Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 30, 2019 | Apr. 29, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | GARMIN LTD | |
Entity Central Index Key | 0001121788 | |
Document Type | 10-Q | |
Trading Symbol | GRMN | |
Document Period End Date | Mar. 30, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-29 | |
Entity's Reporting Status Current | Yes | |
Entity Small Business | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 198,077,418 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 29, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 1,115,951 | $ 1,201,732 |
Marketable securities | 197,385 | 182,989 |
Accounts receivable, net | 453,069 | 569,833 |
Inventories | 598,387 | 561,840 |
Deferred costs | 27,567 | 28,462 |
Prepaid expenses and other current assets | 119,778 | 120,512 |
Total current assets | 2,512,137 | 2,665,368 |
Property and equipment, net | 672,299 | 663,527 |
Operating lease right-of-use assets | 54,978 | |
Restricted cash | 148 | 73 |
Marketable securities | 1,337,771 | 1,330,123 |
Deferred income taxes | 170,935 | 176,959 |
Noncurrent deferred costs | 28,428 | 29,473 |
Intangible assets, net | 411,162 | 417,080 |
Other assets | 92,287 | 100,255 |
Total assets | 5,280,145 | 5,382,858 |
Current liabilities: | ||
Accounts payable | 170,474 | 204,985 |
Salaries and benefits payable | 95,881 | 113,087 |
Accrued warranty costs | 35,042 | 38,276 |
Accrued sales program costs | 54,597 | 90,388 |
Deferred revenue | 93,653 | 96,372 |
Accrued royalty costs | 16,768 | 24,646 |
Accrued advertising expense | 18,263 | 31,657 |
Other accrued expenses | 81,919 | 69,777 |
Income taxes payable | 55,929 | 51,642 |
Dividend payable | 200,483 | |
Total current liabilities | 622,526 | 921,313 |
Deferred income taxes | 98,959 | 92,944 |
Noncurrent income taxes | 127,339 | 127,211 |
Noncurrent deferred revenue | 72,531 | 76,566 |
Noncurrent operating lease liabilities | 43,277 | |
Other liabilities | 227 | 1,850 |
Stockholders' equity: | ||
Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 189,847 shares outstanding at March 30, 2019; and 189,461 shares outstanding at December 29, 2018; | 17,979 | 17,979 |
Additional paid-in capital | 1,810,196 | 1,823,638 |
Treasury stock | (381,815) | (397,692) |
Retained earnings | 2,850,588 | 2,710,619 |
Accumulated other comprehensive income | 18,338 | 8,430 |
Total stockholders' equity | 4,315,286 | 4,162,974 |
Total liabilities and stockholders' equity | $ 5,280,145 | $ 5,382,858 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - SFr / shares | Mar. 30, 2019 | Dec. 29, 2018 |
Common shares, authorized | 198,077 | 198,077 |
Common shares, issued | 198,077 | 198,077 |
Common shares, outstanding | 189,847 | 189,461 |
CHF [Member] | ||
Common shares, par value (in swiss francs per share) | SFr 0.10 | SFr 0.10 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 766,050 | $ 710,872 |
Cost of goods sold | 314,352 | 284,337 |
Gross profit | 451,698 | 426,535 |
Advertising expense | 27,615 | 25,311 |
Selling, general and administrative expense | 126,781 | 117,065 |
Research and development expense | 145,919 | 141,957 |
Total operating expense | 300,315 | 284,333 |
Operating income | 151,383 | 142,202 |
Other income: | ||
Interest income | 13,704 | 10,227 |
Foreign currency gains | 314 | 816 |
Other income | 864 | 735 |
Total other income | 14,882 | 11,778 |
Income before income taxes | 166,265 | 153,980 |
Income tax provision | 26,092 | 24,606 |
Net income | $ 140,173 | $ 129,374 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.74 | $ 0.69 |
Diluted (in dollars per share) | $ 0.74 | $ 0.68 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 189,601 | 188,322 |
Diluted (in shares) | 190,599 | 189,292 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 140,173 | $ 129,374 |
Foreign currency translation adjustment | (9,235) | 23,500 |
Change in fair value of available-for-sale marketable securities, net of deferred taxes | 19,143 | (15,034) |
Comprehensive income | $ 150,081 | $ 137,840 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Balance at beginning at Dec. 30, 2017 | $ 17,979 | $ 1,828,386 | $ (468,818) | $ 2,418,444 | $ 56,428 | $ 3,852,419 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 129,374 | 129,374 | ||||
Translation adjustment | 23,500 | 23,500 | ||||
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects | (15,034) | (15,034) | ||||
Comprehensive income | 137,840 | |||||
Dividends declared | (170) | (170) | ||||
Issuance of treasury stock related to equity awards | (23,294) | 25,220 | 1,926 | |||
Stock compensation | 13,440 | 13,440 | ||||
Purchase of treasury stock related to equity awards | (6,562) | (6,562) | ||||
Reclassification under ASU (Accounting Standards Update 2016-06 [Member]) at Mar. 31, 2018 | (1,700) | (1,700) | ||||
Reclassification under ASU (Accounting Standards Update 2018-02 [Member]) at Mar. 31, 2018 | 452 | (452) | ||||
Balance at ending at Mar. 31, 2018 | 17,979 | 1,818,532 | (450,160) | 2,546,400 | 64,442 | 3,997,193 |
Balance at beginning at Dec. 29, 2018 | 17,979 | 1,823,638 | (397,692) | 2,710,619 | 8,430 | 4,162,974 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 140,173 | 140,173 | ||||
Translation adjustment | (9,235) | (9,235) | ||||
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects | 19,143 | 19,143 | ||||
Comprehensive income | 150,081 | |||||
Dividends declared | (204) | (204) | ||||
Issuance of treasury stock related to equity awards | (28,571) | 28,571 | ||||
Stock compensation | 15,129 | 15,129 | ||||
Purchase of treasury stock related to equity awards | (12,694) | (12,694) | ||||
Balance at ending at Mar. 30, 2019 | $ 17,979 | $ 1,810,196 | $ (381,815) | $ 2,850,588 | $ 18,338 | $ 4,315,286 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Adjustment related to unrealized gains (losses) on available-for-sale securities income tax effects | $ 2,905 | $ 2,416 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Operating activities: | ||
Net income | $ 140,173 | $ 129,374 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 16,832 | 16,014 |
Amortization | 7,179 | 7,132 |
Loss (gain) on sale or disposal of property and equipment | 227 | (15) |
Provision for doubtful accounts | 408 | 57 |
Provision for obsolete and slow moving inventories | 7,579 | 3,959 |
Unrealized foreign currency loss (gain) | 3,124 | (517) |
Deferred income taxes | 9,105 | 416 |
Stock compensation expense | 15,129 | 13,440 |
Realized losses on marketable securities | 60 | 196 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 112,488 | 187,693 |
Inventories | (46,646) | (26,455) |
Other current and non-current assets | 2,930 | 9,037 |
Accounts payable | (32,786) | (36,708) |
Other current and non-current liabilities | (76,030) | (99,935) |
Deferred revenue | (6,744) | (8,368) |
Deferred costs | 1,938 | 1,807 |
Income taxes payable | 9,616 | 17,063 |
Net cash provided by operating activities | 164,582 | 214,190 |
Investing activities: | ||
Purchases of property and equipment | (30,094) | (26,336) |
Proceeds from sale of property and equipment | 47 | 121 |
Purchase of intangible assets | (413) | (1,622) |
Purchase of marketable securities | (83,068) | (140,623) |
