XBRL Rendering Preview
Document and Entity Information - shares
3 Months Ended
Mar. 30, 2019
Apr. 29, 2019
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 Mar. 30, 2019  
Amendment Flag false  
Current Fiscal Year End Date --12-29  
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 Common Stock, Shares Outstanding   198,077,418
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2019  
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 30, 2019
Dec. 29, 2018
Current assets:    
Cash and cash equivalents $ 1,115,951 $ 1,201,732
Marketable securities 197,385 182,989
Accounts receivable, net 453,069 569,833
Inventories 598,387 561,840
Deferred costs 27,567 28,462
Prepaid expenses and other current assets 119,778 120,512
Total current assets 2,512,137 2,665,368
Property and equipment, net 672,299 663,527
Operating lease right-of-use assets 54,978
Restricted cash 148 73
Marketable securities 1,337,771 1,330,123
Deferred income taxes 170,935 176,959
Noncurrent deferred costs 28,428 29,473
Intangible assets, net 411,162 417,080
Other assets 92,287 100,255
Total assets 5,280,145 5,382,858
Current liabilities:    
Accounts payable 170,474 204,985
Salaries and benefits payable 95,881 113,087
Accrued warranty costs 35,042 38,276
Accrued sales program costs 54,597 90,388
Deferred revenue 93,653 96,372
Accrued royalty costs 16,768 24,646
Accrued advertising expense 18,263 31,657
Other accrued expenses 81,919 69,777
Income taxes payable 55,929 51,642
Dividend payable 200,483
Total current liabilities 622,526 921,313
Deferred income taxes 98,959 92,944
Noncurrent income taxes 127,339 127,211
Noncurrent deferred revenue 72,531 76,566
Noncurrent operating lease liabilities 43,277
Other liabilities 227 1,850
Stockholders' equity:    
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 189,847 shares outstanding at March 30, 2019; and 189,461 shares outstanding at December 29, 2018; 17,979 17,979
Additional paid-in capital 1,810,196 1,823,638
Treasury stock (381,815) (397,692)
Retained earnings 2,850,588 2,710,619
Accumulated other comprehensive income 18,338 8,430
Total stockholders' equity 4,315,286 4,162,974
Total liabilities and stockholders' equity $ 5,280,145 $ 5,382,858
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - SFr / shares
Mar. 30, 2019
Dec. 29, 2018
Common shares, authorized 198,077 198,077
Common shares, issued 198,077 198,077
Common shares, outstanding 189,847 189,461
CHF [Member]    
Common shares, par value (in swiss francs per share) SFr 0.10 SFr 0.10
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 30, 2019
Mar. 31, 2018
Income Statement [Abstract]    
Net sales $ 766,050 $ 710,872
Cost of goods sold 314,352 284,337
Gross profit 451,698 426,535
Advertising expense 27,615 25,311
Selling, general and administrative expense 126,781 117,065
Research and development expense 145,919 141,957
Total operating expense 300,315 284,333
Operating income 151,383 142,202
Other income:    
Interest income 13,704 10,227
Foreign currency gains 314 816
Other income 864 735
Total other income 14,882 11,778
Income before income taxes 166,265 153,980
Income tax provision 26,092 24,606
Net income $ 140,173 $ 129,374
Net income per share:    
Basic (in dollars per share) $ 0.74 $ 0.69
Diluted (in dollars per share) $ 0.74 $ 0.68
Weighted average common shares outstanding:    
Basic (in shares) 189,601 188,322
Diluted (in shares) 190,599 189,292
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 30, 2019
Mar. 31, 2018
Statement of Comprehensive Income [Abstract]    
Net income $ 140,173 $ 129,374
Foreign currency translation adjustment (9,235) 23,500
Change in fair value of available-for-sale marketable securities, net of deferred taxes 19,143 (15,034)
Comprehensive income $ 150,081 $ 137,840
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 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. 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 129,374 129,374
Translation adjustment 23,500 23,500
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects (15,034) (15,034)
Comprehensive income           137,840
Dividends declared (170) (170)
Issuance of treasury stock related to equity awards (23,294) 25,220 1,926
Stock compensation 13,440 13,440
Purchase of treasury stock related to equity awards (6,562) (6,562)
Reclassification under ASU (Accounting Standards Update 2016-06 [Member]) at Mar. 31, 2018 (1,700) (1,700)
Reclassification under ASU (Accounting Standards Update 2018-02 [Member]) at Mar. 31, 2018 452 (452)
Balance at ending at Mar. 31, 2018 17,979 1,818,532 (450,160) 2,546,400 64,442 3,997,193
Balance at beginning at Dec. 29, 2018 17,979 1,823,638 (397,692) 2,710,619 8,430 4,162,974
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 140,173 140,173
Translation adjustment (9,235) (9,235)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects 19,143 19,143
Comprehensive income           150,081
Dividends declared (204) (204)
Issuance of treasury stock related to equity awards (28,571) 28,571
Stock compensation 15,129 15,129
Purchase of treasury stock related to equity awards (12,694) (12,694)
Balance at ending at Mar. 30, 2019 $ 17,979 $ 1,810,196 $ (381,815) $ 2,850,588 $ 18,338 $ 4,315,286
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended
Mar. 30, 2019
Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]    
Adjustment related to unrealized gains (losses) on available-for-sale securities income tax effects $ 2,905 $ 2,416
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 30, 2019
Mar. 31, 2018
Operating activities:    
Net income $ 140,173 $ 129,374
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 16,832 16,014
Amortization 7,179 7,132
Loss (gain) on sale or disposal of property and equipment 227 (15)
Provision for doubtful accounts 408 57
Provision for obsolete and slow moving inventories 7,579 3,959
Unrealized foreign currency loss (gain) 3,124 (517)
Deferred income taxes 9,105 416
Stock compensation expense 15,129 13,440
Realized losses on marketable securities 60 196
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 112,488 187,693
Inventories (46,646) (26,455)
Other current and non-current assets 2,930 9,037
Accounts payable (32,786) (36,708)
Other current and non-current liabilities (76,030) (99,935)
Deferred revenue (6,744) (8,368)
Deferred costs 1,938 1,807
Income taxes payable 9,616 17,063
Net cash provided by operating activities 164,582 214,190
Investing activities:    
Purchases of property and equipment (30,094) (26,336)
Proceeds from sale of property and equipment 47 121
Purchase of intangible assets (413) (1,622)
Purchase of marketable securities (83,068) (140,623)
Redemption of marketable securities 80,907 65,253
Acquisitions, net of cash acquired (9,417)
Net cash used in investing activities (32,621) (112,624)
Financing activities:    
Dividends (200,687) (96,146)
Proceeds from issuance of treasury stock related to equity awards 1,926
Purchase of treasury stock related to equity awards (12,694) (6,562)
Net cash used in financing activities (213,381) (100,782)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (4,286) 6,717
Net (decrease) increase in cash, cash equivalents, and restricted cash (85,706) 7,501
Cash, cash equivalents, and restricted cash at beginning of period 1,201,805 891,759
Cash, cash equivalents, and restricted cash at end of period $ 1,116,099 $ 899,260
Accounting Policies
3 Months Ended
Mar. 30, 2019
Accounting Policies [Abstract]  
Accounting Policies
1. Accounting Policies

