Garmin (GRMN) 10-Q 28 Apr 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 27, 2021	Apr. 23, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 27, 2021
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-25
Entity File Number	0-31983
Entity Registrant Name	GARMIN LTD
Entity Central Index Key	0001121788
Entity Tax Identification Number	98-0229227
Entity Incorporation, State or Country Code	V8
Entity Address, Address Line1	Mühlentalstrasse 2
Entity Address, City or Town	Schaffhausen
Entity Address, Country	CH
Entity Address, Postal Zip Code	8200
City Area Code	41 52
Local Phone Number	630 1600
Title of 12(b) Security	Registered Shares, CHF 0.10 Per Share Par Value
Trading Symbol	GRMN
Security Exchange Name	NASDAQ
Entity's Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		192,144,655

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Current assets:
Cash and cash equivalents	$ 1,599,475	$ 1,458,442
Marketable securities	342,656	387,642
Accounts receivable, net	558,192	849,469
Inventories	837,934	762,084
Deferred costs	18,175	20,145
Prepaid expenses and other current assets	201,488	191,569
Total current assets	3,557,920	3,669,351
Property and equipment, net	861,382	855,539
Operating lease right-of-use assets	92,942	94,626
Marketable securities	1,212,798	1,131,175
Deferred income taxes	248,852	245,455
Noncurrent deferred costs	14,520	16,510
Intangible assets, net	822,229	828,566
Other assets	189,086	190,151
Total assets	6,999,729	7,031,373
Current liabilities:
Accounts payable	250,789	258,885
Salaries and benefits payable	148,558	181,937
Accrued warranty costs	39,288	42,643
Accrued sales program costs	64,557	109,891
Deferred revenue	83,891	86,865
Accrued advertising expense	23,805	31,950
Other accrued expenses		149,817
Income taxes payable	67,064	68,585
Dividend payable	117,205	233,644
Total current liabilities	933,125	1,164,217
Deferred income taxes	117,596	116,844
Noncurrent income taxes	95,505	92,810
Noncurrent deferred revenue	44,856	49,934
Noncurrent operating lease liabilities	74,741	75,958
Other liabilities	18,079	15,494
Stockholders’ equity:
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 192,144 shares outstanding at March 27, 2021 and 191,571 shares outstanding at December 26, 2020	17,979	17,979
Additional paid-in capital	1,892,934	1,880,354
Treasury stock	(309,522)	(320,016)
Retained earnings	3,974,184	3,754,372
Accumulated other comprehensive income	140,252	183,427
Total stockholders’ equity	5,715,827	5,516,116
Total liabilities and stockholders’ equity	$ 6,999,729	$ 7,031,373

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - SFr / shares shares in Thousands	Mar. 27, 2021	Dec. 26, 2020
Statement Of Financial Position [Abstract]
Common shares, par value (in CHF dollars per share)	SFr 0.10	SFr 0.10
Common shares, authorized	198,077	198,077
Common shares, issued	198,077	198,077
Common shares, outstanding	192,144	191,571

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Income Statement [Abstract]
Net sales	$ 1,072,327	$ 856,108
Cost of goods sold	430,771	349,168
Gross profit	641,556	506,940
Advertising expense	31,061	26,880
Selling, general and administrative expenses	157,622	137,186
Research and development expense	203,214	165,392
Total operating expense	391,897	329,458
Operating income	249,659	177,482
Other income (expense):
Interest income	7,652	12,026
Foreign currency losses	(8,281)	(15,423)
Other income	1,484	3,550
Total other income (expense)	855	153
Income before income taxes	250,514	177,635
Income tax provision	30,485	16,455
Net income	$ 220,029	$ 161,180
Net income per share:
Basic	$ 1.15	$ 0.84
Diluted	$ 1.14	$ 0.84
Weighted average common shares outstanding:
Basic	191,896	190,803
Diluted	192,810	191,684

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 220,029	$ 161,180
Foreign currency translation adjustment	(35,291)	(6,176)
Change in fair value of available-for-sale marketable securities, net of deferred taxes	(7,884)	(17,891)
Comprehensive income	$ 176,854	$ 137,113

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance, value at Dec. 28, 2019	$ 4,793,496	$ 17,979	$ 1,835,622	$ (345,040)	$ 3,229,061	$ 55,874
Net income	161,180				161,180
Translation adjustment	(6,176)					(6,176)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	(17,891)					(17,891)
Comprehensive income	137,113
Dividends declared	(188)				(188)
Issuance of treasury stock related to equity awards			(21,129)	21,129
Stock compensation	15,559		15,559
Purchase of treasury stock related to equity awards	(11,580)			(11,580)
Ending balance, value at Mar. 28, 2020	4,934,400	17,979	1,830,052	(335,491)	3,390,053	31,807
Beginning balance, value at Dec. 26, 2020	5,516,116	17,979	1,880,354	(320,016)	3,754,372	183,427
Net income	220,029				220,029
Translation adjustment	(35,291)					(35,291)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	(7,884)					(7,884)
Comprehensive income	176,854
Dividends declared	(217)				(217)
Issuance of treasury stock related to equity awards	17,657		(10,118)	27,775
Stock compensation	22,698		22,698
Purchase of treasury stock related to equity awards	(17,281)			(17,281)
Ending balance, value at Mar. 27, 2021	$ 5,715,827	$ 17,979	$ 1,892,934	$ (309,522)	$ 3,974,184	$ 140,252

