Garmin (GRMN) 10-Q 29 Apr 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 28, 2020	Apr. 24, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 28, 2020
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-26
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	Schaffhausen
Entity Address, Country	CH
Entity Address, Postal Zip Code	8200
City Area Code	41 52
Local Phone Number	630 1600
Title of 12(b) Security	Registered Shares, CHF 0.10 Per Share Par Value
Trading Symbol	GRMN
Security Exchange Name	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		191,017,846

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Current assets:
Cash and cash equivalents	$ 1,048,604	$ 1,027,567
Marketable securities	391,646	376,463
Accounts receivable, net	500,242	706,763
Inventories	790,180	752,908
Deferred costs	23,650	25,105
Prepaid expenses and other current assets	174,564	169,044
Total current assets	2,928,886	3,057,850
Property and equipment, net	754,549	728,921
Operating lease right-of-use assets	66,497	63,589
Restricted cash	283	71
Marketable securities	1,199,613	1,205,475
Deferred income taxes	263,687	268,518
Noncurrent deferred costs	21,436	23,493
Intangible assets, net	658,777	659,629
Other assets	160,265	159,253
Total assets	6,053,993	6,166,799
Current liabilities:
Accounts payable	200,281	240,831
Salaries and benefits payable	110,611	128,426
Accrued warranty costs	39,368	39,758
Accrued sales program costs	58,678	112,578
Deferred revenue	89,817	94,562
Accrued royalty costs	5,259	15,401
Accrued advertising expense	19,752	35,142
Other accrued expenses	94,760	95,060
Income taxes payable	54,466	56,913
Dividend payable	108,880	217,262
Total current liabilities	781,872	1,035,933
Deferred income taxes	117,792	114,754
Noncurrent income taxes	104,853	105,771
Noncurrent deferred revenue	61,992	67,329
Noncurrent operating lease liabilities	52,834	49,238
Other liabilities	250	278
Stockholders’ equity:
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 191,017 shares outstanding at March 28, 2020 and 190,686 shares outstanding at December 28, 2019	17,979	17,979
Additional paid-in capital	1,830,052	1,835,622
Treasury stock	(335,491)	(345,040)
Retained earnings	3,390,053	3,229,061
Accumulated other comprehensive income	31,807	55,874
Total stockholders’ equity	4,934,400	4,793,496
Total liabilities and stockholders’ equity	$ 6,053,993	$ 6,166,799

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - SFr / shares shares in Thousands	Mar. 28, 2020	Dec. 28, 2019
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	191,017	190,686

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Income Statement [Abstract]
Net sales	$ 856,108	$ 766,050
Cost of goods sold	349,168	314,352
Gross profit	506,940	451,698
Advertising expense	26,880	27,615
Selling, general and administrative expenses	137,186	126,781
Research and development expense	165,392	145,919
Total operating expense	329,458	300,315
Operating income	177,482	151,383
Other income (expense):
Interest income	12,026	13,704
Foreign currency (losses) gains	(15,423)	314
Other income (expense)	3,550	864
Total other income:	153	14,882
Income before income taxes	177,635	166,265
Income tax provision	16,455	26,092
Net income	$ 161,180	$ 140,173
Net income per share:
Basic	$ 0.84	$ 0.74
Diluted	$ 0.84	$ 0.74
Weighted average common shares outstanding:
Basic	190,803	189,601
Diluted	191,684	190,599

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 161,180	$ 140,173
Foreign currency translation adjustment	(6,176)	(9,235)
Change in fair value of available-for-sale marketable securities, net of deferred taxes	(17,891)	19,143
Comprehensive income	$ 137,113	$ 150,081

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance, value at Dec. 29, 2018	$ 4,162,974	$ 17,979	$ 1,823,638	$ (397,692)	$ 2,710,619	$ 8,430
Net income	140,173				140,173
Translation adjustment	(9,235)					(9,235)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	19,143					19,143
Comprehensive income	150,081
Dividends declared	(204)				(204)
Issuance of treasury stock related to equity awards			(28,571)	28,571
Stock compensation	15,129		15,129
Purchase of treasury stock related to equity awards	(12,694)			(12,694)
Ending balance, value at Mar. 30, 2019	4,315,286	17,979	1,810,196	(381,815)	2,850,588	18,338
Beginning balance, value at Dec. 28, 2019	4,793,496	17,979	1,835,622	(345,040)	3,229,061	55,874
Net income	161,180				161,180
Translation adjustment	(6,176)					(6,176)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	(17,891)					(17,891)
Comprehensive income	137,113
Dividends declared	(188)				(188)
Issuance of treasury stock related to equity awards			(21,129)	21,129
Stock compensation	15,559		15,559
Purchase of treasury stock related to equity awards	(11,580)			(11,580)
Ending balance, value at Mar. 28, 2020	$ 4,934,400	$ 17,979	$ 1,830,052	$ (335,491)	$ 3,390,053	$ 31,807

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Statement Of Stockholders Equity [Abstract]
Adjustment related to unrealized gains (losses) on available-for-sale securities income tax effects	$ (2,807)	$ 2,905

