Garmin (GRMN) 10-Q 1 Nov 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
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, $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		191,331,077

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Income Statement [Abstract]
Net sales	$ 1,277,531	$ 1,140,434	$ 3,745,751	$ 3,553,931
Cost of goods sold	548,962	469,935	1,604,945	1,492,126
Gross profit	728,569	670,499	2,140,806	2,061,805
Advertising expense	35,158	32,888	111,849	110,378
Selling, general and administrative expenses	201,470	189,546	609,800	571,541
Research and development expense	221,572	208,692	667,451	619,215
Total operating expense	458,200	431,126	1,389,100	1,301,134
Operating income	270,369	239,373	751,706	760,671
Other income (expense):
Interest income	19,803	10,472	54,461	26,520
Foreign currency gains (losses)	(11,539)	(29,863)	6,946	(55,809)
Other income	938	285	4,206	3,716
Total other income (expense)	9,202	(19,106)	65,613	(25,573)
Income before income taxes	279,571	220,267	817,319	735,098
Income tax provision	22,328	9,419	69,810	54,785
Net income	$ 257,243	$ 210,848	$ 747,509	$ 680,313
Net income per share:
Basic	$ 1.34	$ 1.09	$ 3.91	$ 3.53
Diluted	$ 1.34	$ 1.09	$ 3.9	$ 3.52
Weighted average common shares outstanding:
Basic	191,435	192,672	191,409	192,878
Diluted	191,868	193,105	191,772	193,378

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 257,243	$ 210,848	$ 747,509	$ 680,313
Foreign currency translation adjustment	(48,342)	(117,360)	(56,793)	(239,167)
Change in fair value of available-for-sale marketable securities, net of deferred taxes	2,815	(18,867)	10,499	(85,507)
Comprehensive income	$ 211,716	$ 74,621	$ 701,215	$ 355,639

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,422,855	$ 1,279,194
Marketable securities	273,050	173,288
Accounts receivable, net	721,137	656,847
Inventories	1,439,894	1,515,045
Deferred costs	15,296	14,862
Prepaid expenses and other current assets	284,682	315,915
Total current assets	4,156,914	3,955,151
Property and equipment, net of accumulated depreciation of $960,129 and $904,922	1,187,375	1,147,005
Operating lease right-of-use assets	140,635	138,040
Noncurrent marketable securities	1,081,674	1,208,360
Deferred income tax assets	514,876	441,071
Noncurrent deferred costs	10,538	9,831
Goodwill	594,449	567,994
Other intangible assets, net	185,835	178,461
Other noncurrent assets	92,726	85,257
Total assets	7,965,022	7,731,170
Current liabilities:
Accounts payable	268,030	212,417
Salaries and benefits payable	196,665	176,114
Accrued warranty costs	53,533	50,952
Accrued sales program costs	71,558	97,772
Other accrued expenses	208,717	197,376
Deferred revenue	98,289	91,092
Income taxes payable	151,559	246,180
Dividend payable	279,447	139,732
Total current liabilities	1,327,798	1,211,635
Deferred income tax liabilities	116,419	129,965
Noncurrent income taxes payable	24,577	34,627
Noncurrent deferred revenue	35,525	35,702
Noncurrent operating lease liabilities	111,035	114,541
Other noncurrent liabilities	388	360
Stockholders’ equity:
Shares (195,880 and 198,077 shares authorized and issued; 191,387 and 191,623 shares outstanding)	19,588	17,979
Additional paid-in capital	2,100,357	2,042,472
Treasury stock (4,493 and 6,454 shares)	(331,393)	(475,095)
Retained earnings	4,721,555	4,733,517
Accumulated other comprehensive income (loss)	(160,827)	(114,533)
Total stockholders’ equity	6,349,280	6,204,340
Total liabilities and stockholders’ equity	$ 7,965,022	$ 7,731,170

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accumualted depreciation	$ 982,405	$ 904,922
Common shares, authorized	195,880	198,077
Common shares, issued	195,880	198,077
Common shares, outstanding	191,387	191,623
Treasury Stock, Common, Shares	4,493	6,454

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022
Operating Activities:
Net income	$ 747,509	$ 680,313
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	98,483	88,005
Amortization	33,751	34,349
Gain on sale or disposal of property and equipment	(50)	(1,652)
Unrealized foreign currency losses	9,927	45,498
Deferred income taxes	(90,214)	(101,133)
Stock compensation expense	66,214	57,871
Realized loss on marketable securities	56	982
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts	(54,756)	156,666
Inventories	111,459	(442,312)
Other current and non-current assets	28,288	29,299
Accounts payable	55,340	(64,199)
Other current and non-current liabilities	430	(84,287)
Deferred revenue	7,063	(3,299)
Deferred costs	(1,152)	3,426
Income Taxes	(102,024)	20,067
Net cash provided by operating activities	910,324	419,594
Investing activities:
Purchases of property and equipment	(144,876)	(184,928)
Proceeds from sale of property and equipment	157	1,693
Purchase of intangible assets	(1,175)	(1,411)
Purchase of marketable securities	(116,039)	(1,044,942)
Redemption of marketable securities	145,094	923,894
Acquisitions, net of cash acquired	(150,853)	(13,455)
Net cash used in investing activities	(267,692)	(319,149)
Financing activities:
Dividends	(419,166)	(399,074)
Proceeds from issuance of treasury stock related to equity awards	21,946	41,052
Purchase of treasury stock related to equity awards	(9,397)	(14,750)
Purchase of treasury stock under share repurchase plan	(79,533)	(105,206)
Net cash used in financing activities	(486,150)	(477,978)
Effect of exchange rate changes on cash and cash equivalents	(12,854)	(38,265)
Net increase (decrease) in cash, cash equivalents, and restricted cash	143,628	(415,798)
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	$ 1,423,540	$ 1,083,045

