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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/19/14 Garmin Ltd 10-K 12/28/13 92:15M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: 10-K Annual Report HTML 1.39M 2: EX-3.2 Articles of Incorporation/Organization or Bylaws HTML 156K 3: EX-10.40 Material Contract HTML 36K 4: EX-21.1 Subsidiaries List HTML 44K 5: EX-23.1 Consent of Experts or Counsel HTML 31K 6: EX-31.1 Certification -- §302 - SOA'02 HTML 34K 7: EX-31.2 Certification -- §302 - SOA'02 HTML 33K 8: EX-32.1 Certification -- §906 - SOA'02 HTML 31K 9: EX-32.2 Certification -- §906 - SOA'02 HTML 30K 64: R1 Document And Entity Information HTML 58K 50: R2 Consolidated Balance Sheets HTML 184K 62: R3 Consolidated Balance Sheets (Parenthetical) HTML 42K 66: R4 Consolidated Statements of Income HTML 93K 85: R5 Consolidated Statements of Comprehensive Income HTML 46K 52: R6 Consolidated Statements of Stockholders' Equity HTML 77K 61: R7 Consolidated Statements of Stockholders' Equity HTML 29K (Parenthetical) 45: R8 Consolidated Statements of Cash Flows HTML 158K 35: R9 Description of the Business HTML 30K 86: R10 Summary of Significant Accounting Policies HTML 153K 68: R11 Marketable Securities HTML 160K 67: R12 Commitments and Contingencies HTML 43K 73: R13 Employee Benefit Plans HTML 31K 74: R14 Income Taxes HTML 173K 71: R15 Fair Value of Financial Instruments HTML 45K 75: R16 Segment Information HTML 143K 63: R17 Stock Compensation Plans HTML 143K 65: R18 Earnings Per Share HTML 59K 70: R19 Share Repurchase Plan HTML 33K 92: R20 Redomestication HTML 70K 81: R21 Accumulated Other Comprehensive Income HTML 58K 57: R22 Selected Quarterly Information (Unaudited) HTML 64K 69: R23 Acquisitions HTML 45K 59: R24 Schedule Ii - Valuation and Qualifying Accounts HTML 100K 27: R25 Summary of Significant Accounting Policies HTML 235K (Policies) 82: R26 Summary of Significant Accounting Policies HTML 81K (Tables) 89: R27 Marketable Securities (Tables) HTML 151K 40: R28 Commitments and Contingencies (Tables) HTML 37K 39: R29 Income Taxes (Tables) HTML 158K 43: R30 Fair Value of Financial Instruments (Tables) HTML 46K 44: R31 Segment Information (Tables) HTML 139K 46: R32 Stock Compensation Plans (Tables) HTML 131K 23: R33 Earnings Per Share (Tables) HTML 56K 79: R34 Redomestication (Tables) HTML 72K 55: R35 Accumulated Other Comprehensive Income (Tables) HTML 58K 58: R36 Selected Quarterly Information (Unaudited) HTML 62K (Tables) 30: R37 Summary of Significant Accounting Policies HTML 40K (Inventories) (Detail) 91: R38 Summary of Significant Accounting Policies HTML 32K (Property and Equipment Estimated Useful Lives) (Detail) 16: R39 Summary of Significant Accounting Policies (Change HTML 34K in Carrying Amount of Goodwill) (Detail) 47: R40 Summary of Significant Accounting Policies HTML 39K (Product Warranty) (Detail) 84: R41 Summary of Significant Accounting Policies HTML 164K (Additional Information) (Detail) 29: R42 Marketable Securities (Available for Sale HTML 54K Securities Measured at Estimated Fair Value on Recurring Basis) (Detail) 38: R43 Marketable Securities (Classified as HTML 57K Available-For-Sale Securities) (Detail) 42: R44 Marketable Securities (Amortized Cost and HTML 67K Estimated Fair Value of Marketable Securities by Contractual Maturity) (Detail) 51: R45 Marketable Securities (Additional Information) HTML 38K (Detail) 22: R46 Commitments and Contingencies (Future Minimum HTML 45K Lease Payments) (Detail) 34: R47 Commitments and Contingencies (Additional HTML 37K Information) (Detail) 18: R48 Employee Benefit Plans (Additional Information) HTML 35K (Detail) 83: R49 Income Taxes (Income Tax Provision Benefit) HTML 66K (Detail) 28: R50 Income Taxes (Sources and Tax Effects of HTML 57K Differences of Income Tax Provision from Amount Computed by Applying Statutory Federal Income Tax Rate to Income Before Taxes, Including Impact of Establishing Tax Contingency Accruals) (Detail) 80: R51 Income Taxes (Significant Components of Deferred HTML 101K Tax Assets and Liabilities) (Detail) 31: R52 Income Taxes (Unrecognized Tax Benefits) (Detail) HTML 42K 48: R53 Income Taxes (Additional Information) (Detail) HTML 92K 17: R54 Fair Value of Financial Instruments (Carrying HTML 38K Amounts and Fair Values of Financial Instruments) (Detail) 21: R55 Segment Information (Net Sales Operating Income HTML 55K and Income Before Taxes for Reportable Segments) (Detail) 41: R56 Segment Information (Net Sales and Property and HTML 55K Equipment Net by Geographic Area) (Detail) 25: R57 Stock Compensation Plans (Stock-Based Compensation HTML 62K Activity Stock Options and SARs) (Detail) 87: R58 Stock Compensation Plans (Stock-Based Compensation HTML 57K Related Information Stock Options and SARs) (Detail) 54: R59 Stock Compensation Plans (Stock-Based Compensation HTML 52K Activity Restricted Stock Units) (Detail) 72: R60 Stock Compensation Plans (Weighted-Average HTML 40K Assumptions Used for Fair Value of Options Estimated Using Black-Scholes Option Pricing Model) (Detail) 33: R61 Stock Compensation Plans (Additional Information) HTML 112K (Detail) 36: R62 Earnings Per Share (Computation of Basic and HTML 57K Diluted Net Income Per Share) (Detail) 78: R63 Earnings Per Share (Additional Information) HTML 30K (Detail) 76: R64 Share Repurchase Plan (Additional Information) HTML 46K (Detail) 56: R65 Redomestication (Summary of Components of HTML 54K Authorized Shares) (Detail) 77: R66 Redomestication (Summary of Components of HTML 39K Authorized Shares) (Parenthetical) (Detail) 32: R67 Redomestication (Additional Information) (Detail) HTML 40K 60: R68 Accumulated Other Comprehensive Income (Changes in HTML 75K Accumulated Other Comprehensive Income) (Details) 88: R69 Accumulated Other Comprehensive Income HTML 39K (Reclassifications Out of AOCI) (Details) 20: R70 Selected Quarterly Information (Unaudited) HTML 45K (Quarterly Information) (Detail) 26: R71 Acquisitions (Additional Information) (Detail) HTML 41K 49: R72 Schedule Ii - Valuation and Qualifying Accounts HTML 52K (Detail) 24: R73 Schedule Ii - Valuation and Qualifying Accounts HTML 31K (Parenthetical) (Detail) 90: XML IDEA XML File -- Filing Summary XML 140K 19: EXCEL IDEA Workbook of Financial Reports XLSX 226K 37: EXCEL IDEA Workbook of Financial Reports (.xls) XLS 2.16M 10: EX-101.INS XBRL Instance -- grmn-20131228 XML 3.26M 12: EX-101.CAL XBRL Calculations -- grmn-20131228_cal XML 236K 15: EX-101.DEF XBRL Definitions -- grmn-20131228_def XML 1.31M 13: EX-101.LAB XBRL Labels -- grmn-20131228_lab XML 1.54M 14: EX-101.PRE XBRL Presentations -- grmn-20131228_pre XML 1.39M 11: EX-101.SCH XBRL Schema -- grmn-20131228 XSD 224K 53: ZIP XBRL Zipped Folder -- 0001144204-14-010483-xbrl Zip 250K
x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Switzerland
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98-0229227
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(State or other jurisdiction
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(I.R.S. Employer Identification No.)
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of incorporation or organization)
|
|
Mühlentalstrasse 2
|
|
8200 Schaffhausen
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N/A
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Switzerland
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(Zip Code)
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(Address of principal executive offices)
|
|
Registered Shares, CHF 10.00 Per Share Par Value
|
NASDAQ Global Select Market
|
(Title of each class)
|
(Name of each exchange on which registered)
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Large Accelerated Filer þ
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Accelerated Filer ¨
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Non-accelerated Filer ¨
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Smaller reporting company ¨
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(Do not check if a smaller reporting company)
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|
|
|
Part of Form 10-K into
|
Document
|
|
which Incorporated
|
Company's Definitive Proxy Statement for the 2014 Annual Meeting of Shareholders which will be filed no later than 120 days after December 28, 2013.
|
|
Part III
|
|
Cautionary Statement With Respect To Forward-Looking Comments
|
3
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|
|
|
|
Part I
|
|
|
|
|
Item 1.
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Business
|
3
|
Item 1A.
|
Risk Factors
|
17
|
Item 1B.
|
Unresolved Staff Comments
|
28
|
Item 2.
|
Properties
|
28
|
Item 3.
|
Legal Proceedings
|
29
|
Item 4.
|
Mine Safety Disclosures
|
34
|
|
Executive Officers of the Registrant
|
34
|
|
|
|
|
Part II
|
|
|
|
|
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
35
|
Item 6.
|
Selected Financial Data
|
36
|
Item 7.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
38
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
58
|
Item 8.
|
Financial Statements and Supplementary Data
|
60
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
93
|
Item 9A.
|
Controls and Procedures
|
93
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Item 9B.
|
Other Information
|
95
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|
|
|
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Part III
|
|
|
|
|
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
96
|
Item 11.
|
Executive Compensation
|
97
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
97
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
98
|
Item 14.
|
Principal Accounting Fees and Services
|
98
|
|
|
|
|
Part IV
|
|
|
|
|
Item 15.
|
Exhibits, Financial Statement Schedules
|
99
|
|
Signatures
|
105
|
2 | ||
3 | ||
4 | ||
5 | ||
6 | ||
7 | ||
Cycling Computers - |
8 | ||
9 | ||
10 | ||
11 | ||
·
|
Amazon.com—internet retailer;
|
·
|
Best Buy—one of the largest U.S. and Canadian electronics retailers;
|
·
|
Costco—an international chain of membership warehouses that carry quality, brand name merchandise;
|
·
|
Halford’s—a large European retailer specializing in car parts and accessories; and
|
·
|
Wal-Mart—the world’s largest mass retailer.
|
12 | ||
13 | ||
|
|
December 28,
|
|
|
December 29,
|
|
|
December 31,
|
|
|||
($'s in thousands)
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|||
Research and development
|
|
$
|
364,923
|
|
|
$
|
325,773
|
|
|
$
|
298,584
|
|
Percent of net sales
|
|
|
13.9
|
%
|
|
|
12.0
|
%
|
|
|
10.8
|
%
|
14 | ||
15 | ||
16 | ||
17 | ||
18 | ||
19 | ||
· | If demand increases beyond what we forecast, we would have to rapidly increase production. We would depend on suppliers to provide additional volumes of components and those suppliers might not be able to increase production rapidly enough to meet unexpected demand. |
20 | ||
· | Rapid increases in production levels to meet unanticipated demand could result in higher costs for manufacturing and supply of components and other expenses. These higher costs could lower our profit margins. Further, if production is increased rapidly, manufacturing quality could decline, which may also lower our margins and reduce customer satisfaction. |
· | If forecasted demand does not develop, we could have excess production resulting in higher inventories of finished products and components, which would use cash and could lead to write-offs of some or all of the excess inventories. Lower than forecasted demand could also result in excess manufacturing capacity or reduced manufacturing efficiencies at our facilities, which could result in lower margins. |
21 | ||
22 | ||
23 | ||
24 | ||
25 | ||
· | announcements and rumors of developments related to our business, our competitors, our suppliers or the markets in which we compete; |
· | quarterly fluctuations in our actual or anticipated operating results; |
· | the availability, pricing and timeliness of delivery of components, such as flash memory and liquid crystal displays, used in our products; |
· | general conditions in the worldwide economy, including fluctuations in interest rates; |
· | changes in applicable tax laws and tax rates; |
· | announcements of technological innovations; |
· | new products or product enhancements by us or our competitors; |
· | product obsolescence and our ability to manage product transitions; |
· | developments in patents or other intellectual property rights and litigation; |
26 | ||
· | developments in our relationships with our customers and suppliers; |
· | research reports or opinions issued by securities analysts or brokerage houses related to Garmin, our competitors, our suppliers or our customers; and |
· | any significant acts of terrorism against the United States, Taiwan or significant markets where we sell our products. |
27 | ||
28 | ||
29 | ||
30 | ||
31 | ||
32 | ||
33 | ||
34 | ||
|
|
Year Ended
|
|
||||||||||
|
|
|
|
||||||||||
|
|
High
|
|
Low
|
|
High
|
|
Low
|
|
||||
First Quarter
|
|
$
|
42.25
|
|
$
|
32.97
|
|
$
|
48.86
|
|
$
|
39.36
|
|
Second Quarter
|
|
$
|
36.88
|
|
$
|
32.60
|
|
$
|
49.33
|
|
$
|
36.76
|
|
Third Quarter
|
|
$
|
45.42
|
|
$
|
34.96
|
|
$
|
42.45
|
|
$
|
35.84
|
|
Fourth Quarter
|
|
$
|
49.33
|
|
$
|
45.70
|
|
$
|
42.73
|
|
$
|
36.12
|
|
35 | ||
|
|
|
|
|
|
|
Maximum Number of Shares (or
|
|
|
|
|
|
|
|
|
|
Approx. Dollar Value of Shares
|
|
|
|
|
Total # of
|
|
Average Price
|
|
in Thousands) That May Yet Be
|
|
||
Period
|
|
Shares Purchased
|
|
Paid Per Share
|
|
Purchased Under the Plan
|
|
||
Sept 29 - Oct 26, 2013
|
|
-
|
|
|
-
|
|
$
|
273,074
|
|
Oct 27 - Nov 23, 2013
|
|
241,403
|
|
$
|
46.92
|
|
$
|
261,747
|
|
Nov 24 - Dec 28, 2013
|
|
422,005
|
|
$
|
48.08
|
|
$
|
241,460
|
|
Total
|
|
663,408
|
|
$
|
47.65
|
|
$
|
241,460
|
|
36 | ||
|
|
Years ended (1)
|
|
|||||||||||||
|
|
|
|
Dec. 31, 2011 (2)
|
|
|
|
|||||||||
|
|
(in thousands, except per share data)
|
|
|||||||||||||
Consolidated Statements of Income Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
2,631,851
|
|
$
|
2,715,675
|
|
$
|
2,758,569
|
|
$
|
2,689,911
|
|
$
|
2,946,440
|
|
Cost of goods sold
|
|
|
1,224,551
|
|
|
1,277,195
|
|
|
1,419,977
|
|
|
1,343,537
|
|
|
1,502,329
|
|
Gross profit
|
|
|
1,407,300
|
|
|
1,438,480
|
|
|
1,338,592
|
|
|
1,346,374
|
|
|
1,444,111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising expense
|
|
|
112,905
|
|
|
138,757
|
|
|
145,024
|
|
|
144,613
|
|
|
155,521
|
|
Selling, general and administrative
|
|
|
355,440
|
|
|
369,790
|
|
|
341,217
|
|
|
287,824
|
|
|
264,202
|
|
Research and development
|
|
|
364,923
|
|
|
325,773
|
|
|
298,584
|
|
|
277,261
|
|
|
238,378
|
|
Total operating expenses
|
|
|
833,268
|
|
|
834,320
|
|
|
784,825
|
|
|
709,698
|
|
|
658,101
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
574,032
|
|
|
604,160
|
|
|
553,767
|
|
|
636,676
|
|
|
786,010
|
|
Other income/(expense), net (3), (4)
|
|
|
79,526
|
|
|
20,368
|
|
|
30,394
|
|
|
(59,404)
|
|
|
22,641
|
|
Income before income taxes
|
|
|
653,558
|
|
|
624,528
|
|
|
584,161
|
|
|
577,272
|
|
|
808,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision/(benefit) (5)
|
|
|
41,146
|
|
|
82,125
|
|
|
63,265
|
|
|
(7,331)
|
|
|
104,701
|
|
Net income
|
|
$
|
612,412
|
|
$
|
542,403
|
|
$
|
520,896
|
|
$
|
584,603
|
|
$
|
703,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
3.13
|
|
$
|
2.78
|
|
$
|
2.68
|
|
$
|
2.97
|
|
$
|
3.51
|
|
Diluted
|
|
$
|
3.12
|
|
$
|
2.76
|
|
$
|
2.67
|
|
$
|
2.95
|
|
$
|
3.50
|
|
Weighted average common shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
195,411
|
|
|
194,909
|
|
|
194,105
|
|
|
196,979
|
|
|
200,395
|
|
Diluted
|
|
|
196,341
|
|
|
196,213
|
|
|
194,894
|
|
|
198,009
|
|
|
201,161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid per share
|
|
$
|
1.80
|
|
$
|
1.80
|
|
$
|
1.60
|
|
$
|
1.50
|
|
$
|
0.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data (at end of Period):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,179,149
|
|
$
|
1,231,180
|
|
$
|
1,287,160
|
|
$
|
1,260,936
|
|
$
|
1,091,581
|
|
Marketable securities
|
|
|
1,651,968
|
|
|
1,641,395
|
|
|
1,208,155
|
|
|
801,819
|
|
|
766,047
|
|
Total assets
|
|
|
4,869,699
|
|
|
4,819,124
|
|
|
4,471,338
|
|
|
3,988,688
|
|
|
3,828,082
|
|
Total debt
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total stockholders' equity
|
|
|
3,659,706
|
|
|
3,531,796
|
|
|
3,256,581
|
|
|
3,049,562
|
|
|
2,836,447
|
|
(1)
|
Our fiscal year-end is the last Saturday of the calendar year and does not always fall on December 31. All years presented contain 52 weeks excluding Fiscal 2011 which includes 53 weeks.
