Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 27, 2014 | Oct. 24, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 27-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'DORM | ' |
Entity Registrant Name | 'Dorman Products, Inc. | ' |
Entity Central Index Key | '0000868780 | ' |
Current Fiscal Year End Date | '--12-27 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 35,664,573 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $197,796 | $177,953 | $577,495 | $494,657 |
Cost of goods sold | 121,915 | 108,249 | 357,011 | 299,774 |
Gross profit | 75,881 | 69,704 | 220,484 | 194,883 |
Selling, general and administrative expenses | 37,405 | 34,034 | 108,361 | 98,551 |
Income from operations | 38,476 | 35,670 | 112,123 | 96,332 |
Interest expense, net | 58 | 47 | 160 | 148 |
Income before income taxes | 38,418 | 35,623 | 111,963 | 96,184 |
Provision for income taxes | 13,882 | 12,736 | 40,632 | 34,883 |
Net income | $24,536 | $22,887 | $71,331 | $61,301 |
Earnings Per Share: | ' | ' | ' | ' |
Basic | $0.68 | $0.63 | $1.97 | $1.69 |
Diluted | $0.68 | $0.62 | $1.96 | $1.67 |
Weighted Average Shares Outstanding: | ' | ' | ' | ' |
Basic | 35,898 | 36,362 | 36,217 | 36,343 |
Diluted | 36,024 | 36,632 | 36,372 | 36,610 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $44,210 | $60,593 |
Accounts receivable, less allowance for doubtful accounts and customer credits of $88,005 and $65,879 | 189,220 | 180,777 |
Inventories | 180,155 | 164,421 |
Deferred income taxes | 21,258 | 20,798 |
Prepaids and other current assets | 3,422 | 5,851 |
Total current assets | 438,265 | 432,440 |
Property, plant and equipment, net | 80,972 | 64,786 |
Goodwill and intangible assets, net | 30,014 | 30,089 |
Other assets | 2,935 | 1,854 |
Total | 552,186 | 529,169 |
Current liabilities: | ' | ' |
Accounts payable | 53,955 | 61,255 |
Accrued compensation | 8,917 | 11,779 |
Other accrued liabilities | 19,429 | 18,704 |
Total current liabilities | 82,301 | 91,738 |
Other long-term liabilities | 5,694 | 5,310 |
Deferred income taxes | 18,506 | 18,480 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, par value $0.01; authorized 50,000,000 shares; issued and outstanding 35,670,143 and 36,464,958 in 2014 and 2013, respectively | 356 | 365 |
Additional paid-in capital | 43,605 | 43,119 |
Retained earnings | 401,724 | 370,157 |
Total shareholders' equity | 445,685 | 413,641 |
Total | $552,186 | $529,169 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts and customer credits | $88,005 | $65,879 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 35,670,143 | 36,464,958 |
Common stock, shares outstanding | 35,670,143 | 36,464,958 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $71,331 | $61,301 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation, amortization and accretion | 9,001 | 7,417 |
Provision for doubtful accounts | 219 | 101 |
(Benefit) provision for deferred income taxes | -434 | 236 |
Provision for non-cash stock compensation | 1,510 | 769 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -8,662 | -38,623 |
Inventories | -15,734 | -3,722 |
Prepaids and other current assets | -1,878 | -799 |
Accounts payable | -9,168 | 2,493 |
Accrued compensation and other liabilities | 1,221 | 7,668 |
Cash provided by operating activities | 47,406 | 36,841 |
Cash Flows from Investing Activities: | ' | ' |
Property, plant and equipment additions | -22,992 | -12,949 |
Acquisition | ' | -1,897 |
Cash used in investing activities | -22,992 | -14,846 |
Cash Flows from Financing Activities: | ' | ' |
Proceeds from exercise of stock options | 463 | 503 |
Other stock related activity | 81 | 793 |
Purchase and cancellation of common stock | -41,341 | -2,664 |
Cash used in financing activities | -40,797 | -1,368 |
Net (Decrease) Increase in Cash and Cash Equivalents | -16,383 | 20,627 |
Cash and Cash Equivalents, Beginning of Period | 60,593 | 27,708 |
Cash and Cash Equivalents, End of Period | 44,210 | 48,335 |
Supplemental Cash Flow Information | ' | ' |
Cash paid for interest expense | 176 | 150 |
Cash paid for income taxes | $38,192 | $31,325 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended | |
Sep. 27, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
1 | Basis of Presentation | |
As used herein, unless the context otherwise requires, “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 consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. for interim financial information and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). However, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the thirty-nine weeks ended September 27, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 27, 2014. We may experience significant fluctuations from quarter to quarter in our results of operations due to the timing of orders placed by our customers. Generally, the second and third quarters have the highest level of customer orders. The introduction of new products and product lines to customers may cause significant fluctuations from quarter to quarter. 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 28, 2013. | ||
