Garmin (GRMN) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 28, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 28, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-28
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		192,024,969

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 1,586,022	$ 1,277,531	$ 4,474,342	$ 3,745,751
Cost of goods sold	634,423	548,962	1,857,712	1,604,945
Gross profit	951,599	728,569	2,616,630	2,140,806
Research and development expense	249,162	221,572	734,848	667,451
Selling, general and administrative expenses	264,962	236,628	803,869	721,649
Total operating expense	514,124	458,200	1,538,717	1,389,100
Operating income	437,475	270,369	1,077,913	751,706
Other income (expense):
Interest income	28,830	19,803	83,143	54,461
Foreign currency gains (losses)	18,131	(11,539)	15,584	6,946
Other income	1,814	938	2,623	4,206
Total other income (expense)	48,775	9,202	101,350	65,613
Income before income taxes	486,250	279,571	1,179,263	817,319
Income tax provision	87,139	22,328	203,560	69,810
Net income	$ 399,111	$ 257,243	$ 975,703	$ 747,509
Net income per share:
Basic	$ 2.08	$ 1.34	$ 5.08	$ 3.91
Diluted	$ 2.07	$ 1.34	$ 5.06	$ 3.9
Weighted average common shares outstanding:
Basic	192,201	191,435	192,055	191,409
Diluted	193,171	191,868	192,940	191,772

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 399,111	$ 257,243	$ 975,703	$ 747,509
Foreign currency translation adjustment	62,176	(48,342)	(17,199)	(56,793)
Change in fair value of available-for-sale marketable securities, net of deferred taxes	25,123	2,815	32,118	10,499
Comprehensive income	$ 486,410	$ 211,716	$ 990,622	$ 701,215

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 2,009,361	$ 1,693,452
Marketable securities	414,701	274,618
Accounts receivable, net	922,034	815,243
Inventories	1,505,536	1,345,955
Deferred costs	23,385	16,316
Prepaid expenses and other current assets	334,488	318,556
Total current assets	5,209,505	4,464,140
Property and equipment, net of accumulated depreciation of $1,120,096 and $1,030,588	1,220,113	1,224,097
Operating lease right-of-use assets	137,665	143,724
Noncurrent marketable securities	1,106,532	1,125,191
Deferred income tax assets	787,849	754,635
Noncurrent deferred costs	7,994	11,057
Goodwill	611,884	608,474
Other intangible assets, net	168,230	186,601
Other noncurrent assets	97,960	85,650
Total assets	9,347,732	8,603,569
Current liabilities:
Accounts payable	374,025	253,790
Salaries and benefits payable	218,941	190,014
Accrued warranty costs	57,983	55,738
Accrued sales program costs	75,802	98,610
Other accrued expenses	222,925	245,874
Deferred revenue	113,049	101,189
Income taxes payable	227,735	225,475
Dividend payable	288,204	139,997
Total current liabilities	1,578,664	1,310,687
Deferred income tax liabilities	104,996	114,682
Noncurrent income taxes payable	16,864	16,521
Noncurrent deferred revenue	30,227	36,148
Noncurrent operating lease liabilities	109,832	113,035
Other noncurrent liabilities	602	436
Stockholders’ equity:
Common shares (194,901 and 195,880 shares authorized and issued; 192,136 and 191,777 shares outstanding)	19,490	19,588
Additional paid-in capital	2,218,170	2,125,467
Treasury shares (2,765 and 4,103 shares)	(243,994)	(330,909)
Retained earnings	5,563,576	5,263,528
Accumulated other comprehensive income (loss)	(50,695)	(65,614)
Total stockholders’ equity	7,506,547	7,012,060
Total liabilities and stockholders’ equity	$ 9,347,732	$ 8,603,569

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 1,120,096	$ 1,030,588
Common shares, authorized	194,901	195,880
Common shares, issued	194,901	195,880
Common shares, outstanding	192,136	191,777
Treasury Stock, Common, Shares	2,765	4,103

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Operating Activities:
Net income	$ 975,703	$ 747,509
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	102,343	98,483
Amortization	30,849	33,751
Gain on sale or disposal of property and equipment	(48)	(50)
Unrealized foreign currency (gains) losses	(25,486)	9,927
Deferred income taxes	(53,966)	(90,214)
Stock compensation expense	101,039	66,214
Realized loss on marketable securities	29	56
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts	(103,567)	(54,756)
Inventories	(163,865)	111,459
Other current and non-current assets	(47,413)	28,288
Accounts payable	124,315	55,340
Other current and non-current liabilities	(6,987)	430
Deferred revenue	5,885	7,063
Deferred costs	(3,987)	(1,152)
Income Taxes	13,737	(102,024)
Net cash provided by operating activities	948,581	910,324
Investing activities:
Purchases of property and equipment	(108,869)	(144,876)
Purchase of marketable securities	(363,783)	(116,039)
Redemption of marketable securities	277,334	145,094
Net cash from (payments for) acquisitions	5,011	(150,853)
Other investing activities, net	(458)	(1,018)
Net cash used in investing activities	(190,765)	(267,692)
Financing activities:
Dividends	(428,373)	(419,166)
Proceeds from issuance of treasury shares related to equity awards	24,530	21,946
Purchase of treasury stock related to equity awards	(16,313)	(9,397)
Purchase of treasury stock under share repurchase plan	(29,278)	(79,533)
Net cash used in financing activities	(449,434)	(486,150)
Effect of exchange rate changes on cash and cash equivalents	7,536	(12,854)
Net increase in cash, cash equivalents, and restricted cash	315,918	143,628
Cash, cash equivalents, and restricted cash at beginning of period	1,694,156	1,279,912
Cash, cash equivalents, and restricted cash at end of period	$ 2,010,074	$ 1,423,540

