Garmin (GRMN) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Apr. 01, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Apr. 01, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-30
Entity File Number	001-41118
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	NYSE
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		191,290,486

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Income Statement [Abstract]
Net sales	$ 1,147,424	$ 1,172,662
Cost of goods sold	494,630	510,183
Gross profit	652,794	662,479
Advertising expense	30,347	34,133
Selling, general and administrative expenses	203,980	190,784
Research and development expense	221,485	209,006
Total operating expense	455,812	433,923
Operating income	196,982	228,556
Other income (expense):
Interest income	15,899	7,553
Foreign currency gains (losses)	7,688	(3,506)
Other income	1,203	3,261
Total other income (expense)	24,790	7,308
Income before income taxes	221,772	235,864
Income tax provision	19,445	24,272
Net income	$ 202,327	$ 211,592
Net income per share: Basic
Basic	$ 1.06	$ 1.10
Net income per share: Diluted
Diluted	$ 1.05	$ 1.09
Weighted average common shares outstanding: Basic
Basic	191,498	192,887
Weighted average common shares outstanding: Diluted
Diluted	191,886	193,579

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 202,327	$ 211,592
Foreign currency translation adjustment	16,891	(56,912)
Change in fair value of available-for-sale marketable securities, net of deferred taxes	11,076	(50,012)
Comprehensive income	$ 230,294	$ 104,668

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,361,593	$ 1,279,194
Marketable securities	188,878	173,288
Accounts receivable, net	610,654	656,847
Inventories	1,478,997	1,515,045
Deferred costs	14,573	14,862
Prepaid expenses and other current assets	309,303	315,915
Total current assets	3,963,998	3,955,151
Property and equipment, net of accumulated depreciation of $934,438 and $904,922, respectively	1,165,035	1,147,005
Operating lease right-of-use assets	134,569	138,040
Noncurrent marketable securities	1,163,989	1,208,360
Deferred income tax assets	455,095	441,071
Noncurrent deferred costs	9,504	9,831
Goodwill	571,534	567,994
Other intangible assets, net	172,685	178,461
Other noncurrent assets	89,622	85,257
Total assets	7,726,031	7,731,170
Current liabilities:
Accounts payable	208,796	212,417
Salaries and benefits payable	164,812	176,114
Accrued warranty costs	52,675	50,952
Accrued sales program costs	58,332	97,772
Other accrued expenses	178,264	197,376
Deferred revenue	90,568	91,092
Income taxes payable	254,753	246,180
Dividend payable	0	139,732
Total current liabilities	1,008,200	1,211,635
Deferred income tax liabilities	131,753	129,965
Noncurrent income taxes payable	34,936	34,627
Noncurrent deferred revenue	34,378	35,702
Noncurrent operating lease liabilities	111,388	114,541
Other noncurrent liabilities	372	360
Stockholders’ equity:
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 191,450 shares outstanding at April 1, 2023 and 191,623 shares outstanding at December 31, 2022	17,979	17,979
Additional paid-in capital	2,048,339	2,042,472
Treasury stock (6,627 and 6,454 shares, respectively)	(510,478)	(475,095)
Retained earnings	4,935,730	4,733,517
Accumulated other comprehensive (loss) income	(86,566)	(114,533)
Total stockholders’ equity	6,405,004	6,204,340
Total liabilities and stockholders’ equity	$ 7,726,031	$ 7,731,170

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) shares in Thousands, $ in Thousands	Apr. 01, 2023 USD ($) shares	Apr. 01, 2023 SFr / shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 SFr / shares
Statement of Financial Position [Abstract]
Accumualted depreciation | $	$ 934,438		$ 904,922
Common shares, par value (in CHF dollars per share) | SFr / shares		SFr 0.10		SFr 0.10
Common shares, authorized	198,077		198,077
Common shares, issued	198,077		198,077
Common shares, outstanding	191,450		191,623
Treasury stock shares	6,627		6,454

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Operating Activities:
Net income	$ 202,327	$ 211,592
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	31,952	28,984
Amortization	11,463	12,228
Gain on sale or disposal of property and equipment	(129)	(1,129)
Unrealized foreign currency gains	(867)	(5,113)
Deferred income taxes	(15,713)	(25,996)
Stock compensation expense	20,732	24,706
Realized loss (gain) on marketable securities	20	(2)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts	46,873	238,134
Inventories	43,712	(134,807)
Other current and non-current assets	4,780	(1,628)
Accounts payable	(4,202)	(61,939)
Other current and non-current liabilities	(67,405)	(119,159)
Deferred revenue	(1,876)	(3,704)
Deferred costs	622	1,904
Income Taxes	6,921	21,563
Net cash provided by operating activities	279,210	185,634
Investing activities:
Purchases of property and equipment	(46,814)	(59,715)
Proceeds from sale of property and equipment	142	1,131
Purchase of intangible assets	(332)	(547)
Purchase of marketable securities	(18,684)	(497,526)
Redemption of marketable securities	57,789	431,604
Acquisitions, net of cash acquired	0	(10,828)
Net cash used in investing activities	(7,899)	(135,881)
Financing activities:
Dividends	(139,847)	(128,856)
Proceeds from issuance of treasury stock related to equity awards	0	20,146
Purchase of treasury stock related to equity awards	(9,169)	(14,610)
Purchase of treasury stock under share repurchase plan	(43,273)	0
Net cash used in financing activities	(192,289)	(123,320)
Effect of exchange rate changes on cash and cash equivalents	3,387	(6,960)
Net increase (decrease) in cash, cash equivalents, and restricted cash	82,409	(80,527)
Cash, cash equivalents, and restricted cash at beginning of period	1,279,912	1,498,843
Cash, cash equivalents, and restricted cash at end of period	$ 1,362,321	$ 1,418,316

