Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 28, 2013 | Oct. 28, 2013 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | GRMN | |
Entity Common Stock, Shares Outstanding | 208,077,418 | |
Entity Registrant Name | GARMIN LTD | |
Entity Central Index Key | 1121788 | |
Current Fiscal Year End Date | -16 | |
Entity Filer Category | Large Accelerated Filer |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $1,068,700 | $1,231,180 |
Marketable securities | 134,253 | 153,083 |
Accounts receivable, net | 475,707 | 603,673 |
Inventories, net | 416,725 | 389,931 |
Deferred income taxes | 67,437 | 68,785 |
Deferred costs | 56,749 | 53,948 |
Prepaid expenses and other current assets | 225,067 | 35,520 |
Total current assets | 2,444,638 | 2,536,120 |
Property and equipment, net | 413,675 | 409,751 |
Marketable securities | 1,594,144 | 1,488,312 |
Restricted cash | 252 | 836 |
Noncurrent deferred income tax | 94,734 | 93,920 |
Noncurrent deferred costs | 39,625 | 42,359 |
Other intangible assets, net | 221,979 | 232,597 |
Other assets | 14,179 | 15,229 |
Total assets | 4,823,226 | 4,819,124 |
Current liabilities: | ||
Accounts payable | 151,798 | 131,263 |
Salaries and benefits payable | 63,064 | 55,969 |
Accrued warranty costs | 34,639 | 37,301 |
Accrued sales program costs | 36,487 | 57,080 |
Deferred revenue | 255,830 | 252,375 |
Accrued royalty costs | 34,285 | 71,745 |
Accrued advertising expense | 16,862 | 25,192 |
Other accrued expenses | 73,241 | 69,806 |
Deferred income taxes | 63 | 332 |
Income taxes payable | 44,060 | 32,031 |
Dividend payable | 263,704 | 175,932 |
Total current liabilities | 974,033 | 909,026 |
Deferred income taxes | 3,516 | 2,467 |
Non-current income taxes | 121,091 | 181,754 |
Non-current deferred revenue | 166,165 | 193,047 |
Other liabilities | 917 | 1,034 |
Stockholders' equity: | ||
Shares, CHF 10 par value, 208,077,418 shares authorized and issued; 195,221,791 shares outstanding at September 28, 2013 and 195,591,854 shares outstanding at December 29, 2012 | 1,797,435 | 1,797,435 |
Additional paid-in capital | 87,377 | 72,462 |
Treasury stock | -100,912 | -81,280 |
Retained earnings | 1,701,823 | 1,604,625 |
Accumulated other comprehensive income | 71,781 | 138,554 |
Total stockholders' equity | 3,557,504 | 3,531,796 |
Total liabilities and stockholders' equity | $4,823,226 | $4,819,124 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
Shares, par value | $10 | $10 |
Shares, shares authorized | 208,077,418 | 208,077,418 |
Shares, shares issued | 208,077,418 | 208,077,418 |
Shares, shares outstanding | 195,221,791 | 195,591,854 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Net sales | $643,637 | $672,376 | $1,872,156 | $1,947,127 |
Cost of goods sold | 290,748 | 313,321 | 859,494 | 882,501 |
Gross profit | 352,889 | 359,055 | 1,012,662 | 1,064,626 |
Advertising expense | 26,251 | 30,102 | 77,983 | 91,952 |
Selling, general and administrative expense | 86,462 | 86,402 | 260,769 | 275,763 |
Research and development expense | 88,427 | 82,489 | 272,349 | 242,510 |
Total operating expense | 201,140 | 198,993 | 611,101 | 610,225 |
Operating income | 151,749 | 160,062 | 401,561 | 454,401 |
Other income (expense): | ||||
Interest income | 8,435 | 7,987 | 25,512 | 26,278 |
Foreign currency gains (losses) | -822 | -6,364 | 18,280 | -16,124 |
Other | 1,438 | 942 | 3,666 | 5,064 |
Total other income (expense) | 9,051 | 2,565 | 47,458 | 15,218 |
Income before income taxes | 160,800 | 162,627 | 449,019 | 469,619 |
Income tax (benefit) provision | -26,869 | 22,279 | 192 | 56,510 |
Net income | $187,669 | $140,348 | $448,827 | $413,109 |
Net income per share: | ||||
Basic | $0.96 | $0.72 | $2.30 | $2.12 |
Diluted | $0.96 | $0.72 | $2.29 | $2.11 |
Weighted average common shares outstanding: | ||||
Basic | 195,325 | 194,912 | 195,488 | 194,834 |
Diluted | 196,300 | 196,161 | 196,312 | 196,171 |
Dividends declared per share | $1.80 | $1.80 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Net income | $187,669 | $140,348 | $448,827 | $413,109 |
Translation adjustment | 13,379 | 22,591 | -24,177 | 31,881 |
Change in fair value of available-for-sale marketable securities, net of deferred taxes | -6,441 | 3,844 | -42,596 | 2,543 |
Comprehensive income | $194,607 | $166,783 | $382,054 | $447,533 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Operating Activities: | ||
Net income | $448,827 | $413,109 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 36,840 | 40,025 |
Amortization | 23,629 | 21,192 |
(Gain)/Loss on sale of property and equipment | 41 | -17 |
Provision for doubtful accounts | 1,023 | 2,786 |
Deferred income taxes | 2,851 | -7,384 |
Unrealized foreign currency losses/(gains) | -17,273 | 24,974 |
Provision for obsolete and slow moving inventories | 15,965 | 3,795 |
Stock compensation expense | 15,608 | 26,364 |
Realized gains on marketable securities | -2,963 | -1,647 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 128,098 | 103,039 |
Inventories | -44,337 | -44,761 |
Other current and non-current assets | -18,329 | 14,051 |
Accounts payable | 21,936 | -20,271 |
Other current and non-current liabilities | -60,719 | -63,839 |
Deferred revenue | -22,613 | 35,277 |
Deferred cost | -57 | -8,561 |
Income taxes payable | -48,256 | -28,098 |
Net cash provided by operating activities | 480,271 | 510,034 |
Investing activities: | ||
Purchases of property and equipment | -41,325 | -26,881 |
Proceeds from sale of property and equipment | 65 | 25 |
Purchase of intangible assets | -1,574 | -5,174 |
Purchase of marketable securities | -716,226 | -1,004,021 |
Redemption of marketable securities | 578,464 | 735,521 |
Advances under loan receivable commitment | -173,708 | 0 |
Change in restricted cash | 584 | -59 |
Acquisitions, net of cash acquired | -5,686 | -4,010 |
Net cash used in investing activities | -359,406 | -304,599 |
Financing activities: | ||
Dividends paid | -263,857 | -253,386 |
Purchase of treasury stock under share repurchase plan | -26,926 | 0 |
Purchase of treasury stock related to equity awards | -7,430 | -6,542 |
Proceeds from issuance of treasury stock related to equity awards | 13,620 | 10,971 |
Tax benefit from issuance of equity awards | 411 | 1,810 |
Net cash used in financing activities | -284,182 | -247,147 |
Effect of exchange rate changes on cash and cash equivalents | 837 | 1,625 |
Net increase/(decrease) in cash and cash equivalents | -162,480 | -40,087 |
Cash and cash equivalents at beginning of period | 1,231,180 | 1,287,160 |
Cash and cash equivalents at end of period | $1,068,700 | $1,247,073 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 28, 2013 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the 13-week and 39-week periods ended September 28, 2013 are not necessarily indicative of the results that may be expected for the year ending December 28, 2013. | |
