumulated other comprehensive income |
[1] |
|
|
|
|
56,428
|
|
|
|
|
56,428
|
(37,024)
|
|
| Total stockholders' equity |
[1] |
|
|
|
|
3,852,419
|
|
|
|
|
3,852,419
|
3,453,259
|
|
| Total liabilities and stockholders' equity |
[1] |
|
|
|
|
4,948,289
|
|
|
|
|
4,948,289
|
4,484,549
|
|
| Impact [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
|
|
34,556
|
27,132
|
|
| Gross profit |
|
|
|
|
|
|
|
|
|
|
14,777
|
8,955
|
|
| Operating income |
|
|
|
|
|
|
|
|
|
|
14,777
|
8,955
|
|
| Income tax (benefit) provision |
|
|
|
|
|
|
|
|
|
|
725
|
2,045
|
|
| Net income |
|
|
|
|
|
|
|
|
|
|
$ 14,052
|
$ 6,910
|
|
| Diluted net income per share (in dollars per share) |
|
|
|
|
|
|
|
|
|
|
$ 0.08
|
$ 0.03
|
|
| Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred costs |
|
|
|
|
|
(17,787)
|
|
|
|
|
$ (17,787)
|
$ (12,730)
|
|
| Total current assets |
|
|
|
|
|
(17,787)
|
|
|
|
|
(17,787)
|
(12,730)
|
|
| Deferred income taxes |
|
|
|
|
|
(3,362)
|
|
|
|
|
(3,362)
|
(2,638)
|
|
| Noncurrent deferred costs |
|
|
|
|
|
(40,822)
|
|
|
|
|
(40,822)
|
(25,217)
|
|
| Total assets |
|
|
|
|
|
(61,971)
|
|
|
|
|
(61,971)
|
(40,584)
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred revenue |
|
|
|
|
|
(36,541)
|
|
|
|
|
(36,541)
|
(28,068)
|
|
| Total current liabilities |
|
|
|
|
|
(36,541)
|
|
|
|
|
(36,541)
|
(28,068)
|
|
| Deferred income taxes |
|
|
|
|
|
1,397
|
|
|
|
|
1,397
|
1,397
|
|
| Non-current deferred revenue |
|
|
|
|
|
(76,780)
|
|
|
|
|
(76,780)
|
(49,169)
|
|
| Retained earnings |
|
|
|
|
|
49,570
|
|
|
|
|
49,570
|
35,519
|
|
| Accumulated other comprehensive income |
|
|
|
|
|
383
|
|
|
|
|
383
|
(263)
|
|
| Total stockholders' equity |
|
|
|
|
|
49,953
|
|
|
|
|
49,953
|
35,256
|
|
| Total liabilities and stockholders' equity |
|
|
|
|
|
$ (61,971)
|
|
|
|
|
$ (61,971)
|
$ (40,584)
|
|
|
|
| X |
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Summary of Significant Accounting Policies (Details Narrative) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Cumulative currency translation adjustments |
|
$ 47,327
|
|
$ 79,292
|
|
|
| Foreign currency losses |
|
(7,616)
|
|
(22,579)
|
|
$ (31,651)
|
| Dividends |
|
296,148
|
|
382,976
|
|
481,452
|
| Intangible assets, net |
|
330,532
|
|
316,705
|
|
|
| Accumulated amortization intangible assets |
|
214,469
|
|
193,886
|
|
|
| Amortization expense intangible assets |
|
21,796
|
|
20,863
|
|
14,319
|
| Amortization expense intangible assets, Next twelve months |
|
17,107
|
|
|
|
|
| Amortization expense intangible assets, Year two |
|
15,125
|
|
|
|
|
| Amortization expense intangible assets, Year three |
|
11,674
|
|
|
|
|
| Amortization expense intangible assets, Year four |
|
9,390
|
|
|
|
|
| Amortization expense intangible assets, Year five |
|
8,452
|
|
|
|
|
| Goodwill |
|
301,017
|
|
286,982
|
|
224,553
|
| Fair value available-for-sale securities unrealized losses |
|
38,897
|
|
22,864
|
|
|
| Deferred revenues |
|
172,938
|
[1] |
190,200
|
[1] |
209,735
|
| Deferred costs |
[2] |
57,935
|
|
63,554
|
|
65,599
|
| Advertising expense |
|
155,394
|
|
164,693
|
|
177,143
|
| Research and development costs |
|
$ 567,805
|
|
$ 511,634
|
|
$ 467,960
|
| Payment due period for shipment of product |
|
90 days
|
|
|
|
|
| Prepaid tax |
|
$ 1,700
|
|
|
|
|
| Reclassification of tax effects due to adoption of ASU 2018-02 |
|
452
|
|
|
|
|
| Other Product Other Than Aviation Product [Member] |
|
|
|
|
|
|
| Product warranty term |
|
|
|
2 years
|
|
|
| Auto PND [Member] |
|
|
|
|
|
|
| Goodwill |
|
$ 80,000
|
|
|
|
|
| Estimated life of product |
|
3 years
|
|
|
|
|
| State Administration of Taxation, China [Member] |
|
|
|
|
|
|
| Restricted retained earnings |
|
$ 61,129
|
|
$ 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
|
|
|
| Minimum [Member] | Auto OEM [Member] |
|
|
|
|
|
|
| Estimated map care period |
|
3 years
|
|
|
|
|
| Maximum [Member] |
|
|
|
|
|
|
| Acquired intangible assets useful life |
|
10 years
|
|
|
|
|
| Maximum [Member] | Other Product Other Than Aviation Product [Member] |
|
|
|
|
|
|
| Product warranty term |
|
|
|
2 years
|
|
|
