Document and Entity Information
Document and Entity Information - shares shares in Thousands | 3 Months Ended | |
Mar. 26, 2016 | Apr. 25, 2016 | |
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 | Mar. 26, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-25 | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 208,077,418 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 26, 2016 | Dec. 26, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 857,679 | $ 833,070 |
Marketable securities | 198,147 | 215,161 |
Accounts receivable, net | 408,283 | 531,481 |
Inventories, net | 517,767 | 500,554 |
Deferred costs | 50,861 | 49,176 |
Prepaid expenses and other current assets | 96,396 | 81,645 |
Total current assets | 2,129,133 | 2,211,087 |
Property and equipment, net | 448,967 | 446,089 |
Marketable securities | 1,279,799 | 1,343,387 |
Restricted cash | 261 | 259 |
Noncurrent deferred income tax | 117,467 | 116,518 |
Noncurrent deferred costs | 39,663 | 38,769 |
Intangible assets, net | 306,303 | 245,552 |
Other assets | 88,731 | 97,730 |
Total assets | 4,410,324 | 4,499,391 |
Current liabilities: | ||
Accounts payable | 137,162 | 178,905 |
Salaries and benefits payable | 75,862 | 70,601 |
Accrued warranty costs | 31,407 | 30,449 |
Accrued sales program costs | 49,236 | 67,613 |
Deferred revenue | 154,965 | 164,982 |
Accrued royalty costs | 25,737 | 30,310 |
Accrued advertising expense | 20,185 | 33,547 |
Other accrued expenses | 75,217 | 74,926 |
Income taxes payable | 14,524 | 21,674 |
Dividend payable | 96,425 | 192,991 |
Total current liabilities | 680,720 | 865,998 |
Deferred income taxes | 60,915 | 56,210 |
Non-current income taxes | 103,035 | 101,689 |
Non-current deferred revenue | 126,731 | 128,731 |
Other liabilities | 1,676 | 1,637 |
Stockholders' equity: | ||
Shares, CHF 10 par value, 208,077 shares authorized and issued; 189,193 shares outstanding at March 26, 2016 and 189,722 shares outstanding at December 26, 2015 | 1,797,435 | 1,797,435 |
Additional paid-in capital | 70,413 | 62,239 |
Treasury stock | (434,346) | (414,637) |
Retained earnings | 2,018,609 | 1,930,517 |
Accumulated other comprehensive income | (14,864) | (30,428) |
Total stockholders' equity | 3,437,247 | 3,345,126 |
Total liabilities and stockholders' equity | $ 4,410,324 | $ 4,499,391 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - SFr / shares shares in Thousands | Mar. 26, 2016 | Dec. 26, 2015 |
Common shares, authorized | 208,077 | 208,077 |
Common shares, issued | 208,077 | 208,077 |
Common shares, outstanding | 189,193 | 189,722 |
CHF [Member] | ||
Common shares, par value (in dollars per share) | SFr 10 | SFr 10 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 624,040 | $ 585,394 |
Cost of goods sold | 284,190 | 241,272 |
Gross profit | 339,850 | 344,122 |
Advertising expense | 32,233 | 27,672 |
Selling, general and administrative expense | 95,610 | 98,750 |
Research and development expense | 108,204 | 106,002 |
Total operating expense | 236,047 | 232,424 |
Operating income | 103,803 | 111,698 |
Other income (expense): | ||
Interest income | 7,428 | 8,024 |
Foreign currency (losses) | (4,839) | (44,264) |
Other income | 1,155 | 738 |
Total other income (expense) | 3,744 | (35,502) |
Income before income taxes | 107,547 | 76,196 |
Income tax provision | 19,455 | 9,403 |
Net income | $ 88,092 | $ 66,793 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.46 | $ 0.35 |
Diluted (in dollars per share) | $ 0.46 | $ 0.35 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 189,497 | 191,762 |
Diluted (in shares) | 189,651 | 192,341 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 88,092 | $ 66,793 |
Foreign currency translation adjustment | 6,266 | 2,755 |
Change in fair value of available-for-sale marketable securities, net of deferred taxes | 9,299 | 11,249 |
Comprehensive income | $ 103,657 | $ 80,797 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Operating Activities: | ||
Net income | $ 88,092 | $ 66,793 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 13,078 | 12,280 |
Amortization | 7,115 | 6,584 |
Loss on sale or disposal of property and equipment | 38 | 24 |
Provision for doubtful accounts | 285 | (1,080) |
Deferred income taxes | 3,906 | (3,647) |
Unrealized foreign currency (gain) loss | (5,412) | 47,877 |
Provision for obsolete and slow moving inventories | 8,026 | 4,344 |
Stock compensation expense | 8,172 | 7,769 |
Realized gain on marketable securities | (452) | (340) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 130,036 | 129,448 |
Inventories | (18,873) | (56,897) |
Other current and non-current assets | (3,937) | (11,537) |
Accounts payable | (45,515) | (25,957) |
Other current and non-current liabilities | (31,606) | (73,408) |
Deferred revenue | (12,337) | (29,870) |
Deferred cost | (2,496) | 6,470 |
Income taxes payable | (8,733) | 2,802 |
Net cash provided by operating activities | 129,387 | 81,655 |
Investing activities: | ||
Purchases of property and equipment | $ (13,908) | (18,143) |
Proceeds from sale of property and equipment | 664 | |
