Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 30, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | GARMIN LTD | |
Entity Central Index Key | 1,121,788 | |
Document Type | 10-Q | |
Trading Symbol | GRMN | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
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 | 198,077,418 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 891,279 | $ 846,883 |
Marketable securities | 253,699 | 266,952 |
Accounts receivable, net | 457,391 | 527,062 |
Inventories, net | 575,335 | 484,821 |
Deferred costs | 47,483 | 47,395 |
Prepaid expenses and other current assets | 107,287 | 89,903 |
Total current assets | 2,332,474 | 2,263,016 |
Property and equipment, net | 554,441 | 482,878 |
Marketable securities | 1,210,323 | 1,213,285 |
Restricted cash | 117 | 113 |
Deferred income taxes | 262,473 | 110,293 |
Noncurrent deferred costs | 69,286 | 56,151 |
Intangible assets, net | 313,269 | 305,002 |
Other assets | 93,008 | 94,395 |
Total assets | 4,835,391 | 4,525,133 |
Current liabilities: | ||
Accounts payable | 158,591 | 172,404 |
Salaries and benefits payable | 89,124 | 88,818 |
Accrued warranty costs | 35,669 | 37,233 |
Accrued sales program costs | 53,826 | 80,953 |
Deferred revenue | 138,570 | 146,564 |
Accrued royalty costs | 37,895 | 36,523 |
Accrued advertising expense | 20,099 | 37,440 |
Other accrued expenses | 105,783 | 70,469 |
Income taxes payable | 15,250 | 16,163 |
Dividend payable | 191,238 | 96,168 |
Total current liabilities | 846,045 | 782,735 |
Deferred income taxes | 68,204 | 61,220 |
Noncurrent income taxes | 123,905 | 121,174 |
Noncurrent deferred revenue | 155,814 | 140,407 |
Other liabilities | 1,738 | 1,594 |
Stockholders' equity: | ||
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 187,500 shares outstanding at September 30, 2017 and 188,565 shares outstanding at December 31, 2016 | 17,979 | 17,979 |
Additional paid-in capital | 1,851,529 | 1,836,047 |
Treasury stock | (506,799) | (455,964) |
Retained earnings | 2,230,489 | 2,056,702 |
Accumulated other comprehensive income (loss) | 46,487 | (36,761) |
Total stockholders' equity | 3,639,685 | 3,418,003 |
Total liabilities and stockholders' equity | $ 4,835,391 | $ 4,525,133 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - SFr / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Common shares, authorized | 198,077 | 198,077 |
Common shares, issued | 198,077 | 198,077 |
Common shares, outstanding | 187,500 | 188,565 |
CHF [Member] | ||
Common shares, par value (in dollars per share) | SFr 0.10 | SFr 0.10 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 743,077 | $ 722,250 | $ 2,198,508 | $ 2,157,898 |
Cost of goods sold | 309,412 | 316,270 | 914,862 | 949,110 |
Gross profit | 433,665 | 405,980 | 1,283,646 | 1,208,788 |
Advertising expense | 32,449 | 32,956 | 105,983 | 109,441 |
Selling, general and administrative expense | 101,794 | 96,959 | 309,095 | 296,246 |
Research and development expense | 129,632 | 116,449 | 379,083 | 339,008 |
Total operating expense | 263,875 | 246,364 | 794,161 | 744,695 |
Operating income | 169,790 | 159,616 | 489,485 | 464,093 |
Other income (expense): | ||||
Interest income | 9,207 | 8,226 | 26,931 | 24,109 |
Foreign currency gains (losses) | 8,579 | (19,421) | (13,808) | (30,003) |
Other (expense) income | (1,520) | 1,344 | (805) | 2,914 |
Total other income (expense) | 16,266 | (9,851) | 12,318 | (2,980) |
Income before income taxes | 186,056 | 149,765 | 501,803 | 461,113 |
Income tax provision (benefit) | 38,643 | 24,711 | (54,372) | 86,904 |
Net income | $ 147,413 | $ 125,054 | $ 556,175 | $ 374,209 |
Net income per share: | ||||
Basic (in dollars per share) | $ 0.79 | $ 0.66 | $ 2.96 | $ 1.98 |
Diluted (in dollars per share) | $ 0.78 | $ 0.66 | $ 2.95 | $ 1.98 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 187,616 | 188,692 | 187,902 | 189,027 |
Diluted (in shares) | 188,490 | 189,238 | 188,671 | 189,376 |
Dividends declared per share | $ 2.04 | $ 2.04 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 147,413 | $ 125,054 | $ 556,175 | $ 374,209 |
Foreign currency translation adjustment | 5,804 | 29,598 | 71,310 | 41,760 |
Change in fair value of available-for-sale marketable securities, net of deferred taxes | 536 | (2,429) | 11,938 | 14,434 |
Comprehensive income | $ 153,753 | $ 152,223 | $ 639,423 | $ 430,403 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 24, 2016 | |
Operating activities: | ||
Net income | $ 556,175 | $ 374,209 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 44,011 | 40,327 |
Amortization | 19,688 | 22,215 |
(Gain) loss on sale or disposal of property and equipment | (184) | 155 |
Provision for doubtful accounts | 551 | 2,559 |
Deferred income taxes | (143,846) | (6,821) |
Unrealized foreign currency loss | 17,504 | 19,536 |
Provision for obsolete and slow moving inventories | 16,504 | 20,943 |
Stock compensation expense | 32,441 | 29,211 |
Realized loss (gain) on marketable securities | 594 | (1,068) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 84,982 | 76,372 |
Inventories | (86,631) | (41,002) |
Other current and non-current assets | (9,635) | 3,400 |
Accounts payable | (24,526) | (40,694) |
Other current and non-current liabilities | (37,403) | 1,942 |
Deferred revenue | 5,726 | (13,660) |
Deferred costs | (12,650) | (9,906) |
Income taxes payable | (724) | 14,648 |
Net cash provided by operating activities | 462,577 | 492,366 |
Investing activities: | ||
Purchases of property and equipment | (85,211) | (42,157) |
Proceeds from sale of property and equipment | 264 | 15 |
Purchase of intangible assets | (9,069) | (4,706) |
Purchase of marketable securities | (438,046) | (739,676) |
Redemption of marketable securities | 455,376 | 772,733 |
Change in restricted cash | (6) | |
Acquisitions, net of cash acquired | (12,400) | (62,137) |
Net cash used in investing activities | (89,086) | (75,934) |
Financing activities: | ||
Dividends paid | (287,318) | (289,331) |
Purchase of treasury stock under share repurchase plan | (74,523) | (65,221) |
Purchase of treasury stock related to equity awards | (3,587) | (184) |
Proceeds from issuance of treasury stock related to equity awards | 10,316 | 10,210 |
Tax benefit from issuance of equity awards | 365 | |
Net cash used in financing activities | (355,112) | (344,161) |
Effect of exchange rate changes on cash and cash equivalents | 26,017 | 7,218 |
Net increase in cash and cash equivalents | 44,396 | 79,489 |
Cash and cash equivalents at beginning of period | 846,883 | 833,070 |
Cash and cash equivalents at end of period | $ 891,279 | $ 912,559 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
