Garmin (GRMN) 10-Q 28 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 26, 2015	Oct. 26, 2015
Document And Entity Information
Entity Registrant Name	GARMIN LTD
Entity Central Index Key	1,121,788
Document Type	10-Q
Trading Symbol	grmn
Document Period End Date	Sep. 26, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-27
Entity a Well-known Seasoned Issuer	Yes
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		208,077,418
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 26, 2015	Dec. 27, 2014
Current assets:
Cash and cash equivalents	$ 914,907	$ 1,196,268
Marketable securities	211,834	167,989
Accounts receivable, net	431,942	570,191
Inventories, net	503,183	420,475
Deferred income taxes	49,857	56,102
Deferred costs	47,526	51,336
Prepaid expenses and other current assets	72,704	48,615
Total current assets	2,231,953	2,510,976
Property and equipment, net	439,094	430,887
Marketable securities	1,290,147	1,407,344
Restricted cash	259	308
Noncurrent deferred income tax	67,126	67,712
Noncurrent deferred costs	32,709	36,140
Intangible assets, net	220,848	218,083
Other assets	106,336	21,853
Total assets	4,388,472	4,693,303
Current liabilities:
Accounts payable	158,663	149,094
Salaries and benefits payable	70,622	62,764
Accrued warranty costs	24,649	27,609
Accrued sales program costs	46,005	58,934
Deferred revenue	169,225	203,598
Accrued royalty costs	10,832	51,889
Accrued advertising expense	20,434	26,334
Other accrued expenses	70,741	67,780
Deferred income taxes	13,299	17,673
Income taxes payable	18,221	182,260
Dividend payable	291,965	185,326
Total current liabilities	894,656	1,033,261
Deferred income taxes	43,170	39,497
Non-current income taxes	96,311	80,611
Non-current deferred revenue	118,090	135,130
Other liabilities	1,560	1,437
Stockholders' equity:
Shares, CHF 10 par value, 208,077 shares authorized and issued; 190,342 shares outstanding at September 26, 2015 and 191,815 shares outstanding at December 27, 2014	1,797,435	1,797,435
Additional paid-in capital	89,879	73,521
Treasury stock	(425,380)	(330,132)
Retained earnings	1,795,900	1,859,972
Accumulated other comprehensive income	(23,149)	2,571
Total stockholders' equity	3,234,685	3,403,367
Total liabilities and stockholders' equity	$ 4,388,472	$ 4,693,303

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - SFr / shares	Sep. 26, 2015	Dec. 27, 2014
Statement of Financial Position [Abstract]
Shares, par value (in dollars per share)	SFr 10	SFr 10
Shares, shares authorized	208,077	208,077
Shares, shares issued	208,077	208,077
Shares, shares outstanding	190,342	191,815

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Income Statement [Abstract]
Net sales	$ 679,690	$ 706,283	$ 2,038,913	$ 2,067,352
Cost of goods sold	317,500	308,037	913,352	893,788
Gross profit	362,190	398,246	1,125,561	1,173,564
Advertising expense	36,887	33,112	110,352	92,457
Selling, general and administrative expense	94,057	90,632	290,359	272,914
Research and development expense	105,789	98,998	321,031	293,567
Total operating expense	236,733	222,742	721,742	658,938
Operating income	125,457	175,504	403,819	514,626
Other income (expense):
Interest income	6,851	9,344	22,295	28,781
Foreign currency gains (losses)	30,573	(12,703)	(14,177)	(20,266)
Other income	2,010	517	2,707	707
Total other income (expense)	39,434	(2,842)	10,825	9,222
Income before income taxes	164,891	172,662	414,644	523,848
Income tax provision	45,592	319,496	90,800	369,882
Net income (loss)	$ 119,299	$ (146,834)	$ 323,844	$ 153,966
Net income (loss) per share:
Basic (in dollars per share)	$ 0.63	$ (0.76)	$ 1.69	$ 0.79
Diluted (in dollars per share)	$ 0.63	$ (0.76)	$ 1.69	$ 0.79
Weighted average common shares outstanding:
Basic (in shares)	190,342	192,239	191,068	193,700
Diluted (in shares)	190,822	192,239	191,523	194,763
Dividends declared per share (in dollars per share)			$ 2.04	$ 1.92

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Condensed Consolidated Statements Of Comprehensive Income
Net income	$ 119,299	$ (146,834)	$ 323,844	$ 153,966
Foreign currency translation adjustment	(55,161)	(22,791)	(34,690)	(15,552)
Change in fair value of available-for-sale marketable securities, net of deferred taxes	7,937	(3,332)	8,970	24,681
Comprehensive income	$ 72,075	$ (172,957)	$ 298,124	$ 163,095

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014
Operating Activities:
Net income	$ 323,844	$ 153,966
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	37,936	35,860
Amortization	20,447	19,705
(Gain) loss on sale of property and equipment	(190)	(742)
Provision for doubtful accounts	(1,781)	778
Deferred income taxes	5,796	55,235
Unrealized foreign currency loss	30,473	22,610
Provision for obsolete and slow moving inventories	9,925	21,051
Stock compensation expense	19,596	18,988
Realized (gain) loss on marketable securities	(76)	685
Changes in operating assets and liabilities:
Accounts receivable	123,875	74,323
Inventories	(111,008)	(107,273)
Other current and non-current assets	(110,695)	1,528
Accounts payable	16,864	(3,209)
Other current and non-current liabilities	(44,636)	(1,997)
Deferred revenue	(49,790)	(80,712)
Deferred cost	7,080	11,136
Income taxes payable	(155,529)	155,762
Net cash provided by operating activities	122,131	377,694
Investing activities:
Purchases of property and equipment	(53,297)	(54,829)
Proceeds from sale of property and equipment	670	748
Purchase of intangible assets	(2,817)	(9,422)
Purchase of marketable securities	(649,881)	(746,305)
Redemption of marketable securities	$ 720,717	807,778
Proceeds from repayment on loan receivable		137,379
Change in restricted cash	$ 48	(44)
Acquisitions, net of cash acquired	(12,632)	(18,871)
Net cash provided by investing activities	2,808	116,434
Financing activities:
Dividends paid	(281,247)	(268,023)
Purchase of treasury stock under share repurchase plan	(108,057)	(241,460)
Purchase of treasury stock related to equity awards	(241)	(11,274)
Proceeds from issuance of treasury stock related to equity awards	8,554	12,761
Tax benefit from issuance of equity awards	1,257	4,422
Net cash used in financing activities	(379,734)	(503,574)
Effect of exchange rate changes on cash and cash equivalents	(26,566)	(15,145)
Net decrease in cash and cash equivalents	(281,361)	(24,591)
Cash and cash equivalents at beginning of period	1,196,268	1,179,149
Cash and cash equivalents at end of period	$ 914,907	$ 1,154,558