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Operating Activities:
Net income	$ 161,180	$ 140,173
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	18,198	16,832
Amortization	10,006	7,179
(Gain) loss on sale of property and equipment	(1,846)	227
Unrealized foreign currency losses	16,856	3,124
Deferred income taxes	10,378	9,105
Stock compensation expense	15,559	15,129
Realized (gain) loss on marketable securities	(272)	60
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts	197,157	112,896
Inventories	(47,318)	(39,067)
Other current and non-current assets	(4,367)	2,930
Accounts payable	(39,851)	(32,786)
Other current and non-current liabilities	(98,219)	(76,030)
Deferred revenue	(10,078)	(6,744)
Deferred costs	3,511	1,938
Income taxes payable	(5,020)	9,616
Net cash provided by operating activities	225,874	164,582
Investing activities:
Purchases of property and equipment	(41,361)	(30,094)
Proceeds from sale of property and equipment	1,907	47
Purchase of intangible assets	(953)	(413)
Purchase of marketable securities	(344,342)	(83,068)
Redemption of marketable securities	311,935	80,907
Acquisitions, net of cash acquired	(6,058)	0
Net cash used in investing activities	(78,872)	(32,621)
Financing activities:
Dividends	(108,571)	(200,687)
Purchase of treasury stock related to equity awards	(11,580)	(12,694)
Net cash used in financing activities	(120,151)	(213,381)
Effect of exchange rate changes on cash and cash equivalents	(5,602)	(4,286)
Net increase (decrease) in cash, cash equivalents, and restricted cash	21,249	(85,706)
Cash, cash equivalents, and restricted cash at beginning of period	1,027,638	1,201,805
Cash, cash equivalents, and restricted cash at end of period	$ 1,048,887	$ 1,116,099

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 28, 2020
Accounting Policies [Abstract]
Accounting Policies	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. 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 period ended The Condensed Consolidated Balance Sheet at December 28, 2019 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 28, 2019. 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 March 28, 2020 and March 30, 2019 both contain operating results for 13 weeks. 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 28, 2019. Other than the policy discussed below, there were no material changes to the Company’s significant accounting policies during the 13-week period ended March 28, 2020. Marketable Securities Management determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date. All of the Company’s marketable securities were considered available-for-sale as of March 28, 2020 and December 28, 2019. Available-for-sale securities are stated at fair value. The Company recognizes impairments relating to credit losses of available-for-sale securities through an allowance for credit losses and Other income (expense) on the Company’s Condensed Consolidated Statements of Income. Impairment not relating to credit losses is recorded in Other comprehensive income (loss) on the Company’s Condensed Consolidated Balance Sheets. Testing for impairment of investments requires significant management judgment. The identification of potentially impaired investments, the determination of their fair value, and the assessment of whether any decline in value is relating to credit losses are the key judgment elements. The discovery of new information and the passage of time can significantly change these judgments. Revisions of impairment judgments are made when new information becomes known, and any resulting impairment adjustments are made at that time. The economic environment and volatility of securities markets increase the difficulty of determining fair value and assessing investment impairment. In making this assessment we evaluate the extent to which the fair value is less than the amortized cost basis, any change in credit rating of the security, adverse conditions specifically related to the security, failure of the issuer to make scheduled payments, and other relevant factors affecting the security. If it is determined that a credit loss exists, the amount of the credit loss is determined by comparing the present value of the expected future cash flows for the security to the amortized cost basis of the security, limited by the amount that the fair value is less than the amortized cost basis. The amortized cost of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization and realized gains/losses are recorded within Interest income and Other income (expense), respectively, on the Company’s Consolidated Statements of Income. The cost of securities sold is based on the specific identification method. Recently Adopted Accounting Standards Financial Instruments – Credit Losses In June 2016, the Financial Accounting Standards Board (“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 changes how entities assess and measure credit losses of certain financial instruments, including available-for-sale securities and accounts receivable. The Company adopted the new standard as of the beginning of the 2020 fiscal year. The adoption of the standard did not have a material impact on the Company’s Condensed 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. The Company adopted the new standard as of the beginning of the 2020 fiscal year. The adoption of the standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements. Recently Issued Accounting Pronouncements Not Yet Adopted We do not expect any recently issued accounting pronouncements not yet adopted to have a material impact on the Company’s consolidated financial statements, accounting policies, processes, or systems upon adoption.

Inventories

Inventories	3 Months Ended
	Mar. 28, 2020
Inventory Disclosure [Abstract]
Inventories	2. Inventories The components of inventories consist of the following: March 28, 2020 December 28, 2019 Raw materials $ 256,594 $ 260,070 Work-in-process 133,872 133,157 Finished goods 399,714 359,681 Inventories $ 790,180 $ 752,908

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 28, 2020
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 March 28, 2020 March 30, 2019 Numerator: Numerator for basic and diluted net income per share - net income $ 161,180 $ 140,173 Denominator: Denominator for basic net income per share – weighted-average common shares 190,803 189,601 Effect of dilutive securities – employee stock options and stock appreciation rights 881 998 Denominator for diluted net income per share – adjusted weighted-average common shares 191,684 190,599 Basic net income per share $ 0.84 $ 0.74 Diluted net income per share $ 0.84 $ 0.74 There were 412 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) outstanding during the 13-week period ended March 28, 2020 and no anti-dilutive equity awards outstanding during the 13-week period ended March 30, 2019. There were 331 and 386 net shares issued as a result of exercises and releases of equity awards for the 13-week periods ended March 28, 2020 and

