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Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Summary of Carrying Amounts and Fair Values of Financial Instruments The carrying amounts and fair values of the Company’s financial instruments are as follows:

 

 

 

December 31, 2022

 

 

December 25, 2021

 

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

Cash and cash equivalents

 

$

1,279,194

 

 

$

1,279,194

 

 

$

1,498,058

 

 

$

1,498,058

 

Marketable securities

 

$

1,381,648

 

 

$

1,381,648

 

 

$

1,616,678

 

 

$

1,616,678

 
Schedule of Inventory Inventories consisted of the following:

 

 

 

 

December 31, 2022

 

 

December 25, 2021

 

Raw materials

 

$

600,858

 

 

$

509,435

 

Work-in-process

 

 

180,873

 

 

 

213,801

 

Finished goods

 

 

733,314

 

 

 

504,373

 

Inventories

 

$

1,515,045

 

 

$

1,227,609

 
Schedule of Property and Equipment The components of property and equipment were as follows and are generally depreciated over the following estimated useful lives:

 

 

 

Estimated Useful Life

 

December 31, 2022

 

 

December 25, 2021

 

Land

 

 

 

$

193,861

 

 

$

206,895

 

Building and improvements

 

15 to 50 years

 

 

856,722

 

 

 

763,654

 

Machinery, equipment and software

 

3 to 10 years

 

 

1,001,344

 

 

 

917,557

 

Total, at cost

 

 

 

 

2,051,927

 

 

 

1,888,106

 

Accumulated depreciation

 

 

 

 

(904,922

)

 

 

(820,628

)

Property and equipment, net

 

 

 

$

1,147,005

 

 

$

1,067,478

 
Schedule of Intangible Assets

The Company’s excess purchase cost over fair value of net assets acquired (goodwill) was $567,994 at December 31, 2022, and $575,080 at December 25, 2021. Changes in the carrying amount of goodwill for the years ended December 31, 2022 and December 25, 2021 are as follows:

 

 

 

Fitness

 

 

Outdoor

 

 

Aviation

 

 

Marine

 

 

Auto

 

 

Total

 

Goodwill balance as of December 26, 2020

 

$

272,449

 

 

$

88,658

 

 

$

60,347

 

 

$

82,602

 

 

$

80,154

 

 

$

584,210

 

Acquisitions

 

 

—

 

 

 

14,152

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,152

 

Foreign currency translation and other adjustments

 

 

(16,577

)

 

 

(2,416

)

 

 

—

 

 

 

(2,696

)

 

 

(1,593

)

 

 

(23,282

)

Goodwill balance as of December 25, 2021

 

$

255,872

 

 

$

100,394

 

 

$

60,347

 

 

$

79,906

 

 

$

78,561

 

 

$

575,080

 

Acquisitions

 

 

—

 

 

 

2,518

 

 

 

—

 

 

 

7,340

 

 

 

—

 

 

 

9,858

 

Foreign currency translation and other adjustments

 

 

(11,570

)

 

 

(2,019

)

 

 

—

 

 

 

(2,245

)

 

 

(1,110

)

 

 

(16,944

)

Goodwill balance as of December 31, 2022

 

$

244,302

 

 

$

100,893

 

 

$

60,347

 

 

$

85,001

 

 

$

77,451

 

 

$

567,994

 
Schedule of Product Warranty The following reconciliation presents details of the changes in the Company’s accrued warranty costs:

 

 

 

Fiscal Year Ended

 

 

 

December 31, 2022

 

 

December 25, 2021

 

 

December 26, 2020

 

Balance - beginning of period

 

$

45,467

 

 

$

42,643

 

 

$

39,758

 

Accrual for products sold (1)

 

 

72,821

 

 

 

69,810

 

 

 

67,028

 

Expenditures

 

 

(67,336

)

 

 

(66,986

)

 

 

(64,143

)

Balance - end of period

 

$

50,952

 

 

$

45,467

 

 

$

42,643

 

 

(1) Changes in cost estimates related to pre-existing warranties were not material and aggregated with accruals for new warranty contracts in the ‘accrual for products sold’ line.