Purchase of intangible assets | $ (1,716) | (717) |
Purchase of marketable securities | (151,070) | (254,741) |
Redemption of marketable securities | 237,464 | 308,751 |
Change in restricted cash | (2) | (5) |
Acquisitions, net of cash acquired | (62,137) | (12,632) |
Net cash provided by investing activities | 8,631 | 23,177 |
Financing activities: | ||
Dividends paid | (96,566) | (91,964) |
Purchase of treasury stock under share repurchase plan | (19,796) | (16,260) |
Purchase of treasury stock related to equity awards | (16) | (89) |
Proceeds from issuance of treasury stock related to equity awards | 103 | 246 |
Tax benefit from issuance of equity awards | 2 | 399 |
Net cash used in financing activities | (116,273) | (107,668) |
Effect of exchange rate changes on cash and cash equivalents | 2,864 | (22,044) |
Net increase (decrease) in cash and cash equivalents | 24,609 | (24,880) |
Cash and cash equivalents at beginning of period | 833,070 | 1,196,268 |
Cash and cash equivalents at end of period | $ 857,679 | $ 1,171,388 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 26, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Additionally, the condensed consolidated financial statements should be read in conjunction with Item 2 of Management's Discussion and Analysis of Financial Condition and Results of Operations, included in this Form 10-Q. Operating results for the 13-week period ended March 26, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The condensed consolidated balance sheet at December 26, 2015 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 Companys Annual Report on Form 10-K for the year ended December 26, 2015. The Companys 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 March 26, 2016 and March 28, 2015 both contain operating results for 13 weeks. |
Inventories
Inventories | 3 Months Ended |
Mar. 26, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. Inventories The components of inventories consist of the following: March 26, December 26, 2016 2015 Raw materials $ 195,441 $ 203,173 Work-in-process 75,957 69,690 Finished goods 295,117 273,762 Inventory reserves (48,748 ) (46,071 ) Inventory, net of reserves $ 517,767 $ 500,554 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 26, 2016 | |
Net income per share: | |
Earnings Per Share | 3. Earnings Per Share The following table sets forth the computation of basic and diluted net income per share: 13-Weeks Ended March 26, March 28, 2016 2015 Numerator: Numerator for basic and diluted net income per share - net income $ 88,092 $ 66,793 Denominator: Denominator for basic net income per share weighted-average common shares 189,497 191,762 Effect of dilutive securities stock options, stock appreciation rights and restricted stock units 154 579 Denominator for diluted net income per share adjusted weighted-average common shares 189,651 192,341 Basic net income per share $ 0.46 $ 0.35 Diluted net income per share $ 0.46 $ 0.35 There were 4,295 and 2,229 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively equity awards) outstanding during the 13-week periods ended March 26, 2016 and March 28, 2015, respectively. There were 2 and 37 shares issued as a result of exercises and releases of equity awards for the 13-week periods ended March 26, 2016 and March 28, 2015, respectively. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 26, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 4. Segment Information The Company has identified five reportable segments Auto, Aviation, Marine, Outdoor and Fitness. The Companys Chief Operating Decision Maker (CODM) assesses segment performance and allocates resources to each segment individually. Net sales, gross profit, and operating income for each of the Companys reportable segments are presented below. In 2016 the Company moved action camera related revenue and expenses from the Outdoor segment to the Auto segment, allowing for alignment and synergies with other camera-based efforts occurring within the Auto segment. The overall impact of the move was immaterial. However, action camera related operating results for the 13-weeks ended March 28, 2015 have been recast to conform to the current year presentation. Reportable Segments Outdoor Fitness Marine Auto Aviation Total 13-Weeks Ended March 26, 2016 Net sales $ 96,827 $ 142,418 $ 82,880 $ 195,599 $ 106,316 $ 624,040 Gross profit $ 58,932 $ 72,294 $ 44,149 $ 86,144 $ 78,331 $ 339,850 Operating income $ 27,885 $ 16,573 $ 10,293 $ 18,566 $ 30,486 $ 103,803 13-Weeks Ended March 28, 2015 Net sales $ 72,815 $ 130,994 $ 64,297 $ 219,226 $ 98,062 $ 585,394 Gross profit $ 49,064 $ 83,075 $ 35,513 $ 104,959 $ 71,511 $ 344,122 Operating income $ 23,770 $ 34,638 $ 4,566 $ 22,544 $ 26,180 $ 111,698 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 13-week periods ended March 26, 2016 and March 28, 2015. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa: Americas APAC EMEA Total March 26, 2016 Net sales to external customers $ 317,957 $ 80,355 $ 225,728 $ 624,040 Property and equipment, net $ 297,033 $ 112,115 $ 39,819 $ 448,967 March 28, 2015 Net sales to external customers $ 305,261 $ 71,782 $ 208,351 $ 585,394 Property and equipment, net $ 276,605 $ 111,544 $ 47,955 $ 436,104 |