Segment Information

Segment Information	3 Months Ended
	Mar. 28, 2020
Segment Reporting [Abstract]
Segment Information	4. The Company has identified five reportable segments – auto, aviation, fitness, marine, and outdoor. There are two operating segments, auto personal navigation devices (“auto PND”) and auto original equipment manufacturer solutions (“auto OEM”) that are not reported separately but are aggregated within the auto reportable segment. The Company’s Chief Executive Officer, who has been identified as the Chief Operating Decision Maker (CODM), uses operating income as the measure of profit or loss, combined with other measures, to assess segment performance and allocate resources. Operating income represents net sales less costs of goods sold and operating expenses. Net sales are directly attributed to each segment. Most costs of goods sold and the majority of operating expenses are also directly attributed to each segment, while certain other costs of goods sold and operating expenses are allocated to the segments in a manner appropriate to the specific facts and circumstances of the expenses being allocated. Net sales (“revenue”), gross profit, and operating income for each of the Company’s reportable segments are presented below. Reportable Segments Fitness Outdoor Aviation Auto Marine Total 13-Weeks Ended March 28, 2020 Net sales $ 223,601 $ 175,102 $ 188,599 $ 105,801 $ 163,005 $ 856,108 Gross profit 112,325 112,258 138,808 49,339 94,210 506,940 Operating income 31,011 47,166 59,321 (175 ) 40,159 177,482 13-Weeks Ended March 30, 2019 Net sales $ 180,256 $ 154,051 $ 170,776 $ 126,999 $ 133,968 $ 766,050 Gross profit 90,835 97,488 127,983 57,337 78,055 451,698 Operating income 18,126 41,953 57,618 8,213 25,473 151,383 Net sales to external customers by geographic region were as follows for the 13-week period ended March 28, 2020 and March 30, 2019. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa: 13-Weeks Ended March 28, 2020 March 30, 2019 Americas $ 427,401 $ 379,456 EMEA 299,867 260,021 APAC 128,840 126,573 Net sales to external customers $ 856,108 $ 766,050 Net property and equipment by geographic region as of March 28, 2020 and March 30, 2019 are presented below. Americas APAC EMEA Total March 28, 2020 Property and equipment, net $ 454,637 $ 230,369 $ 69,543 $ 754,549 March 30, 2019 Property and equipment, net $ 413,632 $ 212,933 $ 45,734 $ 672,299

Warranty Reserves

Warranty Reserves	3 Months Ended
	Mar. 28, 2020
Guarantees And Product Warranties [Abstract]
Warranty Reserves	5. Warranty Reserves The Company’s standard warranty obligation to its end-users provides for a period of one to two years from the date of shipment, while certain aviation, marine, and auto OEM products have a warranty period of two years or more from the date of installation. The Company’s estimates of costs to service its warranty obligations are based on historical experience and management’s expectations and judgments of future conditions, and are recorded as a liability on the balance sheet. The following reconciliation provides an illustration of changes in the aggregate warranty reserve. 13-Weeks Ended March 28, 2020 March 30, 2019 Balance - beginning of period $ 39,758 $ 38,276 Accrual for products sold (1) 17,868 10,849 Expenditures (18,258 ) (14,083 ) Balance - end of period $ 39,368 $ 35,042 (1) Changes in cost estimates related to pre-existing warranties were not material and aggregated with accruals for new warranty contracts in the ‘Accrual for products sold’ line.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 28, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments The Company is party to certain commitments, which include purchases of raw materials, capital expenditures, advertising, and other indirect purchases in connection with conducting our business. The aggregate amount of purchase orders and other commitments open as of March 28, 2020 was approximately $638,400. We cannot determine the aggregate amount of such purchase orders that represent contractual obligations because purchase orders may represent authorizations to purchase rather than binding agreements. Our purchase orders are based on our current needs and typically fulfilled by our suppliers, contract manufacturers, and logistic providers within short periods of time. 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 March 28, 2020. The results of legal proceedings, investigations and claims, however, cannot be predicted with certainty. An adverse resolution of one or more of such matters in excess of management’s expectations could have a material adverse effect in the particular quarter or fiscal year in which a loss is recorded, but based on information currently known, the Company does not believe it is likely that losses from such matters would have a material adverse effect on the Company’s business or its consolidated financial position, results of operations or cash flows. The Company settled or resolved certain matters during the 13-week period ended March 28, 2020 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	3 Months Ended
	Mar. 28, 2020
Income Tax Disclosure [Abstract]
Income Taxes	7. The Company recorded income tax expense of $16,455 in the 13-week period ended March 28, 2020, compared to income tax expense of $26,092 in the 13-week period ended March 30, 2019. The effective tax rate was 9.3% in the first quarter of 2020, compared to 15.7% in the first quarter of 2019. The 640 basis points decrease to the first quarter of 2020 effective tax rate compared to the prior year quarter is primarily due to a favorable shift in income mix by jurisdiction as a result of the migration of intellectual property ownership from Switzerland to the United States, which began in the first quarter of 2020.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 28, 2020