|
(2)
|
Includes a change in estimate for per unit revenue and cost deferrals. The increase to net sales, gross profit, net income, basic net income per share and diluted net income per share was $77.8 million, $66.5 million, $59.3 million, $0.31, and $0.30, respectively.
|
(3)
|
Other income/(expense), net mainly consists of gain and/or loss on sale of equity securities, interest income, interest expense, and foreign currency gain (loss)
|
(4)
|
Includes $35.5 million foreign currency gain in 2013 and $20.0 million, $12.1 million, $88.4 million, and $6.0 million foreign currency losses in 2012, 2011, 2010, and 2009 respectively.
|
(5)
|
Includes a $68.7 million material income tax reserve release of uncertain tax position reserves from 2009 partially offset by Taiwan surtax expense due to the release of reserves, recorded in 2013, and a $98.7 million material income tax reserve release of uncertain tax position reserves from 2006 to 2008, partially offset by a settlement for the 2007 tax year in the US and Taiwan surtax expense due to the release of reserves, recorded in 2010.
|
37 | ||
38 | ||
39 | ||
40 | ||
41 | ||
42 | ||
43 | ||
44 | ||
|
|
Fiscal Years Ended
|
|
||||||
|
|
Dec. 28,
|
|
|
Dec. 29,
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Net sales
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Cost of goods sold
|
|
47
|
%
|
|
47
|
%
|
|
51
|
%
|
Gross profit
|
|
53
|
%
|
|
53
|
%
|
|
49
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Advertising
|
|
4
|
%
|
|
5
|
%
|
|
5
|
%
|
Selling, general and administrative
|
|
14
|
%
|
|
14
|
%
|
|
12
|
%
|
Research and development
|
|
14
|
%
|
|
12
|
%
|
|
11
|
%
|
Total operating expenses
|
|
32
|
%
|
|
31
|
%
|
|
28
|
%
|
Operating income
|
|
22
|
%
|
|
22
|
%
|
|
20
|
%
|
Other income / (expense) , net
|
|
3
|
%
|
|
1
|
%
|
|
1
|
%
|
Income before income taxes
|
|
25
|
%
|
|
23
|
%
|
|
21
|
%
|
Provision for income taxes
|
|
2
|
%
|
|
3
|
%
|
|
2
|
%
|
Net income
|
|
23
|
%
|
|
20
|
%
|
|
19
|
%
|
45 | ||
Fiscal year ended December 28, 2013
|
|
Outdoor
|
|
Fitness
|
|
Marine
|
|
Automotive/
Mobile |
|
Aviation
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
410,989
|
|
$
|
356,283
|
|
$
|
222,928
|
|
$
|
1,302,314
|
|
$
|
339,337
|
|
Cost of goods sold
|
|
|
148,460
|
|
|
133,358
|
|
|
107,837
|
|
|
737,231
|
|
|
97,665
|
|
Gross profit
|
|
|
262,529
|
|
|
222,925
|
|
|
115,091
|
|
|
565,083
|
|
|
241,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
|
|
|
19,805
|
|
|
24,153
|
|
|
11,435
|
|
|
52,478
|
|
|
5,034
|
|
Selling, general and administrative expenses
|
|
|
59,058
|
|
|
50,765
|
|
|
38,578
|
|
|
187,449
|
|
|
19,590
|
|
Research and development
|
|
|
24,469
|
|
|
27,757
|
|
|
46,585
|
|
|
136,639
|
|
|
129,473
|
|
Total expenses
|
|
|
103,332
|
|
|
102,675
|
|
|
96,598
|
|
|
376,566
|
|
|
154,097
|
|
Operating income
|
|
|
159,197
|
|
|
120,250
|
|
|
18,493
|
|
|
188,517
|
|
|
87,575
|
|
Other income / (expense), net
|
|
|
9,352
|
|
|
11,161
|
|
|
7,500
|
|
|
46,005
|
|
|
5,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
$
|
168,549
|
|
$
|
131,411
|
|
$
|
25,993
|
|
$
|
234,522
|
|
$
|
93,083
|
|
Fiscal year ended December 29, 2012
|
|
Outdoor
|
|
Fitness
|
|
Marine
|
|
Automotive/
Mobile |
|
Aviation
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
401,747
|
|
$
|
321,788
|
|
$
|
208,136
|
|
$
|
1,492,440
|
|
$
|
291,564
|
|
Cost of goods sold
|
|
|
141,183
|
|
|
117,173
|
|
|
82,935
|
|
|
849,527
|
|
|
86,377
|
|
Gross profit
|
|
|
260,564
|
|
|
204,615
|
|
|
125,201
|
|
|
642,913
|
|
|
205,187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
|
|
|
20,812
|
|
|
25,322
|
|
|
14,804
|
|
|
72,817
|
|
|
5,002
|
|
Selling, general and administrative expenses
|
|
|
54,535
|
|
|
43,943
|
|
|
33,540
|
|
|
220,669
|
|
|
17,103
|
|
Research and development
|
|
|
20,606
|
|
|
23,543
|
|
|
42,857
|
|
|
128,661
|
|
|
110,106
|
|
Total expenses
|
|
|
95,953
|
|
|
92,808
|
|
|
91,201
|
|
|
422,147
|
|
|
132,211
|
|
Operating income
|
|
|
164,611
|
|
|
111,807
|
|
|
34,000
|
|
|
220,766
|
|
|
72,976
|
|
Other income / (expense), net
|
|
|
3,123
|
|
|
2,467
|
|
|
1,725
|
|
|
10,852
|
|
|
2,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
$
|
167,734
|
|
$
|
114,274
|
|
$
|
35,725
|
|
$
|
231,618
|
|
$
|
75,177
|
|
Fiscal year ended December 31, 2011
|
|
Outdoor
|
|
Fitness
|
|
Marine
|
|
Automotive/
Mobile |
|
Aviation
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
363,223
|
|
$
|
298,163
|
|
$
|
221,730
|
|
$
|
1,590,598
|
|
$
|
284,855
|
|
Cost of goods sold
|
|
|
124,373
|
|
|
116,404
|
|
|
92,077
|
|
|
993,581
|
|
|
93,542
|
|
Gross profit
|
|
|
238,850
|
|
|
181,759
|
|
|
129,653
|
|
|
597,017
|
|
|
191,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
|
|
|
16,739
|
|
|
18,831
|
|
|
11,310
|
|
|
93,456
|
|
|
4,688
|
|
Selling, general and administrative expenses
|
|
|
43,181
|
|
|
38,495
|
|
|
30,990
|
|
|
212,545
|
|
|
16,006
|
|
Research and development
|
|
|
17,419
|
|
|
22,332
|
|
|
29,708
|
|
|
130,179
|
|
|
98,946
|
|
Total expenses
|
|
|
77,339
|
|
|
79,658
|
|
|
72,008
|
|
|
436,180
|
|
|
119,640
|
|
Operating income
|
|
|
161,511
|
|
|
102,101
|
|
|
57,645
|
|
|
160,837
|
|
|
71,673
|
|
Other income / (expense), net
|
|
|
9,734
|
|
|
5,780
|
|
|
2,447
|
|
|
10,880
|
|
|
1,553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
$
|
171,245
|
|
$
|
107,881
|
|
$
|
60,092
|
|
$
|
171,717
|
|
$
|
73,226
|
|
46 | ||
|
|
52-weeks ended December 28, 2013
|
|
|
52-weeks ended December 29, 2012
|
|
|
Year over Year
|
|
|
|||||||||
|
|
Net Sales
|
|
% of Revenues
|
|
|
Net Sales
|
|
% of Revenues
|
|
|
$ Change
|
|
% Change
|
|
|
|||
Outdoor
|
|
$
|
410,989
|
|
16
|
%
|
|
$
|
401,747
|
|
15
|
%
|
|
$
|
9,242
|
|
2
|
%
|
|
Fitness
|
|
|
356,283
|
|
14
|
%
|
|
|
321,788
|
|
12
|
%
|
|
|
34,495
|
|
11
|
%
|
|
Marine
|
|
|
222,928
|
|
8
|
%
|
|
|
208,136
|
|
7
|
%
|
|
|
14,792
|
|
7
|
%
|
|
Automotive/Mobile
|
|
|
1,302,314
|
|
49
|
%
|
|
|
1,492,440
|
|
55
|
%
|
|
|
(190,126)
|
|
-13
|
%
|
|
Aviation
|
|
|
339,337
|
|
13
|
%
|
|
|
291,564
|
|
11
|
%
|
|
|
47,773
|
|
16
|
%
|
|
Total
|
|
$
|
2,631,851
|
|
100
|
%
|
|
$
|
2,715,675
|
|
100
|
%
|
|
$
|
(83,824)
|
|
-3
|
%
|
|
|
|
52-weeks ended December 28, 2013
|
|
|
52-weeks ended December 29, 2012
|
|
|
Year over Year
|
|
|
|||||||||
|
|
Cost of Goods
|
|
% of Revenues
|
|
|
Cost of Goods
|
|
% of Revenues
|
|
|
$ Change
|
|
% Change
|
|
|
|||
Outdoor
|
|
$
|
148,460
|
|
36
|
%
|
|
$
|
141,183
|
|
35
|
%
|
|
$
|
7,277
|
|
5
|
%
|
|
Fitness
|
|
|
133,358
|
|
37
|
%
|
|
|
117,173
|
|
36
|
%
|
|
|
16,185
|
|
14
|
%
|
|
Marine
|
|
|
107,837
|
|
48
|
%
|
|
|
82,935
|
|
40
|
%
|
|
|
24,902
|
|
30
|
%
|
|
Automotive/Mobile
|
|
|
737,231
|
|
57
|
%
|
|
|
849,527
|
|
57
|
%
|
|
|
(112,296)
|
|
-13
|
%
|
|
Aviation
|
|
|
97,665
|
|
29
|
%
|
|
|
86,377
|
|
30
|
%
|
|
|
11,288
|
|
13
|
%
|
|
Total
|
|
$
|
1,224,551
|
|
47
|
%
|
|
$
|
1,277,195
|
|
47
|
%
|
|
$
|
(52,644)
|
|
-4
|
%
|
|
47 | ||
|
|
52-weeks ended December 28, 2013
|
|
|
52-weeks ended December 29, 2012
|
|
|
Year over Year
|
|
|
|||||||||
|
|
Gross Profit
|
|
% of Revenues
|
|
|
Gross Profit
|
|
% of Revenues
|
|
|
$ Change
|
|
% Change
|
|
|
|||
Outdoor
|
|
$
|
262,529
|
|
64
|
%
|
|
$
|
260,564
|
|
65
|
%
|
|
$
|
1,965
|
|
1
|
%
|
|
Fitness
|
|
|
222,925
|
|
63
|
%
|
|
|
204,615
|
|
64
|
%
|
|
|
18,310
|
|
9
|
%
|
|
Marine
|
|
|
115,091
|
|
52
|
%
|
|
|
125,201
|
|
60
|
%
|
|
|
(10,110)
|
|
-8
|
%
|
|
Automotive/Mobile
|
|
|
565,083
|
|
43
|
%
|
|
|
642,913
|
|
43
|
%
|
|
|
(77,830)
|
|
-12
|
%
|
|
Aviation
|
|
|
241,672
|
|
71
|
%
|
|
|
205,187
|
|
70
|
%
|
|
|
36,485
|
|
18
|
%
|
|
Total
|
|
$
|
1,407,300
|
|
53
|
%
|
|
$
|
1,438,480
|
|
53
|
%
|
|
$
|
(31,180)
|
|
-2
|
%
|
|
|
|
52-weeks ended December 28, 2013
|
|
|
52-weeks ended December 29, 2012
|
|
|
Year over Year
|
|
|
|||||||||
|
|
Advertising
Expense |
|
% of Revenues
|
|
|
Advertising
Expense |
|
% of Revenues
|
|
|
$ Change
|
|
% Change
|
|
|
|||
Outdoor
|
|
$
|
19,805
|
|
5
|
%
|
|
$
|
20,812
|
|
5
|
%
|
|
$
|
(1,007)
|
|
-5
|
%
|
|
Fitness
|
|
|
24,153
|
|
7
|
%
|
|
|
25,322
|
|
8
|
%
|
|
|
(1,169)
|
|
-5
|
%
|
|
Marine
|
|
|
11,435
|
|
5
|
%
|
|
|
14,804
|
|
7
|
%
|
|
|
(3,369)
|
|
-23
|
%
|
|
Automotive/Mobile
|
|
|
52,478
|
|
4
|
%
|
|
|
72,817
|
|
5
|
%
|
|
|
(20,339)
|
|
-28
|
%
|
|
Aviation
|
|
|
5,034
|
|
1
|
%
|
|
|
5,002
|
|
2
|
%
|
|
|
32
|
|
1
|
%
|
|
Total
|
|
$
|
112,905
|
|
4
|
%
|
|
$
|
138,757
|
|
5
|
%
|
|
$
|
(25,852)
|
|
-19
|
%
|
|
48 | ||
|
|
52-weeks ended December 28, 2013
|
|
|
52-weeks ended December 29, 2012
|
|
|
Year over Year
|
|
|
|||||||||
|
|
Selling, General &
Admin. Expenses |
|
% of Revenues
|
|
|
Selling, General &
Admin. Expenses |
|
% of Revenues
|
|
|
$ Change
|
|
% Change
|
|
|
|||
Outdoor
|
|
$
|
59,058
|
|
14
|
%
|
|
$
|
54,535
|
|
14
|
%
|
|
$
|
4,523
|
|
8
|
%
|
|
Fitness
|
|
|
50,765
|
|
14
|
%
|
|
|
43,943
|
|
14
|
%
|
|
|
6,822
|
|
16
|
%
|
|
Marine
|
|
|
38,578
|
|
17
|
%
|
|
|
33,540
|
|
16
|
%
|
|
|
5,038
|
|
15
|
%
|
|
Automotive/Mobile
|
|
|
187,449
|
|
14
|
%
|
|
|
220,669
|
|
15
|
%
|
|
|
(33,220)
|
|
-15
|
%
|
|
Aviation
|
|
|
19,590
|
|
6
|
%
|
|
|
17,103
|
|
6
|
%
|
|
|
2,487
|
|
15
|
%
|
|
Total
|
|
$
|
355,440
|
|
14
|
%
|
|
$
|
369,790
|
|
14
|
%
|
|
$
|
(14,350)
|
|
-4
|
%
|
|
|
|
52-weeks ended December 28, 2013
|
|
|
52-weeks ended December 29, 2012
|
|
|
Year over Year
|
|
|
|||||||||
|
|
Research &
Development |
|
% of Revenues
|
|
|
Research &
Development |
|
% of Revenues
|
|
|
$ Change
|
|
% Change
|
|
|
|||
Outdoor
|
|
$
|
24,469
|
|
6
|
%
|
|
$
|
20,606
|
|
5
|
%
|
|
$
|
3,863
|
|
19
|
%
|
|
Fitness
|
|
|
27,757
|
|
8
|
%
|
|
|
23,543
|
|
7
|
%
|
|
|
4,214
|
|
18
|
%
|
|
Marine
|
|
|
46,585
|
|
21
|
%
|
|
|
42,857
|
|
21
|
%
|
|
|
3,728
|
|
9
|
%
|
|
Automotive/Mobile
|
|
|
136,639
|
|
10
|
%
|
|
|
128,661
|
|
9
|
%
|
|
|
7,978
|
|
6
|
%
|
|
Aviation
|
|
|
129,473
|
|
38
|
%
|
|
|
110,106
|
|
38
|
%
|
|
|
19,367
|
|
18
|
%
|
|
Total
|
|
$
|
364,923
|
|
14
|
%
|
|
$
|
325,773
|
|
12
|
%
|
|
$
|
39,150
|
|
12
|
%
|
|
|
|
52-weeks ended December 28, 2013
|
|
52-weeks ended December 29, 2012
|
|
|
Year over Year
|
|
|
||||||||||
|
|
Operating Income
|
|
% of Revenues
|
|
|
Operating Income
|
|
% of Revenues
|
|
|
$ Change
|
|
% Change
|
|
|
|||
Outdoor
|
|
$
|
159,197
|
|
39
|
%
|
|
$
|
164,611
|
|
41
|
%