Warranty Reserves
Warranty Reserves | 3 Months Ended |
Mar. 26, 2016 | |
Product Warranties Disclosures [Abstract] | |
Warranty Reserves | 5. Warranty Reserves The Companys products sold are generally covered by a warranty for periods ranging from one to two years. The Companys 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 March 26, March 28, 2016 2015 Balance - beginning of the period $ 30,449 $ 27,609 Accrual for products sold 12,452 6,742 Expenditures (11,494 ) (10,485 ) Balance - end of the period $ 31,407 $ 23,866 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 26, 2016 | |
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. The aggregate amount of purchase orders and other commitments open as of March 26, 2016 was approximately $273,124. 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 are typically fulfilled within short periods of time. 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 March 26, 2016. 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 managements expectations could have a material adverse effect on the Companys results of operations in a particular quarter or fiscal year. The Company settled or resolved certain matters during the fiscal quarter ended March 26, 2016 that did not individually or in the aggregate have a material impact on the Companys financial condition or results of operations. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 26, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The Companys income tax expense increased from $9,403 to $19,455 for the 13-week period ended March 26, 2016, compared to the 13-week period ended March 28, 2015. The effective tax rate was 18.1% in the first quarter of 2016, compared to 12.3% in the first quarter of 2015. The increase in effective tax rate compared to the first quarter 2015 resulted from the reduced income projection for 2016, which negatively impacts our income mix by jurisdiction. Additionally, the favorable release of uncertain tax position reserves due to expiration of certain statutes of limitations or completion of tax audits decreased by $1,514 compared to the first quarter of 2015. The increase in the effective tax rate was partially offset as a result of the permanent extension of the U.S. research and development tax credit legislation, which had not yet been extended in the first quarter of 2015. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 26, 2016 | |
Marketable 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 March 26, 2016 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 26,688 $ - $ 26,688 $ - Agency securities 166,716 - 166,716 - Mortgage-backed securities 299,413 - 299,413 - Corporate securities 687,534 - 687,534 - Municipal securities 218,589 - 218,589 - Other 79,006 79,006 Total $ 1,477,946 $ - $ 1,477,946 $ - Fair Value Measurements as of December 26, 2015 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 27,731 - $ 27,731 $ - Agency securities 208,631 - 208,631 - Mortgage-backed securities 370,232 - 370,232 - Corporate securities 648,590 - 648,590 - Municipal securities 223,562 - 223,562 - Other 79,802 79,802 Total $ 1,558,548 $ - $ 1,558,548 $ - Marketable securities classified as available-for-sale securities are summarized below: Available-For-Sale Securities as of March 26, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses- OTTI (1) Gross Unrealized Losses- Other (2) Estimated Fair Value (Net Carrying Amount) U.S. Treasury securities $ 26,491 $ 200 $ - $ (3 ) $ 26,688 Agency securities 167,604 95 (914 ) (69 ) 166,716 Mortgage-backed securities 302,047 261 (726 ) (2,169 ) 299,413 Corporate securities 692,034 1,008 (1,032 ) (4,476 ) 687,534 Municipal securities 218,079 990 (1 ) (479 ) 218,589 Other 79,047 4 (12 ) (33 ) 79,006 Total $ 1,485,302 $ 2,558 $ (2,685 ) $ (7,229 ) $ 1,477,946 Available-For-Sale Securities as of December 26, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses- OTTI (1) Gross Unrealized Losses- Other (2) Estimated Fair Value (Net Carrying Amount) U.S. Treasury securities $ 27,772 $ 27 $ - $ (68 ) $ 27,731 Agency securities 211,248 105 (2,409 ) (313 ) 208,631 Mortgage-backed securities 376,801 191 (1,210 ) (5,550 ) 370,232 Corporate securities 656,447 179 (1,635 ) (6,401 ) 648,590 Municipal securities 223,991 636 (9 ) (1,056 ) 223,562 Other 79,853 4 (14 ) (41 ) 79,802 Total $ 1,576,112 $ 1,142 $ (5,277 ) $ (13,429 ) $ 1,558,548 (1) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired. (2) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired. The Companys 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 2015 and the 13-week period ending March 26, 2016, 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 March 26, 2016 were $977,633 and $967,719, respectively. Approximately 48.8% of securities in the Companys portfolio were at an unrealized loss position at March 26, 2016. 