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 26, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Additionally, the condensed consolidated financial statements should be read in conjunction with Item 2 of Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in this Form 10-Q. Operating results for the 13-week and 39-week periods ended September 26, 2015 are not necessarily indicative of the results that may be expected for the year ending December 26, 2015. The condensed consolidated balance sheet at December 27, 2014 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 27, 2014. The Company’s fiscal year is based on a 52-53 week period ending on the last Saturday of the calendar year. Therefore the financial results of certain fiscal years, and the associated 14-week quarters, will not be exactly comparable to the prior and subsequent 52-week fiscal years and the associated quarters having only 13 weeks. The quarters ended September 26, 2015 and September 27, 2014 both contain operating results for 13 weeks.

Inventories

Inventories	9 Months Ended
	Sep. 26, 2015
Inventory Disclosure [Abstract]
Inventories	2. Inventories The components of inventories consist of the following: September 26, 2015 December 27, 2014 Raw Materials $ 187,048 $ 161,444 Work-in-process 64,472 53,824 Finished goods 289,947 244,282 Inventory Reserves (38,284 ) (39,075 ) Inventory, net of reserves $ 503,183 $ 420,475

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 26, 2015
Earnings Per Share [Abstract]
Earnings Per Share	3. Earnings Per Share The following table sets forth the computation of basic and diluted net income per share: 13-Weeks Ended Sept 26, Sept 27, 2015 2014 Numerator: Numerator for basic and diluted net income per share - net income $ 119,299 $ (146,834 ) Denominator: Denominator for basic net income per share – weighted-average common shares 190,342 192,239 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 480 0 Denominator for diluted net income per share – adjusted weighted-average common shares 190,822 192,239 Basic net income per share $ 0.63 $ (0.76 ) Diluted net income per share $ 0.63 $ (0.76 ) 39-Weeks Ended Sept 26, Sept 27, 2015 2014 Numerator: Numerator for basic and diluted net income per share - net income $ 323,844 $ 153,966 Denominator: Denominator for basic net income per share – weighted-average common shares 191,068 193,700 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 455 1,063 Denominator for diluted net income per share – adjusted weighted-average common shares 191,523 194,763 Basic net income per share $ 1.69 $ 0.79 Diluted net income per share $ 1.69 $ 0.79 There were 4,075 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) outstanding during the 13-week period ended September 26, 2015. For the 13-week periods ended September 27, 2014, the effect of dilutive securities has been excluded because the effect would have been anti-dilutive. There were 4,108 and 2,253 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) outstanding during the 39-week periods ended September 26, 2015 and September 27, 2014, respectively. There were 5 and 81 shares issued as a result of exercises and releases of equity awards for the 13-week periods ended September 26, 2015 and September 27, 2014, respectively. There were 133 and 446 shares issued as a result of exercises and releases of equity awards for the 39-week periods ended September 26, 2015 and September 27, 2014, respectively. There were 214 employee stock purchase plan (ESPP) shares issued from outstanding Treasury stock during the 39-week period ended September 26, 2015.

Segment Information

Segment Information	9 Months Ended
	Sep. 26, 2015
Segment Reporting [Abstract]
Segment Information	4. Segment Information The Company has identified five reportable segments – Auto, Aviation, Marine, Outdoor and Fitness. The Company’s Chief Operating Decision Maker (CODM) assesses segment performance and allocates resources to each segment individually. During the 39-week period ended September 26, 2015, the measure of segment profit or loss used by the CODM to assess segment performance and allocate resources changed from income before income taxes to operating income. This change did not impact the measurement methods used to determine reported segment profit or loss in the 13-week and 39-week periods ended September 26, 2015 and September 27, 2014. Net sales, gross profit, and operating income for each of the Company’s reportable segments are presented below: Reporting Segments Outdoor Fitness Marine Auto Aviation Total 13-Weeks Ended September 26, 2015 Net sales $ 115,284 $ 143,216 $ 62,315 $ 264,643 $ 94,232 $ 679,690 Gross profit $ 68,175 $ 77,261 $ 34,115 $ 112,598 $ 70,041 $ 362,190 Operating income $ 37,761 $ 26,577 $ 5,737 $ 31,660 $ 23,722 $ 125,457 13-Weeks Ended September 27, 2014 Net sales $ 121,079 $ 116,171 $ 62,128 $ 307,558 $ 99,347 $ 706,283 Gross profit $ 79,227 $ 74,056 $ 31,510 $ 140,995 $ 72,458 $ 398,246 Operating income $ 51,382 $ 36,670 $ 5,452 $ 53,042 $ 28,958 $ 175,504 39-Weeks Ended September 26, 2015 Net sales $ 301,523 $ 432,859 $ 230,325 $ 779,646 $ 294,560 $ 2,038,913 Gross profit $ 185,341 $ 248,795 $ 128,204 $ 347,407 $ 215,814 $ 1,125,561 Operating income $ 99,012 $ 94,286 $ 34,204 $ 99,010 $ 77,307 $ 403,819 39-Weeks Ended September 27, 2014 Net sales $ 311,123 $ 367,137 $ 195,911 $ 900,545 $ 292,636 $ 2,067,352 Gross profit $ 194,805 $ 236,204 $ 105,097 $ 422,379 $ 215,079 $ 1,173,564 Operating income $ 110,345 $ 133,054 $ 26,919 $ 158,248 $ 86,060 $ 514,626 Allocation of certain research and development expenses, and selling, general, and administrative expenses are made to each segment on a percent of revenue basis. Net sales and property and equipment, net by geographic area are as follows as of and for the 39-week periods ended September 26, 2015 and September 27, 2014. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa: Americas APAC EMEA Total September 26, 2015 Net sales to external customers $ 1,057,359 $ 237,202 $ 744,352 $ 2,038,913 Property and equipment, net $ 282,930 $ 108,650 $ 47,514 $ 439,094 September 27, 2014 Net sales to external customers $ 1,090,267 $ 195,225 $ 781,860 $ 2,067,352 Property and equipment, net $ 263,581 $ 117,191 $ 50,981 $ 431,753