| Maximum [Member] | Auto OEM [Member] |
|
|
|
|
|
|
| Estimated map care period |
|
10 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 |
|
|
|
|
|
21.00%
|
| 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. 29, 2018 |
Dec. 30, 2017 |
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
$ 1,513,112
|
$ 1,421,720
|
| U.S.Treasury Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
22,128
|
19,337
|
| Agency Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
59,116
|
43,361
|
| Mortgage-Backed Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
135,865
|
174,615
|
| Corporate Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
980,524
|
816,793
|
| Municipal Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
173,137
|
186,105
|
| Other [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
142,342
|
181,509
|
| Recurring Basis [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
1,513,112
|
1,421,720
|
| Recurring Basis [Member] | U.S.Treasury Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
22,128
|
19,337
|
| Recurring Basis [Member] | Agency Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
59,116
|
43,361
|
| Recurring Basis [Member] | Mortgage-Backed Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
135,865
|
174,615
|
| Recurring Basis [Member] | Corporate Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
980,524
|
816,793
|
| Recurring Basis [Member] | Municipal Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
173,137
|
186,105
|
| Recurring Basis [Member] | Other [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
142,342
|
181,509
|
| Recurring Basis [Member] | Level 1 [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
| Recurring Basis [Member] | Level 1 [Member] | U.S.Treasury Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
| Recurring Basis [Member] | Level 1 [Member] | Agency Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
| Recurring Basis [Member] | Level 1 [Member] | Mortgage-Backed Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
| Recurring Basis [Member] | Level 1 [Member] | Corporate Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
| Recurring Basis [Member] | Level 1 [Member] | Municipal Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
| Recurring Basis [Member] | Level 1 [Member] | Other [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
| Recurring Basis [Member] | Level 2 [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
1,513,112
|
1,421,720
|
| Recurring Basis [Member] | Level 2 [Member] | U.S.Treasury Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
22,128
|
19,337
|
| Recurring Basis [Member] | Level 2 [Member] | Agency Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
59,116
|
43,361
|
| Recurring Basis [Member] | Level 2 [Member] | Mortgage-Backed Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
135,865
|
174,615
|
| Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
980,524
|
816,793
|
| Recurring Basis [Member] | Level 2 [Member] | Municipal Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
173,137
|
186,105
|
| Recurring Basis [Member] | Level 2 [Member] | Other [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
142,342
|
181,509
|
| Recurring Basis [Member] | Level 3 [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
| Recurring Basis [Member] | Level 3 [Member] | U.S.Treasury Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
| Recurring Basis [Member] | Level 3 [Member] | Agency Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
| Recurring Basis [Member] | Level 3 [Member] | Mortgage-Backed Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
| Recurring Basis [Member] | Level 3 [Member] | Corporate Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
| Recurring Basis [Member] | Level 3 [Member] | Municipal Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
| Recurring Basis [Member] | Level 3 [Member] | Other [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Available-for-sale securities, total |
|
|
| X |
- DefinitionAmount of investment in debt and equity securities categorized neither as held-to-maturity nor trading.
