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Document and Entity Information - shares
 3 Months Ended
Apr. 01, 2017
May. 01, 2017
Document And Entity Information    
Entity Registrant Name GARMIN LTD  
Entity Central Index Key 0001121788  
Document Type 10-Q  
Trading Symbol GRMN  
Document Period End Date Apr. 01, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-30  
Entity a Well-known Seasoned Issuer No  
Entity a Voluntary Filer No  
Entity's Reporting Status Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   198,077,418
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2017  
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Apr. 01, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 833,577 $ 846,883
Marketable securities 258,400 266,952
Accounts receivable, net 391,345 527,062
Inventories, net 533,151 484,821
Deferred costs 46,124 47,395
Prepaid expenses and other current assets 94,313 89,903
Total current assets 2,156,910 2,263,016
Property and equipment, net 503,840 482,878
Marketable securities 1,211,141 1,213,285
Restricted cash 117 113
Noncurrent deferred income tax 283,440 110,293
Noncurrent deferred costs 57,579 56,151
Intangible assets, net 303,414 305,002
Other assets 84,240 94,395
Total assets 4,600,681 4,525,133
Current liabilities:    
Accounts payable 136,901 172,404
Salaries and benefits payable 69,892 88,818
Accrued warranty costs 34,427 37,233
Accrued sales program costs 46,468 80,953
Deferred revenue 140,452 146,564
Accrued royalty costs 26,006 36,523
Accrued advertising expense 17,039 37,440
Other accrued expenses 79,986 70,469
Income taxes payable $ 20,288 16,163
Dividend payable 96,168
Total current liabilities $ 571,459 782,735
Deferred income taxes 62,593 61,220
Non-current income taxes 124,265 121,174
Non-current deferred revenue 138,665 140,407
Other liabilities 1,637 1,594
Stockholders' equity:    
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 188,156 shares outstanding at April 1, 2017 and 188,565 shares outstanding at December 31, 2016 17,979 17,979
Additional paid-in capital 1,831,824 1,836,047
Treasury stock (474,859) (455,964)
Retained earnings 2,294,654 2,056,702
Accumulated other comprehensive income 32,464 (36,761)
Total stockholders' equity 3,702,062 3,418,003
Total liabilities and stockholders' equity $ 4,600,681 $ 4,525,133
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - SFr / shares
Apr. 01, 2017
Dec. 31, 2016
Common shares, authorized 198,077 198,077
Common shares, issued 198,077 198,077
Common shares, outstanding 188,156 188,565
CHF [Member]    
Common shares, par value (in dollars per share) SFr 0.10 SFr 0.10
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 01, 2017
Mar. 26, 2016
Income Statement [Abstract]    
Net sales $ 638,546 $ 624,040
Cost of goods sold 266,423 284,190
Gross profit 372,123 339,850
Advertising expense 31,525 32,233
Selling, general and administrative expense 102,051 95,610
Research and development expense 122,202 108,204
Total operating expense 255,778 236,047
Operating income 116,345 103,803
Other income (expense):    
Interest income 8,444 7,428
Foreign currency losses (37,497) (4,839)
Other income 400 1,155
Total other income (expense) (28,653) 3,744
Income before income taxes 87,692 107,547
Income tax (benefit) provision (150,120) 19,455
Net income $ 237,812 $ 88,092
Net income per share:    
Basic (in dollars per share) $ 1.26 $ 0.46
Diluted (in dollars per share) $ 1.26 $ 0.46
Weighted average common shares outstanding:    
Basic (in shares) 188,333 189,497
Diluted (in shares) 189,031 189,651
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 01, 2017
Mar. 26, 2016
Statement of Comprehensive Income [Abstract]    
Net income $ 237,812 $ 88,092
Foreign currency translation adjustment 62,324 6,266
Change in fair value of available-for-sale marketable securities, net of deferred taxes 6,901 9,299
Comprehensive income $ 307,037 $ 103,657
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 01, 2017
Mar. 26, 2016
Operating activities:    
Net income $ 237,812 $ 88,092
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 14,658 13,078
Amortization 7,070 7,115
Loss on sale or disposal of property and equipment 8 38
Provision for doubtful accounts (294) 285
Deferred income taxes (171,523) 3,906
Unrealized foreign currency loss (gain) 42,281 (5,412)
Provision for obsolete and slow moving inventories 7,193 8,026
Stock compensation expense 8,206 8,172
Realized loss (gain) on marketable securities 291 (452)
Changes in operating assets and liabilities:    
Accounts receivable 135,253 130,036
Inventories (41,398) (18,873)
Other current and non-current assets 7,534 (3,937)
Accounts payable (44,180) (45,515)
Other current and non-current liabilities (81,038) (31,606)
Deferred revenue (8,375) (12,337)
Deferred cost (46) (2,496)
Income taxes payable 6,943 (8,733)
Net cash provided by operating activities 120,395 129,387
Investing activities:    
Purchases of property and equipment (25,538) $ (13,908)
Proceeds from sale of property and equipment 7
Purchase of intangible assets (1,222) $ (1,716)
Purchase of marketable securities (96,049) (151,070)
Redemption of marketable securities 109,526 237,464
Change in restricted cash $ (4) (2)
Acquisitions, net of cash acquired (62,137)
Net cash (used in) provided by investing activities $ (13,280) 8,631
Financing activities:    
Dividends paid (96,028) (96,566)
Purchase of treasury stock under share repurchase plan (27,873) (19,796)
Purchase of treasury stock related to equity awards $ (3,452) (16)
Proceeds from issuance of treasury stock related to equity awards 103
Tax benefit from issuance of equity awards 2
Net cash used in financing activities $ (127,353) (116,273)
Effect of exchange rate changes on cash and cash equivalents 6,932 2,864
Net increase (decrease) in cash and cash equivalents (13,306) 24,609
Cash and cash equivalents at beginning of period 846,883 833,070
Cash and cash equivalents at end of period $ 833,577 $ 857,679
Basis of Presentation
 3 Months Ended
Apr. 01, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
1. Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Additionally, the condensed consolidated financial statements should be read in conjunction with Item 2 of Management's Discussion and Analysis of Financial Condition and Results of Operations, included in this Form 10-Q. Operating results for the 13-week period ended April 1, 2017 are not necessarily indicative of the results that may be expected for the year ending December 30, 2017.