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. 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 shares related to equity awards	21,946		(6,482)	28,428
Stock compensation	66,214		66,214
Purchase of treasury shares related to equity awards	(9,397)			(9,397)
Purchase of treasury shares under share repurchase plan, including any associated excise tax	(76,156)			(76,156)
Cancellation of treasury shares		(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 shares 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)
Beginning balance, value at Dec. 30, 2023	7,012,060	19,588	2,125,467	(330,909)	5,263,528	(65,614)
Net Income (Loss)	975,703				975,703
Translation adjustment	(17,199)					(17,199)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	32,118					32,118
Comprehensive income	990,622
Dividends	(576,580)				(576,580)
Issuance of treasury shares related to equity awards	24,530		(8,336)	32,866
Stock compensation	101,039		101,039
Purchase of treasury shares related to equity awards	(16,313)			(16,313)
Purchase of treasury shares under share repurchase plan, including any associated excise tax	(28,811)			(28,811)
Cancellation of treasury shares		(98)		99,173	(99,075)
Ending balance, value at Sep. 28, 2024	7,506,547	19,490	2,218,170	(243,994)	5,563,576	(50,695)
Beginning balance, value at Jun. 29, 2024	7,004,982	19,490	2,183,158	(223,899)	5,164,227	(137,994)
Net Income (Loss)	399,111				399,111
Translation adjustment	62,176					62,176
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	25,123					25,123
Comprehensive income	486,410
Dividends	238				238
Issuance of treasury shares related to equity awards			(43)	43
Stock compensation	35,055		35,055
Purchase of treasury shares related to equity awards	(49)			(49)
Purchase of treasury shares under share repurchase plan, including any associated excise tax	(20,089)			(20,089)
Ending balance, value at Sep. 28, 2024	$ 7,506,547	$ 19,490	$ 2,218,170	$ (243,994)	$ 5,563,576	$ (50,695)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Adjustment related to unrealized gains (losses) on available-for-sale securities income tax effects	$ 8,613	$ 686	$ 10,810	$ 2,327

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 399,111	$ 257,243	$ 975,703	$ 747,509

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 28, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 5. Other Information (c) Trading Plans During the 13-week period ended September 28, 2024 , no directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) of the Company adopted or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K, except as follows: • On August 12, 2024 , Douglas Boessen , Chief Financial Officer and Treasurer , adopted a new written trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1 (c) under the Exchange Act for the potential sale of up to 5,418 shares of our common shares, subject to certain conditions. The first trade date will not occur until December 16, 2024 at the earliest, and the plan's maximum duration is until May 1, 2025 .
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
Douglas Boessen [Member]
Trading Arrangements, by Individual
Name	Douglas Boessen
Title	Chief Financial Officer and Treasurer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 12, 2024
Arrangement Duration	136 days
Aggregate Available	5,418

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 28, 2024
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 its wholly-owned subsidiaries (collectively, we, our, us, 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 30, 2023 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 30, 2023. The Company's operating results are subject to fluctuations associated with seasonal demand for consumer products, the timing of new product introductions, and original equipment manufacturer (OEM) customer production schedules. Therefore, operating results for the 13-week and 39-week periods ended September 28, 2024 are not necessarily indicative of the results that may be expected for the year ending December 28, 2024. 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 28, 2024 and September 30, 2023 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. In the first quarter of fiscal 2024, the Company changed the presentation of operating expense to include advertising expense within selling, general and administrative expenses on the Company's condensed consolidated statements of income, which management believes to be a more meaningful presentation. As a result, the Company’s condensed consolidated statements of income have been recast for the 13-week and 39-week periods ended September 30, 2023 to conform with the current period presentation. This change had no effect on the Company’s consolidated operating or net income. 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 30, 2023. There were no material changes to the Company’s significant accounting policies during the 39-week period ended September 28, 2024 . Recently Adopted Accounting Standards There are no recently adopted accounting standards that have a material impact on the Company’s consolidated financial statements, accounting policies, processes, or systems. Recently Issued Accounting Pronouncements Not Yet Adopted Income Taxes In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the income tax rate reconciliation and income taxes paid. ASU 2023-09 will require the Company to disclose specified additional information in its income tax rate reconciliation, provide additional information for certain reconciling items, and disaggregate its disclosure of income taxes paid by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments may be applied using either a prospective or retrospective approach. Segment Reporting In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to improve reportable segment disclosure requirements, primarily through enhanced disclosures. ASU 2023-07 will require the Company to disclose additional information about certain significant segment expenses, as well as how the Company’s chief operating decision maker (CODM) uses segment profit or loss information in assessing segment performance and deciding how to allocate resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company will adopt ASU 2023-07 using a retrospective transition method.

Revenue

Revenue	9 Months Ended
	Sep. 28, 2024
Revenue from Contract with Customer [Abstract]
Revenue	2. Revenue In order to further depict how the nature, amount, timing and uncertainty of the Company's 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 contractual service period or estimated life of the product. 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 September September September Point in time $ 1,496,940 $ 1,200,676 $ 4,231,561 $ 3,532,960 Over time 89,082 76,855 242,781 212,791 Net sales $ 1,586,022 $ 1,277,531 $ 4,474,342 $ 3,745,751 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 28, 2024 are presented below: 39-Weeks Ended Deferred (1) Deferred (2) Balance, beginning of period $ 137,337 $ 27,373 Deferrals in period 248,720 47,371 Recognition of deferrals in period ( 242,781 ) ( 43,365 ) Balance, end of period $ 143,276 $ 31,379 (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 $ 242,781 of deferred revenue recognized in the 39-week period ended September 28, 2024 , approximately $ 84,371 was deferred as of the beginning of the period. Of the $ 143,276 of deferred revenue as of September 28, 2024 , the Company expects to recognize approximately 90% ratably over a total period of three years or less.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 28, 2024
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 September September September Numerator: Numerator for basic and diluted net income per share – net income $ 399,111 $ 257,243 $ 975,703 $ 747,509 Denominator: Denominator for basic net income per share – weighted-average common shares 192,201 191,435 192,055 191,409 Effect of dilutive equity awards 970 433 885 363 Denominator for diluted net income per share – adjusted weighted-average common shares 193,171 191,868 192,940 191,772 Basic net income per share $ 2.08 $ 1.34 $ 5.08 $ 3.91 Diluted net income per share $ 2.07 $ 1.34 $ 5.06 $ 3.90 Shares excluded from diluted net income per share calculation: Anti-dilutive equity awards — — — 215

