Garmin (GRMN) 10-Q 27 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Thousands	6 Months Ended
	Jun. 25, 2016	Jul. 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	Jun. 25, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-25
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		208,077,418
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,016

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 25, 2016	Dec. 26, 2015
Current assets:
Cash and cash equivalents	$ 801,464	$ 833,070
Marketable securities	252,253	215,161
Accounts receivable, net	510,309	531,481
Inventories, net	508,161	500,554
Deferred costs	46,552	49,176
Prepaid expenses and other current assets	93,848	81,645
Total current assets	2,212,587	2,211,087
Property and equipment, net	450,654	446,089
Marketable securities	1,306,159	1,343,387
Restricted cash	257	259
Noncurrent deferred income tax	118,320	116,518
Noncurrent deferred costs	47,535	38,769
Intangible assets, net	303,348	245,552
Other assets	88,723	97,730
Total assets	4,527,583	4,499,391
Current liabilities:
Accounts payable	151,904	178,905
Salaries and benefits payable	68,067	70,601
Accrued warranty costs	34,670	30,449
Accrued sales program costs	49,538	67,613
Deferred revenue	150,587	164,982
Accrued royalty costs	44,213	30,310
Accrued advertising expense	24,534	33,547
Other accrued expenses	77,442	74,926
Income taxes payable	24,714	21,674
Dividend payable	384,760	192,991
Total current liabilities	1,010,429	865,998
Deferred income taxes	54,633	56,210
Non-current income taxes	111,664	101,689
Non-current deferred revenue	130,342	128,731
Other liabilities	1,680	1,637
Stockholders' equity:
Shares, CHF 10 par value, 208,077 shares authorized and issued; 188,877 shares outstanding at June 25, 2016 and 189,722 shares outstanding at December 26, 2015	1,797,435	1,797,435
Additional paid-in capital	73,279	62,239
Treasury stock	(445,268)	(414,637)
Retained earnings	1,794,792	1,930,517
Accumulated other comprehensive income	(1,403)	(30,428)
Total stockholders' equity	3,218,835	3,345,126
Total liabilities and stockholders' equity	$ 4,527,583	$ 4,499,391

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - SFr / shares shares in Thousands	Jun. 25, 2016	Dec. 26, 2015
Common shares, authorized	208,077	208,077
Common shares, issued	208,077	208,077
Common shares, outstanding	188,877	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		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Income Statement [Abstract]
Net sales	$ 811,609	$ 773,830	$ 1,435,648	$ 1,359,224
Cost of goods sold	348,651	354,580	632,840	595,852
Gross profit	462,958	419,250	802,808	763,372
Advertising expense	44,252	45,794	76,485	73,466
Selling, general and administrative expense	103,677	97,552	199,287	196,302
Research and development expense	114,355	109,240	222,559	215,242
Total operating expense	262,284	252,586	498,331	485,010
Operating income	200,674	166,664	304,477	278,362
Other income (expense):
Interest income	8,455	7,420	15,883	15,444
Foreign currency (losses)	(5,743)	(487)	(10,582)	(44,751)
Other income (loss)	415	(39)	1,570	698
Total other income (expense)	3,127	6,894	6,871	(28,609)
Income before income taxes	203,801	173,558	311,348	249,753
Income tax provision	42,737	35,805	62,193	45,208
Net income	$ 161,064	$ 137,753	$ 249,155	$ 204,545
Net income per share:
Basic (in dollars per share)	$ 0.85	$ 0.72	$ 1.32	$ 1.07
Diluted (in dollars per share)	$ 0.85	$ 0.72	$ 1.31	$ 1.07
Weighted average common shares outstanding:
Basic (in shares)	188,892	191,101	189,195	191,432
Diluted (in shares)	189,356	191,600	189,491	191,939
Dividends declared per share	$ 2.04	$ 2.04	$ 2.04	$ 2.04

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 161,064	$ 137,753	$ 249,155	$ 204,545
Foreign currency translation adjustment	5,896	17,716	12,162	20,471
Change in fair value of available-for-sale marketable securities, net of deferred taxes	7,565	(10,216)	16,864	1,033
Comprehensive income	$ 174,525	$ 145,253	$ 278,181	$ 226,049