Investments Debt And Equity Securities [Abstract]
Marketable Securities	8. 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 the identical asset or liability Level 2 Observable inputs for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3 Unobservable inputs for the asset or liability The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Valuation is based on prices obtained from an independent pricing vendor using both market and income approaches. The primary inputs to the valuation include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, and credit spreads. The method described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Marketable securities classified as available-for-sale securities are summarized below: Available-For-Sale Securities as of March 28, 2020 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities Level 2 $ 15,174 $ 103 $ — $ 15,277 Agency securities Level 2 39,743 213 — 39,956 Mortgage-backed securities Level 2 289,553 1,646 (1,344 ) 289,855 Corporate securities Level 2 1,000,670 4,792 (19,800 ) 985,662 Municipal securities Level 2 178,002 1,589 (497 ) 179,094 Other Level 2 85,812 63 (4,460 ) 81,415 Total $ 1,608,954 $ 8,406 $ (26,101 ) $ 1,591,259 Available-For-Sale Securities as of December 28, 2019 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities Level 2 $ 15,204 $ 5 $ (30 ) $ 15,179 Agency securities Level 2 64,582 120 (27 ) 64,675 Mortgage-backed securities Level 2 256,417 90 (2,485 ) 254,022 Corporate securities Level 2 980,590 8,806 (3,746 ) 985,650 Municipal securities Level 2 163,898 1,092 (235 ) 164,755 Other Level 2 98,246 111 (700 ) 97,657 Total $ 1,578,937 $ 10,224 $ (7,223 ) $ 1,581,938 The Company’s investment policy targets low risk investments with the objective of minimizing the potential risk of principal loss. The fair value of securities varies from period to period due to changes in interest rates, the performance of the underlying collateral, and the credit performance of the underlying issuer, among other factors. Accrued interest receivable, which totaled $ 10,479 as of March 28, 2020, is excluded from both the fair value and amortized cost basis of available-for-sale securities and is included within Prepaid expenses and other current assets on the Company’s Condensed Consolidated Balance Sheets. The Company writes off impaired accrued interest on a timely basis, generally within 30 days of the due date, by reversing interest income. No accrued interest was written off during the 13-week period ended March 28, 2020. The Company recognizes impairments relating to credit losses of available-for-sale securities through an allowance for credit losses and Other income (expense) on the Company’s Condensed Consolidated Statements of Income. Impairment not relating to credit losses is recorded in Other comprehensive income (loss) on the Company’s Condensed Consolidated Balance Sheets. The cost of securities sold is based on the specific identification method. Approximately 49% of securities in the Company’s portfolio were at an unrealized loss position as of March 28, 2020. 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 March 28, 2020 and December 28, 2019. As of March 28, 2020 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ — $ — $ — $ — $ — $ — Agency securities — — — — — — Mortgage-backed securities (1,249 ) 107,097 (95 ) 3,551 (1,344 ) 110,648 Corporate securities (18,300 ) 640,058 (1,500 ) 18,036 (19,800 ) 658,094 Municipal securities (497 ) 54,695 — — (497 ) 54,695 Other (4,032 ) 58,885 (428 ) 4,972 (4,460 ) 63,857 Total $ (24,078 ) $ 860,735 $ (2,023 ) $ 26,559 $ (26,101 ) $ 887,294 As of December 28, 2019 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ — $ — $ (30 ) $ 13,087 $ (30 ) $ 13,087 Agency securities (16 ) 20,808 (11 ) 20,812 (27 ) 41,620 Mortgage-backed securities (745 ) 79,007 (1,740 ) 86,392 (2,485 ) 165,399 Corporate securities (1,585 ) 183,691 (2,161 ) 100,926 (3,746 ) 284,617 Municipal securities (218 ) 34,165 (17 ) 9,522 (235 ) 43,687 Other (410 ) 34,540 (290 ) 21,559 (700 ) 56,099 Total $ (2,974 ) $ 352,211 $ (4,249 ) $ 252,298 $ (7,223 ) $ 604,509 As of March 28, 2020 and December 28, The Company has not recorded an allowance for credit losses and charge to Other income for the unrealized losses on mortgage-backed, corporate, municipal, and other securities presented above because we do not consider the declines in fair value to have resulted from credit losses. We have not observed a significant deterioration in credit quality of these securities, which are rated as investment grade with moderate to low credit risk. The declines in value are largely attributable to current global economic conditions. The securities continue to make timely principal and interest payments, and the fair values are expected to recover as they approach maturity. The Company does not intend to sell the securities, and it is not more likely than not that the Company will be required to sell the securities, before the respective recoveries of their amortized cost bases, which may be maturity. The amortized cost and fair value of marketable securities at March 28, 2020, by maturity, are shown below. Amortized Cost Fair Value Due in one year or less $ 392,059 $ 391,646 Due after one year through five years 1,044,059 1,033,884 Due after five years through ten years 162,618 156,442 Due after ten years 10,218 9,287 $ 1,608,954 $ 1,591,259