 

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 March 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 28, 2019.

 

The condensed consolidated balance sheet at December 29, 2018 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 29, 2018.

 

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 March 30, 2019 and March 31, 2018 both contain operating results for 13 weeks.

 

Recently Adopted Accounting Standards

 

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.

 

The Company adopted the new lease standard as of the beginning of the 2019 fiscal year using the optional transition method. The Company did not have a cumulative effect adjustment to retained earnings as a result of adopting the new lease standard and 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 in future periods. The Company elected the package of transitional practical expedients upon adoption which, among other provisions, allowed the Company to carry forward historical lease classification. See Note 12 – Leases for additional information regarding leases.

 

Significant Accounting Policies

 

For a description of the significant accounting policies and methods used in the preparation of the Company’s condensed consolidated financial statements, refer to Note 2, “Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2018. Other than the policy discussed below, there were no material changes to the Company’s significant accounting policies during the 13-week period ended March 30, 2019.

 

Preproduction Costs Related to Long-Term Supply Arrangements

 

Preproduction design and development costs related to long-term supply arrangements are expensed as incurred, and classified as Research and development, unless the customer has provided a contractual guarantee for reimbursement of such costs. Contractually reimbursable costs are capitalized as incurred in the Condensed Consolidated Balance Sheets within Prepaid expenses and other current assets if reimbursement is expected to be received within one year, or within Other assets if expected to be received beyond one year. Such capitalized costs were approximately $5 million as of March 30, 2019, and there were no such capitalized costs as of December 29, 2018.

Inventories
3 Months Ended
Mar. 30, 2019
Inventory Disclosure [Abstract]  
Inventories

  2. Inventories

 

The components of inventories consist of the following:

 

  March 30,   December 29,  
  2019   2018  
         
Raw materials $ 213,380   $ 205,696  
Work-in-process   103,204     96,564  
Finished goods   281,803     259,580  
Inventories $ 598,387   $ 561,840  
Earnings Per Share
3 Months Ended
Mar. 30, 2019
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  
  March 30,   March 31,  
  2019   2018  
Numerator:        
         
Numerator for basic and diluted net income per share - net income $ 140,173   $ 129,374  
             
Denominator:            
Denominator for basic net income per share – weighted-average common shares   189,601     188,322  
             
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units   998     970  
             
Denominator for diluted net income per share – adjusted weighted-average common shares   190,599     189,292  
             
Basic net income per share $ 0.74   $ 0.69  
             
Diluted net income per share $ 0.74   $ 0.68  

 

There were no anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) outstanding during the 13-week periods ended March 30, 2019 and March 31, 2018.

 

There were 386 and 332 net shares issued as a result of exercises and releases of equity awards for the 13-week periods ended March 30, 2019 and March 31, 2018, respectively.

Segment Information
3 Months Ended
Mar. 30, 2019
Segment Reporting [Abstract]  
Segment Information
4. Segment Information

 

The Company has identified five reportable segments – auto, aviation, fitness, marine, and outdoor. The Company’s Chief Executive Officer has been identified as the Chief Operating Decision Maker (CODM), who 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.

 

In the first quarter of fiscal 2019, the methodology used to allocate certain selling, general, and administrative expenses to the segments was refined, endeavoring to provide the Company’s CODM with a more meaningful representation of segment profit or loss in light of the evolution of its segments. The Company’s composition of operating segments and reportable segments did not change. Prior year amounts are presented here as they were originally reported, as it is not practicable to accurately restate prior period activity in accordance with the refined allocation methodology. For comparative purposes, we estimate operating income for the 13-weeks ended March 31, 2018 would have been approximately $4 million less for the aviation segment, approximately $4 million more for the marine segment, and not significantly different for the outdoor, fitness, and auto segments.

 

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 March 30, 2019                                    
                                     
Net sales $ 154,051   $ 180,256   $ 133,968   $ 126,999   $ 170,776   $ 766,050  
Gross profit   97,488     90,835     78,055     57,337     127,983     451,698  
Operating income   41,953     18,126     25,473     8,213     57,618     151,383  
                                     
13-Weeks Ended March 31, 2018                                    
                                     
Net sales $ 144,258   $ 166,035   $ 113,554   $ 141,312   $ 145,713   $ 710,872  
Gross profit   93,285     96,601     66,683     61,012     108,954     426,535  
Operating income   43,822     33,374     13,131     3,468     48,407     142,202  

  

Net sales to external customers by geographic region were as follows for the 13-week periods ended March 30, 2019 and March 31, 2018. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa:

 

  13-Weeks Ended  
  March 30,   March 31,  
  2019   2018  
Americas $ 379,456   $ 345,975  
EMEA   260,021     245,912  
APAC   126,573     118,985  
Net sales to external customers $ 766,050   $ 710,872  

  

Net property and equipment by geographic region as of March 30, 2019 and March 31, 2018 are presented below.