The condensed consolidated balance sheet at December 29, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2012. | |
The Company’s fiscal year is based on a 52-53 week period ending on the last Saturday of the calendar year. Therefore the financial results of certain 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 quarters having only 13 weeks. The quarters ended September 28, 2013 and September 29, 2012 both contain operating results for 13 weeks. | |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | 2. Inventories | |||||||
The components of inventories consist of the following: | ||||||||
September 28, 2013 | December 29, 2012 | |||||||
Raw materials | $ | 136,923 | $ | 119,142 | ||||
Work-in-process | 52,894 | 53,656 | ||||||
Finished goods | 256,996 | 243,238 | ||||||
Inventory reserves | -30,088 | -26,105 | ||||||
Inventory, net of reserves | $ | 416,725 | $ | 389,931 | ||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
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: | ||||||||
13-Weeks Ended | ||||||||
Sept 28, | Sept 29, | |||||||
2013 | 2012 | |||||||
Numerator: | ||||||||
Numerator for basic and diluted net income | $ | 187,669 | $ | 140,348 | ||||
per share - net income | ||||||||
Denominator: | ||||||||
Denominator for basic net income per share – | 195,325 | 194,912 | ||||||
weighted-average common shares | ||||||||
Effect of dilutive securities – | 975 | 1,249 | ||||||
stock options, stock appreciation rights | ||||||||
and restricted stock units | ||||||||
Denominator for diluted net income per share – | 196,300 | 196,161 | ||||||
adjusted weighted-average common shares | ||||||||
Basic net income per share | $ | 0.96 | $ | 0.72 | ||||
Diluted net income per share | $ | 0.96 | $ | 0.72 | ||||
39-Weeks Ended | ||||||||
Sept 28, | Sept 29, | |||||||
2013 | 2012 | |||||||
Numerator: | ||||||||
Numerator for basic and diluted net income | $ | 448,827 | $ | 413,109 | ||||
per share - net income | ||||||||
Denominator: | ||||||||
Denominator for basic net income per share – | 195,488 | 194,834 | ||||||
weighted-average common shares | ||||||||
Effect of dilutive securities – | 824 | 1,337 | ||||||
stock options, stock appreciation rights | ||||||||
and restricted stock units | ||||||||
Denominator for diluted net income per share – | 196,312 | 196,171 | ||||||
adjusted weighted-average common shares | ||||||||
Basic net income per share | $ | 2.3 | $ | 2.12 | ||||
Diluted net income per share | $ | 2.29 | $ | 2.11 | ||||
There were 5,443,047 and 5,599,936 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) for the 13-week periods ended September 28, 2013 and September 29, 2012, respectively. | ||||||||
There were 5,507,363 and 5,667,000 anti-dilutive equity awards for the 39-week periods ended September 28, 2013 and September 29, 2012, respectively. | ||||||||
There were 233,703 and 94,668 shares issued as a result of exercises of equity awards for the 13-week periods ended September 28, 2013 and September 29, 2012, respectively. | ||||||||
There were 344,254 and 307,386 shares issued as a result of exercises of equity awards for the 39-week periods ended September 28, 2013 and September 29, 2012, respectively. | ||||||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Segment Information | 4. Segment Information | ||||||||||||||||||||
The Company has identified five operating segments – Auto/Mobile, Aviation, Marine, Outdoor and Fitness. Each operating segment is individually reviewed and evaluated by our Chief Operating Decision Maker, who allocates resources and assesses performance of each segment individually. | |||||||||||||||||||||
Net sales, operating income, and income before taxes for each of the Company’s reportable segments are presented below: | |||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||
Auto/ | |||||||||||||||||||||
Outdoor | Fitness | Marine | Mobile | Aviation | Total | ||||||||||||||||
13-Weeks Ended September 28, 2013 | |||||||||||||||||||||
Net sales | $ | 101,350 | $ | 81,007 | $ | 55,301 | $ | 322,520 | $ | 83,459 | $ | 643,637 | |||||||||
Operating income | $ | 44,107 | $ | 26,493 | $ | 4,118 | $ | 53,848 | $ | 23,183 | $ | 151,749 | |||||||||
Income before taxes | $ | 45,556 | $ | 27,938 | $ | 4,347 | $ | 58,144 | $ | 24,815 | $ | 160,800 | |||||||||
13-Weeks Ended September 29, 2012 | |||||||||||||||||||||
Net sales | $ | 105,572 | $ | 64,788 | $ | 44,766 | $ | 384,393 | $ | 72,857 | $ | 672,376 | |||||||||
Operating income | $ | 48,384 | $ | 21,219 | $ | 8,378 | $ | 65,165 | $ | 16,916 | $ | 160,062 | |||||||||
Income before taxes | $ | 48,953 | $ | 21,853 | $ | 8,705 | $ | 65,399 | $ | 17,717 | $ | 162,627 | |||||||||
39-Weeks Ended September 28, 2013 | |||||||||||||||||||||
Net sales | $ | 284,372 | $ | 237,660 | $ | 178,344 | $ | 919,810 | $ | 251,970 | $ | 1,872,156 | |||||||||
Operating income | $ | 110,538 | $ | 76,026 | $ | 16,089 | $ | 134,324 | $ | 64,584 | $ | 401,561 | |||||||||
Income before taxes | $ | 117,996 | $ | 81,186 | $ | 20,828 | $ | 160,803 | $ | 68,206 | $ | 449,019 | |||||||||
39-Weeks Ended September 29, 2012 | |||||||||||||||||||||
Net sales | $ | 283,230 | $ | 217,815 | $ | 168,620 | $ | 1,055,786 | $ | 221,676 | $ | 1,947,127 | |||||||||
Operating income | $ | 118,032 | $ | 76,016 | $ | 35,584 | $ | 170,208 | $ | 54,561 | $ | 454,401 | |||||||||
Income before taxes | $ | 119,971 | $ | 77,916 | $ | 36,596 | $ | 178,978 | $ | 56,158 | $ | 469,619 | |||||||||
Allocation of certain research and development expenses, and selling, general, and administrative expenses are made to each segment on a percent of revenue basis. | |||||||||||||||||||||
Net sales and property and equipment, net by geographic area are as follows as of and for the 39-week periods ended September 28, 2013 and September 29, 2012. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa: | |||||||||||||||||||||
Americas | APAC | EMEA | Total | ||||||||||||||||||
28-Sep-13 | |||||||||||||||||||||
Net sales to external customers | $ | 1,002,796 | $ | 176,524 | $ | 692,836 | $ | 1,872,156 | |||||||||||||
Property and equipment, net | $ | 235,520 | $ | 123,763 | $ | 54,392 | $ | 413,675 | |||||||||||||
29-Sep-12 | |||||||||||||||||||||
Net sales to external customers | $ | 1,068,289 | $ | 186,165 | $ | 692,673 | $ | 1,947,127 | |||||||||||||
Property and equipment, net | $ | 221,085 | $ | 135,227 | $ | 51,541 | $ | 407,853 | |||||||||||||
Warranty_Reserves
Warranty Reserves | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
Warranty Reserves | 5. Warranty Reserves | |||||||
The Company’s products sold are generally covered by a warranty for periods ranging from one to two years. The Company’s estimate of costs to service its warranty obligations are based on historical experience and expectation 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 | ||||||||
Sept 28, | Sept 29, | |||||||
2013 | 2012 | |||||||
Balance - beginning of the period | $ | 34,288 | $ | 40,797 | ||||
