Dorman Products (DORM) 10-Q 1 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jul. 01, 2023	Jul. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 01, 2023
Document Transition Report	false
Entity File Number	0-18914
Entity Registrant Name	Dorman Products, Inc.
Entity Address, State or Province	PA
Entity Tax Identification Number	23-2078856
Entity Address, Address Line One	3400 East Walnut Street
Entity Address, City or Town	Colmar
Entity Incorporation, State or Country Code	PA
Entity Address, Postal Zip Code	18915
City Area Code	215
Local Phone Number	997-1800
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	DORM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,488,164
Entity Central Index Key	0000868780
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Income Statement [Abstract]
Net sales	$ 480,568	$ 417,419	$ 947,306	$ 818,998
Cost of goods sold	317,062	275,894	639,323	544,233
Gross profit	163,506	141,525	307,983	274,765
Selling, general and administrative expenses	108,308	92,058	234,671	178,586
Income from operations	55,198	49,467	73,312	96,179
Interest expense, net	12,565	1,565	24,518	2,796
Other income, net	(396)	(111)	(753)	(195)
Income before income taxes	43,029	48,013	49,547	93,578
Provision for income taxes	10,259	10,108	11,094	20,466
Net income	32,770	37,905	38,453	73,112
Other comprehensive income:
Change in foreign currency translation adjustment	566	(1,999)	685	(303)
Comprehensive Income	$ 33,336	$ 35,906	$ 39,138	$ 72,809
Earnings per share:
Earning per share, basic (in dollars per share)	$ 1.04	$ 1.21	$ 1.22	$ 2.32
Earning per share, diluted (in dollars per share)	$ 1.04	$ 1.20	$ 1.22	$ 2.32
Weighted average shares outstanding:
Weighted average shares outstanding, basic (in shares)	31,466	31,424	31,451	31,461
Weighted average shares outstanding, diluted (in shares)	31,528	31,535	31,533	31,568

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 35,666	$ 46,034
Accounts receivable, less allowance for doubtful accounts of $1,384 and $1,363	452,603	427,385
Inventories	642,721	755,901
Prepaids and other current assets	57,790	39,800
Total current assets	1,188,780	1,269,120
Property, plant and equipment, net	156,544	148,477
Operating lease right-of-use assets	104,294	109,977
Goodwill	443,889	443,035
Intangible assets, net	312,554	322,409
Other assets	50,779	48,768
Total assets	2,256,840	2,341,786
Current liabilities:
Accounts payable	152,121	179,819
Accrued compensation	15,311	19,490
Accrued customer rebates and returns	189,409	192,116
Revolving credit facility	166,560	239,363
Current portion of long-term debt	12,500	12,500
Other accrued liabilities	34,470	35,007
Total current liabilities	570,371	678,295
Long-term debt	476,414	482,464
Long-term operating lease liabilities	92,620	98,221
Other long-term liabilities	16,497	28,349
Deferred tax liabilities, net	14,866	11,826
Commitments and contingencies
Shareholders’ equity:
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,488,164 and 31,430,632 shares issued and outstanding in 2023 and 2022, respectively	315	314
Additional paid-in capital	94,452	88,750
Retained earnings	993,923	956,870
Accumulated other comprehensive loss	(2,618)	(3,303)
Total shareholders’ equity	1,086,072	1,042,631
Total liabilities and shareholders' equity	$ 2,256,840	$ 2,341,786

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts and customer credits	$ 1,384	$ 1,363
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	31,488,164	31,430,632
Common stock, shares outstanding (in shares)	31,488,164	31,430,632