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 39-week periods ended September 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 30, 2017. The condensed consolidated balance sheet at December 31, 2016 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 31, 2016. The Company’s fiscal year is based on a 52-53 week period ending on the last Saturday of the calendar year. Therefore, the financial results of certain 53-week fiscal years, and the associated 14-week quarters, will not be exactly comparable to the prior and subsequent 52-week fiscal years and the associated 13-week quarters. The quarters ended September 30, 2017 and September 24, 2016 both contain operating results for 13 weeks. In March 2016, the Financial Accounting Standards Board (“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 Company adopted ASU 2016-09 on a prospective basis during the quarter ended April 1, 2017. ASU 2016-09 requires excess tax benefits or deficiencies from stock-based compensation to be recognized in the income tax provision. We previously recorded these amounts to additional paid-in capital. Additionally, under ASU 2016-09, excess tax benefits and deficiencies are not estimated in the effective tax rate, rather, are recorded as discrete tax items in the period they occur. Excess income tax benefits from stock-based compensation arrangements are classified as a cash flow from operations under ASU 2016-09, rather than as a cash flow from financing activities. The most significant impact of ASU 2016-09 during the 39-week period ended September 30, 2017 is the recognition of income tax expense of $7,275 resulting from stock options and stock appreciation rights expiring unexercised. There were no material expirations during the 13-week period ended September 30, 2017. The impact of the tax expense associated with the expiration of stock option and stock appreciation rights on diluted earnings per share was $0.04 for the 39-week period ended September 30, 2017. The Company believes ASU 2016-09 may have a material effect on forthcoming periods. However, the Company is unable to reasonably estimate the impact due to the dependency of these items on the underlying share price of the Company. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. Inventories The components of inventories consist of the following: September 30, December 31, 2017 2016 Raw materials $ 189,367 $ 162,882 Work-in-process 84,249 68,602 Finished goods 334,557 293,789 Inventory reserves (32,838 ) (40,452 ) Inventory, net of reserves $ 575,335 $ 484,821 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, September 24, 2017 2016 Numerator: Numerator for basic and diluted net income per share - net income $ 147,413 $ 125,054 Denominator: Denominator for basic net income per share – weighted-average common shares 187,616 188,692 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 874 546 Denominator for diluted net income per share – adjusted weighted-average common shares 188,490 189,238 Basic net income per share $ 0.79 $ 0.66 Diluted net income per share $ 0.78 $ 0.66 39-Weeks Ended September 30, September 24, 2017 2016 Numerator: Numerator for basic and diluted net income per share - net income $ 556,175 $ 374,209 Denominator: Denominator for basic net income per share – weighted-average common shares 187,902 189,027 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 769 349 Denominator for diluted net income per share – adjusted weighted-average common shares 188,671 189,376 Basic net income per share $ 2.96 $ 1.98 Diluted net income per share $ 2.95 $ 1.98 There were 1,051 and 3,170 anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) outstanding during the 13-week periods ended September 30, 2017 and September 24, 2016, respectively. There were 1,567 and 3,696 anti-dilutive equity awards outstanding during the 39-week periods ended September 30, 2017 and September 24, 2016, respectively. There were 2 and 26 net shares issued as a result of exercises and releases of equity awards for the 13-week periods ended September 30, 2017 and September 24, 2016, respectively. There were 161 and 39 shares issued as a result of exercises and releases of equity awards for the 39-week periods ended September 30, 2017 and September 24, 2016, respectively. There were 248 employee stock purchase plan (ESPP) shares issued from outstanding Treasury stock during the 39-week period ended September 30, 2017. There were 285 ESPP shares issued from outstanding Treasury stock during the 39-week period ended September 24, 2016. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2017 | |
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 (“revenue”), 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 September 30, 2017 Net sales $ 184,937 $ 167,147 $ 77,312 $ 189,053 $ 124,628 $ 743,077 Gross profit $ 118,175 $ 96,135 $ 44,574 $ 83,961 $ 90,820 $ 433,665 Operating income $ 67,810 $ 33,492 $ 18,420 $ 15,971 $ 34,097 $ 169,790 13-Weeks Ended September 24, 2016 Net sales $ 141,006 $ 189,161 $ 70,010 $ 214,637 $ 107,436 $ 722,250 Gross profit $ 88,497 $ 103,363 $ 39,891 $ 93,638 $ 80,591 $ 405,980 Operating income $ 49,271 $ 44,774 $ 10,332 $ 24,795 $ 30,444 $ 159,616 39-Weeks Ended September 30, 2017 Net sales $ 495,589 $ 485,999 $ 290,302 $ 555,059 $ 371,559 $ 2,198,508 Gross profit $ 319,457 $ 276,014 $ 166,690 $ 246,931 $ 274,554 $ 1,283,646 Operating income $ 176,544 $ 89,452 $ 60,860 $ 50,566 $ 112,063 $ 489,485 39-Weeks Ended September 24, 2016 Net sales $ 370,929 $ 544,434 $ 264,489 $ 655,963 $ 322,083 $ 2,157,898 Gross profit $ 232,652 $ 295,463 $ 148,554 $ 292,770 $ 239,349 $ 1,208,788 Operating income $ 125,721 $ 114,422 $ 49,172 $ 82,984 $ 91,794 $ 464,093 Allocation of certain research and development expenses, and selling, general, and administrative expenses are made to each segment on a percent of revenue basis. Net sales and property and equipment, net by geographic area are as follows as of and for the 39-week periods ended September 30, 2017 and September 24, 2016. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa: Americas APAC EMEA Total September 30, 2017 Net sales to external customers $ 1,049,287 $ 315,096 $ 834,125 $ 2,198,508 Property and equipment, net $ 356,351 $ 160,360 $ 37,730 $ 554,441 September 24, 2016 Net sales to external customers $ 1,073,610 $ 274,083 $ 810,205 $ 2,157,898 Property and equipment, net $ 297,747 $ 117,301 $ 39,198 $ 454,246 |
Warranty Reserves
Warranty Reserves | 9 Months Ended |
Sep. 30, 2017 | |
Product Warranties Disclosures [Abstract] | |
Warranty Reserves | 5. Warranty Reserves The Company’s products sold are generally covered by a standard warranty for periods ranging from one to three years. The Company’s estimate of costs to service its warranty obligations are based on historical experience and expectation of future conditions and are recorded as a liability on the balance sheet. The following reconciliation provides an illustration of changes in the aggregate warranty reserve. 