Condensed Consolidated Statem_4

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. 25, 2021	$ 6,114,159	$ 17,979	$ 1,960,722	$ (303,114)	$ 4,320,737	$ 117,835
Net income	211,592				211,592
Translation adjustment	(56,912)					(56,912)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	(50,012)					(50,012)
Comprehensive income	104,668
Dividends	(227)				(227)
Issuance of treasury stock related to equity awards	20,146		(2,867)	23,013
Stock compensation	24,706		24,706
Purchase of treasury stock related to equity awards	(14,610)			(14,610)
Ending balance, value at Mar. 26, 2022	6,248,842	17,979	1,982,561	(294,711)	4,532,102	10,911
Beginning balance, value at Dec. 31, 2022	6,204,340	17,979	2,042,472	(475,095)	4,733,517	(114,533)
Net income	202,327				202,327
Translation adjustment	16,891					16,891
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	11,076					11,076
Comprehensive income	230,294
Dividends	(114)				(114)
Issuance of treasury stock related to equity awards			(14,865)	14,865
Stock compensation	20,732		20,732
Purchase of treasury stock related to equity awards	(9,169)			(9,169)
Purchase of treasury stock under share repurchase plan	(41,079)			(41,079)
Ending balance, value at Apr. 01, 2023	$ 6,405,004	$ 17,979	$ 2,048,339	$ (510,478)	$ 4,935,730	$ (86,566)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Statement of Stockholders' Equity [Abstract]
Adjustment related to unrealized gains (losses) on available-for-sale securities income tax effects	$ 2,613	$ 14,701

Accounting Policies

Accounting Policies	3 Months Ended
	Apr. 01, 2023
Accounting Policies [Abstract]
Accounting Policies	1. Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Garmin Ltd. and wholly-owned subsidiaries (collectively, the “Company” or “Garmin”). Intercompany balances and transactions have been eliminated. The 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, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The condensed consolidated balance sheet at December 31, 2022 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. 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, and the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Our operating results are subject to fluctuations associated with seasonal demand for consumer products, the timing of new product introductions, and OEM customer production schedules. Therefore, operating results for the 13-week period ended April 1, 2023 are not necessarily indicative of the results that may be expected for the year ending December 30, 2023. 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 April 1, 2023 and March 26, 2022 both contain operating results for 13 weeks. Changes in Classification and Allocation Certain prior period amounts have been reclassified or presented to conform to the current period presentation. The Company announced an organization realignment in January 2023, which combined the consumer auto operating segment with the outdoor operating segment. As a result, the Company’s operating segments, which also represent our reportable segments, are fitness, outdoor, aviation, marine, and auto OEM. Results for the 13-week period ended March 26, 2022 have been recast herein to conform to the current period presentation. This change had no effect on the Company’s consolidated results of operations. 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 1, “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 31, 2022. There were no material changes to the Company’s significant accounting policies during the 13-week period ended April 1, 2023 . Recently Issued Accounting Standards and Pronouncements Recently adopted accounting standards and recently issued accounting pronouncements not yet adopted are not expected to have a material impact on the Company’s consolidated financial statements, accounting policies, processes, or systems.

Revenue

Revenue	3 Months Ended
	Apr. 01, 2023
Revenue from Contract with Customer [Abstract]
Revenue	2. 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 (“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 11 – Segment Information and Geographic Data. Note 11 also contains disaggregated revenue information of the five major product categories identified by the Company – fitness, outdoor, aviation, marine, and auto OEM. 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 outdoor, aviation, and auto OEM segments and relate to performance obligations that are satisfied over the estimated 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 April 1, 2023 March 26, 2022 Point in time $ 1,081,068 $ 1,114,200 Over time 66,356 58,462 Net sales $ 1,147,424 $ 1,172,662 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 April 1, 2023 are presented below: 13-Weeks Ended Deferred (1) Deferred (2) Balance, beginning of period $ 126,794 $ 24,693 Deferrals in period 64,508 4,470 Recognition of deferrals in period ( 66,356 ) ( 5,086 ) Balance, end of period $ 124,946 $ 24,077 (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 $ 66,356 of deferred revenue recognized in the 13-week period ended April 1, 2023, $ 34,006 was deferred as of the beginning of the period. Of the $ 124,946 of deferred revenue as of April 1, 2023 , the Company expects to recognize approximately eighty percent ratably over a total period of three years or less.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Apr. 01, 2023
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 April 1, 2023 March 26, 2022 Numerator: Numerator for basic and diluted net income per share – net income $ 202,327 $ 211,592 Denominator: Denominator for basic net income per share – weighted-average common shares 191,498 192,887 Effect of dilutive equity awards 388 692 Denominator for diluted net income per share – adjusted weighted-average common shares 191,886 193,579 Basic net income per share $ 1.06 $ 1.10 Diluted net income per share $ 1.05 $ 1.09 Shares excluded from diluted net income per share calculation: Anti-dilutive equity awards 218 764