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Statement Of Stockholders Equity [Abstract]
Adjustment related to unrealized gains (losses) on available-for-sale securities income tax effects	$ 2,231	$ 2,807

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 27, 2021
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. Certain prior period amounts have been reclassified or presented to conform to the current period presentation. Additionally, the Condensed Consolidated Financial Statements should be read in conjunction with Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-Q. Operating results for the 13-week period ended March 27, 2021 are not necessarily indicative of the results that may be expected for the year ending December 25, 2021. The Condensed Consolidated Balance Sheet at December 26, 2020 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 26, 2020. The Company’s fiscal year is based on a 52- or 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 27, 2021 and March 28, 2020 both contain operating results for 13 weeks. 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 26, 2020. There were no material changes to the Company’s significant accounting policies during the 13-week period ended March 27, 2021 . Recently Issued Accounting Standards and Pronouncements We do not expect any recently adopted accounting standards, or recently issued accounting pronouncements not yet adopted, to have a material impact on the Company’s consolidated financial statements, accounting policies, processes, or systems.

Inventories

Inventories	3 Months Ended
	Mar. 27, 2021
Inventory Disclosure [Abstract]
Inventories	2. Inventories The components of inventories consist of the following: March 27, December 26, 2020 Raw materials $ 321,939 $ 282,287 Work-in-process 156,426 147,821 Finished goods 359,569 331,976 Inventories $ 837,934 $ 762,084

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 27, 2021
Earnings Per Share [Abstract]
Earnings Per Share	3. Earnings Per Share The following table sets forth the computation of basic and diluted net income per share. Stock options, stock appreciation rights, and restricted stock units are collectively referred to as “equity awards”. 13-Weeks Ended March 27, 2021 March 28, 2020 Numerator: Numerator for basic and diluted net income per share – net income $ 220,029 $ 161,180 Denominator: Denominator for basic net income per share – weighted-average common shares 191,896 190,803 Effect of dilutive equity awards 914 881 Denominator for diluted net income per share – adjusted weighted-average common shares 192,810 191,684 Basic net income per share $ 1.15 $ 0.84 Diluted net income per share $ 1.14 $ 0.84 Shares excluded from diluted net income per share calculation: Anti-dilutive equity awards 316 412

Segment Information

Segment Information	3 Months Ended
	Mar. 27, 2021
Segment Reporting [Abstract]
Segment Information	4. Segment Information Garmin is organized in the six operating segments of auto OEM, aviation, consumer auto, fitness, marine, and outdoor. The aviation, fitness, marine, and outdoor operating segments represent reportable segments. The auto OEM and consumer auto operating segments, which serve the auto market, do not meet the quantitative thresholds to separately qualify as reportable segments, and they are therefore reported together in an “all other” category captioned as auto. Auto, aviation, fitness, marine, and outdoor are collectively referred to as our reported segments. The Company’s Chief Executive Officer, who has been identified as the Chief Operating Decision Maker (CODM), uses operating income as the measure of profit or loss, combined with other measures, 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. Net sales (“revenue”), gross profit, and operating income for each of the Company’s five reported segments are presented below, along with supplemental financial information for the auto OEM and consumer auto operating segments that management believes is useful. Auto Fitness Outdoor Aviation Marine Total Consumer Auto Total 13-Weeks Ended March 27, 2021 Net sales $ 308,125 $ 256,455 $ 173,889 $ 209,372 $ 124,486 $ 62,395 $ 62,091 $ 1,072,327 Gross profit 173,545 171,676 126,182 121,379 48,774 31,964 16,810 641,556 Operating income (loss) 73,736 93,030 44,868 61,564 ( 23,539 ) 8,398 ( 31,937 ) 249,659 13-Weeks Ended March 28, 2020 Net sales $ 223,601 $ 175,102 $ 188,599 $ 163,005 $ 105,801 $ 59,013 $ 46,788 $ 856,108 Gross profit 112,325 112,258 138,808 94,210 49,339 28,112 21,227 506,940 Operating income (loss) 31,011 47,166 59,321 40,159 ( 175 ) 3,213 ( 3,388 ) 177,482 Net sales to external customers by geographic region were as follows for the 13-week periods ended March 27, 2021 and March 28, 2020. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa: 13-Weeks Ended March 27, 2021 March 28, 2020 Americas $ 503,691 $ 427,401 EMEA 399,508 299,867 APAC 169,128 128,840 Net sales to external customers $ 1,072,327 $ 856,108 Net property and equipment by geographic region as of March 27, 2021 and March 28, 2020 are presented below. Americas APAC EMEA Total March 27, 2021 Property and equipment, net $ 478,514 $ 267,487 $ 115,381 $ 861,382 March 28, 2020 Property and equipment, net $ 454,637 $ 230,369 $ 69,543 $ 754,549

