Garmin (GRMN) 10-Q 28 Oct 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 26, 2020	Oct. 23, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 26, 2020
Document Fiscal Period Focus	Q3
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		191,237,445

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019
Current assets:
Cash and cash equivalents	$ 1,223,516	$ 1,027,567
Marketable securities	430,164	376,463
Accounts receivable, net	658,000	706,763
Inventories	821,377	752,908
Deferred costs	21,067	25,105
Prepaid expenses and other current assets	187,746	169,044
Total current assets	3,341,870	3,057,850
Property and equipment, net	813,561	728,921
Operating lease right-of-use assets	74,949	63,589
Restricted cash	293	71
Marketable securities	1,058,103	1,205,475
Deferred income taxes	247,502	268,518
Noncurrent deferred costs	17,676	23,493
Intangible assets, net	818,781	659,629
Other assets	177,934	159,253
Total assets	6,550,669	6,166,799
Current liabilities:
Accounts payable	235,467	240,831
Salaries and benefits payable	137,859	128,426
Accrued warranty costs	40,002	39,758
Accrued sales program costs	76,255	112,578
Deferred revenue	88,042	94,562
Accrued royalty costs	15,389	15,401
Accrued advertising expense	25,905	35,142
Other accrued expenses	105,731	95,060
Income taxes payable	48,342	56,913
Dividend payable	349,964	217,262
Total current liabilities	1,122,956	1,035,933
Deferred income taxes	124,746	114,754
Noncurrent income taxes	75,186	105,771
Noncurrent deferred revenue	52,715	67,329
Noncurrent operating lease liabilities	58,416	49,238
Other liabilities	12,309	278
Stockholders’ equity:
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 191,237 shares outstanding at September 26, 2020 and 190,686 shares outstanding at December 28, 2019	17,979	17,979
Additional paid-in capital	1,872,519	1,835,622
Treasury stock	(326,294)	(345,040)
Retained earnings	3,421,159	3,229,061
Accumulated other comprehensive income	118,978	55,874
Total stockholders’ equity	5,104,341	4,793,496
Total liabilities and stockholders’ equity	$ 6,550,669	$ 6,166,799

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - SFr / shares shares in Thousands	Sep. 26, 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	191,237	190,686

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Income Statement [Abstract]
Net sales	$ 1,109,194	$ 934,383	$ 2,835,168	$ 2,655,273
Cost of goods sold	441,211	366,925	1,144,816	1,060,752
Gross profit	667,983	567,458	1,690,352	1,594,521
Advertising expense	33,866	32,668	90,031	101,808
Selling, general and administrative expenses	142,134	124,769	411,335	380,289
Research and development expense	174,882	148,561	506,013	443,361
Total operating expense	350,882	305,998	1,007,379	925,458
Operating income	317,101	261,460	682,973	669,063
Other income (expense):
Interest income	7,777	12,309	30,258	39,748
Foreign currency gains (losses)	10,113	(16,296)	(9,802)	(12,568)
Other income (expense)	1,726	294	8,515	3,567
Total other income (expense)	19,616	(3,693)	28,971	30,747
Income before income taxes	336,717	257,767	711,944	699,810
Income tax provision	23,300	29,901	53,168	108,115
Net income	$ 313,417	$ 227,866	$ 658,776	$ 591,695
Net income per share:
Basic	$ 1.64	$ 1.20	$ 3.45	$ 3.12
Diluted	$ 1.63	$ 1.19	$ 3.44	$ 3.10
Weighted average common shares outstanding:
Basic	191,234	190,102	191,021	189,853
Diluted	191,998	190,962	191,760	190,790

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 313,417	$ 227,866	$ 658,776	$ 591,695
Foreign currency translation adjustment	26,721	(18,885)	45,358	(27,805)
Change in fair value of available-for-sale marketable securities, net of deferred taxes	2,528	4,794	17,746	39,965
Comprehensive income	$ 342,666	$ 213,775	$ 721,880	$ 603,855

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	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	12,982		(29,495)	42,477
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	4,380,894	17,979	1,841,696	(368,187)	2,868,816	20,590
Beginning balance, value at Jun. 29, 2019	4,150,966	17,979	1,825,135	(368,200)	2,641,371	34,681
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	4,380,894	17,979	1,841,696	(368,187)	2,868,816	20,590
Beginning balance, value at Dec. 28, 2019	4,793,496	17,979	1,835,622	(345,040)	3,229,061	55,874
Net income	658,776				658,776
Translation adjustment	45,358					45,358
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	17,746					17,746
Comprehensive income	721,880
Dividends declared	(466,678)				(466,678)
Issuance of treasury stock related to equity awards	15,202		(16,618)	31,820
Stock compensation	53,515		53,515
Purchase of treasury stock related to equity awards	(13,074)			(13,074)
Ending balance, value at Sep. 26, 2020	5,104,341	17,979	1,872,519	(326,294)	3,421,159	118,978
Beginning balance, value at Jun. 27, 2020	4,740,861	17,979	1,851,695	(326,310)	3,107,768	89,729
Net income	313,417				313,417
Translation adjustment	26,721					26,721
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects	2,528					2,528
Comprehensive income	342,666
Dividends declared	(26)				(26)
Issuance of treasury stock related to equity awards			(1,207)	1,207
Stock compensation	22,031		22,031
Purchase of treasury stock related to equity awards	(1,191)			(1,191)
Ending balance, value at Sep. 26, 2020	$ 5,104,341	$ 17,979	$ 1,872,519	$ (326,294)	$ 3,421,159	$ 118,978