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 March 26, 2016 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ (3 ) $ 6,506 $ - $ - Agency securities (209 ) 81,728 (774 ) 46,326 Mortgage-backed securities (1,242 ) 153,245 (1,653 ) 97,584 Corporate securities (3,635 ) 420,492 (1,873 ) 73,627 Municipal securities (334 ) 49,812 (146 ) 11,454 Other (23 ) 12,221 (22 ) 14,724 Total (5,446 ) $ 724,004 $ (4,468 ) $ 243,715 As of December 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 $ (68 ) $ 22,184 $ - $ - Agency securities (691 ) 117,803 (2,031 ) 69,418 Mortgage-backed securities (4,571 ) 263,735 (2,189 ) 83,722 Corporate securities (6,719 ) 521,731 (1,317 ) 50,374 Municipal securities (1,035 ) 116,033 (30 ) 6,557 Other (29 ) 14,666 (26 ) 14,927 Total $ (13,113 ) $ 1,056,152 $ (5,593 ) $ 224,998 The amortized cost and estimated fair value of marketable securities at March 26, 2016, 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. Estimated Cost Fair Value Due in one year or less $ 198,169 $ 198,147 Due after one year through five years 1,103,644 1,098,731 Due after five years through ten years 136,298 134,646 Due after ten years 47,191 46,422 $ 1,485,302 $ 1,477,946 |
Share Repurchase Plan
Share Repurchase Plan | 3 Months Ended |
Mar. 26, 2016 | |
Equity [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 SECs Rule 10b-18. The timing and amounts of any repurchases will be determined by the Companys management depending on business and 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 March 26, 2016, the Company had repurchased 3,679 shares using cash of $151,209. There remains approximately $148,791 available to repurchase additional shares under this authorization. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 26, 2016 | |
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 period ended March 26, 2016: 13-Weeks Ended March 26, 2016 Foreign Currency Gross unrealized (3) Net unrealized gains (4) Total Balance - beginning of period $ (14,107 ) $ (5,277 ) $ (11,044 ) $ (30,428 ) Other comprehensive income before reclassification 6,266 2,592 7,017 15,875 Amounts reclassified from accumulated other comprehensive income - - (311 ) (311 ) Net current-period other comprehensive income 6,266 2,592 6,706 15,564 Balance - end of period $ (7,841 ) $ (2,685 ) $ (4,338 ) $ (14,864 ) (3) Represents the change in impairment, not related to credit, for those investment securities that have been determined to be other-than-temporarily impaired. (4) 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 period ended March 26, 2016: Reclassifications Out of Accumulated Other Comprehensive Income 13-Weeks Ended March 28, 2016 Details about Amount Reclassified Affected Line Item Unrealized gains (losses) on available-for-sale securities $ 452 Other income (expense) (141 ) Income tax (provision) benefit $ 311 Net of tax |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 26, 2016 | |
Accounting Changes and Error Corrections [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 for transferring goods or services to a customer. 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 (ASU 2015-14), which defers the effective date of the new guidance such that the new provisions will now be required for fiscal years, and interim periods within those years, beginning after December 15, 2017. In March 2016, the FASB issued Accounting Standards Update No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (ASU 2016-08), which clarifies the implementation guidance on principal versus agent considerations (reporting revenue gross versus net) in the new revenue recognition standard. The Company is currently evaluating the impact of adopting the new revenue standards on its consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial InstrumentsOverall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01). The standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. ASU 2016-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to present a right-of-use asset and a corresponding lease liability on the balance sheet. Lessor accounting is substantially unchanged compared to the current accounting guidance. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, CompensationStock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), which is intended to simplify the accounting for share-based payment awards. The standard includes provisions addressing income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 26, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | The components of inventories consist of the following: March 26, December 26, 2016 2015 Raw materials $ 195,441 $ 203,173 Work-in-process 75,957 69,690 Finished goods 295,117 273,762 Inventory reserves (48,748 ) (46,071 ) Inventory, net of reserves $ 517,767 $ 500,554 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 26, 2016 | |
Net income per share: | |