 

The condensed consolidated balance sheet at December 31, 2016 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

 

The Company’s fiscal year is based on a 52-53 week period ending on the last Saturday of the calendar year. Therefore, the financial results of certain 53-week fiscal years, and the associated 14-week quarters, will not be exactly comparable to the prior and subsequent 52-week fiscal years and the associated 13-week quarters. The quarters ended April 1, 2017 and March 26, 2016 both contain operating results for 13 weeks.

 

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which is intended to simplify the accounting for share-based payment awards. The standard includes provisions addressing income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company adopted ASU 2016-09 on a prospective basis during the quarter ended April 1, 2017. ASU 2016-09 requires that tax effects from stock-based compensation be recognized in the income tax provision, as these amounts were previously recognized in additional paid-in capital. Furthermore, under ASU 2016-09, excess income tax benefits from stock-based compensation arrangements are classified as a cash flow from operations, rather than as a cash flow from financing activities. The adoption of ASU 2016-09 did not have a material effect on the Company’s condensed consolidated financial statements for the quarter ended April 1, 2017, however, the Company believes the standard may have a material effect on forthcoming quarters during fiscal 2017. The Company is currently unable to reasonably estimate the impact of these changes due to the dependency of these items on the underlying share price of the Company.
Inventories
 3 Months Ended
Apr. 01, 2017
Inventory Disclosure [Abstract]  
Inventories
2. Inventories

 

The components of inventories consist of the following:

 

    April 1,     December 31,  
    2017     2016  
             
Raw materials   $ 184,330     $ 162,882  
Work-in-process     82,881       68,602  
Finished goods     308,102       293,789  
Inventory reserves     (42,162 )     (40,452 )
Inventory, net of reserves   $ 533,151     $ 484,821  
Earnings Per Share
 3 Months Ended
Apr. 01, 2017
Net income per share:  
Earnings Per Share
3. Earnings Per Share

 

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

 

    13-Weeks Ended  
    April 1,     March 26,  
    2017     2016  
Numerator:                
Numerator for basic and diluted net income per share - net income   $ 237,812     $ 88,092  
                 
Denominator:                
Denominator for basic net income per share – weighted-average common shares     188,333       189,497  
                 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units     698       154  
                 
Denominator for diluted net income per share – adjusted weighted-average common shares     189,031       189,651  
                 
Basic net income per share   $ 1.26     $ 0.46  
                 
Diluted net income per share   $ 1.26     $ 0.46  

 

There were 2,593 and 4,295 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) outstanding during the 13-week periods ended April 1, 2017 and March 26, 2016, respectively.

 

There were 150 and 2 net shares issued as a result of exercises and releases of equity awards for the 13-week periods ended April 1, 2017 and March 26, 2016, respectively.
Segment Information
 3 Months Ended
Apr. 01, 2017
Segment Reporting [Abstract]  
Segment Information
4. Segment Information

 

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

 

Net sales (“revenue”), gross profit, and operating income for each of the Company’s reportable segments are presented below.

 

    Reportable Segments  
    Outdoor     Fitness     Marine     Auto     Aviation     Total  
                                     
13-Weeks Ended April 1, 2017                                                
                                                 
Net sales   $ 115,875     $ 137,831     $ 104,445     $ 157,524     $ 122,871     $ 638,546  
Gross profit   $ 73,469     $ 77,741     $ 59,747     $ 69,933     $ 91,233     $ 372,123  
Operating income   $ 34,451     $ 18,472     $ 18,145     $ 6,669     $ 38,608     $ 116,345  
                                                 
13-Weeks Ended March 26, 2016                                                
                                                 
Net sales   $ 96,827     $ 142,418     $ 82,880     $ 195,599     $ 106,316     $ 624,040  
Gross profit   $ 58,932     $ 72,294     $ 44,149     $ 86,144     $ 78,331     $ 339,850  
Operating income   $ 27,885     $ 16,573     $ 10,293     $ 18,566     $ 30,486     $ 103,803  

 

Allocation of certain research and development expenses, and selling, general, and administrative expenses are made to each segment on a percent of revenue basis.

 

Net sales and property and equipment, net by geographic area are as follows as of and for the 13-week periods ended April 1, 2017 and March 26, 2016. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa:

 

    Americas     APAC     EMEA     Total  
April 1, 2017                                
Net sales to external customers   $ 320,189     $ 91,562     $ 226,795     $ 638,546  
Property and equipment, net   $ 312,630     $ 152,804     $ 38,406     $ 503,840  
                                 
March 26, 2016                                
Net sales to external customers   $ 317,957     $ 80,355     $ 225,728     $ 624,040  
Property and equipment, net   $ 297,033     $ 112,115     $ 39,819     $ 448,967  
Warranty Reserves
 3 Months Ended
Apr. 01, 2017
Product Warranties Disclosures [Abstract]  
Warranty Reserves
5. Warranty Reserves

 

The Company’s products sold are generally covered by a standard warranty for periods ranging from one to three years. The Company’s estimate of costs to service its warranty obligations are based on historical experience and expectation of future conditions and are recorded as a liability on the balance sheet. The following reconciliation provides an illustration of changes in the aggregate warranty reserve.