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 25, 2021		31,607,509
Beginning balance at Dec. 25, 2021	$ 932,736	$ 316	$ 77,451	$ 856,409	$ (1,440)
Exercise of stock options (in shares)		17,286
Exercise of stock options	957		957
Compensation expense under Incentive Stock Plan	4,270		4,270
Purchase and cancellation of common stock (in shares)		(186,435)
Purchase and cancellation of common stock	(18,195)	$ (2)	(336)	(17,857)
Issuance of non-vested stock, net of cancellations (in shares)		4,221
Issuance of non-vested stock, net of cancellations	377		377
Other stock related activity, net of tax (in shares)		(17,357)
Other stock-related activity, net of tax	(1,997)		(527)	(1,470)
Other comprehensive income	(303)				(303)
Net income	73,112			73,112
Ending balance (in shares) at Jun. 25, 2022		31,425,224
Ending balance at Jun. 25, 2022	990,957	$ 314	82,192	910,194	(1,743)
Beginning balance (in shares) at Mar. 26, 2022		31,479,916
Beginning balance at Mar. 26, 2022	959,400	$ 315	78,906	879,923	256
Exercise of stock options (in shares)		14,808
Exercise of stock options	957		957
Compensation expense under Incentive Stock Plan	2,118		2,118
Purchase and cancellation of common stock (in shares)		(75,321)
Purchase and cancellation of common stock	(7,278)	$ (1)	(136)	(7,141)
Issuance of non-vested stock, net of cancellations (in shares)		6,732
Issuance of non-vested stock, net of cancellations	0
Other stock related activity, net of tax (in shares)		(911)
Other stock-related activity, net of tax	(146)		347	(493)
Other comprehensive income	(1,999)				(1,999)
Net income	37,905			37,905
Ending balance (in shares) at Jun. 25, 2022		31,425,224
Ending balance at Jun. 25, 2022	$ 990,957	$ 314	82,192	910,194	(1,743)
Beginning balance (in shares) at Dec. 31, 2022	31,430,632	31,430,632
Beginning balance at Dec. 31, 2022	$ 1,042,631	$ 314	88,750	956,870	(3,303)
Exercise of stock options (in shares)		17,029
Exercise of stock options	1,130		1,130
Compensation expense under Incentive Stock Plan	5,435		5,435
Purchase and cancellation of common stock (in shares)		(9,840)
Purchase and cancellation of common stock	(828)		(18)	(810)
Issuance of non-vested stock, net of cancellations (in shares)		75,328
Issuance of non-vested stock, net of cancellations	1,004	$ 1	1,003
Other stock related activity, net of tax (in shares)		(24,985)
Other stock-related activity, net of tax	(2,438)		(1,848)	(590)
Other comprehensive income	685				685
Net income	$ 38,453			38,453
Ending balance (in shares) at Jul. 01, 2023	31,488,164	31,488,164
Ending balance at Jul. 01, 2023	$ 1,086,072	$ 315	94,452	993,923	(2,618)
Beginning balance (in shares) at Apr. 01, 2023		31,469,310
Beginning balance at Apr. 01, 2023	1,049,144	$ 315	90,416	961,597	(3,184)
Exercise of stock options (in shares)		1,399
Exercise of stock options	82		81
Compensation expense under Incentive Stock Plan	3,123		3,123
Purchase and cancellation of common stock (in shares)		(4,715)
Purchase and cancellation of common stock	(395)		(9)	(386)
Issuance of non-vested stock, net of cancellations (in shares)		23,177
Issuance of non-vested stock, net of cancellations	1,002		1,002
Other stock related activity, net of tax (in shares)		(1,007)
Other stock-related activity, net of tax	(221)		(163)	(58)
Other comprehensive income	566				566
Net income	$ 32,770			32,770
Ending balance (in shares) at Jul. 01, 2023	31,488,164	31,488,164
Ending balance at Jul. 01, 2023	$ 1,086,072	$ 315	$ 94,452	$ 993,923	$ (2,618)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022
Cash Flows from Operating Activities:
Net income	$ 38,453	$ 73,112
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, amortization and accretion	26,969	19,600
Fair value adjustment to contingent consideration	(12,400)	0
Provision for doubtful accounts	2,357	56
Provision (benefit) for deferred income taxes	2,980	(551)
Provision for stock-based compensation	5,435	4,270
Changes in assets and liabilities:
Accounts receivable	(27,522)	55,341
Inventories	113,331	(102,824)
Prepaids and other current assets	(12,229)	(7,347)
Other assets	(3,526)	(726)
Accounts payable	(28,028)	25,565
Accrued customer rebates and returns	(2,713)	(2,917)
Accrued compensation and other liabilities	(10,221)	(26,193)
Cash provided by operating activities	92,886	37,386
Cash Flows from Investing Activities:
Acquisition, net of cash acquired	67	595
Property, plant and equipment additions	(23,269)	(16,100)
Cash used in investing activities	(23,202)	(15,505)
Cash Flows from Financing Activities:
Payments of revolving credit line	(72,800)	(10,000)
Payments of long-term debt	(6,250)	0
Proceeds from exercise of stock options	1,130	894
Purchase and cancellation of common stock	(828)	(18,195)
Other stock-related activity	(1,343)	(1,386)
Cash used in financing activities	(80,091)	(28,687)
Effect of exchange rate changes on Cash and Cash Equivalents	39	(10)
Net Decrease in Cash and Cash Equivalents	(10,368)	(6,816)
Cash and Cash Equivalents, Beginning of Period	46,034	58,782
Cash and Cash Equivalents, End of Period	35,666	51,966
Supplemental Cash Flow Information
Cash paid for interest expense	26,745	2,285
Cash paid for income taxes	$ 14,779	$ 36,700

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationAs used herein, unless the context requires otherwise, “Dorman,” the “Company,” “we,” “us,” or “our” refers to Dorman Products, Inc. and its subsidiaries. Our ticker symbol on the NASDAQ Global Select Market is “DORM.”The accompanying unaudited condensed consolidated financial statements have been prepared under U.S. generally accepted accounting principles (“GAAP”) for interim financial information and under the rules and regulations of the U.S. Securities and Exchange Commission. However, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six months ended July 1, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023 or any future period. We may experience significant fluctuations from quarter to quarter in our results of operations due to the timing of orders placed by our customers and the introduction of new products and product lines to customers. These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Acquisitions