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Statement Of Stockholders Equity [Abstract]
Adjustment related to unrealized gains (losses) on available-for-sale securities income tax effects	$ 31	$ 657	$ 2,903	$ 5,968
Dividends declared per share			$ 2.44	$ 2.28

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Operating Activities:
Net income	$ 658,776	$ 591,695
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	57,141	52,503
Amortization	32,969	25,112
Gain on sale of property and equipment	(1,815)	(5)
Unrealized foreign currency losses	4,384	14,653
Deferred income taxes	14,353	18,012
Stock compensation expense	53,515	47,553
Realized gain on marketable securities	(1,316)	(213)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts	59,474	15,244
Inventories	(56,063)	(178,121)
Other current and non-current assets	(27,019)	(86,538)
Accounts payable	(11,939)	27,523
Other current and non-current liabilities	(18,299)	(54,401)
Deferred revenue	(21,148)	(7,750)
Deferred costs	9,855	6,326
Income taxes payable	(53,419)	(7,423)
Net cash provided by operating activities	699,449	464,170
Investing activities:
Purchases of property and equipment	(137,072)	(91,469)
Proceeds from sale of property and equipment	1,965	370
Purchase of intangible assets	(1,643)	(1,862)
Purchase of marketable securities	(702,487)	(333,320)
Redemption of marketable securities	808,554	333,783
Acquisitions, net of cash acquired	(148,648)	(275,310)
Net cash used in investing activities	(179,331)	(367,808)
Financing activities:
Dividends	(333,975)	(308,905)
Proceeds from issuance of treasury stock related to equity awards	15,202	12,982
Purchase of treasury stock related to equity awards	(13,074)	(12,972)
Net cash used in financing activities	(331,847)	(308,895)
Effect of exchange rate changes on cash and cash equivalents	7,900	(11,834)
Net increase (decrease) in cash, cash equivalents, and restricted cash	196,171	(224,367)
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	$ 1,223,809	$ 977,438

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 26, 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 and 39-week periods 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 September 26, 2020 and September 28, 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 39-week period ended September 26, 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 September 26, 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	9 Months Ended
	Sep. 26, 2020
Inventory Disclosure [Abstract]
Inventories	2. Inventories The components of inventories consist of the following: September 26, 2020 December 28, 2019 Raw materials $ 291,111 $ 260,070 Work-in-process 137,587 133,157 Finished goods 392,679 359,681 Inventories $ 821,377 $ 752,908

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 26, 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 September 26, 2020 September 28, 2019 Numerator: Numerator for basic and diluted net income per share - net income $ 313,417 $ 227,866 Denominator: Denominator for basic net income per share – weighted-average common shares 191,234 190,102 Effect of dilutive equity awards 764 860 Denominator for diluted net income per share – adjusted weighted-average common shares 191,998 190,962 Basic net income per share $ 1.64 $ 1.20 Diluted net income per share $ 1.63 $ 1.19 39-Weeks Ended September 26, 2020 September 28, 2019 Numerator: Numerator for basic and diluted net income per share - net income $ 658,776 $ 591,695 Denominator: Denominator for basic net income per share – weighted-average common shares 191,021 189,853 Effect of dilutive equity awards 739 937 Denominator for diluted net income per share – adjusted weighted-average common shares 191,760 190,790 Basic net income per share $ 3.45 $ 3.12 Diluted net income per share $ 3.44 $ 3.10 There were 409 and 410 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) excluded from the computations of diluted net income per share for the 13-week and 39-week periods ended September 26, 2020, respectively, and 398 and 266 anti-dilutive equity awards excluded from the computations of diluted net income per share for the 13-week and 39-week periods ended September 28, 2019, respectively. There were 15 net shares issued as a result of exercises and releases of equity awards for the 13-week period ended September 26, 2020, and there were less than 1 net shares issued as a result of exercises and releases of equity awards for the 13-week period ended There were 355 and 396 net shares issued as a result of exercises and releases of equity awards for the 39-week periods ended September 26, 2020 and September 28, 2019, respectively. There were 196 employee stock purchase plan (ESPP) shares issued from outstanding Treasury stock during the 39-week period ended September 26, 2020. There were 245 ESPP shares issued from outstanding Treasury stock during the 39-week period ended September 28, 2019.