Accrual for products sold | 10,884 | 9,009 | ||||||
Expenditures | -10,533 | -10,659 | ||||||
Balance - end of the period | $ | 34,639 | $ | 39,147 | ||||
39-Weeks Ended | ||||||||
Sept 28, | Sept 29, | |||||||
2013 | 2012 | |||||||
Balance - beginning of the period | $ | 37,301 | $ | 46,773 | ||||
Accrual for products sold | 29,076 | 24,863 | ||||||
Expenditures | -31,738 | -32,489 | ||||||
Balance - end of the period | $ | 34,639 | $ | 39,147 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies |
We are party to certain commitments, which includes raw materials, advertising and other indirect purchases in connection with conducting our business. Pursuant to these agreements, the Company is contractually committed to make purchases of approximately $213,173 over the next five years. | |
In the normal course of business, the Company and its subsidiaries are parties to various legal claims, actions, and complaints, including matters involving patent infringement, other intellectual property, product liability, customer claims and various other risks. It is not possible to predict with certainty whether or not the Company and its subsidiaries will ultimately be successful in any of these legal matters, or if not, what the impact might be. However, the Company’s management does not expect that the results in any of these legal proceedings will have a material adverse effect on the Company’s results of operations, financial position or cash flows. | |
On March 14, 2013, the Company entered into a Memorandum of Agreement (the “Agreement”) with Bombardier, Inc. (“Bombardier”). The Company is the supplier of the avionics system for the Lear 70 and Lear 75 aircraft currently in development for Learjet, Inc., which is a subsidiary of Bombardier (the “Program”). In order to assist Bombardier in connection with delayed cash flows from the Program partially related to the certification of avionics for the Program exceeding the planned delivery date, the Company agreed to provide Bombardier a short term, interest free, loan of $173,708 in cash in seven installments beginning on March 22, 2013 and ending on September 20, 2013 pursuant to the terms and conditions of the Agreement. Bombardier will repay the loan in five installments beginning in November 2013 and ending in March 2014 pursuant to the terms and conditions of the Agreement. As of September 28, 2013, the Company had advanced $173,708 to Bombardier, which is included in prepaid and other current assets in the accompanying condensed consolidated balance sheet. | |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes |
Our earnings before taxes decreased 1.1% when compared to the same quarter in 2012, while our income tax expense decreased by $49,148, to ($26,869) for the 13-week period ended September 28, 2013, from $22,279 for the 13-week period ended September 29, 2012. The significant decline was due primarily to the impact of a $52,180 benefit in the third quarter which includes the release of uncertain tax position reserves from 2009 offset by Taiwan surtax expense due to this reserve release. Excluding this item, we would have reported an effective tax rate of 15.7% in the third quarter of 2013 compared to 13.7% in the third quarter of 2012. This increase was primarily driven by an unfavorable income mix across tax jurisdictions, as well as the release of other uncertain tax position reserves, amounting to approximately ($401) in third quarter 2013 and $1,737 in the third quarter 2012 that are considered immaterial, tend to be more recurring in nature and are comparable between periods. | |
Our earnings before taxes decreased 4.4% when compared to the same period in 2012, while our income tax expense decreased by $56,318 to $192, for the 39-week period ended September 28, 2013, from $56,510 for the 39-week period ended September 29, 2012. The significant decline was due to the impact of a $52,180 benefit in the third quarter, which includes the release of uncertain tax position reserves from 2009 offset by Taiwan surtax expense due to this reserve release and a $16,536 benefit in the first quarter of 2013, also related to reserve releases. Excluding these items, we would have reported an effective tax rate of 15.3% for the first three quarters of 2013 compared to 12.0% for the first three quarters of 2012. This increase was primarily driven by an unfavorable income mix across tax jurisdictions, as well as the release of other uncertain tax position reserves amounting to approximately $9,556 for the 39-weeks ended September 28, 2013 and $11,945 for the 39-weeks ended September 29, 2012 that are considered immaterial, tend to be more recurring in nature and are comparable between periods, partially offset by the impact of $6,301 of research and development tax credits related to 2012 which were recognized when the related legislation was enacted in January 2013. | |
Marketable_Securities
Marketable Securities | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Marketable Securities | 8. Marketable Securities | ||||||||||||||||
The FASB ASC topic entitled Fair Value Measurements and Disclosures defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The accounting guidance classifies the inputs used to measure fair value into the following hierarchy: | |||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets for identical assets 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. The valuation methods used by the Company for each significant class of investments are summarized below. | |||||||||||||||||
Mortgage-backed securities, corporate bonds and obligations of states and political subdivisions – Valued 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. | |||||||||||||||||
Common stocks – Valued at the closing price reported on the active market on which the individual securities are traded. | |||||||||||||||||
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | |||||||||||||||||
Available for sale securities measured at estimated fair value on a recurring basis are summarized below: | |||||||||||||||||
Fair Value Measurements as | |||||||||||||||||
of September 28, 2013 | |||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Mortgage-backed securities | $ | 518,840 | $ | - | $ | 518,840 | $ | - | |||||||||
Obligations of states and political subdivisions | 690,615 | - | 690,615 | - | |||||||||||||
Corporate bonds | 420,345 | - | 420,345 | - | |||||||||||||
Common stocks | 27,435 | 27,435 | - | - | |||||||||||||
Other | 71,162 | - | 71,162 | - | |||||||||||||
Total | $ | 1,728,397 | $ | 27,435 | $ | 1,700,962 | $ | - | |||||||||
Fair Value Measurements as | |||||||||||||||||
of December 29, 2012 | |||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Mortgage-backed securities | $ | 650,895 | $ | - | $ | 650,895 | $ | - | |||||||||
Obligations of states and political subdivisions | 499,857 | - | 499,857 | - | |||||||||||||