Warranty Reserves

Warranty Reserves	3 Months Ended
	Mar. 27, 2021
Product Warranties Disclosures [Abstract]
Warranty Reserves	5. Warranty Reserves The Company’s standard warranty obligation to its end-users provides for a period of one to two years from the date of shipment, while certain auto, aviation, and marine OEM products have a warranty period of two years or more from the date of installation. The Company’s estimates of costs to service its warranty obligations are based on historical experience and management’s expectations and judgments of future conditions, 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 27, 2021 March 28, 2020 Balance - beginning of period $ 42,643 $ 39,758 Accrual for products sold (1) 11,456 17,868 Expenditures ( 14,811 ) ( 18,258 ) Balance - end of period $ 39,288 $ 39,368 (1) Changes in cost estimates related to pre-existing warranties were not material and aggregated with accruals for new warranty contracts in the ‘Accrual for products sold’ line.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 27, 2021
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, capital expenditures, advertising, and other indirect purchases in connection with conducting our business. The aggregate amount of purchase orders and other commitments open as of March 27, 2021 was approximately $ 1,135,000 . 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 typically fulfilled by our suppliers, contract manufacturers, and logistic providers within short periods of time. Certain cash balances are held as collateral in relation to bank guarantees. This restricted cash is reported within Other assets on the Condensed Consolidated Balance Sheets and totaled $ 761 and $ 306 on March 27, 2021 and December 26, 2020, respectively. The total of the Cash and cash equivalents balance and the restricted cash reported within Other assets in the Condensed Consolidated Balance Sheets reconciles to the total Cash, cash equivalents, and restricted cash shown in the Condensed Consolidated Statements of Cash Flows. 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 27, 2021. 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 27, 2021 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