 

  Americas   APAC   EMEA   Total  
March 30, 2019                        
Property and equipment, net $ 413,632   $ 212,933   $ 45,734   $ 672,299  
                         
March 31, 2018                        
Property and equipment, net $ 388,531   $ 176,245   $ 40,037   $ 604,813  
Warranty Reserves
3 Months Ended
Mar. 30, 2019
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 management’s expectations and judgments 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  
  March 30,   March 31,  
  2019   2018  
         
Balance - beginning of period $ 38,276   $ 36,827  
Accrual for products sold during the period(1)   10,849     10,012  
Expenditures   (14,083 )   (11,417 )
Balance - end of period $ 35,042   $ 35,422  

 

(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 during the period’ line.
Commitments and Contingencies
3 Months Ended
Mar. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
6. Commitments and Contingencies

 

Commitments

 

The Company is party to certain commitments, which include purchases of raw materials, advertising expenditures, and other indirect purchases in connection with conducting our business. The aggregate amount of purchase orders and other commitments open as of March 30, 2019 was approximately $435,100. We cannot determine the aggregate amount of such purchase orders that represent contractual obligations because purchase orders may represent authorizations to purchase rather than binding agreements. Our purchase orders are based on our current needs and are typically fulfilled within short periods of time.

 

Contingencies

 

In the normal course of business, the Company and its subsidiaries are parties to various legal claims, investigations and complaints, including matters alleging patent infringement and other intellectual property claims. The Company evaluates, on a quarterly and annual basis, developments in legal proceedings, investigations, claims, and other loss contingencies that could affect any required accrual or disclosure or estimate of reasonably possible loss or range of loss. An estimated loss from a loss contingency is accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. If a range of loss is estimated, and some amount within that range appears to be a better estimate than any other amount within that range, then that amount is accrued. If no amount within the range can be identified as a better estimate than any other amount, the Company accrues the minimum amount in the range.

 

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

 

Management of the Company currently does not believe it is reasonably possible that the Company may have incurred a material loss, or a material loss in excess of recorded accruals, with respect to loss contingencies in the aggregate, for the fiscal quarter ended March 30, 2019. The results of legal proceedings, investigations and claims, however, cannot be predicted with certainty. An adverse resolution of one or more of such matters in excess of management’s expectations could have a material adverse effect in the particular quarter or fiscal year in which a loss is recorded, but based on information currently known, the Company does not believe it is likely that losses from such matters would have a material adverse effect on the Company’s business or its consolidated financial position, results of operations or cash flows.

 

The Company settled or resolved certain matters during the 13-week period ended March 30, 2019 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.

Income Taxes
3 Months Ended
Mar. 30, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

7. Income Taxes

 

The Company recorded income tax expense of $26,092 in the 13-week period ended March 30, 2019, compared to income tax expense of $24,606 in the 13-week period ended March 31, 2018. The effective tax rate was 15.7% in the first quarter of 2019, compared to 16.0% in the first quarter of 2018.

Marketable Securities
3 Months Ended
Mar. 30, 2019
Marketable Securities [Abstract]  
Marketable Securities

8. Marketable Securities

 

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

 

  Level 1 Unadjusted quoted prices in active markets for the identical asset or liability

 

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

 

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

 

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

 

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

 

  Fair Value Measurements as
of March 30, 2019
 
  Total   Level 1   Level 2   Level 3  
U.S. Treasury securities $ 22,229   $   $ 22,229   $  
Agency securities   63,714         63,714      
Mortgage-backed securities   131,973         131,973      
Corporate securities   1,019,083         1,019,083      
Municipal securities   171,551         171,551      
Other   126,606         126,606      
Total $ 1,535,156   $   $ 1,535,156   $  

 

  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   $  

 

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

 

  Available-For-Sale Securities as
of March 30, 2019
 
     
  Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses   Fair Value  
U.S. Treasury securities $ 22,448   $   $ (219 ) $ 22,229  
Agency securities   64,178     72     (535 )   63,715  
Mortgage-backed securities   136,763     2     (4,793 )   131,972  
Corporate securities   1,031,431     2,013     (14,361 )   1,019,083  
Municipal securities   172,399     287     (1,135 )   171,551  
Other   128,353     0     (1,747 )   126,606  
Total $ 1,555,572   $ 2,374   $ (22,790 ) $ 1,535,156  

 

  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  

 

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 costs 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 2018 and the 13-week period ended March 30, 2019, 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 as of March 30, 2019 were $1,223,105 and $1,200,315, respectively. Approximately 73% of securities in our portfolio were at an unrealized loss position as of March 30, 2019. 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 March 30, 2019 and December 29, 2018.

 

  As of March 30, 2019  
  Less than 12 Consecutive Months   12 Consecutive Months or Longer  
  Gross Unrealized Losses   Fair Value   Gross Unrealized Losses   Fair Value  
U.S. Treasury securities $ (1 ) $ 3,988   $ (218 ) $ 18,241  
Agency securities   (1 )   2,257     (534 )   38,985  
Mortgage-backed securities   (1 )   301     (4,792 )   131,521  
Corporate securities   (172 )   65,937     (14,189 )   700,387  
Municipal securities   (19 )   11,415     (1,116 )   120,394  
Other   (1 )   1,177     (1,746 )   105,712  
Total $ (195 ) $ 85,075   $ (22,595 ) $ 1,115,240  

 

  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  

 

The amortized cost and fair value of marketable securities at March 30, 2019, by maturity, are shown below.

 

  Amortized Cost   Fair Value  
         
Due in one year or less $ 198,020   $ 197,385  
Due after one year through five years   1,262,371     1,247,012  
Due after five years through ten years   95,181     90,759  
  $ 1,555,572   $ 1,535,156
Accumulated Other Comprehensive Income
3 Months Ended
Mar. 30, 2019
Stockholders' Equity Note [Abstract]  
Accumulated Other Comprehensive Income

9. 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 March 30, 2019:

 

  13-Weeks Ended March 30, 2019  
  Foreign Currency Translation Adjustment   Net unrealized gains (losses) on available-for-sale securities   Total  
Beginning Balance $ 47,327   $ (38,897 ) $ 8,430  
Other comprehensive income before reclassification, net of income tax benefit of $2,905   (9,234 )   19,100     9,866  
Amounts reclassified from accumulated other comprehensive income       42     42  
Net current-period other comprehensive income   (9,234 )   19,142     9,908  
Ending Balance $ 38,093   $ (19,755 ) $ 18,338  

 

The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week period ended March 30, 2019:

 

13-Weeks Ended March 30, 2019
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 $ (60 ) Other income (expense)
    18   Income tax benefit (provision)
  $ (42 ) Net of tax
Revenue
3 Months Ended
Mar. 30, 2019
Revenue from Contract with Customer [Abstract]  
Revenue

10. 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 4 – Segment Information. The Company has identified six major product categories – auto PND, auto OEM, aviation, fitness, marine, and outdoor. Note 4 contains disaggregated revenue information of the aviation, fitness, marine, and outdoor major product categories. Auto segment revenue presented in Note 4 is comprised of the auto PND and auto OEM major product categories, as depicted below. 