| Name: |
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| Namespace Prefix: |
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|
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| Namespace Prefix: |
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|
| X |
- Details
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
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| Balance Type: |
|
| Period Type: |
|
|
| X |
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| Balance Type: |
|
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|
|
| X |
- Details
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| Namespace Prefix: |
|
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
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|
Marketable Securities (Details 1) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Amortized Cost |
$ 1,555,575
|
$ 1,446,428
|
| Gross Unrealized Gains |
135
|
262
|
| Gross Unrealized Losses |
(42,598)
|
(24,970)
|
| Fair Value |
1,513,112
|
1,421,720
|
| U.S.Treasury Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Amortized Cost |
22,485
|
19,591
|
| Gross Unrealized Gains |
|
|
| Gross Unrealized Losses |
(357)
|
(254)
|
| Fair Value |
22,128
|
19,337
|
| Agency Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Amortized Cost |
60,088
|
44,191
|
| Gross Unrealized Gains |
28
|
1
|
| Gross Unrealized Losses |
(1,000)
|
(831)
|
| Fair Value |
59,116
|
43,361
|
| Mortgage-Backed Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Amortized Cost |
142,176
|
180,470
|
| Gross Unrealized Gains |
1
|
13
|
| Gross Unrealized Losses |
(6,312)
|
(5,868)
|
| Fair Value |
135,865
|
174,615
|
| Corporate Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Amortized Cost |
1,010,590
|
830,447
|
| Gross Unrealized Gains |
33
|
136
|
| Gross Unrealized Losses |
(30,099)
|
(13,790)
|
| Fair Value |
980,524
|
816,793
|
| Municipal Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Amortized Cost |
175,630
|
187,999
|
| Gross Unrealized Gains |
73
|
110
|
| Gross Unrealized Losses |
(2,566)
|
(2,004)
|
| Fair Value |
173,137
|
186,105
|
| Other [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Amortized Cost |
144,606
|
183,730
|
| Gross Unrealized Gains |
0
|
2
|
| Gross Unrealized Losses |
(2,264)
|
(2,223)
|
| Fair Value |
$ 142,342
|
$ 181,509
|
| X |
- DefinitionAmortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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| X |
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
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| X |
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| Namespace Prefix: |
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| Balance Type: |
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| X |
- Details
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| X |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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| Balance Type: |
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| Period Type: |
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|
| X |
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| Balance Type: |
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|
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|
Marketable Securities (Details 2) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
$ (4,593)
|
$ (8,590)
|
| Fair Value Less than 12 Consecutive Months |
379,011
|
749,831
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(38,005)
|
(16,380)
|
| Fair Value 12 Consecutive Months or Longer |
1,066,905
|
573,976
|
| U.S.Treasury Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(3)
|
(111)
|
| Fair Value Less than 12 Consecutive Months |
3,975
|
12,966
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(354)
|
(143)
|
| Fair Value 12 Consecutive Months or Longer |
18,153
|
6,371
|
| Agency Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(5)
|
(168)
|
| Fair Value Less than 12 Consecutive Months |
4,656
|
16,097
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(995)
|
(663)
|
| Fair Value 12 Consecutive Months or Longer |
40,508
|
25,972
|
| Mortgage-Backed Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(1)
|
(503)
|
| Fair Value Less than 12 Consecutive Months |