Warranty Reserves

Warranty Reserves	9 Months Ended
	Sep. 26, 2015
Product Warranties Disclosures [Abstract]
Warranty Reserves	5. Warranty Reserves The Company’s products sold are generally covered by a warranty for periods ranging from one to two years. The Company’s estimate of costs to service its warranty obligations are based on historical experience and expectation of future conditions and are recorded as a liability on the balance sheet. The following reconciliation provides an illustration of changes in the aggregate warranty reserve. 13-Weeks Ended September 26, September 27, 2015 2014 Balance - beginning of period $ 26,101 $ 27,349 Accrual for products sold during the period 8,075 8,512 Expenditures (9,527 ) (9,318 ) Balance - end of period $ 24,649 $ 26,543 39-Weeks Ended September 26, September 27, 2015 2014 Balance - beginning of period $ 27,609 $ 26,767 Accrual for products sold during the period 25,165 29,803 Expenditures (28,125 ) (30,027 ) Balance - end of period $ 24,649 $ 26,543

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 26, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies The Company is party to certain commitments, which include purchases of raw materials, advertising expenditures, investments in certain low income housing tax credit projects, and other indirect purchases in connection with conducting our business. Pursuant to these agreements, the Company is contractually committed to make payments of approximately $312,258 over the next five years. 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 basis, developments in legal proceedings, investigations or claims that could affect the amount of any accrual or disclosure. The assessment regarding whether a loss is probable or a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management of the Company currently does not believe there is at least a reasonable possibility the Company may have incurred a material loss, or a material loss in excess of recorded accruals, with respect to loss contingencies individually and in the aggregate, for the fiscal quarter ended September 26, 2015. The results of legal proceedings, investigations and claims, however, cannot be predicted with certainty. Although management considers the likelihood to be remote, an adverse resolution of one or more of such matters in excess of management’s expectations could have a material adverse effect on the Company’s results of operations in a particular quarter or fiscal year. The Company settled or resolved certain matters during the fiscal quarter ended September 26, 2015 that did not individually or in the aggregate have a material impact on the Company’s financial condition or results of operations.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 26, 2015
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The Company’s income tax expense decreased by $273,904, to $45,592 for the 13-week period ended September 26, 2015, from $319,496 for the 13-week period ended September 27, 2014. The effective tax rate was 28% in the third quarter of 2015. The third quarter 2015 income tax expense decreased compared to the third quarter 2014 due to: • the tax expense of $307,635 associated with the inter-company restructuring recorded in the third quarter 2014 Offset by: • the release of uncertain tax position reserves due to expiration of certain statutes of limitations or completion of tax audits was insignificant in third quarter 2015 and reduced the Company’s expense by $24,400 in third quarter 2014 and • the current projected full year income mix for 2015 compared to the same projection at third quarter of 2014 is unfavorable resulting in an increased effective tax rate The Company’s income tax expense decreased by $279,082 to $90,800 for the first three quarters of 2015, from $369,882 for the first three quarters of 2014. The effective tax rate was 22% in the first three quarters of 2015. The first three quarters of 2015 income tax expense decreased compared to the first three quarters of 2014 due to: • the tax expense of $307,635 associated with the inter-company restructuring recorded in the third quarter 2014 Offset by: • the release of uncertain tax position reserves due to expiration of certain statutes of limitations or completion of tax audits reduced expense by $7,197 and $35,385, respectively, in the first three quarters of 2015 and the first three quarters of 2014 and • the current projected full year income mix for 2015 compared to the same projection at third quarter of 2014 is unfavorable resulting in an increased effective tax rate

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 26, 2015
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	8. Marketable Securities The Financial Accounting Standards Board (“FASB”) ASC topic entitled Fair Value Measurements and Disclosures Level 1 Unadjusted quoted prices in active markets for the identical asset or liability Level 2 Observable inputs for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3 Unobservable inputs for the asset or liability The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Valuation is based on prices obtained from an independent pricing vendor using both market and income approaches. The primary inputs to the valuation include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, and credit spreads. The method described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Available-for-sale securities measured at estimated fair value on a recurring basis are summarized below: Fair Value Measurements as of September 26, 2015 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 27,584 $ — $ 27,584 $ — Agency securities 236,086 — 236,086 — Mortgage-backed securities 396,501 — 396,501 — Corporate securities 545,682 — 545,682 — Municipal securities 219,994 — 219,994 — Other 76,134 — 76,134 — Total $ 1,501,981 $ — $ 1,501,981 $ — Fair Value Measurements as of December 27, 2014 (1) Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 30,144 $ — $ 30,144 $ — Agency securities 428,320 — 428,320 — Mortgage-backed securities 324,307 — 324,307 — Corporate securities 594,402 — 594,402 — Municipal securities 125,410 — 125,410 — Other 72,750 — 72,750 — Total $ 1,575,333 $ — $ 1,575,333 $ — (1) Marketable securities classified as available-for-sale securities are summarized below: Available-For-Sale Securities as of September 26, 2015 Amortized Cost Gross Unrealized Gross (2) Gross Unrealized Losses-Other (3) Estimated Fair U.S. Treasury securities $ 27,433 $ 178 $ — $ (27 ) $ 27,584 Agency securities 238,559 205 (2,553 ) (125 ) 236,086 Mortgage-backed securities 399,866 465 (987 ) (2,843 ) 396,501 Corporate securities 549,830 241 (1,453 ) (2,936 ) 545,682 Municipal securities 219,911 893 (1 ) (809 ) 219,994 Other 76,170 7 (17 ) (26 ) 76,134 Total $ 1,511,769 $ 1,989 $ (5,011 ) $ (6,766 ) $ 1,501,981 Available-For-Sale Securities as of December 27, 2014 (1) Amortized Cost Gross Unrealized Gains Gross (2) Gross Unrealized Losses-Other (3) Estimated Fair U.S. Treasury securities $ 30,185 $ 26 $ (25 ) $ (42 ) $ 30,144 Agency securities 436,817 169 (8,259 ) (407 ) 428,320 Mortgage-backed securities 329,048 580 (1,813 ) (3,508 ) 324,307 Corporate securities 600,674 689 (2,874 ) (4,087 ) 594,402 Municipal securities 125,183 497 (48 ) (222 ) 125,410 Other 72,857 59 (12 ) (154 ) 72,750 Total $ 1,594,764 $ 2,020 $ (13,031 ) $ (8,420 ) $ 1,575,333 (1) Certain available-for-sale securities held as of December 27, 2014 have been reclassified among major security types to conform to the current year presentation. These reclassifications had no effect on fair value measurement. (2) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired. (3) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired. The Company’s investment policy requires investments to be rated A or better with the objective of minimizing the potential risk of principal loss. The fair value of the securities varies from period to period due to changes in interest rates, in the performance of the underlying collateral and in the credit performance of the underlying issuer, among other factors. The Company does not intend to sell the securities that have an unrealized loss shown in the table above and it is not more likely than not that the Company will be required to sell the investment before recovery of their amortized costs bases, which may be maturity. The Company recognizes the credit component of other-than-temporary impairments of debt securities in “Other Income” and the noncredit component in “Other comprehensive income (loss)” for those securities that we do not intend to sell and for which it is not more likely than not that we will be required to sell before recovery. During 2014 and the 39-week period ending September 26, 2015, the Company did not record any material impairment charges on its outstanding securities. The amortized cost and estimated fair value of the securities at an unrealized loss position at September 26, 2015 were $1,018,087 and $1,006,310, respectively. Approximately 49% of securities in the Company’s portfolio were at an unrealized loss position at September 26, 2015. We have the ability to hold these securities until maturity or their value is recovered. We do not consider these unrealized losses to be other than temporary credit losses because there has been no deterioration in credit quality and no change in the cash flows of the underlying securities. 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; therefore, no impairment has been recorded in the accompanying condensed consolidated statement of income. The cost of securities sold is based on the specific identification method. The following table displays 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, 2015. As of September 26, 2015 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ (27 ) $ 2,326 $ — $ — Agency securities $ (468 ) $ 90,244 $ (2,210 ) $ 85,942 Mortgage-backed securities $ (2,381 ) $ 252,600 $ (1,449 ) $ 71,097 Corporate securities $ (4,020 ) $ 376,149 $ (369 ) $ 21,725 Municipal securities $ (769 ) $ 68,517 $ (41 ) $ 8,670 Other $ (11 ) $ 11,318 $ (32 ) $ 17,722 Total $ (7,676 ) $ 801,154 $ (4,101 ) $ 205,156 The amortized cost and estimated fair value of marketable securities at September 26, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Cost Estimated Fair Value Due in one year or less $ 211,698 $ 211,834 Due after one year through five years 1,099,194 1,093,285 Due after five years through ten years 135,930 133,289 Due after ten years 64,946 63,573 $ 1,511,768 $ 1,501,981