Marketable Securities

Marketable Securities	3 Months Ended
	Apr. 01, 2023
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	4. Marketable Securities ASC Topic 820, 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 Agency securities Level 2 $ 11,003 $ 9 $ ( 671 ) $ 10,341 Mortgage-backed securities Level 2 43,450 — ( 4,354 ) 39,096 Corporate debt securities Level 2 1,077,532 194 ( 69,489 ) 1,008,237 Municipal securities Level 2 314,110 4 ( 24,887 ) 289,227 Other Level 2 7,019 — ( 1,053 ) 5,966 Total $ 1,453,114 $ 207 $ ( 100,454 ) $ 1,352,867 Available-For-Sale Securities Fair Value Level Amortized Cost Gross Unrealized Gross Unrealized Fair Value Agency securities Level 2 $ 7,000 $ — $ ( 786 ) $ 6,214 Mortgage-backed securities Level 2 45,373 — ( 4,525 ) 40,848 Corporate debt securities Level 2 1,106,688 188 ( 77,802 ) 1,029,074 Municipal securities Level 2 326,058 3 ( 28,861 ) 297,200 Other Level 2 10,466 — ( 2,154 ) 8,312 Total $ 1,495,585 $ 191 $ ( 114,128 ) $ 1,381,648 The primary objectives of the Company’s investment policy are to preserve capital, maintain an acceptable degree of liquidity, and maximize yield within the constraint of low credit risk. 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 totale d $ 10,145 a s of April 1, 2023 , 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 April 1, 2023. The Company recognizes impairments relating to credit losses of available-for-sale securities through an allowance for credit losses and other income (expense) on the Company’s condensed consolidated statements of income. Impairment not relating to credit losses is recorded in accumulated other comprehensive income (loss) on the Company’s condensed consolidated balance sheets. The cost of securities sold is based on the specific identification method. Approximately 98 % of securities in the Company’s portfolio were at an unrealized loss position as of April 1, 2023. The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of April 1, 2023 and December 31, 2022. As of April 1, 2023 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 Agency securities $ — $ — $ ( 671 ) $ 6,329 $ ( 671 ) $ 6,329 Mortgage-backed securities ( 15 ) 240 ( 4,339 ) 38,856 ( 4,354 ) 39,096 Corporate debt securities ( 6,431 ) 200,179 ( 63,058 ) 786,401 ( 69,489 ) 986,580 Municipal securities ( 253 ) 20,565 ( 24,634 ) 266,158 ( 24,887 ) 286,723 Other — — ( 1,053 ) 5,966 ( 1,053 ) 5,966 Total $ ( 6,699 ) $ 220,984 $ ( 93,755 ) $ 1,103,710 $ ( 100,454 ) $ 1,324,694 As of December 31, 2022 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 Agency securities $ — $ — $ ( 786 ) $ 6,214 $ ( 786 ) $ 6,214 Mortgage-backed securities ( 1,900 ) 23,229 ( 2,625 ) 17,619 ( 4,525 ) 40,848 Corporate debt securities ( 26,680 ) 508,956 ( 51,122 ) 498,834 ( 77,802 ) 1,007,790 Municipal securities ( 2,136 ) 69,017 ( 26,725 ) 225,679 ( 28,861 ) 294,696 Other — — ( 2,154 ) 8,067 ( 2,154 ) 8,067 Total $ ( 30,716 ) $ 601,202 $ ( 83,412 ) $ 756,413 $ ( 114,128 ) $ 1,357,615 As of April 1, 2023 and December 31, 2022 , 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 agency, mortgage-backed, corporate debt, 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. Management 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 April 1, 2023, by maturity, are shown below. Amortized Cost Fair Value Due in one year or less $ 192,923 $ 188,878 Due after one year through five years 1,256,355 1,160,827 Due after five years through ten years 1,955 1,708 Due after ten years 1,881 1,454 Total $ 1,453,114 $ 1,352,867

Income Taxes

Income Taxes	3 Months Ended
	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The Company recorded income tax expense of $ 19,445 in the 13-week period ended April 1, 2023, compared to income tax expense of $ 24,272 in the 13-week period ended March 26, 2022. The effective tax rate was 8.8 % in the first quarter of 2023, compared to 10.3 % in the first quarter of 2022. The decrease was primarily due to income mix by jurisdiction.

