Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Feb. 19, 2015 | Jun. 28, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 27-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | DORM | ||
Entity Registrant Name | Dorman Products, Inc. | ||
Entity Central Index Key | 868780 | ||
Current Fiscal Year End Date | -15 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 35,616,334 | ||
Entity Public Float | $1,364,609,466 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Statement [Abstract] | |||
Net sales | $751,476 | $664,466 | $570,420 |
Cost of goods sold | 464,275 | 403,498 | 355,211 |
Gross profit | 287,201 | 260,968 | 215,209 |
Selling, general and administrative expenses | 146,467 | 133,029 | 110,978 |
Income from operations | 140,734 | 127,939 | 104,231 |
Interest expense, net | 204 | 189 | 123 |
Income from continuing operations before income taxes | 140,530 | 127,750 | 104,108 |
Provision for income taxes | 50,543 | 45,830 | 37,703 |
Income from continuing operations | 89,987 | 81,920 | 66,405 |
Income from discontinued operations | 4,557 | ||
Net income | $89,987 | $81,920 | $70,962 |
Basic: | |||
Income from continuing operations | $2.50 | $2.25 | $1.84 |
Income from discontinued operations | $0.12 | ||
Net income | $2.50 | $2.25 | $1.96 |
Diluted: | |||
Income from continuing operations | $2.49 | $2.24 | $1.82 |
Income from discontinued operations | $0.12 | ||
Net income | $2.49 | $2.24 | $1.94 |
Weighted average shares outstanding: | |||
Basic | 36,052 | 36,347 | 36,124 |
Diluted | 36,190 | 36,624 | 36,494 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $89,987 | $81,920 | $70,962 |
Other comprehensive loss: | |||
Currency translation adjustments | -2,810 | ||
Comprehensive income | $89,987 | $81,920 | $68,152 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $47,656 | $60,593 |
Accounts receivable, less allowance for doubtful accounts and customer credits of $79,179 and $65,879 in 2014 and 2013, respectively | 206,035 | 180,777 |
Inventories | 173,523 | 160,387 |
Deferred income taxes | 25,103 | 20,798 |
Prepaids and other current assets | 3,147 | 5,851 |
Total current assets | 455,464 | 428,406 |
Property, plant and equipment, net | 82,270 | 64,786 |
Goodwill and intangible assets, net | 29,989 | 30,089 |
Other assets | 12,645 | 5,888 |
Total | 580,368 | 529,169 |
Current liabilities: | ||
Accounts payable | 59,541 | 61,255 |
Accrued compensation | 10,713 | 11,779 |
Other accrued liabilities | 20,579 | 18,704 |
Total current liabilities | 90,833 | 91,738 |
Other long-term liabilities | 4,822 | 5,310 |
Deferred income taxes | 22,652 | 18,480 |
Commitments and contingencies (Note 11) | ||
Shareholders' equity: | ||
Common stock, par value $0.01; authorized 50,000,000 shares; issued and outstanding 35,611,238 and 36,464,958 shares in 2014 and 2013, respectively | 356 | 365 |
Additional paid-in capital | 43,413 | 43,119 |
Retained earnings | 418,292 | 370,157 |
Total shareholders' equity | 462,061 | 413,641 |
Total | $580,368 | $529,169 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 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 | $79,179 | $65,879 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 35,611,238 | 36,464,958 |
Common stock, shares outstanding | 35,611,238 | 36,464,958 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Cumulative Translation Adjustments [Member] | Retained Earnings [Member] |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2011 | $317,103 | $362 | $36,860 | $2,810 | $277,071 |
Beginning Balance, Shares at Dec. 31, 2011 | 36,156,522 | ||||
Exercise of stock options | 1,606 | 4 | 1,602 | ||
Exercise of stock options, shares | 394,861 | ||||
Compensation expense under Incentive Stock Plan | 1,007 | 1,007 | |||
Purchase and cancellation of common stock | -1,943 | -1 | -97 | -1,845 | |
Purchase and cancellation of common stock, Shares | -70,208 | ||||
Issuance of non-vested stock, net of cancellations | 0 | 0 | 0 | 0 | 0 |
Issuance of non-vested stock, net of cancellations, Shares | 5,000 | ||||
Other stock related activity | 1,663 | 1,635 | 28 | ||
Other stock related activity, Shares | -8,669 | ||||
Dividends paid | -54,716 | -54,716 | |||
Net income | 70,962 | 70,962 | |||
Currency translation adjustments (net of tax) | -2,810 | -2,810 | |||
Ending Balance at Dec. 29, 2012 | 332,872 | 365 | 41,007 | 291,500 | |
Ending Balance, Shares at Dec. 29, 2012 | 36,477,506 | ||||
Exercise of stock options | 551 | 1 | 550 | ||
Exercise of stock options, shares | 93,509 | ||||
Compensation expense under Incentive Stock Plan | 960 | 960 | |||
Purchase and cancellation of common stock | -3,489 | -1 | -142 | -3,346 | |
Purchase and cancellation of common stock, Shares | -78,580 | -78,580 | |||
Issuance of non-vested stock, net of cancellations | 0 | 0 | 0 | 0 | 0 |
Issuance of non-vested stock, net of cancellations, Shares | -17,626 | ||||
Other stock related activity | 827 | 744 | 83 | ||
Other stock related activity, Shares | -9,851 | ||||
Net income | 81,920 | 81,920 | |||