Acquisitions	6 Months Ended
	Jul. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On October 4, 2022 (the “Closing Date”), Dorman acquired 100% of the issued and outstanding equity interests of Super ATV, LLC ("SuperATV") (the “Transaction”), for aggregate consideration of $509.8 million (net of $6.8 million cash acquired), plus a potential earn-out payment to the sellers of SuperATV not to exceed $100 million in the aggregate, which remains subject to the achievement by SuperATV of certain revenue and gross margin targets in the years ending December 31, 2023 and December 31, 2024. In the six months ended July 1, 2023, we received $0.3 million in cash as proceeds from the closing net working capital adjustments. SuperATV is a leading independent supplier to the powersports aftermarket with a family of highly respected brands spanning functional accessories and upgrades, as well as replacement parts for specialty vehicles. The Transaction was accounted for as a business combination under the acquisition method of accounting. We have allocated the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The allocation of the purchase price to the assets acquired and liabilities assumed, including the residual amount allocated to goodwill, as of July 1, 2023, is based upon preliminary information and is subject to change within the permitted measurement period (up to one year from the acquisition date) as additional information concerning final asset and liability valuations is obtained. The fair values that remain preliminary include tax-related liabilities and contingent liabilities. Any material adjustments to the estimates based upon new information identified during the measurement period will be reflected as of the date of the acquisition. The table below details the fair values of the assets acquired and the liabilities assumed at the acquisition date, including applicable measurement period adjustments: (in thousands) Accounts receivable $ 3,317 Inventories 90,428 Prepaids and other current assets 5,293 Property, plant and equipment 23,776 Goodwill 247,474 Identifiable intangible assets 157,500 Operating lease right-of-use assets 11,661 Other Assets 3,001 Accounts payable (7,436) Accrued compensation (2,086) Accrued customer rebates and returns (1,609) Other current liabilities (8,726) Long-term operating lease liabilities (9,508) Other long-term liabilities (3,307) Net cash consideration $ 509,778

Sales of Accounts Receivable

Sales of Accounts Receivable	6 Months Ended
	Jul. 01, 2023
Receivables [Abstract]
Sales of Accounts Receivable	Sales of Accounts Receivable We have entered several customer-sponsored programs administered by unrelated financial institutions that permit us to sell (factor) certain accounts receivable at discounted rates to the financial institutions. Transactions under these agreements were accounted for as sales of accounts receivable and the related accounts receivable were removed from our Condensed Consolidated Balance Sheets at the times of the sales transactions. Sales of accounts receivable under these agreements, and related factoring costs, which were included in selling, general and administrative expenses, were as follows: Three Months Ended Six Months Ended (in thousands) July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Sales of accounts receivable $ 241,937 $ 262,897 $ 479,677 $ 538,126 Factoring costs 11,895 8,268 25,419 13,161

Inventories

Inventories	6 Months Ended
	Jul. 01, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories include the cost of material, freight, direct labor and overhead utilized in the processing of our products and are stated at the lower of cost or net realizable value. Inventories were as follows: (in thousands) July 1, 2023 December 31, 2022 Raw materials $ 30,415 $ 34,267 Bulk product 189,306 234,871 Finished product 414,555 478,032 Packaging materials 8,445 8,731 Total $ 642,721 $ 755,901

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill Goodwill included the following: (in thousands) Balance at December 31, 2022 $ 443,035 Measurement period adjustments for SuperATV acquisition 233 Foreign currency translation 621 Balance at July 1, 2023 $ 443,889 Intangible Assets Intangible assets included the following: July 1, 2023 December 31, 2022 Intangible assets subject to amortization Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value (in thousands) Customer relationships $ 175,430 $ 26,504 $ 148,926 $ 175,430 $ 21,643 $ 153,787 Trade names 67,690 8,568 59,122 67,690 6,370 61,320 Product portfolio 107,800 6,335 101,465 107,800 2,953 104,847 Technology 2,167 944 1,223 2,167 820 1,347 Patents and other 2,230 412 1,818 1,430 322 1,108 Total $ 355,317 $ 42,763 $ 312,554 $ 354,517 $ 32,108 $ 322,409 Amortization expense was $5.5 million and $3.1 million during the three months ended July 1, 2023 and June 25, 2022, respectively, and $11.0 million and $6.1 million during the six months ended July 1, 2023 and June 25, 2022, respectively.