Corporate bonds | 399,941 | - | 399,941 | - | |||||||||||||
Common stocks | 22,982 | 22,982 | - | - | |||||||||||||
Other | 67,720 | - | 67,720 | - | |||||||||||||
Total | $ | 1,641,395 | $ | 22,982 | $ | 1,618,413 | $ | - | |||||||||
The following is a summary of the Company’s marketable securities classified as available-for-sale securities at September 28, 2013: | |||||||||||||||||
Estimated Fair | |||||||||||||||||
Gross | Other Than | Value (Net | |||||||||||||||
Gross Unrealized | Unrealized | Temporary | Carrying | ||||||||||||||
Amortized Cost | Gains | Losses | Impairment | Amount) | |||||||||||||
Mortgage-backed securities | $ | 534,722 | $ | 4,386 | $ | -20,268 | $ | - | $ | 518,840 | |||||||
Obligations of states and political subdivisions | 711,989 | 1,649 | -23,023 | - | 690,615 | ||||||||||||
U.S. corporate bonds | 424,439 | 1,658 | -4,478 | -1,274 | 420,345 | ||||||||||||
Common stocks | 23,795 | 3,975 | -335 | - | 27,435 | ||||||||||||
Other | 67,914 | 3,335 | -87 | - | 71,162 | ||||||||||||
Total | $ | 1,762,859 | $ | 15,003 | $ | -48,191 | $ | -1,274 | $ | 1,728,397 | |||||||
In the first three quarters of 2013, Garmin experienced unrealized, non-cash losses on its investment portfolio resulting in a balance of $48,191 of gross unrealized losses on marketable securities at September 28, 2013. The amortized cost and estimated fair value of the securities at an unrealized loss position at September 28, 2013 were $1,165,053 and $1,116,862, respectively. This decrease in estimated fair value is primarily due to market valuations on mortgage-backed securities and obligations of states and political subdivisions declining. The decline was due to increases in the 10 Year Treasury Bond Yield during the second and third quarters, which caused market valuations of certain securities in our investment portfolios to decline. Approximately 47% of the securities in our portfolio were at an unrealized loss position at September 28, 2013. We have the ability to hold these securities until maturity or their value is recovered. We do not consider these unrealized losses to be other than temporary and no impairment has been recorded in the accompanying condensed consolidated statement of income. | |||||||||||||||||
The following is a summary of the Company’s marketable securities classified as available-for-sale securities at December 29, 2012: | |||||||||||||||||
Estimated Fair | |||||||||||||||||
Gross | Other Than | Value (Net | |||||||||||||||
Gross Unrealized | Unrealized | Temporary | Carrying | ||||||||||||||
Amortized Cost | Gains | Losses | Impairment | Amount) | |||||||||||||
Mortgage-backed securities | $ | 644,388 | $ | 8,894 | $ | -2,387 | $ | - | $ | 650,895 | |||||||
Obligations of states and political subdivisions | 499,241 | 2,345 | -1,729 | - | 499,857 | ||||||||||||
U.S. corporate bonds | 400,310 | 3,138 | -2,233 | -1,274 | 399,941 | ||||||||||||
Common stocks | 21,113 | 2,392 | -523 | - | 22,982 | ||||||||||||
Other | 67,181 | 551 | -12 | - | 67,720 | ||||||||||||
Total | $ | 1,632,233 | $ | 17,320 | $ | -6,884 | $ | -1,274 | $ | 1,641,395 | |||||||
The cost of securities sold is based on the specific identification method. | |||||||||||||||||
The amortized cost and estimated fair value of marketable securities at September 28, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. | |||||||||||||||||
Cost | Estimated | ||||||||||||||||
Fair Value | |||||||||||||||||
Due in one year or less | $ | 136,835 | $ | 134,253 | |||||||||||||
Due after one year through five years | 688,846 | 686,299 | |||||||||||||||
Due after five years through ten years | 257,244 | 249,112 | |||||||||||||||
Due after ten years | 621,050 | 592,932 | |||||||||||||||
Other (No contractual maturity dates) | 58,884 | 65,801 | |||||||||||||||
$ | 1,762,859 | $ | 1,728,397 | ||||||||||||||
Share_Repurchase_Plan
Share Repurchase Plan | 9 Months Ended |
Sep. 28, 2013 | |
Treasury Stock [Abstract] | |
Share Repurchase Plan | 9. Share Repurchase Plan |
On February 15, 2013, the Board of Directors approved a share repurchase program authorizing the Company to purchase up to $300,000 of its common shares. A Rule 10b5-1 plan was adopted and allows the repurchase of its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. The share repurchase authorization expires on December 31, 2014. As of September 28, 2013, the Company had repurchased 713,092 shares using cash of $26,926. There remains approximately $273,074 available for repurchase under this authorization. | |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||
Sep. 28, 2013 | |||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||
Accumulated Other Comprehensive Income | 10. Accumulated Other Comprehensive Income | ||||||||||
The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the 13-week and 39-week periods ended September 28, 2013: | |||||||||||
13-Weeks Ended Sept 28, 2013 | |||||||||||
Foreign Currency | Unrealized Gains | Total | |||||||||
Translation | (Losses) on | ||||||||||
Adjustment | Available for Sale | ||||||||||
Securities | |||||||||||
Balance - beginning of period | $ | 91,416 | $ | -26,573 | $ | 64,843 | |||||
Other comprehensive income before reclassification | 13,379 | -6,336 | 7,043 | ||||||||
Amounts reclassified from accumulated other comprehensive income | - | -105 | -105 | ||||||||
Net current-period other comprehensive income | 13,379 | -6,441 | 6,938 | ||||||||
Balance - end of period | $ | 104,795 | $ | -33,014 | $ | 71,781 | |||||
39-Weeks Ended Sept 28, 2013 | |||||||||||
Foreign Currency | Unrealized Gains | Total | |||||||||
Translation | (Losses) on | ||||||||||
Adjustment | Available for Sale | ||||||||||
Securities | |||||||||||
Balance - beginning of period | $ | 128,972 | $ | 9,582 | $ | 138,554 | |||||
Other comprehensive income before reclassification | -24,177 | -39,810 | -63,987 | ||||||||
Amounts reclassified from accumulated other comprehensive income | - | -2,786 | -2,786 | ||||||||
Net current-period other comprehensive income | -24,177 | -42,596 | -66,773 | ||||||||
Balance - end of period | $ | 104,795 | $ | -33,014 | $ | 71,781 | |||||
The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week and 39-week periods ended September 28, 2013: | |||||||||||
13-Weeks Ended Sept 28, 2013 | |||||||||||
Details about Accumulated Other | Amount Reclassified | Affected Line Item in the | |||||||||
Comprehensive Income Components | from Accumulated | Statement Where Net Income is | |||||||||
Other Comprehensive | Presented | ||||||||||
Income | |||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | 137 | Other income (expense) | ||||||||
-32 | Income tax provision | ||||||||||
$ | 105 | Net of tax | |||||||||
39-Weeks Ended Sept 28, 2013 | |||||||||||
Details about Accumulated Other | Amount Reclassified | Affected Line Item in the | |||||||||