361
|
19,628
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(6,311)
|
(5,365)
|
| Fair Value 12 Consecutive Months or Longer |
135,323
|
153,835
|
| Corporate Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(4,028)
|
(4,562)
|
| Fair Value Less than 12 Consecutive Months |
323,633
|
439,174
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(26,071)
|
(9,228)
|
| Fair Value 12 Consecutive Months or Longer |
640,439
|
347,052
|
| Municipal Securities [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(454)
|
(1,027)
|
| Fair Value Less than 12 Consecutive Months |
38,371
|
125,819
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(2,112)
|
(977)
|
| Fair Value 12 Consecutive Months or Longer |
118,362
|
38,167
|
| Other [Member] |
|
|
| Debt Securities, Available-for-sale [Line Items] |
|
|
| Gross Unrealized Losses Less than 12 Consecutive Months |
(102)
|
(2,219)
|
| Fair Value Less than 12 Consecutive Months |
8,015
|
136,147
|
| Gross Unrealized Losses 12 Consecutive Months or Longer |
(2,162)
|
(4)
|
| Fair Value 12 Consecutive Months or Longer |
$ 114,120
|
$ 2,579
|
| X |
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| Balance Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance 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: |
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|
| X |
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| X |
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Marketable Securities (Details 3) - USD ($)
$ in Thousands |
Dec. 29, 2018 |
Dec. 30, 2017 |
| Amortized Cost |
|
|
| Due in one year or less |
$ 183,894
|
|
| Due after one year through five years |
1,261,083
|
|
| Due after five years through ten years |
110,598
|
|
| Total |
1,555,575
|
$ 1,446,428
|
| Fair Value |
|
|
| Due in one year or less |
182,989
|
|
| Due after one year through five years |
1,227,551
|
|
| Due after five years through ten years |
102,572
|
|
| Total |
$ 1,513,112
|
$ 1,421,720
|
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|
Income Taxes (Details) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Federal: |
|
|
|
| Current |
$ 26,784
|
$ 31,343
|
$ 66,627
|
| Deferred |
13,249
|
50,724
|
4,522
|
| Total federal income tax provision (benefit) |
40,033
|
82,067
|
71,149
|
| State: |
|
|
|
| Current |
13,015
|
4,203
|
8,809
|
| Deferred |
(1,599)
|
11,684
|
(3,933)
|
| Total state income tax provision (benefit) |
11,416
|
15,887
|
4,876
|
| Foreign: |
|
|
|
| Current |
53,625
|
43,688
|
42,406
|
| Deferred |
24,093
|
(153,578)
|
2,470
|
| Total foreign income tax provision (benefit) |
77,718
|
(109,890)
|
44,876
|
| Income tax provision (benefit) |
$ 129,167
|
$ (11,936)
|
$ 120,901
|
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$ in Thousands |
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Income Tax Disclosure [Abstract] |
|
|
|
| Federal income tax expense at U.S. statutory rate |
$ 172,882
|
$ 243,975
|
$ 223,519
|
| State income tax expense, net of federal tax effect |
5,339
|
5,977
|
2,749
|
| Foreign-Derived Intangible Income Deduction |
(4,666)
|
|
|
| Foreign tax rate differential |
(38,563)
|
(106,763)
|
(113,078)
|
| Other foreign taxes less incentives and credits |
(12,841)
|
(4,646)
|
(16,593)
|
| Withholding Tax |
33,306
|
14,632
|
17,447
|
| Net Change in Uncertain Tax Positions |
(13,728)
|
5,363
|
17,328
|
| Federal Domestic Production Activities Deduction |
|
(3,895)
|
(5,528)
|
| Federal Research and Development Credit |
(16,562)
|
(10,851)
|
(8,548)
|
| Switzerland Corporate Tax Election |
|
(180,034)
|
|
| Share Based Compensation |
(2,747)
|
19,916
|
|
| Other, net |
6,747
|
4,390
|
3,605
|
| Income tax provision (benefit) |
$ 129,167
|
$ (11,936)
|
$ 120,901
|
Income Taxes (Details 2) - USD ($)
$ in Thousands |
Dec. 29, 2018 |
Dec. 30, 2017 |
| Deferred tax assets: |
|
|
| Product warranty accruals |
$ 2,468
|
$ 2,202
|
| Allowance for doubtful accounts |
3,964
|
5,129
|
| Inventory reserves |
6,023
|
6,920
|
| Sales program allowances |
1,657
|
910
|
| Reserve for sales returns |
1,368
|
816
|
| Accrued vacation |
8,179
|
7,121
|
| Other accruals |
3,336
|
3,601
|
| Share based compensation |
6,744
|
6,261
|
| Tax credit carryforwards |
9,697
|
8,413
|
| Amortization |
147,674
|
165,162
|
| Net operating losses |