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 28, 2024
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	4. Marketable Securities Accounting Standards Codification 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 or liabilities in active markets, quoted prices for identical or similar assets or liabilities 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 $ 4,869 $ 20 $ — $ 4,889 Agency securities Level 2 25,955 145 ( 333 ) 25,767 Mortgage-backed securities Level 2 34,910 — ( 3,605 ) 31,305 Corporate debt securities Level 2 1,203,805 9,573 ( 21,262 ) 1,192,116 Municipal securities Level 2 274,323 508 ( 10,435 ) 264,396 Other Level 2 2,874 — ( 114 ) 2,760 Total $ 1,546,736 $ 10,246 $ ( 35,749 ) $ 1,521,233 Available-For-Sale Securities Fair Value Level Amortized Cost Gross Unrealized Gross Unrealized Fair Value U.S. Treasury securities Level 2 $ 2,971 $ 1 $ — $ 2,972 Agency securities Level 2 23,692 32 ( 585 ) 23,139 Mortgage-backed securities Level 2 38,743 — ( 4,731 ) 34,012 Corporate debt securities Level 2 1,104,834 1,680 ( 46,073 ) 1,060,441 Municipal securities Level 2 294,240 98 ( 18,430 ) 275,908 Other Level 2 3,760 — ( 423 ) 3,337 Total $ 1,468,240 $ 1,811 $ ( 70,242 ) $ 1,399,809 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 $ 13,386 as of September 28, 2024 , 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 28, 2024. 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 72 % of securities in the Company’s portfolio were at an unrealized loss position as of September 28, 2024. 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 28, 2024 and December 30, 2023. As of September 28, 2024 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 $ — $ 1,000 $ ( 333 ) $ 6,667 $ ( 333 ) $ 7,667 Mortgage-backed securities — — ( 3,605 ) 31,305 ( 3,605 ) 31,305 Corporate debt securities ( 127 ) 36,935 ( 21,135 ) 688,156 ( 21,262 ) 725,091 Municipal securities — — ( 10,435 ) 235,171 ( 10,435 ) 235,171 Other — — ( 114 ) 2,760 ( 114 ) 2,760 Total $ ( 127 ) $ 37,935 $ ( 35,622 ) $ 964,059 $ ( 35,749 ) $ 1,001,994 As of December 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 Agency securities $ ( 31 ) $ 10,923 $ ( 554 ) $ 6,446 $ ( 585 ) $ 17,369 Mortgage-backed securities — — ( 4,731 ) 34,012 ( 4,731 ) 34,012 Corporate debt securities ( 702 ) 64,637 ( 45,371 ) 889,785 ( 46,073 ) 954,422 Municipal securities ( 32 ) 2,654 ( 18,398 ) 261,651 ( 18,430 ) 264,305 Other — — ( 423 ) 3,337 ( 423 ) 3,337 Total $ ( 765 ) $ 78,214 $ ( 69,477 ) $ 1,195,231 $ ( 70,242 ) $ 1,273,445 As of September 28, 2024 and December 30, 2023 , 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 the Company does not consider the declines in fair value to have resulted from credit losses. The Company has 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 28, 2024, by maturity, are shown below. Amortized Cost Fair Value Due in one year or less $ 421,840 $ 414,701 Due after one year through five years 1,108,518 1,092,026 Due after five years through ten years 7,588 7,001 Due after ten years 8,790 7,505 Total $ 1,546,736 $ 1,521,233

Income Taxes

Income Taxes	9 Months Ended
	Sep. 28, 2024
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The Company recorded income tax expense of $ 87,139 in the 13-week period ended September 28, 2024, compared to income tax expense of $ 22,328 in the 13-week period ended September 30, 2023. The effective tax rate was 17.9 % in the third quarter of 2024, compared to 8.0 % in the third quarter of 2023. The increase in effective tax rate between comparative periods was primarily due to the increase in the combined federal and cantonal Switzerland statutory tax rate in response to the implementation of global minimum tax requirements. The Company recorded income tax expense of $ 203,560 in the 39-week period ended September 28, 2024, compared to income tax expense of $ 69,810 in the 39-week period ended September 30, 2023 . The effective tax rate was 17.3 % in the first three quarters of 2024, compared to 8.5 % in the first three quarters of 2023. The increase in effective tax rate between comparative periods was primarily due to the increase in the combined federal and cantonal Switzerland statutory tax rate in response to the implementation of global minimum tax requirements.

Inventories

Inventories	9 Months Ended
	Sep. 28, 2024
Inventory Disclosure [Abstract]
Inventories	6. Inventories The components of inventories consist of the following: September 28, December 30, 2023 Raw materials $ 565,253 $ 493,493 Work-in-process 227,701 160,919 Finished goods 712,582 691,543 Inventories $ 1,505,536 $ 1,345,955