Redemption of marketable securities | 80,907 | 65,253 |
Acquisitions, net of cash acquired | (9,417) | |
Net cash used in investing activities | (32,621) | (112,624) |
Financing activities: | ||
Dividends | (200,687) | (96,146) |
Proceeds from issuance of treasury stock related to equity awards | 1,926 | |
Purchase of treasury stock related to equity awards | (12,694) | (6,562) |
Net cash used in financing activities | (213,381) | (100,782) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (4,286) | 6,717 |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (85,706) | 7,501 |
Cash, cash equivalents, and restricted cash at beginning of period | 1,201,805 | 891,759 |
Cash, cash equivalents, and restricted cash at end of period | $ 1,116,099 | $ 899,260 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 30, 2019 | |
Accounting Policies [Abstract] | |
Accounting Policies | 1. Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Additionally, the condensed consolidated financial statements should be read in conjunction with Item 2 of Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in this Form 10-Q. Operating results for the 13-week period ended March 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 28, 2019. The condensed consolidated balance sheet at December 29, 2018 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 29, 2018. 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 March 30, 2019 and March 31, 2018 both contain operating results for 13 weeks. Recently Adopted Accounting Standards 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. The FASB subsequently issued Accounting Standards Update No. 2018-10 and Accounting Standards Update No. 2018-11 in July 2018, which provide clarifications and improvements to ASU 2016-02 (collectively, the “new lease standard”). Accounting Standards Update No. 2018-11 also provides the optional transition method which allows companies to apply the new lease standard at the adoption date instead of at the earliest comparative period presented. The new lease standard requires lessees to present a right-of-use asset and a corresponding lease liability on the balance sheet. The Company adopted the new lease standard as of the beginning of the 2019 fiscal year using the optional transition method. The Company did not have a cumulative effect adjustment to retained earnings as a result of adopting the new lease standard and does not expect the new lease standard to have a material impact on the Company's consolidated statements of income or consolidated statements of cash flows in future periods. The Company elected the package of transitional practical expedients upon adoption which, among other provisions, allowed the Company to carry forward historical lease classification. See Note 12 – Leases for additional information regarding leases. Significant Accounting Policies For a description of the significant accounting policies and methods used in the preparation of the Company’s condensed consolidated financial statements, refer to Note 2, “Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2018. Other than the policy discussed below, there were no material changes to the Company’s significant accounting policies during the 13-week period ended March 30, 2019. Preproduction Costs Related to Long-Term Supply Arrangements Preproduction design and development costs related to long-term supply arrangements are expensed as incurred, and classified as Research and development, unless the customer has provided a contractual guarantee for reimbursement of such costs. Contractually reimbursable costs are capitalized as incurred in the Condensed Consolidated Balance Sheets within Prepaid expenses and other current assets if reimbursement is expected to be received within one year, or within Other assets if expected to be received beyond one year. Such capitalized costs were approximately $5 million as of March 30, 2019, and there were no such capitalized costs as of December 29, 2018. |
Inventories
Inventories | 3 Months Ended |
Mar. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. Inventories The components of inventories consist of the following: March 30, December 29, 2019 2018 Raw materials $ 213,380 $ 205,696 Work-in-process 103,204 96,564 Finished goods 281,803 259,580 Inventories $ 598,387 $ 561,840 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 30, 2019 | |
Net income per share: | |
Earnings Per Share | 3. Earnings Per Share The following table sets forth the computation of basic and diluted net income per share: 13-Weeks Ended March 30, March 31, 2019 2018 Numerator: Numerator for basic and diluted net income per share - net income $ 140,173 $ 129,374 Denominator: Denominator for basic net income per share – weighted-average common shares 189,601 188,322 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 998 970 Denominator for diluted net income per share – adjusted weighted-average common shares 190,599 189,292 Basic net income per share $ 0.74 $ 0.69 Diluted net income per share $ 0.74 $ 0.68 There were no anti-dilutive stock options, stock appreciation rights and restricted stock units (collectively “equity awards”) outstanding during the 13-week periods ended March 30, 2019 and March 31, 2018. There were 386 and 332 net shares issued as a result of exercises and releases of equity awards for the 13-week periods ended March 30, 2019 and March 31, 2018, respectively. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 4. Segment Information The Company has identified five reportable segments – auto, aviation, fitness, marine, and outdoor. The Company’s Chief Executive Officer has been identified as the Chief Operating Decision Maker (CODM), who uses operating income as the measure of profit or loss to assess segment performance and allocate resources. Operating income represents net sales less costs of goods sold and operating expenses. Net sales are directly attributed to each segment. Most costs of goods sold and the majority of operating expenses are also directly attributed to each segment, while certain other costs of goods sold and operating expenses are allocated to the segments in a manner appropriate to the specific facts and circumstances of the expenses being allocated. In the first quarter of fiscal 2019, the methodology used to allocate certain selling, general, and administrative expenses to the segments was refined, endeavoring to provide the Company’s CODM with a more meaningful representation of segment profit or loss in light of the evolution of its segments. The Company’s composition of operating segments and reportable segments did not change. Prior year amounts are presented here as they were originally reported, as it is not practicable to accurately restate prior period activity in accordance with the refined allocation methodology. For comparative purposes, we estimate operating income for the 13-weeks ended March 31, 2018 would have been approximately $4 million less for the aviation segment, approximately $4 million more for the marine segment, and not significantly different for the outdoor, fitness, and auto segments. 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 March 30, 2019 Net sales $ 154,051 $ 180,256 $ 133,968 $ 126,999 $ 170,776 $ 766,050 Gross profit 97,488 90,835 78,055 57,337 127,983 451,698 Operating income 41,953 18,126 25,473 8,213 57,618 151,383 13-Weeks Ended March 31, 2018 Net sales $ 144,258 $ 166,035 $ 113,554 $ 141,312 $ 145,713 $ 710,872 Gross profit 93,285 96,601 66,683 61,012 108,954 426,535 Operating income 43,822 33,374 13,131 3,468 48,407 142,202 Net sales to external customers by geographic region were as follows for the 13-week periods ended March 30, 2019 and March 31, 2018. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa: 13-Weeks Ended March 30, March 31, 2019 2018 Americas $ 379,456 $ 345,975 EMEA 260,021 245,912 APAC 126,573 118,985 Net sales to external customers $ 766,050 $ 710,872 Net property and equipment by geographic region as of March 30, 2019 and March 31, 2018 are presented below. Americas APAC EMEA Total March 30, 2019 Property and equipment, net $ 413,632 $ 212,933 $ 45,734 $ 672,299 March 31, 2018 Property and equipment, net $ 388,531 $ 176,245 $ 40,037 $ 604,813 |