Debt

Debt	6 Months Ended
	Jul. 01, 2023
Debt Disclosure [Abstract]
Debt	DebtAs of July 1, 2023 and December 31, 2022, the weighted average interest rate on the outstanding borrowings under our credit facility was 6.95% and 5.78%, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Acquisitions We have contingent consideration related to acquisitions due to the uncertainty of the ultimate amount of any payments that will become due as earnout payments if performance targets are achieved. If the remaining performance targets for the acquisitions are fully achieved, the maximum additional contingent payments to be made under the transaction documents would be $102.0 million in aggregate. As of July 1, 2023 and December 31, 2022, we accrued $8.0 million and $20.0 million, respectively, representing the fair value of the estimated payments that we expect could become due in connection with the transactions. For the six months ended July 1, 2023, we recorded a net decrease of $12.0 million to the contingent consideration liability, comprising a $12.4 million decrease in fair value based on the modeling of a range of performance outcomes relative to the achievement of targets established in the purchase agreement, partially offset by $0.4 million of accretion on the liability resulting from the passage of time. The net benefit was included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. The contingent consideration liability is measured on a recurring basis and recorded at fair value. The inputs used to calculate the fair value of the contingent consideration liability are considered to be Level 3 inputs due to the lack of relevant observable market activity and significant management judgment. The approach to valuing the contingent consideration uses unobservable factors such as projected revenues and cost of goods sold over the term of the earnout period, discounted for the period over which the contingent consideration is measured, and volatility rates. Based upon these assumptions, the contingent consideration is then valued using a Monte Carlo simulation. An increase in future revenue and gross profit may result in a higher estimated fair value while a decrease in future revenue and gross profit may result in a lower estimated fair value of the contingent consideration liability. Other Contingencies We are a party to or otherwise involved in legal proceedings that arise in the ordinary course of business, such as various claims and legal actions involving contracts, employment claims, competitive practices, intellectual property infringement, product liability claims and other matters arising out of the conduct of our business. In the opinion of management, none of the actions, individually or in the aggregate, taking into account relevant insurance coverage, would likely have a material financial impact on the Company and we believe the range of reasonably possible losses from current matters, taking into account relevant insurance coverage, is immaterial. However, legal matters are subject to inherent uncertainties and there exists the possibility that the ultimate resolution of any of these matters could have a material adverse impact on the Company’s cash flows, financial position or results of operations in the period in which any such effects are recorded.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jul. 01, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following tables present our disaggregated revenue by type of major good / product line, and geography. Three Months Ended Six Months Ended (in thousands) July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Powertrain $ 181,684 $ 156,555 $ 352,719 $ 308,783 Chassis 188,922 177,732 377,786 338,594 Motor Vehicle body 94,466 69,767 185,625 143,047 Hardware 15,496 13,365 31,176 28,574 Total $ 480,568 $ 417,419 $ 947,306 $ 818,998 Three Months Ended Six Months Ended (in thousands) July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Net sales to U.S. customers $ 438,300 $ 384,223 $ 868,993 $ 757,841 Net sales to non-U.S. customers 42,268 33,196 78,313 61,157 Total $ 480,568 $ 417,419 $ 947,306 $ 818,998

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Restricted Stock Awards (“RSAs”) and Restricted Stock Units (“RSUs”) We issue RSAs and RSUs to participants in our equity plans in the form of time-based RSAs and RSUs and performance-based RSAs and RSUs. Compensation cost related to RSA and RSU grants was $2.6 million and $1.7 million for the three months ended July 1, 2023 and June 25, 2022, respectively, and $4.3 million and $3.3 million for the six months ended July 1, 2023 and June 25, 2022, respectively, and was included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. The following table summarizes our RSA and RSU activity for the six months ended July 1, 2023: Shares Weighted Balance at December 31, 2022 238,922 $ 92.07 Granted 108,670 $ 96.10 Vested (68,588) $ 79.97 Canceled (13,711) $ 82.15 Balance at July 1, 2023 265,293 $ 97.36 For the six months ended July 1, 2023, we granted 29,399 performance-based RSUs with a grant date fair value of $113.15 per share. For the six months ended June 25, 2022, we granted 23,995 performance-based RSUs with a grant date fair value of $111.31 per share. As of July 1, 2023, there was $18.6 million of unrecognized compensation cost related to unvested RSA and RSU grants that is expected to be recognized over a weighted average period of 2.3 years. Stock Options We grant stock options to participants in our equity plans. Compensation cost related to stock option grants was $0.6 million and $0.4 million for the three months ended July 1, 2023 and June 25, 2022, respectively, and $1.0 million and $0.8 million for the six months ended July 1, 2023 and June 25, 2022, respectively, and was included as selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. The following table summarizes our stock option activity for the six months ended July 1, 2023 : Shares Weighted Weighted Aggregate Balance at December 31, 2022 268,119 $ 84.03 Granted 77,543 $ 91.23 Canceled (3,502) $ 95.19 Exercised (23,837) $ 72.15 Balance at July 1, 2023 318,323 $ 86.55 5.9 $ 1,210 Exercisable at July 1, 2023 133,943 $ 80.43 4.8 $ 868 As of July 1, 2023, there was $5.1 million of unrecognized compensation cost related to unvested stock options that is expected to be recognized over a weighted average period of 3.0 years. Employee Stock Purchase Plan ("ESPP") During the three and six months ended July 1, 2023, we issued 14,975 shares under the ESPP. During the six months ended June 25, 2022, we issued 4,615 shares under the ESPP.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 01, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareBasic earnings per share was calculated by dividing our net income by the weighted average number of common shares outstanding during the period, excluding unvested RSAs which are considered to be contingently issuable. To calculate diluted earnings per share, common share equivalents are added to the weighted average number of common shares outstanding. Common share equivalents are calculated using the treasury stock method and are computed based on outstanding stock-based awards. For the three months ended July 1, 2023 and June 25, 2022, there were approximately 353,000 shares and 37,000 shares, respectively, and for the six months ended July 1, 2023 and June 25, 2022 there were approximately 295,000 shares and 32,000 shares, respectively, that were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive. The following table sets forth the computation of basic earnings per share and diluted earnings per share: Three Months Ended Six Months Ended (in thousands, except per share data) July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Net income $ 32,770 $ 37,905 $ 38,453 $ 73,112 Denominator: Weighted average basic shares outstanding 31,466 31,424 31,451 31,461 Effect of stock-based compensation awards 62 111 82 107 Weighted average diluted shares outstanding 31,528 31,535 31,533 31,568 Earnings Per Share: Basic $ 1.04 $ 1.21 $ 1.22 $ 2.32 Diluted $ 1.04 $ 1.20 $ 1.22 $ 2.32