Income Taxes	3 Months Ended
	Mar. 27, 2021
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The Company recorded income tax expense of $ 30,485 in the 13-week period ended March 27, 2021, compared to income tax expense of $ 16,455 in the 13-week period ended March 28, 2020. The effective tax rate was 12.2 % in the first quarter of 2021, compared to 9.3 % in the first quarter of 2020. The 290 basis points increase to the first quarter of 2021 compared to the prior year quarter is primarily due to a decrease in uncertain tax position reserves released in the first quarter of 2021 compared to the first quarter of 2020.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 27, 2021
Investments Debt And Equity 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. Marketable securities classified as available-for-sale securities are summarized below: Available-For-Sale Securities Fair Value Level Amortized Cost Gross Unrealized Gross Unrealized Fair Value U.S. Treasury securities Level 2 $ 400 $ 5 $ — $ 405 Agency securities Level 2 2,498 29 — 2,527 Mortgage-backed securities Level 2 195,903 991 ( 1,283 ) 195,611 Corporate securities Level 2 1,040,217 20,797 ( 5,808 ) 1,055,206 Municipal securities Level 2 257,788 3,019 ( 1,505 ) 259,302 Other Level 2 42,716 139 ( 452 ) 42,403 Total $ 1,539,522 $ 24,980 $ ( 9,048 ) $ 1,555,454 Available-For-Sale Securities Fair Value Level Amortized Cost Gross Unrealized Gross Unrealized Fair Value U.S. Treasury securities Level 2 $ 400 $ 6 $ — $ 406 Agency securities Level 2 5,954 56 — 6,010 Mortgage-backed securities Level 2 239,445 1,051 ( 1,923 ) 238,573 Corporate securities Level 2 984,696 25,962 ( 1,637 ) 1,009,021 Municipal securities Level 2 214,515 3,644 ( 223 ) 217,936 Other Level 2 47,760 167 ( 1,056 ) 46,871 Total $ 1,492,770 $ 30,886 $ ( 4,839 ) $ 1,518,817 The Company’s investment policy targets low risk investments with the objective of minimizing the potential risk of principal loss. The fair value of securities varies from period to period due to changes in interest rates, the performance of the underlying collateral, and the credit performance of the underlying issuer, among other factors. Accrued interest receivable, which totaled $ 9,844 as of March 27, 2021 , is excluded from both the fair value and amortized cost basis of available-for-sale securities and is included within Prepaid expenses and other current assets on the Company’s Condensed Consolidated Balance Sheets. The Company writes off impaired accrued interest on a timely basis, generally within 30 days of the due date, by reversing interest income. No accrued interest was written off during the 13-week period ended March 27, 2021. The Company recognizes impairments relating to credit losses of available-for-sale securities through an allowance for credit losses and Other income on the Company’s Condensed Consolidated Statements of Income. Impairment not relating to credit losses is recorded in Other comprehensive income on the Company’s Condensed Consolidated Balance Sheets. The cost of securities sold is based on the specific identification method. Approximately 30 % of securities in the Company’s portfolio were at an unrealized loss position as of March 27, 2021. 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 27, 2021 and December 26, 2020. As of March 27, 2021 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ — $ — $ — $ — $ — $ — Agency securities — — — — — — Mortgage-backed securities ( 466 ) 30,984 ( 817 ) 10,697 ( 1,283 ) 41,681 Corporate securities ( 5,622 ) 339,722 ( 186 ) 9,011 ( 5,808 ) 348,733 Municipal securities ( 1,505 ) 123,652 — — ( 1,505 ) 123,652 Other ( 113 ) 10,794 ( 339 ) 10,589 ( 452 ) 21,383 Total $ ( 7,706 ) $ 505,152 $ ( 1,342 ) $ 30,297 $ ( 9,048 ) $ 535,449 As of December 26, 2020 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ — $ — $ — $ — $ — $ — Agency securities — — — — — — Mortgage-backed securities ( 1,849 ) 85,688 ( 74 ) 2,122 ( 1,923 ) 87,810 Corporate securities ( 1,065 ) 199,187 ( 572 ) 8,625 ( 1,637 ) 207,812 Municipal securities ( 223 ) 50,403 — — ( 223 ) 50,403 Other ( 726 ) 22,600 ( 330 ) 3,426 ( 1,056 ) 26,026 Total $ ( 3,863 ) $ 357,878 $ ( 976 ) $ 14,173 $ ( 4,839 ) $ 372,051 As of March 27, 2021 and December 26, 2020 , the Company had no t recognized an allowance for credit losses on any securities in an unrealized loss position. The Company has no t recorded an allowance for credit losses and charge to Other income for the unrealized losses on mortgage-backed, corporate, municipal, and other securities presented above because we do not consider the declines in fair value to have resulted from credit losses. We have not observed a significant deterioration in credit quality of these securities, which are highly rated with moderate to low credit risk. Declines in value are largely attributable to current global economic conditions. The securities continue to make timely principal and interest payments, and the fair values are expected to recover as they approach maturity. The Company does not intend to sell the securities, and it is not more likely than not that the Company will be required to sell the securities, before the respective recoveries of their amortized cost bases, which may be maturity. The amortized cost and fair value of marketable securities at March 27, 2021, by maturity, are shown below. Amortized Cost Fair Value Due in one year or less $ 340,693 $ 342,656 Due after one year through five years 1,127,462 1,140,939 Due after five years through ten years 71,222 71,719 Due after ten years 145 140 $ 1,539,522 $ 1,555,454

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 27, 2021
Equity [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 27, 2021: 13-Weeks Ended March 27, 2021 Foreign currency Net gains (losses) on available-for-sale securities Total Balance - beginning of period $ 162,953 $ 20,474 $ 183,427 Other comprehensive income before reclassification, net of income tax benefit of $ 2,097 ( 35,291 ) ( 7,505 ) ( 42,796 ) Amounts reclassified from Accumulated other comprehensive income to Other income, net of income tax expense of $ 134 included in Income tax provision — ( 379 ) ( 379 ) Net current-period other comprehensive income ( 35,291 ) ( 7,884 ) ( 43,175 ) Balance - end of period $ 127,662 $ 12,590 $ 140,252

Revenue

Revenue	3 Months Ended
	Mar. 27, 2021
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. Note 4 also contains disaggregated revenue information of the six major product categories identified by the Company – auto OEM, aviation, consumer auto, fitness, marine, and outdoor. 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 27, 2021 March 28, 2020 Point in time $ 1,022,777 $ 810,296 Over time 49,550 45,812 Net sales $ 1,072,327 $ 856,108 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 Condensed 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 ended March 27, 2021 are presented below: 13-Weeks Ended March 27, 2021 Deferred (1) Deferred (2) Balance, beginning of period $ 136,799 $ 36,655 Deferrals in period 41,498 2,727 Recognition of deferrals in period ( 49,550 ) ( 6,687 ) Balance, end of period $ 128,747 $ 32,695 (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 $ 49,550 of deferred revenue recognized in the 13-week period ended March 27, 2021 , $ 27,793 was deferred as of the beginning of the period. Approximately two-thirds of the $ 128,747 of deferred revenue at the end of the period, March 27, 2021 , is recognized ratably over a period of three years or less.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 27, 2021
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. Certain prior period amounts have been reclassified or presented to conform to the current period presentation. Additionally, the Condensed Consolidated Financial Statements should be read in conjunction with Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-Q. Operating results for the 13-week period ended March 27, 2021 are not necessarily indicative of the results that may be expected for the year ending December 25, 2021. The Condensed Consolidated Balance Sheet at December 26, 2020 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 26, 2020. The Company’s fiscal year is based on a 52- or 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 27, 2021 and March 28, 2020 both contain operating results for 13 weeks.
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 26, 2020. There were no material changes to the Company’s significant accounting policies during the 13-week period ended March 27, 2021 .
Recently Adopted Accounting Standards and Not Yet Adopted Accounting Pronouncements	Recently Issued Accounting Standards and Pronouncements We do not expect any recently adopted accounting standards, or recently issued accounting pronouncements not yet adopted, to have a material impact on the Company’s consolidated financial statements, accounting policies, processes, or systems.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 27, 2021
Inventory Disclosure [Abstract]
Schedule of inventories	The components of inventories consist of the following: March 27, December 26, 2020 Raw materials $ 321,939 $ 282,287 Work-in-process 156,426 147,821 Finished goods 359,569 331,976 Inventories $ 837,934 $ 762,084