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015
Operating Activities:
Net income	$ 249,155	$ 204,545
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	26,657	24,915
Amortization	14,852	13,215
Loss on sale or disposal of property and equipment	64	420
Provision for doubtful accounts	1,548	(1,499)
Deferred income taxes	(6,074)	(9,325)
Unrealized foreign currency loss	3,198	59,046
Provision for obsolete and slow moving inventories	15,892	6,569
Stock compensation expense	19,507	14,742
Realized gain on marketable securities	(188)	(364)
Changes in operating assets and liabilities:
Accounts receivable	24,415	60,016
Inventories	(16,672)	(45,635)
Other current and non-current assets	(865)	(74,725)
Accounts payable	(32,291)	(7,084)
Other current and non-current liabilities	(10,806)	(53,808)
Deferred revenue	(13,066)	(38,836)
Deferred cost	(6,089)	6,892
Income taxes payable	10,135	(174,788)
Net cash provided by (used in) operating activities	279,372	(15,704)
Investing activities:
Purchases of property and equipment	(28,614)	(39,732)
Proceeds from sale of property and equipment		665
Purchase of intangible assets	(2,831)	(1,939)
Purchase of marketable securities	(457,433)	(480,090)
Redemption of marketable securities	466,526	540,785
Change in restricted cash	2	29
Acquisitions, net of cash acquired	(62,137)	(12,632)
Net cash (used in) provided by investing activities	(84,487)	7,086
Financing activities:
Dividends paid	(193,111)	(183,925)
Purchase of treasury stock under share repurchase plan	(45,097)	(57,295)
Purchase of treasury stock related to equity awards	(173)	(240)
Proceeds from issuance of treasury stock related to equity awards	8,970	8,560
Tax benefit from issuance of equity awards	2	1,239
Net cash used in financing activities	(229,409)	(231,661)
Effect of exchange rate changes on cash and cash equivalents	2,918	(17,806)
Net decrease in cash and cash equivalents	(31,606)	(258,085)
Cash and cash equivalents at beginning of period	833,070	1,196,268
Cash and cash equivalents at end of period	$ 801,464	$ 938,183

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 25, 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 and 26-week periods ended June 25, 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 53-week fiscal years, and the associated 14-week quarters, will not be exactly comparable to the prior and subsequent 52-week fiscal years and the associated 13-week quarters. The quarters ended June 25, 2016 and June 27, 2015 both contain operating results for 13 weeks. The Company’s fiscal quarter and year ending December 31, 2016 will contain operating results for 14 weeks and 53 weeks, respectively. At the Company’s Annual General Meeting on June 10, 2016, the Company’s shareholders approved the cancellation of 10,000 registered shares of the Company held by the Company (the “Formation Shares”) and the reduction in par value of each share of the Company from CHF 10 to CHF 0.10 and the amendment of the Company’s Articles of Association to effect a corresponding share capital reduction. The Company expects to complete the cancellation of the Formation Shares and the reduction in par value of each share and the corresponding reduction of the Company’s issued share capital by the end of the third quarter of 2016.

Inventories

Inventories	6 Months Ended
	Jun. 25, 2016
Inventory Disclosure [Abstract]
Inventories	2. Inventories The components of inventories consist of the following: June 25, December 26, 2016 2015 Raw materials $ 167,889 $ 203,173 Work-in-process 75,985 69,690 Finished goods 309,898 273,762 Inventory reserves (45,611 ) (46,071 ) Inventory, net of reserves $ 508,161 $ 500,554

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 25, 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 June 25, June 27, 2016 2015 Numerator: Numerator for basic and diluted net income per share - net income $ 161,064 $ 137,753 Denominator: Denominator for basic net income per share – weighted-average common shares 188,892 191,101 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 464 499 Denominator for diluted net income per share – adjusted weighted-average common shares 189,356 191,600 Basic net income per share $ 0.85 $ 0.72 Diluted net income per share $ 0.85 $ 0.72 26-Weeks Ended June 25, June 27, 2016 2015 Numerator: Numerator for basic and diluted net income per share - net income $ 249,155 $ 204,545 Denominator: Denominator for basic net income per share – weighted-average common shares 189,195 191,432 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 296 507 Denominator for diluted net income per share – adjusted weighted-average common shares 189,491 191,939 Basic net income per share $ 1.32 $ 1.07 Diluted net income per share $ 1.31 $ 1.07 There were 3,873 and 3,558 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) outstanding during the 13-week periods ended June 25, 2016 and June 27, 2015, respectively. There were 4,231 and 3,598 anti-dilutive equity awards outstanding during the 26-week periods ended June 25, 2016 and June 27, 2015, respectively. There were 11 and 91 shares issued as a result of exercises and releases of equity awards for the 13-week periods ended June 25, 2016 and June 27, 2015, respectively. There were 13 and 128 shares issued as a result of exercises and releases of equity awards for the 26-week periods ended June 25, 2016 and June 27, 2015, respectively. There were 285 employee stock purchase plan (ESPP) shares issued from outstanding Treasury stock during the 13-week and 26-week periods ended June 25, 2016. There were 214 ESPP shares issued from outstanding Treasury stock during the 13-week and 26-week periods ended June 27, 2015.