Common Stock Repurchases

Common Stock Repurchases	6 Months Ended
	Jul. 01, 2023
Common Stock Repurchases [Abstract]
Common Stock Repurchases	Common Stock Repurchases We periodically repurchase, at the then current market price, and cancel common stock issued to the Dorman Products, Inc. 401(k) Retirement Plan and Trust (the “401(k) Plan”). 401(k) Plan participants can no longer purchase shares of Dorman common stock as an investment option under the 401(k) Plan. Shares are generally purchased by the Company from the 401(k) Plan when participants sell units as permitted by the 401(k) Plan or elect to leave the 401(k) Plan upon retirement, termination or other reasons. The following table summarizes the repurchase and cancellation of common stock by the Company for the periods indicated: Three Months Ended Six Months Ended July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Shares repurchased and canceled 4,715 7,621 9,840 20,385 Total cost of shares repurchased and canceled (in thousands) $ 394 $ 752 $ 828 $ 2,140 Average price per share $ 83.56 $ 98.71 $ 84.11 $ 104.99 Separately, our Board of Directors has authorized the repurchase of up to $600 million of our common stock through December 31, 2024 under a previously announced share repurchase program and subsequent authorizations. Under this program, share repurchases may be made from time to time depending on market conditions, share price, share availability and other factors at our discretion. The share repurchase program does not obligate us to acquire any specific number of shares. At July 1, 2023, $228.0 million was available for repurchase under this share repurchase program. The following table summarizes the repurchase and cancellation of common stock under the share repurchase program: Three Months Ended Six Months Ended July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Shares repurchased and canceled — 67,700 — 166,050 Total cost of shares repurchased and canceled (in thousands) $ — $ 6,525 $ — $ 16,054 Average price per share $ — $ 96.38 $ — $ 96.68

Income Taxes

Income Taxes	6 Months Ended
	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes At July 1, 2023, we had $3.5 million of net unrecognized tax benefits, $3.4 million of which would lower our effective tax rate if recognized. We recognize interest and penalties related to uncertain tax positions in income tax expense. As of July 1, 2023, accrued interest and penalties related to uncertain tax positions were not material. We file income tax returns in the United States, Canada, China, India, and Mexico. The statute of limitations for tax years before 2019 is closed for U.S. federal income tax purposes. The statute of limitations for tax years before 2018 is closed for the states in which we file. The statute of limitations for tax years before 2020 is closed for income tax purposes in Canada and China. The statute of limitations for tax years before 2019 is closed for income tax purposes in India. The statute of limitations for tax years before 2018 is closed for income tax purposes in Mexico.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jul. 01, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	Related-Party Transactions We lease our Colmar, PA facility and a portion of our Lewisberry, PA facility from entities in which Steven L. Berman, our Non-Executive Chairman, and certain of his family members are owners. Each lease is a non-cancelable operating lease. Total rental payments to those entities under these lease arrangements will be $2.9 million in fiscal 2023 and were $2.5 million in fiscal 2022. The lease for our corporate headquarters in Colmar, PA was renewed in December 2022, effective as of January 1, 2023, and will expire on December 31, 2027. The lease for our Lewisberry, PA operating facility was signed in September 2020 and will expire on December 31, 2027. We also lease our facilities in Madison, IN and Shreveport, LA, from entities in which Lindsay Hunt, our President and Chief Executive Officer, Specialty Vehicles, and certain of her family members are owners. Each lease is a non-cancelable operating lease. Total rental payments to those entities under these lease arrangements will be $2.6 million in fiscal 2023. The leases for our operating facilities in Madison, IN and Shreveport, LA were renewed in October 2022 in connection with the acquisition of SuperATV and will expire on October 31, 2027. We signed a warehouse storage and services agreement with a counterparty that is majority-owned by a family member of Lindsay Hunt. The agreement provides for indoor storage space and material handling services at agreed upon rates. Total payments under the arrangement are expected to be $0.2 million in fiscal 2023. The agreement was signed in October 2020 and expires in October 2023.

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	Jul. 01, 2023
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Fair Value DisclosuresThe carrying value of financial instruments such as cash and cash equivalents, accounts receivable, accounts payable, and other current assets and liabilities approximate their fair value based on the short-term nature of these instruments. The carrying value of borrowings under our credit facility approximates fair value because these borrowings bear interest at rates indexed to a market rate (Term SOFR).

