Cover
Cover - shares | 9 Months Ended | |
Sep. 28, 2019 | Oct. 28, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 28, 2019 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Current Fiscal Year End Date | --12-28 | |
Entity File Number | 0-31983 | |
Entity Registrant Name | GARMIN LTD | |
Entity Central Index Key | 0001121788 | |
Entity Tax Identification Number | 98-0229227 | |
Entity Incorporation, State or Country Code | V8 | |
Entity Address, Address Line1 | Mühlentalstrasse 2 | |
Entity Address, City or Town | 8200 Schaffhausen | |
Entity Address, Country | CH | |
Entity Address, Postal Zip Code | N/A | |
City Area Code | 41 52 | |
Local Phone Number | 630 1600 | |
Title of 12(b) Security | Registered Shares, CHF 0.10 Per Share Par Value | |
Trading Symbol | GRMN | |
Security Exchange Name | NASDAQ | |
Entity's Reporting Status Current | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 198,077,418 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 28, 2019 | Dec. 29, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 976,402 | $ 1,201,732 |
Marketable securities | 300,542 | 182,989 |
Accounts receivable, net | 558,299 | 569,833 |
Inventories | 749,825 | 561,840 |
Deferred costs | 26,450 | 28,462 |
Prepaid expenses and other current assets | 146,325 | 120,512 |
Total current assets | 2,757,843 | 2,665,368 |
Property and equipment, net | 710,591 | 663,527 |
Operating lease right-of-use assets | 55,399 | |
Restricted cash | 1,036 | 73 |
Marketable securities | 1,252,219 | 1,330,123 |
Deferred income taxes | 158,963 | 176,959 |
Noncurrent deferred costs | 25,156 | 29,473 |
Intangible assets, net | 637,716 | 417,080 |
Other assets | 156,182 | 100,255 |
Total assets | 5,755,105 | 5,382,858 |
Current liabilities: | ||
Accounts payable | 235,548 | 204,985 |
Salaries and benefits payable | 109,323 | 113,087 |
Accrued warranty costs | 37,998 | 38,276 |
Accrued sales program costs | 58,459 | 90,388 |
Deferred revenue | 95,572 | 96,372 |
Accrued royalty costs | 11,673 | 24,646 |
Accrued advertising expense | 21,246 | 31,657 |
Other accrued expenses | 87,333 | 69,777 |
Income taxes payable | 60,728 | 51,642 |
Dividend payable | 325,075 | 200,483 |
Total current liabilities | 1,042,955 | 921,313 |
Deferred income taxes | 113,225 | 92,944 |
Noncurrent income taxes | 105,309 | 127,211 |
Noncurrent deferred revenue | 69,600 | 76,566 |
Noncurrent operating lease liabilities | 42,855 | |
Other liabilities | 267 | 1,850 |
Stockholders’ equity: | ||
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 190,103 shares outstanding at September 28, 2019; and 189,461 shares outstanding at December 29, 2018; | 17,979 | 17,979 |
Additional paid-in capital | 1,841,696 | 1,823,638 |
Treasury stock | (368,187) | (397,692) |
Retained earnings | 2,868,816 | 2,710,619 |
Accumulated other comprehensive income | 20,590 | 8,430 |
Total stockholders’ equity | 4,380,894 | 4,162,974 |
Total liabilities and stockholders’ equity | $ 5,755,105 | $ 5,382,858 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - SFr / shares shares in Thousands | Sep. 28, 2019 | Dec. 29, 2018 |
Statement of Financial Position [Abstract] | ||
Common shares, par value (in CHF dollars per share) | SFr 0.10 | SFr 0.10 |
Common shares, authorized | 198,077 | 198,077 |
Common shares, issued | 198,077 | 198,077 |
Common shares, outstanding | 190,103 | 189,461 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 934,383 | $ 810,011 | $ 2,655,273 | $ 2,415,336 |
Cost of goods sold | 366,925 | 329,264 | 1,060,752 | 984,783 |
Gross profit | 567,458 | 480,747 | 1,594,521 | 1,430,553 |
Advertising expense | 32,668 | 31,140 | 101,808 | 100,000 |
Selling, general and administrative expense | 124,769 | 114,669 | 380,289 | 352,234 |
Research and development expense | 148,561 | 138,979 | 443,361 | 422,649 |
Total operating expense | 305,998 | 284,788 | 925,458 | 874,883 |
Operating income | 261,460 | 195,959 | 669,063 | 555,670 |
Other income (expense): | ||||
Interest income | 12,309 | 11,089 | 39,748 | 32,310 |
Foreign currency losses | (16,296) | (6,868) | (12,568) | (3,405) |
Other income | 294 | 1,147 | 3,567 | 6,800 |
Total other income (expense) | (3,693) | 5,368 | 30,747 | 35,705 |
Income before income taxes | 257,767 | 201,327 | 699,810 | 591,375 |
Income tax provision | 29,901 | 17,113 | 108,115 | 87,445 |
Net income | $ 227,866 | $ 184,214 | $ 591,695 | $ 503,930 |
Net income per share: | ||||
Basic | $ 1.20 | $ 0.98 | $ 3.12 | $ 2.67 |
Diluted | $ 1.19 | $ 0.97 | $ 3.10 | $ 2.66 |
Weighted average common shares outstanding: | ||||
Basic | 190,102 | 188,799 | 189,853 | 188,554 |
Diluted | 190,962 | 190,005 | 190,790 | 189,586 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 227,866 | $ 184,214 | $ 591,695 | $ 503,930 |
Foreign currency translation adjustment | (18,885) | (3,940) | (27,805) | (30,308) |
Change in fair value of available-for-sale marketable securities, net of deferred taxes | 4,794 | (1,168) | 39,965 | (21,044) |
Comprehensive income | $ 213,775 | $ 179,106 | $ 603,855 | $ 452,578 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
Beginning balance, value at Dec. 30, 2017 | $ 17,979 | $ 1,828,386 | $ (468,818) | $ 2,418,444 | $ 56,428 | $ 3,852,419 |
Net income | 503,930 | 503,930 | ||||
Translation adjustment | (30,308) | (30,308) | ||||
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects | (21,044) | (21,044) | ||||
Comprehensive income | 452,578 | |||||
Dividends declared | (400,298) | (400,298) | ||||
Issuance of treasury stock related to equity awards | (27,929) | 42,453 | 14,524 | |||
Stock compensation | 42,094 | 42,094 | ||||
Purchase of treasury stock related to equity awards | (6,909) | (6,909) | ||||
Reclassification under ASU 2016-06 | (1,700) | (1,700) | ||||
Reclassification under ASU 2018-02 | 452 | (452) | ||||
Ending balance, value at Sep. 29, 2018 | 17,979 | 1,842,551 | (433,274) | 2,520,828 | 4,624 | 3,952,708 |
Beginning balance, value at Jun. 30, 2018 | 17,979 | 1,828,515 | (433,959) | 2,336,614 | 9,732 | 3,758,881 |
Net income | 184,214 | 184,214 | ||||
Translation adjustment | (3,940) | (3,940) | ||||
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects | (1,168) | (1,168) | ||||
Comprehensive income | 179,106 | |||||
Dividends declared | ||||||
Issuance of treasury stock related to equity awards | (311) | 693 | 382 | |||
Stock compensation | 14,347 | 14,347 | ||||
Purchase of treasury stock related to equity awards | (8) | (8) | ||||
Ending balance, value at Sep. 29, 2018 | 17,979 | 1,842,551 | (433,274) | 2,520,828 | 4,624 | 3,952,708 |
Beginning balance, value at Dec. 29, 2018 | 17,979 | 1,823,638 | (397,692) | 2,710,619 | 8,430 | 4,162,974 |
Net income | 591,695 | 591,695 | ||||
Translation adjustment | (27,805) | (27,805) | ||||
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects | 39,965 | 39,965 | ||||
Comprehensive income | 603,855 | |||||
Dividends declared | (433,498) | (433,498) | ||||
Issuance of treasury stock related to equity awards | (29,495) | 42,477 | 12,982 | |||
Stock compensation | 47,553 | 47,553 | ||||
Purchase of treasury stock related to equity awards | (12,972) | (12,972) | ||||
Ending balance, value at Sep. 28, 2019 | 17,979 | 1,841,696 | (368,187) | 2,868,816 | 20,590 | 4,380,894 |
Beginning balance, value at Jun. 29, 2019 | 17,979 | 1,825,135 | (368,200) | 2,641,371 | 34,681 | 4,150,966 |
Net income | 227,866 | 227,866 | ||||
Translation adjustment | (18,885) | (18,885) | ||||
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects | 4,794 | 4,794 | ||||
Comprehensive income | 213,775 | |||||
Dividends declared | (421) | (421) | ||||
Issuance of treasury stock related to equity awards | (30) | 30 | ||||
Stock compensation | 16,591 | 16,591 | ||||
Purchase of treasury stock related to equity awards | (17) | (17) | ||||
Ending balance, value at Sep. 28, 2019 | $ 17,979 | $ 1,841,696 | $ (368,187) | $ 2,868,816 | $ 20,590 | $ 4,380,894 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Adjustment related to unrealized gains (losses) on available-for-sale securities income tax effects | $ 657 | $ 107 | $ 5,968 | $ 3,014 |
Dividends declared per share | $ 2.28 | $ 2.12 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 28, 2019 | Sep. 29, 2018 | |
Operating activities: | ||
Net income | $ 591,695 | $ 503,930 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 52,503 | 47,902 |
Amortization | 25,112 | 23,574 |
Gain on sale or disposal of property and equipment | (5) | (491) |
Provision for doubtful accounts | 933 | 1,265 |
Provision for obsolete and slow moving inventories | 32,501 | 17,719 |
Unrealized foreign currency loss | 14,653 | 4,158 |
Deferred income taxes | 18,012 | 20,177 |
Stock compensation expense | 47,553 | 42,094 |
Realized (gains) losses on marketable securities | (213) | 481 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 14,311 | 111,955 |
Inventories | (210,622) | (69,139) |
Other current and non-current assets | (86,538) | 5,102 |