 

    13-Weeks Ended  
    April 1,     March 26,  
    2017     2016  
             
Balance - beginning of period   $ 37,233     $ 30,449  
Accrual for products sold during the period     8,200       12,452  
Expenditures     (11,006 )     (11,494 )
Balance - end of period   $ 34,427     $ 31,407  
Commitments and Contingencies
 3 Months Ended
Apr. 01, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
6. Commitments and Contingencies

 

The Company is party to certain commitments, which include purchases of raw materials, advertising expenditures, and other indirect purchases in connection with conducting our business. The aggregate amount of purchase orders and other commitments open as of April 1, 2017 was approximately $364,257. We cannot determine the aggregate amount of such purchase orders that represent contractual obligations because purchase orders may represent authorizations to purchase rather than binding agreements. Our purchase orders are based on our current needs and are typically fulfilled within short periods of time.

 

In the normal course of business, the Company and its subsidiaries are parties to various legal claims, investigations and complaints, including matters alleging patent infringement and other intellectual property claims. The Company evaluates, on a quarterly basis, developments in legal proceedings, investigations or claims that could affect the amount of any accrual or disclosure. The assessment regarding whether a loss is probable or a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events.

 

Management of the Company currently does not believe there is at least a reasonable possibility the Company may have incurred a material loss, or a material loss in excess of recorded accruals, with respect to loss contingencies individually and in the aggregate, for the fiscal quarter ended April 1, 2017. The results of legal proceedings, investigations and claims, however, cannot be predicted with certainty. Although management considers the likelihood to be remote, an adverse resolution of one or more of such matters in excess of management’s expectations could have a material adverse effect on the Company’s results of operations in a particular quarter or fiscal year.

 

The Company settled or resolved certain matters during the fiscal quarter ended April 1, 2017 that did not individually or in the aggregate have a material impact on the Company’s financial condition or results of operations.
Income Taxes
 3 Months Ended
Apr. 01, 2017
Income Tax Disclosure [Abstract]  
Income Taxes
7. Income Taxes

 

 

The Company recorded an income tax benefit of $150,120 in the 13-week period ended April 1, 2017, which includes a $168,755 income tax benefit due to the revaluation of certain Switzerland deferred tax assets, compared to income tax expense of $19,455 in the 13-week period ended March 26, 2016. The effective tax rate was (171.2%) in the first quarter of 2017, compared to 18.1% in the first quarter of 2016. Excluding the effect of the $168,755 revaluation of deferred tax assets, the Q1 2017 effective tax rate increased 320 basis points compared to the effective tax rate in the prior year quarter. The revaluation of deferred tax assets and the 320 basis point increase in effective tax rate mentioned above were primarily due to the Company’s election in February 2017 to align certain Switzerland corporate tax positions with evolving international tax initiatives.
Marketable Securities
 3 Months Ended
Apr. 01, 2017
Marketable Securities [Abstract]  
Marketable Securities
8. Marketable Securities

 

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

 

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

 

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

 

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

 

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

 

    Fair Value Measurements as
of April 1, 2017		  
    Total     Level 1     Level 2     Level 3  
U.S. Treasury securities   $ 29,402     $ -     $ 29,402     $ -  
Agency securities     59,912       -       59,912       -  
Mortgage-backed securities     212,438       -       212,438       -  
Corporate securities     905,652       -       905,652       -  
Municipal securities     173,327       -       173,327       -  
Other     88,810       -       88,810       -  
Total   $ 1,469,541     $ -     $ 1,469,541     $ -  
                         
    Fair Value Measurements as
of December 31, 2016		  
    Total     Level 1     Level 2     Level 3  
U.S. Treasury securities   $ 29,034     $ -     $ 29,034     $ -  
Agency securities     59,541       -       59,541       -  
Mortgage-backed securities     230,823       -       230,823       -  
Corporate securities     893,725       -       893,725       -  
Municipal securities     176,168       -       176,168       -  
Other     90,946       -       90,946       -  
Total   $ 1,480,237     $ -     $ 1,480,237     $ -  

 

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

 

    Available-For-Sale Securities as
of April 1, 2017		  
    Amortized Cost     Gross Unrealized
Gains		     Gross Unrealized
Losses		     Fair Value  
U.S. Treasury securities   $ 29,551     $ 41     $ (190 )   $ 29,402  
Agency securities     60,723       21       (832 )     59,912  
Mortgage-backed securities     217,432       31       (5,025 )     212,438  
Corporate securities     921,342       357       (16,047 )     905,652  
Municipal securities     175,203       277       (2,153 )     173,327  
Other     88,810       12       (12 )     88,810  
Total   $ 1,493,061     $ 739     $ (24,259 )   $ 1,469,541  
                         
    Available-For-Sale Securities as
of December 31, 2016		  
    Amortized Cost     Gross Unrealized
Gains		     Gross Unrealized
Losses		     Fair Value  
U.S. Treasury securities   $ 29,291     $ 31     $ (288 )   $ 29,034  
Agency securities     60,513       19       (991 )     59,541  
Mortgage-backed securities     236,354       41       (5,572 )     230,823  
Corporate securities     914,028       252       (20,555 )     893,725  
Municipal securities     178,804       224       (2,859 )     176,169  
Other     90,934       20       (9 )     90,945  
Total   $ 1,509,924     $ 587     $ (30,274 )   $ 1,480,237  

 

The Company’s investment policy targets low risk investments with the objective of minimizing the potential risk of principal loss. The fair value of our securities varies from period to period due to changes in interest rates, in the performance of the underlying collateral and in the credit performance of the underlying issuer, among other factors. The Company does not intend to sell the securities that have an unrealized loss shown in the table above, and it is not more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, which may be maturity.