Acquisition
Acquisition | 9 Months Ended | |
Sep. 27, 2014 | ||
Business Combinations [Abstract] | ' | |
Acquisition | ' | |
2 | Acquisition | |
On May 17, 2013, we acquired certain assets and assumed certain liabilities of Re-Involt Technologies, LLC, a remanufacturer of hybrid battery systems, primarily to expand our product portfolio. The purchase price was approximately $3.7 million, comprised of $1.9 million in cash and $1.8 million of estimated contingent payments to the former owner. The contingent payment arrangement is based upon future earnings levels of the acquired business. In connection with this acquisition, we recorded $3.6 million in goodwill and other intangible assets, all of which are expected to be deductible for tax purposes. The financial results of the acquired business have been included in the Consolidated Financial Statements since the acquisition date. |
Sales_of_Accounts_Receivable
Sales of Accounts Receivable | 9 Months Ended | |
Sep. 27, 2014 | ||
Receivables [Abstract] | ' | |
Sales of Accounts Receivable | ' | |
3 | Sales of Accounts Receivable | |
We have entered into several customer sponsored programs administered by unrelated financial institutions that permit us to sell certain accounts receivable at discounted rates to the financial institutions. Transactions under these agreements were accounted for as sales of accounts receivable and were removed from our Consolidated Balance Sheet at the time of the sales transactions. Pursuant to these agreements, we sold $380.2 million and $296.5 million of accounts receivable during the thirty-nine weeks ended September 27, 2014 and September 28, 2013, respectively. If receivables had not been sold, $328.3 million and $267.8 million of additional accounts receivables would have been outstanding at September 27, 2014 and December 28, 2013, respectively, based on standard payment terms. Selling, general and administrative expenses for the thirty-nine weeks ended September 27, 2014 and September 28, 2013 included $5.0 million and $3.6 million, respectively, in financing costs associated with these accounts receivable sales programs. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
4 | 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 market. Inventories were as follows: | |||||||||
(in thousands) | September 27, | December 28, | |||||||
2014 | 2013 | ||||||||
Bulk product | $ | 61,072 | $ | 63,550 | |||||
Finished product | 116,364 | 97,742 | |||||||
Packaging materials | 2,719 | 3,129 | |||||||
Total | $ | 180,155 | $ | 164,421 | |||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
5 | Stock-Based Compensation | ||||||||||||||||
Our 2008 Stock Option and Stock Incentive Plan (the “Plan”) was approved by our shareholders on May 20, 2009. Under the terms of the Plan, our Board of Directors may grant up to 2,000,000 shares of common stock in the form of shares of restricted stock, incentive stock options and non-qualified stock options or combinations thereof to officers, directors, employees, consultants and advisors. Grants under the Plan must be made within ten years of the date the Plan was approved and stock options are exercisable upon the terms set forth in the grant agreement approved by the Board of Directors, but in no event more than ten years from the date of grant. Restricted stock vest in accordance with the terms set forth in each restricted stock agreement. At September 27, 2014, 1,708,827 shares were available for grant under the Plan. | |||||||||||||||||
We grant restricted stock to certain employees and members of our Board of Directors. The value of restricted stock granted is based on the fair value of our common stock on the grant date. Vesting of restricted stock is conditional based on continued employment or service for a specified period and in certain circumstances, the attainment of financial goals. We retain the restricted stock, and any dividends paid thereto, until the vesting conditions have been met. For awards with a service condition only, compensation cost related to restricted stock is recognized on a straight-line basis over the vesting period. For awards that have a service condition and require the attainment of financial goals, compensation cost related to restricted stock is recognized over the vesting period if it is probable that the financial goals will be attained. Compensation cost related to restricted stock was $1.5 million and $0.7 million for the thirty-nine weeks ended September 27, 2014 and September 28, 2013, respectively. | |||||||||||||||||