Warranty Reserves
Warranty Reserves | 3 Months Ended |
Mar. 30, 2019 | |
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 management’s expectations and judgments of future conditions, and are recorded as a liability on the balance sheet. The following reconciliation provides an illustration of changes in the aggregate warranty reserve. 13-Weeks Ended March 30, March 31, 2019 2018 Balance - beginning of period $ 38,276 $ 36,827 Accrual for products sold during the period (1) 10,849 10,012 Expenditures (14,083 ) (11,417 ) Balance - end of period $ 35,042 $ 35,422 (1) Changes in cost estimates related to pre-existing warranties are not material and aggregated with accruals for new warranty contracts in the ‘accrual for products sold during the period’ line. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 30, 2019 | |
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 March 30, 2019 was approximately $435,100. 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. 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 March 30, 2019. 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 period ended March 30, 2019 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. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The Company recorded income tax expense of $26,092 in the 13-week period ended March 30, 2019, compared to income tax expense of $24,606 in the 13-week period ended March 31, 2018. The effective tax rate was 15.7% in the first quarter of 2019, compared to 16.0% in the first quarter of 2018. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 30, 2019 | |
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 of March 30, 2019 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 22,229 $ — $ 22,229 $ — Agency securities 63,714 — 63,714 — Mortgage-backed securities 131,973 — 131,973 — Corporate securities 1,019,083 — 1,019,083 — Municipal securities 171,551 — 171,551 — Other 126,606 — 126,606 — Total $ 1,535,156 $ — $ 1,535,156 $ — Fair Value Measurements as of December 29, 2018 Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 22,128 $ — $ 22,128 $ — Agency securities 59,116 — 59,116 — Mortgage-backed securities 135,865 — 135,865 — Corporate securities 980,524 — 980,524 — Municipal securities 173,137 — 173,137 — Other 142,342 — 142,342 — Total $ 1,513,112 $ — $ 1,513,112 $ — Marketable securities classified as available-for-sale securities are summarized below: Available-For-Sale Securities as of March 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 22,448 $ — $ (219 ) $ 22,229 Agency securities 64,178 72 (535 ) 63,715 Mortgage-backed securities 136,763 2 (4,793 ) 131,972 Corporate securities 1,031,431 2,013 (14,361 ) 1,019,083 Municipal securities 172,399 287 (1,135 ) 171,551 Other 128,353 0 (1,747 ) 126,606 Total $ 1,555,572 $ 2,374 $ (22,790 ) $ 1,535,156 Available-For-Sale Securities as of December 29, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 22,485 $ — $ (357 ) $ 22,128 Agency securities 60,088 28 (1,000 ) 59,116 Mortgage-backed securities 142,176 1 (6,312 ) 135,865 Corporate securities 1,010,590 33 (30,099 ) 980,524 Municipal securities 175,630 73 (2,566 ) 173,137 Other 144,606 0 (2,264 ) 142,342 Total $ 1,555,575 $ 135 $ (42,598 ) $ 1,513,112 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 costs 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 2018 and the 13-week period ended March 30, 2019, 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 as of March 30, 2019 were $1,223,105 and $1,200,315, respectively. Approximately 73% of securities in our portfolio were at an unrealized loss position as of March 30, 2019. 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 March 30, 2019 and December 29, 2018. As of March 30, 2019 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ (1 ) $ 3,988 $ (218 ) $ 18,241 Agency securities (1 ) 2,257 (534 ) 38,985 Mortgage-backed securities (1 ) 301 (4,792 ) 131,521 Corporate securities (172 ) 65,937 (14,189 ) 700,387 Municipal securities (19 ) 11,415 (1,116 ) 120,394 Other (1 ) 1,177 (1,746 ) 105,712 Total $ (195 ) $ 85,075 $ (22,595 ) $ 1,115,240 As of December 29, 2018 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ (3 ) $ 3,975 $ (354 ) $ 18,153 Agency securities (5 ) 4,656 (995 ) 40,508 Mortgage-backed securities (1 ) 361 (6,311 ) 135,323 Corporate securities (4,028 ) 323,633 (26,071 ) 640,439 Municipal securities (454 ) 38,371 (2,112 ) 118,362 Other (102 ) 8,015 (2,162 ) 114,120 Total $ (4,593 ) $ 379,011 $ (38,005 ) $ 1,066,905 The amortized cost and fair value of marketable securities at March 30, 2019, by maturity, are shown below. Amortized Cost Fair Value Due in one year or less $ 198,020 $ 197,385 Due after one year through five years 1,262,371 1,247,012 Due after five years through ten years 95,181 90,759 $ 1,555,572 $ 1,535,156 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Income | 9. Accumulated Other Comprehensive Income The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the 13-week period ended March 30, 2019: 13-Weeks Ended March 30, 2019 Foreign Currency Translation Adjustment Net unrealized gains (losses) on available-for-sale securities Total Beginning Balance $ 47,327 $ (38,897 ) $ 8,430 Other comprehensive income before reclassification, net of income tax benefit of $2,905 (9,234 ) 19,100 9,866 Amounts reclassified from accumulated other comprehensive income — 42 42 Net current-period other comprehensive income (9,234 ) 19,142 9,908 Ending Balance $ 38,093 $ (19,755 ) $ 18,338 The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week period ended March 30, 2019: 13-Weeks Ended March 30, 2019 Details About Accumulated Other Amount Reclassified Affected Line Item in the Unrealized gains (losses) on available-for-sale securities $ (60 ) Other income (expense) 18 Income tax benefit (provision) $ (42 ) Net of tax |
Revenue
Revenue | 3 Months Ended |