Warranty Reserves

Warranty Reserves	9 Months Ended
	Sep. 28, 2024
Product Warranties Disclosures [Abstract]
Warranty Reserves	7. Warranty Reserves The Company accrues for estimated future warranty costs at the time products are sold. The Company’s standard warranty obligation to retail partners generally provides for a right of return of any product for a full refund in the event that such product is not merchantable, is damaged, or is defective. 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, with most claims resolved within a year of the sale. The following reconciliation presents details of the changes in the Company's accrued warranty costs: 13-Weeks Ended 39-Weeks Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Balance - beginning of period $ 58,253 $ 52,352 $ 55,738 $ 50,952 Accrual for products sold (1) 19,039 17,398 64,334 58,124 Expenditures ( 19,309 ) ( 16,217 ) ( 62,089 ) ( 55,543 ) Balance - end of period $ 57,983 $ 53,533 $ 57,983 $ 53,533 (1) Changes in cost estimates related to pre-existing warranties were not material and are aggregated with accruals for new warranty contracts in the ‘accrual for products sold’ line.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 28, 2024
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 its business. The aggregate amount of purchase orders and other commitments open as of September 28, 2024 that may represent noncancelable unconditional purchase obligations having a remaining term in excess of one year was approximately $ 339,000 . 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 $ 713 and $ 704 on September 28, 2024 and December 30, 2023, 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 28, 2024. 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 28, 2024 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. 28, 2024
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 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. The Company's shareholders approved the following dividends: Approval Date Dividend Payment Date Record Date Dividend Per Share Fiscal 2024 June 7, 2024 June 28, 2024 June 17, 2024 $ 0.75 June 7, 2024 September 27, 2024 September 13, 2024 $ 0.75 June 7, 2024 December 27, 2024 December 13, 2024 $ 0.75 June 7, 2024 March 28, 2025 March 14, 2025 $ 0.75 Total $ 3.00 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 Share Repurchase Programs On April 22, 2022, the Board of Directors approved a share repurchase program (the “2022 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. As of December 30, 2023, the Company had repurchased 3,176 shares for $ 300,000 , leaving $ 0 available to repurchase additional shares under the 2022 Program when the share repurchase authorization expired on December 29, 2023 . On February 16, 2024, the Board of Directors approved a new share repurchase program (the “2024 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 2024 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 26, 2026 . As of September 28, 2024, the Company had repurchased 176 s hares for $ 29,802 , leaving $ 270,198 available to repurchase additional shares under the 2024 Program. Treasury Shares In March 2024, the Board of Directors authorized the cancellation of 979 shares previously purchased under our share repurchase program. The capital reduction by cancellation of these shares became effective in March 2024. Total stockholders’ equity reported for the Company was not affected.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 28, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	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 28, 2024: 13-Weeks Ended September 28, 2024 Foreign currency Net gains (losses) on available-for-sale securities Total Balance - beginning of period $ ( 90,883 ) $ ( 47,111 ) $ ( 137,994 ) Other comprehensive income before reclassification, net of income tax expense of $ 8,613 62,176 25,123 87,299 Amounts reclassified from accumulated other comprehensive income to other income (expense), net of income tax of $ 0 included in income tax provision — — — Net current-period other comprehensive income (loss) 62,176 25,123 87,299 Balance - end of period $ ( 28,707 ) $ ( 21,988 ) $ ( 50,695 ) 39-Weeks Ended September 28, 2024 Foreign currency Net gains (losses) on available-for-sale securities Total Balance - beginning of period $ ( 11,508 ) $ ( 54,106 ) $ ( 65,614 ) Other comprehensive income (loss) before reclassification, net of income tax expense of $ 10,805 ( 17,199 ) 32,094 14,895 Amounts reclassified from accumulated other comprehensive income (loss) to other income (expense), net of income tax benefit of $ 5 included in income tax provision — 24 24 Net current-period other comprehensive income (loss) ( 17,199 ) 32,118 $ 14,919 Balance - end of period $ ( 28,707 ) $ ( 21,988 ) $ ( 50,695 )

Segment Information and Geograp

Segment Information and Geographic Data	9 Months Ended
	Sep. 28, 2024
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 the Company's 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. 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 28, 2024 Net sales $ 463,887 $ 526,551 $ 204,631 $ 222,244 $ 168,709 $ 1,586,022 Gross profit 283,325 358,693 154,138 122,433 33,010 951,599 Operating income (loss) 147,768 208,866 44,278 37,839 ( 1,276 ) 437,475 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 39-Weeks Ended September 28, 2024 Net sales $ 1,235,182 $ 1,332,617 $ 639,739 $ 821,933 $ 444,871 $ 4,474,342 Gross profit 723,375 885,646 478,131 449,472 80,006 2,616,630 Operating income (loss) 323,511 451,408 146,899 185,422 ( 29,327 ) 1,077,913 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 Net sales to external customers by geographic region for the 13-week and 39-week periods ended September 28, 2024 and September 30, 2023 are presented below. 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 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Americas $ 724,572 $ 628,157 $ 2,181,266 $ 1,881,710 EMEA 612,658 439,123 1,618,058 1,252,526 APAC 248,792 210,251 675,018 611,515 Net sales to external customers $ 1,586,022 $ 1,277,531 $ 4,474,342 $ 3,745,751

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 28, 2024
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events On September 30, 2024, the Company acquired Lumishore, a privately-held company that designs and manufactures high-performance above and underwater LED lighting systems for boats. This acquisition was not material.