Share Repurchase Plan

Share Repurchase Plan	9 Months Ended
	Sep. 26, 2015
Disclosure Text Block Supplement [Abstract]
Share Repurchase Plan	9. Share Repurchase Plan On February 13, 2015, the Board of Directors approved a share repurchase program authorizing the Company to repurchase up to $300,000 of the common shares of Garmin Ltd. The repurchases may be made from time to time as market and business conditions warrant on the open market or in negotiated transactions in compliance with the SEC’s Rule 10b-18. The timing and amounts of any repurchases will be determined by the Company’s management depending on market conditions and other factors including price, regulatory requirements and capital availability. The program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time. The share repurchase authorization expires on December 31, 2016. As of September 26, 2015, the Company had repurchased 2,494 shares using cash of $108,057. There remains approximately $191,943 available to repurchase additional shares under this authorization.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 26, 2015
Stockholders' Equity Note [Abstract]
Accumulated Other Comprehensive Income	10. Accumulated Other Comprehensive Income The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the 13-week and the 39-week periods ended September 26, 2015: 13-Weeks Ended September 26, 2015 Foreign Currency Gross unrealized losses (4) Net unrealized gains (5) Total Beginning Balance $ 41,345 $ (9,414 ) $ (7,856 ) $ 24,075 Other comprehensive income before reclassification (55,161 ) 4,403 3,324 (47,434 ) Amounts reclassified from accumulated other comprehensive income — — 210 210 Net current-period other comprehensive income (55,161 ) 4,403 3,534 (47,224 ) Ending Balance $ (13,816 ) $ (5,011 ) $ (4,322 ) $ (23,149 ) 39-Weeks Ended September 26, 2015 Foreign Currency Gross unrealized losses (4) Net unrealized gains (5) Total Beginning Balance $ 20,874 $ (13,031 ) $ (5,272 ) $ 2,571 Other comprehensive income before reclassification (34,690 ) 8,020 1,066 (25,604 ) Amounts reclassified from accumulated other comprehensive income — — (116 ) (116 ) Net current-period other comprehensive income (34,690 ) 8,020 950 (25,720 ) Ending Balance $ (13,816 ) $ (5,011 ) $ (4,322 ) $ (23,149 ) (4) Represents the change in impairment, not related to credit, for those investment securities that have been determined to be other-than- temporarily impaired. (5) Represents the change in unrealized gains (losses) on investment securities that have not been determined to be other-than-temporarily impaired. The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week and 26-week periods ended September 26, 2015: 13-Weeks Ended September 26, 2015 Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the statement where net income is presented Unrealized gains (losses) on available-for-sale securities $ (289 ) Other income (expense) $ 79 Income tax (provision) benefit $ (210 ) Net of tax 39-Weeks Ended September 26, 2015 Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the statement where net income is presented Unrealized gains (losses) on available-for-sale securities $ 76 Other income (expense) $ 41 Income tax (provision) benefit $ 117 Net of tax

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	9 Months Ended
	Sep. 26, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Pronouncements	11. Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which supersedes previous revenue recognition guidance. ASU 2014-09 requires that a company will recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange or transferring goods or services to a customer. In applying the new guidance, a company will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The new standard may be applied retrospectively to each prior period presented or in a modified retrospective approach in which the cumulative effect will be recognized as of the date of adoption. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, which defers the effective date of the new guidance by one year such that the new provisions will now be required for annual reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of adopting the new revenue standard on its consolidated financial statements.