Accounts payable | 27,523 | 32,601 |
Other current and non-current liabilities | (54,401) | (57,245) |
Deferred revenue | (7,750) | (14,923) |
Deferred costs | 6,326 | 5,581 |
Income taxes payable | (7,423) | 27,041 |
Net cash provided by operating activities | 464,170 | 701,782 |
Investing activities: | ||
Purchases of property and equipment | (91,469) | (122,846) |
Proceeds from sale of property and equipment | 370 | 1,296 |
Purchase of intangible assets | (1,862) | (2,982) |
Purchase of marketable securities | (333,320) | (314,179) |
Redemption of marketable securities | 333,783 | 229,066 |
Acquisitions, net of cash acquired | (275,310) | (29,170) |
Net cash used in investing activities | (367,808) | (238,815) |
Financing activities: | ||
Dividends | (308,905) | (296,149) |
Proceeds from issuance of treasury stock related to equity awards | 12,982 | 14,524 |
Purchase of treasury stock related to equity awards | (12,972) | (6,909) |
Net cash used in financing activities | (308,895) | (288,534) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (11,834) | (9,650) |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (224,367) | 164,783 |
Cash, cash equivalents, and restricted cash at beginning of period | 1,201,805 | 891,759 |
Cash, cash equivalents, and restricted cash at end of period | $ 977,438 | $ 1,056,542 |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 28, 2019 | |
Accounting Policies [Abstract] | |
Accounting Policies | 1. Accounting Policies Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Additionally, the Condensed Consolidated Financial Statements should be read in conjunction with Item 2 of Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in this Form 10-Q. Operating results for the 13-week and 39-week periods ended September 28, 2019 are not necessarily indicative of the results that may be expected for the year ending December 28, 2019. The Condensed Consolidated Balance Sheet at December 29, 2018 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, 2018. 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 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, 2019 and September 29, 2018 both contain operating results for 13 weeks. Recently Adopted Accounting Standards Leases In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The FASB subsequently issued Accounting Standards Update No. 2018-10 and Accounting Standards Update No. 2018-11 in July 2018, which provide clarifications and improvements to ASU 2016-02 (collectively, the “new lease standard”). Accounting Standards Update No. 2018-11 also provides the optional transition method which allows companies to apply the new lease standard at the adoption date instead of at the earliest comparative period presented. The new lease standard requires lessees to present a right-of-use asset and a corresponding lease liability on the balance sheet. The Company adopted the new lease standard as of the beginning of the 2019 fiscal year using the optional transition method. The Company did not have a cumulative effect adjustment to retained earnings as a result of adopting the new lease standard and does not expect the new lease standard to have a material impact on the Company’s Consolidated Statements of Income or Consolidated Statements of Cash Flows in future periods. The Company elected the package of transitional practical expedients upon adoption which, among other provisions, allowed the Company to carry forward historical lease classification. See Note 11 – Leases for additional information regarding leases. Significant Accounting Policies For a description of the significant accounting policies and methods used in the preparation of the Company’s Condensed Consolidated Financial Statements, refer to Note 2, “Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2018. Other than the policy discussed below, there were no material changes to the Company’s significant accounting policies during the 39-week period ended September 28, 2019. Preproduction Costs Related to Long-Term Supply Arrangements Preproduction design and development costs related to long-term supply arrangements are expensed as incurred, and classified as Research and development, unless the customer has provided a contractual guarantee for reimbursement of such costs. Contractually reimbursable costs are capitalized as incurred in the Condensed Consolidated Balance Sheets within Prepaid expenses and other current assets if reimbursement is expected to be received within one year, or within Other assets if expected to be received beyond one year. Such capitalized costs were approximately $ 22 no |
Inventories
Inventories | 9 Months Ended |
Sep. 28, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. Inventories The components of inventories consist of the following: Schedule of inventories September 28, December 29, 2019 2018 Raw materials $ 267,718 $ 205,696 Work-in-process 133,290 96,564 Finished goods 348,817 259,580 Inventories $ 749,825 $ 561,840 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 28, 2019 | |
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: Schedule of computation of basic and diluted net income per share 13-Weeks Ended September 28, September 29, 2019 2018 Numerator: Numerator for basic and diluted net income per share - net income $ 227,866 $ 184,214 Denominator: Denominator for basic net income per share – weighted-average common shares 190,102 188,799 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 860 1,206 Denominator for diluted net income per share – adjusted weighted-average common shares 190,962 190,005 Basic net income per share $ 1.20 $ 0.98 Diluted net income per share $ 1.19 $ 0.97 39-Weeks Ended September 28, September 29, 2019 2018 Numerator: Numerator for basic and diluted net income per share - net income $ 591,695 $ 503,930 Denominator: Denominator for basic net income per share – weighted-average common shares 189,853 188,554 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 937 1,032 Denominator for diluted net income per share – adjusted weighted-average common shares 190,790 189,586 Basic net income per share $ 3.12 $ 2.67 Diluted net income per share $ 3.10 $ 2.66 There were 398 266 no There were less than 1 12 There were 396 390 There were 245 There were 230 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 28, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 4. Segment Information The Company has identified five In the first quarter of fiscal 2019, the methodology used to allocate certain selling, general, and administrative expenses to the segments was refined, endeavoring to provide the Company’s CODM with a more meaningful representation of segment profit or loss in light of the evolution of its segments. The Company’s composition of operating segments and reportable segments did not change. Prior year amounts are presented here as they were originally reported, as it is not practicable to accurately restate prior period activity in accordance with the refined allocation methodology. For comparative purposes, we estimate operating income for the 13-weeks ended September 29, 2018 would have been approximately $ 4 2 2 13 10 3 Net sales (“revenue”), gross profit, and operating income for each of the Company’s reportable segments are presented below. Net sales (“revenue”), gross profit, and operating income Outdoor [Member] Fitness [Member] Marine [Member] Auto [Member] Aviation [Member] Reportable Segments Outdoor Fitness Marine Auto Aviation Total 13-Weeks Ended September 28, 2019 Net sales $ 258,294 $ 243,099 $ 107,694 $ 137,722 $ 187,574 $ 934,383 Gross profit 170,846 126,835 64,275 65,814 139,688 567,458 Operating income 105,051 49,831 20,008 20,857 65,713 261,460 13-Weeks Ended September 29, 2018 Net sales $ 209,415 $ 190,185 $ 98,770 $ 165,214 $ 146,427 $ 810,011 Gross profit 136,671 103,441 58,508 70,925 111,202 480,747 Operating income 78,972 37,378 13,908 15,032 50,669 195,959 39-Weeks Ended September 28, 2019 Net sales $ 622,748 $ 675,007 $ 393,070 $ 422,132 $ 542,316 $ 2,655,273 Gross profit 403,842 352,805 234,014 198,012 405,848 1,594,521 Operating income 218,340 118,369 88,212 53,978 190,164 669,063 39 -Weeks Ended September 29, 2018 Net sales $ 555,314 $ 581,315 $ 346,908 $ 486,653 $ 445,146 $ 2,415,336 Gross profit 358,829 326,473 203,976 207,389 333,886 1,430,553 Operating income 194,711 123,299 54,806 31,113 151,741 555,670 Net sales to external customers by geographic region were as follows for the 13-week and 39-week periods ended September 28, 2019 and September 29, 2018. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa: Americas [Member] EMEA [Member] APAC [Member] Schedule of net sales and property and equipment, net by geographic area 13-Weeks Ended 39-Weeks Ended September 28, September 29, September 28, September 29, 2019 2018 2019 2018 Americas $ 439,113 $ 370,239 $ 1,289,409 $ 1,153,330 EMEA 344,010 307,087 942,625 862,116 APAC 151,260 132,685 423,239 399,890 Net sales to external customers $ 934,383 $ 810,011 $ 2,655,273 $ 2,415,336 Net property and equipment by geographic region as of September 28, 2019 and September 29, 2018 are presented below. Americas APAC EMEA Total September 28, 2019 Property and equipment, net $ 431,062 $ 217,184 $ 62,345 $ 710,591 September 29, 2018 Property and equipment, net $ 403,556 $ 202,790 $ 44,459 $ 650,805 |