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock, Common [Member]	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 (Loss)	680,313				680,313
Translation adjustment	(239,167)					(239,167)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	(85,507)					(85,507)
Comprehensive income	355,639
Dividends	(562,046)				(562,046)
Issuance of treasury stock related to equity awards	41,052		8,426	32,626
Stock compensation	57,871		57,871
Purchase of treasury stock related to equity awards	(14,750)			(14,750)
Purchase of treasury stock under share repurchase plan, including any associated excise tax	(113,736)			(113,736)
Ending balance, value at Sep. 24, 2022	5,878,189	17,979	2,027,019	(398,974)	4,439,004	(206,839)
Beginning balance, value at Jun. 25, 2022	5,865,933	17,979	2,008,931	(315,886)	4,225,521	(70,612)
Net Income (Loss)	210,848				210,848
Translation adjustment	(117,360)					(117,360)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	(18,867)					(18,867)
Comprehensive income	74,621
Dividends	2,635				2,635
Issuance of treasury stock related to equity awards			(28)	28
Stock compensation	18,116		18,116
Purchase of treasury stock related to equity awards	(27)			(27)
Purchase of treasury stock under share repurchase plan, including any associated excise tax	(83,089)			(83,089)
Ending balance, value at Sep. 24, 2022	5,878,189	17,979	2,027,019	(398,974)	4,439,004	(206,839)
Beginning balance, value at Dec. 31, 2022	6,204,340	17,979	2,042,472	(475,095)	4,733,517	(114,533)
Net Income (Loss)	747,509				747,509
Translation adjustment	(56,793)					(56,793)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	10,499					10,499
Comprehensive income	701,215
Dividends	(558,882)				(558,882)
Issuance of treasury stock related to equity awards	21,946		(6,482)	28,428
Stock compensation	66,214		66,214
Purchase of treasury stock related to equity awards	(9,397)			(9,397)
Purchase of treasury stock under share repurchase plan, including any associated excise tax	(76,156)			(76,156)
Cancellation of treasury stock		(238)		200,827	(200,589)
Share capital currency change		1,847	(1,847)
Ending balance, value at Sep. 30, 2023	6,349,280	19,588	2,100,357	(331,393)	4,721,555	(160,827)
Beginning balance, value at Jul. 01, 2023	6,123,822	19,588	2,077,540	(322,688)	4,464,682	(115,300)
Net Income (Loss)	257,243				257,243
Translation adjustment	(48,342)					(48,342)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	2,815					2,815
Comprehensive income	211,716
Dividends	(370)				(370)
Stock compensation	22,817		22,817
Purchase of treasury stock under share repurchase plan, including any associated excise tax	(8,705)			(8,705)
Ending balance, value at Sep. 30, 2023	$ 6,349,280	$ 19,588	$ 2,100,357	$ (331,393)	$ 4,721,555	$ (160,827)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Statement of Stockholders' Equity [Abstract]
Adjustment related to unrealized gains (losses) on available-for-sale securities income tax effects	$ 686	$ 5,744	$ 2,327	$ 25,202

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 257,243	$ 210,848	$ 747,509	$ 680,313

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 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 and 39-week periods ended September 30, 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 September 30, 2023 and September 24, 2022 both contain operating results for 13 weeks. Garmin completed the acquisition of JL Audio during the 13-week period ending September 30, 2023. Accordingly, the balance sheet and operating results of JL Audio for the period following the acquisition have been included in Garmin's condensed consolidated financial statements as of and for the 13-week and 39-week periods ended September 30, 2023. This acquisition was not material. 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 and 39-week periods ended September 24, 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 39-week period ended September 30, 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	9 Months Ended
	Sep. 30, 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 39-Weeks Ended September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 Point in time $ 1,200,676 $ 1,073,058 $ 3,532,960 $ 3,366,382 Over time 76,855 67,376 212,791 187,549 Net sales $ 1,277,531 $ 1,140,434 $ 3,745,751 $ 3,553,931 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 39-week period ended September 30, 2023 are presented below: 39-Weeks Ended Deferred (1) Deferred (2) Balance, beginning of period $ 126,794 $ 24,693 Deferrals in period 219,811 17,240 Recognition of deferrals in period ( 212,791 ) ( 16,099 ) Balance, end of period $ 133,814 $ 25,834 (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 $ 212,791 of deferred revenue recognized in the 39-week period ended September 30, 2023, $ 75,641 was deferred as of the beginning of the period. Of the $ 133,814 of deferred revenue as of September 30, 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	9 Months Ended
	Sep. 30, 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 39-Weeks Ended September 30, September 24, September 30, September 24, Numerator: Numerator for basic and diluted net income per share – net income $ 257,243 $ 210,848 $ 747,509 $ 680,313 Denominator: Denominator for basic net income per share – weighted-average common shares 191,435 192,672 191,409 192,878 Effect of dilutive equity awards 433 433 363 500 Denominator for diluted net income per share – adjusted weighted-average common shares 191,868 193,105 191,772 193,378 Basic net income per share $ 1.34 $ 1.09 $ 3.91 $ 3.53 Diluted net income per share $ 1.34 $ 1.09 $ 3.90 $ 3.52 Shares excluded from diluted net income per share calculation: Anti-dilutive equity awards — 754 215 759