Schedule of computation of basic and diluted net income per share | The following table sets forth the computation of basic and diluted net income per share: 13-Weeks Ended March 26, March 28, 2016 2015 Numerator: Numerator for basic and diluted net income per share - net income $ 88,092 $ 66,793 Denominator: Denominator for basic net income per share weighted-average common shares 189,497 191,762 Effect of dilutive securities stock options, stock appreciation rights and restricted stock units 154 579 Denominator for diluted net income per share adjusted weighted-average common shares 189,651 192,341 Basic net income per share $ 0.46 $ 0.35 Diluted net income per share $ 0.46 $ 0.35 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 26, 2016 | |
Segment Reporting [Abstract] | |
Schedule of net sales, gross profit, and operating income | Net sales, gross profit, and operating income for each of the Companys reportable segments are presented below: Reportable Segments Outdoor Fitness Marine Auto Aviation Total 13-Weeks Ended March 26, 2016 Net sales $ 96,827 $ 142,418 $ 82,880 $ 195,599 $ 106,316 $ 624,040 Gross profit $ 58,932 $ 72,294 $ 44,149 $ 86,144 $ 78,331 $ 339,850 Operating income $ 27,885 $ 16,573 $ 10,293 $ 18,566 $ 30,486 $ 103,803 13-Weeks Ended March 28, 2015 Net sales $ 72,815 $ 130,994 $ 64,297 $ 219,226 $ 98,062 $ 585,394 Gross profit $ 49,064 $ 83,075 $ 35,513 $ 104,959 $ 71,511 $ 344,122 Operating income $ 23,770 $ 34,638 $ 4,566 $ 22,544 $ 26,180 $ 111,698 |
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 13-week periods ended March 26, 2016 and March 28, 2015. Americas APAC EMEA Total March 26, 2016 Net sales to external customers $ 317,957 $ 80,355 $ 225,728 $ 624,040 Property and equipment, net $ 297,033 $ 112,115 $ 39,819 $ 448,967 March 28, 2015 Net sales to external customers $ 305,261 $ 71,782 $ 208,351 $ 585,394 Property and equipment, net $ 276,605 $ 111,544 $ 47,955 $ 436,104 |
Warranty Reserves (Tables)
Warranty Reserves (Tables) | 3 Months Ended |
Mar. 26, 2016 | |
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 March 26, March 28, 2016 2015 Balance - beginning of the period $ 30,449 $ 27,609 Accrual for products sold 12,452 6,742 Expenditures (11,494 ) (10,485 ) Balance - end of the period $ 31,407 $ 23,866 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 26, 2016 | |
Marketable Securities [Abstract] | |
Schedule of available-for-sale securities | Available-for-sale securities measured at estimated fair value on a recurring basis are summarized below: Fair Value Measurements as of March 26, 2016 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 26,688 $ - $ 26,688 $ - Agency securities 166,716 - 166,716 - Mortgage-backed securities 299,413 - 299,413 - Corporate securities 687,534 - 687,534 - Municipal securities 218,589 - 218,589 - Other 79,006 79,006 Total $ 1,477,946 $ - $ 1,477,946 $ - Fair Value Measurements as of December 26, 2015 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 27,731 - $ 27,731 $ - Agency securities 208,631 - 208,631 - Mortgage-backed securities 370,232 - 370,232 - Corporate securities 648,590 - 648,590 - Municipal securities 223,562 - 223,562 - Other 79,802 79,802 Total $ 1,558,548 $ - $ 1,558,548 $ - |
Schedule of marketable securities | Marketable securities classified as available-for-sale securities are summarized below: Available-For-Sale Securities as of March 26, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses- OTTI (1) Gross Unrealized Losses- Other (2) Estimated Fair Value (Net Carrying Amount) U.S. Treasury securities $ 26,491 $ 200 $ - $ (3 ) $ 26,688 Agency securities 167,604 95 (914 ) (69 ) 166,716 Mortgage-backed securities 302,047 261 (726 ) (2,169 ) 299,413 Corporate securities 692,034 1,008 (1,032 ) (4,476 ) 687,534 Municipal securities 218,079 990 (1 ) (479 ) 218,589 Other 79,047 4 (12 ) (33 ) 79,006 Total $ 1,485,302 $ 2,558 $ (2,685 ) $ (7,229 ) $ 1,477,946 Available-For-Sale Securities as of December 26, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses- OTTI (1) Gross Unrealized Losses- Other (2) Estimated Fair Value (Net Carrying Amount) U.S. Treasury securities $ 27,772 $ 27 $ - $ (68 ) $ 27,731 Agency securities 211,248 105 (2,409 ) (313 ) 208,631 Mortgage-backed securities 376,801 191 (1,210 ) (5,550 ) 370,232 Corporate securities 656,447 179 (1,635 ) (6,401 ) 648,590 Municipal securities 223,991 636 (9 ) (1,056 ) 223,562 Other 79,853 4 (14 ) (41 ) 79,802 Total $ 1,576,112 $ 1,142 $ (5,277 ) $ (13,429 ) $ 1,558,548 |
Schedule of gross unrealized losses and fair value by major security type | 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 March 26, 2016 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Fair Value Gross Unrealized Fair Value U.S. Treasury securities $ (3 ) $ 6,506 $ - $ - Agency securities (209 ) 81,728 (774 ) 46,326 Mortgage-backed securities (1,242 ) 153,245 (1,653 ) 97,584 Corporate securities (3,635 ) 420,492 (1,873 ) 73,627 Municipal securities (334 ) 49,812 (146 ) 11,454 Other (23 ) 12,221 (22 ) 14,724 Total (5,446 ) $ 724,004 $ (4,468 ) $ 243,715 As of December 26, 2015 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Fair Value Gross Unrealized Fair Value U.S. Treasury securities $ (68 ) $ 22,184 $ - $ - Agency securities (691 ) 117,803 (2,031 ) 69,418 Mortgage-backed securities (4,571 ) 263,735 (2,189 ) 83,722 Corporate securities (6,719 ) 521,731 (1,317 ) 50,374 Municipal securities (1,035 ) 116,033 (30 ) 6,557 Other (29 ) 14,666 (26 ) 14,927 Total $ (13,113 ) $ 1,056,152 $ (5,593 ) $ 224,998 |