|
|
$
|
(5,414)
|
|
-3
|
%
|
|
Fitness
|
|
|
120,250
|
|
34
|
%
|
|
|
111,807
|
|
35
|
%
|
|
|
8,443
|
|
8
|
%
|
|
Marine
|
|
|
18,493
|
|
8
|
%
|
|
|
34,000
|
|
16
|
%
|
|
|
(15,507)
|
|
-46
|
%
|
|
Automotive/Mobile
|
|
|
188,517
|
|
14
|
%
|
|
|
220,766
|
|
15
|
%
|
|
|
(32,249)
|
|
-15
|
%
|
|
Aviation
|
|
|
87,575
|
|
26
|
%
|
|
|
72,976
|
|
25
|
%
|
|
|
14,599
|
|
20
|
%
|
|
Total
|
|
$
|
574,032
|
|
22
|
%
|
|
$
|
604,160
|
|
22
|
%
|
|
$
|
(30,128)
|
|
-5
|
%
|
|
49 | ||
|
|
52-weeks ended
December 28, 2013 |
|
52-weeks ended
December 29, 2012 |
|
||
Interest Income
|
|
$
|
35,271
|
|
$
|
35,108
|
|
Foreign Currency Exchange
|
|
|
35,538
|
|
|
(20,022)
|
|
Other
|
|
|
8,717
|
|
|
5,282
|
|
Total
|
|
$
|
79,526
|
|
$
|
20,368
|
|
50 | ||
|
|
52-weeks ended December 28, 2012
|
|
|
52-weeks ended December 29, 2011
|
|
|
Year over Year
|
|
|
|||||||||
|
|
Net Sales
|
|
% of Revenues
|
|
|
Net Sales
|
|
% of Revenues
|
|
|
$ Change
|
|
% Change
|
|
|
|||
Outdoor
|
|
$
|
401,747
|
|
15
|
%
|
|
$
|
363,223
|
|
13
|
%
|
|
$
|
38,524
|
|
11
|
%
|
|
Fitness
|
|
|
321,788
|
|
12
|
%
|
|
|
298,163
|
|
11
|
%
|
|
|
23,625
|
|
8
|
%
|
|
Marine
|
|
|
208,136
|
|
7
|
%
|
|
|
221,730
|
|
8
|
%
|
|
|
(13,594)
|
|
-6
|
%
|
|
Automotive/Mobile
|
|
|
1,492,440
|
|
55
|
%
|
|
|
1,590,598
|
|
58
|
%
|
|
|
(98,158)
|
|
-6
|
%
|
|
Aviation
|
|
|
291,564
|
|
11
|
%
|
|
|
284,855
|
|
10
|
%
|
|
|
6,709
|
|
2
|
%
|
|
Total
|
|
$
|
2,715,675
|
|
100
|
%
|
|
$
|
2,758,569
|
|
100
|
%
|
|
$
|
(42,894)
|
|
-2
|
%
|
|
51 | ||
|
|
52-weeks ended December 29, 2012
|
|
|
53-weeks ended December 31, 2011
|
|
|
Year over Year
|
|
|
|||||||||
|
|
|
Cost of Goods
|
|
% of Revenues
|
|
|
Cost of Goods
|
|
% of Revenues
|
|
|
$ Change
|
|
% Change
|
|
|
||
Outdoor
|
|
$
|
141,183
|
|
35
|
%
|
|
$
|
124,373
|
|
34
|
%
|
|
$
|
16,810
|
|
14
|
%
|
|
Fitness
|
|
|
117,173
|
|
36
|
%
|
|
|
116,404
|
|
39
|
%
|
|
|
769
|
|
1
|
%
|
|
Marine
|
|
|
82,935
|
|
40
|
%
|
|
|
92,077
|
|
42
|
%
|
|
|
(9,142)
|
|
-10
|
%
|
|
Automotive/Mobile
|
|
|
849,527
|
|
57
|
%
|
|
|
993,581
|
|
62
|
%
|
|
|
(144,054)
|
|
-14
|
%
|
|
Aviation
|
|
|
86,377
|
|
30
|
%
|
|
|
93,542
|
|
33
|
%
|
|
|
(7,165)
|
|
-8
|
%
|
|
Total
|
|
$
|
1,277,195
|
|
47
|
%
|
|
$
|
1,419,977
|
|
51
|
%
|
|
$
|
(142,782)
|
|
-10
|
%
|
|
|
|
52-weeks ended December 29, 2012
|
|
|
53-weeks ended December 31, 2011
|
|
|
Year over Year
|
|
|
|||||||||
|
|
Gross Profit
|
|
% of Revenues
|
|
|
Gross Profit
|
|
% of Revenues
|
|
|
$ Change
|
|
% Change
|
|
|
|||
Outdoor
|
|
$
|
260,564
|
|
65
|
%
|
|
$
|
238,850
|
|
66
|
%
|
|
$
|
21,714
|
|
9
|
%
|
|
Fitness
|
|
|
204,615
|
|
64
|
%
|
|
|
181,759
|
|
61
|
%
|
|
|
22,856
|
|
13
|
%
|
|
Marine
|
|
|
125,201
|
|
60
|
%
|
|
|
129,653
|
|
58
|
%
|
|
|
(4,452)
|
|
-3
|
%
|
|
Automotive/Mobile
|
|
|
642,913
|
|
43
|
%
|
|
|
597,017
|
|
38
|
%
|
|
|
45,896
|
|
8
|
%
|
|
Aviation
|
|
|
205,187
|
|
70
|
%
|
|
|
191,313
|
|
67
|
%
|
|
|
13,874
|
|
7
|
%
|
|
Total
|
|
$
|
1,438,480
|
|
53
|
%
|
|
$
|
1,338,592
|
|
49
|
%
|
|
$
|
99,888
|
|
7
|
%
|
|
52 | ||
|
|
52-weeks ended December 29, 2012
|
|
|
53-weeks ended December 31, 2011
|
|
|
Year over Year
|
|
|
|||||||||
|
|
Advertising
|
|
|
|
|
Advertising
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Expense
|
|
% of Revenues
|
|
|
Expense
|
|
% of Revenues
|
|
|
$ Change
|
|
% Change
|
|
|
|||
Outdoor
|
|
$
|
20,812
|
|
5
|
%
|
|
$
|
16,739
|
|
5
|
%
|
|
$
|
4,073
|
|
24
|
%
|
|
Fitness
|
|
|
25,322
|
|
8
|
%
|
|
|
18,831
|
|
6
|
%
|
|
|
6,491
|
|
34
|
%
|
|
Marine
|
|
|
14,804
|
|
7
|
%
|
|
|
11,310
|
|
5
|
%
|
|
|
3,494
|
|
31
|
%
|
|
Automotive/Mobile
|
|
|
72,817
|
|
5
|
%
|
|
|
93,456
|
|
6
|
%
|
|
|
(20,639)
|
|
-22
|
%
|
|
Aviation
|
|
|
5,002
|
|
2
|
%
|
|
|
4,688
|
|
2
|
%
|
|
|
314
|
|
7
|
%
|
|
Total
|
|
$
|
138,757
|
|
5
|
%
|
|
$
|
145,024
|
|
5
|
%
|
|
$
|
(6,267)
|
|
-4
|
%
|
|
|
|
52-weeks ended December 29, 2012
|
|
|
53-weeks ended December 31, 2011
|
|
|
Year over Year
|
|
|
|||||||||
|
|
Selling, General &
|
|
|
|
|
Selling, General &
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Admin. Expenses
|
|
% of Revenues
|
|
|
Admin. Expenses
|
|
% of Revenues
|
|
|
$ Change
|
|
% Change
|
|
|
|||
Outdoor
|
|
$
|
54,535
|
|
14
|
%
|
|
$
|
43,181
|
|
12
|
%
|
|
$
|
11,354
|
|
26
|
%
|
|
Fitness
|
|
|
43,943
|
|
14
|
%
|
|
|
38,495
|
|
13
|
%
|
|
|
5,448
|
|
14
|
%
|
|
Marine
|
|
|
33,540
|
|
16
|
%
|
|
|
30,990
|
|
14
|
%
|
|
|
2,550
|
|
8
|
%
|
|
Automotive/Mobile
|
|
|
220,669
|
|
15
|
%
|
|
|
212,545
|
|
13
|
%
|
|
|
8,124
|
|
4
|
%
|
|
Aviation
|
|
|
17,103
|
|
6
|
%
|
|
|
16,006
|
|
6
|
%
|
|
|
1,097
|
|
7
|
%
|
|
Total
|
|
$
|
369,790
|
|
14
|
%
|
|
$
|
341,217
|
|
12
|
%
|
|
$
|
28,573
|
|
8
|
%
|
|
|
|
52-weeks ended December 29, 2012
|
|
|
53-weeks ended December 31, 2011
|
|
|
Year over Year
|
|
|
|||||||||
|
|
Research &
|
|
|
|
|
Research &
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Development
|
|
% of Revenues
|
|
|
Development
|
|
% of Revenues
|
|
|
$ Change
|
|
% Change
|
|
|
|||
Outdoor
|
|
$
|
20,606
|
|
5
|
%
|
|
$
|
17,419
|
|
5
|
%
|
|
$
|
3,187
|
|
18
|
%
|
|
Fitness
|
|
|
23,543
|
|
7
|
%
|
|
|
22,332
|
|
7
|
%
|
|
|
1,211
|
|
5
|
%
|
|
Marine
|
|
|
42,857
|
|
21
|
%
|
|
|
29,708
|
|
13
|
%
|
|
|
13,149
|
|
44
|
%
|
|
Automotive/Mobile
|
|
|
128,661
|
|
9
|
%
|
|
|
130,179
|
|
8
|
%
|
|
|
(1,518)
|
|
-1
|
%
|
|
Aviation
|
|
|
110,106
|
|
38
|
%
|
|
|
98,946
|
|
35
|
%
|
|
|
11,160
|
|
11
|
%
|
|
Total
|
|
$
|
325,773
|
|
12
|
%
|
|
$
|
298,584
|
|
11
|
%
|
|
$
|
27,189
|
|
9
|
%
|
|
53 | ||
|
|
52-weeks ended December 29, 2012
|
|
|
53-weeks ended December 31, 2011
|
|
|
Year over Year
|
|
|
||||||||||||
|
|
Operating Income
|
|
% of Revenues
|
|
|
Operating Income
|
|
% of Revenues
|
|
|
$ Change
|
|
% Change
|
|
|
||||||
Outdoor
|
|
$
|
164,611
|
|
|
41
|
%
|
|
$
|
161,511
|
|
|
44
|
%
|
|
$
|
3,100
|
|
|
2
|
%
|
|
Fitness
|
|
|
111,807
|
|
|
35
|
%
|
|
|
102,101
|
|
|
34
|
%
|
|
|
9,706
|
|
|
10
|
%
|
|
Marine
|
|
|
34,000
|
|
|
16
|
%
|
|
|
57,645
|
|
|
26
|
%
|
|
|
(23,645)
|
|
|
-41
|
%
|
|
Automotive/Mobile
|
|
|
220,766
|
|
|
15
|
%
|
|
|
160,837
|
|
|
10
|
%
|
|
|
59,929
|
|
|
37
|
%
|
|
Aviation
|
|
|
72,976
|
|
|
25
|
%
|
|
|
71,673
|
|
|
25
|
%
|
|
|
1,303
|
|
|
2
|
%
|
|
Total
|
|
$
|
604,160
|
|
|
22
|
%
|
|
$
|
553,767
|
|
|
20
|
%
|
|
$
|
50,393
|
|
|
9
|
%
|
|
|
|
52-weeks ended
|
|
53-weeks ended
|
|
||
|
|
|
|
||||
Interest Income
|
|
$
|
35,108
|
|
$
|
32,812
|
|
Foreign Currency Exchange
|
|
|
(20,022)
|
|
|
(12,100)
|
|
Other
|
|
|
5,282
|
|
|
9,682
|
|
Total
|
|
$
|
20,368
|
|
$
|
30,394
|
|
54 | ||
|
|
Fiscal Year Ended
|
|
|||||||
(In thousands)
|
|
Dec 28,
2013 |
|
Dec 29,
2012 |
|
Dec 31,
2011 |
|
|||
Net cash provided by operating activities
|
|
$
|
630,084
|
|
$
|
684,745
|
|
$
|
822,334
|
|
· | the impact of increasing unrealized foreign currency gains providing $80.2 million less cash due primarily to foreign currency rate fluctuations related to our Taiwan operations which utilize the Taiwan Dollar as their functional currency resulting in translation of assets and liabilities to U.S. Dollar |
· | deferred revenue/costs providing $70.8 million less working capital benefit due to the increased amortization of previously deferred revenue/cost exceeding current period revenue deferrals as discussed in the Results of Operations section above |
· | other current and noncurrent assets providing $61.7 million less cash primarily due to the reimbursement of tax withholdings of $51.4 million from the Swiss Federal Tax Authority in 2012 |
· | inventories and related provisions for obsolete and slow moving inventories providing $11.7 million less cash due to valuation fluctuations related to inventories held in foreign currencies |
· | the impact of decreasing depreciation and amortization providing $11.7 million less non-cash adjustment to net income and |
· | the impact of decreasing stock compensation expense providing $6.7 million less non-cash adjustment to net income |
· | net income increasing by $70.0 million as discussed in the Results of Operations section above |
· | accounts payable providing $57.0 million more cash primarily due to the impact of lower revenues and associated expenses in 2013 |
· | deferred income taxes providing $40.0 million more cash due primarily to the impact of decreased deferred revenue/costs and |
· | accounts receivable and related provision for doubtful accounts providing $26.4 million more cash primarily due to the impact of lower revenues and the associated decline in receivables |
· | accounts receivable and related provision for doubtful accounts providing $158.1 million less cash primarily due to lower revenue in 2012 and the impact of the 53-week fiscal year in 2011 which allowed for additional collections |
· | deferred revenue/costs providing $90.8 million less working capital benefit due to the increased amortization of previously deferred revenue/cost and reduced per unit revenue deferrals, offset by the impact of increased sales of bundled units requiring deferral, all of which is discussed in the Results of Operations section above, and |
· | income taxes payable providing $51.5 million less cash due to increased payments and the timing of disbursements during the year |
55 | ||
· | other current and non-current assets providing $100.7 million more cash due primarily to the payment of tax withholdings of $51.4 million to the Swiss Federal Tax Authority in 2011 and the refund of those withholdings in 2012 |
· | other current and non-current liabilities providing $27.9 million more cash due to lower royalty costs and the timing of such payments |
· | net income increasing by $21.5 million as discussed in the Results of Operations section above, and |
· | the impact of increasing unrealized foreign currency losses providing $21.4 million more cash |
|
|
Fiscal Year Ended
|
|
|||||||
(In thousands)
|
|
Dec 28,
2013 |
|
Dec 29,
2012 |
|
Dec 31,
2011 |
|
|||
Net cash used in investing activities
|
|
$
|
(274,442)
|
|
$
|
(496,228)
|
|
$
|
(488,198)
|
|
· | decreased net investments in marketable securities providing cash of $368.3 million |
· | increased cash advanced under a loan receivable commitment with Bombardier of $137.4 million, and |
· | increased purchases of property and equipment of $17.6 million |