Stock Compensation Plans

Stock Compensation Plans	9 Months Ended
	Sep. 26, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Plans	12. Stock Compensation Plans In February 2015, Restricted Stock Units (RSUs) were granted to certain employees under the Company’s 2005 Equity Incentive Plan (the “2005 Plan”). The vesting of these RSUs is contingent upon the achievement of certain revenue and profitability goals, as well as on time-based vesting requirements. The compensation expense related to these grants did not have a material impact on the results of operations for the 13-week or 39-week periods ended September 26, 2015 and is not expected to have a material impact on the results of operations for the fiscal year ending December 26, 2015. The 2005 Plan is discussed further in the Company’s Annual Report on Form 10-K for the fiscal year ended December 27, 2014.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 26, 2015
Inventory Disclosure [Abstract]
Schedule of inventories	The components of inventories consist of the following: September 26, 2015 December 27, 2014 Raw Materials $ 187,048 $ 161,444 Work-in-process 64,472 53,824 Finished goods 289,947 244,282 Inventory Reserves (38,284 ) (39,075 ) Inventory, net of reserves $ 503,183 $ 420,475

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 26, 2015
Earnings Per Share [Abstract]
Schedule of basic and diluted net income per share	The following table sets forth the computation of basic and diluted net income per share: 13-Weeks Ended Sept 26, Sept 27, 2015 2014 Numerator: Numerator for basic and diluted net income per share - net income $ 119,299 $ (146,834 ) Denominator: Denominator for basic net income per share – weighted-average common shares 190,342 192,239 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 480 0 Denominator for diluted net income per share – adjusted weighted-average common sh ares 190,822 192,239 Basic net income per share $ 0.63 $ (0.76 ) Diluted net income per share $ 0.63 $ (0.76 ) 39-Weeks Ended Sept 26, Sept 27, 2015 2014 Numerator: Numerator for basic and diluted net income per share - net income $ 323,844 $ 153,966 Denominator: Denominator for basic net income per share – weighted-average common shares 191,068 193,700 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 455 1,063 Denominator for diluted net income per share – adjusted weighted-average common shares 191,523 194,763 Basic net income per share $ 1.69 $ 0.79 Diluted net income per share $ 1.69 $ 0.7

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 26, 2015
Segment Reporting [Abstract]
Sechedule of reportable segments	Net sales, gross profit, and operating income for each of the Company’s reportable segments are presented below: Reporting Segments Outdoor Fitness Marine Auto Aviation Total 13-Weeks Ended September 26, 2015 Net sales $ 115,284 $ 143,216 $ 62,315 $ 264,643 $ 94,232 $ 679,690 Gross profit $ 68,175 $ 77,261 $ 34,115 $ 112,598 $ 70,041 $ 362,190 Operating income $ 37,761 $ 26,577 $ 5,737 $ 31,660 $ 23,722 $ 125,457 13-Weeks Ended September 27, 2014 Net sales $ 121,079 $ 116,171 $ 62,128 $ 307,558 $ 99,347 $ 706,283 Gross profit $ 79,227 $ 74,056 $ 31,510 $ 140,995 $ 72,458 $ 398,246 Operating income $ 51,382 $ 36,670 $ 5,452 $ 53,042 $ 28,958 $ 175,504 39-Weeks Ended September 26, 2015 Net sales $ 301,523 $ 432,859 $ 230,325 $ 779,646 $ 294,560 $ 2,038,913 Gross profit $ 185,341 $ 248,795 $ 128,204 $ 347,407 $ 215,814 $ 1,125,561 Operating income $ 99,012 $ 94,286 $ 34,204 $ 99,010 $ 77,307 $ 403,819 39-Weeks Ended September 27, 2014 Net sales $ 311,123 $ 367,137 $ 195,911 $ 900,545 $ 292,636 $ 2,067,352 Gross profit $ 194,805 $ 236,204 $ 105,097 $ 422,379 $ 215,079 $ 1,173,564 Operating income $ 110,345 $ 133,054 $ 26,919 $ 158,248 $ 86,060 $ 514,626
Schedule of net sales and property and equipment, net by geographic area	Net sales and property and equipment, net by geographic area are as follows as of and for the 39-week periods ended September 26, 2015 and September 27, 2014. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa: Americas APAC EMEA Total September 26, 2015 Net sales to external customers $ 1,057,359 $ 237,202 $ 744,352 $ 2,038,913 Property and equipment, net $ 282,930 $ 108,650 $ 47,514 $ 439,094 September 27, 2014 Net sales to external customers $ 1,090,267 $ 195,225 $ 781,860 $ 2,067,352 Property and equipment, net $ 263,581 $ 117,191 $ 50,981 $ 431,753

Warranty Reserves (Tables)

Warranty Reserves (Tables)	9 Months Ended
	Sep. 26, 2015
Product Warranties Disclosures [Abstract]
Schedule of aggregate warranty reserve	The following reconciliation provides an illustration of changes in the aggregate warranty reserve. 13-Weeks Ended September 26, September 27, 2015 2014 Balance - beginning of period $ 26,101 $ 27,349 Accrual for products sold during the period 8,075 8,512 Expenditures (9,527 ) (9,318 ) Balance - end of period $ 24,649 $ 26,543 39-Weeks Ended September 26, September 27, 2015 2014 Balance - beginning of period $ 27,609 $ 26,767 Accrual for products sold during the period 25,165 29,803 Expenditures (28,125 ) (30,027 ) Balance - end of period $ 24,649 $ 26,543