3,580
|
8,799
|
| Benefit related to uncertain tax positions |
5,852
|
5,383
|
| Other |
4,543
|
3,677
|
| Valuation allowance related to loss carryforward and tax credits |
(4,568)
|
(7,267)
|
| Total deferred tax assets |
200,517
|
217,127
|
| Deferred tax liabilities: |
|
|
| Depreciation |
17,543
|
11,674
|
| Prepaid Expenses |
2,257
|
3,147
|
| Book basis in excess of tax basis for acquired entities |
14,068
|
17,364
|
| Withholding tax |
79,660
|
60,555
|
| Other |
2,974
|
5,018
|
| Total deferred tax liabilities |
116,502
|
97,758
|
| Net deferred tax assets |
$ 84,015
|
$ 119,369
|
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Income Taxes (Details 3) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Income Tax Disclosure [Abstract] |
|
|
|
| Balance beginning of year |
$ 130,798
|
$ 115,090
|
$ 97,904
|
| Additions based on tax positions related to prior years |
1,138
|
8,564
|
489
|
| Reductions based on tax positions related to prior years |
(5,340)
|
(983)
|
(940)
|
| Additions based on tax positions related to current period |
19,368
|
26,295
|
28,859
|
| Reductions related to settlements with tax authorities |
(527)
|
|
(134)
|
| Expiration of statute of limitations |
(27,150)
|
(18,168)
|
(11,088)
|
| Balance at end of year |
$ 118,287
|
$ 130,798
|
$ 115,090
|
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$ in Thousands |
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Effective income tax amount |
$ 172,882
|
$ 243,975
|
$ 223,519
|
| Effective income tax foreign tax rate differential |
(38,563)
|
(106,763)
|
(113,078)
|
| Income before income taxes |
823,247
|
697,071
|
638,625
|
| Income tax expense |
129,167
|
(11,936)
|
120,901
|
| Tax credit carryforward amount |
9,697
|
8,413
|
|
| Switzerland Corporate Tax Election |
|
(180,034)
|
|
| Non-U.S. Operations Entity's [Member] |
|
|
|
| Income before income taxes |
532,657
|
461,436
|
453,729
|
| Foreign Subsidiaries [Member] |
|
|
|
| Income tax expense |
$ 36,800
|
$ 45,534
|
$ 45,291
|
| 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 |
$ 65,000
|
$ 77,000
|
$ 55,000
|
| Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] | Maximum [Member] |
|
|
|
| Effective income tax amount |
108,000
|
186,000
|
171,000
|
| Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] | Minimum [Member] |
|
|
|
| Effective income tax amount |
$ 65,000
|
$ 53,600
|
$ 49,000
|
| X |
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Income Taxes (Details Narrative 1) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Deferred tax assets related to future tax benefit on net operating loss carryforward |
$ 3,580
|
|
|
| Net operating loss carryforwards |
15,604
|
|
|
| Net unrecognized tax benefits |
114,682
|
$ 127,306
|
$ 109,667
|
| Accrued interest and penalties on unrecognized tax benefits |
6,613
|
5,605
|
3,901
|
| Increase (decrease) unrecognized tax benefits |
1,008
|
1,704
|
1,422
|
| Reduction in income tax expense |
27,150
|
18,168
|
11,088
|
| 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 |
10,925
|
|
|
| Reduction in income tax expense |
27,106
|
$ 17,918
|
$ 11,151
|
| Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member] |
|
|
|
| Net operating loss carryforwards |
$ 1,353
|
|
|
| Net operating loss carryforwards expiration year |
2026
|
|
|
| Foreign Tax Authority [Member] | Finnish Tax Administration [Member] |
|
|
|
| Net operating loss carryforwards |
$ 1,437
|
|
|
| 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 |
2028
|
|
|
| Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] |
|
|
|
| Net operating loss carryforwards |
$ 1,889
|
|
|
| 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
|
|
|
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Fair Value of Financial Instruments (Details) - USD ($)
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Dec. 29, 2018 |
Dec. 30, 2017 |
| Marketable securities |
$ 1,513,112
|
$ 1,421,720
|
| Carrying Amount [Member] |
|
|
| Cash and cash equivalents |
1,201,732
|
891,488
|
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73
|
271
|
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1,513,112
|
1,421,720
|
| Fair Value [Member] |
|
|
| Cash and cash equivalents |
1,201,732
|
891,488
|
| Restricted cash |
73
|
271
|
| Marketable securities |