 

  Auto Revenue by Major Product Category  
  13-Weeks Ended  
  March 30,   March 31,  
  2019   2018  
Auto PND   59%     63%  
Auto OEM   41%     37%  

  

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:

 

  13-Weeks Ended  
  March 30,   March 31,  
  2019   2018  
Point in time $ 724,177   $ 671,263  
Over time   41,873     39,609  
Net sales $ 766,050   $ 710,872  

  

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 13-week period ending March 30, 2019 are presented below:

 

    13-Weeks Ended  
    March 30,  
    2019  
      Deferred Revenue(1)     Deferred Costs(2)  
               
Balance, beginning of period   $ 172,938   $ 57,935  
Deferrals in period     35,119     6,923  
Recognition of deferrals in period     (41,873 )   (8,863 )
Balance, end of period   $ 166,184   $ 55,995  

  

(1) Deferred revenue is comprised of both Deferred revenue and Noncurrent deferred revenue per the Condensed Consolidated Balance Sheets  

(2) Deferred costs are comprised of both Deferred costs and Noncurrent deferred costs per the Condensed Consolidated Balance Sheets  

  

Of the $41,873 of deferred revenue recognized in the 13-weeks ended March 30, 2019, $31,161 was deferred as of the beginning of the period.

 

Approximately two-thirds of the $166,184 of deferred revenue at the end of the period, March 30, 2019, is recognized ratably over a period of three years or less.

Leases
3 Months Ended
Mar. 30, 2019
Leases [Abstract]  
Leases

11. Leases

 

The Company leases certain real estate properties, vehicles, and equipment in various countries around the world. Leased properties are typically used for office space, distribution, and retail. The Company’s leases are classified as operating leases with remaining terms of 1 to 34 years, some of which include an option to extend or renew. If the exercise of an option to extend or renew is determined to be reasonably certain, the associated right-of-use asset and lease liability reflects the extended period and payments. For all real estate leases, any non-lease components, including common area maintenance, have been separated from lease components and excluded from the associated right-of-use asset and lease liability calculations. For all equipment and vehicle leases, an accounting policy election has been made to not separate lease and non-lease components.

 

Leases with an initial term of 12 months or less (“short-term leases”) are not recognized on the Company’s Condensed Consolidated Balance Sheets as a right-of-use asset or lease liability.

 

The following table represents lease costs recognized in the Company’s Condensed Consolidated Statements of Income for the 13-weeks ended March 30, 2019. Lease costs are included in Selling, general and administrative expense and Research and development expense on the Company’s Condensed Consolidated Statements of Income.

 

  13-Weeks Ended  
  March 30,  
  2019  
Operating lease cost(1) $ 5,642  

 

(1) Operating lease cost includes short-term lease costs and variable lease costs, which were not material in the period.

  

The following table represents the components of leases that are recognized on the Company’s Condensed Consolidated Balance Sheets as of March 30, 2019.

 

  March 30,  
  2019  
     
Operating lease right-of-use assets $ 54,978  
       
Other accrued expenses $ 13,095  
Noncurrent operating lease liabilities   43,277  
Total lease liabilities $ 56,372  
       
Weighted average remaining lease term    5.5 years  
Weighted average discount rate   4.0%  

  

The following table represents the maturity of lease liabilities.

 

Fiscal Year   Lease payments  
2019, excluding the 13-weeks ended March 30, 2019   $ 12,260  
2020     13,727  
2021     10,360  
2022     7,058  
2023     6,742  
Thereafter     13,725  
Total   $ 63,872  
Less: imputed interest     (7,500 )
Present value of lease liabilities   $ 56,372  

 

The following table presents supplemental cash flow and noncash information related to leases.

 

  13-Weeks Ended  
  March 30,  
  2019  
Cash paid for amounts included in the measurement of operating lease liabilities(2) $ 4,412  
Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,859  

 

(2) Included in Net cash provided by operating activities on the Company’s Condensed Consolidated Statements of Cash Flows.
Recently Issued Accounting Pronouncements Not Yet Adopted
3 Months Ended
Mar. 30, 2019
Accounting Changes and Error Corrections [Abstract]  
Recently Issued Accounting Pronouncements Not Yet Adopted

12. Recently Issued Accounting Pronouncements Not Yet Adopted

 

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.

 

Financial Instruments – Credit Losses

 

In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 provides new guidance on assessment of expected credit losses of certain financial instruments. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements.

Subsequent Events
3 Months Ended
Mar. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

13. Subsequent Events

 

On April 1, 2019, the Company acquired the shares of Tacx Onroerend en Roerend Goed B.V., a privately-held Dutch company, that designs and manufacturers indoor bike trainers, tools and accessories, as well as indoor training software and applications. This acquisition was not material.

Accounting Policies (Policies)
3 Months Ended
Mar. 30, 2019
Accounting Policies [Abstract]  
Basis of Presentation

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 March 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 28, 2019.

 

The condensed consolidated balance sheet at December 29, 2018 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 29, 2018.

 

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 March 30, 2019 and March 31, 2018 both contain operating results for 13 weeks.

Recently Adopted Accounting Standards

Recently Adopted Accounting Standards

 

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.

 

The Company adopted the new lease standard as of the beginning of the 2019 fiscal year using the optional transition method. The Company did not have a cumulative effect adjustment to retained earnings as a result of adopting the new lease standard and 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 in future periods. The Company elected the package of transitional practical expedients upon adoption which, among other provisions, allowed the Company to carry forward historical lease classification. See Note 12 – Leases for additional information regarding leases.

Significant Accounting Policies

Significant Accounting Policies

 

For a description of the significant accounting policies and methods used in the preparation of the Company’s condensed consolidated financial statements, refer to Note 2, “Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2018. Other than the policy discussed below, there were no material changes to the Company’s significant accounting policies during the 13-week period ended March 30, 2019.