 

The Company recognizes the credit component of other-than-temporary impairments of debt securities in "Other Income" and the noncredit component in "Other comprehensive income (loss)" for those securities that we do not intend to sell and for which it is not more likely than not that we will be required to sell before recovery. During 2016 and the 13-week period ending April 1, 2017, the Company did not record any material impairment charges on its outstanding securities.

 

The amortized cost and fair value of the securities at an unrealized loss position at April 1, 2017 were $1,214,794 and $1,190,535 respectively. Approximately 58.7% of securities in our portfolio were at an unrealized loss position at April 1, 2017. We believe we have the ability to hold these securities until maturity or their value is recovered. We do not consider these unrealized losses to be other than temporary credit losses because there has been no material deterioration in credit quality and no change in the cash flows of the underlying securities. We do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities; therefore, no material impairment has been recorded in the accompanying condensed consolidated statement of income.

 

The cost of securities sold is based on the specific identification method.

 

The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of April 1, 2017 and December 31, 2016:

 

    As of April 1, 2017  
    Less than 12 Consecutive Months     12 Consecutive Months or Longer  
    Gross Unrealized
Losses		     Fair Value     Gross Unrealized
Losses		     Fair Value  
U.S. Treasury securities   $ (190 )   $ 22,788     $ -     $ -  
Agency securities     (832 )     52,970       -       -  
Mortgage-backed securities     (3,142 )     139,365       (1,883 )     67,493  
Corporate securities     (14,474 )     760,940       (1,573 )     28,303  
Municipal securities     (2,059 )     100,519       (94 )     5,421  
Other     (8 )     9,861       (4 )     2,875  
Total   $ (20,705 )   $ 1,086,443     $ (3,554 )   $ 104,092  
                         
    As of December 31, 2016  
    Less than 12 Consecutive Months     12 Consecutive Months or Longer  
    Gross Unrealized
Losses		     Fair Value     Gross Unrealized
Losses		     Fair Value  
U.S. Treasury securities   $ (288 )   $ 24,260     $ -     $ -  
Agency securities     (991 )     49,255       -       -  
Mortgage-backed securities     (3,702 )     159,665       (1,870 )     64,645  
Corporate securities     (18,856 )     765,712       (1,699 )     40,910  
Municipal securities     (2,762 )     130,994       (97 )     6,326  
Other     (3 )     4,058       (6 )     6,919  
Total   $ (26,602 )   $ 1,133,944     $ (3,672 )   $ 118,800  

 

The amortized cost and fair value of marketable securities at April 1, 2017, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

 

    Amortized Cost     Fair Value  
             
Due in one year or less   $ 258,468     $ 258,400  
Due after one year through five years     986,419       973,711  
Due after five years through ten years     241,521       231,026  
Due after ten years     6,653       6,404  
    $ 1,493,061     $ 1,469,541  
Share Repurchase Plan
 3 Months Ended
Apr. 01, 2017
Equity [Abstract]  
Share Repurchase Plan
  9. Share Repurchase Plan

 

On February 13, 2015, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $300,000 of the common shares of Garmin Ltd. The repurchases may be made from time to time as market and business conditions warrant on the open market or in negotiated transactions in compliance with the SEC’s Rule 10b-18. The timing and amounts of any repurchases will be determined by the Company’s management depending on market conditions and other factors including price, regulatory requirements and capital availability. The program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time. In December 2016, the Board of Directors authorized an extension through December 31, 2017 to purchase remaining common shares. As of April 1, 2017, the Company had repurchased 5,861 shares using cash of $252,518. There remains approximately $47,482 available to repurchase additional shares under this authorization.
Accumulated Other Comprehensive Income
 3 Months Ended
Apr. 01, 2017
Stockholders' Equity Note [Abstract]  
Accumulated Other Comprehensive Income
10. Accumulated Other Comprehensive Income

 

The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the 13-week period ended April 1, 2017:

 

    13-Weeks Ended April 1, 2017  
    Foreign Currency
Translation
Adjustment		     Net unrealized gains
(losses) on available-
for-sale securities		     Total  
Balance - beginning of period   $ (9,411 )   $ (27,350 )   $ (36,761 )
Other comprehensive income before reclassification     62,324       6,626       68,950  
Amounts reclassified from accumulated other comprehensive income     -       275       275  
Net current-period other comprehensive income     62,324       6,901       69,225  
Balance - end of period   $ 52,913     $ (20,449 )   $ 32,464  

  

The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week period ended April 1, 2017:

 

13-Weeks Ended April 1, 2017
Details about Accumulated Other
Comprehensive Income
Components		   Amount Reclassified
from Accumulated
Other Comprehensive
Income		     Affected Line Item
in the Statement
Where Net Income
is Presented
           
Unrealized gains (losses) on available-for-sale securities   $ (291 )   Other income (expense)
      16     Income tax benefit (provision)
    $ (275 )   Net of tax
Recently Issued Accounting Pronouncements
 3 Months Ended
Apr. 01, 2017
Accounting Changes and Error Corrections [Abstract]  
Recently Issued Accounting Pronouncements
11. Recently Issued Accounting Pronouncements

 

In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes previous revenue recognition guidance. ASU 2014-09 requires a company to recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”), which deferred the effective date of ASU 2014-09 such that the new provisions will now be required for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company does not intend to early adopt, and adoption will therefore occur in the Company’s fiscal year ending December 29, 2018.

 

Subsequently, the FASB has issued the following standards amending or relating to ASU 2014-09 (collectively, the “new revenue standards”): ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (“ASU 2016-08”), ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”), ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”), and ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers (“ASU 2016-20”).