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 26, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of available-for-sale securities measured at estimated fair value on a recurring basis	Available-for-sale securities measured at estimated fair value on a recurring basis are summarized below: Fair Value Measurements as of September 26, 2015 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 27,584 $ — $ 27,584 $ — Agency securities 236,086 — 236,086 — Mortgage-backed securities 396,501 — 396,501 — Corporate securities 545,682 — 545,682 — Municipal securities 219,994 — 219,994 — Other 76,134 — 76,134 — Total $ 1,501,981 $ — $ 1,501,981 $ — Fair Value Measurements as of December 27, 2014 (1) Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 30,144 $ — $ 30,144 $ — Agency securities 428,320 — 428,320 — Mortgage-backed securities 324,307 — 324,307 — Corporate securities 594,402 — 594,402 — Municipal securities 125,410 — 125,410 — Other 72,750 — 72,750 — Total $ 1,575,333 $ — $ 1,575,333 $ — (1)
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, 2015 Amortized Cost Gross Unrealized Gross (2) Gross Unrealized Losses-Other (3) Estimated Fair U.S. Treasury securities $ 27,433 $ 178 $ — $ (27 ) $ 27,584 Agency securities 238,559 205 (2,553 ) (125 ) 236,086 Mortgage-backed securities 399,866 465 (987 ) (2,843 ) 396,501 Corporate securities 549,830 241 (1,453 ) (2,936 ) 545,682 Municipal securities 219,911 893 (1 ) (809 ) 219,994 Other 76,170 7 (17 ) (26 ) 76,134 Total $ 1,511,769 $ 1,989 $ (5,011 ) $ (6,766 ) $ 1,501,981 Available-For-Sale Securities as of December 27, 2014 (1) Amortized Cost Gross Unrealized Gains Gross (2) Gross Unrealized Losses-Other (3) Estimated Fair U.S. Treasury securities $ 30,185 $ 26 $ (25 ) $ (42 ) $ 30,144 Agency securities 436,817 169 (8,259 ) (407 ) 428,320 Mortgage-backed securities 329,048 580 (1,813 ) (3,508 ) 324,307 Corporate securities 600,674 689 (2,874 ) (4,087 ) 594,402 Municipal securities 125,183 497 (48 ) (222 ) 125,410 Other 72,857 59 (12 ) (154 ) 72,750 Total $ 1,594,764 $ 2,020 $ (13,031 ) $ (8,420 ) $ 1,575,333 (1) Certain available-for-sale securities held as of December 27, 2014 have been reclassified among major security types to conform to the current year presentation. These reclassifications had no effect on fair value measurement. (2) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired. (3) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.
Schedule of available-for-sale securities in an unrealized loss position	The following table displays 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, 2015. As of September 26, 2015 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ (27 ) $ 2,326 $ — $ — Agency securities $ (468 ) $ 90,244 $ (2,210 ) $ 85,942 Mortgage-backed securities $ (2,381 ) $ 252,600 $ (1,449 ) $ 71,097 Corporate securities $ (4,020 ) $ 376,149 $ (369 ) $ 21,725 Municipal securities $ (769 ) $ 68,517 $ (41 ) $ 8,670 Other $ (11 ) $ 11,318 $ (32 ) $ 17,722 Total $ (7,676 ) $ 801,154 $ (4,101 ) $ 205,156
Schedule of expected maturities will differ from contractual maturities	The amortized cost and estimated fair value of marketable securities at September 26, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Cost Estimated Fair Value Due in one year or less $ 211,698 $ 211,834 Due after one year through five years 1,099,194 1,093,285 Due after five years through ten years 135,930 133,289 Due after ten years 64,946 63,573 $ 1,511,768 $ 1,501,981

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 26, 2015
Stockholders' Equity Note [Abstract]
Schedule of 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 the 39-week periods ended September 26, 2015: 13-Weeks Ended September 26, 2015 Foreign Currency Gross unrealized losses (4) Net unrealized gains (5) Total Beginning Balance $ 41,345 $ (9,414 ) $ (7,856 ) $ 24,075 Other comprehensive income before reclassification (55,161 ) 4,403 3,324 (47,434 ) Amounts reclassified from accumulated other comprehensive income — — 210 210 Net current-period other comprehensive income (55,161 ) 4,403 3,534 (47,224 ) Ending Balance $ (13,816 ) $ (5,011 ) $ (4,322 ) $ (23,149 ) 39-Weeks Ended September 26, 2015 Foreign Currency Gross unrealized losses (4) Net unrealized gains (5) Total Beginning Balance $ 20,874 $ (13,031 ) $ (5,272 ) $ 2,571 Other comprehensive income before reclassification (34,690 ) 8,020 1,066 (25,604 ) Amounts reclassified from accumulated other comprehensive income — — (116 ) (116 ) Net current-period other comprehensive income (34,690 ) 8,020 950 (25,720 ) Ending Balance $ (13,816 ) $ (5,011 ) $ (4,322 ) $ (23,149 ) (4) Represents the change in impairment, not related to credit, for those investment securities that have been determined to be other-than- temporarily impaired. (5) Represents the change in unrealized gains (losses) on investment securities that have not been determined to be other-than-temporarily impaired.
Schedule of reporting reclassifications out of AOCI	The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week and 26-week periods ended September 26, 2015: 13-Weeks Ended September 26, 2015 Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the statement where net income is presented Unrealized gains (losses) on available-for-sale securities $ (289 ) Other income (expense) $ 79 Income tax (provision) benefit $ (210 ) Net of tax 39-Weeks Ended September 26, 2015 Details about accumulated other comprehensive income components Amount reclassified from accumulated other comprehensive income Affected line item in the statement where net income is presented Unrealized gains (losses) on available-for-sale securities $ 76 Other income (expense) $ 41 Income tax (provision) benefit $ 117 Net of tax

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 26, 2015	Dec. 27, 2014
Inventory Disclosure [Abstract]
Raw Materials	$ 187,048	$ 161,444
Work-in-process	64,472	53,824
Finished goods	289,947	244,282
Inventory Reserves	(38,284)	(39,075)
Inventory, net of reserves	$ 503,183	$ 420,475

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Numerator:
Numerator for basic and diluted net income per share - net income	$ 119,299	$ (146,834)	$ 323,844	$ 153,966
Denominator:
Denominator for basic net income per share - weighted-average common shares	190,342	192,239	191,068	193,700
Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units	480	0	455	1,063
Denominator for diluted net income per share - adjusted weighted-average common shares	190,822	192,239	191,523	194,763
Basic net income per share (in dollars per share)	$ 0.63	$ (0.76)	$ 1.69	$ 0.79
Diluted net income per share (in dollars per share)	$ 0.63	$ (0.76)	$ 1.69	$ 0.79

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Earnings Per Share [Abstract]
Number of anti-dilutive equity awards	4,075		4,108	2,253
Number of shares issued for exercises of equity awards	5	81	133	446
Number of shares issued from outstanding treasury stock ESPP			214

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Segment Reporting Information [Line Items]
Net sales	$ 679,690	$ 706,283	$ 2,038,913	$ 2,067,352
Gross profit	362,190	398,246	1,125,561	1,173,564
Operating income	125,457	175,504	403,819	514,626
Outdoor [Member]
Segment Reporting Information [Line Items]
Net sales	115,284	121,079	301,523	311,123
Gross profit	68,175	79,227	185,341	194,805
Operating income	37,761	51,382	99,012	110,345
Fitness [Member]
Segment Reporting Information [Line Items]
Net sales	143,216	116,171	432,859	367,137
Gross profit	77,261	74,056	248,795	236,204
Operating income	26,577	36,670	94,286	133,054
Marine [Member]
Segment Reporting Information [Line Items]
Net sales	62,315	62,128	230,325	195,911
Gross profit	34,115	31,510	128,204	105,097
Operating income	5,737	5,452	34,204	26,919
Auto [Member]
Segment Reporting Information [Line Items]
Net sales	264,643	307,558	779,646	900,545
Gross profit	112,598	140,995	347,407	422,379
Operating income	31,660	53,042	99,010	158,248
Aviation [Member]
Segment Reporting Information [Line Items]
Net sales	94,232	99,347	294,560	292,636
Gross profit	70,041	72,458	215,814	215,079
Operating income	$ 23,722	$ 28,958	$ 77,307	$ 86,060