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 28, 2020
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 period ended March 28, 2020: 13-Weeks Ended March 28, 2020 Foreign currency translation adjustment Net gains (losses) on available-for-sale securities Total Balance - beginning of period $ 55,289 $ 585 $ 55,874 Other comprehensive income before reclassification, net of income tax benefit of $2,764 (6,176 ) (17,662 ) (23,838 ) Amounts reclassified from Accumulated other comprehensive income to Other income (expense), net of income tax expense of $43 included in Income tax provision — (229 ) (229 ) Net current-period other comprehensive income (6,176 ) (17,891 ) (24,067 ) Balance - end of period $ 49,113 $ (17,306 ) $ 31,807

Revenue

Revenue	3 Months Ended
	Mar. 28, 2020
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 also 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 Revenue by Major Product Category 13-Weeks Ended March 28, 2020 March 30, 2019 Auto PND 56 % 59 % Auto OEM 44 % 41 % 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: 13-Weeks Ended March 28, 2020 March 30, 2019 Point in time $ 810,296 $ 724,177 Over time 45,812 41,873 Net sales $ 856,108 $ 766,050 Transaction price and costs associated with the Company’s unsatisfied performance obligations are reflected as deferred revenue and deferred costs, respectively, on the Company’s Condensed Consolidated Balance Sheets. Such amounts are recognized ratably over the applicable service period or estimated useful life. Changes in deferred revenue and costs during the 13-week period ended March 28, 2020 are presented below: 13-Weeks Ended March 28, 2020 Deferred Revenue (1) Deferred Costs (2) Balance, beginning of period $ 161,891 $ 48,598 Deferrals in period 35,730 4,697 Recognition of deferrals in period (45,812 ) (8,209 ) Balance, end of period $ 151,809 $ 45,086 (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 $45,812 of deferred revenue recognized in the 13-week period ended March 28, 2020, $32,715 was deferred as of the beginning of the period. Approximately two-thirds of the $151,809 of deferred revenue at the end of the period, March 28, 2020, is recognized ratably over a period of three years or less.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 28, 2020
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 period ended The Condensed Consolidated Balance Sheet at December 28, 2019 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 28, 2019. 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 March 28, 2020 and March 30, 2019 both contain operating results for 13 weeks.
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 28, 2019. Other than the policy discussed below, there were no material changes to the Company’s significant accounting policies during the 13-week period ended March 28, 2020.
Marketable Securities	Marketable Securities Management determines the appropriate classification of marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date. All of the Company’s marketable securities were considered available-for-sale as of March 28, 2020 and December 28, 2019. Available-for-sale securities are stated at fair value. The Company recognizes impairments relating to credit losses of available-for-sale securities through an allowance for credit losses and Other income (expense) on the Company’s Condensed Consolidated Statements of Income. Impairment not relating to credit losses is recorded in Other comprehensive income (loss) on the Company’s Condensed Consolidated Balance Sheets. Testing for impairment of investments requires significant management judgment. The identification of potentially impaired investments, the determination of their fair value, and the assessment of whether any decline in value is relating to credit losses are the key judgment elements. The discovery of new information and the passage of time can significantly change these judgments. Revisions of impairment judgments are made when new information becomes known, and any resulting impairment adjustments are made at that time. The economic environment and volatility of securities markets increase the difficulty of determining fair value and assessing investment impairment. In making this assessment we evaluate the extent to which the fair value is less than the amortized cost basis, any change in credit rating of the security, adverse conditions specifically related to the security, failure of the issuer to make scheduled payments, and other relevant factors affecting the security. If it is determined that a credit loss exists, the amount of the credit loss is determined by comparing the present value of the expected future cash flows for the security to the amortized cost basis of the security, limited by the amount that the fair value is less than the amortized cost basis. The amortized cost of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization and realized gains/losses are recorded within Interest income and Other income (expense), respectively, on the Company’s Consolidated Statements of Income. The cost of securities sold is based on the specific identification method.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Financial Instruments – Credit Losses In June 2016, the Financial Accounting Standards Board (“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 changes how entities assess and measure credit losses of certain financial instruments, including available-for-sale securities and accounts receivable. The Company adopted the new standard as of the beginning of the 2020 fiscal year. The adoption of the standard did not have a material impact on the Company’s Condensed 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. The Company adopted the new standard as of the beginning of the 2020 fiscal year. The adoption of the standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted We do not expect any recently issued accounting pronouncements not yet adopted to have a material impact on the Company’s consolidated financial statements, accounting policies, processes, or systems upon adoption.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 28, 2020
Inventory Disclosure [Abstract]
Schedule of inventories	The components of inventories consist of the following: March 28, 2020 December 28, 2019 Raw materials $ 256,594 $ 260,070 Work-in-process 133,872 133,157 Finished goods 399,714 359,681 Inventories $ 790,180 $ 752,908

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 28, 2020
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Income Per Share	The following table sets forth the computation of basic and diluted net income per share: 13-Weeks Ended March 28, 2020 March 30, 2019 Numerator: Numerator for basic and diluted net income per share - net income $ 161,180 $ 140,173 Denominator: Denominator for basic net income per share – weighted-average common shares 190,803 189,601 Effect of dilutive securities – employee stock options and stock appreciation rights 881 998 Denominator for diluted net income per share – adjusted weighted-average common shares 191,684 190,599 Basic net income per share $ 0.84 $ 0.74 Diluted net income per share $ 0.84 $ 0.74

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 28, 2020
Segment Reporting [Abstract]
Schedule of Net Sales (Revenue), Gross Profit, and Operating Income	Net sales (“revenue”), gross profit, and operating income for each of the Company’s reportable segments are presented below. Reportable Segments Fitness Outdoor Aviation Auto Marine Total 13-Weeks Ended March 28, 2020 Net sales $ 223,601 $ 175,102 $ 188,599 $ 105,801 $ 163,005 $ 856,108 Gross profit 112,325 112,258 138,808 49,339 94,210 506,940 Operating income 31,011 47,166 59,321 (175 ) 40,159 177,482 13-Weeks Ended March 30, 2019 Net sales $ 180,256 $ 154,051 $ 170,776 $ 126,999 $ 133,968 $ 766,050 Gross profit 90,835 97,488 127,983 57,337 78,055 451,698 Operating income 18,126 41,953 57,618 8,213 25,473 151,383
Schedule of Net Sales, Property and Equipment, and Net Assets by Geographic Area	Net sales to external customers by geographic region were as follows for the 13-week period ended March 28, 2020 and March 30, 2019. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa: 13-Weeks Ended March 28, 2020 March 30, 2019 Americas $ 427,401 $ 379,456 EMEA 299,867 260,021 APAC 128,840 126,573 Net sales to external customers $ 856,108 $ 766,050 Net property and equipment by geographic region as of March 28, 2020 and March 30, 2019 are presented below. Americas APAC EMEA Total March 28, 2020 Property and equipment, net $ 454,637 $ 230,369 $ 69,543 $ 754,549 March 30, 2019 Property and equipment, net $ 413,632 $ 212,933 $ 45,734 $ 672,299

Warranty Reserves (Tables)