Warranty Reserves
Warranty Reserves | 9 Months Ended |
Sep. 28, 2019 | |
Guarantees and Product Warranties [Abstract] | |
Warranty Reserves | 5. Warranty Reserves Warranty Reserves Textual The Company’s products sold are generally covered by a standard warranty for periods ranging from one three Schedule of changes in the aggregate warranty reserve 13-Weeks Ended September 28, September 29, 2019 2018 Balance - beginning of period $ 39,330 $ 38,429 Accrual for products sold during the period (1) 12,981 13,558 Expenditures (14,313 ) (16,027 ) Balance - end of period $ 37,998 $ 35,960 39-Weeks Ended September 28, September 29, 2019 2018 Balance - beginning of period $ 38,276 $ 36,827 Accrual for products sold during the period (1) 41,196 40,682 Expenditures (41,474 ) (41,549 ) Balance - end of period $ 37,998 $ 35,960 (1) Changes in cost estimates related to pre-existing warranties are not material and aggregated with accruals for new warranty contracts in the ‘accrual for products sold during the period’ line. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Commitments The Company is party to certain commitments, which include purchases of raw materials, advertising expenditures, and other indirect purchases in connection with conducting our business. The aggregate amount of purchase orders and other commitments open as of September 28, 2019 was approximately $ 467,300 Contingencies In the normal course of business, the Company and its subsidiaries are parties to various legal claims, investigations and complaints, including matters alleging patent infringement and other intellectual property claims. The Company evaluates, on a quarterly and annual basis, developments in legal proceedings, investigations, claims, and other loss contingencies that could affect any required accrual or disclosure or estimate of reasonably possible loss or range of loss. An estimated loss from a loss contingency is accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. If a range of loss is estimated, and some amount within that range appears to be a better estimate than any other amount within that range, then that amount is accrued. If no amount within the range can be identified as a better estimate than any other amount, the Company accrues the minimum amount in the range. If an outcome unfavorable to the Company is determined to be probable, but the amount of loss cannot be reasonably estimated or is determined to be reasonably possible, but not probable, we disclose the nature of the contingency and an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. The Company’s aggregate range of reasonably possible losses includes (1) matters where a liability has been accrued and there is a reasonably possible loss in excess of the amount accrued for that liability, and (2) matters where a loss is believed to be reasonably possible, but not probable, and a liability therefore has not been accrued. This aggregate range only represents the Company’s estimate of reasonably possible losses and does not represent the Company’s maximum loss exposure. The assessment regarding whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. In assessing the probability of an outcome in a lawsuit, claim or assessment that could be unfavorable to the Company, we consider the following factors, among others: a) the nature of the litigation, claim, or assessment; b) the progress of the case; c) the opinions or views of legal counsel and other advisers; d) our experience in similar cases; e) the experience of other entities in similar cases; and f) how we intend to respond to the lawsuit, claim, or assessment. Costs incurred in defending lawsuits, claims or assessments are expensed as incurred. Management of the Company currently does not believe it is reasonably possible that the Company may have incurred a material loss, or a material loss in excess of recorded accruals, with respect to loss contingencies in the aggregate, for the fiscal quarter ended September 28, 2019. 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, 2019 that did not individually or in the aggregate have a material impact on the Company’s business or its consolidated financial position, results of operations or cash flows. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The Company recorded income tax expense of $ 29,901 17,113 11.6% 8.5% The Company recorded income tax expense of $ 108,115 87,445 15.4% 14.8% |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 28, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 8. Marketable Securities The Financial Accounting Standards Board (“FASB”) ASC topic entitled Fair Value Measurements and Disclosures defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The accounting guidance classifies the inputs used to measure fair value into the following hierarchy: Level 1 Unadjusted quoted prices in active markets for the identical asset or liability Level 2 Observable inputs for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3 Unobservable inputs for the asset or liability The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Valuation is based on prices obtained from an independent pricing vendor using both market and income approaches. The primary inputs to the valuation include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, and credit spreads. The method described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Available-for-sale securities measured at fair value on a recurring basis are summarized below: U.S.Treasury Securities [Member] Agency Securities [Member] Mortgage-Backed Securities [Member] Corporate Securities [Member] Municipal Securities [Member] Other [Member] Recurring Basis [Member] Schedule of available-for-sale securities Fair Value Measurements as Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 16,557 $ - $ 16,557 $ - Agency securities 67,926 - 67,926 - Mortgage-backed securities 129,564 - 129,564 - Corporate securities 1,066,438 - 1,066,438 - Municipal securities 158,530 - 158,530 - Other 113,746 - 113,746 - Total $ 1,552,761 $ - $ 1,552,761 $ - Fair Value Measurements as Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 22,128 $ - $ 22,128 $ - Agency securities 59,116 - 59,116 - Mortgage-backed securities 135,865 - 135,865 - Corporate securities 980,524 - 980,524 - Municipal securities 173,137 - 173,137 - Other 142,342 - 142,342 - Total $ 1,513,112 $ - $ 1,513,112 $ - Marketable securities classified as available-for-sale securities are summarized below: Schedule of marketable securities classified as available-for-sale securities Available-For-Sale Securities as Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 16,633 $ 3 $ (79 ) $ 16,557 Agency securities 67,875 130 (79 ) 67,926 Mortgage-backed securities 131,507 174 (2,117 ) 129,564 Corporate securities 1,061,714 8,965 (4,241 ) 1,066,438 Municipal securities 157,456 1,173 (99 ) 158,530 Other 114,106 129 (489 ) 113,746 Total $ 1,549,291 $ 10,574 $ (7,104 ) $ 1,552,761 Available-For-Sale Securities as Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 22,485 $ - $ (357 ) $ 22,128 Agency securities 60,088 28 (1,000 ) 59,116 Mortgage-backed securities 142,176 1 (6,312 ) 135,865 Corporate securities 1,010,590 33 (30,099 ) 980,524 Municipal securities 175,630 73 (2,566 ) 173,137 Other 144,606 0 (2,264 ) 142,342 Total $ 1,555,575 $ 135 $ (42,598 ) $ 1,513,112 The Company’s investment policy targets low risk investments with the objective of minimizing the potential risk of principal loss. The fair value of our securities varies from period to period due to changes in interest rates, in the performance of the underlying collateral and in the credit performance of the underlying issuer, among other factors. The Company does not intend to sell the securities that have an unrealized loss shown in the table above, and it is not more likely than not that the Company will be required to sell a security before recovery of its amortized costs basis, which may be maturity. The Company recognizes the credit component of other-than-temporary impairments of debt securities in “Other Income” and the noncredit component in “Other comprehensive income (loss)” for those securities that we do not intend to sell and for which it is not more likely than not that we will be required to sell before recovery. During 2018 and the 39-week period ended September 28, 2019, the Company did not record any material impairment charges on its outstanding securities. The amortized cost and fair value of the securities at an unrealized loss position as of September 28, 2019 were $ 626,766 619,662 44 The cost of securities sold is based on the specific identification method. 