Segment Information (Details 1)

Segment Information (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014	Dec. 27, 2014
Segment Reporting Information [Line Items]
Net sales to external customers	$ 679,690	$ 706,283	$ 2,038,913	$ 2,067,352
Property and equipment, net	439,094	431,753	439,094	431,753	$ 430,887
Americas [Member]
Segment Reporting Information [Line Items]
Net sales to external customers			1,057,359	1,090,267
Property and equipment, net	282,930	263,581	282,930	263,581
APAC [Member]
Segment Reporting Information [Line Items]
Net sales to external customers			237,202	195,225
Property and equipment, net	108,650	117,191	108,650	117,191
EMEA [Member]
Segment Reporting Information [Line Items]
Net sales to external customers			744,352	781,860
Property and equipment, net	$ 47,514	$ 50,981	$ 47,514	$ 50,981

Segment Information (Details Na

Segment Information (Details Narrative)	9 Months Ended
	Sep. 26, 2015Number
Segment Reporting [Abstract]
Number of reportable segments	5

Warranty Reserves (Details)

Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance - beginning of period	$ 26,101	$ 27,349	$ 27,609	$ 26,767
Accrual for products sold during the period	8,075	8,512	25,165	29,803
Expenditures	(9,527)	(9,318)	(28,125)	(30,027)
Balance - end of period	$ 24,649	$ 26,543	$ 24,649	$ 26,543

Warranty Reserves (Details Narr

Warranty Reserves (Details Narrative)	9 Months Ended
	Sep. 26, 2015
Minimum [Member]
Product Warranty Liability [Line Items]
Warranty term	1 year
Maximum [Member]
Product Warranty Liability [Line Items]
Warranty term	2 years

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) $ in Thousands	9 Months Ended
	Sep. 26, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractually committed payments	$ 312,258
Contractually committed period	5 years

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Income Tax Disclosure [Abstract]
Decrease in income tax provision	$ 273,904		$ 279,082
Income tax provision	$ 45,592	$ 319,496	$ 90,800	$ 369,882
Effective tax rate	28.00%		22.00%
Inter-company restructuring tax expenses		307,635
Uncertain tax position reserves		$ 24,400	$ 7,197	$ 35,385

Marketable Securities (Details)

Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 26, 2015	Dec. 27, 2014
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	$ 1,501,981	$ 1,575,333	[1]
U.S.Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	27,584	30,144	[1]
Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	236,086	428,320	[1]
Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	396,501	324,307	[1]
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	545,682	594,402	[1]
Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	219,994	125,410	[1]
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	76,134	72,750	[1]
Recurring Basis [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	1,501,981	1,575,333	[1]
Recurring Basis [Member] | U.S.Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	27,584	30,144	[1]
Recurring Basis [Member] | Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	236,086	428,320	[1]
Recurring Basis [Member] | Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	396,501	324,307	[1]
Recurring Basis [Member] | Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	545,682	594,402	[1]
Recurring Basis [Member] | Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	219,994	125,410	[1]
Recurring Basis [Member] | Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	$ 76,134	$ 72,750	[1]
Recurring Basis [Member] | Level 1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total
Recurring Basis [Member] | Level 1 [Member] | U.S.Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total
Recurring Basis [Member] | Level 1 [Member] | Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total
Recurring Basis [Member] | Level 1 [Member] | Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total
Recurring Basis [Member] | Level 1 [Member] | Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total
Recurring Basis [Member] | Level 1 [Member] | Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total
Recurring Basis [Member] | Level 1 [Member] | Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total
Recurring Basis [Member] | Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	$ 1,501,981	$ 1,575,333	[1]
Recurring Basis [Member] | Level 2 [Member] | U.S.Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	27,584	30,144	[1]
Recurring Basis [Member] | Level 2 [Member] | Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	236,086	428,320	[1]
Recurring Basis [Member] | Level 2 [Member] | Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	396,501	324,307	[1]
Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	545,682	594,402	[1]
Recurring Basis [Member] | Level 2 [Member] | Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	219,994	125,410	[1]
Recurring Basis [Member] | Level 2 [Member] | Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	$ 76,134	$ 72,750	[1]
Recurring Basis [Member] | Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total
Recurring Basis [Member] | Level 3 [Member] | U.S.Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total
Recurring Basis [Member] | Level 3 [Member] | Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total
Recurring Basis [Member] | Level 3 [Member] | Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total
Recurring Basis [Member] | Level 3 [Member] | Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total
Recurring Basis [Member] | Level 3 [Member] | Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total
Recurring Basis [Member] | Level 3 [Member] | Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total
[1]	Certain available-for-sale securities held as of December 27, 2014 have been reclassified among major security types to conform to the current year presentation. These reclassifications had no effect on fair value measurement.

Marketable Securities (Details

Marketable Securities (Details 1) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 26, 2015	Dec. 27, 2014	[1]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 1,511,768	$ 1,594,764
Gross Unrealized Gains		1,989	2,020
Gross Unrealized Losses-OTTI	[2]	(5,011)	(13,031)
Gross Unrealized Losses-Other	[3]	(6,766)	(8,420)
Estimated Fair Value (Net Carrying Amount)		1,501,981	1,575,333
U.S.Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		27,433	30,185
Gross Unrealized Gains		$ 178	26
Gross Unrealized Losses-OTTI	[2]		(25)
Gross Unrealized Losses-Other	[3]	$ (27)	(42)
Estimated Fair Value (Net Carrying Amount)		27,584	30,144
Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		238,559	436,817
Gross Unrealized Gains		205	169
Gross Unrealized Losses-OTTI	[2]	(2,553)	(8,259)
Gross Unrealized Losses-Other	[3]	(125)	(407)
Estimated Fair Value (Net Carrying Amount)		236,086	428,320
Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		399,866	329,048
Gross Unrealized Gains		465	580
Gross Unrealized Losses-OTTI	[2]	(987)	(1,813)
Gross Unrealized Losses-Other	[3]	(2,843)	(3,508)
Estimated Fair Value (Net Carrying Amount)		396,501	324,307
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		549,830	600,674
Gross Unrealized Gains		241	689
Gross Unrealized Losses-OTTI	[2]	(1,453)	(2,874)
Gross Unrealized Losses-Other	[3]	(2,936)	(4,087)
Estimated Fair Value (Net Carrying Amount)		545,682	594,402
Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		219,911	125,183
Gross Unrealized Gains		893	497
Gross Unrealized Losses-OTTI	[2]	(1)	(48)
Gross Unrealized Losses-Other	[3]	(809)	(222)
Estimated Fair Value (Net Carrying Amount)		219,994	125,410
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		76,170	72,857
Gross Unrealized Gains		7	59
Gross Unrealized Losses-OTTI	[2]	(17)	(12)
Gross Unrealized Losses-Other	[3]	(26)	(154)
Estimated Fair Value (Net Carrying Amount)		$ 76,134	$ 72,750
[1]	Certain available-for-sale securities held as of December 27, 2014 have been reclassified among major security types to conform to the current year presentation. These reclassifications had no effect on fair value measurement.
[2]	Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired.
[3]	Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.