Warranty Reserves (Tables)	3 Months Ended
	Mar. 28, 2020
Guarantees And Product Warranties [Abstract]
Schedule of Changes in the Aggregate Warranty Reserve	The following reconciliation provides an illustration of changes in the aggregate warranty reserve. 13-Weeks Ended March 28, 2020 March 30, 2019 Balance - beginning of period $ 39,758 $ 38,276 Accrual for products sold (1) 17,868 10,849 Expenditures (18,258 ) (14,083 ) Balance - end of period $ 39,368 $ 35,042 (1) Changes in cost estimates related to pre-existing warranties were not material and aggregated with accruals for new warranty contracts in the ‘Accrual for products sold’ line.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 28, 2020
Investments Debt And Equity Securities [Abstract]
Schedule of Marketable Securities Classified as Available-for-sale Securities	Marketable securities classified as available-for-sale securities are summarized below: Available-For-Sale Securities as of March 28, 2020 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities Level 2 $ 15,174 $ 103 $ — $ 15,277 Agency securities Level 2 39,743 213 — 39,956 Mortgage-backed securities Level 2 289,553 1,646 (1,344 ) 289,855 Corporate securities Level 2 1,000,670 4,792 (19,800 ) 985,662 Municipal securities Level 2 178,002 1,589 (497 ) 179,094 Other Level 2 85,812 63 (4,460 ) 81,415 Total $ 1,608,954 $ 8,406 $ (26,101 ) $ 1,591,259 Available-For-Sale Securities as of December 28, 2019 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities Level 2 $ 15,204 $ 5 $ (30 ) $ 15,179 Agency securities Level 2 64,582 120 (27 ) 64,675 Mortgage-backed securities Level 2 256,417 90 (2,485 ) 254,022 Corporate securities Level 2 980,590 8,806 (3,746 ) 985,650 Municipal securities Level 2 163,898 1,092 (235 ) 164,755 Other Level 2 98,246 111 (700 ) 97,657 Total $ 1,578,937 $ 10,224 $ (7,223 ) $ 1,581,938
Schedule of Gross Unrealized Losses and Fair Value by Major Security Type	The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of March 28, 2020 and December 28, 2019. As of March 28, 2020 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ — $ — $ — $ — $ — $ — Agency securities — — — — — — Mortgage-backed securities (1,249 ) 107,097 (95 ) 3,551 (1,344 ) 110,648 Corporate securities (18,300 ) 640,058 (1,500 ) 18,036 (19,800 ) 658,094 Municipal securities (497 ) 54,695 — — (497 ) 54,695 Other (4,032 ) 58,885 (428 ) 4,972 (4,460 ) 63,857 Total $ (24,078 ) $ 860,735 $ (2,023 ) $ 26,559 $ (26,101 ) $ 887,294 As of December 28, 2019 Less than 12 Consecutive Months 12 Consecutive Months or Longer Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ — $ — $ (30 ) $ 13,087 $ (30 ) $ 13,087 Agency securities (16 ) 20,808 (11 ) 20,812 (27 ) 41,620 Mortgage-backed securities (745 ) 79,007 (1,740 ) 86,392 (2,485 ) 165,399 Corporate securities (1,585 ) 183,691 (2,161 ) 100,926 (3,746 ) 284,617 Municipal securities (218 ) 34,165 (17 ) 9,522 (235 ) 43,687 Other (410 ) 34,540 (290 ) 21,559 (700 ) 56,099 Total $ (2,974 ) $ 352,211 $ (4,249 ) $ 252,298 $ (7,223 ) $ 604,509
Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity	The amortized cost and fair value of marketable securities at March 28, 2020, by maturity, are shown below. Amortized Cost Fair Value Due in one year or less $ 392,059 $ 391,646 Due after one year through five years 1,044,059 1,033,884 Due after five years through ten years 162,618 156,442 Due after ten years 10,218 9,287 $ 1,608,954 $ 1,591,259

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 28, 2020
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (AOCI)	The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the 13-week period ended March 28, 2020: 13-Weeks Ended March 28, 2020 Foreign currency translation adjustment Net gains (losses) on available-for-sale securities Total Balance - beginning of period $ 55,289 $ 585 $ 55,874 Other comprehensive income before reclassification, net of income tax benefit of $2,764 (6,176 ) (17,662 ) (23,838 ) Amounts reclassified from Accumulated other comprehensive income to Other income (expense), net of income tax expense of $43 included in Income tax provision — (229 ) (229 ) Net current-period other comprehensive income (6,176 ) (17,891 ) (24,067 ) Balance - end of period $ 49,113 $ (17,306 ) $ 31,807

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 28, 2020
Revenue From Contract With Customer [Abstract]
Schedule of Disaggregated Revenue by Segment (Auto)	Auto Revenue by Major Product Category 13-Weeks Ended March 28, 2020 March 30, 2019 Auto PND 56 % 59 % Auto OEM 44 % 41 %
Schedule of Revenue Disaggregated	13-Weeks Ended March 28, 2020 March 30, 2019 Point in time $ 810,296 $ 724,177 Over time 45,812 41,873 Net sales $ 856,108 $ 766,050
Schedule of Deferred Revenue and Costs	13-Weeks Ended March 28, 2020 Deferred Revenue (1) Deferred Costs (2) Balance, beginning of period $ 161,891 $ 48,598 Deferrals in period 35,730 4,697 Recognition of deferrals in period (45,812 ) (8,209 ) Balance, end of period $ 151,809 $ 45,086 (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

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 256,594	$ 260,070
Work-in-process	133,872	133,157
Finished goods	399,714	359,681
Inventories	$ 790,180	$ 752,908

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Numerator:
Numerator for basic and diluted net income per share - net income	$ 161,180	$ 140,173
Denominator:
Denominator for basic net income per share – weighted-average common shares	190,803	189,601
Effect of dilutive securities – employee stock options and stock appreciation rights	881	998
Denominator for diluted net income per share – adjusted weighted-average common shares	191,684	190,599
Basic net income per share	$ 0.84	$ 0.74
Diluted net income per share	$ 0.84	$ 0.74

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares shares in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Earnings Per Share [Abstract]
Anti-dilutive stock options, stock appreciation rights and restricted stock units	412	0
Shares issued as a result of exercises and releases of equity awards	331	386