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 27, 2021
Earnings Per Share [Abstract]
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. Stock options, stock appreciation rights, and restricted stock units are collectively referred to as “equity awards”. 13-Weeks Ended March 27, 2021 March 28, 2020 Numerator: Numerator for basic and diluted net income per share – net income $ 220,029 $ 161,180 Denominator: Denominator for basic net income per share – weighted-average common shares 191,896 190,803 Effect of dilutive equity awards 914 881 Denominator for diluted net income per share – adjusted weighted-average common shares 192,810 191,684 Basic net income per share $ 1.15 $ 0.84 Diluted net income per share $ 1.14 $ 0.84 Shares excluded from diluted net income per share calculation: Anti-dilutive equity awards 316 412

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 27, 2021
Segment Reporting [Abstract]
Schedule of Net Sales (Revenue), Gross Profit, and Operating Income	Auto Fitness Outdoor Aviation Marine Total Consumer Auto Total 13-Weeks Ended March 27, 2021 Net sales $ 308,125 $ 256,455 $ 173,889 $ 209,372 $ 124,486 $ 62,395 $ 62,091 $ 1,072,327 Gross profit 173,545 171,676 126,182 121,379 48,774 31,964 16,810 641,556 Operating income (loss) 73,736 93,030 44,868 61,564 ( 23,539 ) 8,398 ( 31,937 ) 249,659 13-Weeks Ended March 28, 2020 Net sales $ 223,601 $ 175,102 $ 188,599 $ 163,005 $ 105,801 $ 59,013 $ 46,788 $ 856,108 Gross profit 112,325 112,258 138,808 94,210 49,339 28,112 21,227 506,940 Operating income (loss) 31,011 47,166 59,321 40,159 ( 175 ) 3,213 ( 3,388 ) 177,482
Schedule of Net Sales to External Customers and Net Property and Equipment by Geographic Region	Net sales to external customers by geographic region were as follows for the 13-week periods ended March 27, 2021 and March 28, 2020. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa: 13-Weeks Ended March 27, 2021 March 28, 2020 Americas $ 503,691 $ 427,401 EMEA 399,508 299,867 APAC 169,128 128,840 Net sales to external customers $ 1,072,327 $ 856,108 Net property and equipment by geographic region as of March 27, 2021 and March 28, 2020 are presented below. Americas APAC EMEA Total March 27, 2021 Property and equipment, net $ 478,514 $ 267,487 $ 115,381 $ 861,382 March 28, 2020 Property and equipment, net $ 454,637 $ 230,369 $ 69,543 $ 754,549

Warranty Reserves (Tables)