Schedule of amortized cost and estimated fair value of marketable securities by contractual maturity | The amortized cost and estimated fair value of marketable securities at March 26, 2016, by contractual maturity, are shown below. Estimated Cost Fair Value Due in one year or less $ 198,169 $ 198,147 Due after one year through five years 1,103,644 1,098,731 Due after five years through ten years 136,298 134,646 Due after ten years 47,191 46,422 $ 1,485,302 $ 1,477,946 |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 26, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of changes in accumulated other comprehensive income (AOCI) | The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the 13-week period ended March 26, 2016: 13-Weeks Ended March 26, 2016 Foreign Currency Gross unrealized (3) Net unrealized gains (4) Total Balance - beginning of period $ (14,107 ) $ (5,277 ) $ (11,044 ) $ (30,428 ) Other comprehensive income before reclassification 6,266 2,592 7,017 15,875 Amounts reclassified from accumulated other comprehensive income - - (311 ) (311 ) Net current-period other comprehensive income 6,266 2,592 6,706 15,564 Balance - end of period $ (7,841 ) $ (2,685 ) $ (4,338 ) $ (14,864 ) (3) Represents the change in impairment, not related to credit, for those investment securities that have been determined to be other-than-temporarily impaired. (4) 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 | Reclassifications Out of Accumulated Other Comprehensive Income 13-Weeks Ended March 28, 2016 Details about Amount Reclassified Affected Line Item Unrealized gains (losses) on available-for-sale securities $ 452 Other income (expense) (141 ) Income tax (provision) benefit $ 311 Net of tax |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Dec. 26, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 195,441 | $ 203,173 |
Work-in-process | 75,957 | 69,690 |
Finished goods | 295,117 | 273,762 |
Inventory reserves | (48,748) | (46,071) |
Inventory, net of reserves | $ 517,767 | $ 500,554 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Numerator: | ||
Numerator for basic and diluted net income per share - net income | $ 88,092 | $ 66,793 |
Denominator: | ||
Denominator for basic net income per share - weighted-average common shares | 189,497 | 191,762 |
Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units | 154 | 579 |
Denominator for diluted net income per share - adjusted weighted-average common shares | 189,651 | 192,341 |
Basic net income per share | $ 0.46 | $ 0.35 |
Diluted net income per share | $ 0.46 | $ 0.35 |
Earnings Per Share (Details Nar
Earnings Per Share (Details Narrative) - shares shares in Thousands | 3 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Net income per share: | ||
Anti-dilutive stock options, stock appreciation rights and restricted stock units | 4,295 | 2,229 |
Shares issued as a result of exercises of equity awards | 2 | 37 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Net sales | $ 624,040 | $ 585,394 |
Gross profit | 339,850 | 344,122 |
Operating income | 103,803 | 111,698 |
Outdoor [Member] | ||
Net sales | 96,827 | 72,815 |
Gross profit | 58,932 | 49,064 |
Operating income | 27,885 | 23,770 |
Fitness [Member] | ||
Net sales | 142,418 | 130,994 |
Gross profit | 72,294 | 83,075 |
Operating income | 16,573 | 34,638 |
Marine [Member] | ||
Net sales | 82,880 | 64,297 |
Gross profit | 44,149 | 35,513 |
Operating income | 10,293 | 4,566 |
Auto [Member] | ||
Net sales | 195,599 | 219,226 |
Gross profit | 86,144 | 104,959 |
Operating income | 18,566 | 22,544 |
Aviation [Member] | ||
Net sales | 106,316 | 98,062 |
Gross profit | 78,331 | 71,511 |
Operating income | $ 30,486 | $ 26,180 |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 26, 2016 | Mar. 28, 2015 | Dec. 26, 2015 | |
Net sales to external customers | $ 624,040 | $ 585,394 | |
Property and equipment, net | 448,967 | 436,104 | $ 446,089 |
Americas [Member] | |||
Net sales to external customers | 317,957 | 305,261 | |
Property and equipment, net | 297,033 | 276,605 | |
APAC [Member] | |||
Net sales to external customers | 80,355 | 71,782 | |
Property and equipment, net | 112,115 | 111,544 | |
EMEA [Member] | |||
Net sales to external customers | 225,728 | 208,351 | |
Property and equipment, net | $ 39,819 | $ 47,955 |
Segment Information (Details Na
Segment Information (Details Narrative) | 3 Months Ended |
Mar. 26, 2016Number | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
Warranty Reserves (Details)
Warranty Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance - beginning of period | $ 30,449 | $ 27,609 |
Accrual for products sold | 12,452 | 6,742 |
Expenditures | (11,494) | (10,485) |
Balance - end of period | $ 31,407 | $ 23,866 |
Warranty Reserves (Details Narr
Warranty Reserves (Details Narrative) | 3 Months Ended |
Mar. 26, 2016 | |
Minimum [Member] | |