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, 2019 and December 29, 2018. Schedule of gross unrealized losses and fair value by major security type As of September 28, 2019 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ (0 ) $ 1,690 $ (79 ) $ 14,464 Agency securities (10 ) 5,988 (69 ) 30,753 Mortgage-backed securities (149 ) 17,478 (1,968 ) 93,550 Corporate securities (672 ) 163,205 (3,569 ) 191,739 Municipal securities (59 ) 24,305 (40 ) 15,022 Other (141 ) 27,181 (348 ) 34,287 Total $ (1,031 ) $ 239,847 $ (6,073 ) $ 379,815 As of December 29, 2018 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ (3 ) $ 3,975 $ (354 ) $ 18,153 Agency securities (5 ) 4,656 (995 ) 40,508 Mortgage-backed securities (1 ) 361 (6,311 ) 135,323 Corporate securities (4,028 ) 323,633 (26,071 ) 640,439 Municipal securities (454 ) 38,371 (2,112 ) 118,362 Other (102 ) 8,015 (2,162 ) 114,120 Total $ (4,593 ) $ 379,011 $ (38,005 ) $ 1,066,905 The amortized cost and fair value of marketable securities at September 28, 2019, by maturity, are shown below. Schedule of amortized cost and estimated fair value of marketable securities by contractual maturity Amortized Cost Fair Value Due in one year or less $ 300,566 $ 300,542 Due after one year through five years 1,061,239 1,066,607 Due after five years through ten years 174,371 172,546 Due after ten years 13,115 13,066 $ 1,549,291 $ 1,552,761 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 28, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 9. Accumulated Other Comprehensive Income The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the 13-week and 39-week periods ended September 28, 2019: Schedule of changes in accumulated other comprehensive income (AOCI) 13-Weeks Ended September 28, 2019 Foreign Currency Translation Adjustment Net unrealized gains (losses) on available-for-sale securities Total Beginning Balance $ 38,407 $ (3,726 ) $ 34,681 Other comprehensive income before reclassification, net of income tax expense of $657 (18,885 ) 4,933 (13,952 ) Amounts reclassified from accumulated other comprehensive income - (139 ) (139 ) Net current-period other comprehensive income (18,885 ) 4,794 (14,091 ) Ending Balance $ 19,522 $ 1,068 $ 20,590 39-Weeks Ended September 28, 2019 Foreign Currency Translation Adjustment Net unrealized gains (losses) on available-for-sale securities Total Beginning Balance $ 47,327 $ (38,897 ) $ 8,430 Other comprehensive income before reclassification, net of income tax expense of $5,968 (27,805 ) 40,180 12,375 Amounts reclassified from accumulated other comprehensive income - (215 ) (215 ) Net current-period other comprehensive income (27,805 ) 39,965 12,160 Ending Balance $ 19,522 $ 1,068 $ 20,590 The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week and 39-week periods ended September 28, 2019: Accumulated Net Investment Gain (Loss) Attributable to Parent Reclassification from Accumulated Other Comprehensive Income [Member] Schedule of of reporting reclassifications out of AOCI 13-Weeks Ended September 28, 2019 Details About Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement Where Net Income is Presented Unrealized gains (losses) on available-for-sale securities $ 153 Other income (expense) (14 ) Income tax benefit (provision) $ 139 Net of tax 39-Weeks Ended September 28, 2019 Details About Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement Where Net Income is Presented Unrealized gains (losses) on available-for-sale securities $ 213 Other income (expense) 2 Income tax benefit (provision) $ 215 Net of tax |
Revenue
Revenue | 9 Months Ended |
Sep. 28, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 10. Revenue In order to further depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors, we disaggregate revenue (or “net sales”) by geographic region, major product category, and pattern of recognition. Disaggregated revenue by geographic region (Americas, APAC, and EMEA) is presented in Note 4 – Segment Information. The Company has identified six major product categories – auto PND, auto OEM, aviation, fitness, marine, and outdoor. Note 4 contains disaggregated revenue information of the aviation, fitness, marine, and outdoor major product categories. Auto segment revenue presented in Note 4 is comprised of the auto PND and auto OEM major product categories, as depicted below. Auto PND [Member] Auto OEM [Member] Schedule of disaggregated revenue by geographic region Auto Revenue by Major Product Category 13-Weeks Ended 39-Weeks Ended September 28, September 29, September 28, September 29, 2019 2018 2019 2018 Auto PND 69 % 64 % 66 % 66 % Auto OEM 31 % 36 % 34 % 34 % A large majority of the Company’s sales are recognized on a point in time basis, usually once the product is shipped and title and risk of loss have transferred to the customer. Sales recognized over a period of time are primarily within the auto segment and relate to performance obligations that are satisfied over the life of the product or contractual service period. Revenue disaggregated by the timing of transfer of the goods or services is presented in the table below: Point in time [Member] Over time [Member] Schedule of revenue disaggregated 13-Weeks Ended 39-Weeks Ended September 28, September 29, September 28, September 29, 2019 2018 2019 2018 Point in time $ 886,954 $ 761,216 $ 2,522,229 $ 2,286,740 Over time 47,429 48,795 133,044 128,596 Net sales $ 934,383 $ 810,011 $ 2,655,273 $ 2,415,336 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 ending September 28, 2019 are presented below: Schedule of deferred revenue and costs Deferred Revenue (1) Deferred Costs (2) 39-Weeks Ended September 28, 2019 Deferred Revenue (1) Deferred Costs (2) Balance, beginning of period $ 172,938 $ 57,935 Deferrals in period 125,278 20,284 Recognition of deferrals in period (133,044 ) (26,613 ) Balance, end of period $ 165,172 $ 51,606 (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 $ 133,044 $ 78,092 Approximately two-thirds of the $ 165,172 |
Leases
Leases | 9 Months Ended |
Sep. 28, 2019 | |
Leases [Abstract] | |
Leases | 11. Leases Leases Textual The Company leases certain real estate properties, vehicles, and equipment in various countries around the world. Leased properties are typically used for office space, distribution, and retail. The Company’s leases are classified as operating leases with remaining terms of 1 34 Leases with an initial term of 12 months or less (“short-term leases”) are not recognized on the Company’s Condensed Consolidated Balance Sheets as a right-of-use asset or lease liability. The following table represents lease costs recognized in the Company’s Condensed Consolidated Statements of Income for the 13-weeks and 39-weeks ended September 28, 2019. Lease costs are included in Selling, general and administrative expense and Research and development expense on the Company’s Condensed Consolidated Statements of Income. Schedule of operating lease cost 13-Weeks Ended 39-Weeks Ended September 28, September 28, 2019 2019 Operating lease cost (1) $ 6,023 $ 17,683 (1) Operating lease cost includes short-term lease costs and variable lease costs, which were not material in the periods presented. The following table represents the components of leases that are recognized on the Company’s Condensed Consolidated Balance Sheets as of September 28, 2019. Schedule of amounts recognized in balance sheet September 28, 2019 Operating lease right-of-use assets $ 55,399 Other accrued expenses $ 13,438 Noncurrent operating lease liabilities 42,855 Total lease liabilities $ 56,293 Weighted average remaining lease term 5.6 years Weighted average discount rate 4.0 % The following table represents the maturity of lease liabilities. Schedule of maturity of lease liabilities Fiscal Year Lease payments 2019, excluding the 39-weeks ended September 28, 2019 $ 4,347 2020 15,447 2021 12,259 2022 8,736 2023 7,955 Thereafter 15,389 Total $ 64,133 Less: imputed interest (7,840 ) Present value of lease liabilities $ 56,293 The following table presents supplemental cash flow and noncash information related to leases. Schedule of cash flow supplemental 39-Weeks Ended September 28, 2019 Cash paid for amounts included in the measurement of operating lease liabilities (2) $ 13,528 Right-of-use assets obtained in exchange for new operating lease liabilities $ 7,853 (2) Included in Net cash provided by operating activities on the Company’s Condensed Consolidated Statements of Cash Flows. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements Not Yet Adopted | 9 Months Ended |