Warranty Reserves (Tables)	3 Months Ended
	Mar. 27, 2021
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 27, 2021 March 28, 2020 Balance - beginning of period $ 42,643 $ 39,758 Accrual for products sold (1) 11,456 17,868 Expenditures ( 14,811 ) ( 18,258 ) Balance - end of period $ 39,288 $ 39,368 (1) Changes in cost estimates related to pre-existing warranties were not material and aggregated with accruals for new warranty contracts in the ‘Accrual for products sold’ line.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 27, 2021
Investments Debt And Equity Securities [Abstract]
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 Fair Value Level Amortized Cost Gross Unrealized Gross Unrealized Fair Value U.S. Treasury securities Level 2 $ 400 $ 5 $ — $ 405 Agency securities Level 2 2,498 29 — 2,527 Mortgage-backed securities Level 2 195,903 991 ( 1,283 ) 195,611 Corporate securities Level 2 1,040,217 20,797 ( 5,808 ) 1,055,206 Municipal securities Level 2 257,788 3,019 ( 1,505 ) 259,302 Other Level 2 42,716 139 ( 452 ) 42,403 Total $ 1,539,522 $ 24,980 $ ( 9,048 ) $ 1,555,454 Available-For-Sale Securities Fair Value Level Amortized Cost Gross Unrealized Gross Unrealized Fair Value U.S. Treasury securities Level 2 $ 400 $ 6 $ — $ 406 Agency securities Level 2 5,954 56 — 6,010 Mortgage-backed securities Level 2 239,445 1,051 ( 1,923 ) 238,573 Corporate securities Level 2 984,696 25,962 ( 1,637 ) 1,009,021 Municipal securities Level 2 214,515 3,644 ( 223 ) 217,936 Other Level 2 47,760 167 ( 1,056 ) 46,871 Total $ 1,492,770 $ 30,886 $ ( 4,839 ) $ 1,518,817
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 27, 2021 and December 26, 2020. As of March 27, 2021 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ — $ — $ — $ — $ — $ — Agency securities — — — — — — Mortgage-backed securities ( 466 ) 30,984 ( 817 ) 10,697 ( 1,283 ) 41,681 Corporate securities ( 5,622 ) 339,722 ( 186 ) 9,011 ( 5,808 ) 348,733 Municipal securities ( 1,505 ) 123,652 — — ( 1,505 ) 123,652 Other ( 113 ) 10,794 ( 339 ) 10,589 ( 452 ) 21,383 Total $ ( 7,706 ) $ 505,152 $ ( 1,342 ) $ 30,297 $ ( 9,048 ) $ 535,449 As of December 26, 2020 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ — $ — $ — $ — $ — $ — Agency securities — — — — — — Mortgage-backed securities ( 1,849 ) 85,688 ( 74 ) 2,122 ( 1,923 ) 87,810 Corporate securities ( 1,065 ) 199,187 ( 572 ) 8,625 ( 1,637 ) 207,812 Municipal securities ( 223 ) 50,403 — — ( 223 ) 50,403 Other ( 726 ) 22,600 ( 330 ) 3,426 ( 1,056 ) 26,026 Total $ ( 3,863 ) $ 357,878 $ ( 976 ) $ 14,173 $ ( 4,839 ) $ 372,051
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 27, 2021, by maturity, are shown below. Amortized Cost Fair Value Due in one year or less $ 340,693 $ 342,656 Due after one year through five years 1,127,462 1,140,939 Due after five years through ten years 71,222 71,719 Due after ten years 145 140 $ 1,539,522 $ 1,555,454

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 27, 2021
Equity [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 27, 2021: 13-Weeks Ended March 27, 2021 Foreign currency Net gains (losses) on available-for-sale securities Total Balance - beginning of period $ 162,953 $ 20,474 $ 183,427 Other comprehensive income before reclassification, net of income tax benefit of $ 2,097 ( 35,291 ) ( 7,505 ) ( 42,796 ) Amounts reclassified from Accumulated other comprehensive income to Other income, net of income tax expense of $ 134 included in Income tax provision — ( 379 ) ( 379 ) Net current-period other comprehensive income ( 35,291 ) ( 7,884 ) ( 43,175 ) Balance - end of period $ 127,662 $ 12,590 $ 140,252

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 27, 2021
Revenue From Contract With Customer [Abstract]
Schedule of Revenue Disaggregated	13-Weeks Ended March 27, 2021 March 28, 2020 Point in time $ 1,022,777 $ 810,296 Over time 49,550 45,812 Net sales $ 1,072,327 $ 856,108
Schedule of Deferred Revenue and Costs	13-Weeks Ended March 27, 2021 Deferred (1) Deferred (2) Balance, beginning of period $ 136,799 $ 36,655 Deferrals in period 41,498 2,727 Recognition of deferrals in period ( 49,550 ) ( 6,687 ) Balance, end of period $ 128,747 $ 32,695 (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

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 321,939	$ 282,287
Work-in-process	156,426	147,821
Finished goods	359,569	331,976
Inventories	$ 837,934	$ 762,084

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Numerator:
Numerator for basic and diluted net income per share - net income	$ 220,029	$ 161,180
Denominator:
Denominator for basic net income per share – weighted-average common shares	191,896	190,803
Effect of dilutive equity awards	914	881
Denominator for diluted net income per share – adjusted weighted-average common shares	192,810	191,684
Basic net income per share	$ 1.15	$ 0.84
Diluted net income per share	$ 1.14	$ 0.84
Shares excluded from diluted net income per share calculation:
Anti-dilutive equity awards	316	412

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 27, 2021Segment
Segment Reporting [Abstract]
Number of reportable segments	5
Number of operating segments	6