Inventories

Inventories	3 Months Ended
	Apr. 01, 2023
Inventory Disclosure [Abstract]
Inventories	6. Inventories The components of inventories consist of the following: April 1, December 31, 2022 Raw materials $ 608,896 $ 600,858 Work-in-process 187,840 180,873 Finished goods 682,261 733,314 Inventories $ 1,478,997 $ 1,515,045

Warranty Reserves

Warranty Reserves	3 Months Ended
	Apr. 01, 2023
Product Warranties Disclosures [Abstract]
Warranty Reserves	7. 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 aviation, marine, and auto OEM products have a warranty period of two years or more from the date of installation. The Company’s estimates of costs to service its warranty obligations are based on historical experience and management’s expectations and judgments of future conditions, and are recorded as a liability on the balance sheet. The following reconciliation provides an illustration of changes in the aggregate warranty reserve. 13-Weeks Ended April 1, 2023 March 26, 2022 Balance - beginning of period $ 50,952 $ 45,467 Accrual for products sold (1) 22,381 10,871 Expenditures ( 20,658 ) ( 15,640 ) Balance - end of period $ 52,675 $ 40,698 (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
	Apr. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Commitments The Company is party to certain commitments that require the future purchase of goods or services (“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of payments for inventory, capital expenditures, and other indirect purchases in connection with conducting the business. The aggregate amount of purchase orders and other commitments open as of April 1, 2023 that may represent noncancellable unconditional purchase obligations having a remaining term in excess of one year was approximately $ 396,000 . 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 $ 728 and $ 718 on April 1, 2023 and December 31, 2022, respectively. The total of the cash and cash equivalents balance and the restricted cash reported within other assets in the condensed consolidated balance sheets equals the total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows. Contingencies 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 April 1, 2023. 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 April 1, 2023 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.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Apr. 01, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	9. Stockholders' Equity Dividends Under Swiss corporate law, dividends must be approved by shareholders at the annual general meeting of the Company’s shareholders. On June 10, 2022, the Company's shareholders approved a dividend of $ 2.92 per share, subject to possible adjustment based on the total amount of the dividend in Swiss Francs as approved at the annual meeting, and payable in four equal installments on dates to be determined by the Board of Directors. A reduction of retained earnings and a corresponding liability were recorded at the time of shareholders' approval and are periodically adjusted based on the number of applicable shares outstanding. The Company paid dividends of $ 139,847 for the 13-week period ended April 1, 2023. On June 4, 2021, the Company's shareholders approved a dividend of $ 2.68 per share, $ 1.34 of which was paid in the Company’s 2021 fiscal year, and $ 1.34 of which was paid in the Company’s 2022 fiscal year. Share Repurchase Program On April 22, 2022, the Board of Directors approved a share repurchase program (the “Program”) authorizing the Company to repurchase up to $ 300,000 of the common shares of Garmin Ltd., exclusive of the cost of any associated excise tax. The timing and volume of share repurchases are subject to market conditions, business conditions and applicable laws, and are at management’s discretion. Share repurchases may be made from time to time in the open market or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time. The share repurchase authorization expires on December 29, 2023 . As of April 1, 2023, the Company had repurchased 2,675 shares for $ 247,138 , leaving approximately $ 52,862 available to repurchase additional shares under the Program.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Apr. 01, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income	10. Accumulated Other Comprehensive Income (Loss) The following provides required disclosure of changes in accumulated other comprehensive income (loss) balances by component for the 13-week period ended April 1, 2023: 13-Weeks Ended April 1, 2023 Foreign currency Net gains (losses) on available-for-sale securities Total Balance - beginning of period $ ( 25,981 ) $ ( 88,552 ) $ ( 114,533 ) Other comprehensive income (loss) before reclassification, net of income tax expense of $ 2,611 16,891 11,058 27,949 Amounts reclassified from accumulated other comprehensive income (loss) to other income, net of income tax benefit of $ 2 included in income tax provision — 18 18 Net current-period other comprehensive income (loss) 16,891 11,076 27,967 Balance - end of period $ ( 9,090 ) $ ( 77,476 ) $ ( 86,566 )

Segment Information and Geograp

Segment Information and Geographic Data	3 Months Ended
	Apr. 01, 2023
Segment Reporting [Abstract]
Segment Information and Geographic Data	11. Segment Information and Geographic Data Garmin is organized in the five operating segments of fitness, outdoor, aviation, marine, and auto OEM. These operating segments represent our reportable segments. The Company’s Chief Executive Officer, who has been identified as the CODM, primarily 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 reasonable manner considering the specific facts and circumstances of the expenses being allocated. As indicated in Note 1 to the condensed consolidated financial statements, the Company announced an organization realignment in January 2023, which combined the consumer auto operating segment with the outdoor operating segment. As a result, the Company’s operating segments, which also represent our reportable segments, are fitness, outdoor, aviation, marine, and auto OEM. Results for the 13-week period ended March 26, 2022 have been recast below to conform with the current period presentation. Net sales (“revenue”), gross profit, and operating income for each of the Company’s five reportable segments are presented below. Fitness Outdoor Aviation Marine Auto OEM Total 13-Weeks Ended April 1, 2023 Net sales $ 244,721 $ 328,662 $ 213,582 $ 278,975 $ 81,484 $ 1,147,424 Gross profit 120,910 204,948 154,454 149,631 22,851 652,794 Operating income (loss) 10,578 76,743 57,695 71,908 ( 19,942 ) 196,982 13-Weeks Ended March 26, 2022 Net sales $ 220,896 $ 449,734 $ 174,766 $ 254,069 $ 73,197 $ 1,172,662 Gross profit 106,189 278,455 127,543 128,581 21,711 662,479 Operating income (loss) 580 152,810 40,127 58,882 ( 23,843 ) 228,556 Net sales to external customers by geographic region were as follows for the 13-week period ended April 1, 2023 and March 26, 2022. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa: 13-Weeks Ended April 1, 2023 March 26, 2022 Americas $ 611,704 $ 570,634 EMEA 355,853 397,477 APAC 179,867 204,551 Net sales to external customers $ 1,147,424 $ 1,172,662