Segment Information

Segment Information	9 Months Ended
	Sep. 26, 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 September 26, 2020 Net sales $ 328,446 $ 334,844 $ 151,112 $ 129,355 $ 165,437 $ 1,109,194 Gross profit 177,794 223,704 107,927 58,135 100,423 667,983 Operating income 87,083 147,477 28,597 3,462 50,482 317,101 13-Weeks Ended September 28, 2019 Net sales $ 243,099 $ 258,294 $ 187,574 $ 137,722 $ 107,694 $ 934,383 Gross profit 126,835 170,846 139,688 65,814 64,275 567,458 Operating income 49,831 105,051 65,713 20,857 20,008 261,460 39-Weeks Ended September 26, 2020 Net sales $ 846,688 $ 716,146 $ 465,850 $ 320,215 $ 486,269 $ 2,835,168 Gross profit 446,936 469,150 338,770 147,393 288,103 1,690,352 Operating income 190,075 262,057 103,483 (6,837 ) 134,195 682,973 39-Weeks Ended September 28, 2019 Net sales $ 675,007 $ 622,748 $ 542,316 $ 422,132 $ 393,070 $ 2,655,273 Gross profit 352,805 403,842 405,848 198,012 234,014 1,594,521 Operating income 118,369 218,340 190,164 53,978 88,212 669,063 Net sales to external customers by geographic region were as follows for the 13-week and 39-week periods ended September 26, 2020 and September 28, 2019. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa: 13-Weeks Ended 39-Weeks Ended September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Americas $ 521,869 $ 439,113 $ 1,372,360 $ 1,289,409 EMEA 407,859 344,010 1,042,928 942,625 APAC 179,466 151,260 419,880 423,239 Net sales to external customers $ 1,109,194 $ 934,383 $ 2,835,168 $ 2,655,273 Net property and equipment by geographic region as of September 26, 2020 and September 28, 2019 are presented below. Americas APAC EMEA Total September 26, 2020 Property and equipment, net $ 465,575 $ 255,656 $ 92,330 $ 813,561 September 28, 2019 Property and equipment, net $ 431,062 $ 217,184 $ 62,345 $ 710,591

Warranty Reserves

Warranty Reserves	9 Months Ended
	Sep. 26, 2020
Product Warranties Disclosures [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 September 26, 2020 September 28, 2019 Balance - beginning of period $ 39,293 $ 39,330 Accrual for products sold (1) 15,613 12,981 Expenditures (14,904 ) (14,313 ) Balance - end of period $ 40,002 $ 37,998 39-Weeks Ended September 26, 2020 September 28, 2019 Balance - beginning of period $ 39,758 $ 38,276 Accrual for products sold (1) 47,140 41,196 Expenditures (46,896 ) (41,474 ) Balance - end of period $ 40,002 $ 37,998 (1) Changes in cost estimates related to pre-existing warranties were not material and aggregated with accruals for new warranty contracts in the ‘Accrual for products sold’ line.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 26, 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 September 26, 2020 was approximately $646,000. 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 September 26, 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 and 39-week periods ended September 26, 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	9 Months Ended
	Sep. 26, 2020
Income Tax Disclosure [Abstract]
Income Taxes	7. The Company recorded income tax expense of $23,300 in the 13-week period ended September 26, 2020, compared to income tax expense of $29,901 in the 13-week period ended September 28, 2019. The effective tax rate was 6.9% in the third quarter of 2020, compared to 11.6% in the third quarter of 2019. The effective tax rate in the third quarter of 2020 decreased 470 basis points compared to the effective tax rate in the prior year quarter. The decrease was primarily due to a favorable shift in income mix by jurisdiction related to the transaction to migrate intellectual property ownership from Switzerland to the United States, which began in the first quarter of 2020. The Company recorded income tax expense of $53,168 in the first three quarters of 2020, compared to income tax expense of $108,115 in the first three quarters of 2019. The effective tax rate was 7.5% in the first three quarters of 2020, compared to 15.4% in the first three quarters of 2019. Excluding a $14,308 income tax benefit recognized by the Company in the second quarter of 2020 due to the release of uncertain tax position reserves associated with a 2014 intercompany restructuring, the effective tax rate in the first three quarters of 2020 decreased 600 basis points compared to the effective tax rate in the first three quarters of the prior year. The decrease was primarily due to a favorable shift in income mix by jurisdiction related to the transaction to migrate intellectual property ownership from Switzerland to the United States, which began in the first quarter of 2020.