Segment Information - Schedule

Segment Information - Schedule of Net Sales (Revenue), Gross Profit, and Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Segment Reporting Information [Line Items]
Net sales	$ 1,072,327	$ 856,108
Gross profit	641,556	506,940
Operating income (loss)	249,659	177,482
Fitness Segment [Member]
Segment Reporting Information [Line Items]
Net sales	308,125	223,601
Gross profit	173,545	112,325
Operating income (loss)	73,736	31,011
Outdoor Segment [Member]
Segment Reporting Information [Line Items]
Net sales	256,455	175,102
Gross profit	171,676	112,258
Operating income (loss)	93,030	47,166
Aviation Segment [Member]
Segment Reporting Information [Line Items]
Net sales	173,889	188,599
Gross profit	126,182	138,808
Operating income (loss)	44,868	59,321
Marine Segment [Member]
Segment Reporting Information [Line Items]
Net sales	209,372	163,005
Gross profit	121,379	94,210
Operating income (loss)	61,564	40,159
Auto Segment [Member]
Segment Reporting Information [Line Items]
Net sales	124,486	105,801
Gross profit	48,774	49,339
Operating income (loss)	(23,539)	(175)
Auto Segment [Member] | Consumer Auto Subsegment [Member]
Segment Reporting Information [Line Items]
Net sales	62,395	59,013
Gross profit	31,964	28,112
Operating income (loss)	8,398	3,213
Auto Segment [Member] | Auto OEM Subsegment [Member]
Segment Reporting Information [Line Items]
Net sales	62,091	46,788
Gross profit	16,810	21,227
Operating income (loss)	$ (31,937)	$ (3,388)

Segment Information - Schedul_2

Segment Information - Schedule of Net Sales to External Customers and Net Property and Equipment by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020	Dec. 26, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales to external customers	$ 1,072,327	$ 856,108
Property and equipment, net	861,382	754,549	$ 855,539
Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales to external customers	503,691	427,401
Property and equipment, net	478,514	454,637
EMEA [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales to external customers	399,508	299,867
Property and equipment, net	115,381	69,543
APAC [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales to external customers	169,128	128,840
Property and equipment, net	$ 267,487	$ 230,369

Warranty Reserves - Schedule of

Warranty Reserves - Schedule of Changes in the Aggregate Warranty Reserve (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 27, 2021	Mar. 28, 2020
Product Warranties Disclosures [Abstract]
Balance - beginning of period		$ 42,643	$ 39,758
Accrual for products sold	[1]	11,456	17,868
Expenditures		(14,811)	(18,258)
Balance - end of period		$ 39,288	$ 39,368
[1]	Changes in cost estimates related to pre-existing warranties were not material and aggregated with accruals for new warranty contracts in the ‘Accrual for products sold’ line.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Commitments And Contingencies Disclosure [Abstract]
Aggregate amount of purchase orders and other commitments	$ 1,135,000
Restricted cash balances	$ 761	$ 306

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 30,485	$ 16,455
Effective income tax rate	12.20%	9.30%
Increase (decrease) in effective income tax rate	(2.90%)

Marketable Securities - Schedul

Marketable Securities - Schedule of Marketable Securities Classified as Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Marketable Securities [Line Items]
Amortized Cost	$ 1,539,522	$ 1,492,770
Gross Unrealized Gains	24,980	30,886
Gross Unrealized Losses	(9,048)	(4,839)
Fair Value	1,555,454	1,518,817
U.S. Treasury securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	400	400
Gross Unrealized Gains	5	6
Fair Value	405	406
Agency securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	2,498	5,954
Gross Unrealized Gains	29	56
Fair Value	2,527	6,010
Mortgage-backed securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	195,903	239,445
Gross Unrealized Gains	991	1,051
Gross Unrealized Losses	(1,283)	(1,923)
Fair Value	195,611	238,573
Corporate securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	1,040,217	984,696
Gross Unrealized Gains	20,797	25,962
Gross Unrealized Losses	(5,808)	(1,637)
Fair Value	1,055,206	1,009,021
Municipal securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	257,788	214,515
Gross Unrealized Gains	3,019	3,644
Gross Unrealized Losses	(1,505)	(223)
Fair Value	259,302	217,936
Other [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	42,716	47,760
Gross Unrealized Gains	139	167
Gross Unrealized Losses	(452)	(1,056)
Fair Value	$ 42,403	$ 46,871

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 27, 2021	Dec. 26, 2020
Schedule Of Available For Sale Securities [Line Items]
Accrued interest written off	$ 0
Percentage of available-for-sale securities in unrealized loss positions	30.00%
Allowance For Credit Losses On Available For Sale Debt Securities In Unrealized Loss Position	$ 0	$ 0
Allowance for credit losses and charge to other income	0
Prepaid Expenses and Other Current Assets [Member]
Schedule Of Available For Sale Securities [Line Items]
Accrued interest receivable	$ 9,844,000