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jul. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed	The table below details the fair values of the assets acquired and the liabilities assumed at the acquisition date, including applicable measurement period adjustments: (in thousands) Accounts receivable $ 3,317 Inventories 90,428 Prepaids and other current assets 5,293 Property, plant and equipment 23,776 Goodwill 247,474 Identifiable intangible assets 157,500 Operating lease right-of-use assets 11,661 Other Assets 3,001 Accounts payable (7,436) Accrued compensation (2,086) Accrued customer rebates and returns (1,609) Other current liabilities (8,726) Long-term operating lease liabilities (9,508) Other long-term liabilities (3,307) Net cash consideration $ 509,778

Sale of Accounts Receivable (Ta

Sale of Accounts Receivable (Tables)	6 Months Ended
	Jul. 01, 2023
Receivables [Abstract]
Summary of Sale of Accounts Receivable	Sales of accounts receivable under these agreements, and related factoring costs, which were included in selling, general and administrative expenses, were as follows: Three Months Ended Six Months Ended (in thousands) July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Sales of accounts receivable $ 241,937 $ 262,897 $ 479,677 $ 538,126 Factoring costs 11,895 8,268 25,419 13,161

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 01, 2023
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories include the cost of material, freight, direct labor and overhead utilized in the processing of our products and are stated at the lower of cost or net realizable value. Inventories were as follows: (in thousands) July 1, 2023 December 31, 2022 Raw materials $ 30,415 $ 34,267 Bulk product 189,306 234,871 Finished product 414,555 478,032 Packaging materials 8,445 8,731 Total $ 642,721 $ 755,901

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill included the following: (in thousands) Balance at December 31, 2022 $ 443,035 Measurement period adjustments for SuperATV acquisition 233 Foreign currency translation 621 Balance at July 1, 2023 $ 443,889
Schedule of Intangible Assets	Intangible assets included the following: July 1, 2023 December 31, 2022 Intangible assets subject to amortization Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value (in thousands) Customer relationships $ 175,430 $ 26,504 $ 148,926 $ 175,430 $ 21,643 $ 153,787 Trade names 67,690 8,568 59,122 67,690 6,370 61,320 Product portfolio 107,800 6,335 101,465 107,800 2,953 104,847 Technology 2,167 944 1,223 2,167 820 1,347 Patents and other 2,230 412 1,818 1,430 322 1,108 Total $ 355,317 $ 42,763 $ 312,554 $ 354,517 $ 32,108 $ 322,409

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jul. 01, 2023
Revenue from Contract with Customer [Abstract]
Summary of Disaggregated Revenue	The following tables present our disaggregated revenue by type of major good / product line, and geography. Three Months Ended Six Months Ended (in thousands) July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Powertrain $ 181,684 $ 156,555 $ 352,719 $ 308,783 Chassis 188,922 177,732 377,786 338,594 Motor Vehicle body 94,466 69,767 185,625 143,047 Hardware 15,496 13,365 31,176 28,574 Total $ 480,568 $ 417,419 $ 947,306 $ 818,998 Three Months Ended Six Months Ended (in thousands) July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Net sales to U.S. customers $ 438,300 $ 384,223 $ 868,993 $ 757,841 Net sales to non-U.S. customers 42,268 33,196 78,313 61,157 Total $ 480,568 $ 417,419 $ 947,306 $ 818,998

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]
Summary of RSA and RSU Activity	The following table summarizes our RSA and RSU activity for the six months ended July 1, 2023: Shares Weighted Balance at December 31, 2022 238,922 $ 92.07 Granted 108,670 $ 96.10 Vested (68,588) $ 79.97 Canceled (13,711) $ 82.15 Balance at July 1, 2023 265,293 $ 97.36
Summary of Stock Option Activity	The following table summarizes our stock option activity for the six months ended July 1, 2023 : Shares Weighted Weighted Aggregate Balance at December 31, 2022 268,119 $ 84.03 Granted 77,543 $ 91.23 Canceled (3,502) $ 95.19 Exercised (23,837) $ 72.15 Balance at July 1, 2023 318,323 $ 86.55 5.9 $ 1,210 Exercisable at July 1, 2023 133,943 $ 80.43 4.8 $ 868

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 01, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic Earnings per Share and Diluted Earnings per Share	The following table sets forth the computation of basic earnings per share and diluted earnings per share: Three Months Ended Six Months Ended (in thousands, except per share data) July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Net income $ 32,770 $ 37,905 $ 38,453 $ 73,112 Denominator: Weighted average basic shares outstanding 31,466 31,424 31,451 31,461 Effect of stock-based compensation awards 62 111 82 107 Weighted average diluted shares outstanding 31,528 31,535 31,533 31,568 Earnings Per Share: Basic $ 1.04 $ 1.21 $ 1.22 $ 2.32 Diluted $ 1.04 $ 1.20 $ 1.22 $ 2.32

Common Stock Repurchases (Table

Common Stock Repurchases (Tables)	6 Months Ended
	Jul. 01, 2023
Common Stock Repurchases [Abstract]
Summary of Shares Repurchase and Cancellation	The following table summarizes the repurchase and cancellation of common stock by the Company for the periods indicated: Three Months Ended Six Months Ended July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Shares repurchased and canceled 4,715 7,621 9,840 20,385 Total cost of shares repurchased and canceled (in thousands) $ 394 $ 752 $ 828 $ 2,140 Average price per share $ 83.56 $ 98.71 $ 84.11 $ 104.99 table summarizes the repurchase and cancellation of common stock under the share repurchase program: Three Months Ended Six Months Ended July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Shares repurchased and canceled — 67,700 — 166,050 Total cost of shares repurchased and canceled (in thousands) $ — $ 6,525 $ — $ 16,054 Average price per share $ — $ 96.38 $ — $ 96.68