 

The new revenue standards may be applied retrospectively to each prior period presented or in a modified retrospective approach in which the cumulative effect will be recognized as of the date of adoption. We currently anticipate we will adopt the new revenue standards using the full retrospective method to restate each prior reporting period presented. Our decision to adopt using the full retrospective method is dependent on the finalization of our analysis of information necessary to restate prior period financial statements.

 

We continue to make progress in evaluating all potential impacts of adopting the new revenue standards on the Company’s consolidated financial statements, the materiality of which is not yet known. This evaluation includes monitoring the work of standard setters, including any impacts from the recently issued amendments, and considering the interpretive efforts of non-authoritative groups.

 

For discussion regarding the Company’s current revenue recognition policies, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Adoption of the new revenue standards is expected to affect the manner in which the Company determines the unit of account for certain products (i.e. performance obligations), as well as the allocation of consideration (i.e. revenue) to certain obligations. We have completed our grouping of the Company’s homogenous revenue streams and are continuing to specify and allocate consideration to the associated obligations.

 

In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). The standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements.

 

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to present a right-of-use asset and a corresponding lease liability on the balance sheet. Lessor accounting is substantially unchanged compared to the current accounting guidance. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements.

 

In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The standard addresses eight specific cash flow issues with the objective of reducing diversity in practice. ASU 2016-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements.

 

In March 2017, the FASB issued Accounting Standards Update No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Topic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”), which shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. Callable debt securities held at a discount continue to be amortized to maturity. ASU 2017-08 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements.
Inventories (Tables)
 3 Months Ended
Apr. 01, 2017
Inventory Disclosure [Abstract]  
Schedule of inventories

The components of inventories consist of the following:

 

    April 1,     December 31,  
    2017     2016  
             
Raw materials   $ 184,330     $ 162,882  
Work-in-process     82,881       68,602  
Finished goods     308,102       293,789  
Inventory reserves     (42,162 )     (40,452 )
Inventory, net of reserves   $ 533,151     $ 484,821  
Earnings Per Share (Tables)
 3 Months Ended
Apr. 01, 2017
Net income per share:  
Schedule of computation of basic and diluted net income per share

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

 

    13-Weeks Ended  
    April 1,     March 26,  
    2017     2016  
Numerator:                
Numerator for basic and diluted net income per share - net income   $ 237,812     $ 88,092  
                 
Denominator:                
Denominator for basic net income per share – weighted-average common shares     188,333       189,497  
                 
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units     698       154  
                 
Denominator for diluted net income per share – adjusted weighted-average common shares     189,031       189,651  
                 
Basic net income per share   $ 1.26     $ 0.46  
                 
Diluted net income per share   $ 1.26     $ 0.46  
Segment Information (Tables)
 3 Months Ended
Apr. 01, 2017
Segment Reporting [Abstract]  
Schedule of net sales, gross profit, and operating income

Net sales (“revenue”), gross profit, and operating income for each of the Company’s reportable segments are presented below.

 

    Reportable Segments  
    Outdoor     Fitness     Marine     Auto     Aviation     Total  
                                     
13-Weeks Ended April 1, 2017                                                
                                                 
Net sales   $ 115,875     $ 137,831     $ 104,445     $ 157,524     $ 122,871     $ 638,546  
Gross profit   $ 73,469     $ 77,741     $ 59,747     $ 69,933     $ 91,233     $ 372,123  
Operating income   $ 34,451     $ 18,472     $ 18,145     $ 6,669     $ 38,608     $ 116,345  
                                                 
13-Weeks Ended March 26, 2016                                                
                                                 
Net sales   $ 96,827     $ 142,418     $ 82,880     $ 195,599     $ 106,316     $ 624,040  
Gross profit   $ 58,932     $ 72,294     $ 44,149     $ 86,144     $ 78,331     $ 339,850  
Operating income   $ 27,885     $ 16,573     $ 10,293     $ 18,566     $ 30,486     $ 103,803  
Schedule of net sales and property and equipment, net by geographic area

Net sales and property and equipment, net by geographic area are as follows as of and for the 13-week periods ended April 1, 2017 and March 26, 2016. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa:

 

    Americas     APAC     EMEA     Total  
April 1, 2017                                
Net sales to external customers   $ 320,189     $ 91,562     $ 226,795     $ 638,546  
Property and equipment, net   $ 312,630     $ 152,804     $ 38,406     $ 503,840  
                                 
March 26, 2016                                
Net sales to external customers   $ 317,957     $ 80,355     $ 225,728     $ 624,040  
Property and equipment, net   $ 297,033     $ 112,115     $ 39,819     $ 448,967  

 
Warranty Reserves (Tables)
 3 Months Ended
Apr. 01, 2017
Product Warranties Disclosures [Abstract]  
Schedule of changes in the aggregate warranty reserve

The following reconciliation provides an illustration of changes in the aggregate warranty reserve.