The following table summarizes our restricted stock activity for the thirty-nine weeks ended September 27, 2014: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Price | |||||||||||||||||
Balance at December 28, 2013 | 109,459 | $ | 24.47 | ||||||||||||||
Granted | 21,347 | $ | 52.37 | ||||||||||||||
Vested | (32,000 | ) | $ | 24.33 | |||||||||||||
Forfeited | (5,348 | ) | $ | 35.43 | |||||||||||||
Balance at September 27, 2014 | 93,458 | $ | 30.25 | ||||||||||||||
As of September 27, 2014, there was approximately $1.8 million of unrecognized compensation cost related to nonvested restricted stock, which is expected to be recognized over a weighted-average period of approximately 1.9 years. | |||||||||||||||||
Cash flows resulting from tax deductions in excess of the tax effect of compensation cost recognized in the financial statements are classified as financing cash flows. The excess tax benefit generated from restricted shares which vested in the thirty-nine weeks ended September 27, 2014 was $0.4 million and was credited to additional paid-in capital. | |||||||||||||||||
We grant stock options to certain employees and members of the Board of Directors. We expense the grant-date fair value of stock options. Compensation cost is recognized on a straight-line basis over the vesting period for which related services are performed. The compensation cost charged against income for the thirty-nine weeks ended September 27, 2014 and September 28, 2013 was less than $0.1 million in each period. The compensation costs were classified as selling, general and administrative expense in the Consolidated Statements of Income. No cost was capitalized during the thirty-nine weeks ended September 27, 2014 or September 28, 2013. | |||||||||||||||||
No stock options were granted during the thirty-nine weeks ended September 27, 2014 or September 28, 2013. Historically, we have used the Black-Scholes option valuation model to estimate the fair value of stock options granted. Expected volatility and expected dividend yield were based on the actual historical experience of our common stock. The expected life represents the period of time that options granted are expected to be outstanding and was calculated using historical option exercise data. The risk-free rate was based on a U.S. Treasury security with terms equal to the expected time of exercise as of the grant date. We included a forfeiture assumption of 5.4% for fiscal 2014 and fiscal 2013 in the calculation of compensation cost. | |||||||||||||||||
The following table summarizes our stock option activity for the thirty-nine weeks ended September 27, 2014: | |||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | ||||||||||||||
Average | Remaining Term | Intrinsic Value | |||||||||||||||
Price | (In years) | ||||||||||||||||
Balance at December 28, 2013 | 141,500 | $ | 7.13 | ||||||||||||||
Exercised | (66,500 | ) | $ | 6.97 | |||||||||||||
Balance at September 27, 2014 | 75,000 | $ | 7.28 | 3.8 | $ | 2,518,020 | |||||||||||
Options exercisable at September 27, 2014 | 65,000 | $ | 6.49 | 3.5 | $ | 2,233,420 | |||||||||||
The total intrinsic value of stock options exercised in the thirty-nine weeks ended September 27, 2014 was $2.8 million. As of September 27, 2014, there was less than $0.1 million of unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of approximately 1 year. | |||||||||||||||||
Cash received from option exercises were approximately $0.5 million in each of the thirty-nine weeks ended September 27, 2014 and September 28, 2013. The excess tax benefit generated from options which were exercised in the thirty-nine weeks ended September 27, 2014 and September 28, 2013 was $0.1 million and $0.8 million, respectively, and was credited to additional paid-in capital. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
6 | Earnings Per Share | ||||||||||||||||
Basic earnings per share is calculated by dividing our net income by the weighted average number of common shares outstanding during the period, excluding nonvested restricted stock which is 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. However, in periods when the price of our stock-based awards, by grant, is greater than our average stock price during the period, those common share equivalents are considered anti-dilutive and are excluded from the calculation of diluted earnings per share. No stock-based awards were considered anti-dilutive in the thirteen or thirty-nine weeks ended September 27, 2014 or September 28, 2013. | |||||||||||||||||
The following table sets forth the computation of basic earnings per share and diluted earnings per share: | |||||||||||||||||
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||
