Garmin (GRMN) 10-Q 27 Apr 16 2016 Q1 Quarterly report Financial data

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 Company’s Annual Report on Form 10-K for the year ended December 26, 2015. 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 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 Company’s 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 Company’s 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 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 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 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 March 26, 2016 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	3 Months Ended
	Mar. 26, 2016
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The Company’s 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 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 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 Company’s 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 SEC’s Rule 10b-18. The timing and amounts of any repurchases will be determined by the Company’s 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 Instruments—Overall (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, Compensation—Stock 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 Company’s 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