Mar. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 10. Revenue In order to further depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors, we disaggregate revenue (or “net sales”) by geographic region, major product category, and pattern of recognition. Disaggregated revenue by geographic region (Americas, APAC, and EMEA) is presented in Note 4 – Segment Information. The Company has identified six major product categories – auto PND, auto OEM, aviation, fitness, marine, and outdoor. Note 4 contains disaggregated revenue information of the aviation, fitness, marine, and outdoor major product categories. Auto segment revenue presented in Note 4 is comprised of the auto PND and auto OEM major product categories, as depicted below. Auto Revenue by Major Product Category 13-Weeks Ended March 30, March 31, 2019 2018 Auto PND 59% 63% Auto OEM 41% 37% A large majority of the Company’s sales are recognized on a point in time basis, usually once the product is shipped and title and risk of loss have transferred to the customer. Sales recognized over a period of time are primarily within the auto segment and relate to performance obligations that are satisfied over the life of the product or contractual service period. Revenue disaggregated by the timing of transfer of the goods or services is presented in the table below: 13-Weeks Ended March 30, March 31, 2019 2018 Point in time $ 724,177 $ 671,263 Over time 41,873 39,609 Net sales $ 766,050 $ 710,872 Transaction price and costs associated with the Company’s unsatisfied performance obligations are reflected as deferred revenue and deferred costs, respectively, on the Company’s consolidated balance sheets. Such amounts are recognized ratably over the applicable service period or estimated useful life. Changes in deferred revenue and costs during the 13-week period ending March 30, 2019 are presented below: 13-Weeks Ended March 30, 2019 Deferred Revenue (1) Deferred Costs (2) Balance, beginning of period $ 172,938 $ 57,935 Deferrals in period 35,119 6,923 Recognition of deferrals in period (41,873 ) (8,863 ) Balance, end of period $ 166,184 $ 55,995 (1) (2) Of the $41,873 of deferred revenue recognized in the 13-weeks ended March 30, 2019, $31,161 was deferred as of the beginning of the period. Approximately two-thirds of the $166,184 of deferred revenue at the end of the period, March 30, 2019, is recognized ratably over a period of three years or less. |
Leases
Leases | 3 Months Ended |
Mar. 30, 2019 | |
Leases [Abstract] | |
Leases | 11. Leases The Company leases certain real estate properties, vehicles, and equipment in various countries around the world. Leased properties are typically used for office space, distribution, and retail. The Company’s leases are classified as operating leases with remaining terms of 1 to 34 years, some of which include an option to extend or renew. If the exercise of an option to extend or renew is determined to be reasonably certain, the associated right-of-use asset and lease liability reflects the extended period and payments. For all real estate leases, any non-lease components, including common area maintenance, have been separated from lease components and excluded from the associated right-of-use asset and lease liability calculations. For all equipment and vehicle leases, an accounting policy election has been made to not separate lease and non-lease components. Leases with an initial term of 12 months or less (“short-term leases”) are not recognized on the Company’s Condensed Consolidated Balance Sheets as a right-of-use asset or lease liability. The following table represents lease costs recognized in the Company’s Condensed Consolidated Statements of Income for the 13-weeks ended March 30, 2019. Lease costs are included in Selling, general and administrative expense and Research and development expense on the Company’s Condensed Consolidated Statements of Income. 13-Weeks Ended March 30, 2019 Operating lease cost (1) $ 5,642 (1) Operating lease cost includes short-term lease costs and variable lease costs, which were not material in the period. The following table represents the components of leases that are recognized on the Company’s Condensed Consolidated Balance Sheets as of March 30, 2019. March 30, 2019 Operating lease right-of-use assets $ 54,978 Other accrued expenses $ 13,095 Noncurrent operating lease liabilities 43,277 Total lease liabilities $ 56,372 Weighted average remaining lease term 5.5 years Weighted average discount rate 4.0% The following table represents the maturity of lease liabilities. Fiscal Year Lease payments 2019, excluding the 13-weeks ended March 30, 2019 $ 12,260 2020 13,727 2021 10,360 2022 7,058 2023 6,742 Thereafter 13,725 Total $ 63,872 Less: imputed interest (7,500 ) Present value of lease liabilities $ 56,372 The following table presents supplemental cash flow and noncash information related to leases. 13-Weeks Ended March 30, 2019 Cash paid for amounts included in the measurement of operating lease liabilities (2) $ 4,412 Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,859 (2) Included in Net cash provided by operating activities on the Company’s Condensed Consolidated Statements of Cash Flows. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements Not Yet Adopted | 3 Months Ended |
Mar. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements Not Yet Adopted | 12. Recently Issued Accounting Pronouncements Not Yet Adopted 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. Financial Instruments – Credit Losses In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 provides new guidance on assessment of expected credit losses of certain financial instruments. ASU 2016-13 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 | 3 Months Ended |
Mar. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events On April 1, 2019, the Company acquired the shares of Tacx Onroerend en Roerend Goed B.V., a privately-held Dutch company, that designs and manufacturers indoor bike trainers, tools and accessories, as well as indoor training software and applications. This acquisition was not material. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Additionally, the condensed consolidated financial statements should be read in conjunction with Item 2 of Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in this Form 10-Q. Operating results for the 13-week period ended March 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 28, 2019. The condensed consolidated balance sheet at December 29, 2018 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 29, 2018. 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 March 30, 2019 and March 31, 2018 both contain operating results for 13 weeks. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards 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. The FASB subsequently issued Accounting Standards Update No. 2018-10 and Accounting Standards Update No. 2018-11 in July 2018, which provide clarifications and improvements to ASU 2016-02 (collectively, the “new lease standard”). Accounting Standards Update No. 2018-11 also provides the optional transition method which allows companies to apply the new lease standard at the adoption date instead of at the earliest comparative period presented. The new lease standard requires lessees to present a right-of-use asset and a corresponding lease liability on the balance sheet. The Company adopted the new lease standard as of the beginning of the 2019 fiscal year using the optional transition method. The Company did not have a cumulative effect adjustment to retained earnings as a result of adopting the new lease standard and does not expect the new lease standard to have a material impact on the Company's consolidated statements of income or consolidated statements of cash flows in future periods. The Company elected the package of transitional practical expedients upon adoption which, among other provisions, allowed the Company to carry forward historical lease classification. See Note 12 – Leases for additional information regarding leases. |