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Apr. 01, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Garmin Ltd. and wholly-owned subsidiaries (collectively, the “Company” or “Garmin”). Intercompany balances and transactions have been eliminated. The 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, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The condensed consolidated balance sheet at December 31, 2022 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. 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, and the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Our operating results are subject to fluctuations associated with seasonal demand for consumer products, the timing of new product introductions, and OEM customer production schedules. Therefore, operating results for the 13-week period ended April 1, 2023 are not necessarily indicative of the results that may be expected for the year ending December 30, 2023. 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 April 1, 2023 and March 26, 2022 both contain operating results for 13 weeks.
Changes in Classification and Allocation	Changes in Classification and Allocation Certain prior period amounts have been reclassified or presented to conform to the current period presentation. The Company announced an organization realignment in January 2023, which combined the consumer auto operating segment with the outdoor operating segment. As a result, the Company’s operating segments, which also represent our reportable segments, are fitness, outdoor, aviation, marine, and auto OEM. Results for the 13-week period ended March 26, 2022 have been recast herein to conform to the current period presentation. This change had no effect on the Company’s consolidated results of operations.
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 1, “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 31, 2022. There were no material changes to the Company’s significant accounting policies during the 13-week period ended April 1, 2023 .
Recently Issued Accounting Standards and Pronouncements	Recently Issued Accounting Standards and Pronouncements Recently adopted accounting standards and recently issued accounting pronouncements not yet adopted are not expected to have a material impact on the Company’s consolidated financial statements, accounting policies, processes, or systems.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Apr. 01, 2023
Revenue from Contract with Customer [Abstract]
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 April 1, 2023 March 26, 2022 Point in time $ 1,081,068 $ 1,114,200 Over time 66,356 58,462 Net sales $ 1,147,424 $ 1,172,662
Schedule of Deferred Revenue and Costs	Changes in deferred revenue and costs during the 13-week period ended April 1, 2023 are presented below: 13-Weeks Ended Deferred (1) Deferred (2) Balance, beginning of period $ 126,794 $ 24,693 Deferrals in period 64,508 4,470 Recognition of deferrals in period ( 66,356 ) ( 5,086 ) Balance, end of period $ 124,946 $ 24,077 (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

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Apr. 01, 2023
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 April 1, 2023 March 26, 2022 Numerator: Numerator for basic and diluted net income per share – net income $ 202,327 $ 211,592 Denominator: Denominator for basic net income per share – weighted-average common shares 191,498 192,887 Effect of dilutive equity awards 388 692 Denominator for diluted net income per share – adjusted weighted-average common shares 191,886 193,579 Basic net income per share $ 1.06 $ 1.10 Diluted net income per share $ 1.05 $ 1.09 Shares excluded from diluted net income per share calculation: Anti-dilutive equity awards 218 764

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Apr. 01, 2023
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 Agency securities Level 2 $ 11,003 $ 9 $ ( 671 ) $ 10,341 Mortgage-backed securities Level 2 43,450 — ( 4,354 ) 39,096 Corporate debt securities Level 2 1,077,532 194 ( 69,489 ) 1,008,237 Municipal securities Level 2 314,110 4 ( 24,887 ) 289,227 Other Level 2 7,019 — ( 1,053 ) 5,966 Total $ 1,453,114 $ 207 $ ( 100,454 ) $ 1,352,867 Available-For-Sale Securities Fair Value Level Amortized Cost Gross Unrealized Gross Unrealized Fair Value Agency securities Level 2 $ 7,000 $ — $ ( 786 ) $ 6,214 Mortgage-backed securities Level 2 45,373 — ( 4,525 ) 40,848 Corporate debt securities Level 2 1,106,688 188 ( 77,802 ) 1,029,074 Municipal securities Level 2 326,058 3 ( 28,861 ) 297,200 Other Level 2 10,466 — ( 2,154 ) 8,312 Total $ 1,495,585 $ 191 $ ( 114,128 ) $ 1,381,648
Schedule of Gross Unrealized Losses and Fair Value by Major Security Type	The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of April 1, 2023 and December 31, 2022. As of April 1, 2023 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 Agency securities $ — $ — $ ( 671 ) $ 6,329 $ ( 671 ) $ 6,329 Mortgage-backed securities ( 15 ) 240 ( 4,339 ) 38,856 ( 4,354 ) 39,096 Corporate debt securities ( 6,431 ) 200,179 ( 63,058 ) 786,401 ( 69,489 ) 986,580 Municipal securities ( 253 ) 20,565 ( 24,634 ) 266,158 ( 24,887 ) 286,723 Other — — ( 1,053 ) 5,966 ( 1,053 ) 5,966 Total $ ( 6,699 ) $ 220,984 $ ( 93,755 ) $ 1,103,710 $ ( 100,454 ) $ 1,324,694 As of December 31, 2022 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 Agency securities $ — $ — $ ( 786 ) $ 6,214 $ ( 786 ) $ 6,214 Mortgage-backed securities ( 1,900 ) 23,229 ( 2,625 ) 17,619 ( 4,525 ) 40,848 Corporate debt securities ( 26,680 ) 508,956 ( 51,122 ) 498,834 ( 77,802 ) 1,007,790 Municipal securities ( 2,136 ) 69,017 ( 26,725 ) 225,679 ( 28,861 ) 294,696 Other — — ( 2,154 ) 8,067 ( 2,154 ) 8,067 Total $ ( 30,716 ) $ 601,202 $ ( 83,412 ) $ 756,413 $ ( 114,128 ) $ 1,357,615
Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities by Maturity	The amortized cost and fair value of marketable securities at April 1, 2023, by maturity, are shown below. Amortized Cost Fair Value Due in one year or less $ 192,923 $ 188,878 Due after one year through five years 1,256,355 1,160,827 Due after five years through ten years 1,955 1,708 Due after ten years 1,881 1,454 Total $ 1,453,114 $ 1,352,867