Marketable Securities (Detail37

Marketable Securities (Details 2) $ in Thousands	9 Months Ended
	Sep. 26, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	$ (7,676)
Fair Value Less than 12 Consecutive Months	801,154
Gross Unrealized Losses 12 Consecutive Months or Longer	(4,101)
Fair Value 12 Consecutive Months or Longer	205,156
U.S.Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(27)
Fair Value Less than 12 Consecutive Months	$ 2,326
Gross Unrealized Losses 12 Consecutive Months or Longer
Fair Value 12 Consecutive Months or Longer
Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	$ (468)
Fair Value Less than 12 Consecutive Months	90,244
Gross Unrealized Losses 12 Consecutive Months or Longer	(2,210)
Fair Value 12 Consecutive Months or Longer	85,942
Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(2,381)
Fair Value Less than 12 Consecutive Months	252,600
Gross Unrealized Losses 12 Consecutive Months or Longer	(1,449)
Fair Value 12 Consecutive Months or Longer	71,097
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(4,020)
Fair Value Less than 12 Consecutive Months	376,149
Gross Unrealized Losses 12 Consecutive Months or Longer	(369)
Fair Value 12 Consecutive Months or Longer	21,725
Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(769)
Fair Value Less than 12 Consecutive Months	68,517
Gross Unrealized Losses 12 Consecutive Months or Longer	(41)
Fair Value 12 Consecutive Months or Longer	8,670
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(11)
Fair Value Less than 12 Consecutive Months	11,318
Gross Unrealized Losses 12 Consecutive Months or Longer	(32)
Fair Value 12 Consecutive Months or Longer	$ 17,722

Marketable Securities (Detail38

Marketable Securities (Details 3) - USD ($) $ in Thousands	Sep. 26, 2015	Dec. 27, 2014	[1]
Cost [Abstract]
Due in one year or less	$ 211,698
Due after one year through five years	1,099,194
Due after five years through ten years	135,930
Due after ten years	64,946
Total	1,511,768	$ 1,594,764
Estimated Fair Value [Abstract]
Due in one year or less	211,834
Due after one year through five years	1,093,285
Due after five years through ten years	133,289
Due after ten years	63,573
Total	$ 1,501,981	$ 1,575,333
[1]	Certain available-for-sale securities held as of December 27, 2014 have been reclassified among major security types to conform to the current year presentation. These reclassifications had no effect on fair value measurement.

Marketable Securities (Detail39

Marketable Securities (Details Narrative) $ in Thousands	9 Months Ended
	Sep. 26, 2015USD ($)
Investments, Debt and Equity Securities [Abstract]
Unrealized loss position amortized cost	$ 1,018,087
Unrealized loss position fair value	$ 1,006,310
Percentage of available-for-sale securities in unrealized loss positions	49.00%

Share Repurchase Plan (Details

Share Repurchase Plan (Details Narrative) - USD ($) $ in Thousands	Feb. 13, 2015	Sep. 26, 2015
Disclosure Text Block Supplement [Abstract]
Stock repurchase program, authorized amount	$ 300,000
Stock repurchase program, expiration date	Dec. 31, 2016
Stock issued for repurchase program, shares		2,494
Stock issued for repurchase program, value		$ 108,057
Remaining stock available under repurchase program		$ 191,943

Accumulated Other Comprehensi41

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward]
Beginning Balance		$ 41,345		$ 20,874
Other comprehensive income before reclassification		$ (55,161)		$ (34,690)
Amounts reclassified from accumulated other comprehensive income
Net current-period other comprehensive income		$ (55,161)	$ (22,791)	$ (34,690)	$ (15,552)
Ending Balance		(13,816)		(13,816)
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Roll Forward]
Beginning Balance	[1]	(9,414)		(13,031)
Other comprehensive income before reclassification	[1]	$ 4,403		$ 8,020
Amounts reclassified from accumulated other comprehensive income	[1]
Net current-period other comprehensive income	[1]	$ 4,403		$ 8,020
Ending Balance	[1]	(5,011)		(5,011)
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward]
Beginning Balance	[2]	(7,856)		(5,272)
Other comprehensive income before reclassification	[2]	3,324		1,066
Amounts reclassified from accumulated other comprehensive income	[2]	210		(116)
Net current-period other comprehensive income	[2]	3,534		950
Ending Balance	[2]	(4,322)		(4,322)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance		24,075		2,571
Other comprehensive income before reclassification		(47,434)		(25,604)
Amounts reclassified from accumulated other comprehensive income		210		(116)
Net current-period other comprehensive income		(47,224)		(25,720)
Ending Balance		$ (23,149)		$ (23,149)
[1]	Represents the change in impairment, not related to credit, for those investment securities that have been determined to be other - than - temporarily impaired.
[2]	Represents the change in unrealized gains (losses) on investment securities that have not been determined to be other - than - temporarily impaired.

Accumulated Other Comprehensi42

Accumulated Other Comprehensive Income (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2015	Sep. 27, 2014	Sep. 26, 2015	Sep. 27, 2014
Other income (expense)	$ 39,434	$ (2,842)	$ 10,825	$ 9,222
Income tax (provision) benefit	(45,592)	$ (319,496)	(90,800)	$ (369,882)
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification from accumulated other comprehensive income [Member]
Other income (expense)	(289)		76
Income tax (provision) benefit	79		41
Net of tax	$ (210)		$ 117