Comprehensive Income Components | from Accumulated | Statement Where Net Income is | |||||||||
Other Comprehensive | Presented | ||||||||||
Income | |||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | 2,963 | Other income (expense) | ||||||||
-177 | Income tax provision | ||||||||||
$ | 2,786 | Net of tax | |||||||||
License_Fees
License Fees | 9 Months Ended |
Sep. 28, 2013 | |
License Fees Disclosure [Abstract] | |
License Fees | 11. License Fees |
During the second quarter of 2012, the Company determined certain license fee payments to one of its suppliers had exceeded contractual requirements since the third quarter of 2010. The periodic royalty audit by the supplier, which was already underway, was completed in June 2012, resulting in a net overpayment of such license fees of $20.8 million. This credit is reflected in cost of goods sold for the 39-week period ended September 29, 2012. | |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 28, 2013 | |
New Accounting Pronouncements and Changes In Accounting Principles [Abstract] | |
Recently Issued Accounting Pronouncements | 12. Recently Issued Accounting Pronouncements |
In July 2012, the FASB issued Accounting Standards Update No. 2012-02 “Testing Indefinite-Lived Intangible Assets for Impairment” (ASU 2012-02), which is included in ASC Topic 350 (Intangibles—Goodwill and Other). ASU 2012-02 provides an option for companies to use a qualitative approach to test indefinite-lived intangible assets for impairment if certain conditions are met. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The implementation of the amended accounting guidance did not have a material impact on the Company’s financial statements. | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-02 “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (ASU 2013-02), which is included in ASC Topic 220 (Comprehensive Income). The objective of ASU 2013-02 is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The Company has implemented this amendment and has included the required disclosure in the Notes to Condensed Consolidated Financial Statements. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (ASU 2013-11), which is included in ASC Topic 740 (Income Taxes). ASU 2013-11 requires an entity to net its liability for unrecognized tax positions against a net operating loss carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the tax law. The provisions of this new guidance are effective for reporting periods beginning after December 15, 2013. We are currently evaluating the impact of the new guidance on our financial statements. | |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Disclosure Inventories [Abstract] | ||||||||
Components of Inventories | The components of inventories consist of the following: | |||||||
September 28, 2013 | December 29, 2012 | |||||||
Raw materials | $ | 136,923 | $ | 119,142 | ||||
Work-in-process | 52,894 | 53,656 | ||||||
Finished goods | 256,996 | 243,238 | ||||||
Inventory reserves | -30,088 | -26,105 | ||||||
Inventory, net of reserves | $ | 416,725 | $ | 389,931 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Computation of Basic and Diluted Net Income Per Share | The following table sets forth the computation of basic and diluted net income per share: | |||||||
13-Weeks Ended | ||||||||
Sept 28, | Sept 29, | |||||||
2013 | 2012 | |||||||
Numerator: | ||||||||
Numerator for basic and diluted net income | $ | 187,669 | $ | 140,348 | ||||
per share - net income | ||||||||
Denominator: | ||||||||
Denominator for basic net income per share – | 195,325 | 194,912 | ||||||
weighted-average common shares | ||||||||
Effect of dilutive securities – | 975 | 1,249 | ||||||
stock options, stock appreciation rights | ||||||||
and restricted stock units | ||||||||
Denominator for diluted net income per share – | 196,300 | 196,161 | ||||||
adjusted weighted-average common shares | ||||||||
Basic net income per share | $ | 0.96 | $ | 0.72 | ||||
Diluted net income per share | $ | 0.96 | $ | 0.72 | ||||
39-Weeks Ended | ||||||||
Sept 28, | Sept 29, | |||||||
2013 | 2012 | |||||||
Numerator: | ||||||||
Numerator for basic and diluted net income | $ | 448,827 | $ | 413,109 | ||||
per share - net income | ||||||||
Denominator: | ||||||||
Denominator for basic net income per share – | 195,488 | 194,834 | ||||||
weighted-average common shares | ||||||||
Effect of dilutive securities – | 824 | 1,337 | ||||||
stock options, stock appreciation rights | ||||||||
and restricted stock units | ||||||||
Denominator for diluted net income per share – | 196,312 | 196,171 | ||||||
adjusted weighted-average common shares | ||||||||
Basic net income per share | $ | 2.3 | $ | 2.12 | ||||
Diluted net income per share | $ | 2.29 | $ | 2.11 | ||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Net Sales Operating Income and Income Before Taxes for Reportable Segments | Net sales, operating income, and income before taxes for each of the Company’s reportable segments are presented below: | ||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||
Auto/ | |||||||||||||||||||||
Outdoor | Fitness | Marine | Mobile | Aviation | Total | ||||||||||||||||
13-Weeks Ended September 28, 2013 | |||||||||||||||||||||
Net sales | $ | 101,350 | $ | 81,007 | $ | 55,301 | $ | 322,520 | $ | 83,459 | $ | 643,637 | |||||||||
Operating income | $ | 44,107 | $ | 26,493 | $ | 4,118 | $ | 53,848 | $ | 23,183 | $ | 151,749 | |||||||||
Income before taxes | $ | 45,556 | $ | 27,938 | $ | 4,347 | $ | 58,144 | $ | 24,815 | $ | 160,800 | |||||||||
13-Weeks Ended September 29, 2012 | |||||||||||||||||||||
Net sales | $ | 105,572 | $ | 64,788 | $ | 44,766 | $ | 384,393 | $ | 72,857 | $ | 672,376 | |||||||||
Operating income | $ | 48,384 | $ | 21,219 | $ | 8,378 | $ | 65,165 | $ | 16,916 | $ | 160,062 | |||||||||
Income before taxes | $ | 48,953 | $ | 21,853 | $ | 8,705 | $ | 65,399 | $ | 17,717 | $ | 162,627 | |||||||||
39-Weeks Ended September 28, 2013 | |||||||||||||||||||||
Net sales | $ | 284,372 | $ | 237,660 | $ | 178,344 | $ | 919,810 | $ | 251,970 | $ | 1,872,156 | |||||||||
Operating income | $ | 110,538 | $ | 76,026 | $ | 16,089 | $ | 134,324 | $ | 64,584 | $ | 401,561 | |||||||||
Income before taxes | $ | 117,996 | $ | 81,186 | $ | 20,828 | $ | 160,803 | $ | 68,206 | $ | 449,019 | |||||||||
39-Weeks Ended September 29, 2012 | |||||||||||||||||||||
Net sales | $ | 283,230 | $ | 217,815 | $ | 168,620 | $ | 1,055,786 | $ | 221,676 | $ | 1,947,127 | |||||||||
Operating income | $ | 118,032 | $ | 76,016 | $ | 35,584 | $ | 170,208 | $ | 54,561 | $ | 454,401 | |||||||||
Income before taxes | $ | 119,971 | $ | 77,916 | $ | 36,596 | $ | 178,978 | $ | 56,158 | $ | 469,619 | |||||||||
Net Sales and Property and Equipment Net by Geographic Area | Net sales and property and equipment, net by geographic area are as follows as of and for the 39-week periods ended September 28, 2013 and September 29, 2012. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa: | ||||||||||||||||||||