Sep. 28, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements Not Yet Adopted | 12. Recently Issued Accounting Pronouncements Not Yet Adopted Financial Instruments – Credit Losses In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 provides new guidance on assessment of expected credit losses of certain financial instruments. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its Consolidated Financial Statements. Receivables – Nonrefundable Fees and Other Costs In March 2017, the FASB issued Accounting Standards Update No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Topic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”), which shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. Callable debt securities held at a discount continue to be amortized to maturity. ASU 2017-08 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its Consolidated Financial Statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 28, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events Switzerland corporate tax reform was approved by public referendum in May 2019 and enacted in October 2019. Accordingly, the Company expects to record an income tax benefit of approximately $ 20 220 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 28, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Additionally, the Condensed Consolidated Financial Statements should be read in conjunction with Item 2 of Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in this Form 10-Q. Operating results for the 13-week and 39-week periods ended September 28, 2019 are not necessarily indicative of the results that may be expected for the year ending December 28, 2019. The Condensed Consolidated Balance Sheet at December 29, 2018 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, 2018. 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 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, 2019 and September 29, 2018 both contain operating results for 13 weeks. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Leases In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The FASB subsequently issued Accounting Standards Update No. 2018-10 and Accounting Standards Update No. 2018-11 in July 2018, which provide clarifications and improvements to ASU 2016-02 (collectively, the “new lease standard”). Accounting Standards Update No. 2018-11 also provides the optional transition method which allows companies to apply the new lease standard at the adoption date instead of at the earliest comparative period presented. The new lease standard requires lessees to present a right-of-use asset and a corresponding lease liability on the balance sheet. The Company adopted the new lease standard as of the beginning of the 2019 fiscal year using the optional transition method. The Company did not have a cumulative effect adjustment to retained earnings as a result of adopting the new lease standard and does not expect the new lease standard to have a material impact on the Company’s Consolidated Statements of Income or Consolidated Statements of Cash Flows in future periods. The Company elected the package of transitional practical expedients upon adoption which, among other provisions, allowed the Company to carry forward historical lease classification. See Note 11 – Leases for additional information regarding leases. |
Significant Accounting Policies | Significant Accounting Policies For a description of the significant accounting policies and methods used in the preparation of the Company’s Condensed Consolidated Financial Statements, refer to Note 2, “Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2018. Other than the policy discussed below, there were no material changes to the Company’s significant accounting policies during the 39-week period ended September 28, 2019. Preproduction Costs Related to Long-Term Supply Arrangements Preproduction design and development costs related to long-term supply arrangements are expensed as incurred, and classified as Research and development, unless the customer has provided a contractual guarantee for reimbursement of such costs. Contractually reimbursable costs are capitalized as incurred in the Condensed Consolidated Balance Sheets within Prepaid expenses and other current assets if reimbursement is expected to be received within one year, or within Other assets if expected to be received beyond one year. Such capitalized costs were approximately $ 22 no |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Schedule of inventories September 28, December 29, 2019 2018 Raw materials $ 267,718 $ 205,696 Work-in-process 133,290 96,564 Finished goods 348,817 259,580 Inventories $ 749,825 $ 561,840 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted net income per share | Schedule of computation of basic and diluted net income per share 13-Weeks Ended September 28, September 29, 2019 2018 Numerator: Numerator for basic and diluted net income per share - net income $ 227,866 $ 184,214 Denominator: Denominator for basic net income per share – weighted-average common shares 190,102 188,799 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 860 1,206 Denominator for diluted net income per share – adjusted weighted-average common shares 190,962 190,005 Basic net income per share $ 1.20 $ 0.98 Diluted net income per share $ 1.19 $ 0.97 39-Weeks Ended September 28, September 29, 2019 2018 Numerator: Numerator for basic and diluted net income per share - net income $ 591,695 $ 503,930 Denominator: Denominator for basic net income per share – weighted-average common shares 189,853 188,554 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 937 1,032 Denominator for diluted net income per share – adjusted weighted-average common shares 190,790 189,586 Basic net income per share $ 3.12 $ 2.67 Diluted net income per share $ 3.10 $ 2.66 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Segment Reporting [Abstract] | |
Net sales (“revenue”), gross profit, and operating income | Net sales (“revenue”), gross profit, and operating income Outdoor [Member] Fitness [Member] Marine [Member] Auto [Member] Aviation [Member] Reportable Segments Outdoor Fitness Marine Auto Aviation Total 13-Weeks Ended September 28, 2019 Net sales $ 258,294 $ 243,099 $ 107,694 $ 137,722 $ 187,574 $ 934,383 Gross profit 170,846 126,835 64,275 65,814 139,688 567,458 Operating income 105,051 49,831 20,008 20,857 65,713 261,460 13-Weeks Ended September 29, 2018 Net sales $ 209,415 $ 190,185 $ 98,770 $ 165,214 $ 146,427 $ 810,011 Gross profit 136,671 103,441 58,508 70,925 111,202 480,747 Operating income 78,972 37,378 13,908 15,032 50,669 195,959 39-Weeks Ended September 28, 2019 Net sales $ 622,748 $ 675,007 $ 393,070 $ 422,132 $ 542,316 $ 2,655,273 Gross profit 403,842 352,805 234,014 198,012 405,848 1,594,521 Operating income 218,340 118,369 88,212 53,978 190,164 669,063 39 -Weeks Ended September 29, 2018 Net sales $ 555,314 $ 581,315 $ 346,908 $ 486,653 $ 445,146 $ 2,415,336 Gross profit 358,829 326,473 203,976 207,389 333,886 1,430,553 Operating income 194,711 123,299 54,806 31,113 151,741 555,670 |
Schedule of net sales and property and equipment, net by geographic area | Schedule of net sales and property and equipment, net by geographic area 13-Weeks Ended 39-Weeks Ended September 28, September 29, September 28, September 29, 2019 2018 2019 2018 Americas $ 439,113 $ 370,239 $ 1,289,409 $ 1,153,330 EMEA 344,010 307,087 942,625 862,116 APAC 151,260 132,685 423,239 399,890 Net sales to external customers $ 934,383 $ 810,011 $ 2,655,273 $ 2,415,336 Net property and equipment by geographic region as of September 28, 2019 and September 29, 2018 are presented below. Americas APAC EMEA Total September 28, 2019 Property and equipment, net $ 431,062 $ 217,184 $ 62,345 $ 710,591 September 29, 2018 Property and equipment, net $ 403,556 $ 202,790 $ 44,459 $ 650,805 |
Warranty Reserves (Tables)
Warranty Reserves (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of changes in the aggregate warranty reserve | Schedule of changes in the aggregate warranty reserve 13-Weeks Ended September 28, September 29, 2019 2018 Balance - beginning of period $ 39,330 $ 38,429 Accrual for products sold during the period (1) 12,981 13,558 Expenditures (14,313 ) (16,027 ) Balance - end of period $ 37,998 $ 35,960 39-Weeks Ended September 28, September 29, 2019 2018 Balance - beginning of period $ 38,276 $ 36,827 Accrual for products sold during the period (1) 41,196 40,682 Expenditures (41,474 ) (41,549 ) Balance - end of period $ 37,998 $ 35,960 (1) Changes in cost estimates related to pre-existing warranties are not material and aggregated with accruals for new warranty contracts in the ‘accrual for products sold during the period’ line. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of available-for-sale securities | Schedule of available-for-sale securities Fair Value Measurements as Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 16,557 $ - $ 16,557 $ - Agency securities 67,926 - 67,926 - Mortgage-backed securities 129,564 - 129,564 - Corporate securities 1,066,438 - 1,066,438 - Municipal securities 158,530 - 158,530 - Other 113,746 - 113,746 - Total $ 1,552,761 $ - $ 1,552,761 $ - Fair Value Measurements as Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 22,128 $ - $ 22,128 $ - Agency securities 59,116 - 59,116 - Mortgage-backed securities 135,865 - 135,865 - Corporate securities 980,524 - 980,524 - Municipal securities 173,137 - 173,137 - Other 142,342 - 142,342 - Total $ 1,513,112 $ - $ 1,513,112 $ - |