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 30, 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 U.S. Treasury securities Level 2 $ 2,930 $ — $ — $ 2,930 Agency securities Level 2 16,950 — ( 872 ) 16,078 Mortgage-backed securities Level 2 40,072 — ( 5,642 ) 34,430 Corporate debt securities Level 2 1,089,503 172 ( 69,461 ) 1,020,214 Municipal securities Level 2 301,221 — ( 24,728 ) 276,493 Other Level 2 5,159 — ( 580 ) 4,579 Total $ 1,455,835 $ 172 $ ( 101,283 ) $ 1,354,724 Available-For-Sale Securities Fair Value Level Amortized Cost Gross Unrealized Gross Unrealized Fair Value U.S. Treasury securities Level 2 $ — $ — $ — $ — 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 $ 10,935 a s of September 30, 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 39-week period ended September 30, 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 99 % of securities in the Company’s portfolio were at an unrealized loss position as of September 30, 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 September 30, 2023 and December 31, 2022. As of September 30, 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 U.S. Treasury securities $ — $ — $ — $ — $ — $ — Agency securities ( 132 ) 9,818 ( 740 ) 6,260 ( 872 ) 16,078 Mortgage-backed securities ( 13 ) 150 ( 5,629 ) 34,279 ( 5,642 ) 34,429 Corporate debt securities ( 3,446 ) 110,263 ( 66,015 ) 894,729 ( 69,461 ) 1,004,992 Municipal securities ( 131 ) 6,985 ( 24,597 ) 268,008 ( 24,728 ) 274,993 Other — — ( 580 ) 4,579 ( 580 ) 4,579 Total $ ( 3,722 ) $ 127,216 $ ( 97,561 ) $ 1,207,855 $ ( 101,283 ) $ 1,335,071 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 U.S. Treasury securities $ — $ — $ — $ — $ — $ — 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 September 30, 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 (expense) 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 September 30, 2023, by maturity, are shown below. Amortized Cost Fair Value Due in one year or less $ 279,248 $ 273,050 Due after one year through five years 1,151,539 1,059,938 Due after five years through ten years 10,783 9,525 Due after ten years 14,265 12,211 Total $ 1,455,835 $ 1,354,724

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The Company recorded income tax expense of $ 22,328 in the 13-week period ended September 30, 2023, compared to income tax expense of $ 9,419 in the 13-week period ended September 24, 2022. The effective tax rate was 8.0 % in the third quarter of 2023, compared to 4.3 % in the third quarter of 2022. The increase was primarily due to a change in income mix by jurisdiction and a revaluation of U.S. state deferred tax assets in the third quarter of 2023 compared to the third quarter of 2022. The Company recorded income tax expense of $ 69,810 in the 39-week period ended September 30, 2023, compared to income tax expense of $ 54,785 in the 39-week period ended September 24, 2022. The effective tax rate was 8.5 % in the first three quarters of 2023 , compared to 7.5 % in the first three quarters of 2022. The increase was primarily due to a decrease in U.S. tax deductions in the first three quarters of 2023 compared to the first three quarters of 2022. Global taxing standards continue to evolve as a result of the Organization for Economic Co-Operation and Development (OECD) recommendations aimed at preventing perceived base erosion and profit shifting (BEPS) by multinational corporations. While these recommendations do not change tax law, the countries where we operate may implement legislation or take unilateral actions which may result in adverse effects to our income tax provision and financial statements. Partially to respond to changes to global tax standards, we initiated an intercompany transaction in 2020 which migrates ownership of certain intellectual property from Switzerland to the United States, which is the primary location of research, development, and executive management. At the end of this migration, a higher percentage of income will be recognized in the U.S. Due to the subjectivity inherent in transfer pricing associated with this intercompany transaction, we are pursuing an advanced pricing agreement with relevant jurisdictions to provide certainty regarding the pricing. We are unable to predict the outcome of the final advanced pricing agreement, related negotiations, and associated impacts for periods during negotiation, upon finalization, and in the periods that follow. In 2021, the OECD continued work on the BEPS project by issuing a statement regarding a two-pillar solution which includes within “Pillar Two” a global minimum tax. Numerous countries have signed onto the OECD statement including Switzerland, the U.S., and the U.K. Recently, Switzerland’s Federal Council proposed legislation which would implement a federal minimum tax in Switzerland of 15% in 2024. Additionally, the Parliament of the Swiss canton of Schaffhausen has also passed legislation, subject to a public-vote approval, that would increase the cantonal corporate tax rate beginning in 2024 and result in a combined federal and cantonal statutory tax rate of approximately 15% in Switzerland. Neither the OECD statement nor proposed legislation has the effect of changes in actual tax law, but these actions may lead to legislation in those countries in which we operate. The negotiations and final outcome of the advanced pricing agreement, the passage of certain tax legislation described above, or both, could have a material adverse impact on the Company’s income tax provision, effective tax rate, and financial statements. However, we are not currently able to reasonably estimate the net impact(s) or associated timing of such events due to the uncertainties that remain and any potential interdependencies.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories	6. Inventories The components of inventories consist of the following: September 30, December 31, 2022 Raw materials $ 530,323 $ 600,858 Work-in-process 168,090 180,873 Finished goods 741,481 733,314 Inventories $ 1,439,894 $ 1,515,045