Americas | APAC | EMEA | Total | ||||||||||||||||||
28-Sep-13 | |||||||||||||||||||||
Net sales to external customers | $ | 1,002,796 | $ | 176,524 | $ | 692,836 | $ | 1,872,156 | |||||||||||||
Property and equipment, net | $ | 235,520 | $ | 123,763 | $ | 54,392 | $ | 413,675 | |||||||||||||
29-Sep-12 | |||||||||||||||||||||
Net sales to external customers | $ | 1,068,289 | $ | 186,165 | $ | 692,673 | $ | 1,947,127 | |||||||||||||
Property and equipment, net | $ | 221,085 | $ | 135,227 | $ | 51,541 | $ | 407,853 | |||||||||||||
Warranty_Reserves_Tables
Warranty Reserves (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Product Warranties Disclosures [Abstract] | ||||||||
Changes in Aggregate Warranty Reserve | The following reconciliation provides an illustration of changes in the aggregate warranty reserve. | |||||||
13-Weeks Ended | ||||||||
Sept 28, | Sept 29, | |||||||
2013 | 2012 | |||||||
Balance - beginning of the period | $ | 34,288 | $ | 40,797 | ||||
Accrual for products sold | 10,884 | 9,009 | ||||||
Expenditures | -10,533 | -10,659 | ||||||
Balance - end of the period | $ | 34,639 | $ | 39,147 | ||||
39-Weeks Ended | ||||||||
Sept 28, | Sept 29, | |||||||
2013 | 2012 | |||||||
Balance - beginning of the period | $ | 37,301 | $ | 46,773 | ||||
Accrual for products sold | 29,076 | 24,863 | ||||||
Expenditures | -31,738 | -32,489 | ||||||
Balance - end of the period | $ | 34,639 | $ | 39,147 | ||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Available For Sale Securities Measured At Estimated Fair Value On Recurring Basis | Available for sale securities measured at estimated fair value on a recurring basis are summarized below: | ||||||||||||||||
Fair Value Measurements as | |||||||||||||||||
of September 28, 2013 | |||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Mortgage-backed securities | $ | 518,840 | $ | - | $ | 518,840 | $ | - | |||||||||
Obligations of states and political subdivisions | 690,615 | - | 690,615 | - | |||||||||||||
Corporate bonds | 420,345 | - | 420,345 | - | |||||||||||||
Common stocks | 27,435 | 27,435 | - | - | |||||||||||||
Other | 71,162 | - | 71,162 | - | |||||||||||||
Total | $ | 1,728,397 | $ | 27,435 | $ | 1,700,962 | $ | - | |||||||||
Fair Value Measurements as | |||||||||||||||||
of December 29, 2012 | |||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Mortgage-backed securities | $ | 650,895 | $ | - | $ | 650,895 | $ | - | |||||||||
Obligations of states and political subdivisions | 499,857 | - | 499,857 | - | |||||||||||||
Corporate bonds | 399,941 | - | 399,941 | - | |||||||||||||
Common stocks | 22,982 | 22,982 | - | - | |||||||||||||
Other | 67,720 | - | 67,720 | - | |||||||||||||
Total | $ | 1,641,395 | $ | 22,982 | $ | 1,618,413 | $ | - | |||||||||
Marketable Securities Classified as Available-For-Sale Securities | The following is a summary of the Company’s marketable securities classified as available-for-sale securities at September 28, 2013: | ||||||||||||||||
Estimated Fair | |||||||||||||||||
Gross | Other Than | Value (Net | |||||||||||||||
Gross Unrealized | Unrealized | Temporary | Carrying | ||||||||||||||
Amortized Cost | Gains | Losses | Impairment | Amount) | |||||||||||||
Mortgage-backed securities | $ | 534,722 | $ | 4,386 | $ | -20,268 | $ | - | $ | 518,840 | |||||||
Obligations of states and political subdivisions | 711,989 | 1,649 | -23,023 | - | 690,615 | ||||||||||||
U.S. corporate bonds | 424,439 | 1,658 | -4,478 | -1,274 | 420,345 | ||||||||||||
Common stocks | 23,795 | 3,975 | -335 | - | 27,435 | ||||||||||||
Other | 67,914 | 3,335 | -87 | - | 71,162 | ||||||||||||
Total | $ | 1,762,859 | $ | 15,003 | $ | -48,191 | $ | -1,274 | $ | 1,728,397 | |||||||
The following is a summary of the Company’s marketable securities classified as available-for-sale securities at December 29, 2012: | |||||||||||||||||
Estimated Fair | |||||||||||||||||
Gross | Other Than | Value (Net | |||||||||||||||
Gross Unrealized | Unrealized | Temporary | Carrying | ||||||||||||||
Amortized Cost | Gains | Losses | Impairment | Amount) | |||||||||||||
Mortgage-backed securities | $ | 644,388 | $ | 8,894 | $ | -2,387 | $ | - | $ | 650,895 | |||||||
Obligations of states and political subdivisions | 499,241 | 2,345 | -1,729 | - | 499,857 | ||||||||||||
U.S. corporate bonds | 400,310 | 3,138 | -2,233 | -1,274 | 399,941 | ||||||||||||
Common stocks | 21,113 | 2,392 | -523 | - | 22,982 | ||||||||||||
Other | 67,181 | 551 | -12 | - | 67,720 | ||||||||||||
Total | $ | 1,632,233 | $ | 17,320 | $ | -6,884 | $ | -1,274 | $ | 1,641,395 | |||||||
Amortized Cost and Estimated Fair Value of Marketable Securities, by Contractual Maturity | The amortized cost and estimated fair value of marketable securities at September 28, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. | ||||||||||||||||
Cost | Estimated | ||||||||||||||||
Fair Value | |||||||||||||||||
Due in one year or less | $ | 136,835 | $ | 134,253 | |||||||||||||
Due after one year through five years | 688,846 | 686,299 | |||||||||||||||
Due after five years through ten years | 257,244 | 249,112 | |||||||||||||||
Due after ten years | 621,050 | 592,932 | |||||||||||||||
Other (No contractual maturity dates) | 58,884 | 65,801 | |||||||||||||||
$ | 1,762,859 | $ | 1,728,397 | ||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||
Sep. 28, 2013 | |||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||
Changes in Accumulated Other Comprehensive Income | The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the 13-week and 39-week periods ended September 28, 2013: | ||||||||||
13-Weeks Ended Sept 28, 2013 | |||||||||||
Foreign Currency | Unrealized Gains | Total | |||||||||
Translation | (Losses) on | ||||||||||
Adjustment | Available for Sale | ||||||||||
Securities | |||||||||||
Balance - beginning of period | $ | 91,416 | $ | -26,573 | $ | 64,843 | |||||
Other comprehensive income before reclassification | 13,379 | -6,336 | 7,043 | ||||||||
Amounts reclassified from accumulated other comprehensive income | - | -105 | -105 | ||||||||
Net current-period other comprehensive income | 13,379 | -6,441 | 6,938 | ||||||||
Balance - end of period | $ | 104,795 | $ | -33,014 | $ | 71,781 | |||||
39-Weeks Ended Sept 28, 2013 | |||||||||||
Foreign Currency | Unrealized Gains | Total | |||||||||
Translation | (Losses) on | ||||||||||
Adjustment | Available for Sale | ||||||||||
Securities | |||||||||||
Balance - beginning of period | $ | 128,972 | $ | 9,582 | $ | 138,554 | |||||
Other comprehensive income before reclassification | -24,177 | -39,810 | -63,987 | ||||||||
Amounts reclassified from accumulated other comprehensive income | - | -2,786 | -2,786 | ||||||||
Net current-period other comprehensive income | -24,177 | -42,596 | -66,773 | ||||||||