Significant Accounting Policies | Significant Accounting Policies For a description of the significant accounting policies and methods used in the preparation of the Company’s condensed consolidated financial statements, refer to Note 2, “Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2018. Other than the policy discussed below, there were no material changes to the Company’s significant accounting policies during the 13-week period ended March 30, 2019. Preproduction Costs Related to Long-Term Supply Arrangements Preproduction design and development costs related to long-term supply arrangements are expensed as incurred, and classified as Research and development, unless the customer has provided a contractual guarantee for reimbursement of such costs. Contractually reimbursable costs are capitalized as incurred in the Condensed Consolidated Balance Sheets within Prepaid expenses and other current assets if reimbursement is expected to be received within one year, or within Other assets if expected to be received beyond one year. Such capitalized costs were approximately $5 million as of March 30, 2019, and there were no such capitalized costs as of December 29, 2018. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | The components of inventories consist of the following: March 30, December 29, 2019 2018 Raw materials $ 213,380 $ 205,696 Work-in-process 103,204 96,564 Finished goods 281,803 259,580 Inventories $ 598,387 $ 561,840 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Net income per share: | |
Schedule of computation of basic and diluted net income per share | The following table sets forth the computation of basic and diluted net income per share: 13-Weeks Ended March 30, March 31, 2019 2018 Numerator: Numerator for basic and diluted net income per share - net income $ 140,173 $ 129,374 Denominator: Denominator for basic net income per share – weighted-average common shares 189,601 188,322 Effect of dilutive securities – stock options, stock appreciation rights and restricted stock units 998 970 Denominator for diluted net income per share – adjusted weighted-average common shares 190,599 189,292 Basic net income per share $ 0.74 $ 0.69 Diluted net income per share $ 0.74 $ 0.68 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of net sales ("revenue"), 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 March 30, 2019 Net sales $ 154,051 $ 180,256 $ 133,968 $ 126,999 $ 170,776 $ 766,050 Gross profit 97,488 90,835 78,055 57,337 127,983 451,698 Operating income 41,953 18,126 25,473 8,213 57,618 151,383 13-Weeks Ended March 31, 2018 Net sales $ 144,258 $ 166,035 $ 113,554 $ 141,312 $ 145,713 $ 710,872 Gross profit 93,285 96,601 66,683 61,012 108,954 426,535 Operating income 43,822 33,374 13,131 3,468 48,407 142,202 |
Schedule of net sales and property and equipment, net by geographic area | Net sales to external customers by geographic region were as follows for the 13-week periods ended March 30, 2018 and March 31, 2018. Note that APAC includes Asia Pacific and Australian Continent and EMEA includes Europe, the Middle East and Africa: 13-Weeks Ended March 30, March 31, 2019 2018 Americas $ 379,456 $ 345,975 EMEA 260,021 245,912 APAC 126,573 118,985 Net sales to external customers $ 766,050 $ 710,872 Net property and equipment by geographic region as of March 30, 2019 and March 31, 2018 are presented below. Americas APAC EMEA Total March 30, 2019 Property and equipment, net $ 413,632 $ 212,933 $ 45,734 $ 672,299 March 31, 2018 Property and equipment, net $ 388,531 $ 176,245 $ 40,037 $ 604,813 |
Warranty Reserves (Tables)
Warranty Reserves (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Product Warranties Disclosures [Abstract] | |
Schedule of changes in the aggregate warranty reserve | The following reconciliation provides an illustration of changes in the aggregate warranty reserve. 13-Weeks Ended March 30, March 31, 2019 2018 Balance - beginning of period $ 38,276 $ 36,827 Accrual for products sold during the period (1) 10,849 10,012 Expenditures (14,083 ) (11,417 ) Balance - end of period $ 35,042 $ 35,422 (1) Changes in cost estimates related to pre-existing warranties are not material and aggregated with accruals for new warranty contracts in the ‘accrual for products sold during the period’ line. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
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 $ 22,229 $ — $ 22,229 $ — Agency securities 63,714 — 63,714 — Mortgage-backed securities 131,973 — 131,973 — Corporate securities 1,019,083 — 1,019,083 — Municipal securities 171,551 — 171,551 — Other 126,606 — 126,606 — Total $ 1,535,156 $ — $ 1,535,156 $ — Fair Value Measurements as Total Level 1 Level 2 Level 3 U.S. Treasury securities $ 22,128 $ — $ 22,128 $ — Agency securities 59,116 — 59,116 — Mortgage-backed securities 135,865 — 135,865 — Corporate securities 980,524 — 980,524 — Municipal securities 173,137 — 173,137 — Other 142,342 — 142,342 — Total $ 1,513,112 $ — $ 1,513,112 $ — |
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 Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 22,448 $ — $ (219 ) $ 22,229 Agency securities 64,178 72 (535 ) 63,715 Mortgage-backed securities 136,763 2 (4,793 ) 131,972 Corporate securities 1,031,431 2,013 (14,361 ) 1,019,083 Municipal securities 172,399 287 (1,135 ) 171,551 Other 128,353 0 (1,747 ) 126,606 Total $ 1,555,572 $ 2,374 $ (22,790 ) $ 1,535,156 Available-For-Sale Securities as Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 22,485 $ — $ (357 ) $ 22,128 Agency securities 60,088 28 (1,000 ) 59,116 Mortgage-backed securities 142,176 1 (6,312 ) 135,865 Corporate securities 1,010,590 33 (30,099 ) 980,524 Municipal securities 175,630 73 (2,566 ) 173,137 Other 144,606 0 (2,264 ) 142,342 Total $ 1,555,575 $ 135 $ (42,598 ) $ 1,513,112 |
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 March 30, 2019 and December 29, 2018. As of March 30, 2019 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ (1 ) $ 3,988 $ (218 ) $ 18,241 Agency securities (1 ) 2,257 (534 ) 38,985 Mortgage-backed securities (1 ) 301 (4,792 ) 131,521 Corporate securities (172 ) 65,937 (14,189 ) 700,387 Municipal securities (19 ) 11,415 (1,116 ) 120,394 Other (1 ) 1,177 (1,746 ) 105,712 Total $ (195 ) $ 85,075 $ (22,595 ) $ 1,115,240 As of December 29, 2018 Less than 12 Consecutive Months 12 Consecutive Months or Longer Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value U.S. Treasury securities $ (3 ) $ 3,975 $ (354 ) $ 18,153 Agency securities (5 ) 4,656 (995 ) 40,508 Mortgage-backed securities (1 ) 361 (6,311 ) 135,323 Corporate securities (4,028 ) 323,633 (26,071 ) 640,439 Municipal securities (454 ) 38,371 (2,112 ) 118,362 Other (102 ) 8,015 (2,162 ) 114,120 Total $ (4,593 ) $ 379,011 $ (38,005 ) $ 1,066,905 |