Marketable Securities - Sched_2

Marketable Securities - Schedule of Gross Unrealized Losses and Fair Value by Major Security Type (Details) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	$ (7,706)	$ (3,863)
Fair Value Less than 12 Consecutive Months	505,152	357,878
Gross Unrealized Losses 12 Consecutive Months or Longer	(1,342)	(976)
Fair Value 12 Consecutive Months or Longer	30,297	14,173
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total	9,048	4,839
Fair Value, Total	535,449	372,051
Mortgage-backed securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(466)	(1,849)
Fair Value Less than 12 Consecutive Months	30,984	85,688
Gross Unrealized Losses 12 Consecutive Months or Longer	(817)	(74)
Fair Value 12 Consecutive Months or Longer	10,697	2,122
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total	1,283	1,923
Fair Value, Total	41,681	87,810
Corporate securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(5,622)	(1,065)
Fair Value Less than 12 Consecutive Months	339,722	199,187
Gross Unrealized Losses 12 Consecutive Months or Longer	(186)	(572)
Fair Value 12 Consecutive Months or Longer	9,011	8,625
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total	5,808	1,637
Fair Value, Total	348,733	207,812
Municipal securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(1,505)	(223)
Fair Value Less than 12 Consecutive Months	123,652	50,403
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total	1,505	223
Fair Value, Total	123,652	50,403
Other [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(113)	(726)
Fair Value Less than 12 Consecutive Months	10,794	22,600
Gross Unrealized Losses 12 Consecutive Months or Longer	(339)	(330)
Fair Value 12 Consecutive Months or Longer	10,589	3,426
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total	452	1,056
Fair Value, Total	$ 21,383	$ 26,026

Marketable Securities - Sched_3

Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Investments Debt And Equity Securities [Abstract]
Amortized Cost, Due in one year or less	$ 340,693
Amortized Cost, Due after one year through five years	1,127,462
Amortized Cost, Due after five years through ten years	71,222
Amortized Cost, Due after ten years	145
Amortized Cost	1,539,522	$ 1,492,770
Fair Value, Due in one year or less	342,656
Fair Value, Due after one year through five years	1,140,939
Fair Value, Due after five years through ten years	71,719
Fair Value, Due after ten years	140
Fair Value, Total	$ 1,555,454	$ 1,518,817

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Details) $ in Thousands	3 Months Ended
	Mar. 27, 2021USD ($)
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	$ 5,516,116
Other comprehensive income before reclassification, net of income tax benefit	(42,796)
Amounts reclassified from Accumulated other comprehensive income to Other income, net of income tax expense	(379)
Net current-period other comprehensive income	(43,175)
Ending balance, value	5,715,827
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	162,953
Other comprehensive income before reclassification, net of income tax benefit	(35,291)
Net current-period other comprehensive income	(35,291)
Ending balance, value	127,662
Net Gains (Losses) on Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	20,474
Other comprehensive income before reclassification, net of income tax benefit	(7,505)
Amounts reclassified from Accumulated other comprehensive income to Other income, net of income tax expense	(379)
Net current-period other comprehensive income	(7,884)
Ending balance, value	12,590
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	183,427
Ending balance, value	$ 140,252

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Parenthetical) (Details) $ in Thousands	3 Months Ended
	Mar. 27, 2021USD ($)
Equity [Abstract]
Net of income tax expense	$ 2,097
Net of income tax expense	$ 134

Revenue - Schedule of Revenue D

Revenue - Schedule of Revenue Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 1,072,327	$ 856,108
Point in time [Member]
Disaggregation of Revenue [Line Items]
Net sales	1,022,777	810,296
Over time [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 49,550	$ 45,812

Revenue - Schedule of Deferred

Revenue - Schedule of Deferred Revenue and Costs (Details) $ in Thousands	3 Months Ended
	Mar. 27, 2021USD ($)
Revenue From Contract With Customer [Abstract]
Deferred Revenue, Balance, beginning of period	$ 136,799	[1]
Deferred Revenue, Deferrals in period	41,498	[1]
Deferred Revenue, Recognition of deferrals in period	(49,550)	[1]
Deferred Revenue, Balance, end of period	128,747	[1]
Deferred costs, Balance, beginning of period	36,655	[2]
Deferred Costs, Deferrals in period	2,727	[2]
Deferred Costs, Recognition of deferrals in period	(6,687)	[2]
Deferred Costs, Balance, end of period	$ 32,695	[2]
[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 - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 27, 2021	Dec. 26, 2020
Revenue From Contract With Customer [Abstract]
Recognition of deferrals in period	[1]	$ 49,550
Amount of Deferred revenue recognized in the period that was deferred as of the beginning of the period		$ 27,793
Amount of Deferred revenue that is recognized ratably over a period of three years or less		Approximately two-thirds of the $128,747 of deferred revenue at the end of the period, March 27, 2021, is recognized ratably over a period of three years or less.
Deferred revenue	[1]	$ 128,747	$ 136,799
[1]	Deferred revenue is comprised of both Deferred revenue and Noncurrent deferred revenue per the Condensed Consolidated Balance Sheets