Balance - end of period | $ | 104,795 | $ | -33,014 | $ | 71,781 | |||||
Reclassifications out of AOCI | The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week and 39-week periods ended September 28, 2013: | ||||||||||
13-Weeks Ended Sept 28, 2013 | |||||||||||
Details about Accumulated Other | Amount Reclassified | Affected Line Item in the | |||||||||
Comprehensive Income Components | from Accumulated | Statement Where Net Income is | |||||||||
Other Comprehensive | Presented | ||||||||||
Income | |||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | 137 | Other income (expense) | ||||||||
-32 | Income tax provision | ||||||||||
$ | 105 | Net of tax | |||||||||
39-Weeks Ended Sept 28, 2013 | |||||||||||
Details about Accumulated Other | Amount Reclassified | Affected Line Item in the | |||||||||
Comprehensive Income Components | from Accumulated | Statement Where Net Income is | |||||||||
Other Comprehensive | Presented | ||||||||||
Income | |||||||||||
Unrealized gains (losses) on available-for-sale securities | $ | 2,963 | Other income (expense) | ||||||||
-177 | Income tax provision | ||||||||||
$ | 2,786 | Net of tax | |||||||||
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Inventory [Line Items] | ||
Raw materials | $136,923 | $119,142 |
Work-in-process | 52,894 | 53,656 |
Finished goods | 256,996 | 243,238 |
Inventory reserves | -30,088 | -26,105 |
Inventory, net of reserves | $416,725 | $389,931 |
Earnings_Per_Share_Computation
Earnings Per Share (Computation of Basic and Diluted Net Income Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Numerator: | ||||
Numerator for basic and diluted net income per share - net income | $187,669 | $140,348 | $448,827 | $413,109 |
Denominator: | ||||
Denominator for basic net income per share - weighted-average common shares | 195,325 | 194,912 | 195,488 | 194,834 |
Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units | 975 | 1,249 | 824 | 1,337 |
Denominator for diluted net income per share - adjusted weighted-average common shares | 196,300 | 196,161 | 196,312 | 196,171 |
Basic net income per share | $0.96 | $0.72 | $2.30 | $2.12 |
Diluted net income per share | $0.96 | $0.72 | $2.29 | $2.11 |
Earnings_Per_Share_Additional_
Earnings Per Share (Additional Information) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive stock options, stock appreciation rights and restricted stock units | 5,443,047 | 5,599,936 | 5,507,363 | 5,667,000 |
Shares issued as a result of exercises of equity awards | 233,703 | 94,668 | 344,254 | 307,386 |
Segment_Information_Net_Sales_
Segment Information (Net Sales Operating Income and Income Before Taxes for Reportable Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Segment Reporting Information [Line Items] | ||||
Net sales | $643,637 | $672,376 | $1,872,156 | $1,947,127 |
Operating income | 151,749 | 160,062 | 401,561 | 454,401 |
Income before taxes | 160,800 | 162,627 | 449,019 | 469,619 |
Outdoor [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 101,350 | 105,572 | 284,372 | 283,230 |
Operating income | 44,107 | 48,384 | 110,538 | 118,032 |
Income before taxes | 45,556 | 48,953 | 117,996 | 119,971 |
Fitness [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 81,007 | 64,788 | 237,660 | 217,815 |
Operating income | 26,493 | 21,219 | 76,026 | 76,016 |
Income before taxes | 27,938 | 21,853 | 81,186 | 77,916 |
Marine [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 55,301 | 44,766 | 178,344 | 168,620 |
Operating income | 4,118 | 8,378 | 16,089 | 35,584 |
Income before taxes | 4,347 | 8,705 | 20,828 | 36,596 |
Auto/Mobile [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 322,520 | 384,393 | 919,810 | 1,055,786 |
Operating income | 53,848 | 65,165 | 134,324 | 170,208 |
Income before taxes | 58,144 | 65,399 | 160,803 | 178,978 |
Aviation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 83,459 | 72,857 | 251,970 | 221,676 |
Operating income | 23,183 | 16,916 | 64,584 | 54,561 |
Income before taxes | $24,815 | $17,717 | $68,206 | $56,158 |
Segment_Information_Net_Sales_1
Segment Information (Net Sales and Property and Equipment Net by Geographic Area) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales to external customers | $643,637 | $672,376 | $1,872,156 | $1,947,127 | |
Property and equipment, net | 413,675 | 407,853 | 413,675 | 407,853 | 409,751 |
Americas [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales to external customers | 1,002,796 | 1,068,289 | |||
Property and equipment, net | 235,520 | 221,085 | 235,520 | 221,085 | |
Asia Pacific [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales to external customers | 176,524 | 186,165 | |||
Property and equipment, net | 123,763 | 135,227 | 123,763 | 135,227 | |
Europe, Middle East and Africa [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales to external customers | 692,836 | 692,673 | |||
Property and equipment, net | $54,392 | $51,541 | $54,392 | $51,541 |
Warranty_Reserves_Changes_in_A
Warranty Reserves (Changes in Aggregate Warranty Reserve) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Product Liability Contingency [Line Items] | ||||
Balance - beginning of the period | $34,288 | $40,797 | $37,301 | $46,773 |
Accrual for products sold | 10,884 | 9,009 | 29,076 | 24,863 |
Expenditures | -10,533 | -10,659 | -31,738 | -32,489 |
Balance - end of the period | $34,639 | $39,147 | $34,639 | $39,147 |
Commitments_and_Contingencies_
Commitments and Contingencies (Additional Information) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Long-term Purchase Commitment [Line Items] | |
Commitments to make purchases, amount committed | $213,173 |
Commitments to make purchases, time period | 5 years |
Short Term Interest Free Loan Payable | 173,708 |
Number Of Installments For Short Term Loan Payable | 7 |
Number Of Installments To Be Received For Loan and Advance | 5 |
Payments for Advance to Affiliate | $173,708 |
Income_Taxes_Additional_Inform
Income Taxes (Additional Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Mar. 30, 2013 |
Income Taxes [Line Items] | |||||
Decrease in earnings before taxes compared to same period in 2012 | 1.10% | 4.40% | |||
Decrease in income tax expense | $49,148 | $56,318 | |||
Income tax provision | -26,869 | 22,279 | 192 | 56,510 | |
Effective tax rate | 15.70% | 13.70% | 15.30% | 12.00% | |
Liability for Uncertain Tax Positions, Current | 52,180 | 52,180 | 16,536 | ||
Income Tax Reconciliation, Tax Credits, Research | 6,301 | ||||
Other Uncertain Tax Position Reserves | $401 | $1,737 | $9,556 | $11,945 |
Marketable_Securities_Availabl
Marketable Securities (Available for Sale Securities Measured at Estimated Fair Value on Recurring Basis) (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | $1,728,397 | $1,641,395 |
Fair Value, Measurements, Recurring [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 1,728,397 | 1,641,395 |