Schedule of amortized cost and estimated fair value of marketable securities by contractual maturity | The amortized cost and fair value of marketable securities at March 30, 2019, by maturity, are shown below. Amortized Cost Fair Value Due in one year or less $ 198,020 $ 197,385 Due after one year through five years 1,262,371 1,247,012 Due after five years through ten years 95,181 90,759 $ 1,555,572 $ 1,535,156 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of changes in accumulated other comprehensive income (AOCI) | The following provides required disclosure of changes in accumulated other comprehensive income (AOCI) balances by component for the 13-week period ended March 30, 2019: 13-Weeks Ended March 30, 2019 Foreign Currency Translation Adjustment Net unrealized gains (losses) on available-for-sale securities Total Beginning Balance $ 47,327 $ (38,897 ) $ 8,430 Other comprehensive income before reclassification, net of income tax benefit of $2,905 (9,234 ) 19,100 9,866 Amounts reclassified from accumulated other comprehensive income — 42 42 Net current-period other comprehensive income (9,234 ) 19,142 9,908 Ending Balance $ 38,093 $ (19,755 ) $ 18,338 |
Schedule of reporting reclassifications out of AOCI | The following provides required disclosure of reporting reclassifications out of AOCI for the 13-week period ended March 30, 2019: 13-Weeks Ended March 30, 2019 Details About Accumulated Other Amount Reclassified Affected Line Item in the Unrealized gains (losses) on available-for-sale securities $ (60 ) Other income (expense) 18 Income tax benefit (provision) $ (42 ) Net of tax |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregated revenue by geographic region | Auto segment revenue presented in Note 4 is comprised of the auto PND and auto OEM major product categories as depicted below. Auto Revenue by Major Product Category 13-Weeks Ended March 30, March 31, 2019 2018 Auto PND 59% 63% Auto OEM 41% 37% |
Schedule of revenue disaggregated | Revenue disaggregated by the timing of transfer of the goods or services is presented in the table below: 13-Weeks Ended March 30, March 31, 2019 2018 Point in time $ 724,177 $ 671,263 Over time 41,873 39,609 Net sales $ 766,050 $ 710,872 |
Schedule of deferred revenue and costs | Changes in deferred revenue and costs during the 13-week period ending March 30, 2019 are presented below: 13-Weeks Ended March 30, 2019 Deferred Revenue (1) Deferred Costs (2) Balance, beginning of period $ 172,938 $ 57,935 Deferrals in period 35,119 6,923 Recognition of deferrals in period (41,873 ) (8,863 ) Balance, end of period $ 166,184 $ 55,995 (1) (2) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Leases [Abstract] | |
Schedule of operating lease cost | Lease costs are included in Selling, general and administrative expense and Research and development expense on the Company’s Condensed Consolidated Statements of Income. 13-Weeks Ended March 30, 2019 Operating lease cost (1) $ 5,642 (1) Operating lease cost includes short-term lease costs and variable lease costs, which were not material in the period. |
Schedule of amounts recognized in balance sheet | The following table represents the components of leases that are recognized on the Company’s Condensed Consolidated Balance Sheets as of March 30, 2019. March 30, 2019 Operating lease right-of-use assets $ 54,978 Other accrued expenses $ 13,095 Noncurrent operating lease liabilities 43,277 Total lease liabilities $ 56,372 Weighted average remaining lease term 5.5 years Weighted average discount rate 4.0% |
Schedule of maturity of lease liabilities | The following table represents the maturity of lease liabilities. Fiscal Year Lease payments 2019, excluding the 13-weeks ended March 30, 2019 $ 12,260 2020 13,727 2021 10,360 2022 7,058 2023 6,742 Thereafter 13,725 Total $ 63,872 Less: imputed interest (7,500 ) Present value of lease liabilities $ 56,372 |
Schedule of cash flow supplemental | The following table presents supplemental cash flow and noncash information related to leases. 13-Weeks Ended March 30, 2019 Cash paid for amounts included in the measurement of operating lease liabilities (2) $ 4,412 Right-of-use assets obtained in exchange for new operating lease liabilities $ 2,859 (2) Included in Net cash provided by operating activities on the Company’s Condensed Consolidated Statements of Cash Flows. |
Accounting Policies (Details Na
Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 30, 2019 | Dec. 29, 2018 | |
Accounting Policies [Abstract] | ||
Capitalized costs | $ 5,000 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 29, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 213,380 | $ 205,696 |
Work-in-process | 103,204 | 96,564 |
Finished goods | 281,803 | 259,580 |
Inventories | $ 598,387 | $ 561,840 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Numerator: | ||
Numerator for basic and diluted net income per share - net income | $ 140,173 | $ 129,374 |
Denominator: | ||
Denominator for basic net income per share - weighted-average common shares | 189,601 | 188,322 |
Effect of dilutive securities - stock options, stock appreciation rights and restricted stock units | 998 | 970 |
Denominator for diluted net income per share - adjusted weighted-average common shares | 190,599 | 189,292 |
Basic net income per share (in dollars per share) | $ 0.74 | $ 0.69 |
Diluted net income per share (in dollars per share) | $ 0.74 | $ 0.68 |
Earnings Per Share (Details Nar
Earnings Per Share (Details Narrative) - shares | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Net income per share: | ||
Anti-dilutive stock options, stock appreciation rights and restricted stock units | 0 | 0 |
Shares issued as a result of exercises and releases of equity awards | 386 | 332 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Net sales | $ 766,050 | $ 710,872 |
Gross profit | 451,698 | 426,535 |
Operating income | 151,383 | 142,202 |
Outdoor [Member] | ||
Net sales | 154,051 | 144,258 |
Gross profit | 97,488 | 93,285 |
Operating income | 41,953 | 43,822 |
Fitness [Member] | ||
Net sales | 180,256 | 166,035 |
Gross profit | 90,835 | 96,601 |
Operating income | 18,126 | 33,374 |
Marine [Member] | ||
Net sales | 133,968 | 113,554 |
Gross profit | 78,055 | 66,683 |
Operating income | 25,473 | 13,131 |
Auto [Member] | ||
Net sales | 126,999 | 170,776 |
Gross profit | 57,337 | 127,983 |
Operating income | 8,213 | 57,618 |
Aviation [Member] | ||
Net sales | 141,312 | 145,713 |
Gross profit | 61,012 | 108,954 |
Operating income | $ 3,468 | $ 48,407 |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Net sales to external customers | $ 766,050 | $ 710,872 |
Americas [Member] | ||
Net sales to external customers | 379,456 | 345,975 |
EMEA [Member] | ||
Net sales to external customers | 260,021 | 245,912 |
APAC [Member] | ||
Net sales to external customers | $ 126,573 | $ 118,985 |
Segment Information (Details 2)
Segment Information (Details 2) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 29, 2018 | Mar. 31, 2018 |
Property and equipment, net | $ 672,299 | $ 663,527 | $ 604,813 |