Warranty Reserves

Warranty Reserves	9 Months Ended
	Sep. 30, 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 39-Weeks Ended September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 Balance - beginning of period $ 52,352 $ 39,949 $ 50,952 $ 45,467 Accrual for products sold (1) 17,398 16,913 58,124 41,939 Expenditures ( 16,217 ) ( 16,937 ) ( 55,543 ) ( 47,481 ) Balance - end of period $ 53,533 $ 39,925 $ 53,533 $ 39,925 (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	9 Months Ended
	Sep. 30, 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 September 30, 2023 that may represent noncancelable unconditional purchase obligations having a remaining term in excess of one year was approximately $ 300,000 . 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 $ 685 and $ 718 on September 30, 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 September 30, 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 and 39-week periods ended September 30, 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	9 Months Ended
	Sep. 30, 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. Approved dividends are 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 are recorded at the time of shareholders' approval and are periodically adjusted based on the number of applicable shares outstanding. Our shareholders approved the following dividends: Declaration Date Dividend Date Record Date Dividend Per Share Fiscal 2023 June 9, 2023 June 30, 2023 June 20, 2023 $ 0.73 June 9, 2023 September 29, 2023 September 15, 2023 $ 0.73 June 9, 2023 December 29, 2023 December 15, 2023 $ 0.73 June 9, 2023 March 29, 2024 March 15, 2024 $ 0.73 Total $ 2.92 Fiscal 2022 June 10, 2022 June 30, 2022 June 20, 2022 $ 0.73 June 10, 2022 September 30, 2022 September 15, 2022 $ 0.73 June 10, 2022 December 30, 2022 December 15, 2022 $ 0.73 June 10, 2022 March 31, 2023 March 15, 2023 $ 0.73 Total $ 2.92 Fiscal 2021 June 4, 2021 June 30, 2021 June 15, 2021 $ 0.67 June 4, 2021 September 30, 2021 September 15, 2021 $ 0.67 June 4, 2021 December 31, 2021 December 15, 2021 $ 0.67 June 4, 2021 March 31, 2022 March 15, 2022 $ 0.67 Total $ 2.68 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 September 30, 2023, the Company had repurchased 3,019 s hares for $ 281,869 , leaving approximately $ 18,131 available to repurchase additional shares under the Program. Share Capital In the second quarter of 2023, the share capital currency of the Company was changed from the Swiss Franc (CHF) to the U.S. Dollar (USD), as approved by shareholders at the Company’s 2023 Annual General Meeting. This aligns the share capital currency with the financial statement presentation currency of the Company. The Company’s nominal par value per share of CHF 0.10 was slightly reduced to USD $ 0.10 , the impact of which is reflected in share capital, captioned as shares on the Company’s condensed consolidated balance sheets. Total stockholders’ equity reported for the Company was not affected by this change. Our common shares had a par value of USD $ 0.10 and CHF 0.10 per share as of September 30, 2023 and December 31, 2022, respectively. Treasury Stock In June 2023, our shareholders approved the cancellation of 2,197 shares previously purchased under our share repurchase program. The capital reduction by cancellation of these shares became effective in June 2023. Total stockholders’ equity reported for the Company was not affected.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 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 and 39-week periods ended September 30, 2023: 13-Weeks Ended September 30, 2023 Foreign currency Net gains (losses) on available-for-sale securities Total Balance - beginning of period $ ( 34,432 ) $ ( 80,868 ) $ ( 115,300 ) Other comprehensive income (loss) before reclassification, net of income tax expense of $ 686 ( 48,342 ) 2,818 ( 45,524 ) Amounts reclassified from accumulated other comprehensive income (loss) to other income, net of income tax of $ 0 included in income tax provision — ( 3 ) ( 3 ) Net current-period other comprehensive income (loss) ( 48,342 ) 2,815 ( 45,527 ) Balance - end of period $ ( 82,774 ) $ ( 78,053 ) $ ( 160,827 ) 39-Weeks Ended September 30, 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 $ 2,314 ( 56,793 ) 10,456 ( 46,337 ) Amounts reclassified from accumulated other comprehensive income (loss) to other income, net of income tax benefit of $ 13 included in income tax provision — 43 43 Net current-period other comprehensive income (loss) ( 56,793 ) 10,499 ( 46,294 ) Balance - end of period $ ( 82,774 ) $ ( 78,053 ) $ ( 160,827 )

Segment Information and Geograp

Segment Information and Geographic Data	9 Months Ended
	Sep. 30, 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 and 39-week periods ended September 24, 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 September 30, 2023 Net sales $ 352,976 $ 433,997 $ 198,160 $ 182,248 $ 110,150 $ 1,277,531 Gross profit 190,685 270,774 148,364 95,186 23,560 728,569 Operating income (loss) 74,614 136,401 49,269 23,850 ( 13,765 ) 270,369 13-Weeks Ended September 24, 2022 Net sales $ 279,875 $ 406,832 $ 188,043 $ 196,506 $ 69,178 $ 1,140,434 Gross profit 147,716 250,412 137,732 110,747 23,892 670,499 Operating income (loss) 40,850 122,947 48,487 44,950 ( 17,861 ) 239,373 39-Weeks Ended September 30, 2023 Net sales $ 932,561 $ 1,210,773 $ 629,195 $ 677,026 $ 296,196 $ 3,745,751 Gross profit 484,759 755,800 463,774 365,162 71,311 2,140,806 Operating income (loss) 139,651 351,399 169,730 142,135 ( 51,209 ) 751,706 39-Weeks Ended September 24, 2022 Net sales $ 772,867 $ 1,318,810 $ 567,548 $ 693,369 $ 201,337 $ 3,553,931 Gross profit 387,921 819,376 413,206 376,734 64,568 2,061,805 Operating income (loss) 64,894 439,129 150,359 172,451 ( 66,162 ) 760,671 Net sales to external customers by geographic region were as follows for the 13-week and 39-week periods ended September 30, 2023 and September 24, 2022. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa: 13-Weeks Ended 39-Weeks Ended September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 Americas $ 628,157 $ 563,310 $ 1,881,710 $ 1,780,117 EMEA 439,123 382,865 1,252,526 1,192,893 APAC 210,251 194,259 611,515 580,921 Net sales to external customers $ 1,277,531 $ 1,140,434 $ 3,745,751 $ 3,553,931