13-Weeks Ended September 30, September 24, 2017 2016 Balance - beginning of period $ 37,012 $ 34,670 Accrual for products sold during the period 16,903 15,859 Expenditures (18,246 ) (11,657 ) Balance - end of period $ 35,669 $ 38,872 39-Weeks Ended September 30, September 24, 2017 2016 Balance - beginning of period $ 37,233 $ 30,449 Accrual for products sold during the period 40,850 46,170 Expenditures (42,414 ) (37,747 ) Balance - end of period $ 35,669 $ 38,872 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Commitments The Company is party to certain commitments, which include purchases of raw materials, advertising expenditures, and other indirect purchases in connection with conducting our business. The aggregate amount of purchase orders and other commitments open as of September 30, 2017 was approximately $363,000. We cannot determine the aggregate amount of such purchase orders that represent contractual obligations because purchase orders may represent authorizations to purchase rather than binding agreements. Our purchase orders are based on our current needs and are typically fulfilled within short periods of time. Contingencies In the normal course of business, the Company and its subsidiaries are parties to various legal claims, investigations and complaints, including matters alleging patent infringement and other intellectual property claims. The Company evaluates, on a quarterly and annual basis, developments in legal proceedings, investigations, claims, and other loss contingencies that could affect any required accrual or disclosure or estimate of reasonably possible loss or range of loss. An estimated loss from a loss contingency is accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. If a range of loss is estimated, and some amount within that range appears to be a better estimate than any other amount within that range, then that amount is accrued. If no amount within the range can be identified as a better estimate than any other amount, the Company accrues the minimum amount in the range. If an outcome unfavorable to the Company is determined to be probable, but the amount of loss cannot be reasonably estimated or is determined to be reasonably possible, but not probable, we disclose the nature of the contingency and an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. The Company’s aggregate range of reasonably possible losses includes (1) matters where a liability has been accrued and there is a reasonably possible loss in excess of the amount accrued for that liability, and (2) matters where a loss is believed to be reasonably possible, but not probable, and a liability therefore has not been accrued. This aggregate range only represents the Company’s estimate of reasonably possible losses and does not represent the Company’s maximum loss exposure. The assessment regarding whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. In assessing the probability of an outcome in a lawsuit, claim or assessment that could be unfavorable to the Company, we consider the following factors, among others: a) the nature of the litigation, claim, or assessment; b) the progress of the case; c) the opinions or views of legal counsel and other advisers; d) our experience in similar cases; e) the experience of other entities in similar cases; and f) how we intend to respond to the lawsuit, claim, or assessment. Costs incurred in defending lawsuits, claims or assessments are expensed as incurred. Other than the matter discussed below, management of the Company currently does not believe it is reasonably possible that the Company may have incurred a material loss, or a material loss in excess of recorded accruals, with respect to loss contingencies in the aggregate, for the fiscal quarter ended September 30, 2017. The results of legal proceedings, investigations and claims, however, cannot be predicted with certainty. An adverse resolution of one or more of such matters in excess of management’s expectations could have a material adverse effect in the particular quarter or fiscal year in which a loss is recorded, but based on information currently known, the Company does not believe it is likely that losses from such matters would have a material adverse effect on the Company’s business or its consolidated financial position, results of operations or cash flows. The Company settled or resolved certain matters during the 13-week and 39-week periods ended September 30, 2017 that did not individually or in the aggregate have a material impact on the Company’s business or its consolidated financial position, results of operations or cash flows. In the Matter of Certain Marine Sonar Imaging Devices, Including Downscan and Sidescan Devices, Products Containing the Same, and Components Thereof On June 9, 2014, Navico Inc. and Navico Holding AS (collectively “Navico”) filed a complaint with the United States International Trade Commission (“ITC”) alleging the Company infringed upon three specific Navico patents relating to downscan sonar. On December 1, 2015, the ITC issued a Final Determination concluding that there was infringement by Garmin. On August 30, 2016, Navico filed a request that the ITC initiate an enforcement proceeding for alleged violations by Garmin of the previous cease and desist orders issued by the ITC. On May 26, 2017, the Administrative Law Judge issued his initial enforcement determination concluding that Garmin’s sale of certain DownVü sonar products violated the ITC’s December 2015 orders and recommended a civil penalty of $37 million. On June 13, 2017, the US Court of Appeals for the Federal Circuit (Federal Circuit) reversed the ITCs December 2015 Final Determination. Specifically, the Federal Circuit ruled that two of the three patents in suit are invalid and that Garmin does not infringe upon the third patent. The ITC stayed the issuance of a Final Determination in this enforcement proceeding pending the issuance by the Federal Circuit of its mandate, which occurred on October 31, 2017. The Company believes the claims in this complaint are without merit, believes it has valid defenses, believes there is a remote likelihood that the Company may have incurred a material loss with respect to this matter, and no loss accrual has therefore been recorded. Navico Inc. And Navico Holding AS v. Garmin International, Inc. and Garmin USA, Inc. (U.S. District Court for the Northern District of Oklahoma) On June 4, 2014, Navico filed suit in the United States District Court for the Northern District of Oklahoma alleging the Company infringed upon the same three specific Navico patents relating to downscan sonar that are the subject of their complaint filed with ITC discussed above. On January 15, 2016, the court issued an order staying this lawsuit pending the final determination of any appeal filed with the Federal Circuit concerning that ITC complaint. The Federal Circuit issued its mandate in this appeal on October 31, 2017, reversing the ITC’s December 2015 infringement ruling. The Company believes the claims in this lawsuit are without merit, believes it has valid defenses, believes there is a remote likelihood that the Company may have incurred a material loss with respect to this matter, and no loss accrual has therefore been recorded. Navico Inc. And Navico Holding AS v. Garmin International, Inc. and Garmin USA, Inc. (U.S. District Court for the Eastern District of Texas) On March 4, 2016, Navico filed suit in the United States District Court for the Eastern District of Texas, Marshall Division alleging the Company infringed upon two specific Navico patents relating to downscan sonar. On September 8, 2017, a jury returned a verdict finding that Garmin had willfully infringed upon those two patents and awarded damages of $38 million. The judge in this matter must now issue a final judgment which could result in damages of up to three times the original jury verdict (or up to $114 million). The final judgment could also include pre-judgment interest, post-judgment interest, and attorneys’ fees. If the final judgment orders the Company to pay any amount of damages, the Company will appeal that decision to the Federal Circuit, based on grounds which the same court found in favor of the Company that similar Navico patents were not valid or were not infringed. The Company believes the claims in this lawsuit are without merit, is