(in thousands, except per share data) | September 27, | September 28, | September 27, | September | |||||||||||||
2014 | 2013 | 2014 | 28, 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 24,536 | $ | 22,887 | $ | 71,331 | $ | 61,301 | |||||||||
Denominator: | |||||||||||||||||
Weighted average basic shares outstanding | 35,898 | 36,362 | 36,217 | 36,343 | |||||||||||||
Effect of stock-based compensation awards | 126 | 270 | 155 | 267 | |||||||||||||
Weighted average diluted shares outstanding | 36,024 | 36,632 | 36,372 | 36,610 | |||||||||||||
Earnings Per Share: | |||||||||||||||||
Basic | $ | 0.68 | $ | 0.63 | $ | 1.97 | $ | 1.69 | |||||||||
Diluted | $ | 0.68 | $ | 0.62 | $ | 1.96 | $ | 1.67 | |||||||||
Common_Stock_Repurchases
Common Stock Repurchases | 9 Months Ended | |
Sep. 27, 2014 | ||
Text Block [Abstract] | ' | |
Common Stock Repurchases | ' | |
7 | 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”). Shares are generally purchased 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. For the thirty-nine weeks ended September 27, 2014, we repurchased and cancelled 38,100 shares of common stock for $2.1 million at an average price of $54.02 per share. During the fifty-two weeks ended December 28, 2013, we repurchased and cancelled 78,580 shares of common stock at an average price of $44.39 per share. | ||
The Board of Directors has authorized a share repurchase program, authorizing the repurchase of up to $50 million of our outstanding common stock through May 31, 2015. 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. For the thirty-nine weeks ended September 27, 2014, we repurchased and cancelled 833,100 shares of common stock for $39.3 million at an average price of $47.15 per share under this program. At September 27, 2014, we had approximately $10.7 million remaining under the program. As discussed in Note 12, on October 28, 2014 this share repurchase program was increased and extended. |
RelatedParty_Transactions
Related-Party Transactions | 9 Months Ended | |
Sep. 27, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related-Party Transactions | ' | |
8 | Related-Party Transactions | |
We have a non-cancelable operating lease for our primary operating facility with a partnership in which Steven L. Berman, our Chief Executive Officer, and his family members, are partners. Based upon the terms of the lease, payments will be approximately $1.5 million in fiscal 2014 and were $1.5 million in fiscal 2013. The lease with the partnership expires December 31, 2017. In the opinion of our Audit Committee, the terms and rates of this lease are no less favorable than those which could have been obtained from an unaffiliated party. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 27, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
9 | Income Taxes | |
At September 27, 2014, we had $1.1 million of net unrecognized tax benefits, $0.8 million of which would affect our effective tax rate if recognized. We recognize interest and penalties related to uncertain tax positions in income tax expense. As of September 27, 2014, we had approximately $0.2 million of accrued interest related to uncertain tax positions. | ||
We file income tax returns in the United States. All years before 2011 are closed for federal tax purposes. We are currently under examination by the Internal Revenue Service for the 2012 tax year. In regards to state tax, we are currently under examination by one state tax authority for the years 2009-2012. Tax years before 2009 are closed for the remaining states in which we file. We filed tax returns in Sweden through 2012 and all years prior to 2008 are closed. It is reasonably possible that audit settlements, the conclusion of current examinations or the expiration of the statute of limitations could impact the Company’s unrecognized tax benefits. |
Fair_Value_Disclosures
Fair Value Disclosures | 9 Months Ended | |
Sep. 27, 2014 | ||
Fair Value Disclosures [Abstract] | ' | |
Fair Value Disclosures | ' | |
10 | Fair Value Disclosures | |
The carrying value of financial instruments such as cash, accounts receivable, accounts payable, and other current assets and liabilities approximate their fair value based on the short-term nature of these instruments. |
New_and_Recently_Adopted_Accou
New and Recently Adopted Accounting Pronouncements | 9 Months Ended | |
Sep. 27, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ' | |
New and Recently Adopted Accounting Pronouncements | ' | |
11 | New and Recently Adopted Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard will be effective for annual periods beginning after December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. |
Subsequent_Event
Subsequent Event | 9 Months Ended | |
Sep. 27, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Event | ' | |