Schedule of marketable securities classified as available-for-sale securities | Schedule of marketable securities classified as available-for-sale securities Available-For-Sale Securities as Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 16,633 $ 3 $ (79 ) $ 16,557 Agency securities 67,875 130 (79 ) 67,926 Mortgage-backed securities 131,507 174 (2,117 ) 129,564 Corporate securities 1,061,714 8,965 (4,241 ) 1,066,438 Municipal securities 157,456 1,173 (99 ) 158,530 Other 114,106 129 (489 ) 113,746 Total $ 1,549,291 $ 10,574 $ (7,104 ) $ 1,552,761 Available-For-Sale Securities as Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 22,485 $ - $ (357 ) $ 22,128 Agency securities 60,088 28 (1,000 ) 59,116 Mortgage-backed securities 142,176 1 (6,312 ) 135,865 Corporate securities 1,010,590 33 (30,099 ) 980,524 Municipal securities 175,630 73 (2,566 ) 173,137 Other 144,606 0 (2,264 ) 142,342 Total $ 1,555,575 $ 135 $ (42,598 ) $ 1,513,112 |
Schedule of gross unrealized losses and fair value by major security type | Schedule of gross unrealized losses and fair value by major security type As of September 28, 2019 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ (0 ) $ 1,690 $ (79 ) $ 14,464 Agency securities (10 ) 5,988 (69 ) 30,753 Mortgage-backed securities (149 ) 17,478 (1,968 ) 93,550 Corporate securities (672 ) 163,205 (3,569 ) 191,739 Municipal securities (59 ) 24,305 (40 ) 15,022 Other (141 ) 27,181 (348 ) 34,287 Total $ (1,031 ) $ 239,847 $ (6,073 ) $ 379,815 As of December 29, 2018 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ (3 ) $ 3,975 $ (354 ) $ 18,153 Agency securities (5 ) 4,656 (995 ) 40,508 Mortgage-backed securities (1 ) 361 (6,311 ) 135,323 Corporate securities (4,028 ) 323,633 (26,071 ) 640,439 Municipal securities (454 ) 38,371 (2,112 ) 118,362 Other (102 ) 8,015 (2,162 ) 114,120 Total $ (4,593 ) $ 379,011 $ (38,005 ) $ 1,066,905 |
Schedule of amortized cost and estimated fair value of marketable securities by contractual maturity | Schedule of amortized cost and estimated fair value of marketable securities by contractual maturity Amortized Cost Fair Value Due in one year or less $ 300,566 $ 300,542 Due after one year through five years 1,061,239 1,066,607 Due after five years through ten years 174,371 172,546 Due after ten years 13,115 13,066 $ 1,549,291 $ 1,552,761 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Equity [Abstract] | |
Schedule of changes in accumulated other comprehensive income (AOCI) | Schedule of changes in accumulated other comprehensive income (AOCI) 13-Weeks Ended September 28, 2019 Foreign Currency Translation Adjustment Net unrealized gains (losses) on available-for-sale securities Total Beginning Balance $ 38,407 $ (3,726 ) $ 34,681 Other comprehensive income before reclassification, net of income tax expense of $657 (18,885 ) 4,933 (13,952 ) Amounts reclassified from accumulated other comprehensive income - (139 ) (139 ) Net current-period other comprehensive income (18,885 ) 4,794 (14,091 ) Ending Balance $ 19,522 $ 1,068 $ 20,590 39-Weeks Ended September 28, 2019 Foreign Currency Translation Adjustment Net unrealized gains (losses) on available-for-sale securities Total Beginning Balance $ 47,327 $ (38,897 ) $ 8,430 Other comprehensive income before reclassification, net of income tax expense of $5,968 (27,805 ) 40,180 12,375 Amounts reclassified from accumulated other comprehensive income - (215 ) (215 ) Net current-period other comprehensive income (27,805 ) 39,965 12,160 Ending Balance $ 19,522 $ 1,068 $ 20,590 |
Schedule of of reporting reclassifications out of AOCI | Schedule of of reporting reclassifications out of AOCI 13-Weeks Ended September 28, 2019 Details About Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement Where Net Income is Presented Unrealized gains (losses) on available-for-sale securities $ 153 Other income (expense) (14 ) Income tax benefit (provision) $ 139 Net of tax 39-Weeks Ended September 28, 2019 Details About Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement Where Net Income is Presented Unrealized gains (losses) on available-for-sale securities $ 213 Other income (expense) 2 Income tax benefit (provision) $ 215 Net of tax |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregated revenue by geographic region | Schedule of disaggregated revenue by geographic region Auto Revenue by Major Product Category 13-Weeks Ended 39-Weeks Ended September 28, September 29, September 28, September 29, 2019 2018 2019 2018 Auto PND 69 % 64 % 66 % 66 % Auto OEM 31 % 36 % 34 % 34 % |
Schedule of revenue disaggregated | Schedule of revenue disaggregated 13-Weeks Ended 39-Weeks Ended September 28, September 29, September 28, September 29, 2019 2018 2019 2018 Point in time $ 886,954 $ 761,216 $ 2,522,229 $ 2,286,740 Over time 47,429 48,795 133,044 128,596 Net sales $ 934,383 $ 810,011 $ 2,655,273 $ 2,415,336 |
Schedule of deferred revenue and costs | Schedule of deferred revenue and costs Deferred Revenue (1) Deferred Costs (2) 39-Weeks Ended September 28, 2019 Deferred Revenue (1) Deferred Costs (2) Balance, beginning of period $ 172,938 $ 57,935 Deferrals in period 125,278 20,284 Recognition of deferrals in period (133,044 ) (26,613 ) Balance, end of period $ 165,172 $ 51,606 (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 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 28, 2019 | |
Leases [Abstract] | |
Schedule of operating lease cost | Schedule of operating lease cost 13-Weeks Ended 39-Weeks Ended September 28, September 28, 2019 2019 Operating lease cost (1) $ 6,023 $ 17,683 (1) Operating lease cost includes short-term lease costs and variable lease costs, which were not material in the periods presented. |
Schedule of amounts recognized in balance sheet | Schedule of amounts recognized in balance sheet September 28, 2019 Operating lease right-of-use assets $ 55,399 Other accrued expenses $ 13,438 Noncurrent operating lease liabilities 42,855 Total lease liabilities $ 56,293 Weighted average remaining lease term 5.6 years Weighted average discount rate 4.0 % |
Schedule of maturity of lease liabilities | Schedule of maturity of lease liabilities Fiscal Year Lease payments 2019, excluding the 39-weeks ended September 28, 2019 $ 4,347 2020 15,447 2021 12,259 2022 8,736 2023 7,955 Thereafter 15,389 Total $ 64,133 Less: imputed interest (7,840 ) Present value of lease liabilities $ 56,293 |
Schedule of cash flow supplemental | Schedule of cash flow supplemental 39-Weeks Ended September 28, 2019 Cash paid for amounts included in the measurement of operating lease liabilities (2) $ 13,528 Right-of-use assets obtained in exchange for new operating lease liabilities $ 7,853 (2) Included in Net cash provided by operating activities on the Company’s Condensed Consolidated Statements of Cash Flows. |
Accounting Policies (Details Na
Accounting Policies (Details Narrative) - USD ($) $ in Millions | Sep. 28, 2019 | Dec. 29, 2018 |
Accounting Policies [Abstract] | ||
Capitalized costs | $ 22 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Dec. 29, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 267,718 | $ 205,696 |
Work-in-process | 133,290 | 96,564 |
Finished goods | 348,817 | 259,580 |
Inventories | $ 749,825 | $ 561,840 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Numerator: | ||||
Numerator for basic and diluted net income per share - net income | $ 227,866 | $ 184,214 | $ 591,695 | $ 503,930 |
Denominator: | ||||
Denominator for basic net income per share – weighted-average common shares | 190,102 | 188,799 | 189,853 | 188,554 |
Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units | 860 | 1,206 | 937 | 1,032 |
Denominator for diluted net income per share – adjusted weighted-average common shares | 190,962 | 190,005 | 190,790 | 189,586 |
Basic net income per share | $ 1.20 | $ 0.98 | $ 3.12 | $ 2.67 |
Diluted net income per share | $ 1.19 | $ 0.97 | $ 3.10 | $ 2.66 |
Earnings Per Share (Details Nar
Earnings Per Share (Details Narrative) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive stock options, stock appreciation rights and restricted stock units | 398 | 0 | 266 | 0 |
Shares issued as a result of exercises and releases of equity awards | 1 | 12 | 396 | 390 |
Shares outstanding for the employees | 245 | 230 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 934,383 | $ 810,011 | $ 2,655,273 | $ 2,415,336 |
Gross profit | 567,458 | 480,747 | 1,594,521 | 1,430,553 |
Operating income | 261,460 | 195,959 | 669,063 | 555,670 |