 

    13-Weeks Ended  
    April 1,     March 26,  
    2017     2016  
             
Balance - beginning of period   $ 37,233     $ 30,449  
Accrual for products sold during the period     8,200       12,452  
Expenditures     (11,006 )     (11,494 )
Balance - end of period   $ 34,427     $ 31,407  

 
Marketable Securities (Tables)
 3 Months Ended
Apr. 01, 2017
Marketable Securities [Abstract]  
Schedule of available-for-sale securities

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

 

    Fair Value Measurements as
of April 1, 2017		  
    Total     Level 1     Level 2     Level 3  
U.S. Treasury securities   $ 29,402     $ -     $ 29,402     $ -  
Agency securities     59,912       -       59,912       -  
Mortgage-backed securities     212,438       -       212,438       -  
Corporate securities     905,652       -       905,652       -  
Municipal securities     173,327       -       173,327       -  
Other     88,810       -       88,810       -  
Total   $ 1,469,541     $ -     $ 1,469,541     $ -  
                         
    Fair Value Measurements as
of December 31, 2016		  
    Total     Level 1     Level 2     Level 3  
U.S. Treasury securities   $ 29,034     $ -     $ 29,034     $ -  
Agency securities     59,541       -       59,541       -  
Mortgage-backed securities     230,823       -       230,823       -  
Corporate securities     893,725       -       893,725       -  
Municipal securities     176,168       -       176,168       -  
Other     90,946       -       90,946       -  
Total   $ 1,480,237     $ -     $ 1,480,237     $ -  
Schedule of marketable securities classified as available-for-sale securities

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

 

    Available-For-Sale Securities as
of April 1, 2017		  
    Amortized Cost     Gross Unrealized
Gains		     Gross Unrealized
Losses		     Fair Value  
U.S. Treasury securities   $ 29,551     $ 41     $ (190 )   $ 29,402  
Agency securities     60,723       21       (832 )     59,912  
Mortgage-backed securities     217,432       31       (5,025 )     212,438  
Corporate securities     921,342       357       (16,047 )     905,652  
Municipal securities     175,203       277       (2,153 )     173,327  
Other     88,810       12       (12 )     88,810  
Total   $ 1,493,061     $ 739     $ (24,259 )   $ 1,469,541  
                         
    Available-For-Sale Securities as
of December 31, 2016		  
    Amortized Cost     Gross Unrealized
Gains		     Gross Unrealized
Losses		     Fair Value  
U.S. Treasury securities   $ 29,291     $ 31     $ (288 )   $ 29,034  
Agency securities     60,513       19       (991 )     59,541  
Mortgage-backed securities     236,354       41       (5,572 )     230,823  
Corporate securities     914,028       252       (20,555 )     893,725  
Municipal securities     178,804       224       (2,859 )     176,169  
Other     90,934       20       (9 )     90,945  
Total   $ 1,509,924     $ 587     $ (30,274 )   $ 1,480,237  
Schedule of gross unrealized losses and fair value by major security type

The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of April 1, 2017 and December 31, 2016:

 

    As of April 1, 2017  
    Less than 12 Consecutive Months     12 Consecutive Months or Longer  
    Gross Unrealized
Losses		     Fair Value     Gross Unrealized
Losses		     Fair Value  
U.S. Treasury securities   $ (190 )   $ 22,788     $ -     $ -  
Agency securities     (832 )     52,970       -       -  
Mortgage-backed securities     (3,142 )     139,365       (1,883 )     67,493  
Corporate securities     (14,474 )     760,940       (1,573 )     28,303  
Municipal securities     (2,059 )     100,519       (94 )     5,421  
Other     (8 )     9,861       (4 )     2,875  
Total   $ (20,705 )   $ 1,086,443     $ (3,554 )   $ 104,092  
                         
    As of December 31, 2016  
    Less than 12 Consecutive Months     12 Consecutive Months or Longer  
    Gross Unrealized
Losses		     Fair Value     Gross Unrealized
Losses		     Fair Value  
U.S. Treasury securities   $ (288 )   $ 24,260     $ -     $ -  
Agency securities     (991 )     49,255       -       -  
Mortgage-backed securities     (3,702 )     159,665       (1,870 )     64,645  
Corporate securities     (18,856 )     765,712       (1,699 )     40,910  
Municipal securities     (2,762 )     130,994       (97 )     6,326  
Other     (3 )     4,058       (6 )     6,919  
Total   $ (26,602 )   $ 1,133,944     $ (3,672 )   $ 118,800  

 
Schedule of amortized cost and estimated fair value of marketable securities by contractual maturity

The amortized cost and fair value of marketable securities at April 1, 2017, by contractual maturity, are shown below.

 

    Amortized Cost     Fair Value  
             
Due in one year or less   $ 258,468     $ 258,400  
Due after one year through five years     986,419       973,711  
Due after five years through ten years     241,521       231,026  
Due after ten years     6,653       6,404  
    $ 1,493,061     $ 1,469,541  
Accumulated Other Comprehensive Income (Tables)
 3 Months Ended
Apr. 01, 2017
Stockholders' Equity Note [Abstract]  
Schedule of changes in accumulated other comprehensive income (AOCI)

The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the 13-week period ended April 1, 2017:

 

    13-Weeks Ended April 1, 2017  
    Foreign Currency
Translation
Adjustment		     Net unrealized gains
(losses) on available-
for-sale securities		     Total  
Balance - beginning of period   $ (9,411 )   $ (27,350 )   $ (36,761 )
Other comprehensive income before reclassification     62,324       6,626       68,950  
Amounts reclassified from accumulated other comprehensive income     -       275       275  
Net current-period other comprehensive income     62,324       6,901       69,225  
Balance - end of period   $ 52,913     $ (20,449 )   $ 32,464  

  
Schedule of reporting reclassifications out of AOCI

The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week period ended April 1, 2017:

 

13-Weeks Ended April 1, 2017
Details about Accumulated Other
Comprehensive Income
Components		   Amount Reclassified
from Accumulated
Other Comprehensive
Income		     Affected Line Item
in the Statement
Where Net Income
is Presented
           