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and 39-week periods ended September 30, 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 September 30, 2023 and September 24, 2022 both contain operating results for 13 weeks. Garmin completed the acquisition of JL Audio during the 13-week period ending September 30, 2023. Accordingly, the balance sheet and operating results of JL Audio for the period following the acquisition have been included in Garmin's condensed consolidated financial statements as of and for the 13-week and 39-week periods ended September 30, 2023. This acquisition was not material.
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 and 39-week periods ended September 24, 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 39-week period ended September 30, 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)	9 Months Ended
	Sep. 30, 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 39-Weeks Ended September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 Point in time $ 1,200,676 $ 1,073,058 $ 3,532,960 $ 3,366,382 Over time 76,855 67,376 212,791 187,549 Net sales $ 1,277,531 $ 1,140,434 $ 3,745,751 $ 3,553,931
Schedule of Deferred Revenue and Costs	Changes in deferred revenue and costs during the 39-week period ended September 30, 2023 are presented below: 39-Weeks Ended Deferred (1) Deferred (2) Balance, beginning of period $ 126,794 $ 24,693 Deferrals in period 219,811 17,240 Recognition of deferrals in period ( 212,791 ) ( 16,099 ) Balance, end of period $ 133,814 $ 25,834 (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)	9 Months Ended
	Sep. 30, 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 39-Weeks Ended September 30, September 24, September 30, September 24, Numerator: Numerator for basic and diluted net income per share – net income $ 257,243 $ 210,848 $ 747,509 $ 680,313 Denominator: Denominator for basic net income per share – weighted-average common shares 191,435 192,672 191,409 192,878 Effect of dilutive equity awards 433 433 363 500 Denominator for diluted net income per share – adjusted weighted-average common shares 191,868 193,105 191,772 193,378 Basic net income per share $ 1.34 $ 1.09 $ 3.91 $ 3.53 Diluted net income per share $ 1.34 $ 1.09 $ 3.90 $ 3.52 Shares excluded from diluted net income per share calculation: Anti-dilutive equity awards — 754 215 759

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 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 U.S. Treasury securities Level 2 $ 2,930 $ — $ — $ 2,930 Agency securities Level 2 16,950 — ( 872 ) 16,078 Mortgage-backed securities Level 2 40,072 — ( 5,642 ) 34,430 Corporate debt securities Level 2 1,089,503 172 ( 69,461 ) 1,020,214 Municipal securities Level 2 301,221 — ( 24,728 ) 276,493 Other Level 2 5,159 — ( 580 ) 4,579 Total $ 1,455,835 $ 172 $ ( 101,283 ) $ 1,354,724 Available-For-Sale Securities Fair Value Level Amortized Cost Gross Unrealized Gross Unrealized Fair Value U.S. Treasury securities Level 2 $ — $ — $ — $ — 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 September 30, 2023 and December 31, 2022. As of September 30, 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 U.S. Treasury securities $ — $ — $ — $ — $ — $ — Agency securities ( 132 ) 9,818 ( 740 ) 6,260 ( 872 ) 16,078 Mortgage-backed securities ( 13 ) 150 ( 5,629 ) 34,279 ( 5,642 ) 34,429 Corporate debt securities ( 3,446 ) 110,263 ( 66,015 ) 894,729 ( 69,461 ) 1,004,992 Municipal securities ( 131 ) 6,985 ( 24,597 ) 268,008 ( 24,728 ) 274,993 Other — — ( 580 ) 4,579 ( 580 ) 4,579 Total $ ( 3,722 ) $ 127,216 $ ( 97,561 ) $ 1,207,855 $ ( 101,283 ) $ 1,335,071 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 U.S. Treasury securities $ — $ — $ — $ — $ — $ — 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 September 30, 2023, by maturity, are shown below. Amortized Cost Fair Value Due in one year or less $ 279,248 $ 273,050 Due after one year through five years 1,151,539 1,059,938 Due after five years through ten years 10,783 9,525 Due after ten years 14,265 12,211 Total $ 1,455,835 $ 1,354,724

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of inventories	The components of inventories consist of the following: September 30, December 31, 2022 Raw materials $ 530,323 $ 600,858 Work-in-process 168,090 180,873 Finished goods 741,481 733,314 Inventories $ 1,439,894 $ 1,515,045

Warranty Reserves (Tables)

Warranty Reserves (Tables)	9 Months Ended
	Sep. 30, 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 39-Weeks Ended September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 Balance - beginning of period $ 52,352 $ 39,949 $ 50,952 $ 45,467 Accrual for products sold (1) 17,398 16,913 58,124 41,939 Expenditures ( 16,217 ) ( 16,937 ) ( 55,543 ) ( 47,481 ) Balance - end of period $ 53,533 $ 39,925 $ 53,533 $ 39,925 (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.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of Dividends Declared	Our shareholders approved the following dividends: Declaration Date Dividend Date Record Date Dividend Per Share Fiscal 2023 June 9, 2023 June 30, 2023 June 20, 2023 $ 0.73 June 9, 2023 September 29, 2023 September 15, 2023 $ 0.73 June 9, 2023 December 29, 2023 December 15, 2023 $ 0.73 June 9, 2023 March 29, 2024 March 15, 2024 $ 0.73 Total $ 2.92 Fiscal 2022 June 10, 2022 June 30, 2022 June 20, 2022 $ 0.73 June 10, 2022 September 30, 2022 September 15, 2022 $ 0.73 June 10, 2022 December 30, 2022 December 15, 2022 $ 0.73 June 10, 2022 March 31, 2023 March 15, 2023 $ 0.73 Total $ 2.92 Fiscal 2021 June 4, 2021 June 30, 2021 June 15, 2021 $ 0.67 June 4, 2021 September 30, 2021 September 15, 2021 $ 0.67 June 4, 2021 December 31, 2021 December 15, 2021 $ 0.67 June 4, 2021 March 31, 2022 March 15, 2022 $ 0.67 Total $ 2.68