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 28, 2024
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 its wholly-owned subsidiaries (collectively, we, our, us, 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 30, 2023 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 30, 2023. The Company's operating results are subject to fluctuations associated with seasonal demand for consumer products, the timing of new product introductions, and original equipment manufacturer (OEM) customer production schedules. Therefore, operating results for the 13-week and 39-week periods ended September 28, 2024 are not necessarily indicative of the results that may be expected for the year ending December 28, 2024. 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 28, 2024 and September 30, 2023 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. In the first quarter of fiscal 2024, the Company changed the presentation of operating expense to include advertising expense within selling, general and administrative expenses on the Company's condensed consolidated statements of income, which management believes to be a more meaningful presentation. As a result, the Company’s condensed consolidated statements of income have been recast for the 13-week and 39-week periods ended September 30, 2023 to conform with the current period presentation. This change had no effect on the Company’s consolidated operating or net income.
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 30, 2023. There were no material changes to the Company’s significant accounting policies during the 39-week period ended September 28, 2024 .
Recently Adopted Accounting Standards and Not Yet Adopted Accounting Pronouncements	Recently Adopted Accounting Standards There are no recently adopted accounting standards that have a material impact on the Company’s consolidated financial statements, accounting policies, processes, or systems. Recently Issued Accounting Pronouncements Not Yet Adopted Income Taxes In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the income tax rate reconciliation and income taxes paid. ASU 2023-09 will require the Company to disclose specified additional information in its income tax rate reconciliation, provide additional information for certain reconciling items, and disaggregate its disclosure of income taxes paid by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments may be applied using either a prospective or retrospective approach. Segment Reporting In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to improve reportable segment disclosure requirements, primarily through enhanced disclosures. ASU 2023-07 will require the Company to disclose additional information about certain significant segment expenses, as well as how the Company’s chief operating decision maker (CODM) uses segment profit or loss information in assessing segment performance and deciding how to allocate resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company will adopt ASU 2023-07 using a retrospective transition method.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 28, 2024
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 September September September Point in time $ 1,496,940 $ 1,200,676 $ 4,231,561 $ 3,532,960 Over time 89,082 76,855 242,781 212,791 Net sales $ 1,586,022 $ 1,277,531 $ 4,474,342 $ 3,745,751
Schedule of Deferred Revenue and Costs	Changes in deferred revenue and costs during the 39-week period ended September 28, 2024 are presented below: 39-Weeks Ended Deferred (1) Deferred (2) Balance, beginning of period $ 137,337 $ 27,373 Deferrals in period 248,720 47,371 Recognition of deferrals in period ( 242,781 ) ( 43,365 ) Balance, end of period $ 143,276 $ 31,379 (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. 28, 2024
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 September September September Numerator: Numerator for basic and diluted net income per share – net income $ 399,111 $ 257,243 $ 975,703 $ 747,509 Denominator: Denominator for basic net income per share – weighted-average common shares 192,201 191,435 192,055 191,409 Effect of dilutive equity awards 970 433 885 363 Denominator for diluted net income per share – adjusted weighted-average common shares 193,171 191,868 192,940 191,772 Basic net income per share $ 2.08 $ 1.34 $ 5.08 $ 3.91 Diluted net income per share $ 2.07 $ 1.34 $ 5.06 $ 3.90 Shares excluded from diluted net income per share calculation: Anti-dilutive equity awards — — — 215

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 28, 2024
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 $ 4,869 $ 20 $ — $ 4,889 Agency securities Level 2 25,955 145 ( 333 ) 25,767 Mortgage-backed securities Level 2 34,910 — ( 3,605 ) 31,305 Corporate debt securities Level 2 1,203,805 9,573 ( 21,262 ) 1,192,116 Municipal securities Level 2 274,323 508 ( 10,435 ) 264,396 Other Level 2 2,874 — ( 114 ) 2,760 Total $ 1,546,736 $ 10,246 $ ( 35,749 ) $ 1,521,233 Available-For-Sale Securities Fair Value Level Amortized Cost Gross Unrealized Gross Unrealized Fair Value U.S. Treasury securities Level 2 $ 2,971 $ 1 $ — $ 2,972 Agency securities Level 2 23,692 32 ( 585 ) 23,139 Mortgage-backed securities Level 2 38,743 — ( 4,731 ) 34,012 Corporate debt securities Level 2 1,104,834 1,680 ( 46,073 ) 1,060,441 Municipal securities Level 2 294,240 98 ( 18,430 ) 275,908 Other Level 2 3,760 — ( 423 ) 3,337 Total $ 1,468,240 $ 1,811 $ ( 70,242 ) $ 1,399,809
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 28, 2024 and December 30, 2023. As of September 28, 2024 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 $ — $ 1,000 $ ( 333 ) $ 6,667 $ ( 333 ) $ 7,667 Mortgage-backed securities — — ( 3,605 ) 31,305 ( 3,605 ) 31,305 Corporate debt securities ( 127 ) 36,935 ( 21,135 ) 688,156 ( 21,262 ) 725,091 Municipal securities — — ( 10,435 ) 235,171 ( 10,435 ) 235,171 Other — — ( 114 ) 2,760 ( 114 ) 2,760 Total $ ( 127 ) $ 37,935 $ ( 35,622 ) $ 964,059 $ ( 35,749 ) $ 1,001,994 As of December 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 Agency securities $ ( 31 ) $ 10,923 $ ( 554 ) $ 6,446 $ ( 585 ) $ 17,369 Mortgage-backed securities — — ( 4,731 ) 34,012 ( 4,731 ) 34,012 Corporate debt securities ( 702 ) 64,637 ( 45,371 ) 889,785 ( 46,073 ) 954,422 Municipal securities ( 32 ) 2,654 ( 18,398 ) 261,651 ( 18,430 ) 264,305 Other — — ( 423 ) 3,337 ( 423 ) 3,337 Total $ ( 765 ) $ 78,214 $ ( 69,477 ) $ 1,195,231 $ ( 70,242 ) $ 1,273,445
Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities by Maturity	The amortized cost and fair value of marketable securities at September 28, 2024, by maturity, are shown below. Amortized Cost Fair Value Due in one year or less $ 421,840 $ 414,701 Due after one year through five years 1,108,518 1,092,026 Due after five years through ten years 7,588 7,001 Due after ten years 8,790 7,505 Total $ 1,546,736 $ 1,521,233

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 28, 2024
Inventory Disclosure [Abstract]
Schedule of inventories	The components of inventories consist of the following: September 28, December 30, 2023 Raw materials $ 565,253 $ 493,493 Work-in-process 227,701 160,919 Finished goods 712,582 691,543 Inventories $ 1,505,536 $ 1,345,955

Warranty Reserves (Tables)

Warranty Reserves (Tables)	9 Months Ended
	Sep. 28, 2024
Product Warranties Disclosures [Abstract]
Schedule of Changes in the Aggregate Warranty Reserve	The following reconciliation presents details of the changes in the Company's accrued warranty costs: 13-Weeks Ended 39-Weeks Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Balance - beginning of period $ 58,253 $ 52,352 $ 55,738 $ 50,952 Accrual for products sold (1) 19,039 17,398 64,334 58,124 Expenditures ( 19,309 ) ( 16,217 ) ( 62,089 ) ( 55,543 ) Balance - end of period $ 57,983 $ 53,533 $ 57,983 $ 53,533 (1) Changes in cost estimates related to pre-existing warranties were not material and are aggregated with accruals for new warranty contracts in the ‘accrual for products sold’ line.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 28, 2024
Stockholders' Equity Note [Abstract]
Schedule of Dividends Declared	The Company's shareholders approved the following dividends: Approval Date Dividend Payment Date Record Date Dividend Per Share Fiscal 2024 June 7, 2024 June 28, 2024 June 17, 2024 $ 0.75 June 7, 2024 September 27, 2024 September 13, 2024 $ 0.75 June 7, 2024 December 27, 2024 December 13, 2024 $ 0.75 June 7, 2024 March 28, 2025 March 14, 2025 $ 0.75 Total $ 3.00 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