Segment Information

Segment Information	6 Months Ended
	Jun. 25, 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 and 26-weeks ended June 27, 2015 have been recast to conform to the current year presentation. Reportable Segments Outdoor Fitness Marine Auto Aviation Total 13-Weeks Ended June 25, 2016 Net sales $ 133,096 $ 212,855 $ 111,599 $ 245,728 $ 108,331 $ 811,609 Gross profit $ 85,224 $ 119,805 $ 64,515 $ 112,988 $ 80,426 $ 462,958 Operating income $ 48,565 $ 53,074 $ 28,548 $ 39,623 $ 30,864 $ 200,674 13-Weeks Ended June 27, 2015 Net sales $ 108,621 $ 158,649 $ 103,713 $ 300,581 $ 102,266 $ 773,830 Gross profit $ 66,019 $ 88,458 $ 58,577 $ 131,933 $ 74,263 $ 419,250 Operating income $ 37,201 $ 33,070 $ 23,901 $ 45,087 $ 27,405 $ 166,664 26-Weeks Ended June 25, 2016 Net sales $ 229,923 $ 355,273 $ 194,479 $ 441,326 $ 214,647 $ 1,435,648 Gross profit $ 144,155 $ 192,100 $ 108,664 $ 199,131 $ 158,758 $ 802,808 Operating income $ 76,450 $ 69,647 $ 38,840 $ 58,190 $ 61,350 $ 304,477 26-Weeks Ended June 27, 2015 Net sales $ 181,436 $ 289,644 $ 168,010 $ 519,807 $ 200,327 $ 1,359,224 Gross profit $ 115,084 $ 171,534 $ 94,090 $ 236,891 $ 145,773 $ 763,372 Operating income $ 60,730 $ 67,709 $ 28,468 $ 67,870 $ 53,585 $ 278,362 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 26-week periods ended June 25, 2016 and June 27, 2015. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa: Americas APAC EMEA Total June 25, 2016 Net sales to external customers $ 724,974 $ 175,226 $ 535,448 $ 1,435,648 Property and equipment, net $ 297,609 $ 113,295 $ 39,750 $ 450,654 June 27, 2015 Net sales to external customers $ 722,317 $ 154,102 $ 482,805 $ 1,359,224 Property and equipment, net $ 287,171 $ 110,524 $ 47,977 $ 445,672

Warranty Reserves

Warranty Reserves	6 Months Ended
	Jun. 25, 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 June 25, June 27, 2016 2015 Balance - beginning of period $ 31,407 $ 23,866 Accrual for products sold during the period 17,860 10,348 Expenditures (14,597 ) (8,113 ) Balance - end of period $ 34,670 $ 26,101 26-Weeks Ended June 25, June 27, 2016 2015 Balance - beginning of period $ 30,449 $ 27,609 Accrual for products sold during the period 30,312 17,090 Expenditures (26,091 ) (18,598 ) Balance - end of period $ 34,670 $ 26,101

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 25, 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 June 25, 2016 was approximately $306,545. 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 June 25, 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 June 25, 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	6 Months Ended
	Jun. 25, 2016
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The Company’s income tax expense increased from $35,805 to $42,737 for the 13-week period ended June 25, 2016, compared to the 13-week period ended June 27, 2015. The effective tax rate of 21.0% in the second quarter of 2016 is comparable to the 20.6% in the second quarter of 2015. The increase in the effective tax rate is due to shifts in the projected income mix by jurisdiction for 2016 compared to the same projection at second quarter of 2015. The increase in the effective tax rate was offset by the permanent extension of the U.S. research and development tax credit legislation, which had not yet been extended in the second quarter of 2015. The Company’s income tax expense increased from $45,208 to $62,192 for the first half of 2016, compared to the first half of 2015. The effective tax rate increased to 20.0% for the first half of 2016, compared to 18.1% in the first half of 2015 primarily due to shifts in the projected income mix by jurisdiction for 2016 compared to the same projection at second quarter of 2015. Additionally, the favorable release of uncertain tax position reserves due to expiration of certain statutes or completion of tax audits was $2,009 lower compared to the first half 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 second quarter of 2015.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 25, 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 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 28,368 $ - $ 28,368 $ - Agency securities 127,748 - 127,748 - Mortgage-backed securities 293,723 - 293,723 - Corporate securities 832,515 - 832,515 - Municipal securities 197,944 - 197,944 - Other 78,114 - 78,114 - Total $ 1,558,412 $ - $ 1,558,412 $ - Fair Value Measurements as 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 Amortized Cost Gross Unrealized Gross Unrealized (1) Gross Unrealized (2) Estimated Fair Value U.S. Treasury securities $ 28,074 $ 293 $ - $ (0 ) $ 28,367 Agency securities 127,668 230 (146 ) (4 ) 127,748 Mortgage-backed securities 293,785 1,143 (372 ) (833 ) 293,723 Corporate securities 834,239 3,033 (640 ) (4,116 ) 832,516 Municipal securities 196,492 1,540 (0 ) (88 ) 197,944 Other 78,105 32 (8 ) (15 ) 78,114 Total $ 1,558,363 $ 6,271 $ (1,166 ) $ (5,056 ) $ 1,558,412 Available-For-Sale Securities as Amortized Cost Gross Unrealized Gross Unrealized Losses- OTTI (1) Gross Unrealized Losses- Other (2) Estimated Fair Value 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 a material 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 26-week period ending June 25, 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 June 25, 2016 were $633,601 and $627,379 respectively. Approximately 30.4% of securities in our portfolio were at an unrealized loss position at June 25, 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 material deterioration in credit quality and no change in the cash flows of the underlying securities. We do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities; therefore, no material 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 tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of June 25, 2016 and December 26, 2015: As of June 25, 2016 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Fair Value Gross Unrealized Fair Value U.S. Treasury securities $ (0 ) $ 2,000 $ - $ - Agency securities (37 ) 25,333 (113 ) 14,886 Mortgage-backed securities (416 ) 61,305 (789 ) 81,949 Corporate securities (3,711 ) 332,191 (1,045 ) 67,796 Municipal securities (42 ) 13,996 (46 ) 9,836 Other (8 ) 6,164 (15 ) 11,923 Total $ (4,214 ) $ 440,989 $ (2,008 ) $ 186,390 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 The amortized cost and estimated fair value of marketable securities at June 25, 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 $ 252,055 $ 252,253 Due after one year through five years 1,099,787 1,101,047 Due after five years through ten years 175,131 174,204 Due after ten years 31,390 30,908 $ 1,558,363 $ 1,558,412