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Apr. 01, 2023
Inventory Disclosure [Abstract]
Schedule of inventories	The components of inventories consist of the following: April 1, December 31, 2022 Raw materials $ 608,896 $ 600,858 Work-in-process 187,840 180,873 Finished goods 682,261 733,314 Inventories $ 1,478,997 $ 1,515,045

Warranty Reserves (Tables)

Warranty Reserves (Tables)	3 Months Ended
	Apr. 01, 2023
Product Warranties Disclosures [Abstract]
Schedule of Changes in the Aggregate Warranty Reserve	The following reconciliation provides an illustration of changes in the aggregate warranty reserve. 13-Weeks Ended April 1, 2023 March 26, 2022 Balance - beginning of period $ 50,952 $ 45,467 Accrual for products sold (1) 22,381 10,871 Expenditures ( 20,658 ) ( 15,640 ) Balance - end of period $ 52,675 $ 40,698 (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.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Apr. 01, 2023
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (AOCI)	The following provides required disclosure of changes in accumulated other comprehensive income (loss) balances by component for the 13-week period ended April 1, 2023: 13-Weeks Ended April 1, 2023 Foreign currency Net gains (losses) on available-for-sale securities Total Balance - beginning of period $ ( 25,981 ) $ ( 88,552 ) $ ( 114,533 ) Other comprehensive income (loss) before reclassification, net of income tax expense of $ 2,611 16,891 11,058 27,949 Amounts reclassified from accumulated other comprehensive income (loss) to other income, net of income tax benefit of $ 2 included in income tax provision — 18 18 Net current-period other comprehensive income (loss) 16,891 11,076 27,967 Balance - end of period $ ( 9,090 ) $ ( 77,476 ) $ ( 86,566 )

Segment Information and Geogr_2

Segment Information and Geographic Data (Tables)	3 Months Ended
	Apr. 01, 2023
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 five reportable segments are presented below. Fitness Outdoor Aviation Marine Auto OEM Total 13-Weeks Ended April 1, 2023 Net sales $ 244,721 $ 328,662 $ 213,582 $ 278,975 $ 81,484 $ 1,147,424 Gross profit 120,910 204,948 154,454 149,631 22,851 652,794 Operating income (loss) 10,578 76,743 57,695 71,908 ( 19,942 ) 196,982 13-Weeks Ended March 26, 2022 Net sales $ 220,896 $ 449,734 $ 174,766 $ 254,069 $ 73,197 $ 1,172,662 Gross profit 106,189 278,455 127,543 128,581 21,711 662,479 Operating income (loss) 580 152,810 40,127 58,882 ( 23,843 ) 228,556
Schedule of Net Sales to External Customers by Geographic Region	Net sales to external customers by geographic region were as follows for the 13-week period ended April 1, 2023 and March 26, 2022. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa: 13-Weeks Ended April 1, 2023 March 26, 2022 Americas $ 611,704 $ 570,634 EMEA 355,853 397,477 APAC 179,867 204,551 Net sales to external customers $ 1,147,424 $ 1,172,662

Revenue - Schedule of Revenue D

Revenue - Schedule of Revenue Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 1,147,424	$ 1,172,662
Point in time [Member]
Disaggregation of Revenue [Line Items]
Net sales	1,081,068	1,114,200
Over time [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 66,356	$ 58,462

Revenue - Schedule of Deferred

Revenue - Schedule of Deferred Revenue and Costs (Details) $ in Thousands	3 Months Ended
	Apr. 01, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Deferred Revenue, Balance, beginning of period	$ 126,794	[1]
Deferred Revenue, Deferrals in period	64,508	[1]
Deferred Revenue, Recognition of deferrals in period	(66,356)	[1]
Deferred Revenue, Balance, end of period	124,946	[1]
Deferred costs, Balance, beginning of period	24,693	[2]
Deferred Costs, Deferrals in period	4,470	[2]
Deferred Costs, Recognition of deferrals in period	(5,086)	[2]
Deferred Costs, Balance, end of period	$ 24,077	[2]
[1] Deferred revenue is comprised of both deferred revenue and noncurrent deferred revenue per the condensed consolidated balance sheets 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
		Apr. 01, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Recognition of deferrals in period	[1]	$ 66,356
Amount of Deferred revenue recognized in the period that was deferred as of the beginning of the period		$ 34,006
Amount of Deferred revenue that is recognized ratably over a period of three years or less		$124,946 of deferred revenue as of April 1, 2023, the Company expects to recognize approximately eighty percent ratably over a total period of three years or less.
Deferred revenue	[1]	$ 124,946	$ 126,794
[1] Deferred revenue is comprised of both deferred revenue and noncurrent deferred revenue per the condensed consolidated balance sheets