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 26, 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 September 26, 2020 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities Level 2 $ 11,728 $ 27 $ — $ 11,755 Agency securities Level 2 7,564 95 — 7,659 Mortgage-backed securities Level 2 269,354 1,170 (2,934 ) 267,590 Corporate securities Level 2 940,340 26,025 (2,671 ) 963,694 Municipal securities Level 2 188,276 3,617 (224 ) 191,669 Other Level 2 47,556 166 (1,822 ) 45,900 Total $ 1,464,818 $ 31,100 $ (7,651 ) $ 1,488,267 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 $ as of September 26, 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 39-week period ended September 26, 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 22% of securities in the Company’s portfolio were at an unrealized loss position as of September 26, 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 September 26, 2020 and December 28, 2019. As of September 26, 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 (2,836 ) 140,783 (98 ) 2,620 (2,934 ) 143,403 Corporate securities (2,013 ) 182,555 (658 ) 13,540 (2,671 ) 196,095 Municipal securities (224 ) 34,921 — — (224 ) 34,921 Other (1,249 ) 20,874 (573 ) 3,254 (1,822 ) 24,128 Total $ (6,322 ) $ 379,133 $ (1,329 ) $ 19,414 $ (7,651 ) $ 398,547 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 September 26, 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 September 26, 2020, by maturity, are shown below. Amortized Cost Fair Value Due in one year or less $ 429,519 $ 430,164 Due after one year through five years 970,913 993,068 Due after five years through ten years 59,972 60,946 Due after ten years 4,414 4,089 $ 1,464,818 $ 1,488,267

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 26, 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 and 39-week periods ended September 26, 2020: 13-Weeks Ended September 26, 2020 Foreign currency translation adjustment Net gains (losses) on available-for-sale securities Total Balance - beginning of period $ 73,926 $ 15,803 $ 89,729 Other comprehensive income before reclassification, net of income tax expense of $31 26,721 3,358 30,079 Amounts reclassified from Accumulated other comprehensive income to Other income (expense), net of income tax expense of $155 included in Income tax provision — (830 ) (830 ) Net current-period other comprehensive income 26,721 2,528 29,249 Balance - end of period $ 100,647 $ 18,331 $ 118,978 39-Weeks Ended September 26, 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 expense of $2,903 45,358 18,861 64,219 Amounts reclassified from Accumulated other comprehensive income to Other income (expense), net of income tax expense of $201 included in Income tax provision — (1,115 ) (1,115 ) Net current-period other comprehensive income 45,358 17,746 63,104 Balance - end of period $ 100,647 $ 18,331 $ 118,978

Revenue

Revenue	9 Months Ended
	Sep. 26, 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 39-Weeks Ended September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Auto PND 64 % 69 % 62 % 66 % Auto OEM 36 % 31 % 38 % 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: 13-Weeks Ended 39-Weeks Ended September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Point in time $ 1,060,718 $ 886,954 $ 2,696,593 $ 2,522,229 Over time 48,476 47,429 138,575 133,044 Net sales $ 1,109,194 $ 934,383 $ 2,835,168 $ 2,655,273 Transaction price and costs associated with the Company’s unsatisfied performance obligations are reflected as deferred revenue and deferred costs, respectively, on the Company’s Condensed Consolidated Balance Sheets. Such amounts are recognized ratably over the applicable service period or estimated useful life. Changes in deferred revenue and costs during the 39-week period ended September 26, 2020 are presented below: 39-Weeks Ended September 26, 2020 Deferred Revenue (1) Deferred Costs (2) Balance, beginning of period $ 161,891 $ 48,598 Deferrals in period 117,441 13,445 Recognition of deferrals in period (138,575 ) (23,300 ) Balance, end of period $ 140,757 $ 38,743 (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 $138,575 of deferred revenue recognized in the 39-week period ended September 26, 2020, $77,511 was deferred as of the beginning of the period. Approximately two-thirds of the $140,757 of deferred revenue at the end of the period, September 26, 2020, is recognized ratably over a period of three years or less.

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 26, 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 and 39-week periods 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 September 26, 2020 and September 28, 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 39-week period ended September 26, 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 September 26, 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 and Not Yet Adopted Accounting Pronouncements	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 (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 26, 2020
Inventory Disclosure [Abstract]
Schedule of inventories	The components of inventories consist of the following: September 26, 2020 December 28, 2019 Raw materials $ 291,111 $ 260,070 Work-in-process 137,587 133,157 Finished goods 392,679 359,681 Inventories $ 821,377 $ 752,908