Product warranty term | 1 year |
Maximum [Member] | |
Product warranty term | 2 years |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) $ in Thousands | Mar. 26, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Aggregate amount of purchase orders and other commitments | $ 273,124 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 19,455 | $ 9,403 |
Effective income tax rate | 18.10% | 12.30% |
Uncertain tax position reserves | $ 1,514 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 26, 2016 | Dec. 26, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | $ 1,477,946 | $ 1,558,548 |
U.S.Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 26,688 | 27,731 |
Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 166,716 | 208,631 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 299,413 | 370,232 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 687,534 | 648,590 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 218,589 | 223,562 |
Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 79,006 | 79,802 |
Recurring Basis [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 1,477,946 | 1,558,548 |
Recurring Basis [Member] | U.S.Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 26,688 | 27,731 |
Recurring Basis [Member] | Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 166,716 | 208,631 |
Recurring Basis [Member] | Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 299,413 | 370,232 |
Recurring Basis [Member] | Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 687,534 | 648,590 |
Recurring Basis [Member] | Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 218,589 | 223,562 |
Recurring Basis [Member] | Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | $ 79,006 | $ 79,802 |
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 | $ 1,477,946 | $ 1,558,548 |
Recurring Basis [Member] | Level 2 [Member] | U.S.Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 26,688 | 27,731 |
Recurring Basis [Member] | Level 2 [Member] | Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 166,716 | 208,631 |
Recurring Basis [Member] | Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 299,413 | 370,232 |
Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 687,534 | 648,590 |
Recurring Basis [Member] | Level 2 [Member] | Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 218,589 | 223,562 |
Recurring Basis [Member] | Level 2 [Member] | Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | $ 79,006 | $ 79,802 |
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 |
Marketable Securities (Details
Marketable Securities (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 26, 2016 | Dec. 26, 2015 | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 1,485,302 | $ 1,576,112 | |
Gross Unrealized Gains | 2,558 | 1,142 | |
Gross Unrealized Losses-OTTI | [1] | (2,685) | (5,277) |
Gross Unrealized Losses-Other | [2] | (7,229) | (13,429) |
Estimated Fair Value (Net Carrying Amount) | 1,477,946 | 1,558,548 | |
U.S.Treasury Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 26,491 | 27,772 | |
Gross Unrealized Gains | $ 200 | $ 27 | |
Gross Unrealized Losses-OTTI | [1] | ||
Gross Unrealized Losses-Other | [2] | $ (3) | $ (68) |
Estimated Fair Value (Net Carrying Amount) | 26,688 | 27,731 | |
Agency Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 167,604 | 211,248 | |
Gross Unrealized Gains | 95 | 105 | |
Gross Unrealized Losses-OTTI | [1] | (914) | (2,409) |
Gross Unrealized Losses-Other | [2] | (69) | (313) |
Estimated Fair Value (Net Carrying Amount) | 166,716 | 208,631 | |
Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 302,047 | 376,801 | |
Gross Unrealized Gains | 261 | 191 | |
Gross Unrealized Losses-OTTI | [1] | (726) | (1,210) |
Gross Unrealized Losses-Other | [2] | (2,169) | (5,550) |
Estimated Fair Value (Net Carrying Amount) | 299,413 | 370,232 | |
Corporate Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 692,034 | 656,447 | |
Gross Unrealized Gains | 1,008 | 179 | |
Gross Unrealized Losses-OTTI | [1] | (1,032) | (1,635) |
Gross Unrealized Losses-Other | [2] | (4,476) | (6,401) |
Estimated Fair Value (Net Carrying Amount) | 687,534 | 648,590 | |
Municipal Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 218,079 | 223,991 | |
Gross Unrealized Gains | 990 | 636 | |
Gross Unrealized Losses-OTTI | [1] | (1) | (9) |
Gross Unrealized Losses-Other | [2] | (479) | (1,056) |
Estimated Fair Value (Net Carrying Amount) | 218,589 | 223,562 | |
Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 79,047 | 79,853 | |
Gross Unrealized Gains | 4 | 4 | |
Gross Unrealized Losses-OTTI | [1] | (12) | (14) |
Gross Unrealized Losses-Other | [2] | (33) | (41) |
Estimated Fair Value (Net Carrying Amount) | $ 79,006 | $ 79,802 | |
[1] | Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired. | ||
[2] | Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired. |
Marketable Securities (Detail36
Marketable Securities (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 26, 2016 | Dec. 26, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | $ (5,446) | $ (13,113) |