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
	Apr. 01, 2023	Mar. 26, 2022
Numerator:
Numerator for basic and diluted net income per share - net income	$ 202,327	$ 211,592
Denominator for basic net income per share – weighted-average common shares	191,498	192,887
Effect of dilutive equity awards	388	692
Denominator for diluted net income per share – adjusted weighted-average common shares	191,886	193,579
Basic net income per share	$ 1.06	$ 1.10
Diluted net income per share	$ 1.05	$ 1.09
Shares excluded from diluted net income per share calculation:
Anti-dilutive equity awards	218	764

Marketable Securities - Schedul

Marketable Securities - Schedule of Marketable Securities Classified as Available-for-sale Securities (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized Cost, Total	$ 1,453,114	$ 1,495,585
Gross Unrealized Gains	207	191
Gross Unrealized Losses	(100,454)	(114,128)
Fair Value	1,352,867	1,381,648
Agency securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	11,003	7,000
Gross Unrealized Gains	9
Gross Unrealized Losses	(671)	(786)
Fair Value	10,341	6,214
Mortgage-backed securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	43,450	45,373
Gross Unrealized Gains
Gross Unrealized Losses	(4,354)	(4,525)
Fair Value	39,096	40,848
Corporate Debt Securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	1,077,532	1,106,688
Gross Unrealized Gains	194	188
Gross Unrealized Losses	(69,489)	(77,802)
Fair Value	1,008,237	1,029,074
Municipal securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	314,110	326,058
Gross Unrealized Gains	4	3
Gross Unrealized Losses	(24,887)	(28,861)
Fair Value	289,227	297,200
Other [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	7,019	10,466
Gross Unrealized Gains
Gross Unrealized Losses	(1,053)	(2,154)
Fair Value	$ 5,966	$ 8,312

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($)	3 Months Ended
	Apr. 01, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Accrued interest written off	$ 0
Percentage of available-for-sale securities in unrealized loss positions	98%
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	$ 10,145,000

Marketable Securities - Sched_2

Marketable Securities - Schedule of Gross Unrealized Losses and Fair Value by Major Security Type (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	$ (6,699)	$ (30,716)
Fair Value Less than 12 Consecutive Months	220,984	601,202
Gross Unrealized Losses 12 Consecutive Months or Longer	(93,755)	(83,412)
Fair Value 12 Consecutive Months or Longer	1,103,710	756,413
Gross Unrealized Losses, Total	(100,454)	(114,128)
Fair Value, Total	1,324,694	1,357,615
Agency securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months
Fair Value Less than 12 Consecutive Months
Gross Unrealized Losses 12 Consecutive Months or Longer	(671)	(786)
Fair Value 12 Consecutive Months or Longer	6,329	6,214
Gross Unrealized Losses, Total	(671)	(786)
Fair Value, Total	6,329	6,214
Mortgage-backed securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(15)	(1,900)
Fair Value Less than 12 Consecutive Months	240	23,229
Gross Unrealized Losses 12 Consecutive Months or Longer	(4,339)	(2,625)
Fair Value 12 Consecutive Months or Longer	38,856	17,619
Gross Unrealized Losses, Total	(4,354)	(4,525)
Fair Value, Total	39,096	40,848
Corporate debt securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(6,431)	(26,680)
Fair Value Less than 12 Consecutive Months	200,179	508,956
Gross Unrealized Losses 12 Consecutive Months or Longer	(63,058)	(51,122)
Fair Value 12 Consecutive Months or Longer	786,401	498,834
Gross Unrealized Losses, Total	(69,489)	(77,802)
Fair Value, Total	986,580	1,007,790
Municipal securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(253)	(2,136)
Fair Value Less than 12 Consecutive Months	20,565	69,017
Gross Unrealized Losses 12 Consecutive Months or Longer	(24,634)	(26,725)
Fair Value 12 Consecutive Months or Longer	266,158	225,679
Gross Unrealized Losses, Total	(24,887)	(28,861)
Fair Value, Total	286,723	294,696
Other [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months
Fair Value Less than 12 Consecutive Months
Gross Unrealized Losses 12 Consecutive Months or Longer	(1,053)	(2,154)
Fair Value 12 Consecutive Months or Longer	5,966	8,067
Gross Unrealized Losses, Total	(1,053)	(2,154)
Fair Value, Total	$ 5,966	$ 8,067

Marketable Securities - Sched_3

Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities by Maturity (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Due in one year or less	$ 192,923
Amortized Cost, Due after one year through five years	1,256,355
Amortized Cost, Due after five years through ten years	1,955
Amortized Cost, Due after ten years	1,881
Amortized Cost, Total	1,453,114	$ 1,495,585
Fair Value, Due in one year or less	188,878
Fair Value, Due after one year through five years	1,160,827
Fair Value, Due after five years through ten years	1,708
Fair Value, Due after ten years	1,454
Fair Value, Total	$ 1,352,867	$ 1,381,648