challenging the verdict, believes it has valid defenses, and will vigorously defend this matter. We believe the Federal Circuit will not uphold the validity of the asserted claims of these Navico patents, which are closely related to the claims of the patents that the Federal Circuit has already concluded are obvious and invalid in view of the prior art, and will therefore reverse the jury verdict. As the Company believes a loss in this lawsuit is not probable after any and all challenges and appeals, no loss accrual has been recorded. In assessing the probability of a loss, we considered, among other factors, our experience and the experience of other entities in similar cases, how we intend to respond to the lawsuit, and the opinions of internal and external legal counsel that a loss is not probable, but is reasonably possible. In view of these factors, the existence of the jury verdict, the possibility of needing to appeal the final judgment and other uncertainties, the Company believes that it is reasonably possible that a loss could occur in a range from zero to up to $114 million, exclusive of pre-judgment interest, post-judgment interest, and attorneys’ fees. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The Company recorded income tax expense of $38,643 in the 13-week period ended September 30, 2017, compared to income tax expense of $24,711 in the 13-week period ended September 24, 2016. The effective tax rate was 20.8% in the third quarter of 2017, compared to 16.5% in the third quarter of 2016. The 430 basis points increase to the third quarter of 2017 effective tax rate compared to the prior year quarter is primarily due to the Company’s election in February 2017 to align certain Switzerland corporate tax positions with evolving international tax initiatives, and shifts in projected income mix by jurisdiction, partially offset by the release of reserves related to uncertain tax positions due to the expiration of certain statutes of limitations during the third quarter of 2017. The Company recorded an income tax benefit of $54,372 for the first three quarters of 2017, compared to income tax expense of $86,904 for the first three quarters of 2016. The effective tax rate was (10.8%) in the first three quarters of 2017, compared to 18.8% in the first three quarters of 2016. Excluding an income tax benefit of $168,755 due to revaluation of deferred tax assets, and the $7,275 expense due to the expiration of share-based awards (see Note 1 regarding the impacts of ASU 2016-09), the effective tax rate for the first three quarters of 2017 increased 250 basis points compared to the effective tax rate for the first three quarters of 2016. This remaining 250 basis point increase in effective tax rate was primarily due to the Company’s election in February 2017 to align certain Switzerland corporate tax positions with evolving international tax initiatives. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2017 | |
Marketable Securities [Abstract] | |
Marketable Securities | 8. Marketable Securities The Financial Accounting Standards Board ("FASB") ASC topic entitled Fair Value Measurements and Disclosures defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The accounting guidance classifies the inputs used to measure fair value into the following hierarchy: Level 1 Unadjusted quoted prices in active markets for the identical asset or liability Level 2 Observable inputs for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability Level 3 Unobservable inputs for the asset or liability The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Valuation is based on prices obtained from an independent pricing vendor using both market and income approaches. The primary inputs to the valuation include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, contractual cash flows, benchmark yields, and credit spreads. The method described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Available-for-sale securities measured at fair value on a recurring basis are summarized below: Fair Value Measurements as Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 19,859 $ - $ 19,859 $ - Agency securities 50,975 - 50,975 - Mortgage-backed securities 192,966 - 192,966 - Corporate securities 866,665 - 866,665 - Municipal securities 160,398 - 160,398 - Other 173,159 - 173,159 - Total $ 1,464,022 $ - $ 1,464,022 $ - Fair Value Measurements as Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 29,034 $ - $ 29,034 $ - Agency securities 59,541 - 59,541 - Mortgage-backed securities 230,823 - 230,823 - Corporate securities 893,725 - 893,725 - Municipal securities 176,168 - 176,168 - Other 90,946 - 90,946 - Total $ 1,480,237 $ - $ 1,480,237 $ - Marketable securities classified as available-for-sale securities are summarized below: Available-For-Sale Securities as Amortized Cost Gross Unrealized Gross Unrealized Fair Value U.S. Treasury securities $ 19,986 $ 10 $ (137 ) $ 19,859 Agency securities 51,594 5 (624 ) 50,975 Mortgage-backed securities 197,525 23 (4,582 ) 192,966 Corporate securities 876,508 721 (10,564 ) 866,665 Municipal securities 161,165 329 (1,096 ) 160,398 Other 174,754 10 (1,605 ) 173,159 Total $ 1,481,532 $ 1,098 $ (18,608 ) $ 1,464,022 Available-For-Sale Securities as Amortized Cost Gross Unrealized Gross Unrealized Fair Value U.S. Treasury securities $ 29,291 $ 31 $ (288 ) $ 29,034 Agency securities 60,513 19 (991 ) 59,541 Mortgage-backed securities 236,354 41 (5,572 ) 230,823 Corporate securities 914,028 252 (20,555 ) 893,725 Municipal securities 178,804 224 (2,859 ) 176,169 Other 90,934 20 (9 ) 90,945 Total $ 1,509,924 $ 587 $ (30,274 ) $ 1,480,237 The Company’s investment policy targets low risk investments with the objective of minimizing the potential risk of principal loss. The fair value of our 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 a security before recovery of its amortized cost basis, 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 2016 and the 39-week period ending September 30, 2017, the Company did not record any material impairment charges on its outstanding securities. The amortized cost and fair value of the securities at an unrealized loss position at September 30, 2017 were $1,140,662 and $1,122,054 respectively. Approximately 59% of securities in our portfolio were at an unrealized loss position at September 30, 2017. 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 September 30, 2017 and December 31, 2016. As of September 30, 2017 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Fair Value Gross Unrealized Fair Value U.S. Treasury securities $ (49 ) $ 10,535 $ (88 ) $ 4,835 Agency securities (416 ) 29,139 (208 ) 16,441 Mortgage-backed securities (1,486 ) 73,508 (3,096 ) 117,656 Corporate securities (4,034 ) 432,176 (6,530 ) 238,952 Municipal securities (298 ) 54,675 (798 ) 31,085 Other (1,602 ) 111,332 (3 ) 1,720 Total $ (7,885 ) $ 711,365 $ (10,723 ) $ 410,689 As of December 31, 2016 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Fair Value Gross Unrealized Fair Value U.S. Treasury securities $ (288 ) $ 24,260 $ - $ - Agency securities (991 ) 49,255 - - Mortgage-backed securities (3,702 ) 159,665 (1,870 ) 64,645 Corporate securities (18,856 ) 765,712 (1,699 ) 40,910 Municipal securities (2,762 ) 130,994 (97 ) 6,326 Other (3 ) 4,058 (6 ) 6,919 Total $ (26,602 ) $ 1,133,944 $ (3,672 ) $ 118,800 The amortized cost and fair value of marketable securities at September 30, 2017, 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. Amortized Cost Fair Value Due in one year or less $ 253,879 $ 253,699 Due after one year through five years 1,012,722 1,002,997 Due after five years through ten years 186,767 179,714 Due after ten years 28,164 27,612 $ 1,481,532 $ 1,464,022 |