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 26, 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 September 26, 2020 September 28, 2019 Numerator: Numerator for basic and diluted net income per share - net income $ 313,417 $ 227,866 Denominator: Denominator for basic net income per share – weighted-average common shares 191,234 190,102 Effect of dilutive equity awards 764 860 Denominator for diluted net income per share – adjusted weighted-average common shares 191,998 190,962 Basic net income per share $ 1.64 $ 1.20 Diluted net income per share $ 1.63 $ 1.19 39-Weeks Ended September 26, 2020 September 28, 2019 Numerator: Numerator for basic and diluted net income per share - net income $ 658,776 $ 591,695 Denominator: Denominator for basic net income per share – weighted-average common shares 191,021 189,853 Effect of dilutive equity awards 739 937 Denominator for diluted net income per share – adjusted weighted-average common shares 191,760 190,790 Basic net income per share $ 3.45 $ 3.12 Diluted net income per share $ 3.44 $ 3.10

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 26, 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 September 26, 2020 Net sales $ 328,446 $ 334,844 $ 151,112 $ 129,355 $ 165,437 $ 1,109,194 Gross profit 177,794 223,704 107,927 58,135 100,423 667,983 Operating income 87,083 147,477 28,597 3,462 50,482 317,101 13-Weeks Ended September 28, 2019 Net sales $ 243,099 $ 258,294 $ 187,574 $ 137,722 $ 107,694 $ 934,383 Gross profit 126,835 170,846 139,688 65,814 64,275 567,458 Operating income 49,831 105,051 65,713 20,857 20,008 261,460 39-Weeks Ended September 26, 2020 Net sales $ 846,688 $ 716,146 $ 465,850 $ 320,215 $ 486,269 $ 2,835,168 Gross profit 446,936 469,150 338,770 147,393 288,103 1,690,352 Operating income 190,075 262,057 103,483 (6,837 ) 134,195 682,973 39-Weeks Ended September 28, 2019 Net sales $ 675,007 $ 622,748 $ 542,316 $ 422,132 $ 393,070 $ 2,655,273 Gross profit 352,805 403,842 405,848 198,012 234,014 1,594,521 Operating income 118,369 218,340 190,164 53,978 88,212 669,063
Schedule of Net Sales to External Customers and Net Property and Equipment by Geographic Region	Net sales to external customers by geographic region were as follows for the 13-week and 39-week periods ended September 26, 2020 and September 28, 2019. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa: 13-Weeks Ended 39-Weeks Ended September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Americas $ 521,869 $ 439,113 $ 1,372,360 $ 1,289,409 EMEA 407,859 344,010 1,042,928 942,625 APAC 179,466 151,260 419,880 423,239 Net sales to external customers $ 1,109,194 $ 934,383 $ 2,835,168 $ 2,655,273 Net property and equipment by geographic region as of September 26, 2020 and September 28, 2019 are presented below. Americas APAC EMEA Total September 26, 2020 Property and equipment, net $ 465,575 $ 255,656 $ 92,330 $ 813,561 September 28, 2019 Property and equipment, net $ 431,062 $ 217,184 $ 62,345 $ 710,591

Warranty Reserves (Tables)

Warranty Reserves (Tables)	9 Months Ended
	Sep. 26, 2020
Product Warranties Disclosures [Abstract]
Schedule of Changes in the Aggregate Warranty Reserve	The following reconciliation provides an illustration of changes in the aggregate warranty reserve. 13-Weeks Ended September 26, 2020 September 28, 2019 Balance - beginning of period $ 39,293 $ 39,330 Accrual for products sold (1) 15,613 12,981 Expenditures (14,904 ) (14,313 ) Balance - end of period $ 40,002 $ 37,998 39-Weeks Ended September 26, 2020 September 28, 2019 Balance - beginning of period $ 39,758 $ 38,276 Accrual for products sold (1) 47,140 41,196 Expenditures (46,896 ) (41,474 ) Balance - end of period $ 40,002 $ 37,998 (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)	9 Months Ended
	Sep. 26, 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 September 26, 2020 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities Level 2 $ 11,728 $ 27 $ — $ 11,755 Agency securities Level 2 7,564 95 — 7,659 Mortgage-backed securities Level 2 269,354 1,170 (2,934 ) 267,590 Corporate securities Level 2 940,340 26,025 (2,671 ) 963,694 Municipal securities Level 2 188,276 3,617 (224 ) 191,669 Other Level 2 47,556 166 (1,822 ) 45,900 Total $ 1,464,818 $ 31,100 $ (7,651 ) $ 1,488,267 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 September 26, 2020 and December 28, 2019. As of September 26, 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 (2,836 ) 140,783 (98 ) 2,620 (2,934 ) 143,403 Corporate securities (2,013 ) 182,555 (658 ) 13,540 (2,671 ) 196,095 Municipal securities (224 ) 34,921 — — (224 ) 34,921 Other (1,249 ) 20,874 (573 ) 3,254 (1,822 ) 24,128 Total $ (6,322 ) $ 379,133 $ (1,329 ) $ 19,414 $ (7,651 ) $ 398,547 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 September 26, 2020, by maturity, are shown below. Amortized Cost Fair Value Due in one year or less $ 429,519 $ 430,164 Due after one year through five years 970,913 993,068 Due after five years through ten years 59,972 60,946 Due after ten years 4,414 4,089 $ 1,464,818 $ 1,488,267