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 19,445	$ 24,272
Effective income tax rate	8.80%	10.30%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 608,896	$ 600,858
Work-in-process	187,840	180,873
Finished goods	682,261	733,314
Inventories	$ 1,478,997	$ 1,515,045

Warranty Reserves - Additional

Warranty Reserves - Additional Information (Details)	3 Months Ended
	Apr. 01, 2023
Minimum [Member] | Standard Warranty on Products [Member]
Product Warranty Liability [Line Items]
Product warranty term	1 year
Minimum [Member] | Certain Aviation, Marine and Auto OEM products [Member]
Product Warranty Liability [Line Items]
Product warranty term	2 years
Maximum [Member] | Standard Warranty on Products [Member]
Product Warranty Liability [Line Items]
Product warranty term	2 years

Warranty Reserves - Schedule of

Warranty Reserves - Schedule of Changes in the Aggregate Warranty Reserve (Details) - USD ($) $ in Thousands		3 Months Ended
		Apr. 01, 2023	Mar. 26, 2022
Product Warranties Disclosures [Abstract]
Balance - beginning of period		$ 50,952	$ 45,467
Accrual for products sold	[1]	22,381	10,871
Expenditures		(20,658)	(15,640)
Balance - end of period		$ 52,675	$ 40,698
[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	Apr. 01, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Noncancellable unconditional purchase obligations	$ 396,000
Restricted cash balances	$ 728	$ 718

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 01, 2023	Mar. 26, 2022	Dec. 31, 2022	Dec. 25, 2021	Jun. 10, 2022	Apr. 22, 2022	Jun. 04, 2021
Stockholders' Equity Note [Abstract]
Dividends payable, Amount per share					$ 2.92		$ 2.68
Dividends paid per share			$ 1.34	$ 1.34
Dividend paid	$ 139,847	$ 128,856
Share Repurchase Program, Authorized Amount						$ 300,000
Share repurchase authorization expires	Dec. 29, 2023
Repurchased common stock shares						2,675
Repurchased common stock shares, amount						$ 247,138
Repurchase additional shares authorization						$ 52,862

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Details) $ in Thousands	3 Months Ended
	Apr. 01, 2023 USD ($)
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	$ 6,204,340
Ending balance, value	6,405,004
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(25,981)
Other comprehensive income (loss) before reclassification, net of income tax benefit	16,891
Net current-period other comprehensive income (loss)	16,891
Ending balance, value	(9,090)
Net Gains (Losses) on Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(88,552)
Other comprehensive income (loss) before reclassification, net of income tax benefit	11,058
Amounts reclassified from accumulated other comprehensive income (loss) to other income, net of income tax benefit of $54 included in income tax provision	18
Net current-period other comprehensive income (loss)	11,076
Ending balance, value	(77,476)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(114,533)
Other comprehensive income (loss) before reclassification, net of income tax benefit	27,949
Amounts reclassified from accumulated other comprehensive income (loss) to other income, net of income tax benefit of $54 included in income tax provision	18
Net current-period other comprehensive income (loss)	27,967
Ending balance, value	$ (86,566)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Parenthetical) (Details) $ in Thousands	3 Months Ended
	Apr. 01, 2023 USD ($)
Equity [Abstract]
Net of income tax expense	$ 2,611
Net of income tax benefit	$ 2

Segment Information and Geogr_3

Segment Information and Geographic Data - Schedule of Net Sales (Revenue), Gross Profit, and Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Segment Reporting Information [Line Items]
Net sales	$ 1,147,424	$ 1,172,662
Gross profit	652,794	662,479
Operating income (loss)	196,982	228,556
Fitness Segment [Member]
Segment Reporting Information [Line Items]
Net sales	244,721	220,896
Gross profit	120,910	106,189
Operating income (loss)	10,578	580
Outdoor Segment [Member]
Segment Reporting Information [Line Items]
Net sales	328,662	449,734
Gross profit	204,948	278,455
Operating income (loss)	76,743	152,810
Aviation Segment [Member]
Segment Reporting Information [Line Items]
Net sales	213,582	174,766
Gross profit	154,454	127,543
Operating income (loss)	57,695	40,127
Marine Segment [Member]
Segment Reporting Information [Line Items]
Net sales	278,975	254,069
Gross profit	149,631	128,581
Operating income (loss)	71,908	58,882
Auto OEM Segment [Member]
Segment Reporting Information [Line Items]
Net sales	81,484	73,197
Gross profit	22,851	21,711
Operating income (loss)	$ (19,942)	$ (23,843)

Segment Information and Geogr_4

Segment Information and Geographic Data - Schedule of Net Sales to External Customers by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Revenues from External Customers [Line Items]
Net sales to external customers	$ 1,147,424	$ 1,172,662
Americas [Member]
Revenues from External Customers [Line Items]
Net sales to external customers	611,704	570,634
EMEA [Member]
Revenues from External Customers [Line Items]
Net sales to external customers	355,853	397,477
APAC [Member]
Revenues from External Customers [Line Items]
Net sales to external customers	$ 179,867	$ 204,551