Unrealized gains (losses) on available-for-sale securities   $ (291 )   Other income (expense)
      16     Income tax benefit (provision)
    $ (275 )   Net of tax
Inventories (Details) - USD ($)
$ in Thousands
Apr. 01, 2017
Dec. 31, 2016
Inventory Disclosure [Abstract]    
Raw materials $ 184,330 $ 162,882
Work-in-process 82,881 68,602
Finished goods 308,102 293,789
Inventory reserves (42,162) (40,452)
Inventory, net of reserves $ 533,151 $ 484,821
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Apr. 01, 2017
Mar. 26, 2016
Numerator:    
Numerator for basic and diluted net income per share - net income $ 237,812 $ 88,092
Denominator:    
Denominator for basic net income per share - weighted-average common shares 188,333 189,497
Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units 698 154
Denominator for diluted net income per share - adjusted weighted-average common shares 189,031 189,651
Basic net income per share (in dollars per share) $ 1.26 $ 0.46
Diluted net income per share (in dollars per share) $ 1.26 $ 0.46
Earnings Per Share (Details Narrative) - shares
 3 Months Ended
Apr. 01, 2017
Mar. 26, 2016
Net income per share:    
Anti-dilutive stock options, stock appreciation rights and restricted stock units 2,593,000 4,295,000
Shares issued as a result of exercises and releases of equity awards 150,000 2,000
Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 01, 2017
Mar. 26, 2016
Net sales $ 638,546 $ 624,040
Gross profit 372,123 339,850
Operating income 116,345 103,803
Outdoor [Member]    
Net sales 115,875 96,827
Gross profit 73,469 58,932
Operating income 34,451 27,885
Fitness [Member]    
Net sales 137,831 142,418
Gross profit 77,741 72,294
Operating income 18,472 16,573
Marine [Member]    
Net sales 104,445 82,880
Gross profit 59,747 44,149
Operating income 18,145 10,293
Auto [Member]    
Net sales 157,524 195,599
Gross profit 69,933 86,144
Operating income 6,669 18,566
Aviation [Member]    
Net sales 122,871 106,316
Gross profit 91,233 78,331
Operating income $ 38,608 $ 30,486
Segment Information (Details 1) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 01, 2017
Mar. 26, 2016
Dec. 31, 2016
Net sales to external customers $ 638,546 $ 624,040  
Property and equipment, net 503,840 448,967 $ 482,878
Americas [Member]      
Net sales to external customers 320,189 317,957  
Property and equipment, net 312,630 297,033  
APAC [Member]      
Net sales to external customers 91,562 80,355  
Property and equipment, net 152,804 112,115  
EMEA [Member]      
Net sales to external customers 226,795 225,728  
Property and equipment, net $ 38,406 $ 39,819  
Segment Information (Details Narrative)
 3 Months Ended
Apr. 01, 2017
Number
Segment Reporting [Abstract]  
Number of reportable segments 5
Warranty Reserves (Details) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 01, 2017
Mar. 26, 2016
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]    
Balance - beginning of period $ 37,233 $ 30,449
Accrual for products sold during the period 8,200 12,452
Expenditures (11,006) (11,494)
Balance - end of period $ 34,427 $ 31,407
Warranty Reserves (Details Narrative)
 3 Months Ended
Apr. 01, 2017
Minimum [Member]  
Product warranty term 1 year
Maximum [Member]  
Product warranty term 3 years
Commitments and Contingencies (Details Narrative)
$ in Thousands
Apr. 01, 2017
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Aggregate amount of purchase orders and other commitments $ 364,257
Income Taxes (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 01, 2017
Mar. 26, 2016
Income Tax Disclosure [Abstract]    
Income tax expense $ (150,120) $ 19,455
Deferred tax assets gross $ 168,755  
Effective income tax rate (171.20%) 18.10%
Marketable Securities (Details) - USD ($)
$ in Thousands
Apr. 01, 2017
Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total $ 1,469,541 $ 1,480,237
U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 29,402 29,034
Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 59,912 59,541
Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 212,438 230,823
Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 905,652 893,725
Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 173,327 176,169
Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 88,810 90,945
Recurring Basis [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 1,469,541 1,480,237
Recurring Basis [Member] | U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 29,402 29,034
Recurring Basis [Member] | Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 59,912 59,541
Recurring Basis [Member] | Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 212,438 230,823
Recurring Basis [Member] | Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 905,652 893,725
Recurring Basis [Member] | Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 173,327 176,168
Recurring Basis [Member] | Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total $ 88,810 $ 90,946
Recurring Basis [Member] | Level 1 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Recurring Basis [Member] | Level 1 [Member] | U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Recurring Basis [Member] | Level 1 [Member] | Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Recurring Basis [Member] | Level 1 [Member] | Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Recurring Basis [Member] | Level 1 [Member] | Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Recurring Basis [Member] | Level 1 [Member] | Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Recurring Basis [Member] | Level 1 [Member] | Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Recurring Basis [Member] | Level 2 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total $ 1,469,541 $ 1,480,237
Recurring Basis [Member] | Level 2 [Member] | U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 29,402 29,034
Recurring Basis [Member] | Level 2 [Member] | Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 59,912 59,541
Recurring Basis [Member] | Level 2 [Member] | Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 212,438 230,823
Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 905,652 893,725
Recurring Basis [Member] | Level 2 [Member] | Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total 173,327 176,168
Recurring Basis [Member] | Level 2 [Member] | Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total $ 88,810 $ 90,946