 

Preproduction Costs Related to Long-Term Supply Arrangements

 

Preproduction design and development costs related to long-term supply arrangements are expensed as incurred, and classified as Research and development, unless the customer has provided a contractual guarantee for reimbursement of such costs. Contractually reimbursable costs are capitalized as incurred in the Condensed Consolidated Balance Sheets within Prepaid expenses and other current assets if reimbursement is expected to be received within one year, or within Other assets if expected to be received beyond one year. Such capitalized costs were approximately $5 million as of March 30, 2019, and there were no such capitalized costs as of December 29, 2018.

Inventories (Tables)
3 Months Ended
Mar. 30, 2019
Inventory Disclosure [Abstract]  
Schedule of inventories

The components of inventories consist of the following:

 

  March 30,   December 29,  
  2019   2018  
         
Raw materials $ 213,380   $ 205,696  
Work-in-process   103,204     96,564  
Finished goods   281,803     259,580  
Inventories $ 598,387   $ 561,840  
Earnings Per Share (Tables)
3 Months Ended
Mar. 30, 2019
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  
  March 30,   March 31,  
  2019   2018  
Numerator:        
         
Numerator for basic and diluted net income per share - net income $ 140,173   $ 129,374  
             
Denominator:            
Denominator for basic net income per share – weighted-average common shares   189,601     188,322  
             
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units   998     970  
             
Denominator for diluted net income per share – adjusted weighted-average common shares   190,599     189,292  
             
Basic net income per share $ 0.74   $ 0.69  
             
Diluted net income per share $ 0.74   $ 0.68  
Segment Information (Tables)
3 Months Ended
Mar. 30, 2019
Segment Reporting [Abstract]  
Schedule of net sales ("revenue"), 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 March 30, 2019                                    
                                     
Net sales $ 154,051   $ 180,256   $ 133,968   $ 126,999   $ 170,776   $ 766,050  
Gross profit   97,488     90,835     78,055     57,337     127,983     451,698  
Operating income   41,953     18,126     25,473     8,213     57,618     151,383  
                                     
13-Weeks Ended March 31, 2018                                    
                                     
Net sales $ 144,258   $ 166,035   $ 113,554   $ 141,312   $ 145,713   $ 710,872  
Gross profit   93,285     96,601     66,683     61,012     108,954     426,535  
Operating income   43,822     33,374     13,131     3,468     48,407     142,202
Schedule of net sales and property and equipment, net by geographic area

Net sales to external customers by geographic region were as follows for the 13-week periods ended March 30, 2018 and March 31, 2018. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa:

 

  13-Weeks Ended  
  March 30,   March 31,  
  2019   2018  
Americas $ 379,456   $ 345,975  
EMEA   260,021     245,912  
APAC   126,573     118,985  
Net sales to external customers $ 766,050   $ 710,872  

 

Net property and equipment by geographic region as of March 30, 2019 and March 31, 2018 are presented below.

 

  Americas   APAC   EMEA   Total  
March 30, 2019                        
Property and equipment, net $ 413,632   $ 212,933   $ 45,734   $ 672,299  
                         
March 31, 2018                        
Property and equipment, net $ 388,531   $ 176,245   $ 40,037   $ 604,813
Warranty Reserves (Tables)
3 Months Ended
Mar. 30, 2019
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  
  March 30,   March 31,  
  2019   2018  
         
Balance - beginning of period $ 38,276   $ 36,827  
Accrual for products sold during the period(1)   10,849     10,012  
Expenditures   (14,083 )   (11,417 )
Balance - end of period $ 35,042   $ 35,422  

 

(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 during the period’ line.
Marketable Securities (Tables)
3 Months Ended
Mar. 30, 2019
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 March 30, 2019
 
  Total   Level 1   Level 2   Level 3  
U.S. Treasury securities $ 22,229   $   $ 22,229   $  
Agency securities   63,714         63,714      
Mortgage-backed securities   131,973         131,973      
Corporate securities   1,019,083         1,019,083      
Municipal securities   171,551         171,551      
Other   126,606         126,606      
Total $ 1,535,156   $   $ 1,535,156   $  

 

  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   $
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 March 30, 2019
 
     
  Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses   Fair Value  
U.S. Treasury securities $ 22,448   $   $ (219 ) $ 22,229  
Agency securities   64,178     72     (535 )   63,715  
Mortgage-backed securities   136,763     2     (4,793 )   131,972  
Corporate securities   1,031,431     2,013     (14,361 )   1,019,083  
Municipal securities   172,399     287     (1,135 )   171,551  
Other   128,353     0     (1,747 )   126,606  
Total $ 1,555,572   $ 2,374   $ (22,790 ) $ 1,535,156  

  

  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  
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 March 30, 2019 and December 29, 2018.

 

  As of March 30, 2019  
  Less than 12 Consecutive Months   12 Consecutive Months or Longer  
  Gross Unrealized Losses   Fair Value   Gross Unrealized Losses   Fair Value  
U.S. Treasury securities $ (1 ) $ 3,988   $ (218 ) $ 18,241  
Agency securities   (1 )   2,257     (534 )   38,985  
Mortgage-backed securities   (1 )   301     (4,792 )   131,521  
Corporate securities   (172 )   65,937     (14,189 )   700,387  
Municipal securities   (19 )   11,415     (1,116 )   120,394  
Other   (1 )   1,177     (1,746 )   105,712  
Total $ (195 ) $ 85,075   $ (22,595 ) $ 1,115,240  

 

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

The amortized cost and fair value of marketable securities at March 30, 2019, by maturity, are shown below.

 

  Amortized Cost   Fair Value  
         
Due in one year or less $ 198,020   $ 197,385  
Due after one year through five years   1,262,371     1,247,012  
Due after five years through ten years   95,181     90,759  
  $ 1,555,572   $ 1,535,156
Accumulated Other Comprehensive Income (Tables)
3 Months Ended
Mar. 30, 2019
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 March 30, 2019:

  

  13-Weeks Ended March 30, 2019  
  Foreign Currency Translation Adjustment   Net unrealized gains (losses) on available-for-sale securities   Total  
Beginning Balance $ 47,327   $ (38,897 ) $ 8,430  
Other comprehensive income before reclassification, net of income tax benefit of $2,905   (9,234 )   19,100     9,866  
Amounts reclassified from accumulated other comprehensive income       42     42  
Net current-period other comprehensive income   (9,234 )   19,142     9,908  
Ending Balance $ 38,093   $ (19,755 ) $ 18,338  
Schedule of reporting reclassifications out of AOCI

The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week period ended March 30, 2019:

 

13-Weeks Ended March 30, 2019
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 $ (60 ) Other income (expense)
    18   Income tax benefit (provision)
  $ (42 ) Net of tax
Revenue (Tables)
3 Months Ended
Mar. 30, 2019
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregated revenue by geographic region

Auto segment revenue presented in Note 4 is comprised of the auto PND and auto OEM major product categories as depicted below.