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 28, 2024
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 28, 2024: 13-Weeks Ended September 28, 2024 Foreign currency Net gains (losses) on available-for-sale securities Total Balance - beginning of period $ ( 90,883 ) $ ( 47,111 ) $ ( 137,994 ) Other comprehensive income before reclassification, net of income tax expense of $ 8,613 62,176 25,123 87,299 Amounts reclassified from accumulated other comprehensive income to other income (expense), net of income tax of $ 0 included in income tax provision — — — Net current-period other comprehensive income (loss) 62,176 25,123 87,299 Balance - end of period $ ( 28,707 ) $ ( 21,988 ) $ ( 50,695 ) 39-Weeks Ended September 28, 2024 Foreign currency Net gains (losses) on available-for-sale securities Total Balance - beginning of period $ ( 11,508 ) $ ( 54,106 ) $ ( 65,614 ) Other comprehensive income (loss) before reclassification, net of income tax expense of $ 10,805 ( 17,199 ) 32,094 14,895 Amounts reclassified from accumulated other comprehensive income (loss) to other income (expense), net of income tax benefit of $ 5 included in income tax provision — 24 24 Net current-period other comprehensive income (loss) ( 17,199 ) 32,118 $ 14,919 Balance - end of period $ ( 28,707 ) $ ( 21,988 ) $ ( 50,695 )

Segment Information and Geogr_2

Segment Information and Geographic Data (Tables)	9 Months Ended
	Sep. 28, 2024
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 28, 2024 Net sales $ 463,887 $ 526,551 $ 204,631 $ 222,244 $ 168,709 $ 1,586,022 Gross profit 283,325 358,693 154,138 122,433 33,010 951,599 Operating income (loss) 147,768 208,866 44,278 37,839 ( 1,276 ) 437,475 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 39-Weeks Ended September 28, 2024 Net sales $ 1,235,182 $ 1,332,617 $ 639,739 $ 821,933 $ 444,871 $ 4,474,342 Gross profit 723,375 885,646 478,131 449,472 80,006 2,616,630 Operating income (loss) 323,511 451,408 146,899 185,422 ( 29,327 ) 1,077,913 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
Schedule of Net Sales to External Customers by Geographic Region	Net sales to external customers by geographic region for the 13-week and 39-week periods ended September 28, 2024 and September 30, 2023 are presented below. 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 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Americas $ 724,572 $ 628,157 $ 2,181,266 $ 1,881,710 EMEA 612,658 439,123 1,618,058 1,252,526 APAC 248,792 210,251 675,018 611,515 Net sales to external customers $ 1,586,022 $ 1,277,531 $ 4,474,342 $ 3,745,751

Revenue - Schedule of Revenue D

Revenue - Schedule of Revenue Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 1,586,022	$ 1,277,531	$ 4,474,342	$ 3,745,751
Point in time [Member]
Disaggregation of Revenue [Line Items]
Net sales	1,496,940	1,200,676	4,231,561	3,532,960
Over time [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 89,082	$ 76,855	$ 242,781	$ 212,791

Revenue - Schedule of Deferred

Revenue - Schedule of Deferred Revenue and Costs (Details) $ in Thousands	9 Months Ended
	Sep. 28, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Deferred Revenue, Balance, beginning of period	$ 137,337	[1]
Deferred Revenue, Deferrals in period	248,720	[1]
Deferred Revenue, Recognition of deferrals in period	(242,781)	[1]
Deferred Revenue, Balance, end of period	143,276	[1]
Deferred costs, Balance, beginning of period	27,373	[2]
Deferred Costs, Deferrals in period	47,371	[2]
Deferred Costs, Recognition of deferrals in period	(43,365)	[2]
Deferred Costs, Balance, end of period	$ 31,379	[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. 28, 2024	Dec. 30, 2023
Revenue from Contract with Customer [Abstract]
Recognition of deferrals in period	[1]	$ 242,781
Amount of Deferred revenue recognized in the period that was deferred as of the beginning of the period		$ 84,371
Amount of Deferred revenue that is recognized ratably over a period of three years or less		$143,276 of deferred revenue as of September 28, 2024, the Company expects to recognize approximately 90% ratably over a total period of three years or less.
Deferred revenue	[1]	$ 143,276	$ 137,337
[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. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Numerator:
Numerator for basic and diluted net income per share - net income	$ 399,111	$ 257,243	$ 975,703	$ 747,509
Denominator for basic net income per share – weighted-average common shares	192,201	191,435	192,055	191,409
Effect of dilutive equity awards	970	433	885	363
Denominator for diluted net income per share – adjusted weighted-average common shares	193,171	191,868	192,940	191,772
Basic net income per share	$ 2.08	$ 1.34	$ 5.08	$ 3.91
Diluted net income per share	$ 2.07	$ 1.34	$ 5.06	$ 3.9
Shares excluded from diluted net income per share calculation:
Anti-dilutive equity awards	0	0	0	215