· | increased investments in marketable securities using cash of $50.7 million |
· | decreased cash paid for acquisitions of $46.5 million |
56 | ||
|
|
Fiscal Year Ended
|
|
|||||||
(In thousands)
|
|
Dec 28,
2013 |
|
Dec 29,
2012 |
|
Dec 31,
2011 |
|
|||
Net cash used in financing activities
|
|
$
|
(406,838)
|
|
$
|
(249,849)
|
|
$
|
(307,413)
|
|
· | increased dividend payments of $98.3 million due to the timing of our calendar fourth quarter 2012 dividend occurring after the close of our fiscal year and the increase in our year-over-year dividend rate (our dividend has progressively increased from $0.40 per share for the four calendar quarters beginning in June 2011 to $0.45 per share for calendar quarters after March 2012) and |
· | increased purchase of treasury stock of $58.4 million under a share repurchase authorization |
· | decreased dividend payments of $57.4 million due to the timing of our calendar fourth quarter 2012 dividend occurring after the close of our fiscal year |
|
|
Payments due by period
|
|
|||||||||||||
|
|
|
|
Less than
|
|
|
|
|
|
More than
|
|
|||||
Contractual Obligations
|
|
Total
|
|
1 year
|
|
1-3 years
|
|
3-5 years
|
|
5 years
|
|
|||||
Operating Leases
|
|
$
|
69.7
|
|
$
|
15.5
|
|
$
|
25.5
|
|
$
|
14.6
|
|
$
|
14.1
|
|
57 | ||
58 | ||
59 | ||
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm
|
61
|
Consolidated Balance Sheets at December 28, 2013 and December 29, 2012
|
62
|
Consolidated Statements of Income for the Years Ended December 28, 2013, December 29, 2012 and December 31, 2011
|
63
|
Consolidated Statements of Comprehensive Income for the Years Ended December 28, 2013, December 29, 2012 and December 31, 2011
|
64
|
Consolidated Statements of Stockholders’ Equity for the Years Ended December 28, 2013, December 29, 2012 and December 31, 2011
|
65
|
Consolidated Statements of Cash Flows for the Years December 28, 2013, December 29, 2012 and December 31, 2011
|
66
|
Notes to Consolidated Financial Statements
|
68
|
60 | ||
|
|
|
|
Kansas City, Missouri
|
|
|
61 | ||
|
|
December 28,
|
|
|
|||
|
|
|
2012
|
|
|||
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,179,149
|
|
$
|
1,231,180
|
|
Marketable securities (Note 3)
|
|
|
149,862
|
|
|
153,083
|
|
Accounts receivable, less allowance for doubtful accounts of
$20,367 in 2013 and $20,582 in 2012 |
|
|
564,586
|
|
|
603,673
|
|
Inventories, net
|
|
|
382,226
|
|
|
389,931
|
|
Deferred income taxes (Note 6)
|
|
|
69,823
|
|
|
68,785
|
|
Deferred costs
|
|
|
57,368
|
|
|
53,948
|
|
Loan receivable
|
|
|
137,379
|
|
|
-
|
|
Prepaid expenses and other current assets
|
|
|
55,243
|
|
|
35,520
|
|
Total current assets
|
|
|
2,595,636
|
|
|
2,536,120
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
|
|
|
Land and improvements
|
|
|
98,324
|
|
|
97,427
|
|
Building and improvements
|
|
|
300,820
|
|
|
284,534
|
|
Office furniture and equipment
|
|
|
156,731
|
|
|
135,246
|
|
Manufacturing equipment
|
|
|
123,346
|
|
|
131,019
|
|
Engineering equipment
|
|
|
96,180
|
|
|
90,817
|
|
Vehicles
|
|
|
20,879
|
|
|
20,695
|
|
|
|
|
796,280
|
|
|
759,738
|
|
Accumulated depreciation
|
|
|
(381,432)
|
|
|
(349,987)
|
|
|
|
|
414,848
|
|
|
409,751
|
|
|
|
|
|
|
|
|
|
Restricted cash (Note 4)
|
|
|
249
|
|
|
836
|
|
Marketable securities (Note 3)
|
|
|
1,502,106
|
|
|
1,488,312
|
|
Noncurrent deferred income tax (Note 6)
|
|
|
88,324
|
|
|
93,920
|
|
Noncurrent deferred costs
|
|
|
41,157
|
|
|
42,359
|
|
Intangible assets
|
|
|
219,494
|
|
|
232,597
|
|
Other assets
|
|
|
17,789
|
|
|
15,229
|
|
Total assets
|
|
$
|
4,879,603
|
|
$
|
4,819,124
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
146,582
|
|
$
|
131,263
|
|
Salaries and benefits payable
|
|
|
59,794
|
|
|
55,969
|
|
Accrued warranty costs
|
|
|
26,767
|
|
|
37,301
|
|
Accrued sales program costs
|
|
|
50,903
|
|
|
57,080
|
|
Deferred revenue
|
|
|
256,908
|
|
|
252,375
|
|
Accrued royalty costs
|
|
|
64,538
|
|
|
71,745
|
|
Accrued advertising expense
|
|
|
19,448
|
|
|
25,192
|
|
Other accrued expenses
|
|
|
65,657
|
|
|
69,806
|
|
Deferred income taxes (Note 6)
|
|
|
989
|
|
|
332
|
|
Income taxes payable
|
|
|
38,043
|
|
|
32,031
|
|
Dividend payable
|
|
|
175,675
|
|
|
175,932
|
|
Total current liabilities
|
|
|
905,304
|
|
|
909,026
|
|
|
|
|
|
|
|
|
|
Deferred income taxes (Note 6)
|
|
|
1,758
|
|
|
2,467
|
|
Non-current income taxes
|
|
|
140,933
|
|
|
181,754
|
|
Non-current deferred revenue
|
|
|
171,012
|
|
|
193,047
|
|
Other liabilities
|
|
|
890
|
|
|
1,034
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
Shares, CHF 10 par value, 208,077,418 shares authorized and issued;
|
|
|
|
|
|
|
|
195,150,102 shares outstanding at December 28, 2013;
|
|
|
|
|
|
|
|
and 195,591,854 shares outstanding at December 29, 2012;
|
|
|
|
|
|
|
|
(Notes 9, 10, 11, and 12):
|
|
|
1,797,435
|
|
|
1,797,435
|
|
Additional paid-in capital
|
|
|
79,263
|
|
|
72,462
|
|
Treasury stock
|
|
|
(120,620)
|
|
|
(81,280)
|
|
Retained earnings
|
|
|
1,865,587
|
|
|
1,604,625
|
|
Accumulated other comprehensive income
|
|
|
38,041
|
|
|
138,554
|
|
Total stockholders' equity
|
|
|
3,659,706
|
|
|
3,531,796
|
|
Total liabilities and stockholders' equity
|
|
$
|
4,879,603
|
|
$
|
4,819,124
|
|
62 | ||
|
|
Fiscal Year Ended
|
|
|||||||
|
|
December 28,
|
|
December 29,
|
|
|
||||
|
|
|
2012
|
|
2011
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
2,631,851
|
|
$
|
2,715,675
|
|
$
|
2,758,569
|
|
Cost of goods sold
|
|
|
1,224,551
|
|
|
1,277,195
|
|
|
1,419,977
|
|
Gross profit
|
|
|
1,407,300
|
|
|
1,438,480
|
|
|
1,338,592
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising expense
|
|
|
112,905
|
|
|
138,757
|
|
|
145,024
|
|
Selling, general and administrative expenses
|
|
|
355,440
|
|
|
369,790
|
|
|
341,217
|
|
Research and development expense
|
|
|
364,923
|
|
|
325,773
|
|
|
298,584
|
|
|
|
|
833,268
|
|
|
834,320
|
|
|
784,825
|
|
Operating income
|
|
|
574,032
|
|
|
604,160
|
|
|
553,767
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
35,271
|
|
|
35,108
|
|
|
32,812
|
|
Foreign currency gains (losses)
|
|
|
35,538
|
|
|
(20,022)
|
|
|
(12,100)
|
|
Other
|
|
|
8,717
|
|
|
5,282
|
|
|
9,682
|
|
|
|
|
79,526
|
|
|
20,368
|
|
|
30,394
|
|
Income before income taxes
|
|
|
653,558
|
|
|
624,528
|
|
|
584,161
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision (benefit): (Note 6)
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
27,771
|
|
|
114,013
|
|
|
110,755
|
|
Deferred
|
|
|
13,375
|
|
|
(31,888)
|
|
|
(47,490)
|
|
|
|
|
41,146
|
|
|
82,125
|
|
|
63,265
|
|
Net income
|
|
$
|
612,412
|
|
$
|
542,403
|
|
$
|
520,896
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share (Note 10)
|
|
$
|
3.13
|
|
$
|
2.78
|
|
$
|
2.68
|
|
Diluted net income per share (Note 10)
|
|
$
|
3.12
|
|
$
|
2.76
|
|
$
|
2.67
|
|
63 | ||
|
|
Fiscal Year Ended
|
|
|||||||
|
|
December 28,
|
|
December 29,
|
|
|
||||
|
|
|
2012
|
|
2011
|
|
||||
Net income
|
|
$
|
612,412
|
|
$
|
542,403
|
|
$
|
520,896
|
|
Foreign currency translation adjustment
|
|
|
(43,609)
|
|
|
52,516
|
|
|
14,716
|
|
Change in fair value of available-for-sale
marketable securities, net of deferred taxes |
|
|
(56,904)
|
|
|
(1,155)
|
|
|
16,473
|
|
Comprehensive income
|
|
$
|
511,899
|
|
$
|
593,764
|
|
$
|
552,085
|
|
64 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
||
|
|
Common
|
|
Paid-In
|
|
Treasury
|
|
Retained
|
|
Comprehensive
|
|
|
|
|
|||||
|
|
Stock
|
|
Capital
|
|
Stock
|
|
Earnings
|
|
Income/(Loss)
|
|
Total
|
|
||||||
Balance at December 25, 2010
|
|
$
|
1,797,435
|
|
$
|
38,268
|
|
$
|
(106,758)
|
|
$
|
1,264,613
|
|
$
|
56,004
|
|
$
|
3,049,562
|
|
Net income
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
520,896
|
|
|
–
|
|
|
520,896
|
|
Translation adjustment
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
14,716
|
|
|
14,716
|
|
Adjustment related to unrealized gains
(losses) on available-for-sale securities net of income tax effects of ($369) |
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
16,473
|
|
|
16,473
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
552,085
|
|
Dividends declared
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(388,628)
|
|
|
–
|
|
|
(388,628)
|
|
Tax benefit from issuance of equity
awards |
|
|
–
|
|
|
3,313
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
3,313
|
|
Issuance of treasury stock related to
equity awards |
|
|
–
|
|
|
(19,924)
|
|
|
42,261
|
|
|
–
|
|
|
–
|
|
|
22,337
|
|
Stock compensation
|
|
|
–
|
|
|
40,212
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
40,212
|
|
Purchase of treasury stock related to
equity awards |
|
|
–
|
|
|
–
|
|
|
(22,300)
|
|
|
–
|
|
|
–
|
|
|
(22,300)
|
|
Reclassification of retired shares to
treasury shares |
|
|
–
|
|
|
–
|
|
|
(16,701)
|
|
|
16,701
|
|
|
–
|
|
|
–
|
|
Balance at December 31, 2011
|
|
$
|
1,797,435
|
|
$
|
61,869
|
|
$
|
(103,498)
|
|
$
|
1,413,582
|
|
$
|
87,193
|
|
$
|
3,256,581
|
|
Net income
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
542,403
|
|
|
–
|
|
|
542,403
|
|
Translation adjustment
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
52,516
|
|
|
52,516
|
|
Adjustment related to unrealized gains
(losses) on available-for-sale securities net of income tax effects of $46 |
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(1,155)
|
|
|
(1,155)
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
593,764
|
|
Dividends declared
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(351,360)
|
|
|
–
|
|
|
(351,360)
|
|
Tax benefit from issuance of
equity awards |
|
|
–
|
|
|
(516)
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(516)
|
|
Issuance of treasury stock related to
equity awards |
|
|
–
|
|
|
(18,165)
|
|
|
40,963
|
|
|
–
|
|
|
–
|
|
|
22,798
|
|
Stock compensation
|
|
|
–
|
|
|
29,274
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
29,274
|
|
Purchase of treasury stock related to
equity awards |
|
|
–
|
|
|
–
|
|
|
(18,745)
|
|
|
–
|
|
|
–
|
|
|
(18,745)
|
|
Balance at December 29, 2012
|
|
$
|
1,797,435
|
|
$
|
72,462
|
|
$
|
(81,280)
|
|
$
|
1,604,625
|
|
$
|
138,554
|
|
$
|
3,531,796
|
|
Net income
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
612,412
|
|
|
–
|
|
|
612,412
|
|
Translation adjustment
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(43,609)
|
|
|
(43,609)
|
|
Adjustment related to unrealized gains