Share Repurchase Plan
Share Repurchase Plan | 9 Months Ended |
Sep. 30, 2017 | |
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 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. In December 2016, the Board of Directors authorized an extension through December 31, 2017 to purchase remaining common shares. As of September 30, 2017, the Company had repurchased 6,776 shares using cash of $299,169. There remains approximately $831 available to repurchase additional shares under this authorization. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2017 | |
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 39-week periods ended September 30, 2017: 13-Weeks Ended September 30, 2017 Foreign Currency Net unrealized gains Total Balance - beginning of period $ 56,095 $ (15,948 ) $ 40,147 Other comprehensive income before reclassification 5,804 519 6,323 Amounts reclassified from accumulated other comprehensive income - 17 17 Net current-period other comprehensive income 5,804 536 6,340 Balance - end of period $ 61,899 $ (15,412 ) $ 46,487 39-Weeks Ended September 30, 2017 Foreign Currency Net unrealized gains Total Balance - beginning of period $ (9,411 ) $ (27,350 ) $ (36,761 ) Other comprehensive income before reclassification 71,310 11,378 82,688 Amounts reclassified from accumulated other comprehensive income - 560 560 Net current-period other comprehensive income 71,310 11,938 83,248 Balance - end of period $ 61,899 $ (15,412 ) $ 46,487 The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week and 39-week periods ended September 30, 2017: 13-Weeks Ended September 30, 2017 Details about Accumulated Other Amount Reclassified Affected Line Item Unrealized gains (losses) on available-for-sale securities $ (10 ) Other income (expense) (7 ) Income tax benefit (provision) $ (17 ) Net of tax 39-Weeks Ended September 30, 2017 Details about Accumulated Other Amount Reclassified Affected Line Item Unrealized gains (losses) on available-for-sale securities $ (594 ) Other income (expense) 34 Income tax benefit (provision) $ (560 ) Net of tax |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | 11. Recently Issued Accounting Pronouncements Revenue from Contracts with Customers 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. The FASB has issued several standards amending or relating to ASU 2014-09 (collectively, the “new revenue standards”). The effective date of ASU 2014-09 is for fiscal years, and interim periods within those years, beginning on or after December 15, 2017. The Company does not intend to early adopt, and therefore will adopt in the Company’s fiscal year ending December 29, 2018. The Company plans to adopt the new revenue standards using the full retrospective method to restate each prior reporting period presented. Our evaluation of the new revenue standards, as it relates to possible differences in the timing of revenue recognition for our contracts, is substantially complete. Based on our evaluation of the new revenue standards, our recognition will be consistent with our current accounting policies except for certain arrangements within the Company’s auto segment. A portion of the Company’s auto segment contracts are currently accounted for under Accounting Standards Codification Topic 985-605 Software-Revenue Recognition (Topic 985-605). Under Topic 985-605, the Company defers all elements of multiple-element software arrangements if vendor-specific objective evidence of fair value (VSOE) cannot be established for an undelivered element (e.g. map updates). In applying the new revenue standards to certain contracts that include both software licenses and map updates, we will recognize the portion of revenue related to the software license at the time of delivery rather than ratably over the map update period. Additionally, for certain multiple-element arrangements within the Company’s auto segment, the Company’s current policy is to allocate consideration to traffic services and recognize it ratably over the estimated life of the underlying product. Under the new revenue standards, we will recognize revenue related to certain traffic services at the time of hardware and/or software delivery. Specifically, the new revenue standards emphasize the timing of the Company’s performance, and upon delivery of the navigation device and/or software, the Company has performed its obligation with respect to the design and production of the product to receive and interpret the broadcast traffic signal for the benefit of the end user. The changes in accounting policy described above will collectively result in reductions to deferred costs (asset) and deferred revenue (liability) balances and will accelerate the recognition of revenues and deferred costs in the auto segment going forward. The Company is currently finalizing its assessment of these impacts of the new revenue standards to the Consolidated Financial Statements. The new revenue standards require enhanced disclosures regarding contract assets and liabilities, and increased disaggregation of revenues, among other enhanced disclosure requirements. We are in the process of implementing changes to processes and internal controls for the new revenue standards. Financial Instruments – Recognition, Measurement, Presentation, and Disclosure 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. Leases 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. Statement of Cash Flows In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which adds or clarifies guidance on the classification of certain cash receipts and payments in the statement of cash flows. The standard addresses eight specific cash flow issues with the objective of reducing diversity in practice. ASU 2016-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements. Income Taxes In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other than Inventory (“ASU 2016-16”), which requires recognition of the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU 2016-16 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements. Receivables – Nonrefundable Fees and Other Costs In March 2017, the FASB issued Accounting Standards Update No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Topic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”), which shortens the amortization period for certain callable debt securities held at a premium, requiring the premium to be amortized to the earliest call date. Callable debt securities held at a discount continue to be amortized to maturity. ASU 2017-08 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events On October 26, 2017, the Company acquired the shares of Navionics S.p.A., a privately held worldwide provider of electronic navigational charts and mobile applications for the marine industry. This acquisition was not material. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | The components of inventories consist of the following: September 30, December 31, 2017 2016 Raw materials $ 189,367 $ 162,882 Work-in-process 84,249 68,602 Finished goods 334,557 293,789 Inventory reserves (32,838 ) (40,452 ) Inventory, net of reserves $ 575,335 $ 484,821 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, September 24, 2017 2016 Numerator: Numerator for basic and diluted net income per share - net income $ 147,413 $ 125,054 Denominator: Denominator for basic net income per share – weighted-average common shares 187,616 188,692 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 874 546 Denominator for diluted net income per share – adjusted weighted-average common shares 188,490 189,238 Basic net income per share $ 0.79 $ 0.66 Diluted net income per share $ 0.78 $ 0.66 39-Weeks Ended September 30, September 24, 2017 2016 Numerator: Numerator for basic and diluted net income per share - net income $ 556,175 $ 374,209 Denominator: Denominator for basic net income per share – weighted-average common shares 187,902 189,027 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 769 349 Denominator for diluted net income per share – adjusted weighted-average common shares 188,671 189,376 Basic net income per share $ 2.96 $ 1.98 Diluted net income per share $ 2.95 $ 1.98 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of net sales, gross profit, and operating income | Net sales (“revenue”), gross profit, and operating income for each of the Company’s reportable segments are presented below. Reportable Segments Outdoor Fitness Marine Auto Aviation Total 13-Weeks Ended September 30, 2017 Net sales $ 184,937 $ 167,147 $ 77,312 $ 189,053 $ 124,628 $ 743,077 Gross profit $ 118,175 $ 96,135 $ 44,574 $ 83,961 $ 90,820 $ 433,665 Operating income $ 67,810 $ 33,492 $ 18,420 $ 15,971 $ 34,097 $ 169,790 13-Weeks Ended September 24, 2016 Net sales $ 141,006 $ 189,161 $ 70,010 $ 214,637 $ 107,436 $ 722,250 Gross profit $ 88,497 $ 103,363 $ 39,891 $ 93,638 $ 80,591 $ 405,980 Operating income $ 49,271 $ 44,774 $ 10,332 $ 24,795 $ 30,444 $ 159,616 39-Weeks Ended September 30, 2017 Net sales $ 495,589 $ 485,999 $ 290,302 $ 555,059 $ 371,559 $ 2,198,508 Gross profit $ 319,457 $ 276,014 $ 166,690 $ 246,931 $ 274,554 $ 1,283,646 Operating income $ 176,544 $ 89,452 $ 60,860 $ 50,566 $ 112,063 $ 489,485 39-Weeks Ended September 24, 2016 Net sales $ 370,929 $ 544,434 $ 264,489 $ 655,963 $ 322,083 $ 2,157,898 Gross profit $ 232,652 $ 295,463 $ 148,554 $ 292,770 $ 239,349 $ 1,208,788 Operating income $ 125,721 $ 114,422 $ 49,172 $ 82,984 $ 91,794 $ 464,093 |
Schedule of net sales and property and equipment, net by geographic area | Net sales and property and equipment, net by geographic area are as follows as of and for the 39-week periods ended September 30, 2017 and September 24, 2016. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa: Americas APAC EMEA Total September 30, 2017 Net sales to external customers $ 1,049,287 $ 315,096 $ 834,125 $ 2,198,508 Property and equipment, net $ 356,351 $ 160,360 $ 37,730 $ 554,441 September 24, 2016 Net sales to external customers $ 1,073,610 $ 274,083 $ 810,205 $ 2,157,898 Property and equipment, net $ 297,747 $ 117,301 $ 39,198 $ 454,246 |
Warranty Reserves (Tables)
Warranty Reserves (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Product Warranties Disclosures [Abstract] | |
Schedule of changes in the aggregate warranty reserve | The following reconciliation provides an illustration of changes in the aggregate warranty reserve. 13-Weeks Ended September 30, September 24, 2017 2016 Balance - beginning of period $ 37,012 $ 34,670 Accrual for products sold during the period 16,903 15,859 Expenditures (18,246 ) (11,657 ) Balance - end of period $ 35,669 $ 38,872 39-Weeks Ended September 30, September 24, 2017 2016 Balance - beginning of period $ 37,233 $ 30,449 Accrual for products sold during the period 40,850 46,170 Expenditures (42,414 ) (37,747 ) Balance - end of period $ 35,669 $ 38,872 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Marketable Securities [Abstract] | |
Schedule of available-for-sale securities | Available-for-sale securities measured at fair value on a recurring basis are summarized below: Fair Value Measurements as Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 19,859 $ - $ 19,859 $ - Agency securities 50,975 - 50,975 - Mortgage-backed securities 192,966 - 192,966 - Corporate securities 866,665 - 866,665 - Municipal securities 160,398 - 160,398 - Other 173,159 - 173,159 - Total $ 1,464,022 $ - $ 1,464,022 $ - Fair Value Measurements as Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 29,034 $ - $ 29,034 $ - Agency securities 59,541 - 59,541 - Mortgage-backed securities 230,823 - 230,823 - Corporate securities 893,725 - 893,725 - Municipal securities 176,168 - 176,168 - Other 90,946 - 90,946 - Total $ 1,480,237 $ - $ 1,480,237 $ - |
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 Fair Value U.S. Treasury securities $ 19,986 $ 10 $ (137 ) $ 19,859 Agency securities 51,594 5 (624 ) 50,975 Mortgage-backed securities 197,525 23 (4,582 ) 192,966 Corporate securities 876,508 721 (10,564 ) 866,665 Municipal securities 161,165 329 (1,096 ) 160,398 Other 174,754 10 (1,605 ) 173,159 Total $ 1,481,532 $ 1,098 $ (18,608 ) $ 1,464,022 Available-For-Sale Securities as Amortized Cost Gross Unrealized Gross Unrealized Fair Value U.S. Treasury securities $ 29,291 $ 31 $ (288 ) $ 29,034 Agency securities 60,513 19 (991 ) 59,541 Mortgage-backed securities 236,354 41 (5,572 ) 230,823 Corporate securities 914,028 252 (20,555 ) 893,725 Municipal securities 178,804 224 (2,859 ) 176,169 Other 90,934 20 (9 ) 90,945 Total $ 1,509,924 $ 587 $ (30,274 ) $ 1,480,237 |
Schedule of gross unrealized losses and fair value by major security type | The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of September 30, 2017 and December 31, 2016. As of September 30, 2017 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Fair Value Gross Unrealized Fair Value U.S. Treasury securities $ (49 ) $ 10,535 $ (88 ) $ 4,835 Agency securities (416 ) 29,139 (208 ) 16,441 Mortgage-backed securities (1,486 ) 73,508 (3,096 ) 117,656 Corporate securities (4,034 ) 432,176 (6,530 ) 238,952 Municipal securities (298 ) 54,675 (798 ) 31,085 Other (1,602 ) 111,332 (3 ) 1,720 Total $ (7,885 ) $ 711,365 $ (10,723 ) $ 410,689 As of December 31, 2016 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Fair Value Gross Unrealized Fair Value U.S. Treasury securities $ (288 ) $ 24,260 $ - $ - Agency securities (991 ) 49,255 - - Mortgage-backed securities (3,702 ) 159,665 (1,870 ) 64,645 Corporate securities (18,856 ) 765,712 (1,699 ) 40,910 Municipal securities (2,762 ) 130,994 (97 ) 6,326 Other (3 ) 4,058 (6 ) 6,919 Total $ (26,602 ) $ 1,133,944 $ (3,672 ) $ 118,800 |