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 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 and 39-week periods ended September 30, 2023: 13-Weeks Ended September 30, 2023 Foreign currency Net gains (losses) on available-for-sale securities Total Balance - beginning of period $ ( 34,432 ) $ ( 80,868 ) $ ( 115,300 ) Other comprehensive income (loss) before reclassification, net of income tax expense of $ 686 ( 48,342 ) 2,818 ( 45,524 ) Amounts reclassified from accumulated other comprehensive income (loss) to other income, net of income tax of $ 0 included in income tax provision — ( 3 ) ( 3 ) Net current-period other comprehensive income (loss) ( 48,342 ) 2,815 ( 45,527 ) Balance - end of period $ ( 82,774 ) $ ( 78,053 ) $ ( 160,827 ) 39-Weeks Ended September 30, 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 $ 2,314 ( 56,793 ) 10,456 ( 46,337 ) Amounts reclassified from accumulated other comprehensive income (loss) to other income, net of income tax benefit of $ 13 included in income tax provision — 43 43 Net current-period other comprehensive income (loss) ( 56,793 ) 10,499 ( 46,294 ) Balance - end of period $ ( 82,774 ) $ ( 78,053 ) $ ( 160,827 )

Segment Information and Geogr_2

Segment Information and Geographic Data (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 Net sales $ 352,976 $ 433,997 $ 198,160 $ 182,248 $ 110,150 $ 1,277,531 Gross profit 190,685 270,774 148,364 95,186 23,560 728,569 Operating income (loss) 74,614 136,401 49,269 23,850 ( 13,765 ) 270,369 13-Weeks Ended September 24, 2022 Net sales $ 279,875 $ 406,832 $ 188,043 $ 196,506 $ 69,178 $ 1,140,434 Gross profit 147,716 250,412 137,732 110,747 23,892 670,499 Operating income (loss) 40,850 122,947 48,487 44,950 ( 17,861 ) 239,373 39-Weeks Ended September 30, 2023 Net sales $ 932,561 $ 1,210,773 $ 629,195 $ 677,026 $ 296,196 $ 3,745,751 Gross profit 484,759 755,800 463,774 365,162 71,311 2,140,806 Operating income (loss) 139,651 351,399 169,730 142,135 ( 51,209 ) 751,706 39-Weeks Ended September 24, 2022 Net sales $ 772,867 $ 1,318,810 $ 567,548 $ 693,369 $ 201,337 $ 3,553,931 Gross profit 387,921 819,376 413,206 376,734 64,568 2,061,805 Operating income (loss) 64,894 439,129 150,359 172,451 ( 66,162 ) 760,671
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 and 39-week periods ended September 30, 2023 and September 24, 2022. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa: 13-Weeks Ended 39-Weeks Ended September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 Americas $ 628,157 $ 563,310 $ 1,881,710 $ 1,780,117 EMEA 439,123 382,865 1,252,526 1,192,893 APAC 210,251 194,259 611,515 580,921 Net sales to external customers $ 1,277,531 $ 1,140,434 $ 3,745,751 $ 3,553,931

Revenue - Schedule of Revenue D

Revenue - Schedule of Revenue Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 1,277,531	$ 1,140,434	$ 3,745,751	$ 3,553,931
Point in time [Member]
Disaggregation of Revenue [Line Items]
Net sales	1,200,676	1,073,058	3,532,960	3,366,382
Over time [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 76,855	$ 67,376	$ 212,791	$ 187,549

Revenue - Schedule of Deferred

Revenue - Schedule of Deferred Revenue and Costs (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Deferred Revenue, Balance, beginning of period	$ 126,794	[1]
Deferred Revenue, Deferrals in period	219,811	[1]
Deferred Revenue, Recognition of deferrals in period	(212,791)	[1]
Deferred Revenue, Balance, end of period	133,814	[1]
Deferred costs, Balance, beginning of period	24,693	[2]
Deferred Costs, Deferrals in period	17,240	[2]
Deferred Costs, Recognition of deferrals in period	(16,099)	[2]
Deferred Costs, Balance, end of period	$ 25,834	[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		9 Months Ended
		Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Recognition of deferrals in period	[1]	$ 212,791
Amount of Deferred revenue recognized in the period that was deferred as of the beginning of the period		$ 75,641
Amount of Deferred revenue that is recognized ratably over a period of three years or less		$133,814 of deferred revenue as of September 30, 2023, the Company expects to recognize approximately eighty percent ratably over a total period of three years or less.
Deferred revenue	[1]	$ 133,814	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Numerator:
Numerator for basic and diluted net income per share - net income	$ 257,243	$ 210,848	$ 747,509	$ 680,313
Denominator for basic net income per share – weighted-average common shares	191,435	192,672	191,409	192,878
Effect of dilutive equity awards	433	433	363	500
Denominator for diluted net income per share – adjusted weighted-average common shares	191,868	193,105	191,772	193,378
Basic net income per share	$ 1.34	$ 1.09	$ 3.91	$ 3.53
Diluted net income per share	$ 1.34	$ 1.09	$ 3.9	$ 3.52
Shares excluded from diluted net income per share calculation:
Anti-dilutive equity awards	0	754	215	759