$ 1,513,112
|
$ 1,421,720
|
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Segment Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Net sales |
$ 932,108
|
$ 810,011
|
$ 894,452
|
$ 710,872
|
$ 897,319
|
$ 751,244
|
$ 831,486
|
$ 641,510
|
$ 3,347,444
|
[1] |
$ 3,121,560
|
[1] |
$ 3,045,797
|
[1] |
| Gross profit |
$ 549,166
|
$ 480,747
|
$ 523,270
|
$ 426,535
|
$ 503,482
|
$ 437,523
|
$ 484,130
|
$ 372,806
|
1,979,719
|
|
1,797,941
|
|
1,688,525
|
|
| Operating income |
|
|
|
|
|
|
|
|
778,343
|
|
683,637
|
|
632,864
|
|
| Outdoor [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
809,883
|
|
698,867
|
|
546,326
|
|
| Gross profit |
|
|
|
|
|
|
|
|
528,254
|
|
448,410
|
|
340,504
|
|
| Operating income |
|
|
|
|
|
|
|
|
290,510
|
|
249,867
|
|
184,035
|
|
| Fitness [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
858,329
|
|
762,194
|
|
818,486
|
|
| Gross profit |
|
|
|
|
|
|
|
|
471,764
|
|
422,636
|
|
437,205
|
|
| Operating income |
|
|
|
|
|
|
|
|
181,745
|
|
146,765
|
|
160,596
|
|
| Marine [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
441,560
|
|
374,001
|
|
331,947
|
|
| Gross profit |
|
|
|
|
|
|
|
|
258,756
|
|
212,592
|
|
183,709
|
|
| Operating income |
|
|
|
|
|
|
|
|
63,344
|
|
50,328
|
|
52,167
|
|
| Auto [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
634,213
|
|
785,139
|
|
909,690
|
|
| Gross profit |
|
|
|
|
|
|
|
|
270,793
|
|
342,698
|
|
397,702
|
|
| Operating income |
|
|
|
|
|
|
|
|
37,998
|
|
82,744
|
|
111,302
|
|
| Aviation [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
603,459
|
|
501,359
|
|
439,348
|
|
| Gross profit |
|
|
|
|
|
|
|
|
450,152
|
|
371,605
|
|
329,405
|
|
| Operating income |
|
|
|
|
|
|
|
|
$ 204,746
|
|
$ 153,933
|
|
$ 124,764
|
|
|
|
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Segment Information (Details 1) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Net sales to external customers |
|
$ 932,108
|
$ 810,011
|
$ 894,452
|
$ 710,872
|
$ 897,319
|
$ 751,244
|
$ 831,486
|
$ 641,510
|
$ 3,347,444
|
[1] |
$ 3,121,560
|
[1] |
$ 3,045,797
|
[1] |
| Property and equipment, net |
|
663,527
|
|
|
|
595,684
|
|
|
|
663,527
|
|
595,684
|
|
482,878
|
|
| Net assets |
[2] |
4,162,974
|
|
|
|
3,852,419
|
|
|
|
4,162,974
|
|
3,852,419
|
|
3,453,260
|
|
| Americas [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external customers |
[1] |
|
|
|
|
|
|
|
|
1,596,716
|
|
1,504,194
|
|
1,538,550
|
|
| Property and equipment, net |
|
408,992
|
|
|
|
381,974
|
|
|
|
408,992
|
|
381,974
|
|
300,158
|
|
| Net assets |
[2] |
2,726,196
|
|
|
|
2,375,522
|
|
|
|
2,726,196
|
|
2,375,522
|
|
2,188,417
|
|
| APAC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external customers |
[1] |
|
|
|
|
|
|
|
|
545,759
|
|
444,828
|
|
386,411
|
|
| Property and equipment, net |
|
208,964
|
|
|
|
173,392
|
|
|
|
208,964
|
|
173,392
|
|
144,470
|
|
| Net assets |
[2] |
995,272
|
|
|
|
982,898
|
|
|
|
995,272
|
|
982,898
|
|
933,999
|
|
| EMEA [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales to external customers |
[1] |
|
|
|
|
|
|
|
|
1,204,969
|
|
1,172,538
|
|
1,120,836
|
|
| Property and equipment, net |
|
45,571
|
|
|
|
40,318
|
|
|
|
45,571
|
|
40,318
|
|
38,250
|
|
| Net assets |
[2] |
$ 441,506
|
|
|
|
$ 493,999
|
|
|
|
$ 441,506
|
|
$ 493,999
|
|
$ 330,844
|
|
|
|
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Stock Compensation Plans (Details) - Stock Option & Stock Appreciation Rights [Member] - $ / shares
|
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Share-based Compensation Arrangement by Share-based Payment Award, Weighted Average Exercise Price [Roll Forward] |
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|
|
| Outstanding at beginning |
$ 48.94
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$ 74.48
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$ 66.80
|
| Granted |
|
|
|
| Exercised |
48.16
|
50.15
|
50.77
|
| Forfeited/Expired |
83.01
|
84.57
|
51.12
|
| Outstanding at end |
50.92
|
$ 48.94
|
$ 74.48
|
| Exercisable at end |
50.74
|
|
|
| Expected to vest |
$ 52.44
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award, Outstanding [Roll Forward] |
|
|
|
| Outstanding at beginning |
392,000
|
2,737,000
|
4,061,000
|
| Granted |
|
|
|
| Exercised |
(304,000)
|
(397,000)
|
(716,000)
|