Schedule of amortized cost and estimated fair value of marketable securities by contractual maturity | The amortized cost and fair value of marketable securities at September 30, 2017, 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. Amortized Cost Fair Value Due in one year or less $ 253,879 $ 253,699 Due after one year through five years 1,012,722 1,002,997 Due after five years through ten years 186,767 179,714 Due after ten years 28,164 27,612 $ 1,481,532 $ 1,464,022 |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 39-week periods ended September 30, 2017: 13-Weeks Ended September 30, 2017 Foreign Currency Net unrealized gains Total Balance - beginning of period $ 56,095 $ (15,948 ) $ 40,147 Other comprehensive income before reclassification 5,804 519 6,323 Amounts reclassified from accumulated other comprehensive income - 17 17 Net current-period other comprehensive income 5,804 536 6,340 Balance - end of period $ 61,899 $ (15,412 ) $ 46,487 39-Weeks Ended September 30, 2017 Foreign Currency Net unrealized gains Total Balance - beginning of period $ (9,411 ) $ (27,350 ) $ (36,761 ) Other comprehensive income before reclassification 71,310 11,378 82,688 Amounts reclassified from accumulated other comprehensive income - 560 560 Net current-period other comprehensive income 71,310 11,938 83,248 Balance - end of period $ 61,899 $ (15,412 ) $ 46,487 |
Schedule of reporting reclassifications out of AOCI | The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week and 39-week periods ended September 30, 2017: 13-Weeks Ended September 30, 2017 Details about Accumulated Other Amount Reclassified Affected Line Item Unrealized gains (losses) on available-for-sale securities $ (10 ) Other income (expense) (7 ) Income tax benefit (provision) $ (17 ) Net of tax 39-Weeks Ended September 30, 2017 Details about Accumulated Other Amount Reclassified Affected Line Item Unrealized gains (losses) on available-for-sale securities $ (594 ) Other income (expense) 34 Income tax benefit (provision) $ (560 ) Net of tax |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Recognized income tax expense from stock options and stock appreciation rights | $ 0 | $ 7,275 |
Diluted earnings per share | $ 0.04 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 189,367 | $ 162,882 |
Work-in-process | 84,249 | 68,602 |
Finished goods | 334,557 | 293,789 |
Inventory reserves | (32,838) | (40,452) |
Inventory, net of reserves | $ 575,335 | $ 484,821 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Numerator: | ||||
Numerator for basic and diluted net income per share - net income | $ 147,413 | $ 125,054 | $ 556,175 | $ 374,209 |
Denominator: | ||||
Denominator for basic net income per share - weighted-average common shares | 187,616 | 188,692 | 187,902 | 189,027 |
Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units | 874 | 546 | 769 | 349 |
Denominator for diluted net income per share - adjusted weighted-average common shares | 188,490 | 189,238 | 188,671 | 189,376 |
Basic net income per share (in dollars per share) | $ 0.79 | $ 0.66 | $ 2.96 | $ 1.98 |
Diluted net income per share (in dollars per share) | $ 0.78 | $ 0.66 | $ 2.95 | $ 1.98 |
Earnings Per Share (Details Nar
Earnings Per Share (Details Narrative) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Net income per share: | ||||
Anti-dilutive stock options, stock appreciation rights and restricted stock units | 1,051,000 | 3,170,000 | 1,567,000 | 3,696,000 |
Shares issued as a result of exercises and releases of equity awards | 2,000 | 26,000 | 161,000 | 39,000 |
Number of shares issued from treasury stock under ESPP (employee stock purchase plan) | 248 | 285 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Net sales | $ 743,077 | $ 722,250 | $ 2,198,508 | $ 2,157,898 |
Gross profit | 433,665 | 405,980 | 1,283,646 | 1,208,788 |
Operating income | 169,790 | 159,616 | 489,485 | 464,093 |
Outdoor [Member] | ||||
Net sales | 184,937 | 141,006 | 495,589 | 370,929 |
Gross profit | 118,175 | 88,497 | 319,457 | 232,652 |
Operating income | 67,810 | 49,271 | 176,544 | 125,721 |
Fitness [Member] | ||||
Net sales | 167,147 | 189,161 | 485,999 | 544,434 |
Gross profit | 96,135 | 103,363 | 276,014 | 295,463 |
Operating income | 33,492 | 44,774 | 89,452 | 114,422 |
Marine [Member] | ||||
Net sales | 77,312 | 70,010 | 290,302 | 264,489 |
Gross profit | 44,574 | 39,891 | 166,690 | 148,554 |
Operating income | 18,420 | 10,332 | 60,860 | 49,172 |
Auto [Member] | ||||
Net sales | 189,053 | 214,637 | 555,059 | 655,963 |
Gross profit | 83,961 | 93,638 | 246,931 | 292,770 |
Operating income | 15,971 | 24,795 | 50,566 | 82,984 |
Aviation [Member] | ||||
Net sales | 124,628 | 107,436 | 371,559 | 322,083 |
Gross profit | 90,820 | 80,591 | 274,554 | 239,349 |
Operating income | $ 34,097 | $ 30,444 | $ 112,063 | $ 91,794 |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | Dec. 31, 2016 | |
Net sales to external customers | $ 743,077 | $ 722,250 | $ 2,198,508 | $ 2,157,898 | |
Property and equipment, net | 554,441 | 454,246 | 554,441 | 454,246 | $ 482,878 |
Americas [Member] | |||||
Net sales to external customers | 1,049,287 | 1,073,610 | |||
Property and equipment, net | 356,351 | 297,747 | 356,351 | 297,747 | |
APAC [Member] | |||||
Net sales to external customers | 315,096 | 274,083 | |||
Property and equipment, net | 160,360 | 117,301 | 160,360 | 117,301 | |
EMEA [Member] | |||||
Net sales to external customers | 834,125 | 810,205 | |||
Property and equipment, net | $ 37,730 | $ 39,198 | $ 37,730 | $ 39,198 |
Segment Information (Details Na
Segment Information (Details Narrative) | 9 Months Ended |
Sep. 30, 2017Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
Warranty Reserves (Details)
Warranty Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||||
Balance - beginning of period | $ 37,012 | $ 34,670 | $ 37,233 | $ 30,449 |
Accrual for products sold during the period | 16,903 | 15,859 | 40,850 | 46,170 |
Expenditures | (18,246) | (11,657) | (42,414) | (37,747) |
Balance - end of period | $ 35,669 | $ 38,872 | $ 35,669 | $ 38,872 |
Warranty Reserves (Details Narr
Warranty Reserves (Details Narrative) | 9 Months Ended |
Sep. 30, 2017 | |
Minimum [Member] | |
Product warranty term | 1 year |
Maximum [Member] | |
Product warranty term | 3 years |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands | Sep. 08, 2017 | May 26, 2017 | Sep. 30, 2017 |
Aggregate amount of purchase orders and other commitments | $ 363,000 | ||
Marine Sonar Imaging Devices [Member] | |||
Name of plantiff | Navico Inc. and Navico Holding AS | ||
Civil penalty awarded | $ 37,000 | ||
Navico Inc. And Navico Holding AS v. Garmin International, Inc. and Garmin USA, Inc. [Member] | |||
Civil penalty awarded | $ 38,000 | ||
Final damages sought, value | $ 114,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 38,643 | $ 24,711 | $ (54,372) | $ 86,904 |
Deferred tax assets gross | $ 168,755 | $ 168,755 | ||
Effective income tax rate | 20.80% | 16.50% | (10.80%) | 18.80% |
Recognized income tax expense from stock options and stock appreciation rights | $ 0 | $ 7,275 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | $ 1,464,022 | $ 1,480,237 |
U.S.Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 19,859 | 29,034 |
Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 50,975 | 59,541 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 192,966 | 230,823 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 866,665 | 893,725 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 160,398 | 176,169 |
Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 173,159 | 90,945 |
Recurring Basis [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 1,464,022 | 1,480,237 |
Recurring Basis [Member] | U.S.Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 19,859 | 29,034 |
Recurring Basis [Member] | Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 50,975 | 59,541 |
Recurring Basis [Member] | Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 192,966 | 230,823 |