Fair Value, Measurements, Recurring [Member] | Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 518,840 | 650,895 |
Fair Value, Measurements, Recurring [Member] | Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 690,615 | 499,857 |
Fair Value, Measurements, Recurring [Member] | Corporate Bond Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 420,345 | 399,941 |
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 27,435 | 22,982 |
Fair Value, Measurements, Recurring [Member] | Other securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 71,162 | 67,720 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 27,435 | 22,982 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Corporate Bond Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 27,435 | 22,982 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Other securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 1,700,962 | 1,618,413 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 518,840 | 650,895 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 690,615 | 499,857 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Corporate Bond Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 420,345 | 399,941 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Other securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Total | $71,162 | $67,720 |
Marketable_Securities_Classifi
Marketable Securities (Classified as Available-For-Sale Securities) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Dec. 29, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $1,762,859 | $1,632,233 |
Gross Unrealized Gains | 15,003 | 17,320 |
Gross Unrealized Losses | -48,191 | -6,884 |
Other Than Temporary Impairment | -1,274 | -1,274 |
Estimated Fair Value (Net Carrying Amount) | 1,728,397 | 1,641,395 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 534,722 | 644,388 |
Gross Unrealized Gains | 4,386 | 8,894 |
Gross Unrealized Losses | -20,268 | -2,387 |
Other Than Temporary Impairment | 0 | 0 |
Estimated Fair Value (Net Carrying Amount) | 518,840 | 650,895 |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 711,989 | 499,241 |
Gross Unrealized Gains | 1,649 | 2,345 |
Gross Unrealized Losses | -23,023 | -1,729 |
Other Than Temporary Impairment | 0 | 0 |
Estimated Fair Value (Net Carrying Amount) | 690,615 | 499,857 |
U.S. Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 424,439 | 400,310 |
Gross Unrealized Gains | 1,658 | 3,138 |
Gross Unrealized Losses | -4,478 | -2,233 |
Other Than Temporary Impairment | -1,274 | -1,274 |
Estimated Fair Value (Net Carrying Amount) | 420,345 | 399,941 |
Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 23,795 | 21,113 |
Gross Unrealized Gains | 3,975 | 2,392 |
Gross Unrealized Losses | -335 | -523 |
Other Than Temporary Impairment | 0 | 0 |
Estimated Fair Value (Net Carrying Amount) | 27,435 | 22,982 |
Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 67,914 | 67,181 |
Gross Unrealized Gains | 3,335 | 551 |
Gross Unrealized Losses | -87 | -12 |
Other Than Temporary Impairment | 0 | 0 |
Estimated Fair Value (Net Carrying Amount) | $71,162 | $67,720 |
Marketable_Securities_Amortize
Marketable Securities (Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity) (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Cost | ||
Due in one year or less | $136,835 | |
Due after one year through five years | 688,846 | |
Due after five years through ten years | 257,244 | |
Due after ten years | 621,050 | |
Other (No contractual maturity dates) | 58,884 | |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Total | 1,762,859 | |
Estimated Fair Value | ||
Due in one year or less | 134,253 | |
Due after one year through five years | 686,299 | |
Due after five years through ten years | 249,112 | |
Due after ten years | 592,932 | |
Other (No contractual maturity dates) | 65,801 | |
Estimated Fair Value (Net Carrying Amount) | $1,728,397 | $1,641,395 |
Marketable_Securities_Addition
Marketable Securities (Additional information) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Dec. 29, 2012 |
Gross Unrealized Losses | ($48,191) | ($6,884) |
Change In Treasury Bond Yield Description | The decline was due to increases in the 10 Year Treasury Bond Yield during the second and third quarters, which caused market valuations of certain securities in our investment portfolios to decline. | |
Held To Maturity Securities Continuous Unrealized Loss Position Percentage | 47.00% | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,116,862 | |
Available For Sale Securities Continuous Unrealized Loss Position Amortization Cost | $1,165,053 |
Share_Repurchase_Plan_Addition
Share Repurchase Plan (Additional information) (Details) (USD $) | 0 Months Ended | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Feb. 15, 2013 | Sep. 28, 2013 |
Treasury Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $300,000 | |
Share repurchase program, shares repurchased | 713,092 | |
Share repurchase program, shares repurchased value | 26,926 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $273,074 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Changes in Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Foreign Currency Translation Adjustment | ||||
Balance - beginning of period | $91,416 | $128,972 | ||
Other comprehensive income before reclassification | 13,379 | 22,591 | -24,177 | 31,881 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | ||
Net current-period other comprehensive income | 13,379 | -24,177 | ||
Balance - end of period | 104,795 | 104,795 | ||
Unrealized Gains (Losses) on Available for Sale Securities | ||||
Balance - beginning of period | -26,573 | 9,582 | ||
Other comprehensive income before reclassification | -6,336 | -39,810 | ||
Amounts reclassified from accumulated other comprehensive income | -105 | -2,786 | ||
Net current-period other comprehensive income | -6,441 | -42,596 | ||
Balance - end of period | -33,014 | -33,014 | ||
Total | ||||
Balance - beginning of period | 64,843 | 138,554 | ||
Other comprehensive income before reclassification | 7,043 | -63,987 | ||
Amounts reclassified from accumulated other comprehensive income | -105 | -2,786 | ||
Net current-period other comprehensive income | 6,938 | -66,773 | ||
Balance - end of period | $71,781 | $71,781 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Reclassifications Out of AOCI) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income (expense) | $9,051 | $2,565 | $47,458 | $15,218 |
Income tax provision | 26,869 | -22,279 | -192 | -56,510 |
Unrealized Gains (Losses) On Available-For-Sale Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income (expense) | 137 | 2,963 | ||
Income tax provision | -32 | -177 | ||
Net of tax | $105 | $2,786 |
License_Fees_Additional_Inform
License Fees (Additional Information) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 |
License Fees [Line Items] | |
Net overpayment of license fees | $20.80 |