12 | Subsequent Event | |
On October 28, 2014, we announced that our Board of Directors authorized an increase to the existing share repurchase program from $50 million to $100 million and an extension to the expiration of the program from May 31, 2015 to December 31, 2015. Including the additional authorization, we have approximately $60.7 million remaining under the program. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
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 market. Inventories were as follows: | |||||||||
(in thousands) | September 27, | December 28, | |||||||
2014 | 2013 | ||||||||
Bulk product | $ | 61,072 | $ | 63,550 | |||||
Finished product | 116,364 | 97,742 | |||||||
Packaging materials | 2,719 | 3,129 | |||||||
Total | $ | 180,155 | $ | 164,421 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||||
The following table summarizes our restricted stock activity for the thirty-nine weeks ended September 27, 2014: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Price | |||||||||||||||||
Balance at December 28, 2013 | 109,459 | $ | 24.47 | ||||||||||||||
Granted | 21,347 | $ | 52.37 | ||||||||||||||
Vested | (32,000 | ) | $ | 24.33 | |||||||||||||
Forfeited | (5,348 | ) | $ | 35.43 | |||||||||||||
Balance at September 27, 2014 | 93,458 | $ | 30.25 | ||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following table summarizes our stock option activity for the thirty-nine weeks ended September 27, 2014: | |||||||||||||||||
Shares | Weighted | Weighted Average | Aggregate | ||||||||||||||
Average | Remaining Term | Intrinsic Value | |||||||||||||||
Price | (In years) | ||||||||||||||||
Balance at December 28, 2013 | 141,500 | $ | 7.13 | ||||||||||||||
Exercised | (66,500 | ) | $ | 6.97 | |||||||||||||
Balance at September 27, 2014 | 75,000 | $ | 7.28 | 3.8 | $ | 2,518,020 | |||||||||||
Options exercisable at September 27, 2014 | 65,000 | $ | 6.49 | 3.5 | $ | 2,233,420 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 27, 2014 | |||||||||||||||||
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: | |||||||||||||||||
Thirteen Weeks Ended | Thirty-nine Weeks Ended | ||||||||||||||||
(in thousands, except per share data) | September 27, | September 28, | September 27, | September | |||||||||||||
2014 | 2013 | 2014 | 28, 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 24,536 | $ | 22,887 | $ | 71,331 | $ | 61,301 | |||||||||
Denominator: | |||||||||||||||||
Weighted average basic shares outstanding | 35,898 | 36,362 | 36,217 | 36,343 | |||||||||||||
Effect of stock-based compensation awards | 126 | 270 | 155 | 267 | |||||||||||||
Weighted average diluted shares outstanding | 36,024 | 36,632 | 36,372 | 36,610 | |||||||||||||
Earnings Per Share: | |||||||||||||||||
Basic | $ | 0.68 | $ | 0.63 | $ | 1.97 | $ | 1.69 | |||||||||
Diluted | $ | 0.68 | $ | 0.62 | $ | 1.96 | $ | 1.67 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2014 | 17-May-13 |
Business Combinations [Abstract] | ' | ' |
Business acquisition date | 17-May-13 | ' |
Business acquisition purchase price of certain assets and assumed certain liabilities | ' | $3.70 |
Business acquisition of certain assets and assumed certain liabilities in cash | ' | 1.9 |
Business acquisition estimated contingent payments | ' | 1.8 |
Business acquisition of goodwill and other intangible assets | ' | $3.60 |
Sales_of_Accounts_Receivable_A
Sales of Accounts Receivable - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Dec. 28, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Sale of accounts receivable | $380.20 | $296.50 | ' |
Additional accounts receivables outstanding if receivables had not been sold | 328.3 | ' | 267.8 |
Accounts Receivable Sales Programs [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Financing costs associated with the sales of accounts receivable | $5 | $3.60 | ' |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Sep. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Bulk product | $61,072 | $63,550 |
Finished product | 116,364 | 97,742 |
Packaging materials | 2,719 | 3,129 |
Total | $180,155 | $164,421 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Authorized number of common stock shares for grant | 2,000,000 | ' |
Date of plan approval | 20-May-09 | ' |
Maximum grant period from date of plan approval | '10 years | ' |
Shares available for grant under the plan | 1,708,827 | ' |
Compensation cost related to restricted stock | $1,500,000 | $700,000 |
Cash received from option exercises under the plan | 463,000 | 503,000 |
Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Compensation cost related to stock options | 100,000 | 100,000 |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation cost related to non-vested stock options | 1,800,000 | ' |