Marketable Securities - Schedul

Marketable Securities - Schedule of Marketable Securities Classified as Available-for-sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized Cost, Total	$ 1,455,835	$ 1,495,585
Gross Unrealized Gains	172	191
Gross Unrealized Losses	(101,283)	(114,128)
Fair Value	1,354,724	1,381,648
U.S. Treasury securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	2,930	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	2,930	0
Agency securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	16,950	7,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(872)	(786)
Fair Value	16,078	6,214
Mortgage-backed securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	40,072	45,373
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(5,642)	(4,525)
Fair Value	34,430	40,848
Corporate Debt Securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	1,089,503	1,106,688
Gross Unrealized Gains	172	188
Gross Unrealized Losses	(69,461)	(77,802)
Fair Value	1,020,214	1,029,074
Municipal securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	301,221	326,058
Gross Unrealized Gains	0	3
Gross Unrealized Losses	(24,728)	(28,861)
Fair Value	276,493	297,200
Other [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	5,159	10,466
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(580)	(2,154)
Fair Value	$ 4,579	$ 8,312

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 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	99%
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	$ 10,935,000

Marketable Securities - Sched_2

Marketable Securities - Schedule of Gross Unrealized Losses and Fair Value by Major Security Type (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	$ (3,722)	$ (30,716)
Fair Value Less than 12 Consecutive Months	127,216	601,202
Gross Unrealized Losses 12 Consecutive Months or Longer	(97,561)	(83,412)
Fair Value 12 Consecutive Months or Longer	1,207,855	756,413
Gross Unrealized Losses, Total	(101,283)	(114,128)
Fair Value, Total	1,335,071	1,357,615
U.S. Treasury securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	0	0
Fair Value Less than 12 Consecutive Months	0	0
Gross Unrealized Losses 12 Consecutive Months or Longer	0	0
Fair Value 12 Consecutive Months or Longer	0	0
Gross Unrealized Losses, Total	0	0
Fair Value, Total	0	0
Agency securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(132)	0
Fair Value Less than 12 Consecutive Months	9,818	0
Gross Unrealized Losses 12 Consecutive Months or Longer	(740)	(786)
Fair Value 12 Consecutive Months or Longer	6,260	6,214
Gross Unrealized Losses, Total	(872)	(786)
Fair Value, Total	16,078	6,214
Mortgage-backed securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(13)	(1,900)
Fair Value Less than 12 Consecutive Months	150	23,229
Gross Unrealized Losses 12 Consecutive Months or Longer	(5,629)	(2,625)
Fair Value 12 Consecutive Months or Longer	34,279	17,619
Gross Unrealized Losses, Total	(5,642)	(4,525)
Fair Value, Total	34,429	40,848
Corporate debt securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(3,446)	(26,680)
Fair Value Less than 12 Consecutive Months	110,263	508,956
Gross Unrealized Losses 12 Consecutive Months or Longer	(66,015)	(51,122)
Fair Value 12 Consecutive Months or Longer	894,729	498,834
Gross Unrealized Losses, Total	(69,461)	(77,802)
Fair Value, Total	1,004,992	1,007,790
Municipal securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(131)	(2,136)
Fair Value Less than 12 Consecutive Months	6,985	69,017
Gross Unrealized Losses 12 Consecutive Months or Longer	(24,597)	(26,725)
Fair Value 12 Consecutive Months or Longer	268,008	225,679
Gross Unrealized Losses, Total	(24,728)	(28,861)
Fair Value, Total	274,993	294,696
Other [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	0	0
Fair Value Less than 12 Consecutive Months	0	0
Gross Unrealized Losses 12 Consecutive Months or Longer	(580)	(2,154)
Fair Value 12 Consecutive Months or Longer	4,579	8,067
Gross Unrealized Losses, Total	(580)	(2,154)
Fair Value, Total	$ 4,579	$ 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	Sep. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Due in one year or less	$ 279,248
Amortized Cost, Due after one year through five years	1,151,539
Amortized Cost, Due after five years through ten years	10,783
Amortized Cost, Due after ten years	14,265
Amortized Cost, Total	1,455,835	$ 1,495,585
Fair Value, Due in one year or less	273,050
Fair Value, Due after one year through five years	1,059,938
Fair Value, Due after five years through ten years	9,525
Fair Value, Due after ten years	12,211
Fair Value, Total	$ 1,354,724	$ 1,381,648

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Income tax expense (benefit)	$ 22,328	$ 9,419	$ 69,810	$ 54,785
Effective income tax rate	8%	4.30%	8.50%	7.50%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 530,323	$ 600,858
Work-in-process	168,090	180,873
Finished goods	741,481	733,314
Inventories	$ 1,439,894	$ 1,515,045

Warranty Reserves - Additional

Warranty Reserves - Additional Information (Details)	9 Months Ended
	Sep. 30, 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		9 Months Ended
		Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Product Warranties Disclosures [Abstract]
Balance - beginning of period		$ 52,352	$ 39,949	$ 50,952	$ 45,467
Accrual for products sold	[1]	17,398	16,913	58,124	41,939
Expenditures		(16,217)	(16,937)	(55,543)	(47,481)
Balance - end of period		$ 53,533	$ 39,925	$ 53,533	$ 39,925
[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	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Noncancellable unconditional purchase obligations	$ 300,000
Restricted cash balances	$ 685	$ 718