Marketable Securities - Schedul

Marketable Securities - Schedule of Marketable Securities Classified as Available-for-sale Securities (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Marketable Securities [Line Items]
Amortized Cost, Total	$ 1,546,736	$ 1,468,240
Gross Unrealized Gains	10,246	1,811
Gross Unrealized Losses	(35,749)	(70,242)
Fair Value	1,521,233	1,399,809
U.S. Treasury securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	4,869	2,971
Gross Unrealized Gains	20	1
Gross Unrealized Losses	0	0
Fair Value	4,889	2,972
Agency securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	25,955	23,692
Gross Unrealized Gains	145	32
Gross Unrealized Losses	(333)	(585)
Fair Value	25,767	23,139
Mortgage-backed securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	34,910	38,743
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(3,605)	(4,731)
Fair Value	31,305	34,012
Corporate Debt Securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	1,203,805	1,104,834
Gross Unrealized Gains	9,573	1,680
Gross Unrealized Losses	(21,262)	(46,073)
Fair Value	1,192,116	1,060,441
Municipal securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	274,323	294,240
Gross Unrealized Gains	508	98
Gross Unrealized Losses	(10,435)	(18,430)
Fair Value	264,396	275,908
Other [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost, Total	2,874	3,760
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(114)	(423)
Fair Value	$ 2,760	$ 3,337

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Dec. 30, 2023
Schedule Of Available For Sale Securities [Line Items]
Accrued interest written off	$ 0
Percentage of available-for-sale securities in unrealized loss positions	72%
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	$ 13,386

Marketable Securities - Sched_2

Marketable Securities - Schedule of Gross Unrealized Losses and Fair Value by Major Security Type (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	$ (127)	$ (765)
Fair Value Less than 12 Consecutive Months	37,935	78,214
Gross Unrealized Losses 12 Consecutive Months or Longer	(35,622)	(69,477)
Fair Value 12 Consecutive Months or Longer	964,059	1,195,231
Gross Unrealized Losses, Total	(35,749)	(70,242)
Fair Value, Total	1,001,994	1,273,445
Agency securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	0	(31)
Fair Value Less than 12 Consecutive Months	1,000	10,923
Gross Unrealized Losses 12 Consecutive Months or Longer	(333)	(554)
Fair Value 12 Consecutive Months or Longer	6,667	6,446
Gross Unrealized Losses, Total	(333)	(585)
Fair Value, Total	7,667	17,369
Mortgage-backed 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	(3,605)	(4,731)
Fair Value 12 Consecutive Months or Longer	31,305	34,012
Gross Unrealized Losses, Total	(3,605)	(4,731)
Fair Value, Total	31,305	34,012
Corporate debt securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(127)	(702)
Fair Value Less than 12 Consecutive Months	36,935	64,637
Gross Unrealized Losses 12 Consecutive Months or Longer	(21,135)	(45,371)
Fair Value 12 Consecutive Months or Longer	688,156	889,785
Gross Unrealized Losses, Total	(21,262)	(46,073)
Fair Value, Total	725,091	954,422
Municipal securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	0	(32)
Fair Value Less than 12 Consecutive Months	0	2,654
Gross Unrealized Losses 12 Consecutive Months or Longer	(10,435)	(18,398)
Fair Value 12 Consecutive Months or Longer	235,171	261,651
Gross Unrealized Losses, Total	(10,435)	(18,430)
Fair Value, Total	235,171	264,305
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	(114)	(423)
Fair Value 12 Consecutive Months or Longer	2,760	3,337
Gross Unrealized Losses, Total	(114)	(423)
Fair Value, Total	$ 2,760	$ 3,337

Marketable Securities - Sched_3

Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities by Maturity (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Due in one year or less	$ 421,840
Amortized Cost, Due after one year through five years	1,108,518
Amortized Cost, Due after five years through ten years	7,588
Amortized Cost, Due after ten years	8,790
Amortized Cost, Total	1,546,736	$ 1,468,240
Fair Value, Due in one year or less	414,701
Fair Value, Due after one year through five years	1,092,026
Fair Value, Due after five years through ten years	7,001
Fair Value, Due after ten years	7,505
Fair Value, Total	$ 1,521,233	$ 1,399,809

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income tax expense (benefit)	$ 87,139	$ 22,328	$ 203,560	$ 69,810
Effective income tax rate	17.90%	8%	17.30%	8.50%

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 565,253	$ 493,493
Work-in-process	227,701	160,919
Finished goods	712,582	691,543
Inventories	$ 1,505,536	$ 1,345,955

Warranty Reserves - Additional

Warranty Reserves - Additional Information (Details)	9 Months Ended
	Sep. 28, 2024
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. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Product Warranties Disclosures [Abstract]
Balance - beginning of period		$ 58,253	$ 52,352	$ 55,738	$ 50,952
Accrual for products sold	[1]	19,039	17,398	64,334	58,124
Expenditures		(19,309)	(16,217)	(62,089)	(55,543)
Balance - end of period		$ 57,983	$ 53,533	$ 57,983	$ 53,533
[1] Changes in cost estimates related to pre-existing warranties were not material and are 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. 28, 2024	Dec. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Noncancellable unconditional purchase obligations	$ 339,000
Restricted cash balances	$ 713	$ 704