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 26, 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 and 39-week periods ended September 26, 2020: 13-Weeks Ended September 26, 2020 Foreign currency translation adjustment Net gains (losses) on available-for-sale securities Total Balance - beginning of period $ 73,926 $ 15,803 $ 89,729 Other comprehensive income before reclassification, net of income tax expense of $31 26,721 3,358 30,079 Amounts reclassified from Accumulated other comprehensive income to Other income (expense), net of income tax expense of $155 included in Income tax provision — (830 ) (830 ) Net current-period other comprehensive income 26,721 2,528 29,249 Balance - end of period $ 100,647 $ 18,331 $ 118,978 39-Weeks Ended September 26, 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 expense of $2,903 45,358 18,861 64,219 Amounts reclassified from Accumulated other comprehensive income to Other income (expense), net of income tax expense of $201 included in Income tax provision — (1,115 ) (1,115 ) Net current-period other comprehensive income 45,358 17,746 63,104 Balance - end of period $ 100,647 $ 18,331 $ 118,978

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 26, 2020
Revenue From Contract With Customer [Abstract]
Schedule of Disaggregated Revenue by Segment (Auto)	Auto Revenue by Major Product Category 13-Weeks Ended 39-Weeks Ended September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Auto PND 64 % 69 % 62 % 66 % Auto OEM 36 % 31 % 38 % 34 %
Schedule of Revenue Disaggregated	13-Weeks Ended 39-Weeks Ended September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Point in time $ 1,060,718 $ 886,954 $ 2,696,593 $ 2,522,229 Over time 48,476 47,429 138,575 133,044 Net sales $ 1,109,194 $ 934,383 $ 2,835,168 $ 2,655,273
Schedule of Deferred Revenue and Costs	39-Weeks Ended September 26, 2020 Deferred Revenue (1) Deferred Costs (2) Balance, beginning of period $ 161,891 $ 48,598 Deferrals in period 117,441 13,445 Recognition of deferrals in period (138,575 ) (23,300 ) Balance, end of period $ 140,757 $ 38,743 (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

Accounting Policies - Additiona

Accounting Policies - Additional Information (Details)	Sep. 26, 2020
ASU 2016-13 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, Adopted	true
Change in accounting principle, accounting standards update, Immaterial Effect	true
ASU 2017-08 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, Adopted	true
Change in accounting principle, accounting standards update, Immaterial Effect	true

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 291,111	$ 260,070
Work-in-process	137,587	133,157
Finished goods	392,679	359,681
Inventories	$ 821,377	$ 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		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Numerator:
Numerator for basic and diluted net income per share - net income	$ 313,417	$ 227,866	$ 658,776	$ 591,695
Denominator:
Denominator for basic net income per share – weighted-average common shares	191,234	190,102	191,021	189,853
Effect of dilutive equity awards	764	860	739	937
Denominator for diluted net income per share – adjusted weighted-average common shares	191,998	190,962	191,760	190,790
Basic net income per share	$ 1.64	$ 1.20	$ 3.45	$ 3.12
Diluted net income per share	$ 1.63	$ 1.19	$ 3.44	$ 3.10

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Earnings Per Share [Abstract]
Anti-dilutive stock options, stock appreciation rights and restricted stock units	409	398	410	266
Shares issued as a result of exercises and releases of equity awards	15	1	355	396
Employee stock purchase plan (ESPP) shares issued from outstanding treasury stock			196	245

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 26, 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		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Segment Reporting Information [Line Items]
Net sales	$ 1,109,194	$ 934,383	$ 2,835,168	$ 2,655,273
Gross profit	667,983	567,458	1,690,352	1,594,521
Operating income	317,101	261,460	682,973	669,063
Fitness Segment [Member]
Segment Reporting Information [Line Items]
Net sales	328,446	243,099	846,688	675,007
Gross profit	177,794	126,835	446,936	352,805
Operating income	87,083	49,831	190,075	118,369
Outdoor Segment [Member]
Segment Reporting Information [Line Items]
Net sales	334,844	258,294	716,146	622,748
Gross profit	223,704	170,846	469,150	403,842
Operating income	147,477	105,051	262,057	218,340
Aviation Segment [Member]
Segment Reporting Information [Line Items]
Net sales	151,112	187,574	465,850	542,316
Gross profit	107,927	139,688	338,770	405,848
Operating income	28,597	65,713	103,483	190,164
Auto Segment [Member]
Segment Reporting Information [Line Items]
Net sales	129,355	137,722	320,215	422,132
Gross profit	58,135	65,814	147,393	198,012
Operating income	3,462	20,857	(6,837)	53,978
Marine Segment [Member]
Segment Reporting Information [Line Items]
Net sales	165,437	107,694	486,269	393,070
Gross profit	100,423	64,275	288,103	234,014
Operating income	$ 50,482	$ 20,008	$ 134,195	$ 88,212