Unrecognized compensation cost related to non-vested stock options, weighted-average period | '1 year 10 months 24 days | ' |
Tax benefit generated from compensation cost and credited to additional paid in capital | 400,000 | ' |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation cost related to non-vested stock options, weighted-average period | '1 year | ' |
Tax benefit generated from compensation cost and credited to additional paid in capital | 100,000 | 800,000 |
Capitalized compensation cost | 0 | 0 |
Stock options granted | 0 | 0 |
Percentage of forfeiture assumption in calculation of compensation cost | 5.40% | 5.40% |
Intrinsic value of stock options exercised | 2,800,000 | ' |
Stock Options [Member] | Maximum [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation cost related to non-vested stock options | $100,000 | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) (USD $) | 9 Months Ended |
Sep. 27, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Beginning Balance, Shares | 109,459 |
Granted, Shares | 21,347 |
Vested, Shares | -32,000 |
Forfeited, Shares | -5,348 |
Ending Balance, Shares | 93,458 |
Beginning Balance, Weighted Average Price | $24.47 |
Granted, Weighted Average Price | $52.37 |
Vested, Weighted Average Price | $24.33 |
Forfeited, Weighted Average Price | $35.43 |
Ending Balance, Weighted Average Price | $30.25 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 9 Months Ended |
Sep. 27, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Beginning Balance, Shares | 141,500 |
Exercised, Shares | -66,500 |
Ending Balance, Shares | 75,000 |
Options exercisable, Shares | 65,000 |
Beginning Balance, Weighted Average Price | $7.13 |
Exercised, Weighted Average Price | $6.97 |
Ending Balance, Weighted Average Price | $7.28 |
Options exercisable, Weighted Average Price | $6.49 |
Ending Balance, Weighted Average Remaining Term (In years) | '3 years 9 months 18 days |
Options exercisable, Weighted Average Remaining Term (In years) | '3 years 6 months |
Ending Balance, Aggregate Intrinsic Value | $2,518,020 |
Options exercisable, Aggregate Intrinsic Value | $2,233,420 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (Stock-based Awards [Member]) | 0 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Stock-based Awards [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Stock-based awards considered as anti-dilutive | 0 | 0 |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Computation of Basic Earnings Per Share and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 27, 2014 | Sep. 28, 2013 |
Numerator | ' | ' | ' | ' |
Net income | $24,536 | $22,887 | $71,331 | $61,301 |
Denominator: | ' | ' | ' | ' |
Weighted average basic shares outstanding | 35,898 | 36,362 | 36,217 | 36,343 |
Effect of stock-based compensation awards | 126 | 270 | 155 | 267 |
Weighted average diluted shares outstanding | 36,024 | 36,632 | 36,372 | 36,610 |
Earnings Per Share: | ' | ' | ' | ' |
Basic | $0.68 | $0.63 | $1.97 | $1.69 |
Diluted | $0.68 | $0.62 | $1.96 | $1.67 |
Common_Stock_Repurchases_Addit
Common Stock Repurchases - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 27, 2014 | Dec. 28, 2013 |
Shares Repurchases [Line Items] | ' | ' |
Repurchase and cancellation of shares | 38,100 | 78,580 |
Common stock repurchased, average price | $54.02 | $44.39 |
Repurchase and cancellation of shares, value | $2.10 | ' |
Share Repurchase Program [Member] | ' | ' |
Shares Repurchases [Line Items] | ' | ' |
Repurchase and cancellation of shares | 833,100 | ' |
Common stock repurchased, average price | $47.15 | ' |
Repurchase and cancellation of shares, value | 39.3 | ' |
Share repurchase program shares authorized to be repurchased | 50 | ' |
Share repurchase program, remaining authorized amount | $10.70 | ' |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2014 | Dec. 28, 2013 |
Related Party Transactions [Abstract] | ' | ' |
Lease expiration date | 31-Dec-17 | ' |
Total annual rental payments to the partnership under the lease arrangement | $1.50 | $1.50 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Sep. 27, 2014 |
In Millions, unless otherwise specified | |
Income Tax Disclosure [Abstract] | ' |
Net unrecognized tax benefits | $1.10 |
Unrecognized tax benefits which would impact effective tax rate if recognized | 0.8 |
Accrued interest related to uncertain tax positions | $0.20 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Share Repurchase Program [Member], USD $) | 9 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2014 | Oct. 28, 2014 | Oct. 28, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ' | ' | ' |
Share repurchase program shares authorized to be repurchased | $50 | ' | $100 |
Share repurchase program expiration date | 31-May-15 | 31-Dec-15 | ' |
Share repurchase program, remaining authorized amount | $10.70 | ' | $60.70 |