(losses) on available-for-sale securities net of income tax effects of ($2,183) |
|
|
–
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(56,904)
|
|
|
(56,904)
|
|
Comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
511,899
|
|
Dividends declared
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
(351,450)
|
|
|
–
|
|
|
(351,450)
|
|
Tax benefit from issuance of equity
awards |
|
|
–
|
|
|
4,584
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
4,584
|
|
Issuance of treasury stock related to
equity awards |
|
|
–
|
|
|
(20,375)
|
|
|
43,145
|
|
|
–
|
|
|
–
|
|
|
22,770
|
|
Stock compensation
|
|
|
–
|
|
|
22,592
|
|
|
–
|
|
|
–
|
|
|
–
|
|
|
22,592
|
|
Purchase of treasury stock related to
equity awards |
|
|
–
|
|
|
–
|
|
|
(24,063)
|
|
|
–
|
|
|
–
|
|
|
(24,063)
|
|
Purchase of treasury stock under share
repurchase plan |
|
|
–
|
|
|
–
|
|
|
(58,422)
|
|
|
–
|
|
|
–
|
|
|
(58,422)
|
|
Balance at December 28, 2013
|
|
$
|
1,797,435
|
|
$
|
79,263
|
|
$
|
(120,620)
|
|
$
|
1,865,587
|
|
$
|
38,041
|
|
$
|
3,659,706
|
|
65 | ||
|
|
Fiscal Year Ended
|
|
|||||||
|
|
December 28,
|
|
December 29,
|
|
|
||||
|
|
|
2012
|
|
2011
|
|
||||
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
612,412
|
|
$
|
542,403
|
|
$
|
520,896
|
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
48,476
|
|
|
52,632
|
|
|
54,610
|
|
Amortization
|
|
|
30,328
|
|
|
37,835
|
|
|
39,925
|
|
Gain on sale of property and equipment
|
|
|
(724)
|
|
|
(367)
|
|
|
(2,192)
|
|
Provision for doubtful accounts
|
|
|
1,553
|
|
|
2,947
|
|
|
1,698
|
|
Provision for obsolete and slow-moving inventories
|
|
|
20,891
|
|
|
11,003
|
|
|
16,047
|
|
Unrealized foreign currency losses
|
|
|
(40,120)
|
|
|
40,042
|
|
|
18,583
|
|
Deferred income taxes
|
|
|
7,931
|
|
|
(32,080)
|
|
|
(42,475)
|
|
Stock compensation
|
|
|
22,592
|
|
|
29,274
|
|
|
40,212
|
|
Realized loss/(gains) on marketable securities
|
|
|
(5,877)
|
|
|
(2,980)
|
|
|
(4,322)
|
|
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
38,589
|
|
|
10,808
|
|
|
170,162
|
|
Inventories
|
|
|
(17,593)
|
|
|
3,997
|
|
|
(6,385)
|
|
Other current and non-current assets
|
|
|
(22,013)
|
|
|
39,717
|
|
|
(60,996)
|
|
Accounts payable
|
|
|
18,043
|
|
|
(38,929)
|
|
|
(26,329)
|
|
Other current and non-current liabilities
|
|
|
(31,775)
|
|
|
(33,235)
|
|
|
(61,103)
|
|
Deferred revenue
|
|
|
(16,150)
|
|
|
67,931
|
|
|
179,439
|
|
Deferred costs
|
|
|
(2,204)
|
|
|
(15,441)
|
|
|
(36,120)
|
|
Income taxes payable
|
|
|
(34,275)
|
|
|
(30,812)
|
|
|
20,684
|
|
Net cash provided by operating activities
|
|
|
630,084
|
|
|
684,745
|
|
|
822,334
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities:
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(56,083)
|
|
|
(38,445)
|
|
|
(38,366)
|
|
Proceeds from sale of property and equipment
|
|
|
885
|
|
|
757
|
|
|
4,127
|
|
Purchase of intangible assets
|
|
|
(1,122)
|
|
|
(6,783)
|
|
|
(6,933)
|
|
Purchase of marketable securities
|
|
|
(909,151)
|
|
|
(1,429,593)
|
|
|
(1,172,555)
|
|
Redemption of marketable securities
|
|
|
833,491
|
|
|
985,598
|
|
|
779,213
|
|
Advances under loan receivable commitment
|
|
|
(137,369)
|
|
|
-
|
|
|
-
|
|
Acquisitions, net of cash acquired
|
|
|
(5,680)
|
|
|
(7,697)
|
|
|
(54,190)
|
|
Change in restricted cash
|
|
|
587
|
|
|
(65)
|
|
|
506
|
|
Net cash used in investing activities
|
|
|
(274,442)
|
|
|
(496,228)
|
|
|
(488,198)
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities:
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
(351,707)
|
|
|
(253,386)
|
|
|
(310,763)
|
|
Tax benefit from issuance of equity awards
|
|
|
4,584
|
|
|
(516)
|
|
|
3,313
|
|
Proceeds from issuance of treasury stock related to equity awards
|
|
|
22,770
|
|
|
22,798
|
|
|
22,337
|
|
Purchase of treasury stock related to equity awards
|
|
|
(24,063)
|
|
|
(18,745)
|
|
|
(22,300)
|
|
Purchase of treasury stock under share repurchase plan
|
|
|
(58,422)
|
|
|
-
|
|
|
-
|
|
Net cash used in financing activities
|
|
|
(406,838)
|
|
|
(249,849)
|
|
|
(307,413)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(835)
|
|
|
5,352
|
|
|
(499)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents
|
|
|
(52,031)
|
|
|
(55,980)
|
|
|
26,224
|
|
Cash and cash equivalents at beginning of year
|
|
|
1,231,180
|
|
|
1,287,160
|
|
|
1,260,936
|
|
Cash and cash equivalents at end of year
|
|
$
|
1,179,149
|
|
$
|
1,231,180
|
|
$
|
1,287,160
|
|
66 | ||
|
|
Fiscal Year Ended
|
|
|||||||
|
|
December 28,
|
|
December 29,
|
|
|
||||
|
|
|
2012
|
|
2011
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the year for income taxes
|
|
$
|
73,372
|
|
$
|
127,509
|
|
$
|
85,231
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash received during the year from income tax refunds
|
|
$
|
3,584
|
|
$
|
5,237
|
|
$
|
350
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the year for interest
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of non-cash investing
and financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in marketable securities related to
unrealized appreciation (depreciation) |
|
$
|
(59,087)
|
|
$
|
(1,109)
|
|
$
|
16,104
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of assets acquired
|
|
$
|
11,486
|
|
$
|
11,156
|
|
$
|
162,572
|
|
Liabilities assumed
|
|
|
(4,955)
|
|
|
(2,740)
|
|
|
(93,014)
|
|
Less: cash acquired
|
|
|
(851)
|
|
|
(719)
|
|
|
(15,368)
|
|
Cash paid for acquisitions, net of cash acquired
|
|
$
|
5,680
|
|
$
|
7,697
|
|
$
|
54,190
|
|
67 | ||
68 | ||
69 | ||
|
|
|
|
||||
|
|
|
|
|
|
|
|
Raw Materials
|
|
$
|
131,408
|
|
$
|
119,142
|
|
Work-in-process
|
|
|
50,110
|
|
|
53,656
|
|
Finished goods
|
|
|
229,089
|
|
|
243,238
|
|
Inventory Reserves
|
|
|
(28,381)
|
|
|
(26,105)
|
|
Inventory, net of reserves
|
|
$
|
382,226
|
|
$
|
389,931
|
|
Buildings and improvements
|
|
39
|
Office furniture and equipment
|
|
3-5
|
Manufacturing and engineering equipment
|
|
5
|
Vehicles
|
|
5
|
70 | ||
|
|
December 28,
|
|
|
|||
|
|
|
2012
|
|
|||
Goodwill balance at beginning of year
|
|
$
|
176,059
|
|
$
|
179,475
|
|
Acquisitions
|
|
|
2,726
|
|
|
3,470
|
|
Finalization of purchase price allocations and
effect of foreign currency translation |
|
|
505
|
|
|
(6,886)
|
|
Goodwill balance at end of year
|
|
$
|
179,290
|
|
$
|
176,059
|
|
71 | ||
72 | ||
73 | ||
74 | ||
|
|
Fiscal Year Ended
|
|
|||||||
|
|
December 28,
|
|
December 29,
|
|
|
||||
|
|
|
2012
|
|
2011
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
Balance - beginning of period
|
|
$
|
37,301
|
|
$
|
46,773
|
|
$
|
49,885
|
|
Change in accrual for products sold in prior periods(1)
|
|
|
(8,709)
|
|
|
-
|
|
|
-
|
|
Accrual for products sold(2)
|
|
|
41,309
|
|
|
38,421
|
|
|
52,305
|
|
Expenditures
|
|
|
(43,134)
|
|
|
(47,893)
|
|
|
(55,417)
|
|
Balance - end of period
|
|
$
|
26,767
|
|
$
|
37,301
|
|
$
|
46,773
|
|
(1)
|
Our expected future cost is estimated based upon historical trends in the volume of product returns and the related warranty costs incurred. In 2013 we updated these assumptions and shortened the estimated time horizon in which we settle claims with our retail partners.
|
(2)
|
Minor changes in cost estimates related to pre-existing warranties are aggregated with accruals for new warranty contracts in the ‘accrual for products sold’ line.
|
75 | ||
76 | ||
Level 1
|
Unadjusted quoted prices in active markets for identical assets 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
|
|
|
Fair Value Measurements as
|
|
||||||||||
|
|
|
|||||||||||
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
||||
Mortgage-backed securities
|
|
$
|
437,330
|
|
$
|
-
|
|
$
|
437,330
|
|
$
|
-
|
|
Obligations of states and political subdivisions
|
|
|
647,354
|
|
|
-
|
|
|
647,354
|
|
|
-
|
|
Corporate bonds
|
|
|
457,148
|
|
|
-
|
|
|
457,148
|
|
|
-
|
|
Common stocks
|
|
|
29,854
|
|
|
29,854
|
|
|
-
|
|
|
-
|
|
Other
|
|
|
80,282
|
|
|
-
|
|
|
80,282
|
|
|
-
|
|
Total
|
|
$
|
1,651,968
|
|
$
|
29,854
|
|
$
|
1,622,114
|
|
$
|
-
|
|
77 | ||
|
|
Fair Value Measurements as
|
|
||||||||||
|
|
|
|||||||||||
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
||||
Mortgage-backed securities
|
|
$
|
650,895
|
|
$
|
-
|
|
$
|
650,895
|
|
$
|
-
|
|
Obligations of states and political subdivisions
|
|
|
499,857
|
|
|
-
|
|
|
499,857
|
|
|
-
|
|
Corporate bonds
|
|
|
399,941
|
|
|
-
|
|
|
399,941
|
|
|
-
|
|
Common stocks
|
|
|
22,982
|
|
|
22,982
|
|
|
-
|
|
|
-
|
|
Other
|
|
|
67,720
|
|
|
-
|
|
|
67,720
|
|
|
-
|
|
Total
|
|
$
|
1,641,395
|
|
$
|
22,982
|
|
$
|
1,618,413
|
|
$
|
-
|
|
|
|
Available-For-Sale Securities as
|
|
|||||||||||||
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Gross
|
|
|
|
|
Estimated Fair
|
|
||
|
|
|
|
|
Gross
|
|
Unrealized
|
|
Gross Unrealized
|
|
Value (Net Carrying
|
|
||||
|
|
Amortized Cost
|
|
Unrealized Gains
|
|
Losses-OTTI (1)
|
|
Losses-Other (2)
|
|
Amount)
|
|
|||||
Mortgage-backed securities
|
|
$
|
461,054
|
|
$
|
2,692
|
|
$
|
(22,614)
|
|
$
|
(3,802)
|
|
$
|
437,330
|
|
Obligations of states and political subdivisions
|
|
|
673,529
|
|
|
1,601
|
|
|
(27,509)
|
|
|
(267)
|
|
|
647,354
|
|
U.S. corporate bonds
|
|
|
463,437
|
|
|
1,050
|
|
|
(7,031)
|
|
|
(308)
|
|
|
457,148
|
|
Common stocks
|
|
|
24,540
|
|
|
5,413
|
|
|
(99)
|
|
|
-
|
|
|
29,854
|
|
Other
|
|
|
78,059
|
|
|
2,326
|
|
|
(103)
|
|
|
-
|
|
|
80,282
|
|
Total
|
|
$
|
1,700,619
|
|
$
|
13,082
|
|
$
|
(57,356)
|
|
$
|
(4,377)
|
|
$
|
1,651,968
|
|
|
|
Available-For-Sale Securities as
|
|
|||||||||||||
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated Fair
|
|
|
|
|
|
|
|
Gross
|
|
Gross Unrealized
|
|
Gross Unrealized
|
|
Value (Net Carrying
|
|
||||
|
|
Amortized Cost
|
|
Unrealized Gains
|
|
Losses-OTTI (1)
|
|
Losses-Other (2)
|
|
Amount)
|
|
|||||
Mortgage-backed securities
|
|
$
|
644,388
|
|
$
|
8,894
|
|
$
|
-
|
|
$
|
(2,387)
|
|
$
|
650,895
|
|
Obligations of states and political subdivisions
|
|
|
499,241
|
|
|
2,345
|
|
|
-
|
|
|
(1,729)
|
|
|
499,857
|
|
U.S. corporate bonds
|
|
|
399,036
|
|
|
3,138
|
|
|
-
|
|
|
(2,233)
|
|
|
399,941
|
|
Common stocks
|
|
|
21,113
|
|
|
2,392
|
|
|
-
|
|
|
(523)
|
|
|
22,982
|
|
Other
|
|
|
67,181
|
|
|
551
|
|
|
-
|
|
|
(12)
|
|
|
67,720
|
|
Total
|
|
$
|
1,630,959
|
|
$
|
17,320
|
|
$
|
-
|
|
$
|
(6,884)
|
|
$
|
1,641,395
|
|
(1)
|
Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired.