Segment Information - Schedul_2

Segment Information - Schedule of Net Sales to External Customers and Net Property and Equipment by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Dec. 28, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales to external customers	$ 1,109,194	$ 934,383	$ 2,835,168	$ 2,655,273
Property and equipment, net	813,561	710,591	813,561	710,591	$ 728,921
Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales to external customers	521,869	439,113	1,372,360	1,289,409
Property and equipment, net	465,575	431,062	465,575	431,062
EMEA [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales to external customers	407,859	344,010	1,042,928	942,625
Property and equipment, net	92,330	62,345	92,330	62,345
APAC [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales to external customers	179,466	151,260	419,880	423,239
Property and equipment, net	$ 255,656	$ 217,184	$ 255,656	$ 217,184

Warranty Reserves - Additional

Warranty Reserves - Additional Information (Details)	9 Months Ended
	Sep. 26, 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		9 Months Ended
		Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Product Warranties Disclosures [Abstract]
Balance - beginning of period		$ 39,293	$ 39,330	$ 39,758	$ 38,276
Accrual for products sold	[1]	15,613	12,981	47,140	41,196
Expenditures		(14,904)	(14,313)	(46,896)	(41,474)
Balance - end of period		$ 40,002	$ 37,998	$ 40,002	$ 37,998
[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	Sep. 26, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
Aggregate amount of purchase orders and other commitments	$ 646,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 26, 2020	Jun. 27, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 23,300		$ 29,901	$ 53,168	$ 108,115
Effective income tax rate	6.90%		11.60%	7.50%	15.40%
Increase (decrease) in effective income tax rate	(4.70%)			(6.00%)
Income tax expense (benefit) due to release of uncertain tax position reserves		$ (14,308)

Marketable Securities - Schedul

Marketable Securities - Schedule of Marketable Securities Classified as Available-for-sale Securities (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019
Marketable Securities [Line Items]
Amortized Cost	$ 1,464,818	$ 1,578,937
Gross Unrealized Gains	31,100	10,224
Gross Unrealized Losses	(7,651)	(7,223)
Fair Value	1,488,267	1,581,938
U.S. Treasury securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	11,728	15,204
Gross Unrealized Gains	27	5
Gross Unrealized Losses	0	(30)
Fair Value	11,755	15,179
Agency securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	7,564	64,582
Gross Unrealized Gains	95	120
Gross Unrealized Losses	0	(27)
Fair Value	7,659	64,675
Mortgage-backed securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	269,354	256,417
Gross Unrealized Gains	1,170	90
Gross Unrealized Losses	(2,934)	(2,485)
Fair Value	267,590	254,022
Corporate securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	940,340	980,590
Gross Unrealized Gains	26,025	8,806
Gross Unrealized Losses	(2,671)	(3,746)
Fair Value	963,694	985,650
Municipal securities [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	188,276	163,898
Gross Unrealized Gains	3,617	1,092
Gross Unrealized Losses	(224)	(235)
Fair Value	191,669	164,755
Other [Member] | Fair Value, Level 2 [Member]
Marketable Securities [Line Items]
Amortized Cost	47,556	98,246
Gross Unrealized Gains	166	111
Gross Unrealized Losses	(1,822)	(700)
Fair Value	$ 45,900	$ 97,657

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 26, 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	22.00%
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	$ 9,701,000