Americas [Member] | |||
Property and equipment, net | 413,632 | 388,531 | |
APAC [Member] | |||
Property and equipment, net | 212,933 | 45,734 | |
EMEA [Member] | |||
Property and equipment, net | $ 176,245 | $ 40,037 |
Segment Information (Details Na
Segment Information (Details Narrative) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019USD ($)Segment | Mar. 31, 2018USD ($) | |
Number of reportable segments | Segment | 5 | |
Operating income | $ 151,383 | $ 142,202 |
Aviation [Member] | ||
Operating income | 4,000 | |
Marine [Member] | ||
Operating income | $ 4,000 |
Warranty Reserves (Details)
Warranty Reserves (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | ||
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |||
Balance - beginning of period | $ 38,276 | $ 36,827 | |
Accrual for products sold during the period | [1] | 10,849 | 10,012 |
Expenditures | (14,083) | (11,417) | |
Balance - end of period | $ 35,042 | $ 35,422 | |
[1] | Changes in cost estimates related to pre-existing warranties are not material and aggregated with accruals for new warranty contracts in the 'accrual for products sold during the period' line. |
Warranty Reserves (Details Narr
Warranty Reserves (Details Narrative) | 3 Months Ended |
Mar. 30, 2019 | |
Minimum [Member] | |
Product warranty term | 1 year |
Maximum [Member] | |
Product warranty term | 3 years |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) $ in Thousands | Mar. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Aggregate amount of purchase orders and other commitments | $ 435,100 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ 26,092 | $ 24,606 |
Effective income tax rate | 15.70% | 16.00% |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 29, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | $ 1,535,156 | $ 1,513,112 |
U.S.Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 22,229 | 22,128 |
Agency Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 63,715 | 59,116 |
Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 131,972 | 135,865 |
Municipal Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 171,551 | 173,137 |
Other [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 126,606 | 142,342 |
Corporate Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 1,019,083 | 980,524 |
Recurring Basis [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 1,535,156 | 1,513,112 |
Recurring Basis [Member] | U.S.Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 22,229 | 22,128 |
Recurring Basis [Member] | Agency Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 63,714 | 59,116 |
Recurring Basis [Member] | Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 131,973 | 135,865 |
Recurring Basis [Member] | Municipal Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 171,551 | 173,137 |
Recurring Basis [Member] | Other [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 126,606 | 142,342 |
Recurring Basis [Member] | Corporate Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 1,019,083 | 980,524 |
Recurring Basis [Member] | Level 1 [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Level 1 [Member] | U.S.Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Level 1 [Member] | Agency Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Level 1 [Member] | Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Level 1 [Member] | Corporate Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Level 1 [Member] | Municipal Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Level 1 [Member] | Other [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Level 1 [Member] | Corporate Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Level 2 [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 1,535,156 | 1,513,112 |
Recurring Basis [Member] | Level 2 [Member] | U.S.Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 22,229 | 22,128 |
Recurring Basis [Member] | Level 2 [Member] | Agency Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 63,714 | 59,116 |
Recurring Basis [Member] | Level 2 [Member] | Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 131,973 | 135,865 |
Recurring Basis [Member] | Level 2 [Member] | Municipal Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 171,551 | 173,137 |
Recurring Basis [Member] | Level 2 [Member] | Other [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 126,606 | 142,342 |
Recurring Basis [Member] | Level 2 [Member] | Corporate Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | 1,019,083 | 980,524 |
Recurring Basis [Member] | Level 3 [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Level 3 [Member] | U.S.Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Level 3 [Member] | Agency Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Level 3 [Member] | Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Level 3 [Member] | Municipal Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Level 3 [Member] | Other [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total | ||
Recurring Basis [Member] | Level 3 [Member] | Corporate Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, total |
Marketable Securities (Details
Marketable Securities (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 30, 2019 | Dec. 29, 2018 | |
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost | $ 1,555,572 | $ 1,555,575 |
Gross Unrealized Gains | 2,374 | 135 |
Gross Unrealized Losses | (22,790) | (42,598) |
Fair Value | 1,535,156 | 1,513,112 |
U.S.Treasury Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost | 22,448 | 22,485 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (219) | (357) |
Fair Value | 22,229 | 22,128 |
Agency Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost | 64,178 | 60,088 |
Gross Unrealized Gains | 72 | 28 |
Gross Unrealized Losses | (535) | (1,000) |
Fair Value | 63,715 | 59,116 |
Mortgage-Backed Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost | 136,763 | 142,176 |
Gross Unrealized Gains | 2 | 1 |
Gross Unrealized Losses | (4,793) | (6,312) |
Fair Value | 131,972 | 135,865 |
Corporate Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost | 1,031,431 | 1,010,590 |
Gross Unrealized Gains | 2,013 | 33 |
Gross Unrealized Losses | (14,361) | (30,099) |
Fair Value | 1,019,083 | 980,524 |
Municipal Securities [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost | 172,399 | 175,630 |
Gross Unrealized Gains | 287 | 73 |
Gross Unrealized Losses | (1,135) | (2,566) |
Fair Value | 171,551 | 173,137 |
Other [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Amortized Cost | 128,353 | 144,606 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,747) | (2,264) |
Fair Value | $ 126,606 | $ 142,342 |
Marketable Securities (Detail_2
Marketable Securities (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 30, 2019 | Dec. 29, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | $ (195) | $ (4,593) |
Fair Value Less than 12 Consecutive Months | 85,075 | 379,011 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (22,595) | (38,005) |
Fair Value 12 Consecutive Months or Longer | 1,115,240 | 1,066,905 |
U.S.Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (1) | (3) |
Fair Value Less than 12 Consecutive Months | 3,988 | 3,975 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (218) | (354) |