| Forfeited/Expired |
(2,000)
|
(1,948,000)
|
(608,000)
|
| Outstanding at end |
86,000
|
392,000
|
2,737,000
|
| Exercisable at end |
76,000
|
|
|
| Expected to vest |
10,000
|
|
|
| X |
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|
Stock Compensation Plans (Details 2) - Restricted Stock Units [Member] - $ / shares
|
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| 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 |
$ 45.30
|
$ 38.94
|
$ 39.45
|
| Granted |
58.66
|
51.71
|
40.59
|
| Released/Vested |
42.55
|
39.31
|
38.96
|
| Cancelled |
47.91
|
40.40
|
44.57
|
| Outstanding at end |
$ 53.17
|
$ 45.30
|
$ 38.94
|
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] |
|
|
|
| Outstanding at beginning |
2,062,000
|
1,824,000
|
1,657,000
|
| Granted |
1,050,000
|
1,055,000
|
1,241,000
|
| Released/Vested |
(961,000)
|
(763,000)
|
(565,000)
|
| Cancelled |
(52,000)
|
(54,000)
|
(509,000)
|
| Outstanding at end |
2,099,000
|
2,062,000
|
1,824,000
|
| X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 718
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-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://fasb.org/us-gaap/role/ref/legacyRef
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| X |
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| X |
- DefinitionThe weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X |
- DefinitionThe number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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|
| X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
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| X |
- DefinitionThe weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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| X |
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| X |
- Details
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|
Stock Compensation Plans (Details Narrative) - shares
|
1 Months Ended |
12 Months Ended |
Jun. 30, 2011 |
Jun. 30, 2005 |
Oct. 31, 2000 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Dec. 28, 2013 |
Dec. 26, 2009 |
| Restricted Stock Units [Member] |
|
|
|
|
|
|
|
|
| Number of shares granted (in shares) |
|
|
|
1,050,000
|
1,055,000
|
1,241,000
|
|
|
| Outstanding awards weighted-average remaining contract life |
|
|
|
1 year 2 months 16 days
|
|
|
|
|
| Stock Option & Stock Appreciation Rights [Member] |
|
|
|
|
|
|
|
|
| Outstanding awards weighted-average remaining contract life |
|
|
|
5 years 6 months 4 days
|
|
|
|
|
| Exercisable awards weighted-average remaining contract life |
|
|
|
5 years 5 months 12 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) |
|
|
|
10,376
|
10,432
|
12,984
|
|
|
| 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) |
|
|
|
1,040,001
|
1,044,045
|
1,228,427
|
|
|
| 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 |
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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. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Total fair value of vested awards |
|
$ 41,092
|
$ 30,280
|
$ 22,429
|
| Closing stock price (in dollars per share) |
|
$ 62.82
|
|
|
| Total unrecognized compensation cost related to unvested share-based compensation awards |
|
$ 72,912
|
|
|
| Employee Stock Purchase Plan [Member] |
|
|
|
|
| Maximum number of authorized shares available for issuance (in shares) |
6,000,000
|
|
|
|
| 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) |
|
463,066
|
489,267
|
541,018
|
| Total shares purchase price |
|
$ 23,709
|
$ 20,996
|
$ 18,157
|
| Number of shares available for future issuance (in shares) |
|
507,301
|
|
|
| Stock Option & Stock Appreciation Rights [Member] |
|
|
|
|
| Outstanding awards aggregate intrinsic values |
|
$ 1,018
|
|
|
| Exercisable awards aggregate intrinsic values |
|
920
|
|
|
| Aggregate intrinsic values |
|
4,452
|
3,742
|
1,632
|
| Restricted Stock Units [Member] |
|
|
|
|
| Outstanding awards aggregate intrinsic values |
|
131,876
|
|
|
| Aggregate intrinsic values |
|
$ 60,361
|
$ 45,424
|
$ 27,386
|
| X |
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Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Numerator: |
|
|
|
|
|
|
|
|
|
|
|
| Numerator for basic and diluted net income per share - net income |
$ 190,150
|