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 28, 2020Segment
Segment Reporting [Abstract]
Number of reportable segments	5
Number of operating segments	2

Segment Information - Schedule

Segment Information - Schedule of Net Sales (Revenue), Gross Profit, and Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Segment Reporting Information [Line Items]
Net sales	$ 856,108	$ 766,050
Gross profit	506,940	451,698
Operating income	177,482	151,383
Fitness Segment [Member]
Segment Reporting Information [Line Items]
Net sales	223,601	180,256
Gross profit	112,325	90,835
Operating income	31,011	18,126
Outdoor Segment [Member]
Segment Reporting Information [Line Items]
Net sales	175,102	154,051
Gross profit	112,258	97,488
Operating income	47,166	41,953
Aviation Segment [Member]
Segment Reporting Information [Line Items]
Net sales	188,599	170,776
Gross profit	138,808	127,983
Operating income	59,321	57,618
Auto Segment [Member]
Segment Reporting Information [Line Items]
Net sales	105,801	126,999
Gross profit	49,339	57,337
Operating income	(175)	8,213
Marine Segment [Member]
Segment Reporting Information [Line Items]
Net sales	163,005	133,968
Gross profit	94,210	78,055
Operating income	$ 40,159	$ 25,473

Segment Information - Schedul_2

Segment Information - Schedule of Net Sales, Property and Equipment, and Net Assets by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019	Dec. 28, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales to external customers	$ 856,108	$ 766,050
Property and equipment, net	754,549	672,299	$ 728,921
Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales to external customers	427,401	379,456
Property and equipment, net	454,637	413,632
EMEA [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales to external customers	299,867	260,021
Property and equipment, net	69,543	45,734
APAC [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales to external customers	128,840	126,573
Property and equipment, net	$ 230,369	$ 212,933

Warranty Reserves - Additional

Warranty Reserves - Additional Information (Details)	3 Months Ended
	Mar. 28, 2020
Minimum [Member] | Standard Warranty on Products [Member]
Product Warranty Liability [Line Items]
Product warranty term	1 year
Minimum [Member] | Certain Aviation, Marine and Auto OEM products [Member]
Product Warranty Liability [Line Items]
Product warranty term	2 years
Maximum [Member] | Standard Warranty on Products [Member]
Product Warranty Liability [Line Items]
Product warranty term	2 years

Warranty Reserves - Schedule of

Warranty Reserves - Schedule of Changes in the Aggregate Warranty Reserve (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 28, 2020	Mar. 30, 2019
Guarantees And Product Warranties [Abstract]
Balance - beginning of period		$ 39,758	$ 38,276
Accrual for products sold	[1]	17,868	10,849
Expenditures		(18,258)	(14,083)
Balance - end of period		$ 39,368	$ 35,042
[1]	Changes in cost estimates related to pre-existing warranties were not material and aggregated with accruals for new warranty contracts in the ‘Accrual for products sold’ line.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Mar. 28, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
Aggregate amount of purchase orders and other commitments	$ 638,400

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 16,455	$ 26,092
Effective income tax rate	9.30%	15.70%
Decreases in effective income tax rate due to favorable shift in income mix by jurisdiction	(6.40%)

Marketable Securities - Schedul

Marketable Securities - Schedule of Marketable Securities Classified as Available-for-sale Securities (Details) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Marketable Securities [Line Items]
Amortized Cost	$ 1,608,954	$ 1,578,937
Gross Unrealized Gains	8,406	10,224
Gross Unrealized Losses	(26,101)	(7,223)
Fair Value	1,591,259	1,581,938
U.S. Treasury securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	15,174	15,204
Gross Unrealized Gains	103	5
Gross Unrealized Losses	0	(30)
Fair Value	15,277	15,179
Agency securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	39,743	64,582
Gross Unrealized Gains	213	120
Gross Unrealized Losses	0	(27)
Fair Value	39,956	64,675
Mortgage-backed securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	289,553	256,417
Gross Unrealized Gains	1,646	90
Gross Unrealized Losses	(1,344)	(2,485)
Fair Value	289,855	254,022
Corporate securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	1,000,670	980,590
Gross Unrealized Gains	4,792	8,806
Gross Unrealized Losses	(19,800)	(3,746)
Fair Value	985,662	985,650
Municipal securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	178,002	163,898
Gross Unrealized Gains	1,589	1,092
Gross Unrealized Losses	(497)	(235)
Fair Value	179,094	164,755
Other [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	85,812	98,246
Gross Unrealized Gains	63	111
Gross Unrealized Losses	(4,460)	(700)
Fair Value	$ 81,415	$ 97,657

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 28, 2020	Dec. 28, 2019
Schedule Of Available For Sale Securities [Line Items]
Accrued interest written off	$ 0
Percentage of available-for-sale securities in unrealized loss positions	49.00%
Allowance for credit losses on securities in an unrealized loss position	$ 0	$ 0
Allowance for credit loss	0
Prepaid Expenses and Other Current Assets [Member]
Schedule Of Available For Sale Securities [Line Items]
Accrued interest receivable	$ 10,479,000