|
(2)
|
Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.
|
78 | ||
|
|
|
|
|
Estimated
|
|
|
|
|
Cost
|
|
Fair Value
|
|
||
|
|
|
|
|
|
|
|
Due in one year or less (2014)
|
|
$
|
151,594
|
|
$
|
149,862
|
|
Due after one year through five years (2015-2019)
|
|
|
708,379
|
|
|
704,164
|
|
Due after five years through ten years (2020-2024)
|
|
|
237,556
|
|
|
226,777
|
|
Due after ten years (2025 and thereafter)
|
|
|
540,912
|
|
|
501,388
|
|
Other (No contractual maturity dates)
|
|
|
62,178
|
|
|
69,777
|
|
|
|
$
|
1,700,619
|
|
$
|
1,651,968
|
|
Year
|
|
Amount
|
|
|
|
|
|
|
|
2014
|
|
$
|
15,460
|
|
2015
|
|
|
14,041
|
|
2016
|
|
|
11,547
|
|
2017
|
|
|
8,300
|
|
2018
|
|
|
6,310
|
|
Thereafter
|
|
|
14,084
|
|
Total
|
|
$
|
69,742
|
|
79 | ||
|
|
Fiscal Year Ended
|
|
|||||||
|
|
December 28,
|
|
December 29,
|
|
|
||||
|
|
|
2012
|
|
2011
|
|
||||
Federal:
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
$
|
(11,907)
|
|
$
|
83,185
|
|
$
|
79,305
|
|
Deferred
|
|
|
1,913
|
|
|
(22,988)
|
|
|
(25,763)
|
|
|
|
|
(9,994)
|
|
|
60,197
|
|
|
53,542
|
|
State:
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
2,584
|
|
|
8,532
|
|
|
9,087
|
|
Deferred
|
|
|
(408)
|
|
|
(5,327)
|
|
|
(4,490)
|
|
|
|
|
2,176
|
|
|
3,205
|
|
|
4,597
|
|
Foreign:
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
37,094
|
|
|
22,296
|
|
|
22,363
|
|
Deferred
|
|
|
11,870
|
|
|
(3,573)
|
|
|
(17,237)
|
|
|
|
|
48,964
|
|
|
18,723
|
|
|
5,126
|
|
Total
|
|
$
|
41,146
|
|
$
|
82,125
|
|
$
|
63,265
|
|
80 | ||
|
|
December 28,
|
|
December 29,
|
|
|
||||
|
|
|
2012
|
|
2011
|
|
||||
Federal income tax expense at U.S. statutory rate
|
|
$
|
229,420
|
|
$
|
218,585
|
|
$
|
204,456
|
|
State income tax expense, net of federal tax effect
|
|
|
1,414
|
|
|
2,083
|
|
|
2,988
|
|
Foreign tax rate differential
|
|
|
(121,279)
|
|
|
(141,456)
|
|
|
(148,058)
|
|
Taiwan tax holiday benefit
|
|
|
(4,944)
|
|
|
(6,418)
|
|
|
(13,127)
|
|
Net change in uncertain tax postions
|
|
|
(50,700)
|
|
|
19,850
|
|
|
8,283
|
|
Other foreign taxes less incentives and credits
|
|
|
5,041
|
|
|
(2,287)
|
|
|
9,658
|
|
U.S. federal domestic production activities deduction
|
|
|
(3,550)
|
|
|
(6,276)
|
|
|
(2,415)
|
|
U.S. federal research and development credit
|
|
|
(14,876)
|
|
|
-
|
|
|
(6,111)
|
|
Other, net
|
|
|
620
|
|
|
(1,956)
|
|
|
7,591
|
|
Income tax expense
|
|
$
|
41,146
|
|
$
|
82,125
|
|
$
|
63,265
|
|
81 | ||
|
|
December 28,
|
|
|
|||
|
|
|
2012
|
|
|||
Deferred tax assets:
|
|
|
|
|
|
|
|
Product warranty accruals
|
|
$
|
3,000
|
|
$
|
2,522
|
|
Allowance for doubtful accounts
|
|
|
11,394
|
|
|
11,026
|
|
Inventory reserves
|
|
|
5,491
|
|
|
6,162
|
|
Sales program allowances
|
|
|
525
|
|
|
5,680
|
|
Reserve for sales returns
|
|
|
-
|
|
|
3,442
|
|
Other accruals
|
|
|
8,927
|
|
|
8,774
|
|
Deferred costs
|
|
|
4,266
|
|
|
-
|
|
Stock option compensation
|
|
|
47,954
|
|
|
51,241
|
|
Tax credit carryforwards
|
|
|
55,435
|
|
|
46,577
|
|
Amortization
|
|
|
23,900
|
|
|
25,841
|
|
Deferred revenue
|
|
|
57,813
|
|
|
56,293
|
|
Net operating losses of subsidiaries
|
|
|
11,561
|
|
|
15,771
|
|
Unrealized investment gain
|
|
|
-
|
|
|
2,459
|
|
Benefit related to uncertain tax positions
|
|
|
9,904
|
|
|
13,882
|
|
Other
|
|
|
4,064
|
|
|
1,334
|
|
Valuation allowance related to loss carryforward and tax credits
|
|
|
(63,361)
|
|
|
(51,393)
|
|
|
|
|
180,873
|
|
|
199,611
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
Depreciation
|
|
|
16,202
|
|
|
16,286
|
|
Reserve for sales returns
|
|
|
733
|
|
|
-
|
|
Prepaid expenses
|
|
|
4,766
|
|
|
2,886
|
|
Book basis in excess of tax basis for acquired entities
|
|
|
2,343
|
|
|
4,907
|
|
Unrealized investment loss
|
|
|
1,429
|
|
|
-
|
|
Other
|
|
|
-
|
|
|
1,744
|
|
|
|
|
25,473
|
|
|
25,823
|
|
Net deferred tax assets
|
|
$
|
155,400
|
|
$
|
173,788
|
|
82 | ||
|
|
December 28,
|
|
December 29,
|
|
|
||||
|
|
|
2012
|
|
2011
|
|
||||
Balance at beginning of year
|
|
$
|
182,870
|
|
$
|
156,354
|
|
$
|
149,731
|
|
Additions based on tax positions related to prior years
|
|
|
2,668
|
|
|
3,263
|
|
|
834
|
|
Reductions based on tax positions related to prior years
|
|
|
(5,224)
|
|
|
(890)
|
|
|
(7,335)
|
|
Additions based on tax positions related to current period
|
|
|
30,262
|
|
|
33,232
|
|
|
30,781
|
|
Reductions related to settlements with tax authorities
|
|
|
(3,387)
|
|
|
(672)
|
|
|
-
|
|
Expiration of statute of limitations
|
|
|
(74,174)
|
|
|
(8,417)
|
|
|
(17,257)
|
|
Balance at end of year
|
|
$
|
133,015
|
|
$
|
182,870
|
|
$
|
156,754
|
|
83 | ||
|
|
|
|
||||||||||
|
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
|
||||
|
|
Amount
|
|
Value
|
|
Amount
|
|
Value
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
1,179,149
|
|
$
|
1,179,149
|
|
$
|
1,231,180
|
|
$
|
1,231,180
|
|
Restricted cash
|
|
|
249
|
|
|
249
|
|
|
836
|
|
|
836
|
|
Marketable securities
|
|
|
1,651,968
|
|
|
1,651,968
|
|
|
1,641,395
|
|
|
1,641,395
|
|
84 | ||
|
|
Fiscal Year Ended December 28, 2013
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto/
|
|
|
|
|
|
|
|
Aviation
|
|
Outdoor
|
|
Fitness
|
|
Marine
|
|
Mobile
|
|
Total
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales to external customers
|
|
$
|
339,337
|
|
$
|
410,989
|
|
$
|
356,283
|
|
$
|
222,928
|
|
$
|
1,302,314
|
|
$
|
2,631,851
|
|
Allocated interest income
|
|
|
2,445
|
|
|
6,030
|
|
|
5,150
|
|
|
3,777
|
|
|
17,869
|
|
|
35,271
|
|
Income before income taxes
|
|
|
93,083
|
|
|
168,549
|
|
|
131,411
|
|
|
25,993
|
|
|
234,522
|
|
|
653,558
|
|
|
|
Fiscal Year Ended December 29, 2012
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto/
|
|
|
|
|
|
|
|
Aviation
|
|
Outdoor
|
|
Fitness
|
|
Marine
|
|
Mobile
|
|
Total
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales to external customers
|
|
$
|
291,564
|
|
$
|
401,747
|
|
$
|
321,788
|
|
$
|
208,136
|
|
$
|
1,492,440
|
|
$
|
2,715,675
|
|
Allocated interest income
|
|
|
1,546
|
|
|
3,951
|
|
|
3,799
|
|
|
2,838
|
|
|
22,974
|
|
|
35,108
|
|
Income before income taxes
|
|
|
75,177
|
|
|
167,734
|
|
|
114,274
|
|
|
35,725
|
|
|
231,618
|
|
|
624,528
|
|
|
|
Fiscal Year Ended December 31, 2011
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto/
|
|
|
|
|
|
|
|
Aviation
|
|
Outdoor
|
|
Fitness
|
|
Marine
|
|
Mobile
|
|
Total
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales to external customers
|
|
$
|
284,855
|
|
$
|
363,223
|
|
$
|
298,163
|
|
$
|
221,730
|
|
$
|
1,590,598
|
|
$
|
2,758,569
|
|
Allocated interest income
|
|
|
1,250
|
|
|
4,496
|
|
|
4,342
|
|
|
2,934
|
|
|
19,790
|
|
|
32,812
|
|
Income before income taxes
|
|
|
73,226
|
|
|
171,245
|
|
|
107,881
|
|
|
60,092
|
|
|
171,717
|
|
|
584,161
|
|
|
|
Americas
|
|
APAC
|
|
EMEA
|
|
Total
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales to external customers
|
|
$
|
1,432,895
|
|
$
|
243,056
|
|
$
|
955,900
|
|
$
|
2,631,851
|
|
Property and equipment, net
|
|
|
239,528
|
|
|
121,012
|
|
|
54,308
|
|
|
414,848
|
|
Net assets (1)
|
|
|
1,338,401
|
|
|
2,048,903
|
|
|
272,402
|
|
|
3,659,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales to external customers
|
|
$
|
1,513,457
|
|
$
|
256,882
|
|
$
|
945,336
|
|
$
|
2,715,675
|
|
Property and equipment, net
|
|
|
222,310
|
|
|
134,257
|
|
|
53,184
|
|
|
409,751
|
|
Net assets (1)
|
|
|
1,262,498
|
|
|
2,028,984
|
|
|
240,314
|
|
|
3,531,796
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales to external customers
|
|
$
|
1,527,508
|
|
$
|
248,057
|
|
$
|
983,004
|
|
$
|
2,758,569
|
|
Property and equipment, net
|
|
|
225,505
|
|
|
143,913
|
|
|
47,687
|
|
|
417,105
|
|
Net assets (1)
|
|
|
1,155,653
|
|
|
1,915,284
|
|
|
185,644
|
|
|
3,256,581
|
|
85 | ||
86 | ||
|
|
Stock Options and SARs
|
|
||||
|
|
Weighted-Average
|
|
|
|
|
|
|
|
Exercise Price
|
|
Number of Shares
|
|
||
|
|
|
|
|
(In Thousands)
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 25, 2010
|
|
$
|
50.87
|
|
|
9,086
|
|
Granted
|
|
$
|
39.71
|
|
|
42
|
|
Exercised
|
|
$
|
21.02
|
|
|
(764)
|
|
Forfeited/Expired
|
|
$
|
64.63
|
|
|
(291)
|
|
Outstanding at December 31, 2011
|
|
$
|
53.14
|
|
|
8,073
|
|
Granted
|
|
$
|
42.16
|
|
|
61
|
|
Exercised
|
|
$
|
24.20
|
|
|
(794)
|
|
Forfeited/Expired
|
|
$
|
66.45
|
|
|
(208)
|
|
Outstanding at December 29, 2012
|
|
$
|
55.88
|
|
|
7,132
|
|
Granted
|
|
$
|
49.07
|
|
|
52
|
|
Exercised
|
|
$
|
26.85
|
|
|
(662)
|
|
Forfeited/Expired
|
|
$
|
66.09
|
|
|
(283)
|
|
Outstanding at December 28, 2013
|
|
$
|
58.44
|
|
|
6,239
|
|
Exercisable at December 28, 2013
|
|
$
|
58.73
|
|
|
6,112
|
|
Expected to vest after December 28, 2013
|
|
$
|
44.54
|
|
|
127
|
|
Stock Options and SARs as of December 28, 2013
|
|
|||||||||
Exercise
|
|
Awards
|
|
Remaining
|
|
Awards
|
|
|||
Price
|
|
Outstanding
|
|
Life (Years)
|
|
Exercisable
|
|
|||
|
|
(In Thousands)
|
|
|
|
|
(In Thousands)
|
|
||
|
|
|
|
|
|
|
|
|
|
|
$8.00 -$20.00
|
|
|
260
|
|
|
0.77
|
|
|
260
|
|
$20.01 - $40.00
|
|
|
725
|
|
|
1.83
|
|
|
700
|
|
$40.01 - $60.00
|
|
|
3,023
|
|
|
3.46
|
|
|
2,921
|
|
$60.01 - $80.00
|
|
|
1,086
|
|
|
3.41
|
|
|
1,086
|
|
$80.01 - $100.00
|
|
|
2
|
|
|
3.93
|
|
|
2
|
|
$100.01 - $120.00
|
|
|
1,140
|
|
|
3.89
|
|
|
1,140
|
|
$120.01 - $140.00
|
|
|
3
|
|
|
3.75
|
|
|
3
|
|
|
|
|
6,239
|
|
|
3.30
|
|
|
6,112
|
|
|
|
Restricted Stock Units
|
|
||||
|
|
Weighted-Average
|
|
|
|
|
|
|
|
Grant Date Fair Value
|
|
Number of Shares
|
|
||
|
|
|
|
|
(In Thousands)
|
|
|
|
|
|
|
|
|
|
|
Outstanding at December 25, 2010
|
|
$
|
25.90
|
|
|
1,503
|
|
Granted
|
|
$
|
37.28
|
|
|
422
|
|
Released/Vested
|
|
$
|
37.73
|
|
|
(366)
|
|
Cancelled
|
|
$
|
25.89
|
|
|
(81)
|
|
Outstanding at December 31, 2011
|
|
$
|
29.40
|
|
|
1,478
|
|
Granted
|
|
$
|
39.41
|
|
|
506
|
|
Released/Vested
|
|
$
|
41.59
|
|
|
(435)
|
|
Cancelled
|
|
$
|
26.11
|
|
|
(89)
|
|
Outstanding at December 29, 2012
|
|
$
|
30.06
|
|
|
1,460
|
|
Granted
|
|
$
|
45.05
|
|
|
425
|
|
Released/Vested
|
|
$
|
28.28
|
|
|
(579)
|
|
Cancelled
|
|
$
|
30.63
|
|
|
(81)
|
|
Outstanding at December 28, 2013
|
|
$
|
37.36
|
|
|
1,225
|
|
87 | ||