Share Repurchase Plan

Share Repurchase Plan	6 Months Ended
	Jun. 25, 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 June 25, 2016, the Company had repurchased 4,292 shares using cash of $176,510. There remains approximately $123,490 available to repurchase additional shares under this authorization.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 25, 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 and 26-week periods ended June 25, 2016: 13-Weeks Ended June 25, 2016 Foreign Currency Gross unrealized (3) Net unrealized gains (4) Total Balance - beginning of period $ (7,841 ) $ (2,685 ) $ (4,338 ) $ (14,864 ) Other comprehensive income before reclassification 5,896 1,519 6,231 13,646 Amounts reclassified from accumulated other comprehensive income - - (185 ) (185 ) Net current-period other comprehensive income 5,896 1,519 6,046 13,461 Balance - end of period $ (1,945 ) $ (1,166 ) $ 1,708 $ (1,403 ) 26-Weeks Ended June 25, 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 12,162 4,111 13,248 29,521 Amounts reclassified from accumulated other comprehensive income - - (496 ) (496 ) Net current-period other comprehensive income 12,162 4,111 12,753 29,026 Balance - end of period $ (1,945 ) $ (1,166 ) $ 1,708 $ (1,403 ) (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 and 26-week periods ended June 25, 2016: 13-Weeks Ended June 25, 2016 Details about Amount Reclassified Affected Line Item Unrealized gains (losses) on available-for-sale securities $ (264 ) Other income (expense) 449 Income tax (provision) benefit $ 185 Net of tax 26-Weeks Ended June 25, 2016 Details about Amount Reclassified Affected Line Item Unrealized gains (losses) on available-for-sale securities $ 188 Other income (expense) 308 Income tax (provision) benefit $ 496 Net of tax

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 25, 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 (“ASU”) 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. Additional updates to Topic 606 issued by the FASB in 2015 and 2016 include the following: • ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“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 • ASU 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). • ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”), which clarifies the implementation guidance on identifying performance obligations and classifying licensing arrangements • ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”), which clarifies the implementation guidance in a number of other areas. 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)	6 Months Ended
	Jun. 25, 2016
Inventory Disclosure [Abstract]
Schedule of inventories	The components of inventories consist of the following: June 25, December 26, 2016 2015 Raw materials $ 167,889 $ 203,173 Work-in-process 75,985 69,690 Finished goods 309,898 273,762 Inventory reserves (45,611 ) (46,071 ) Inventory, net of reserves $ 508,161 $ 500,554

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 25, 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 June 25, June 27, 2016 2015 Numerator: Numerator for basic and diluted net income per share - net income $ 161,064 $ 137,753 Denominator: Denominator for basic net income per share – weighted-average common shares 188,892 191,101 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 464 499 Denominator for diluted net income per share – adjusted weighted-average common shares 189,356 191,600 Basic net income per share $ 0.85 $ 0.72 Diluted net income per share $ 0.85 $ 0.72 26-Weeks Ended June 25, June 27, 2016 2015 Numerator: Numerator for basic and diluted net income per share - net income $ 249,155 $ 204,545 Denominator: Denominator for basic net income per share – weighted-average common shares 189,195 191,432 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 296 507 Denominator for diluted net income per share – adjusted weighted-average common shares 189,491 191,939 Basic net income per share $ 1.32 $ 1.07 Diluted net income per share $ 1.31 $ 1.07