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands		6 Months Ended
	Oct. 04, 2022	Jul. 01, 2023	Jun. 25, 2022
Business Acquisition [Line Items]
Business acquisition, purchase price		$ (67)	$ (595)
Super ATV LLC
Business Acquisition [Line Items]
Business acquisition, percentage of outstanding stock acquired	100%
Business acquisition, purchase price	$ 509,800
Business acquisition, net of acquired cash	6,800
Potential earn-out payment	$ 100,000
Cash as proceeds		$ 300

Acquisitions - Schedule of Esti

Acquisitions - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022	Oct. 04, 2022
Business Acquisition [Line Items]
Goodwill	$ 443,889	$ 443,035
Super ATV LLC
Business Acquisition [Line Items]
Accounts receivable			$ 3,317
Inventories			90,428
Prepaids and other current assets			5,293
Property, plant and equipment			23,776
Goodwill			247,474
Identifiable intangible assets			157,500
Operating lease right-of-use assets			11,661
Other Assets			3,001
Accounts payable			(7,436)
Accrued compensation			(2,086)
Accrued customer rebates and returns			(1,609)
Other current liabilities			(8,726)
Long-term operating lease liabilities			(9,508)
Other long-term liabilities			(3,307)
Net cash consideration			$ 509,778

Sales of Accounts Receivable -

Sales of Accounts Receivable - Summary of Sale of Accounts Receivable (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Sale Of Accounts Receivable [Line Items]
Sale of accounts receivable	$ 241,937	$ 262,897	$ 479,677	$ 538,126
Factoring costs	108,308	92,058	234,671	178,586
Accounts Receivable Sales Programs
Sale Of Accounts Receivable [Line Items]
Factoring costs	$ 11,895	$ 8,268	$ 25,419	$ 13,161

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 30,415	$ 34,267
Bulk product	189,306	234,871
Finished product	414,555	478,032
Packaging materials	8,445	8,731
Total	$ 642,721	$ 755,901

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill (Detail) $ in Thousands	6 Months Ended
	Jul. 01, 2023 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2022	$ 443,035
Measurement period adjustments for SuperATV acquisition	233
Foreign currency translation	621
Balance at July 1, 2023	$ 443,889

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 355,317	$ 354,517
Accumulated Amortization	42,763	32,108
Net Carrying Value	312,554	322,409
Customer relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	175,430	175,430
Accumulated Amortization	26,504	21,643
Net Carrying Value	148,926	153,787
Trade names
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	67,690	67,690
Accumulated Amortization	8,568	6,370
Net Carrying Value	59,122	61,320
Product portfolio
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	107,800	107,800
Accumulated Amortization	6,335	2,953
Net Carrying Value	101,465	104,847
Technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	2,167	2,167
Accumulated Amortization	944	820
Net Carrying Value	1,223	1,347
Patents and other
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value	2,230	1,430
Accumulated Amortization	412	322
Net Carrying Value	$ 1,818	$ 1,108

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 5.5	$ 3.1	$ 11	$ 6.1

Debt - Additional Information (

Debt - Additional Information (Detail)	Jul. 01, 2023	Dec. 31, 2022
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, outstanding borrowing interest rate	6.95%	5.78%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Maximum contingency payable	$ 102,000
Estimated contingent payments	8,000		$ 20,000
Net decrease in contingent consideration liability	12,000
Fair value adjustment to contingent consideration	12,400	$ 0
Increase due to accretion as a result of the passage of time	$ 400

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregated Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Disaggregation Of Revenue [Line Items]
Total	$ 480,568	$ 417,419	$ 947,306	$ 818,998
Net sales to U.S. customers
Disaggregation Of Revenue [Line Items]
Total	438,300	384,223	868,993	757,841
Net sales to non-U.S. customers
Disaggregation Of Revenue [Line Items]
Total	42,268	33,196	78,313	61,157
Powertrain
Disaggregation Of Revenue [Line Items]
Total	181,684	156,555	352,719	308,783
Chassis
Disaggregation Of Revenue [Line Items]
Total	188,922	177,732	377,786	338,594
Motor Vehicle body
Disaggregation Of Revenue [Line Items]
Total	94,466	69,767	185,625	143,047
Hardware
Disaggregation Of Revenue [Line Items]
Total	$ 15,496	$ 13,365	$ 31,176	$ 28,574