|
|
2013
|
|
|
2012
|
|
|
2011
|
|
|||
Weighted average grant date fair value of options granted
|
|
$
|
12.82
|
|
|
$
|
9.98
|
|
|
$
|
10.53
|
|
Expected volatility
|
|
|
0.3746
|
|
|
|
0.3906
|
|
|
|
0.4078
|
|
Dividend yield
|
|
|
3.86
|
%
|
|
|
4.50
|
%
|
|
|
4.02
|
%
|
Expected life of options in years
|
|
|
6.8
|
|
|
|
6.6
|
|
|
|
6.5
|
|
Risk-free interest rate
|
|
|
2.1
|
%
|
|
|
1.0
|
%
|
|
|
1.2
|
%
|
88 | ||
|
|
Fiscal Year Ended
|
|
|||||||
|
|
December 28,
|
|
December 29,
|
|
|
||||
|
|
|
2012
|
|
2011
|
|
||||
Numerator (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Numerator for basic and diluted net income per share -
net income |
|
$
|
612,412
|
|
$
|
542,403
|
|
$
|
520,896
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Denominator for basic net income per share - weighted-average
common shares |
|
|
195,411
|
|
|
194,909
|
|
|
194,105
|
|
Effect of dilutive securities - employee stock-based awards
|
|
|
928
|
|
|
1,304
|
|
|
789
|
|
Denominator for diluted net income per share - weighted-average
common shares |
|
|
196,339
|
|
|
196,213
|
|
|
194,894
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share
|
|
$
|
3.13
|
|
$
|
2.78
|
|
$
|
2.68
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income per share
|
|
$
|
3.12
|
|
$
|
2.76
|
|
$
|
2.67
|
|
|
89 | ||
|
|
Outstanding
|
|
Treasury
|
|
|
Issued
|
|
|
Conditional
|
|
|
Authorized
|
|
|
|
|
Shares
|
|
Shares
|
|
|
Shares1
|
|
|
Capital
|
|
|
Capital
|
|
|
Changes in components of authorized shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
194,662,617
|
|
13,414,801
|
2
|
|
208,077,418
|
2,3
|
|
104,038,709
|
4
|
|
104,038,709
|
4
|
|
|
Treasury shares purchased
|
|
(465,020)
|
|
465,020
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Treasury shares issued for stock based compensation
|
|
1,394,257
|
|
(1,394,257)
|
|
|
|
|
|
|
|
|
|
|
|
Expiration of authorized capital
|
|
-
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(104,038,709)
|
|
|
|
195,591,854
|
|
12,485,564
|
2
|
|
208,077,418
|
2,3
|
|
104,038,709
|
4
|
|
-
|
4
|
|
|
Treasury shares purchased
|
|
(1,932,208)
|
|
1,932,208
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Treasury shares issued for stock based compensation
|
|
1,490,456
|
|
(1,490,456)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
195,150,102
|
|
12,927,316
|
2
|
|
208,077,418
|
2,3
|
|
104,038,709
|
4
|
|
-
|
4
|
|
|
1
|
Shares at CHF 10 par value (USD 9.0744)
|
|
2
|
Includes 10,000,000 formation shares at USD 0 historical cost
|
|
3
|
The par value of the share capital presented on the face of the balance sheet and in the consolidated statements of stockholders equity excludes the par value of the 10,000,000 formation shares.
|
|
4
|
Up to 104,038,709 conditional shares may be issued through the exercise of option rights which are granted to Garmin employees and/or members of its Board of Directors. In addition, the Board of Directors is authorized to issue up to 104,038,709 additional shares no later than June 27, 2012.
|
90 | ||
|
|
|
|
|
Unrealized Gains
|
|
|
|
|
|
|
|
Foreign Currency
|
|
(Losses) on
|
|
|
|
|
||
|
|
Translation
|
|
Available for Sale
|
|
|
|
|
||
|
|
Adjustment
|
|
Securities
|
|
Total
|
|
|||
Balance - beginning of period
|
|
$
|
128,972
|
|
$
|
9,582
|
|
$
|
138,554
|
|
Other comprehensive income before reclassification
|
|
|
(43,609)
|
|
|
(52,146)
|
|
|
(95,755)
|
|
Amounts reclassified from accumulated other comprehensive income
|
|
|
-
|
|
|
(4,758)
|
|
|
(4,758)
|
|
Net current-period other comprehensive income
|
|
|
(43,609)
|
|
|
(56,904)
|
|
|
(100,513)
|
|
Balance - end of period
|
|
$
|
85,363
|
|
$
|
(47,322)
|
|
$
|
38,041
|
|
|
|
Amount Reclassified
|
|
|
|
|
|
|
from Accumulated
|
|
Affected Line Item in the
|
|
|
Details about Accumulated Other
|
|
Other Comprehensive
|
|
Statement Where Net Income is
|
|
|
Comprehensive Income Components
|
|
Income
|
|
Presented
|
|
|
|
|
|
|
|
|
|
Unrealized gains (losses) on available-for-sale securities
|
|
$
|
5,877
|
|
Other income (expense)
|
|
|
|
|
(1,119)
|
|
Income tax provision
|
|
|
|
$
|
4,758
|
|
Net of tax
|
|
|
|
Fiscal Year Ended December 28, 2013
|
|
||||||||||
|
|
Quarter Ending
|
|
||||||||||
|
|
March 30
|
|
June 29
|
|
September 28
|
|
December 28
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
531,957
|
|
$
|
696,563
|
|
$
|
643,637
|
|
$
|
759,694
|
|
Gross profit
|
|
|
276,133
|
|
|
383,640
|
|
|
352,889
|
|
|
394,638
|
|
Net income
|
|
|
88,666
|
|
|
172,491
|
|
|
187,669
|
|
|
163,586
|
|
Basic net income per share
|
|
$
|
0.45
|
|
$
|
0.88
|
|
$
|
0.96
|
|
$
|
0.84
|
|
|
|
Fiscal Year Ended December 29, 2012
|
|
||||||||||
|
|
Quarter Ending
|
|
||||||||||
|
|
March 31
|
|
June 30
|
|
September 29
|
|
December 29
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
556,597
|
|
$
|
718,154
|
|
$
|
672,376
|
|
$
|
768,548
|
|
Gross profit
|
|
|
283,759
|
|
|
421,813
|
|
|
359,055
|
|
|
373,853
|
|
Net income
|
|
|
86,858
|
|
|
185,904
|
|
|
140,348
|
|
|
129,293
|
|
Basic net income per share
|
|
$
|
0.45
|
|
$
|
0.95
|
|
$
|
0.72
|
|
$
|
0.66
|
|
91 | ||
⋅
|
Navigon AG (“Navigon”), a privately-held navigation provider based in Germany, since renamed as Garmin Würzburg GmbH
|
|
|
⋅
|
Tri-Tronics Inc., the leading designer and manufacturer of electronic dog training equipment
|
|
|
⋅
|
Garmin Distribution Africa (Pty) Ltd., the distributor of Garmin’s consumer products in Southern Africa, since renamed as Garmin Southern Africa (Pty) Ltd
|
|
|
⋅
|
Garmap (Pty) Ltd., a South African mapping and mobile applications provider
|
|
|
⋅
|
Centro GPS, the Chilean distributor of Garmin’s consumer products, since renamed as Garmin Chile Lda
|
|
|
2013
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Personnel expenses (CHF in Thousands)
|
|
559,037
|
|
521,799
|
|
470,212
|
|
92 | ||
93 | ||
94 | ||
95 | ||
(a) | Directors of the Company |
(b) | Executive Officers of the Company |
(c) | Compliance with Section 16(a) of the Exchange Act |
(d) | Audit Committee and Audit Committee Financial Expert |
(e) | Code of Ethics |
96 | ||
|
|
A
|
|
B
|
|
C
|
|
|||
|
|
|
|
|
|
Number of securities
|
|
|||
|
|
|
|
|
|
remaining available for
|
|
|||
|
|
|
|
|
|
future issuance under
|
|
|||
|
|
Number of securities to be
|
|
Weighted-average
|
|
equity compensation
|
|
|||
|
|
issued upon exercise of
|
|
exercise price of
|
|
plans (excluding
|
|
|||
|
|
outstanding options
|
|
outstanding options
|
|
securities reflected in
|
|
|||
Plan Category
|
|
and rights
|
|
and rights
|
|
column A)
|
|
|||
Equity compensation plans approved by shareholders
|
|
|
7,464,409
|
|
$
|
58.44
|
|
|
4,451,391
|
|
Equity compensation plans not approved by shareholders
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
7,464,409
|
|
$
|
58.44
|
|
|
4,451,391
|
|
97 | ||
98 | ||
(a) | List of Documents filed as part of this Report |
(1) | Consolidated Financial Statements |
(2) | Schedule II Valuation and Qualifying Accounts |
All other schedules have been omitted because they are not applicable, are insignificant or the required information is shown in the consolidated financial statements or notes thereto. |
(3) | Exhibits — The following exhibits are filed as part of, or incorporated by reference into, this Annual Report on Form 10-K: |
EXHIBIT
|
|
|
NUMBER
|
|
DESCRIPTION
|
|
|
|
3.1
|
|
Articles of Association, as amended, of Garmin Ltd. (incorporated by reference to Exhibit 3.1 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
|
|
|
|
3.2
|
|
Organizational Regulations of Garmin Ltd., as amended on February 14, 2014.
|
|
|
|
10.1
|
|
Garmin Ltd. 2000 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of the Registrant’s Registration Statement on Form S-1 filed December 6, 2000 (Commission File No. 333-45514)).
|
|
|
|
10.2
|
|
Form of Stock Option Agreement pursuant to the Garmin Ltd. 2000 Equity Incentive Plan for Employees of Garmin International, Inc. (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed on September 7, 2004).
|
|
|
|
10.3
|
|
Form of Stock Option Agreement pursuant to the Garmin Ltd. 2000 Equity Incentive Plan for Employees of Garmin Corporation (incorporated by reference to Exhibit 10.3 of the Registrant’s Current Report on Form 8-K filed on September 7, 2004).
|
|
|
|
10.4
|
|
Form of Stock Option Agreement pursuant to the Garmin Ltd. 2000 Equity Incentive Plan for UK-Approved Stock Options for Employees of Garmin (Europe) Ltd. (incorporated by reference to Exhibit 10.4 of the Registrant’s Current Report on Form 8-K filed on September 7, 2004).
|
|
|
|
10.5
|
|
Form of Stock Option Agreement pursuant to the Garmin Ltd. 2000 Equity Incentive Plan for Non UK-Approved Stock Options for Employees of Garmin (Europe) Ltd. (incorporated by reference to Exhibit 10.5 of the Registrant’s Current Report on Form 8-K filed on September 7, 2004).
|
99 | ||
10.6
|
|
Garmin Ltd. 2000 Non-Employee Directors’ Option Plan (incorporated by reference to Exhibit 10.2 of the Registrant’s Registration Statement on Form S-1 filed December 6, 2000 (Commission File No. 333-45514)).
|
|
|
|
10.7
|
|
Form of Stock Option Agreement pursuant to the Garmin Ltd. Non-Employee Directors’ Option Plan for Non-Employee Directors of Garmin Ltd. (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed on September 7, 2004).
|
|
|
|
10.8
|
|
Garmin Ltd. Amended and Restated Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q filed August 9, 2006).
|
|
|
|
10.9
|
|
First Amendment to Garmin Ltd. Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.4 of the Registrant’s Annual Report on Form 10-K filed on March 27, 2002).
|
|
|
|
10.10
|
|
Second Amendment to Garmin Ltd. Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q filed on August 13, 2003).
|
|
|
|
10.11
|
|
Garmin Ltd. 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed on June 7, 2005).
|
|
|
|
10.12
|
|
Form of Stock Option Agreement pursuant to the Garmin Ltd. 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed on June 7, 2005).
|
|
|
|
10.13
|
|
Form of Stock Appreciation Rights Agreement pursuant to the Garmin Ltd.