 

  Auto Revenue by Major Product Category  
  13-Weeks Ended  
  March 30,   March 31,  
  2019   2018  
Auto PND   59%     63%  
Auto OEM   41%     37%
Schedule of revenue disaggregated

Revenue disaggregated by the timing of transfer of the goods or services is presented in the table below:

 

  13-Weeks Ended  
  March 30,   March 31,  
  2019   2018  
Point in time $ 724,177   $ 671,263  
Over time   41,873     39,609  
Net sales $ 766,050   $ 710,872  
Schedule of deferred revenue and costs

Changes in deferred revenue and costs during the 13-week period ending March 30, 2019 are presented below:

 

    13-Weeks Ended  
    March 30,  
    2019  
      Deferred Revenue(1)     Deferred Costs(2)  
               
Balance, beginning of period   $ 172,938   $ 57,935  
Deferrals in period     35,119     6,923  
Recognition of deferrals in period     (41,873 )   (8,863 )
Balance, end of period   $ 166,184   $ 55,995  

 

(1) Deferred revenue is comprised of both Deferred revenue and Noncurrent deferred revenue per the Condensed Consolidated Balance Sheets  

(2) Deferred costs are comprised of both Deferred costs and Noncurrent deferred costs per the Condensed Consolidated Balance Sheets  
Leases (Tables)
3 Months Ended
Mar. 30, 2019
Leases [Abstract]  
Schedule of operating lease cost

Lease costs are included in Selling, general and administrative expense and Research and development expense on the Company’s Condensed Consolidated Statements of Income.

 

  13-Weeks Ended  
  March 30,  
  2019  
Operating lease cost(1) $ 5,642  

 

(1) Operating lease cost includes short-term lease costs and variable lease costs, which were not material in the period.

Schedule of amounts recognized in balance sheet

The following table represents the components of leases that are recognized on the Company’s Condensed Consolidated Balance Sheets as of March 30, 2019.

 

  March 30,  
  2019  
     
Operating lease right-of-use assets $ 54,978  
       
Other accrued expenses $ 13,095  
Noncurrent operating lease liabilities   43,277  
Total lease liabilities $ 56,372  
       
Weighted average remaining lease term    5.5 years  
Weighted average discount rate   4.0%  
Schedule of maturity of lease liabilities

The following table represents the maturity of lease liabilities.

 

Fiscal Year   Lease payments  
2019, excluding the 13-weeks ended March 30, 2019   $ 12,260  
2020     13,727  
2021     10,360  
2022     7,058  
2023     6,742  
Thereafter     13,725  
Total   $ 63,872  
Less: imputed interest     (7,500 )
Present value of lease liabilities   $ 56,372  
Schedule of cash flow supplemental

The following table presents supplemental cash flow and noncash information related to leases.

 

  13-Weeks Ended  
  March 30,  
  2019  
Cash paid for amounts included in the measurement of operating lease liabilities(2) $ 4,412  
Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,859  

 