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 25, 2016
Segment Reporting [Abstract]
Schedule of net sales, gross profit, and operating income	Reportable Segments Outdoor Fitness Marine Auto Aviation Total 13-Weeks Ended June 25, 2016 Net sales $ 133,096 $ 212,855 $ 111,599 $ 245,728 $ 108,331 $ 811,609 Gross profit $ 85,224 $ 119,805 $ 64,515 $ 112,988 $ 80,426 $ 462,958 Operating income $ 48,565 $ 53,074 $ 28,548 $ 39,623 $ 30,864 $ 200,674 13-Weeks Ended June 27, 2015 Net sales $ 108,621 $ 158,649 $ 103,713 $ 300,581 $ 102,266 $ 773,830 Gross profit $ 66,019 $ 88,458 $ 58,577 $ 131,933 $ 74,263 $ 419,250 Operating income $ 37,201 $ 33,070 $ 23,901 $ 45,087 $ 27,405 $ 166,664 26-Weeks Ended June 25, 2016 Net sales $ 229,923 $ 355,273 $ 194,479 $ 441,326 $ 214,647 $ 1,435,648 Gross profit $ 144,155 $ 192,100 $ 108,664 $ 199,131 $ 158,758 $ 802,808 Operating income $ 76,450 $ 69,647 $ 38,840 $ 58,190 $ 61,350 $ 304,477 26-Weeks Ended June 27, 2015 Net sales $ 181,436 $ 289,644 $ 168,010 $ 519,807 $ 200,327 $ 1,359,224 Gross profit $ 115,084 $ 171,534 $ 94,090 $ 236,891 $ 145,773 $ 763,372 Operating income $ 60,730 $ 67,709 $ 28,468 $ 67,870 $ 53,585 $ 278,362
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 26-week periods ended June 25, 2016 and June 27, 2015. Note that APAC includes Asia Pacific and EMEA includes Europe, the Middle East and Africa: Americas APAC EMEA Total June 25, 2016 Net sales to external customers $ 724,974 $ 175,226 $ 535,448 $ 1,435,648 Property and equipment, net $ 297,609 $ 113,295 $ 39,750 $ 450,654 June 27, 2015 Net sales to external customers $ 722,317 $ 154,102 $ 482,805 $ 1,359,224 Property and equipment, net $ 287,171 $ 110,524 $ 47,977 $ 445,672

Warranty Reserves (Tables)

Warranty Reserves (Tables)	6 Months Ended
	Jun. 25, 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 June 25, June 27, 2016 2015 Balance - beginning of period $ 31,407 $ 23,866 Accrual for products sold during the period 17,860 10,348 Expenditures (14,597 ) (8,113 ) Balance - end of period $ 34,670 $ 26,101 26-Weeks Ended June 25, June 27, 2016 2015 Balance - beginning of period $ 30,449 $ 27,609 Accrual for products sold during the period 30,312 17,090 Expenditures (26,091 ) (18,598 ) Balance - end of period $ 34,680 $ 26,101

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 25, 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 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 28,368 $ - $ 28,368 $ - Agency securities 127,748 - 127,748 - Mortgage-backed securities 293,723 - 293,723 - Corporate securities 832,515 - 832,515 - Municipal securities 197,944 - 197,944 - Other 78,114 - 78,114 - Total $ 1,558,412 $ - $ 1,558,412 $ - Fair Value Measurements as 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 classified as available-for-sale securities	Marketable securities classified as available-for-sale securities are summarized below: Available-For-Sale Securities as Amortized Cost Gross Unrealized Gross Unrealized (1) Gross Unrealized (2) Estimated Fair Value U.S. Treasury securities $ 28,074 $ 293 $ - $ (0 ) $ 28,367 Agency securities 127,668 230 (146 ) (4 ) 127,748 Mortgage-backed securities 293,785 1,143 (372 ) (833 ) 293,723 Corporate securities 834,239 3,033 (640 ) (4,116 ) 832,516 Municipal securities 196,492 1,540 (0 ) (88 ) 197,944 Other 78,105 32 (8 ) (15 ) 78,114 Total $ 1,558,363 $ 6,271 $ (1,166 ) $ (5,056 ) $ 1,558,412 Available-For-Sale Securities as Amortized Cost Gross Unrealized Gross Unrealized (1) Gross Unrealized (2) Estimated Fair Value 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.
Schedule of gross unrealized losses and fair value by major security type	The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of June 25, 2016 and December 26, 2015: As of June 25, 2016 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Fair Value Gross Unrealized Fair Value U.S. Treasury securities $ (0 ) $ 2,000 $ - $ - Agency securities (37 ) 25,333 (113 ) 14,886 Mortgage-backed securities (416 ) 61,305 (789 ) 81,949 Corporate securities (3,711 ) 332,191 (1,045 ) 67,796 Municipal securities (42 ) 13,996 (46 ) 9,836 Other (8 ) 6,164 (15 ) 11,923 Total $ (4,214 ) $ 440,989 $ (2,008 ) $ 186,390 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 June 25, 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 $ 252,055 $ 252,253 Due after one year through five years 1,099,787 1,101,047 Due after five years through ten years 175,131 174,204 Due after ten years 31,390 30,908 $ 1,558,363 $ 1,558,412