2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q filed on May 8, 2007).
|
|
|
|
10.14
|
|
Form of Stock Appreciation Rights Agreement pursuant to the Garmin Ltd. 2000 Equity Incentive Plan (incorporated by reference to Exhibit 10.4 of the Registrant’s Current Report on Form 8-K filed on June 7, 2005).
|
|
|
|
10.15
|
|
Amended and Restated Garmin Ltd. Employee Stock Purchase Plan effective January 1, 2008 (incorporated by reference to Exhibit 10.15 of the Registrant’s Annual Report on Form 10-K filed on February 26, 2008).
|
|
|
|
10.16
|
|
Form of Time Vested Restricted Stock Unit Award Agreement under the Garmin Ltd. 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed on December 17, 2008).
|
|
|
|
10.17
|
|
Form of Performance Shares Award Agreement under the Garmin Ltd. 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed on December 17, 2008).
|
|
|
|
10.18
|
|
Garmin Ltd. 2009 Cash Incentive Bonus Plan (incorporated by reference to Exhibit 10.18 of the Registrant’s Annual Report on Form 10-K filed on February 25, 2009
|
100 | ||
10.19
|
|
Amended and Restated Garmin Ltd. Employee Stock Purchase Plan, effective January 1, 2010 (incorporated by reference to Exhibit 10.22 of the Registrant’s Annual Report on Form 10-K filed on February 24, 2010).
|
|
|
|
10.20
|
|
Form of Time Vested Restricted Stock Unit Award Agreement under the Garmin Ltd. 2005 Equity Incentive Plan, as revised by the Registrant’s Board of Directors on December 11, 2009 (incorporated by reference to Exhibit 10.23 of the Registrant’s Annual Report on Form 10-K filed on February 24, 2010).
|
|
|
|
10.21
|
|
Form of Performance Shares Award Agreement under the Garmin Ltd. 2005 Equity Incentive Plan, as revised by the Registrant’s Board of Directors on December 11, 2009 (incorporated by reference to Exhibit 10.24 of the Registrant’s Annual Report on Form 10-K filed on February 24, 2010).
|
|
|
|
10.22
|
|
Garmin Ltd. 2005 Equity Incentive Plan (as Amended and Restated Effective June 5, 2009) (incorporated by reference to Schedule 1 of the Registrant’s Proxy Statement on Schedule 14A filed on April 21, 2009).
|
|
|
|
10.23
|
|
Garmin Ltd. Amended and Restated 2000 Non-Employee Directors’ Option Plan, Effective June 5, 2010 (incorporated by reference to Schedule 2 of the Registrant’s Proxy Statement on Schedule 14A filed on April 21, 2010).
|
|
|
|
10.24
|
|
Garmin Ltd. Amended and Restated 2000 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
|
|
|
|
10.25
|
|
Garmin Ltd. Amended and Restated 2000 Non-Employee Directors’ Option Plan (incorporated by reference to Exhibit 10.3 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
|
|
|
|
10.26
|
|
Garmin Ltd. Amended and Restated Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.4 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
|
|
|
|
10.27
|
|
Garmin Ltd. Amended and Restated 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.5 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
|
|
|
|
10.28
|
|
Form of Stock Option Agreement pursuant to the Garmin Ltd. Amended and Restated 2000 Non-Employee Directors’ Option Plan (incorporated by reference to Exhibit 10.6 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
|
|
|
|
10.29
|
|
Form of Performance Shares Award Agreement pursuant to the Garmin Ltd. 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.7 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
|
|
|
|
10.30
|
|
Form of Restricted Stock Unit Award Agreement pursuant to the Garmin Ltd. 2005 Equity Incentive Plan, for Swiss residents (incorporated by reference to Exhibit 10.8 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
|
101 | ||
10.31
|
|
Form of Restricted Stock Unit Award Agreement pursuant to the Garmin Ltd. 2005 Equity Incentive Plan, for non-Swiss residents (incorporated by reference to Exhibit 10.9 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
|
|
|
|
10.32
|
|
Transaction Agreement between Garmin Ltd., a Cayman Islands company, and the Registrant, dated as of May 21, 2010 (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed on June 28, 2010).
|
|
|
|
10.33
|
|
Form of Non-Qualified Stock Option Agreement pursuant to the Garmin Ltd. 2005 Equity Incentive Plan, as amended and restated on June 27, 2010 (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed on December 29, 2011).
|
|
|
|
10.34
|
|
Garmin Ltd. 2011 Non-Employee Directors’ Equity Incentive Plan (incorporated by reference to Schedule 1 of the Registrant’s Definitive Proxy Statement on Form 14A filed on April 21, 2011).
|
|
|
|
10.35
|
|
Form of Restricted Stock Unit Award Agreement pursuant to the Garmin Ltd. 2011 Non-Employee Directors’ Equity Incentive Plan (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed on June 6, 2011).
|
|
|
|
10.36
|
|
Form of Restricted Stock Unit Award Agreement pursuant to the Garmin Ltd. 2005 Equity Incentive Plan, for Swiss grantees (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed on December 10, 2012).
|
|
|
|
10.37
|
|
Form of Restricted Stock Unit Award Agreement pursuant to the Garmin Ltd. 2005 Equity Incentive Plan, for Canadian grantees (incorporated by reference to Exhibit 10.2 of the Registrant’s Current Report on Form 8-K filed on December 10, 2012).
|
|
|
|
10.38
|
|
Form of Restricted Stock Unit Award Agreement pursuant to the Garmin Ltd. 2005 Equity Incentive Plan, for non-Swiss and non-Canadian grantees (incorporated by reference to Exhibit 10.3 of the Registrant’s Current Report on Form 8-K filed on December 10, 2012).
|
|
|
|
10.39
|
|
Memorandum of Agreement dated March 14, 2013 between Garmin International, Inc. and Bombardier , Inc. (incorporated by reference to Exhibit 10.1 of the Registrant’s Quarterly Report on Form 10-Q filed on May 8, 2013).
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10.40
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Amendment dated December 6, 2013 to Memorandum of Agreement between Garmin International, Inc. and Bombardier, Inc.
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10.41
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Garmin Ltd. 2005 Equity Incentive Plan (as Amended and Restated Effective June 7, 2013) (incorporated by reference to Schedule 1 of the Registrant's Proxy Statement on Schedule 14A filed on April 22, 2013). |
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21.1
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List of subsidiaries
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23.1
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Consent of Ernst & Young LLP
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24.1
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Power of Attorney (included in signature page)
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31.1
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Chief Executive Officer’s Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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31.2
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Chief Financial Officer’s Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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102 | ||
32.1
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Chief Executive Officer’s Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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32.2
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Chief Financial Officer’s Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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XBRL Instance Document
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XBRL Taxonomy Extension Schema
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XBRL Taxonomy Extension Calculation Linkbase
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XBRL Taxonomy Extension Label Linkbase
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XBRL Taxonomy Extension Presentation Linkbase
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XBRL Taxonomy Extension Definition Linkbase
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(b) | Exhibits. |
(c) | Financial Statement Schedules. |
103 | ||
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Balance at
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Charged to
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Charged to
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Balance at
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Beginning of
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Costs and
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Other
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End of
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Description
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Period
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Expenses
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Accounts
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Deductions
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Period
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Year Ended December 28, 2013:
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Deducted from asset accounts
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Allowance for doubtful accounts
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$
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20,582
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$
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1,553
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-
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$
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(1,768)
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$
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20,367
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Inventory reserve
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26,105
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20,891
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-
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(18,615)
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28,381
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Deferred tax asset valuation allowance
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51,393
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19,480
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-
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(7,512)
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63,361
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Total
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$
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98,080
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$
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41,924
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-
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$
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(27,895)
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$
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112,109
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Year Ended December 29, 2012:
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Deducted from asset accounts
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Allowance for doubtful accounts (2)
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$
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20,291
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$
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2,947
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-
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$
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(2,656)
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$
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20,582
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Inventory reserve
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29,370
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11,003
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-
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(14,268)
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26,105
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Deferred tax asset valuation allowance
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37,173
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14,595
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-
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(375)
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51,393
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Total
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$
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86,834
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$
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28,545
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-
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$
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(17,299)
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$
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98,080
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Year Ended December 31, 2011:
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Deducted from asset accounts
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Allowance for doubtful accounts (2)
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$
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23,222
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$
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1,698
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-
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$
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(4,629)
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$
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20,291
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Inventory reserve
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37,720
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16,047
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-
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(24,397)
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29,370
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Deferred tax asset valuation allowance (1)
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51,352
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7,902
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-
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(22,081)
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37,173
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Total
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$
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112,294
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$
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25,647
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-
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$
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(51,107)
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$
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86,834
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(1) Note that $14,994 of the decrease in the deferred tax asset valuation is due to reducing the amount of Taiwan surtax credits to the correct amount available for use in future years, all such credits of which are and have been fully reserved.
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104 | ||
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GARMIN LTD.
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By
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Clifton A. Pemble
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President and Chief Executive Officer
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/s/ Clifton A. Pemble .
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Clifton A Pemble
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Director, President and Chief Executive Officer
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(Principal Executive Officer)
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/s/ Kevin S. Rauckman .
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Chief Financial Officer and Treasurer
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(Principal Financial Officer and Principal Accounting Officer)
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/s/ Min H. Kao
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Executive Chairman
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Director
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/s/ Thomas P. Poberezny
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Thomas P. Poberezny
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Director
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Director
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Director
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105 | ||
Exhibit
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Number
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Document
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3.2
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Organizational Regulations of Garmin Ltd., as amended on February 14, 2014 |
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10.40
|
|
Amendment dated December 6, 2013 to Memorandum of Agreement between Garmin International, Inc. and Bombardier, Inc.
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|
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21.1
|
|
List of subsidiaries
|
|
|
|
23.1
|
|
Consent of Ernst & Young LLP
|
|
|
|
31.1
|
|
Chief Executive Officer’s Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
31.2
|
|
Chief Financial Officer’s Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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|
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32.1
|
|
Chief Executive Officer’s Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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|
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32.2
|
|
Chief Financial Officer’s Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
XBRL Instance Document
|
|
|
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XBRL Taxonomy Extension Schema
|
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XBRL Taxonomy Extension Calculation Linkbase
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XBRL Taxonomy Extension Label Linkbase
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XBRL Taxonomy Extension Presentation Linkbase
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XBRL Taxonomy Extension Definition Linkbase
|
This ‘10-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/14 | 11-K, ARS, SD | |||
6/6/14 | 4, 8-K | |||
3/31/14 | ||||
3/17/14 | ||||
Filed on: | 2/19/14 | 8-K | ||
2/14/14 | 3, 8-K | |||
2/13/14 | SC 13G/A | |||
2/11/14 | ||||
2/7/14 | ||||
2/4/14 | ||||
2/1/14 | ||||
1/31/14 | ||||
1/30/14 | ||||
1/29/14 | ||||
1/24/14 | ||||
1/21/14 | ||||
1/13/14 | ||||
1/10/14 | ||||
1/9/14 | ||||
1/8/14 | ||||
1/1/14 | ||||
12/31/13 | 11-K, SD | |||
12/29/13 | ||||
For Period end: | 12/28/13 | ARS | ||
12/18/13 | ||||
12/16/13 | 4 | |||
12/15/13 | ||||
12/9/13 | 4 | |||
12/6/13 | ||||
12/3/13 | ||||
11/15/13 | ||||
11/13/13 | ||||
11/1/13 | ||||
10/22/13 | ||||
10/18/13 | ||||
10/15/13 | ||||
9/30/13 | 4 | |||
9/23/13 | ||||
9/20/13 | ||||
9/18/13 | ||||
9/16/13 | ||||
9/13/13 | ||||
9/6/13 | ||||
8/16/13 | ||||
8/15/13 | ||||
8/13/13 | ||||
8/9/13 | ||||
7/17/13 | ||||
6/29/13 | 10-Q | |||
6/28/13 | ||||
6/27/13 | ||||
6/20/13 | ||||
6/18/13 | ||||
6/7/13 | 3, 4, 8-K, S-8 | |||
5/8/13 | 10-Q | |||
4/22/13 | DEF 14A | |||
4/15/13 | ||||
4/11/13 | ||||
4/5/13 | ||||
3/29/13 | ||||
3/22/13 | ||||
3/15/13 | ||||
3/14/13 | 8-K | |||
2/15/13 | ||||
2/4/13 | ||||
1/9/13 | ||||
12/31/12 | 11-K | |||
12/29/12 | 10-K | |||
12/28/12 | 4, 4/A | |||
12/15/12 | ||||
12/14/12 | 4, 4/A | |||
12/10/12 | 4, 4/A, 8-K | |||
11/30/12 | ||||
10/29/12 | 4 | |||
10/9/12 | 4 | |||
9/28/12 | 4 | |||
9/17/12 | ||||
9/15/12 | ||||
9/14/12 | 4 | |||
8/21/12 | ||||
7/24/12 | ||||
7/16/12 | ||||
7/6/12 | ||||
6/29/12 | 4 | |||
6/27/12 | ||||
6/25/12 | ||||
6/19/12 | ||||
6/15/12 | ||||
6/8/12 | ||||
6/1/12 | 4, 8-K, DEF 14A | |||
5/1/12 | ||||
3/30/12 | ||||
3/21/12 | ||||
3/15/12 | ||||
1/24/12 | 4 | |||
12/31/11 | 10-K, 11-K, ARS | |||
12/30/11 | 4, 4/A | |||
12/29/11 | 4, 8-K | |||
12/23/11 | ||||
12/15/11 | 4 | |||
12/12/11 | ||||
12/8/11 | ||||
11/18/11 | ||||
9/30/11 | ||||
9/29/11 | ||||
9/15/11 | ||||
8/15/11 | ||||
6/30/11 | ||||
6/15/11 | ||||
6/6/11 | 8-K | |||
6/3/11 | 4, 4/A, 8-K, DEF 14A | |||
4/21/11 | ARS, DEF 14A | |||
4/12/11 | ||||
3/26/11 | 10-Q | |||
3/2/11 | ||||
2/22/11 | ||||
1/21/11 | ||||
12/25/10 | 10-K, ARS | |||
7/26/10 | ||||
6/30/10 | ||||
6/28/10 | 15-12G, 8-A12G/A, 8-K, S-8 POS | |||
6/27/10 | 8-K | |||
6/5/10 | ||||
5/21/10 | 4 | |||
5/17/10 | ||||
4/21/10 | ||||
4/9/10 | 8-A12G/A, 8-K, DEF 14A, SC 13G/A | |||
2/24/10 | 10-K, 8-K | |||
2/12/10 | 3 | |||
2/10/10 | ||||
2/9/10 | ||||
1/1/10 | ||||
12/26/09 | 10-K, ARS | |||
12/11/09 | 4 | |||
6/5/09 | 4, 8-K, DEF 14A | |||
4/21/09 | DEF 14A | |||
2/25/09 | 10-K | |||
12/17/08 | 8-K | |||
2/26/08 | 10-K | |||
1/1/08 | ||||
9/27/07 | ||||
5/8/07 | 10-Q, 4, 8-K | |||
12/31/06 | 11-K | |||
8/9/06 | 10-Q | |||
6/7/05 | 4, 8-K | |||
9/7/04 | 8-K | |||
8/13/03 | 10-Q | |||
7/11/03 | ||||
3/27/02 | 10-K405 | |||
9/11/01 | ||||
12/8/00 | S-8 | |||
12/6/00 | S-1/A | |||
7/24/00 | ||||
5/2/00 | ||||
List all Filings |