(2) Included in Net cash provided by operating activities on the Company’s Condensed Consolidated Statements of Cash Flows.
Accounting Policies (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 30, 2019
Dec. 29, 2018
Accounting Policies [Abstract]    
Capitalized costs $ 5,000 $ 0
Inventories (Details) - USD ($)
$ in Thousands
Mar. 30, 2019
Dec. 29, 2018
Inventory Disclosure [Abstract]    
Raw materials $ 213,380 $ 205,696
Work-in-process 103,204 96,564
Finished goods 281,803 259,580
Inventories $ 598,387 $ 561,840
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Mar. 30, 2019
Mar. 31, 2018
Numerator:    
Numerator for basic and diluted net income per share - net income $ 140,173 $ 129,374
Denominator:    
Denominator for basic net income per share - weighted-average common shares 189,601 188,322
Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units 998 970
Denominator for diluted net income per share - adjusted weighted-average common shares 190,599 189,292
Basic net income per share (in dollars per share) $ 0.74 $ 0.69
Diluted net income per share (in dollars per share) $ 0.74 $ 0.68
Earnings Per Share (Details Narrative) - shares
3 Months Ended
Mar. 30, 2019
Mar. 31, 2018
Net income per share:    
Anti-dilutive stock options, stock appreciation rights and restricted stock units 0 0
Shares issued as a result of exercises and releases of equity awards 386 332
Segment Information (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 30, 2019
Mar. 31, 2018
Net sales $ 766,050 $ 710,872
Gross profit 451,698 426,535
Operating income 151,383 142,202
Outdoor [Member]    
Net sales 154,051 144,258
Gross profit 97,488 93,285
Operating income 41,953 43,822
Fitness [Member]    
Net sales 180,256 166,035
Gross profit 90,835 96,601
Operating income 18,126 33,374
Marine [Member]    
Net sales 133,968 113,554
Gross profit 78,055 66,683
Operating income 25,473 13,131
Auto [Member]    
Net sales 126,999 170,776
Gross profit 57,337 127,983
Operating income 8,213 57,618
Aviation [Member]    
Net sales 141,312 145,713
Gross profit 61,012 108,954
Operating income $ 3,468 $ 48,407
Segment Information (Details 1) - USD ($)
$ in Thousands
3 Months Ended
Mar. 30, 2019
Mar. 31, 2018
Net sales to external customers $ 766,050 $ 710,872
Americas [Member]    
Net sales to external customers 379,456 345,975
EMEA [Member]    
Net sales to external customers 260,021 245,912
APAC [Member]    
Net sales to external customers $ 126,573 $ 118,985
Segment Information (Details 2) - USD ($)
$ in Thousands
Mar. 30, 2019
Dec. 29, 2018
Mar. 31, 2018
Property and equipment, net $ 672,299 $ 663,527 $ 604,813
Americas [Member]      
Property and equipment, net 413,632   388,531
APAC [Member]      
Property and equipment, net 212,933   45,734
EMEA [Member]      
Property and equipment, net $ 176,245   $ 40,037
Segment Information (Details Narrative)
$ in Thousands
3 Months Ended
Mar. 30, 2019
USD ($)
Segment
Mar. 31, 2018
USD ($)
Number of reportable segments | Segment 5  
Operating income $ 151,383 $ 142,202
Aviation [Member]    
Operating income 4,000  
Marine [Member]    
Operating income $ 4,000  
Warranty Reserves (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 30, 2019
Mar. 31, 2018
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]    
Balance - beginning of period $ 38,276 $ 36,827
Accrual for products sold during the period [1] 10,849 10,012
Expenditures (14,083) (11,417)
Balance - end of period $ 35,042 $ 35,422
[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 during the period' line.
Warranty Reserves (Details Narrative)
3 Months Ended
Mar. 30, 2019
Minimum [Member]  
Product warranty term 1 year
Maximum [Member]  
Product warranty term 3 years
Commitments and Contingencies (Details Narrative)
$ in Thousands
Mar. 30, 2019
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Aggregate amount of purchase orders and other commitments $ 435,100
Income Taxes (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended
Mar. 30, 2019
Mar. 31, 2018
Income Tax Disclosure [Abstract]    
Income tax expense (benefit) $ 26,092 $ 24,606
Effective income tax rate 15.70% 16.00%
Marketable Securities (Details) - USD ($)
$ in Thousands
Mar. 30, 2019
Dec. 29, 2018
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total $ 1,535,156 $ 1,513,112
U.S.Treasury Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 22,229 22,128
Agency Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 63,715 59,116
Mortgage-Backed Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 131,972 135,865
Municipal Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 171,551 173,137
Other [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 126,606 142,342
Corporate Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 1,019,083 980,524
Recurring Basis [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 1,535,156 1,513,112
Recurring Basis [Member] | U.S.Treasury Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 22,229 22,128
Recurring Basis [Member] | Agency Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 63,714 59,116
Recurring Basis [Member] | Mortgage-Backed Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 131,973 135,865
Recurring Basis [Member] | Municipal Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 171,551 173,137
Recurring Basis [Member] | Other [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 126,606 142,342
Recurring Basis [Member] | Corporate Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 1,019,083 980,524
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 1 [Member] | Corporate Securities [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 1,535,156 1,513,112
Recurring Basis [Member] | Level 2 [Member] | U.S.Treasury Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 22,229 22,128
Recurring Basis [Member] | Level 2 [Member] | Agency Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 63,714 59,116
Recurring Basis [Member] | Level 2 [Member] | Mortgage-Backed Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 131,973 135,865
Recurring Basis [Member] | Level 2 [Member] | Municipal Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 171,551 173,137
Recurring Basis [Member] | Level 2 [Member] | Other [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 126,606 142,342
Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total 1,019,083 980,524
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] | 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
Recurring Basis [Member] | Level 3 [Member] | Corporate Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale securities, total
Marketable Securities (Details 1) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 30, 2019
Dec. 29, 2018
Debt and Equity Securities, FV-NI [Line Items]    
Amortized Cost $ 1,555,572 $ 1,555,575
Gross Unrealized Gains 2,374 135
Gross Unrealized Losses (22,790) (42,598)
Fair Value 1,535,156 1,513,112
U.S.Treasury Securities [Member]    
Debt and Equity Securities, FV-NI [Line Items]    
Amortized Cost 22,448 22,485
Gross Unrealized Gains
Gross Unrealized Losses (219) (357)
Fair Value 22,229 22,128
Agency Securities [Member]    
Debt and Equity Securities, FV-NI [Line Items]    
Amortized Cost 64,178 60,088
Gross Unrealized Gains 72 28
Gross Unrealized Losses (535) (1,000)
Fair Value 63,715 59,116
Mortgage-Backed Securities [Member]    
Debt and Equity Securities, FV-NI [Line Items]    
Amortized Cost 136,763 142,176
Gross Unrealized Gains 2 1
Gross Unrealized Losses (4,793) (6,312)
Fair Value 131,972 135,865
Corporate Securities [Member]    
Debt and Equity Securities, FV-NI [Line Items]    
Amortized Cost 1,031,431 1,010,590
Gross Unrealized Gains 2,013 33