Accumulated Other Comprehensi23

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 25, 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 and 26-week periods ended June 25, 2016: 13-Weeks Ended June 25, 2016 Foreign Currency Gross unrealized (3) Net unrealized gains (4) Total Balance - beginning of period $ (7,841 ) $ (2,685 ) $ (4,338 ) $ (14,864 ) Other comprehensive income before reclassification 5,896 1,519 6,231 13,646 Amounts reclassified from accumulated other comprehensive income - - (185 ) (185 ) Net current-period other comprehensive income 5,896 1,519 6,046 13,461 Balance - end of period $ (1,945 ) $ (1,166 ) $ 1,708 $ (1,403 ) 26-Weeks Ended June 25, 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 12,162 4,111 13,248 29,521 Amounts reclassified from accumulated other comprehensive income - - (496 ) (496 ) Net current-period other comprehensive income 12,162 4,111 12,753 29,026 Balance - end of period $ (1,945 ) $ (1,166 ) $ 1,708 $ (1,403 ) (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	The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week and 26-week periods ended June 25, 2016: 13-Weeks Ended June 25, 2016 Details about Amount Reclassified Affected Line Item Unrealized gains (losses) on available-for-sale securities $ (264 ) Other income (expense) 449 Income tax (provision) benefit $ 185 Net of tax 26-Weeks Ended June 25, 2016 Details about Amount Reclassified Affected Line Item Unrealized gains (losses) on available-for-sale securities $ 188 Other income (expense) 308 Income tax (provision) benefit $ 496 Net of tax

Basis of Presentation (Details

Basis of Presentation (Details Narrative) shares in Thousands	6 Months Ended
	Jun. 25, 2016$ / sharesshares	Jun. 25, 2016SFr / shares	Dec. 26, 2015SFr / shares
Cancellation of Formation Shares | shares	10,000
CHF [Member]
Reduction in par value of each share | $ / shares	$ 0.10
Previous share price | SFr / shares		SFr 10	SFr 10

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 25, 2016	Dec. 26, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 167,889	$ 203,173
Work-in-process	75,985	69,690
Finished goods	309,898	273,762
Inventory reserves	(45,611)	(46,071)
Inventory, net of reserves	$ 508,161	$ 500,554

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Numerator:
Numerator for basic and diluted net income per share - net income	$ 161,064	$ 137,753	$ 249,155	$ 204,545
Denominator:
Denominator for basic net income per share - weighted-average common shares	188,892	191,101	189,195	191,432
Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units	464	499	296	507
Denominator for diluted net income per share - adjusted weighted-average common shares	189,356	191,600	189,491	191,939
Basic net income per share	$ 0.85	$ 0.72	$ 1.32	$ 1.07
Diluted net income per share	$ 0.85	$ 0.72	$ 1.31	$ 1.07

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Anti-dilutive stock options, stock appreciation rights and restricted stock units	3,873	3,558	4,231	3,598
Shares issued as a result of exercises of equity awards	11	91	13	128
Employee Stock Purchase Plan [Member] | Treasury Stock [Member]
Number of shares issued	285	214	285	214

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Net sales	$ 811,609	$ 773,830	$ 1,435,648	$ 1,359,224
Gross profit	462,958	419,250	802,808	763,372
Operating income	200,674	166,664	304,477	278,362
Outdoor [Member]
Net sales	133,096	108,621	229,923	181,436
Gross profit	85,224	66,019	144,155	115,084
Operating income	48,565	37,201	76,450	60,730
Fitness [Member]
Net sales	212,855	158,649	355,273	289,644
Gross profit	119,805	88,458	192,100	171,534
Operating income	53,074	33,070	69,647	67,709
Marine [Member]
Net sales	111,599	103,713	194,479	168,010
Gross profit	64,515	58,577	108,664	94,090
Operating income	28,548	23,901	38,840	28,468
Auto [Member]
Net sales	245,728	300,581	441,326	519,807
Gross profit	112,988	131,933	199,131	236,891
Operating income	39,623	45,087	58,190	67,870
Aviation [Member]
Net sales	108,331	102,266	214,647	200,327
Gross profit	80,426	74,263	158,758	145,773
Operating income	$ 30,864	$ 27,405	$ 61,350	$ 53,585

Segment Information (Details 1)

Segment Information (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015	Dec. 26, 2015
Net sales to external customers	$ 811,609	$ 773,830	$ 1,435,648	$ 1,359,224
Property and equipment, net	450,654	445,672	450,654	445,672	$ 446,089
Americas [Member]
Net sales to external customers			724,974	722,317
Property and equipment, net	297,609	287,171	297,609	287,171
APAC [Member]
Net sales to external customers			175,226	154,102
Property and equipment, net	113,295	110,524	113,295	110,524
EMEA [Member]
Net sales to external customers			535,448	482,805
Property and equipment, net	$ 39,750	$ 47,977	$ 39,750	$ 47,977