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)			108,670
Weighted-average grant-date fair value (in dollars per share)			$ 96.10
Compensation cost related to stock options	$ 600	$ 400	$ 1,000	$ 800
Number of common stock shares purchased (in shares)	14,975		14,975	4,615
RSA and RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost related to restricted stock	$ 2,600	$ 1,700	$ 4,300	$ 3,300
Unrecognized compensation cost related to non-vested restricted stock	18,600		$ 18,600
Unrecognized compensation cost related to non-vested restricted stock, weighted-average period			2 years 3 months 18 days
Performance-Based Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)			29,399	23,995
Weighted-average grant-date fair value (in dollars per share)			$ 113.15	$ 111.31
Share-Based Payment Arrangement, Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested restricted stock	$ 5,100		$ 5,100
Unrecognized compensation cost related to non-vested restricted stock, weighted-average period			3 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of RSA and RSU Activity (Detail)	6 Months Ended
	Jul. 01, 2023 $ / shares shares
Shares
Beginning balance (in shares) | shares	238,922
Granted (in shares) | shares	108,670
Vested (in shares) | shares	(68,588)
Canceled (in shares) | shares	(13,711)
Ending balance (in shares) | shares	265,293
Weighted Average Fair Value
Beginning balance, weighted average fair value (in dollars per share) | $ / shares	$ 92.07
Granted (in dollars per share) | $ / shares	96.10
Vested (in dollars per share) | $ / shares	79.97
Canceled (in dollars per share) | $ / shares	82.15
Ending balance, weighted average fair value (in dollars per share) | $ / shares	$ 97.36

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands	6 Months Ended
	Jul. 01, 2023 USD ($) $ / shares shares
Shares
Beginning balance (in shares) | shares	268,119
Granted (in shares) | shares	77,543
Canceled (in shares) | shares	(3,502)
Exercised (in shares) | shares	(23,837)
Ending balance (in shares) | shares	318,323
Exercisable (in shares) | shares	133,943
Weighted Average Fair Value
Beginning balance, weighted average exercise price (in dollars per share) | $ / shares	$ 84.03
Granted (in dollars per share) | $ / shares	91.23
Canceled (in dollars per share) | $ / shares	95.19
Exercised (in dollars per share) | $ / shares	72.15
Ending balance, weighted average exercise price (in dollars per share) | $ / shares	86.55
Exercisable (in dollars per share) | $ / shares	$ 80.43
Weighted average remaining term	5 years 10 months 24 days
Weighted average remaining term, exercisable	4 years 9 months 18 days
Aggregate intrinsic value | $	$ 1,210
Aggregate intrinsic value, exercisable | $	$ 868

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Earnings Per Share [Abstract]
Stock-based awards considered as anti-dilutive	353,000	37,000	295,000	32,000

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Computation of Basic Earnings per Share and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Earnings Per Share [Abstract]
Net income	$ 32,770	$ 37,905	$ 38,453	$ 73,112
Denominator:
Weighted average shares outstanding, basic (in shares)	31,466	31,424	31,451	31,461
Effect of stock-based compensation awards (in shares)	62	111	82	107
Weighted average shares outstanding, diluted (in shares)	31,528	31,535	31,533	31,568
Earnings Per Share:
Earning per share, basic (in dollars per share)	$ 1.04	$ 1.21	$ 1.22	$ 2.32
Earning per share, diluted (in dollars per share)	$ 1.04	$ 1.20	$ 1.22	$ 2.32

Common Stock Repurchases - Summ

Common Stock Repurchases - Summary of Shares Repurchase and Cancellation (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Common Stock Repurchases
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased and canceled (in shares)	4,715	7,621	9,840	20,385
Total cost of shares repurchased and canceled (in thousands)	$ 394	$ 752	$ 828	$ 2,140
Average price per share (in dollars per share)	$ 83.56	$ 98.71	$ 84.11	$ 104.99
Share Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased and canceled (in shares)	0	67,700	0	166,050
Total cost of shares repurchased and canceled (in thousands)	$ 0	$ 6,525	$ 0	$ 16,054
Average price per share (in dollars per share)	$ 0	$ 96.38	$ 0	$ 96.68

Common Stock Repurchases - Addi

Common Stock Repurchases - Additional Information (Detail) - Share Repurchase Program	Jul. 01, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchase program shares authorized to be repurchased (in shares)	$ 600,000,000
Shares available for repurchase under share repurchase program amount	$ 228,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) $ in Millions	Jul. 01, 2023 USD ($)
Income Tax Disclosure [Abstract]
Net unrecognized tax benefits	$ 3.5
Unrecognized tax benefits which could lower tax rate	$ 3.4

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) $ in Millions	6 Months Ended	12 Months Ended
	Jul. 01, 2023 Investment Supplier	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related Party
Related Party Transaction [Line Items]
Number of suppliers with company partners Joint Venture | Supplier	1
Minority interest investments in number of suppliers | Supplier	2
Number of investments accounted for under equity method | Investment	2
Number of investments accounted for under cost method | Investment	1
Board of Directors Chairman
Related Party Transaction [Line Items]
Rental payments based upon the terms of the lease			$ 2.5
Scenario, Forecast | Board of Directors Chairman
Related Party Transaction [Line Items]
Rental payments based upon the terms of the lease		$ 2.9
Scenario, Forecast | President and Chief Executive Officer
Related Party Transaction [Line Items]
Rental payments based upon the terms of the lease		2.6
Scenario, Forecast | Immediate Family Member of President and CEO
Related Party Transaction [Line Items]
Rental payments based upon the terms of the lease		$ 0.2