Gross Unrealized Losses (14,361) (30,099)
Fair Value 1,019,083 980,524
Municipal Securities [Member]    
Debt and Equity Securities, FV-NI [Line Items]    
Amortized Cost 172,399 175,630
Gross Unrealized Gains 287 73
Gross Unrealized Losses (1,135) (2,566)
Fair Value 171,551 173,137
Other [Member]    
Debt and Equity Securities, FV-NI [Line Items]    
Amortized Cost 128,353 144,606
Gross Unrealized Gains 0 0
Gross Unrealized Losses (1,747) (2,264)
Fair Value $ 126,606 $ 142,342
Marketable Securities (Details 2) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 30, 2019
Dec. 29, 2018
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months $ (195) $ (4,593)
Fair Value Less than 12 Consecutive Months 85,075 379,011
Gross Unrealized Losses 12 Consecutive Months or Longer (22,595) (38,005)
Fair Value 12 Consecutive Months or Longer 1,115,240 1,066,905
U.S.Treasury Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (1) (3)
Fair Value Less than 12 Consecutive Months 3,988 3,975
Gross Unrealized Losses 12 Consecutive Months or Longer (218) (354)
Fair Value 12 Consecutive Months or Longer 18,241 18,153
Agency Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (1) (5)
Fair Value Less than 12 Consecutive Months 2,257 4,656
Gross Unrealized Losses 12 Consecutive Months or Longer (534) (995)
Fair Value 12 Consecutive Months or Longer 38,985 40,508
Mortgage-Backed Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (1) (1)
Fair Value Less than 12 Consecutive Months 301 361
Gross Unrealized Losses 12 Consecutive Months or Longer (4,792) (6,311)
Fair Value 12 Consecutive Months or Longer 131,521 135,323
Corporate Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (172) (4,028)
Fair Value Less than 12 Consecutive Months 65,937 323,633
Gross Unrealized Losses 12 Consecutive Months or Longer (14,189) (26,071)
Fair Value 12 Consecutive Months or Longer 700,387 640,439
Municipal Securities [Member]    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (19) (454)
Fair Value Less than 12 Consecutive Months 11,415 38,371
Gross Unrealized Losses 12 Consecutive Months or Longer (1,116) (2,112)
Fair Value 12 Consecutive Months or Longer 120,394 118,362
Other [Member]    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Losses Less than 12 Consecutive Months (1) (102)
Fair Value Less than 12 Consecutive Months 1,177 8,015
Gross Unrealized Losses 12 Consecutive Months or Longer (1,746) (2,162)
Fair Value 12 Consecutive Months or Longer $ 105,712 $ 114,120
Marketable Securities (Details 3) - USD ($)
$ in Thousands
Mar. 30, 2019
Dec. 29, 2018
Amortized Cost    
Due in one year or less $ 198,020  
Due after one year through five years 1,262,371  
Due after five years through ten years 95,181  
Total 1,555,572 $ 1,555,575
Fair Value    
Due in one year or less 197,385  
Due after one year through five years 1,247,012  
Due after five years through ten years 90,759  
Total $ 1,535,156 $ 1,513,112
Marketable Securities (Details Narrative)
$ in Thousands
Mar. 30, 2019
USD ($)
Marketable Securities [Abstract]  
Unrealized loss position amortized cost $ 1,223,105
Unrealized loss position fair value $ 1,200,315
Percentage of available-for-sale securities in unrealized loss positions 73.00%
Accumulated Other Comprehensive Income (Details)
$ in Thousands
3 Months Ended
Mar. 30, 2019
USD ($)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward]  
Beginning Balance $ 47,327
Other comprehensive income before reclassification, net of income tax benefit (9,234)
Amounts reclassified from accumulated other comprehensive income
Net current-period other comprehensive income (9,234)
Ending Balance 38,093
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward]  
Beginning Balance (38,897)
Other comprehensive income before reclassification, net of income tax benefit 19,100
Amounts reclassified from accumulated other comprehensive income 42
Net current-period other comprehensive income 19,142
Ending Balance (19,755)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]  
Beginning Balance 8,430
Other comprehensive income before reclassification, net of income tax benefit 9,866
Amounts reclassified from accumulated other comprehensive income 42
Net current-period other comprehensive income 9,908
Ending Balance $ 18,338
Accumulated Other Comprehensive Income (Details 1) - USD ($)
$ in Thousands
3 Months Ended
Mar. 30, 2019
Mar. 31, 2018
Other income (expense) $ 14,882 $ 11,778
Income tax benefit (provision) (26,092) $ (24,606)
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification From Accumulated Other Comprehensive Income [Member]    
Other income (expense) (60)  
Income tax benefit (provision) 18  
Net of tax $ (42)  
Revenue (Details)
3 Months Ended
Mar. 30, 2019
Mar. 31, 2018
Auto PND [Member]    
Percentage of auto revenue 59.00% 63.00%
Auto OEM [Member]    
Percentage of auto revenue 41.00% 37.00%
Revenue (Details 1) - USD ($)
$ in Thousands
3 Months Ended
Mar. 30, 2019
Mar. 31, 2018
Net sales $ 766,050 $ 710,872
Point in Time [Member]    
Net sales 724,177 671,263
Over Time [Member]    
Net sales $ 41,873 $ 39,609
Revenue (Details 2) - USD ($)
$ in Thousands
3 Months Ended
Mar. 30, 2019
Mar. 31, 2018
Movement in Deferred Revenue [Roll Forward]    
Balance, beginning of period [1] $ 172,938  
Deferrals in period [1] 35,119  
Recognition of deferrals in period (41,873) [1] $ 31,161
Balance, end of period [1] 166,184  
Movement in Deferred Costs [Roll Forward]    
Balance, beginning of period [2] 57,935  
Deferrals in period [2] 6,923  
Recognition of deferrals in period [2] (8,863)  
Balance, end of period [2] $ 55,995  
[1] Deferred revenue is comprised of both Deferred revenue and Noncurrent deferred revenue per the Condensed Consolidated Balance Sheets.
[2] Deferred costs are comprised of both Deferred costs and Noncurrent deferred costs per the Condensed Consolidated Balance Sheets.
Revenue (Details Narrative) - USD ($)
$ in Thousands
3 Months Ended
Mar. 30, 2019
Mar. 31, 2018
Dec. 29, 2018
Revenue from Contract with Customer [Abstract]      
Recognition of deferrals in period $ (41,873) [1] $ 31,161  
Deferred revenue recognized ratably over a period of three years or less [1] $ 166,184   $ 172,938
[1] Deferred revenue is comprised of both Deferred revenue and Noncurrent deferred revenue per the Condensed Consolidated Balance Sheets.
Leases (Details)
$ in Thousands
3 Months Ended
Mar. 30, 2019
USD ($)
Leases [Abstract]  
Operating lease cost $ 5,642 [1]
[1] Opearting lease cost includes short-term lease costs and variable lease costs, which were not material in period.
Leases (Details 1) - USD ($)
$ in Thousands
Mar. 30, 2019
Dec. 29, 2018
Leases [Abstract]    
Operating lease right-of-use assets $ 54,978
Other accrued expenses 13,095  
Noncurrent operating lease liabilities 43,277
Total lease liabilities $ 56,372  
Weighted average remaining lease term 5 years 6 months  
Weighted average discount rate 4.00%  
Leases (Details 2)
$ in Thousands
Mar. 30, 2019
USD ($)
Leases [Abstract]  
2019 $ 12,260
2020 13,727
2021 10,360
2022 7,058
2023 6,742
Thereafter 13,725
Total 63,872
Less: imputed interest (7,500)
Present value of lease liabilities $ 56,372
Leases (Details 3)
$ in Thousands
3 Months Ended
Mar. 30, 2019
USD ($)
Leases [Abstract]  
Cash paid for amounts included in the measurement of operating lease liabilities $ 4,412 [1]
Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,859
[1] Included in Net cash provided by opearating activites on the company's Condensed Consolidated Statement of Cash Flows,
Leases (Details Narative)
Mar. 30, 2019
Minimum [Member]  
Operating lease term 1 year
Maximum [Member]  
Operating lease term 34 years