Outdoor Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 258,294 | 209,415 | 622,748 | 555,314 |
Gross profit | 170,846 | 136,671 | 403,842 | 358,829 |
Operating income | 105,051 | 78,972 | 218,340 | 194,711 |
Fitness Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 243,099 | 190,185 | 675,007 | 581,315 |
Gross profit | 126,835 | 103,441 | 352,805 | 326,473 |
Operating income | 49,831 | 37,378 | 118,369 | 123,299 |
Marine Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 107,694 | 98,770 | 393,070 | 346,908 |
Gross profit | 64,275 | 58,508 | 234,014 | 203,976 |
Operating income | 20,008 | 13,908 | 88,212 | 54,806 |
Auto Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 137,722 | 165,214 | 422,132 | 486,653 |
Gross profit | 65,814 | 70,925 | 198,012 | 207,389 |
Operating income | 20,857 | 15,032 | 53,978 | 31,113 |
Aviation Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 187,574 | 146,427 | 542,316 | 445,146 |
Gross profit | 139,688 | 111,202 | 405,848 | 333,886 |
Operating income | $ 65,713 | $ 50,669 | $ 190,164 | $ 151,741 |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | Dec. 29, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales to external customers | $ 934,383 | $ 810,011 | $ 2,655,273 | $ 2,415,336 | |
Property and equipment, net | 710,591 | 650,805 | 710,591 | 650,805 | $ 663,527 |
Americas [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales to external customers | 439,113 | 370,239 | 1,289,409 | 1,153,330 | |
Property and equipment, net | 431,062 | 403,556 | 431,062 | 403,556 | |
EMEA [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales to external customers | 344,010 | 307,087 | 942,625 | 862,116 | |
Property and equipment, net | 62,345 | 44,459 | 62,345 | 44,459 | |
APAC [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales to external customers | 151,260 | 132,685 | 423,239 | 399,890 | |
Property and equipment, net | $ 217,184 | $ 202,790 | $ 217,184 | $ 202,790 |
Segment Information (Details Na
Segment Information (Details Narrative) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 29, 2018USD ($) | Sep. 28, 2019Segments | Sep. 29, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | Segments | 5 | ||
Aviation Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Estimated operating income decrease | $ 4 | $ 13 | |
Marine Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Estimated Operating Income Increase | 2 | 10 | |
Outdoor Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Estimated Operating Income Increase | $ 2 | $ 3 |
Warranty Reserves (Details)
Warranty Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | ||
Guarantees and Product Warranties [Abstract] | |||||
Balance - beginning of period | $ 39,330 | $ 38,429 | $ 38,276 | $ 36,827 | |
Accrual for products sold during the period(1) | [1] | 12,981 | 13,558 | 41,196 | 40,682 |
Expenditures | (14,313) | (16,027) | (41,474) | (41,549) | |
Balance - end of period | $ 37,998 | $ 35,960 | $ 37,998 | $ 35,960 | |
[1] | Changes in cost estimates related to pre-existing warranties are not material and aggregated with accruals for new warranty contracts in the ‘accrual for products sold during the period’ line. |
Warranty Reserves (Details Narr
Warranty Reserves (Details Narrative) | 9 Months Ended |
Sep. 28, 2019 | |
Minimum [Member] | |
Warranty Reserves (Textual) | |
Product warranty term | one |
Maximum [Member] | |
Warranty Reserves (Textual) | |
Product warranty term | three |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) $ in Thousands | Sep. 28, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Aggregate amount of purchase orders and other commitments | $ 467,300 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 29,901 | $ 17,113 | $ 108,115 | $ 87,445 |
Effective income tax rate | 11.60% | 8.50% | 15.40% | 14.80% |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 28, 2019 | Dec. 29, 2018 |
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | $ 1,552,761 | $ 1,513,112 |
U.S.Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 16,557 | 22,128 |
Agency Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 67,926 | 59,116 |
Mortgage-Backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 129,564 | 135,865 |
Corporate Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 1,066,438 | 980,524 |
Municipal Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 158,530 | 173,137 |
Other [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 113,746 | 142,342 |
Recurring Basis [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 1,552,761 | 1,513,112 |
Recurring Basis [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 1,552,761 | 1,513,112 |
Recurring Basis [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | U.S.Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 16,557 | 22,128 |
Recurring Basis [Member] | U.S.Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | U.S.Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 16,557 | 22,128 |
Recurring Basis [Member] | U.S.Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Agency Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 67,926 | 59,116 |
Recurring Basis [Member] | Agency Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Agency Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 67,926 | 59,116 |
Recurring Basis [Member] | Agency Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Mortgage-Backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 129,564 | 135,865 |
Recurring Basis [Member] | Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 129,564 | 135,865 |
Recurring Basis [Member] | Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Corporate Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 1,066,438 | 980,524 |
Recurring Basis [Member] | Corporate Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Corporate Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 1,066,438 | 980,524 |
Recurring Basis [Member] | Corporate Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Municipal Securities [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 158,530 | 173,137 |
Recurring Basis [Member] | Municipal Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Municipal Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 158,530 | 173,137 |
Recurring Basis [Member] | Municipal Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Other [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 113,746 | 142,342 |
Recurring Basis [Member] | Other [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Other [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total | 113,746 | 142,342 |
Recurring Basis [Member] | Other [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable Securities [Line Items] | ||
Available-for-sale securities, total |
Marketable Securities (Details
Marketable Securities (Details 1) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 28, 2019 | Dec. 29, 2018 | |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 1,549,291 | $ 1,555,575 |
Gross Unrealized Gains | 10,574 | 135 |
Gross Unrealized Losses | (7,104) | (42,598) |
Fair Value | 1,552,761 | 1,513,112 |
U.S.Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 16,633 | 22,485 |
Gross Unrealized Gains | 3 | |
Gross Unrealized Losses | (79) | (357) |
Fair Value | 16,557 | 22,128 |
Agency Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 67,875 | 60,088 |
Gross Unrealized Gains | 130 | 28 |
Gross Unrealized Losses | (79) | (1,000) |
Fair Value | 67,926 | 59,116 |
Mortgage-Backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 131,507 | 142,176 |
Gross Unrealized Gains | 174 | 1 |
Gross Unrealized Losses | (2,117) | (6,312) |
Fair Value | 129,564 | 135,865 |
Corporate Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 1,061,714 | 1,010,590 |
Gross Unrealized Gains | 8,965 | 33 |
Gross Unrealized Losses | (4,241) | (30,099) |
Fair Value | 1,066,438 | 980,524 |
Municipal Securities [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 157,456 | 175,630 |
Gross Unrealized Gains | 1,173 | 73 |
Gross Unrealized Losses | (99) | (2,566) |
Fair Value | 158,530 | 173,137 |
Other [Member] | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 114,106 | 144,606 |
Gross Unrealized Gains | 129 | 0 |
Gross Unrealized Losses | (489) | (2,264) |
Fair Value | $ 113,746 | $ 142,342 |
Marketable Securities (Detail_2
Marketable Securities (Details 2) - USD ($) $ in Thousands | Sep. 28, 2019 | Dec. 29, 2018 |
Marketable Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | $ (1,031) | $ (4,593) |
Fair Value Less than 12 Consecutive Months | 239,847 | 379,011 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (6,073) | (38,005) |
Fair Value 12 Consecutive Months or Longer | 379,815 | 1,066,905 |
U.S.Treasury Securities [Member] | ||
Marketable Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | 0 | (3) |
Fair Value Less than 12 Consecutive Months | 1,690 | 3,975 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (79) | (354) |