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Dividends Declared (Details) - $ / shares	Jun. 07, 2024	Jun. 09, 2023	Jun. 10, 2022
Dividends Declared [Line Items]
Dividend Approval Date	Jun. 07, 2024	Jun. 09, 2023	Jun. 10, 2022
Dividends declared per share	$ 3	$ 2.92	$ 2.92
June 2024 [Member]
Dividends Declared [Line Items]
Dividend Payment Date	Jun. 28, 2024
Record Date	Jun. 17, 2024
Dividends declared per share	$ 0.75
June 2023 [Member]
Dividends Declared [Line Items]
Dividend Payment Date		Jun. 30, 2023
Record Date		Jun. 20, 2023
Dividends declared per share		$ 0.73
June 2022 [Member]
Dividends Declared [Line Items]
Dividend Payment Date			Jun. 30, 2022
Record Date			Jun. 20, 2022
Dividends declared per share			$ 0.73
September 2024 [Member]
Dividends Declared [Line Items]
Dividend Payment Date	Sep. 27, 2024
Record Date	Sep. 13, 2024
Dividends declared per share	$ 0.75
September 2023 [Member]
Dividends Declared [Line Items]
Dividend Payment Date		Sep. 29, 2023
Record Date		Sep. 15, 2023
Dividends declared per share		$ 0.73
September 2022 [Member]
Dividends Declared [Line Items]
Dividend Payment Date			Sep. 30, 2022
Record Date			Sep. 15, 2022
Dividends declared per share			$ 0.73
December 2024 [Member]
Dividends Declared [Line Items]
Dividend Payment Date	Dec. 27, 2024
Record Date	Dec. 13, 2024
Dividends declared per share	$ 0.75
December 2023 [Member]
Dividends Declared [Line Items]
Dividend Payment Date		Dec. 29, 2023
Record Date		Dec. 15, 2023
Dividends declared per share		$ 0.73
December 2022 [Member]
Dividends Declared [Line Items]
Dividend Payment Date			Dec. 30, 2022
Record Date			Dec. 15, 2022
Dividends declared per share			$ 0.73
March 2025 [Member]
Dividends Declared [Line Items]
Dividend Payment Date	Mar. 28, 2025
Record Date	Mar. 14, 2025
Dividends declared per share	$ 0.75
March 2024 [Member]
Dividends Declared [Line Items]
Dividend Payment Date		Mar. 29, 2024
Record Date		Mar. 15, 2024
Dividends declared per share		$ 0.73
March 2023 [Member]
Dividends Declared [Line Items]
Dividend Payment Date			Mar. 31, 2023
Record Date			Mar. 15, 2023
Dividends declared per share			$ 0.73

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Feb. 16, 2024	Dec. 30, 2023	Dec. 31, 2022	Apr. 22, 2022
Dividend paid	$ 428,373	$ 419,166
Treasury stock, shares retired	979
2022 Share Repurchase Program [Member]
Share Repurchase Program, Authorized Amount						$ 300,000
Share repurchase authorization expires	Dec. 29, 2023
Repurchased common stock shares				3,176
Repurchased common stock shares, amount						$ 300,000
Repurchase additional shares authorization					$ 0
2024 Share Repurchase Program [Member]
Share Repurchase Program, Authorized Amount			$ 300,000
Share repurchase authorization expires	Dec. 26, 2026
Repurchased common stock shares	176
Repurchased common stock shares, amount			$ 29,802
Repurchase additional shares authorization	$ 270,198

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. 28, 2024	Sep. 28, 2024
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	$ 7,004,982	$ 7,012,060
Ending balance, value	7,506,547	7,506,547
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(90,883)	(11,508)
Other comprehensive income before reclassification, net of income tax expense	62,176	(17,199)
Amounts reclassified from accumulated other comprehensive income to other income (expense), net of income tax included in income tax provision	0	0
Net current-period other comprehensive income (loss)	62,176	(17,199)
Ending balance, value	(28,707)	(28,707)
Net Gains (Losses) on Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(47,111)	(54,106)
Other comprehensive income before reclassification, net of income tax expense	25,123	32,094
Amounts reclassified from accumulated other comprehensive income to other income (expense), net of income tax included in income tax provision	0	24
Net current-period other comprehensive income (loss)	25,123	32,118
Ending balance, value	(21,988)	(21,988)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	(137,994)	(65,614)
Other comprehensive income before reclassification, net of income tax expense	87,299	14,895
Amounts reclassified from accumulated other comprehensive income to other income (expense), net of income tax included in income tax provision	0	24
Net current-period other comprehensive income (loss)	87,299	14,919
Ending balance, value	$ (50,695)	$ (50,695)

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. 28, 2024	Sep. 28, 2024
Equity [Abstract]
Net of income tax expense	$ 8,613	$ 10,805
Net of income tax benefit	$ 0	$ 5

Segment Information and Geogr_3

Segment Information and Geographic Data - Additional Information (Details)	9 Months Ended
	Sep. 28, 2024 Segment
Segment Reporting [Abstract]
Number of operating segments	5

Segment Information and Geogr_4

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. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,586,022	$ 1,277,531	$ 4,474,342	$ 3,745,751
Gross profit	951,599	728,569	2,616,630	2,140,806
Operating income (loss)	437,475	270,369	1,077,913	751,706
Fitness Segment [Member]
Segment Reporting Information [Line Items]
Net sales	463,887	352,976	1,235,182	932,561
Gross profit	283,325	190,685	723,375	484,759
Operating income (loss)	147,768	74,614	323,511	139,651
Outdoor Segment [Member]
Segment Reporting Information [Line Items]
Net sales	526,551	433,997	1,332,617	1,210,773
Gross profit	358,693	270,774	885,646	755,800
Operating income (loss)	208,866	136,401	451,408	351,399
Aviation Segment [Member]
Segment Reporting Information [Line Items]
Net sales	204,631	198,160	639,739	629,195
Gross profit	154,138	148,364	478,131	463,774
Operating income (loss)	44,278	49,269	146,899	169,730
Marine Segment [Member]
Segment Reporting Information [Line Items]
Net sales	222,244	182,248	821,933	677,026
Gross profit	122,433	95,186	449,472	365,162
Operating income (loss)	37,839	23,850	185,422	142,135
Auto OEM Segment [Member]
Segment Reporting Information [Line Items]
Net sales	168,709	110,150	444,871	296,196
Gross profit	33,010	23,560	80,006	71,311
Operating income (loss)	$ (1,276)	$ (13,765)	$ (29,327)	$ (51,209)

Segment Information and Geogr_5

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. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Revenues from External Customers [Line Items]
Net sales to external customers	$ 1,586,022	$ 1,277,531	$ 4,474,342	$ 3,745,751
Americas [Member]
Revenues from External Customers [Line Items]
Net sales to external customers	724,572	628,157	2,181,266	1,881,710
EMEA [Member]
Revenues from External Customers [Line Items]
Net sales to external customers	612,658	439,123	1,618,058	1,252,526
APAC [Member]
Revenues from External Customers [Line Items]
Net sales to external customers	$ 248,792	$ 210,251	$ 675,018	$ 611,515