$ 184,214
|
$ 190,342
|
$ 129,374
|
$ 142,550
|
$ 151,074
|
$ 176,979
|
$ 238,404
|
$ 694,080
|
$ 709,007
|
$ 517,724
|
| Denominator: |
|
|
|
|
|
|
|
|
|
|
|
| Denominator for basic net income per share - weighted-average common shares |
|
|
|
|
|
|
|
|
188,635
|
187,828
|
188,818
|
| Effect of dilutive securities - employee stock options and stock appreciation rights |
|
|
|
|
|
|
|
|
1,099
|
904
|
525
|
| Denominator for diluted net income per share - adjusted weighted-average common shares |
|
|
|
|
|
|
|
|
189,734
|
188,732
|
189,343
|
| Basic net income per share (in dollars per share) |
$ 1.01
|
$ 0.98
|
$ 1.01
|
$ 0.69
|
$ 0.76
|
$ 0.81
|
$ 0.94
|
$ 1.27
|
$ 3.68
|
$ 3.77
|
$ 2.74
|
| Diluted net income per share (in dollars per share) |
$ 1.00
|
$ 0.97
|
$ 1.00
|
$ 0.68
|
$ 0.75
|
$ 0.80
|
$ 0.94
|
$ 1.26
|
$ 3.66
|
$ 3.76
|
$ 2.73
|
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Share Repurchase Plan (Details Narrative) - USD ($)
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12 Months Ended |
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Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
Feb. 13, 2015 |
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12 Months Ended |
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Dec. 29, 2018
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|---|
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|
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702
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56,428
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702
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8,430
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Revenue (Details 1) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Net sales |
$ 932,108
|
$ 810,011
|
$ 894,452
|
$ 710,872
|
$ 897,319
|
$ 751,244
|
$ 831,486
|
$ 641,510
|
$ 3,347,444
|
[1] |
$ 3,121,560
|
[1] |
$ 3,045,797
|
[1] |
| Point in Time [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
3,176,949
|
|
2,954,945
|
|
2,864,501
|
|
| Over Time [Member] |
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
$ 170,495
|
|
$ 166,615
|
|
$ 181,296
|
|
|
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Revenue (Details 2) - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 29, 2018 |
Dec. 30, 2017 |
| Movement in Deferred Revenue [Roll Forward] |
|
|
|
|
| Balance, beginning of period |
|
$ 190,200
|
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$ 209,735
|
| Deferrals in period |
|
153,233
|
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147,080
|
| Recognition of deferrals in period |
|
(170,495)
|
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(166,615)
|
| Balance, end of period |
[1] |
172,938
|
|
190,200
|
| Movement in Deferred Costs [Roll Forward] |
|
|
|
|
| Balance, beginning of period |
[2] |
63,554
|
|
65,599
|
| Deferrals in period |
[2] |
36,297
|
|
39,053
|
| Recognition of deferrals in period |
[2] |
(41,916)
|
|
(41,098)
|
| Balance, end of period |
[2] |
$ 57,935
|
|
$ 63,554
|
|
|
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Selected Quarterly Information (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 29, 2018 |
Sep. 29, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 30, 2017 |
Sep. 30, 2017 |
Jul. 01, 2017 |
Apr. 01, 2017 |
Dec. 29, 2018 |
Dec. 30, 2017 |
Dec. 31, 2016 |
| Quarterly Financial Information Disclosure [Abstract] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
$ 932,108
|
$ 810,011
|
$ 894,452
|
$ 710,872
|
$ 897,319
|
$ 751,244
|
$ 831,486
|
$ 641,510
|
$ 3,347,444
|
[1] |
$ 3,121,560
|
[1] |
$ 3,045,797
|
[1] |
| Gross profit |
549,166
|
480,747
|
523,270
|
426,535
|
503,482
|
437,523
|
484,130
|
372,806
|
1,979,719
|
|
1,797,941
|
|
1,688,525
|
|
| Net income |
$ 190,150
|
$ 184,214
|
$ 190,342
|
$ 129,374
|
$ 142,550
|
$ 151,074
|
$ 176,979
|
$ 238,404
|
$ 694,080
|
|
$ 709,007
|
|
$ 517,724
|
|
| Basic net income per share (in dollars per share) |
$ 1.01
|
$ 0.98
|
$ 1.01
|
$ 0.69
|
$ 0.76
|
$ 0.81
|
$ 0.94
|
$ 1.27
|
$ 3.68
|
|
$ 3.77
|
|
$ 2.74
|
|
| Diluted net income per share (in dollars per share) |
$ 1.00
|
$ 0.97
|
$ 1.00
|
$ 0.68
|
$ 0.75
|
$ 0.80
|
$ 0.94
|
$ 1.26
|
$ 3.66
|
|
$ 3.76
|
|
$ 2.73
|
|
|
|
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