Marketable Securities - Sched_2

Marketable Securities - Schedule of Gross Unrealized Losses and Fair Value by Major Security Type (Details) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	$ (24,078)	$ (2,974)
Fair Value Less than 12 Consecutive Months	860,735	352,211
Gross Unrealized Losses 12 Consecutive Months or Longer	(2,023)	(4,249)
Fair Value 12 Consecutive Months or Longer	26,559	252,298
Gross Unrealized Losses, Total	(26,101)	(7,223)
Fair Value, Total	887,294	604,509
U.S. Treasury securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses 12 Consecutive Months or Longer		(30)
Fair Value 12 Consecutive Months or Longer		13,087
Gross Unrealized Losses, Total		(30)
Fair Value, Total		13,087
Agency securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months		(16)
Fair Value Less than 12 Consecutive Months		20,808
Gross Unrealized Losses 12 Consecutive Months or Longer		(11)
Fair Value 12 Consecutive Months or Longer		20,812
Gross Unrealized Losses, Total		(27)
Fair Value, Total		41,620
Mortgage-backed securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(1,249)	(745)
Fair Value Less than 12 Consecutive Months	107,097	79,007
Gross Unrealized Losses 12 Consecutive Months or Longer	(95)	(1,740)
Fair Value 12 Consecutive Months or Longer	3,551	86,392
Gross Unrealized Losses, Total	(1,344)	(2,485)
Fair Value, Total	110,648	165,399
Corporate securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(18,300)	(1,585)
Fair Value Less than 12 Consecutive Months	640,058	183,691
Gross Unrealized Losses 12 Consecutive Months or Longer	(1,500)	(2,161)
Fair Value 12 Consecutive Months or Longer	18,036	100,926
Gross Unrealized Losses, Total	(19,800)	(3,746)
Fair Value, Total	658,094	284,617
Municipal securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(497)	(218)
Fair Value Less than 12 Consecutive Months	54,695	34,165
Gross Unrealized Losses 12 Consecutive Months or Longer		(17)
Fair Value 12 Consecutive Months or Longer		9,522
Gross Unrealized Losses, Total	(497)	(235)
Fair Value, Total	54,695	43,687
Other [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(4,032)	(410)
Fair Value Less than 12 Consecutive Months	58,885	34,540
Gross Unrealized Losses 12 Consecutive Months or Longer	(428)	(290)
Fair Value 12 Consecutive Months or Longer	4,972	21,559
Gross Unrealized Losses, Total	(4,460)	(700)
Fair Value, Total	$ 63,857	$ 56,099

Marketable Securities - Sched_3

Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Investments Debt And Equity Securities [Abstract]
Amortized Cost, Due in one year or less	$ 392,059
Amortized Cost, Due after one year through five years	1,044,059
Amortized Cost, Due after five years through ten years	162,618
Amortized Cost, Due after ten years	10,218
Amortized Cost, Total	1,608,954	$ 1,578,937
Fair Value, Due in one year or less	391,646
Fair Value, Due after one year through five years	1,033,884
Fair Value, Due after five years through ten years	156,442
Fair Value, Due after ten years	9,287
Fair Value, Total	$ 1,591,259	$ 1,581,938

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Details) $ in Thousands	3 Months Ended
	Mar. 28, 2020USD ($)
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	$ 4,793,496
Other comprehensive income before reclassification, net of income tax benefit	(23,838)
Amounts reclassified from Accumulated other comprehensive income to Other income (expense), net of income tax expense	(229)
Net current-period other comprehensive income	(24,067)
Ending balance, value	4,934,400
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	55,289
Other comprehensive income before reclassification, net of income tax benefit	(6,176)
Net current-period other comprehensive income	(6,176)
Ending balance, value	49,113
Net Gains (Losses) on Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	585
Other comprehensive income before reclassification, net of income tax benefit	(17,662)
Amounts reclassified from Accumulated other comprehensive income to Other income (expense), net of income tax expense	(229)
Net current-period other comprehensive income	(17,891)
Ending balance, value	(17,306)
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	55,874
Ending balance, value	$ 31,807

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Parenthetical) (Details) $ in Thousands	3 Months Ended
	Mar. 28, 2020USD ($)
Equity [Abstract]
Net of income tax benefit	$ (2,764)
Net of income tax expense	$ 43

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregated Revenue by Geographic Region (Details)	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Auto PND [Member]
Disaggregation of Revenue [Line Items]
Percentage of auto revenue	56.00%	59.00%
Auto OEM [Member]
Disaggregation of Revenue [Line Items]
Percentage of auto revenue	44.00%	41.00%

Revenue - Schedule of Revenue D

Revenue - Schedule of Revenue Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 856,108	$ 766,050
Point in time [Member]
Disaggregation of Revenue [Line Items]
Net sales	810,296	724,177
Over time [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 45,812	$ 41,873

Revenue - Schedule of Deferred

Revenue - Schedule of Deferred Revenue and Costs (Details) $ in Thousands	3 Months Ended
	Mar. 28, 2020USD ($)
Revenue From Contract With Customer [Abstract]
Deferred Revenue, Balance, beginning of period	$ 161,891	[1]
Deferred Revenue, Deferrals in period	35,730	[1]
Deferred Revenue, Recognition of deferrals in period	(45,812)	[1]
Deferred Revenue, Balance, end of period	151,809	[1]
Deferred costs, Balance, beginning of period	48,598	[2]
Deferred Costs, Deferrals in period	4,697	[2]
Deferred Costs, Recognition of deferrals in period	(8,209)	[2]
Deferred Costs, Balance, end of period	$ 45,086	[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 - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 28, 2020	Dec. 28, 2019
Revenue From Contract With Customer [Abstract]
Recognition of deferrals in period	[1]	$ 45,812
Amount of Deferred revenue recognized in the period that was deferred as of the beginning of the period		$ 32,715
Amount of Deferred revenue that is recognized ratably over a period of three years or less		Approximately two-thirds of the $151,809 of deferred revenue at the end of the period
Deferred revenue	[1]	$ 151,809	$ 161,891
[1]	Deferred revenue is comprised of both Deferred revenue and Noncurrent deferred revenue per the Condensed Consolidated Balance Sheets