Segment Information (Details Na

Segment Information (Details Narrative)	6 Months Ended
	Jun. 25, 2016Number
Segment Reporting [Abstract]
Number of reportable segments	5

Warranty Reserves (Details)

Warranty Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance - beginning of period	$ 31,407	$ 23,866	$ 30,449	$ 27,609
Accrual for products sold	17,860	10,348	30,312	17,090
Expenditures	(14,597)	(8,113)	(26,091)	(18,598)
Balance - end of period	$ 34,670	$ 26,101	$ 34,670	$ 26,101

Warranty Reserves (Details Narr

Warranty Reserves (Details Narrative)	6 Months Ended
	Jun. 25, 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	Jun. 25, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Aggregate amount of purchase orders and other commitments	$ 306,545

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Income Tax Disclosure [Abstract]
Income tax expense	$ 42,737	$ 35,805	$ 62,193	$ 45,208
Effective income tax rate	21.00%	20.60%	20.00%	18.10%
Uncertain tax position reserves			$ 2,009

Marketable Securities (Details)

Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 25, 2016	Dec. 26, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	$ 1,558,412	$ 1,558,548
U.S.Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	28,367	27,731
Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	127,748	208,631
Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	293,723	370,232
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	832,516	648,590
Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	197,944	223,562
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	78,114	79,802
Recurring Basis [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	1,558,412	1,558,548
Recurring Basis [Member] | U.S.Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	28,368	27,731
Recurring Basis [Member] | Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	127,748	208,631
Recurring Basis [Member] | Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	293,723	370,232
Recurring Basis [Member] | Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	832,515	648,590
Recurring Basis [Member] | Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	197,944	223,562
Recurring Basis [Member] | Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	78,114	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	1,558,412	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	28,368	27,731
Recurring Basis [Member] | Level 2 [Member] | Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	127,748	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	293,723	370,232
Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	832,515	648,590
Recurring Basis [Member] | Level 2 [Member] | Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	197,944	223,562
Recurring Basis [Member] | Level 2 [Member] | Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, total	78,114	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		6 Months Ended	12 Months Ended
		Jun. 25, 2016	Dec. 26, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 1,558,363	$ 1,576,112
Gross Unrealized Gains		6,271	1,142
Gross Unrealized Losses-OTTI	[1]	(1,166)	(5,277)
Gross Unrealized Losses-Other	[2]	(5,056)	(13,429)
Estimated Fair Value (Net Carrying Amount)		1,558,412	1,558,548
U.S.Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		28,074	27,772
Gross Unrealized Gains		293	27
Gross Unrealized Losses-OTTI	[1]
Gross Unrealized Losses-Other	[2]	0	(68)
Estimated Fair Value (Net Carrying Amount)		28,367	27,731
Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		127,668	211,248
Gross Unrealized Gains		230	105
Gross Unrealized Losses-OTTI	[1]	(146)	(2,409)
Gross Unrealized Losses-Other	[2]	(4)	(313)
Estimated Fair Value (Net Carrying Amount)		127,748	208,631
Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		293,785	376,801
Gross Unrealized Gains		1,143	191
Gross Unrealized Losses-OTTI	[1]	(372)	(1,210)
Gross Unrealized Losses-Other	[2]	(833)	(5,550)
Estimated Fair Value (Net Carrying Amount)		293,723	370,232
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		834,239	656,447
Gross Unrealized Gains		3,033	179
Gross Unrealized Losses-OTTI	[1]	(640)	(1,635)
Gross Unrealized Losses-Other	[2]	(4,116)	(6,401)
Estimated Fair Value (Net Carrying Amount)		832,516	648,590
Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		196,492	223,991
Gross Unrealized Gains		1,540	636
Gross Unrealized Losses-OTTI	[1]	0	(9)
Gross Unrealized Losses-Other	[2]	(88)	(1,056)
Estimated Fair Value (Net Carrying Amount)		197,944	223,562
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		78,105	79,853
Gross Unrealized Gains		32	4
Gross Unrealized Losses-OTTI	[1]	(8)	(14)
Gross Unrealized Losses-Other	[2]	(15)	(41)
Estimated Fair Value (Net Carrying Amount)		$ 78,114	$ 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 (Detail37