Marketable Securities - Sched_2

Marketable Securities - Schedule of Gross Unrealized Losses and Fair Value by Major Security Type (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	$ (6,322)	$ (2,974)
Fair Value Less than 12 Consecutive Months	379,133	352,211
Gross Unrealized Losses 12 Consecutive Months or Longer	(1,329)	(4,249)
Fair Value 12 Consecutive Months or Longer	19,414	252,298
Gross Unrealized Losses, Total	(7,651)	(7,223)
Fair Value, Total	398,547	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	(2,836)	(745)
Fair Value Less than 12 Consecutive Months	140,783	79,007
Gross Unrealized Losses 12 Consecutive Months or Longer	(98)	(1,740)
Fair Value 12 Consecutive Months or Longer	2,620	86,392
Gross Unrealized Losses, Total	(2,934)	(2,485)
Fair Value, Total	143,403	165,399
Corporate securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(2,013)	(1,585)
Fair Value Less than 12 Consecutive Months	182,555	183,691
Gross Unrealized Losses 12 Consecutive Months or Longer	(658)	(2,161)
Fair Value 12 Consecutive Months or Longer	13,540	100,926
Gross Unrealized Losses, Total	(2,671)	(3,746)
Fair Value, Total	196,095	284,617
Municipal securities [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(224)	(218)
Fair Value Less than 12 Consecutive Months	34,921	34,165
Gross Unrealized Losses 12 Consecutive Months or Longer		(17)
Fair Value 12 Consecutive Months or Longer		9,522
Gross Unrealized Losses, Total	(224)	(235)
Fair Value, Total	34,921	43,687
Other [Member]
Marketable Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(1,249)	(410)
Fair Value Less than 12 Consecutive Months	20,874	34,540
Gross Unrealized Losses 12 Consecutive Months or Longer	(573)	(290)
Fair Value 12 Consecutive Months or Longer	3,254	21,559
Gross Unrealized Losses, Total	(1,822)	(700)
Fair Value, Total	$ 24,128	$ 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	Sep. 26, 2020	Dec. 28, 2019
Investments Debt And Equity Securities [Abstract]
Amortized Cost, Due in one year or less	$ 429,519
Amortized Cost, Due after one year through five years	970,913
Amortized Cost, Due after five years through ten years	59,972
Amortized Cost, Due after ten years	4,414
Amortized Cost	1,464,818	$ 1,578,937
Fair Value, Due in one year or less	430,164
Fair Value, Due after one year through five years	993,068
Fair Value, Due after five years through ten years	60,946
Fair Value, Due after ten years	4,089
Fair Value, Total	$ 1,488,267	$ 1,581,938

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 26, 2020	Sep. 26, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	$ 4,740,861	$ 4,793,496
Other comprehensive income before reclassification, net of income tax expense (benefit)	30,079	64,219
Amounts reclassified from Accumulated other comprehensive income to Other income (expense), net of income tax expense	(830)	(1,115)
Net current-period other comprehensive income	29,249	63,104
Ending balance, value	5,104,341	5,104,341
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	73,926	55,289
Other comprehensive income before reclassification, net of income tax expense (benefit)	26,721	45,358
Net current-period other comprehensive income	26,721	45,358
Ending balance, value	100,647	100,647
Net Gains (Losses) on Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	15,803	585
Other comprehensive income before reclassification, net of income tax expense (benefit)	3,358	18,861
Amounts reclassified from Accumulated other comprehensive income to Other income (expense), net of income tax expense	(830)	(1,115)
Net current-period other comprehensive income	2,528	17,746
Ending balance, value	18,331	18,331
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning balance, value	89,729	55,874
Ending balance, value	$ 118,978	$ 118,978

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 26, 2020	Sep. 26, 2020
Equity [Abstract]
Net of income tax (benefit) expense	$ 31	$ 2,903
Net of income tax expense	$ 155	$ 201

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregated Revenue by Geographic Region (Details)	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Auto PND [Member]
Disaggregation of Revenue [Line Items]
Percentage of auto revenue	64.00%	69.00%	62.00%	66.00%
Auto OEM [Member]
Disaggregation of Revenue [Line Items]
Percentage of auto revenue	36.00%	31.00%	38.00%	34.00%

Revenue - Schedule of Revenue D

Revenue - Schedule of Revenue Disaggregated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 1,109,194	$ 934,383	$ 2,835,168	$ 2,655,273
Point in time [Member]
Disaggregation of Revenue [Line Items]
Net sales	1,060,718	886,954	2,696,593	2,522,229
Over time [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 48,476	$ 47,429	$ 138,575	$ 133,044

Revenue - Schedule of Deferred

Revenue - Schedule of Deferred Revenue and Costs (Details) $ in Thousands	9 Months Ended
	Sep. 26, 2020USD ($)
Revenue From Contract With Customer [Abstract]
Deferred Revenue, Balance, beginning of period	$ 161,891	[1]
Deferred Revenue, Deferrals in period	117,441	[1]
Deferred Revenue, Recognition of deferrals in period	(138,575)	[1]
Deferred Revenue, Balance, end of period	140,757	[1]
Deferred costs, Balance, beginning of period	48,598	[2]
Deferred Costs, Deferrals in period	13,445	[2]
Deferred Costs, Recognition of deferrals in period	(23,300)	[2]
Deferred Costs, Balance, end of period	$ 38,743	[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		9 Months Ended
		Sep. 26, 2020	Dec. 28, 2019
Revenue From Contract With Customer [Abstract]
Recognition of deferrals in period	[1]	$ 138,575
Amount of Deferred revenue recognized in the period that was deferred as of the beginning of the period		$ 77,511
Amount of Deferred revenue that is recognized ratably over a period of three years or less		Approximately two-thirds of the $140,757 of deferred revenue at the end of the period
Deferred revenue	[1]	$ 140,757	$ 161,891
[1]	Deferred revenue is comprised of both Deferred revenue and Noncurrent deferred revenue per the Condensed Consolidated Balance Sheets