Fair Value Less than 12 Consecutive Months | 724,004 | 1,056,152 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (4,468) | (5,593) |
Fair Value 12 Consecutive Months or Longer | 243,715 | 224,998 |
U.S.Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (3) | (68) |
Fair Value Less than 12 Consecutive Months | $ 6,506 | $ 22,184 |
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 | $ (209) | $ (691) |
Fair Value Less than 12 Consecutive Months | 81,728 | 117,803 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (774) | (2,031) |
Fair Value 12 Consecutive Months or Longer | 46,326 | 69,418 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (1,242) | (4,571) |
Fair Value Less than 12 Consecutive Months | 153,245 | 263,735 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (1,653) | (2,189) |
Fair Value 12 Consecutive Months or Longer | 97,584 | 83,722 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (3,635) | (6,719) |
Fair Value Less than 12 Consecutive Months | 420,492 | 521,731 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (1,873) | (1,317) |
Fair Value 12 Consecutive Months or Longer | 73,627 | 50,374 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (334) | (1,035) |
Fair Value Less than 12 Consecutive Months | 49,812 | 116,033 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (146) | (30) |
Fair Value 12 Consecutive Months or Longer | 11,454 | 6,557 |
Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (23) | (29) |
Fair Value Less than 12 Consecutive Months | 12,221 | 14,666 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (22) | (26) |
Fair Value 12 Consecutive Months or Longer | $ 14,724 | $ 14,927 |
Marketable Securities (Detail37
Marketable Securities (Details 3) - USD ($) $ in Thousands | Mar. 26, 2016 | Dec. 26, 2015 |
Cost [Abstract] | ||
Due in one year or less | $ 198,169 | |
Due after one year through five years | 1,103,644 | |
Due after five years through ten years | 136,298 | |
Due after ten years | 47,191 | |
Total | 1,485,302 | $ 1,576,112 |
Estimated Fair Value [Abstract] | ||
Due in one year or less | 198,147 | |
Due after one year through five years | 1,098,731 | |
Due after five years through ten years | 134,646 | |
Due after ten years | 46,422 | |
Total | $ 1,477,946 | $ 1,558,548 |
Marketable Securities (Detail38
Marketable Securities (Details Narrative) $ in Thousands | 3 Months Ended |
Mar. 26, 2016USD ($) | |
Marketable Securities [Abstract] | |
Unrealized loss position amortized cost | $ 977,633 |
Unrealized loss position fair value | $ 967,719 |
Percentage of available-for-sale securities in unrealized loss positions | 48.80% |
Share Repurchase Plan (Details
Share Repurchase Plan (Details Narrative) - USD ($) shares in Thousands, $ in Thousands | Feb. 13, 2015 | Mar. 26, 2016 |
Equity [Abstract] | ||
Stock repurchase program, authorized amount | $ 300,000 | |
Stock repurchase program, expiration date | Dec. 31, 2016 | |
Stock issued for repurchase program, shares | 3,679 | |
Stock issued for repurchase program, value | $ 151,209 | |
Remaining stock available under repurchase program | $ 148,791 |
Accumulated Other Comprehensi40
Accumulated Other Comprehensive Income (Details) $ in Thousands | 3 Months Ended | |
Mar. 26, 2016USD ($) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward] | ||
Balance - beginning of period | $ (14,107) | |
Other comprehensive income before reclassification | $ 6,266 | |
Amounts reclassified from accumulated other comprehensive income | ||
Net current-period other comprehensive income | $ 6,266 | |
Balance - end of period | (7,841) | |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Roll Forward] | ||
Balance - beginning of period | (5,277) | [1] |
Other comprehensive income before reclassification | $ 2,592 | [1] |
Amounts reclassified from accumulated other comprehensive income | [1] | |
Net current-period other comprehensive income | $ 2,592 | [1] |
Balance - end of period | (2,685) | [1] |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward] | ||
Balance - beginning of period | (11,044) | [2] |
Other comprehensive income before reclassification | 7,017 | [2] |
Amounts reclassified from accumulated other comprehensive income | (311) | [2] |
Net current-period other comprehensive income | 6,706 | [2] |
Balance - end of period | (4,338) | [2] |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance - beginning of period | (30,428) | |
Other comprehensive income before reclassification | 15,875 | |
Amounts reclassified from accumulated other comprehensive income | (311) | |
Net current-period other comprehensive income | 15,564 | |
Balance - end of period | $ (14,864) | |
[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 Comprehensi41
Accumulated Other Comprehensive Income (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 26, 2016 | Mar. 28, 2015 | |
Other income (expense) | $ 3,744 | $ (35,502) |
Income tax (provision) benefit | (19,455) | $ (9,403) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||
Other income (expense) | 452 | |
Income tax (provision) benefit | (141) | |
Net of tax | $ 311 |