Recurring Basis [Member] | Level 3 [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Recurring Basis [Member] | Level 3 [Member] | U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Recurring Basis [Member] | Level 3 [Member] | Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Recurring Basis [Member] | Level 3 [Member] | Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Recurring Basis [Member] | Level 3 [Member] | Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Recurring Basis [Member] | Level 3 [Member] | Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Recurring Basis [Member] | Level 3 [Member] | Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale securities, total
Marketable Securities (Details 1) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 01, 2017
Dec. 31, 2016
Amortized Cost $ 1,493,061 $ 1,509,924
Gross Unrealized Gains 739 587
Gross Unrealized Losses (24,259) (30,274)
Fair Value 1,469,541 1,480,237
U.S.Treasury Securities [Member]    
Amortized Cost 29,551 29,291
Gross Unrealized Gains 41 31
Gross Unrealized Losses (190) (288)
Fair Value 29,402 29,034
Agency Securities [Member]    
Amortized Cost 60,723 60,513
Gross Unrealized Gains 21 19
Gross Unrealized Losses (832) (991)
Fair Value 59,912 59,541
Mortgage-Backed Securities [Member]    
Amortized Cost 217,432 236,354
Gross Unrealized Gains 31 41
Gross Unrealized Losses (5,025) (5,572)
Fair Value 212,438 230,823
Corporate Securities [Member]    
Amortized Cost 921,342 914,028
Gross Unrealized Gains 357 252
Gross Unrealized Losses (16,047) (20,555)
Fair Value 905,652 893,725
Municipal Securities [Member]    
Amortized Cost 175,203 178,804
Gross Unrealized Gains 277 224
Gross Unrealized Losses (2,153) (2,859)
Fair Value 173,327 176,169
Other [Member]    
Amortized Cost 88,810 90,934
Gross Unrealized Gains 12 20
Gross Unrealized Losses (12) (9)
Fair Value $ 88,810 $ 90,945
Marketable Securities (Details 2) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 01, 2017
Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months $ (20,705) $ (26,602)
Fair Value Less than 12 Consecutive Months 1,086,443 1,133,944
Gross Unrealized Losses 12 Consecutive Months or Longer (3,554) (3,672)
Fair Value 12 Consecutive Months or Longer 104,092 118,800
U.S.Treasury Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (190) (288)
Fair Value Less than 12 Consecutive Months $ 22,788 $ 24,260
Gross Unrealized Losses 12 Consecutive Months or Longer
Fair Value 12 Consecutive Months or Longer
Agency Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months $ (832) $ (991)
Fair Value Less than 12 Consecutive Months $ 52,970 $ 49,255
Gross Unrealized Losses 12 Consecutive Months or Longer
Fair Value 12 Consecutive Months or Longer
Mortgage-Backed Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months $ (3,142) $ (3,702)
Fair Value Less than 12 Consecutive Months 139,365 159,665
Gross Unrealized Losses 12 Consecutive Months or Longer (1,883) (1,870)
Fair Value 12 Consecutive Months or Longer 67,493 64,645
Corporate Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (14,474) (18,856)
Fair Value Less than 12 Consecutive Months 760,940 765,712
Gross Unrealized Losses 12 Consecutive Months or Longer (1,573) (1,699)
Fair Value 12 Consecutive Months or Longer 28,303 40,910
Municipal Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (2,059) (2,762)
Fair Value Less than 12 Consecutive Months 100,519 130,994
Gross Unrealized Losses 12 Consecutive Months or Longer (94) (97)
Fair Value 12 Consecutive Months or Longer 5,421 6,326
Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (8) (3)
Fair Value Less than 12 Consecutive Months 9,861 4,058
Gross Unrealized Losses 12 Consecutive Months or Longer (4) (6)
Fair Value 12 Consecutive Months or Longer $ 2,875 $ 6,919
Marketable Securities (Details 3) - USD ($)
$ in Thousands
Apr. 01, 2017
Dec. 31, 2016
Cost [Abstract]    
Due in one year or less $ 258,468  
Due after one year through five years 986,419  
Due after five years through ten years 241,521  
Due after ten years 6,653  
Total 1,493,061 $ 1,509,924
Estimated Fair Value [Abstract]    
Due in one year or less 258,400  
Due after one year through five years 973,711  
Due after five years through ten years 231,026  
Due after ten years 6,404  
Total $ 1,469,541 $ 1,480,237
Marketable Securities (Details Narrative)
$ in Thousands
 3 Months Ended
Apr. 01, 2017
USD ($)
Marketable Securities [Abstract]  
Unrealized loss position amortized cost $ 1,214,794
Unrealized loss position fair value $ 1,190,535
Percentage of available-for-sale securities in unrealized loss positions 58.70%
Share Repurchase Plan (Details Narrative) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 13, 2015
Apr. 01, 2017
Equity [Abstract]    
Stock repurchase program, authorized amount $ 300,000  
Stock repurchase program, expiration date Dec. 31, 2016  
Stock issued for repurchase program (in shares)   5,861
Stock issued for repurchase program, value   $ 252,518
Remaining stock available under repurchase program   $ 47,482
Accumulated Other Comprehensive Income (Details)
$ in Thousands
 3 Months Ended
Apr. 01, 2017
USD ($)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward]  
Balance - beginning of period $ (9,411)
Other comprehensive income before reclassification $ 62,324
Amounts reclassified from accumulated other comprehensive income
Net current-period other comprehensive income $ 62,324
Balance - end of period 52,913
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward]  
Balance - beginning of period (27,350)
Other comprehensive income before reclassification 6,626
Amounts reclassified from accumulated other comprehensive income 275
Net current-period other comprehensive income 6,901
Balance - end of period (20,449)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Balance - beginning of period (36,761)
Other comprehensive income before reclassification 68,950
Amounts reclassified from accumulated other comprehensive income 275
Net current-period other comprehensive income 69,225
Balance - end of period $ 32,464
Accumulated Other Comprehensive Income (Details 1) - USD ($)
$ in Thousands
 3 Months Ended
Apr. 01, 2017
Mar. 26, 2016
Other income (expense) $ (28,653) $ 3,744
Income tax benefit (provision) 150,120 $ (19,455)
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification From Accumulated Other Comprehensive Income [Member]    
Other income (expense) (291)  
Income tax benefit (provision) 16  
Net of tax $ (275)