Recurring Basis [Member] | Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 866,665 | 893,725 |
Recurring Basis [Member] | Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 160,398 | 176,168 |
Recurring Basis [Member] | Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 173,159 | 90,946 |
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 | 1,464,022 | 1,480,237 |
Recurring Basis [Member] | Level 2 [Member] | U.S.Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 19,859 | 29,034 |
Recurring Basis [Member] | Level 2 [Member] | Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 50,975 | 59,541 |
Recurring Basis [Member] | Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 192,966 | 230,823 |
Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 866,665 | 893,725 |
Recurring Basis [Member] | Level 2 [Member] | Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 160,398 | 176,168 |
Recurring Basis [Member] | Level 2 [Member] | Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, total | 173,159 | 90,946 |
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | $ 1,481,532 | $ 1,509,924 |
Gross Unrealized Gains | 1,098 | 587 |
Gross Unrealized Losses | (18,608) | (30,274) |
Fair Value | 1,464,022 | 1,480,237 |
U.S.Treasury Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | 19,986 | 29,291 |
Gross Unrealized Gains | 10 | 31 |
Gross Unrealized Losses | (137) | (288) |
Fair Value | 19,859 | 29,034 |
Agency Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | 51,594 | 60,513 |
Gross Unrealized Gains | 5 | 19 |
Gross Unrealized Losses | (624) | (991) |
Fair Value | 50,975 | 59,541 |
Mortgage-Backed Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | 197,525 | 236,354 |
Gross Unrealized Gains | 23 | 41 |
Gross Unrealized Losses | (4,582) | (5,572) |
Fair Value | 192,966 | 230,823 |
Corporate Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | 876,508 | 914,028 |
Gross Unrealized Gains | 721 | 252 |
Gross Unrealized Losses | (10,564) | (20,555) |
Fair Value | 866,665 | 893,725 |
Municipal Securities [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | 161,165 | 178,804 |
Gross Unrealized Gains | 329 | 224 |
Gross Unrealized Losses | (1,096) | (2,859) |
Fair Value | 160,398 | 176,169 |
Other [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Amortized Cost | 174,754 | 90,934 |
Gross Unrealized Gains | 10 | 20 |
Gross Unrealized Losses | (1,605) | (9) |
Fair Value | $ 173,159 | $ 90,945 |
Marketable Securities (Detail38
Marketable Securities (Details 2) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | $ (7,885) | $ (26,602) |
Fair Value Less than 12 Consecutive Months | 711,365 | 1,133,944 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (10,723) | (3,672) |
Fair Value 12 Consecutive Months or Longer | 410,689 | 118,800 |
U.S.Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (49) | (288) |
Fair Value Less than 12 Consecutive Months | 10,535 | 24,260 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (88) | |
Fair Value 12 Consecutive Months or Longer | 4,835 | |
Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (416) | (991) |
Fair Value Less than 12 Consecutive Months | 29,139 | 49,255 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (208) | |
Fair Value 12 Consecutive Months or Longer | 16,441 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (1,486) | (3,702) |
Fair Value Less than 12 Consecutive Months | 73,508 | 159,665 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (3,096) | (1,870) |
Fair Value 12 Consecutive Months or Longer | 117,656 | 64,645 |
Corporate Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (4,034) | (18,856) |
Fair Value Less than 12 Consecutive Months | 432,176 | 765,712 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (6,530) | (1,699) |
Fair Value 12 Consecutive Months or Longer | 238,952 | 40,910 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (298) | (2,762) |
Fair Value Less than 12 Consecutive Months | 54,675 | 130,994 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (798) | (97) |
Fair Value 12 Consecutive Months or Longer | 31,085 | 6,326 |
Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (1,602) | (3) |
Fair Value Less than 12 Consecutive Months | 111,332 | 4,058 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (3) | (6) |
Fair Value 12 Consecutive Months or Longer | $ 1,720 | $ 6,919 |
Marketable Securities (Detail39
Marketable Securities (Details 3) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Amortized Cost | ||
Due in one year or less | $ 253,879 | |
Due after one year through five years | 1,012,722 | |
Due after five years through ten years | 186,767 | |
Due after ten years | 28,164 | |
Total | 1,481,532 | $ 1,509,924 |
Fair Value | ||
Due in one year or less | 253,699 | |
Due after one year through five years | 1,002,997 | |
Due after five years through ten years | 179,714 | |
Due after ten years | 27,612 | |
Total | $ 1,464,022 | $ 1,480,237 |
Marketable Securities (Detail40
Marketable Securities (Details Narrative) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Marketable Securities [Abstract] | |
Unrealized loss position amortized cost | $ 1,140,662 |
Unrealized loss position fair value | $ 1,122,054 |
Percentage of available-for-sale securities in unrealized loss positions | 59.00% |
Share Repurchase Plan (Details
Share Repurchase Plan (Details Narrative) - USD ($) $ in Thousands | Feb. 13, 2015 | Sep. 30, 2017 |
Equity [Abstract] | ||
Stock repurchase program, authorized amount | $ 300,000 | |
Stock repurchase program, expiration date | Dec. 31, 2016 | |
Stock issued for repurchase program (in shares) | 6,776 | |
Stock issued for repurchase program, value | $ 299,169 | |
Remaining stock available under repurchase program | $ 831 |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward] | ||
Balance - beginning of period | $ 56,095 | $ (9,411) |
Other comprehensive income before reclassification | 5,804 | 71,310 |
Amounts reclassified from accumulated other comprehensive income | ||
Net current-period other comprehensive income | 5,804 | 71,310 |
Balance - end of period | 61,899 | 61,899 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward] | ||
Balance - beginning of period | (15,948) | (27,350) |
Other comprehensive income before reclassification | 519 | 11,378 |
Amounts reclassified from accumulated other comprehensive income | 17 | 560 |
Net current-period other comprehensive income | 536 | 11,938 |
Balance - end of period | (15,412) | (15,412) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance - beginning of period | 40,147 | (36,761) |
Other comprehensive income before reclassification | 6,323 | 82,688 |
Amounts reclassified from accumulated other comprehensive income | 17 | 560 |
Net current-period other comprehensive income | 6,340 | 83,248 |
Balance - end of period | $ 46,487 | $ 46,487 |
Accumulated Other Comprehensi43
Accumulated Other Comprehensive Income (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 30, 2017 | Sep. 24, 2016 | |
Other income (expense) | $ 16,266 | $ (9,851) | $ 12,318 | $ (2,980) |
Income tax benefit (provision) | (38,643) | $ (24,711) | 54,372 | $ (86,904) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||||
Other income (expense) | (10) | (594) | ||
Income tax benefit (provision) | (7) | 34 | ||
Net of tax | $ (17) | $ (560) |