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares	Jun. 09, 2023	Jun. 10, 2022	Jun. 04, 2021
Dividends Declared [Line Items]
Dividend Declaration Date	Jun. 09, 2023	Jun. 10, 2022	Jun. 04, 2021
Dividends declared per share	$ 2.92	$ 2.92	$ 2.68
Dividend Declared1 [Member]
Dividends Declared [Line Items]
Dividend Date	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Record Date	Jun. 20, 2023	Jun. 20, 2022	Jun. 15, 2021
Dividends declared per share	$ 0.73	$ 0.73	$ 0.67
Dividend Declared2 [Member]
Dividends Declared [Line Items]
Dividend Date	Sep. 29, 2023	Sep. 30, 2022	Sep. 30, 2021
Record Date	Sep. 15, 2023	Sep. 15, 2022	Sep. 15, 2021
Dividends declared per share	$ 0.73	$ 0.73	$ 0.67
Dividend Declared3 [Member]
Dividends Declared [Line Items]
Dividend Date	Dec. 29, 2023	Dec. 30, 2022	Dec. 31, 2021
Record Date	Dec. 15, 2023	Dec. 15, 2022	Dec. 15, 2021
Dividends declared per share	$ 0.73	$ 0.73	$ 0.67
Dividend Declared4 [Member]
Dividends Declared [Line Items]
Dividend Date	Mar. 29, 2024	Mar. 31, 2023	Mar. 31, 2022
Record Date	Mar. 15, 2024	Mar. 15, 2023	Mar. 15, 2022
Dividends declared per share	$ 0.73	$ 0.73	$ 0.67

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) shares	Sep. 24, 2022 USD ($)	Sep. 30, 2023 SFr / shares	Sep. 30, 2023 $ / shares	Dec. 31, 2022 SFr / shares	Apr. 22, 2022 USD ($) shares
Dividend paid	$ 419,166	$ 399,074
Share Repurchase Program, Authorized Amount						$ 300,000
Share repurchase authorization expires	Dec. 29, 2023
Repurchased common stock shares | shares						3,019
Repurchased common stock shares, amount						$ 281,869
Repurchase additional shares authorization						$ 18,131
Treasury Stock [Member]
Treasury stock, shares retired | shares	2,197
Share Capital [Member]
Common stock, nominal par value | (per share)			SFr 0.1	$ 0.1	SFr 0.1

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	$ 6,123,822	$ 6,204,340
Ending balance, value	6,349,280	6,349,280
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(34,432)	(25,981)
Other comprehensive income (loss) before reclassification, net of income tax expense	(48,342)	(56,793)
Net current-period other comprehensive income (loss)	(48,342)	(56,793)
Ending balance, value	(82,774)	(82,774)
Net Gains (Losses) on Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(80,868)	(88,552)
Other comprehensive income (loss) before reclassification, net of income tax expense	2,818	10,456
Amounts reclassified from accumulated other comprehensive income (loss) to other income, net of income tax benefit	(3)	43
Net current-period other comprehensive income (loss)	2,815	10,499
Ending balance, value	(78,053)	(78,053)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(115,300)	(114,533)
Other comprehensive income (loss) before reclassification, net of income tax expense	(45,524)	(46,337)
Amounts reclassified from accumulated other comprehensive income (loss) to other income, net of income tax benefit	(3)	43
Net current-period other comprehensive income (loss)	(45,527)	(46,294)
Ending balance, value	$ (160,827)	$ (160,827)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Equity [Abstract]
Net of income tax expense	$ 686	$ 2,314
Net of income tax benefit	$ 0	$ 13

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		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Segment Reporting Information [Line Items]
Net sales	$ 1,277,531	$ 1,140,434	$ 3,745,751	$ 3,553,931
Gross profit	728,569	670,499	2,140,806	2,061,805
Operating income (loss)	270,369	239,373	751,706	760,671
Fitness Segment [Member]
Segment Reporting Information [Line Items]
Net sales	352,976	279,875	932,561	772,867
Gross profit	190,685	147,716	484,759	387,921
Operating income (loss)	74,614	40,850	139,651	64,894
Outdoor Segment [Member]
Segment Reporting Information [Line Items]
Net sales	433,997	406,832	1,210,773	1,318,810
Gross profit	270,774	250,412	755,800	819,376
Operating income (loss)	136,401	122,947	351,399	439,129
Aviation Segment [Member]
Segment Reporting Information [Line Items]
Net sales	198,160	188,043	629,195	567,548
Gross profit	148,364	137,732	463,774	413,206
Operating income (loss)	49,269	48,487	169,730	150,359
Marine Segment [Member]
Segment Reporting Information [Line Items]
Net sales	182,248	196,506	677,026	693,369
Gross profit	95,186	110,747	365,162	376,734
Operating income (loss)	23,850	44,950	142,135	172,451
Auto OEM Segment [Member]
Segment Reporting Information [Line Items]
Net sales	110,150	69,178	296,196	201,337
Gross profit	23,560	23,892	71,311	64,568
Operating income (loss)	$ (13,765)	$ (17,861)	$ (51,209)	$ (66,162)

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		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Revenues from External Customers [Line Items]
Net sales to external customers	$ 1,277,531	$ 1,140,434	$ 3,745,751	$ 3,553,931
Americas [Member]
Revenues from External Customers [Line Items]
Net sales to external customers	628,157	563,310	1,881,710	1,780,117
EMEA [Member]
Revenues from External Customers [Line Items]
Net sales to external customers	439,123	382,865	1,252,526	1,192,893
APAC [Member]
Revenues from External Customers [Line Items]
Net sales to external customers	$ 210,251	$ 194,259	$ 611,515	$ 580,921