Fair Value 12 Consecutive Months or Longer | 14,464 | 18,153 |
Agency Securities [Member] | ||
Marketable Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (10) | (5) |
Fair Value Less than 12 Consecutive Months | 5,988 | 4,656 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (69) | (995) |
Fair Value 12 Consecutive Months or Longer | 30,753 | 40,508 |
Mortgage-Backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (149) | (1) |
Fair Value Less than 12 Consecutive Months | 17,478 | 361 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (1,968) | (6,311) |
Fair Value 12 Consecutive Months or Longer | 93,550 | 135,323 |
Corporate Securities [Member] | ||
Marketable Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (672) | (4,028) |
Fair Value Less than 12 Consecutive Months | 163,205 | 323,633 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (3,569) | (26,071) |
Fair Value 12 Consecutive Months or Longer | 191,739 | 640,439 |
Municipal Securities [Member] | ||
Marketable Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (59) | (454) |
Fair Value Less than 12 Consecutive Months | 24,305 | 38,371 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (40) | (2,112) |
Fair Value 12 Consecutive Months or Longer | 15,022 | 118,362 |
Other [Member] | ||
Marketable Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (141) | (102) |
Fair Value Less than 12 Consecutive Months | 27,181 | 8,015 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (348) | (2,162) |
Fair Value 12 Consecutive Months or Longer | $ 34,287 | $ 114,120 |
Marketable Securities (Detail_3
Marketable Securities (Details 3) - USD ($) $ in Thousands | Sep. 28, 2019 | Dec. 29, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 300,566 | |
Fair Value, Due in one year or less | 300,542 | |
Amortized Cost, Due after one year through five years | 1,061,239 | |
Fair Value, Due after one year through five years | 1,066,607 | |
Amortized Cost, Due after five years through ten years | 174,371 | |
Fair Value, Due after five years through ten years | 172,546 | |
Amortized Cost, Due after ten years | 13,115 | |
Fair Value, Due after ten years | 13,066 | |
Amortized Cost, Total | 1,549,291 | $ 1,555,575 |
Fair Value, Total | $ 1,552,761 | $ 1,513,112 |
Marketable Securities (Detail_4
Marketable Securities (Details Narrative) $ in Thousands | Sep. 28, 2019USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized loss position amortized cost | $ 626,766 |
Unrealized loss position fair value | $ 619,662 |
Percentage of available-for-sale securities in unrealized loss positions | 44.00% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 28, 2019 | Sep. 28, 2019 | |
Equity [Abstract] | ||
Foreign Currency Translation Adjustment, Beginning Balance | $ 38,407 | $ 47,327 |
Net unrealized gains (losses) on available-for-sale securities, Beginning Balance | (3,726) | (38,897) |
Beginning Balance | 34,681 | 8,430 |
Foreign Currency Translation Adjustment, Other comprehensive income before reclassification, net of income tax expense | (18,885) | (27,805) |
Net unrealized gains (losses) on available-for-sale securities, Other comprehensive income before reclassification, net of income tax expense | 4,933 | 40,180 |
Other comprehensive income before reclassification, net of income tax expense | (13,952) | 12,375 |
Foreign Currency Translation Adjustment, Amounts reclassified from accumulated other comprehensive income | ||
Net unrealized gains (losses) on available-for-sale securities, Amounts reclassified from accumulated other comprehensive income | (139) | (215) |
Amounts reclassified from accumulated other comprehensive income | (139) | (215) |
Foreign Currency Translation Adjustment, Net current-period other comprehensive income | (18,885) | (27,805) |
Net unrealized gains (losses) on available-for-sale securities, Net current-period other comprehensive income | 4,794 | 39,965 |
Net current-period other comprehensive income | (14,091) | 12,160 |
Foreign Currency Translation Adjustment, Ending Balance | 19,522 | 19,522 |
Net unrealized gains (losses) on available-for-sale securities, Ending Balance | 1,068 | 1,068 |
Ending Balance | $ 20,590 | $ 20,590 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Details 1) - Accumulated Net Investment Gain (Loss) Attributable to Parent Reclassification from Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 28, 2019 | Sep. 28, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other income (expense) | $ 153 | $ 213 |
Income tax benefit (provision) | (14) | 2 |
Net of tax | $ 139 | $ 215 |
Revenue (Details)
Revenue (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Auto PND [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of auto revenue | 69.00% | 64.00% | 66.00% | 66.00% |
Auto OEM [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of auto revenue | 31.00% | 36.00% | 34.00% | 34.00% |
Revenue (Details 1)
Revenue (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2019 | Sep. 29, 2018 | Sep. 28, 2019 | Sep. 29, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 934,383 | $ 810,011 | $ 2,655,273 | $ 2,415,336 |
Point in time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 886,954 | 761,216 | 2,522,229 | 2,286,740 |
Over time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 47,429 | $ 48,795 | $ 133,044 | $ 128,596 |
Revenue (Details 2)
Revenue (Details 2) $ in Thousands | 9 Months Ended | |
Sep. 28, 2019USD ($) | ||
Revenue from Contract with Customer [Abstract] | ||
Deferred Revenue, Balance, beginning of period | $ 172,938 | [1] |
Deferred Costs, Balance, beginning of period | 57,935 | [2] |
Deferred Revenue, Deferrals in period | 125,278 | [1] |
Deferred Costs, Deferrals in period | 20,284 | [2] |
Deferred Revenue, Recognition of deferrals in period | (133,044) | [1] |
Deferred Costs, Recognition of deferrals in period | (26,613) | [2] |
Deferred Revenue, Balance, end of period | 165,172 | [1] |
Deferred Costs, Balance, end of period | $ 51,606 | [2] |
[1] | Deferred revenue is comprised of both Deferred revenue and Noncurrent deferred revenue per the Condensed Consolidated Balance Sheets | |
[2] | Deferred costs are comprised of both Deferred costs and Noncurrent deferred costs per the Condensed Consolidated Balance Sheets |
Revenue (Details Narrative)
Revenue (Details Narrative) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 28, 2019 | Dec. 29, 2018 | ||
Revenue from Contract with Customer [Abstract] | |||
Recognition of deferrals in period | [1] | $ 133,044 | |
Amount of Deferred revenue recognized in the period that was deferred as of the beginning of the period | $ 78,092 | ||
Amount of Deferred revenue that is recognized ratably over a period of three years or less | Approximately two-thirds of the $165,172 of deferred revenue at the end of the period | ||
Deferred revenue | [1] | $ 165,172 | $ 172,938 |
[1] | Deferred revenue is comprised of both Deferred revenue and Noncurrent deferred revenue per the Condensed Consolidated Balance Sheets |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 28, 2019 | Sep. 28, 2019 | ||
Leases [Abstract] | |||
Operating lease cost(1) | [1] | $ 6,023 | $ 17,683 |
[1] | Operating lease cost includes short-term lease costs and variable lease costs, which were not material in the periods presented. |
Leases (Details 1)
Leases (Details 1) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 28, 2019 | Dec. 29, 2018 | |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 55,399 | |
Other accrued expenses | 13,438 | |
Noncurrent operating lease liabilities | 42,855 | |
Total lease liabilities | $ 56,293 | |
Weighted average remaining lease term | 5.6 years | |
Weighted average discount rate | 4.00% |
Leases (Details 2)
Leases (Details 2) $ in Thousands | Sep. 28, 2019USD ($) |
Leases [Abstract] | |
2019, excluding the 39-weeks ended September 28, 2019 | $ 4,347 |
2020 | 15,447 |
2021 | 12,259 |
2022 | 8,736 |
2023 | 7,955 |
Thereafter | 15,389 |
Total | 64,133 |
Less: imputed interest | (7,840) |
Present value of lease liabilities | $ 56,293 |
Leases (Details 3)
Leases (Details 3) $ in Thousands | 9 Months Ended | |
Sep. 28, 2019USD ($) | ||
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities(2) | $ 13,528 | [1] |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 7,853 | |
[1] | Included in Net cash provided by operating activities on the Company’s Condensed Consolidated Statements of Cash Flows. |
Leases (Details Narrative)
Leases (Details Narrative) | Sep. 28, 2019 |
Minimum [Member] | |
Leases (Textual) | |
Operating lease term, remaining | 1 year |
Maximum [Member] | |
Leases (Textual) | |
Operating lease term, remaining | 34 years |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] $ in Millions | 3 Months Ended |
Dec. 29, 2019USD ($) | |
Minimum [Member] | |
Subsequent Event [Line Items] | |
Income Tax Expense (Benefit) | $ 20 |
Maximum [Member] | |
Subsequent Event [Line Items] | |
Income Tax Expense (Benefit) | $ 220 |