Marketable Securities (Details 2) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 25, 2016	Dec. 26, 2015
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	$ (4,214)	$ (13,113)
Fair Value Less than 12 Consecutive Months	440,989	1,056,152
Gross Unrealized Losses 12 Consecutive Months or Longer	(2,008)	(5,593)
Fair Value 12 Consecutive Months or Longer	186,390	224,998
U.S.Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	0	(68)
Fair Value Less than 12 Consecutive Months	2,000	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	(37)	(691)
Fair Value Less than 12 Consecutive Months	25,333	117,803
Gross Unrealized Losses 12 Consecutive Months or Longer	(113)	(2,031)
Fair Value 12 Consecutive Months or Longer	14,886	69,418
Mortgage-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(416)	(4,571)
Fair Value Less than 12 Consecutive Months	61,305	263,735
Gross Unrealized Losses 12 Consecutive Months or Longer	(789)	(2,189)
Fair Value 12 Consecutive Months or Longer	81,949	83,722
Corporate Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(3,711)	(6,719)
Fair Value Less than 12 Consecutive Months	332,191	521,731
Gross Unrealized Losses 12 Consecutive Months or Longer	(1,045)	(1,317)
Fair Value 12 Consecutive Months or Longer	67,796	50,374
Municipal Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(42)	(1,035)
Fair Value Less than 12 Consecutive Months	13,996	116,033
Gross Unrealized Losses 12 Consecutive Months or Longer	(46)	(30)
Fair Value 12 Consecutive Months or Longer	9,836	6,557
Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Losses Less than 12 Consecutive Months	(8)	(29)
Fair Value Less than 12 Consecutive Months	6,164	14,666
Gross Unrealized Losses 12 Consecutive Months or Longer	(15)	(26)
Fair Value 12 Consecutive Months or Longer	$ 11,923	$ 14,927

Marketable Securities (Detail38

Marketable Securities (Details 3) - USD ($) $ in Thousands	Jun. 25, 2016	Dec. 26, 2015
Cost [Abstract]
Due in one year or less	$ 252,055
Due after one year through five years	1,099,787
Due after five years through ten years	175,131
Due after ten years	31,390
Total	1,558,363	$ 1,576,112
Estimated Fair Value [Abstract]
Due in one year or less	252,253
Due after one year through five years	1,101,047
Due after five years through ten years	174,204
Due after ten years	30,908
Total	$ 1,558,412	$ 1,558,548

Marketable Securities (Detail39

Marketable Securities (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 25, 2016USD ($)
Marketable Securities [Abstract]
Unrealized loss position amortized cost	$ 633,601
Unrealized loss position fair value	$ 627,379
Percentage of available-for-sale securities in unrealized loss positions	30.40%

Share Repurchase Plan (Details

Share Repurchase Plan (Details Narrative) - USD ($) shares in Thousands, $ in Thousands	Feb. 13, 2015	Jun. 25, 2016
Equity [Abstract]
Stock repurchase program, authorized amount	$ 300,000
Stock repurchase program, expiration date	Dec. 31, 2016
Stock issued for repurchase program, shares		4,292
Stock issued for repurchase program, value		$ 176,510
Remaining stock available under repurchase program		$ 123,490

Accumulated Other Comprehensi41

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 25, 2016	Jun. 25, 2016
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward]
Balance - beginning of period		$ (7,841)	$ (14,107)
Other comprehensive income before reclassification		5,896	12,162
Amounts reclassified from accumulated other comprehensive income
Net current-period other comprehensive income		5,896	12,162
Balance - end of period		(1,945)	(1,945)
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Debt Securities [Roll Forward]
Balance - beginning of period	[1]	(2,685)	(5,277)
Other comprehensive income before reclassification	[1]	1,519	4,111
Amounts reclassified from accumulated other comprehensive income	[1]
Net current-period other comprehensive income	[1]	1,519	4,111
Balance - end of period	[1]	(1,166)	(1,166)
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward]
Balance - beginning of period	[2]	(4,338)	(11,044)
Other comprehensive income before reclassification	[2]	6,231	13,248
Amounts reclassified from accumulated other comprehensive income	[2]	(185)	(496)
Net current-period other comprehensive income	[2]	6,046	12,753
Balance - end of period	[2]	1,708	1,708
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance - beginning of period		(14,864)	(30,428)
Other comprehensive income before reclassification		13,646	29,521
Amounts reclassified from accumulated other comprehensive income		(185)	(496)
Net current-period other comprehensive income		13,461	29,026
Balance - end of period		$ (1,403)	$ (1,403)
[1]	Represents the change in impairment, not related to credit, for those investment securities that have been determined to be other-than-temporarily impaired.
[2]	Represents the change in unrealized gains (losses) on investment securities that have not been determined to be other-than-temporarily impaired.

Accumulated Other Comprehensi42

Accumulated Other Comprehensive Income (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2016	Jun. 27, 2015	Jun. 25, 2016	Jun. 27, 2015
Other income (expense)	$ 3,127	$ 6,894	$ 6,871	$ (28,609)
Income tax (provision) benefit	(42,737)	$ (35,805)	(62,193)	$ (45,208)
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification From Accumulated Other Comprehensive Income [Member]
Other income (expense)	(264)		188
Income tax (provision) benefit	449		308
Net of tax	$ 185		$ 496