Fair Value 12 Consecutive Months or Longer | 18,241 | 18,153 |
Agency Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (1) | (5) |
Fair Value Less than 12 Consecutive Months | 2,257 | 4,656 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (534) | (995) |
Fair Value 12 Consecutive Months or Longer | 38,985 | 40,508 |
Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (1) | (1) |
Fair Value Less than 12 Consecutive Months | 301 | 361 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (4,792) | (6,311) |
Fair Value 12 Consecutive Months or Longer | 131,521 | 135,323 |
Corporate Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (172) | (4,028) |
Fair Value Less than 12 Consecutive Months | 65,937 | 323,633 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (14,189) | (26,071) |
Fair Value 12 Consecutive Months or Longer | 700,387 | 640,439 |
Municipal Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (19) | (454) |
Fair Value Less than 12 Consecutive Months | 11,415 | 38,371 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (1,116) | (2,112) |
Fair Value 12 Consecutive Months or Longer | 120,394 | 118,362 |
Other [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses Less than 12 Consecutive Months | (1) | (102) |
Fair Value Less than 12 Consecutive Months | 1,177 | 8,015 |
Gross Unrealized Losses 12 Consecutive Months or Longer | (1,746) | (2,162) |
Fair Value 12 Consecutive Months or Longer | $ 105,712 | $ 114,120 |
Marketable Securities (Detail_3
Marketable Securities (Details 3) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 29, 2018 |
Amortized Cost | ||
Due in one year or less | $ 198,020 | |
Due after one year through five years | 1,262,371 | |
Due after five years through ten years | 95,181 | |
Total | 1,555,572 | $ 1,555,575 |
Fair Value | ||
Due in one year or less | 197,385 | |
Due after one year through five years | 1,247,012 | |
Due after five years through ten years | 90,759 | |
Total | $ 1,535,156 | $ 1,513,112 |
Marketable Securities (Details
Marketable Securities (Details Narrative) $ in Thousands | Mar. 30, 2019USD ($) |
Marketable Securities [Abstract] | |
Unrealized loss position amortized cost | $ 1,223,105 |
Unrealized loss position fair value | $ 1,200,315 |
Percentage of available-for-sale securities in unrealized loss positions | 73.00% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) $ in Thousands | 3 Months Ended |
Mar. 30, 2019USD ($) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward] | |
Beginning Balance | $ 47,327 |
Other comprehensive income before reclassification, net of income tax benefit | (9,234) |
Amounts reclassified from accumulated other comprehensive income | |
Net current-period other comprehensive income | (9,234) |
Ending Balance | 38,093 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent [Roll Forward] | |
Beginning Balance | (38,897) |
Other comprehensive income before reclassification, net of income tax benefit | 19,100 |
Amounts reclassified from accumulated other comprehensive income | 42 |
Net current-period other comprehensive income | 19,142 |
Ending Balance | (19,755) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning Balance | 8,430 |
Other comprehensive income before reclassification, net of income tax benefit | 9,866 |
Amounts reclassified from accumulated other comprehensive income | 42 |
Net current-period other comprehensive income | 9,908 |
Ending Balance | $ 18,338 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Other income (expense) | $ 14,882 | $ 11,778 |
Income tax benefit (provision) | (26,092) | $ (24,606) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification From Accumulated Other Comprehensive Income [Member] | ||
Other income (expense) | (60) | |
Income tax benefit (provision) | 18 | |
Net of tax | $ (42) |
Revenue (Details)
Revenue (Details) | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Auto PND [Member] | ||
Percentage of auto revenue | 59.00% | 63.00% |
Auto OEM [Member] | ||
Percentage of auto revenue | 41.00% | 37.00% |
Revenue (Details 1)
Revenue (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Net sales | $ 766,050 | $ 710,872 |
Point in Time [Member] | ||
Net sales | 724,177 | 671,263 |
Over Time [Member] | ||
Net sales | $ 41,873 | $ 39,609 |
Revenue (Details 2)
Revenue (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 30, 2019 | Mar. 31, 2018 | |||
Movement in Deferred Revenue [Roll Forward] | ||||
Balance, beginning of period | [1] | $ 172,938 | ||
Deferrals in period | [1] | 35,119 | ||
Recognition of deferrals in period | (41,873) | [1] | $ 31,161 | |
Balance, end of period | [1] | 166,184 | ||
Movement in Deferred Costs [Roll Forward] | ||||
Balance, beginning of period | [2] | 57,935 | ||
Deferrals in period | [2] | 6,923 | ||
Recognition of deferrals in period | [2] | (8,863) | ||
Balance, end of period | [2] | $ 55,995 | ||
[1] | Deferred revenue is comprised of both Deferred revenue and Noncurrent deferred revenue per the Condensed Consolidated Balance Sheets. | |||
[2] | Deferred costs are comprised of both Deferred costs and Noncurrent deferred costs per the Condensed Consolidated Balance Sheets. |
Revenue (Details Narrative)
Revenue (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 30, 2019 | Mar. 31, 2018 | Dec. 29, 2018 | |||
Revenue from Contract with Customer [Abstract] | |||||
Recognition of deferrals in period | $ (41,873) | [1] | $ 31,161 | ||
Deferred revenue recognized ratably over a period of three years or less | [1] | $ 166,184 | $ 172,938 | ||
[1] | Deferred revenue is comprised of both Deferred revenue and Noncurrent deferred revenue per the Condensed Consolidated Balance Sheets. |
Leases (Details)
Leases (Details) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019USD ($) | ||
Leases [Abstract] | ||
Operating lease cost | $ 5,642 | [1] |
[1] | Opearting lease cost includes short-term lease costs and variable lease costs, which were not material in period. |
Leases (Details 1)
Leases (Details 1) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 29, 2018 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 54,978 | |
Other accrued expenses | 13,095 | |
Noncurrent operating lease liabilities | 43,277 | |
Total lease liabilities | $ 56,372 | |
Weighted average remaining lease term | 5 years 6 months | |
Weighted average discount rate | 4.00% |
Leases (Details 2)
Leases (Details 2) $ in Thousands | Mar. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 12,260 |
2020 | 13,727 |
2021 | 10,360 |
2022 | 7,058 |
2023 | 6,742 |
Thereafter | 13,725 |
Total | 63,872 |
Less: imputed interest | (7,500) |
Present value of lease liabilities | $ 56,372 |
Leases (Details 3)
Leases (Details 3) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019USD ($) | ||
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 4,412 | [1] |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 2,859 | |
[1] | Included in Net cash provided by opearating activites on the company's Condensed Consolidated Statement of Cash Flows, |
Leases (Details Narative)
Leases (Details Narative) | Mar. 30, 2019 |
Minimum [Member] | |
Operating lease term | 1 year |
Maximum [Member] | |
Operating lease term | 34 years |