Ending Balance at Dec. 28, 2013 | 413,641 | 365 | 43,119 | 370,157 | |
Ending Balance, Shares at Dec. 28, 2013 | 36,464,958 | 36,464,958 | |||
Exercise of stock options | 463 | 1 | 462 | ||
Exercise of stock options, shares | 66,500 | ||||
Compensation expense under Incentive Stock Plan | 1,146 | 1,146 | |||
Purchase and cancellation of common stock | -43,519 | -9 | -1,651 | -41,859 | |
Purchase and cancellation of common stock, Shares | -61,830 | -917,430 | |||
Issuance of non-vested stock, net of cancellations | 0 | 0 | 0 | 0 | 0 |
Issuance of non-vested stock, net of cancellations, Shares | 5,060 | ||||
Other stock related activity | 343 | -1 | 337 | 7 | |
Other stock related activity, Shares | -7,850 | ||||
Net income | 89,987 | 89,987 | |||
Ending Balance at Dec. 27, 2014 | $462,061 | $356 | $43,413 | $418,292 | |
Ending Balance, Shares at Dec. 27, 2014 | 35,611,238 | 35,611,238 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Cash Flows from Operating Activities: | |||
Net income | $89,987 | $81,920 | $70,962 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation, amortization and accretion | 12,658 | 10,159 | 8,225 |
Provision for doubtful accounts | 308 | 194 | 266 |
(Benefit) provision for deferred income tax | -632 | 267 | -2,384 |
Provision for non-cash stock compensation | 1,146 | 960 | 1,007 |
Foreign exchange gain | -2,987 | ||
Changes in assets and liabilities: | |||
Accounts receivable | -25,566 | -40,791 | -9,730 |
Inventories | -13,136 | -18,537 | -28,748 |
Prepaids and other current assets | -522 | 840 | 293 |
Other assets | -6,757 | -884 | -801 |
Accounts payable | -1,558 | 17,627 | 10,738 |
Accrued compensation and other liabilities | 3,712 | 9,804 | 2,070 |
Cash provided by operating activities | 59,640 | 61,559 | 48,911 |
Cash Flows from Investing Activities: | |||
Property, plant and equipment additions | -29,862 | -24,666 | -18,078 |
Acquisition | -1,897 | ||
Cash used in investing activities | -29,862 | -26,563 | -18,078 |
Cash Flows from Financing Activities: | |||
Dividends paid | -54,716 | ||
Proceeds from exercise of stock options | 463 | 551 | 1,606 |
Other stock related activity | 343 | 827 | 1,663 |
Purchase and cancellation of common stock | -43,521 | -3,489 | -1,943 |
Cash used in financing activities | -42,715 | -2,111 | -53,390 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 69 | ||
Net (Decrease) Increase in Cash and Cash Equivalents | -12,937 | 32,885 | -22,488 |
Cash and Cash Equivalents, Beginning of Period | 60,593 | 27,708 | 50,196 |
Cash and Cash Equivalents, End of Period | 47,656 | 60,593 | 27,708 |
Supplemental Cash Flow Information | |||
Cash paid for interest expense | 234 | 201 | 219 |
Cash paid for income taxes | $46,540 | $44,291 | $35,329 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||
Dec. 27, 2014 | |||||
Accounting Policies [Abstract] | |||||
Summary of Significant Accounting Policies | 1 | Summary of Significant Accounting Policies | |||
Dorman Products, Inc. (“Dorman”, the “Company”, “we”, “us”, or “our”) is a leading supplier of Original Equipment (“OE”) Dealer “Exclusive” automotive replacement parts, automotive hardware, brake products and household hardware to the Automotive Aftermarket and Mass Merchandise markets. Dorman parts are marketed under the OE Solutions™, HELP!®, TECHoice™, AutoGrade™, Conduct-Tite®, FirstStop™ and HD Solutions™ brand names. | |||||
We operate on a fifty-two, fifty-three week period ending on the last Saturday of the calendar year. The fiscal years ended December 27, 2014, December 28, 2013 and December 29, 2012 were fifty-two week periods. | |||||
Principles of Consolidation. The Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. | |||||
Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||
Reclassifications. Certain prior year amounts have been reclassified to conform with current-year presentation. | |||||
Cash and Cash Equivalents. We consider all highly liquid short-term investments with original maturities of three months or less to be cash equivalents. | |||||
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. During fiscal 2014, fiscal 2013 and fiscal 2012, we sold $477.9 million, $406.4 million and $312.7 million, respectively, pursuant to these agreements. If receivables had not been sold, $298.9 million and $267.8 million of additional receivables would have been outstanding at December 27, 2014 and December 28, 2013, respectively, based on standard payment terms. Selling, general and administrative expenses include $6.2 million, $5.2 million and $4.4 million in fiscal 2014, fiscal 2013 and fiscal 2012, respectively, of financing costs associated with these accounts receivable sales programs. | |||||
Inventories. Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. We provide reserves for discontinued and excess inventory based upon historical demand, forecasted usage, estimated customer requirements and product line updates. | |||||
Property and Depreciation. Property, plant and equipment are recorded at cost and depreciated over their estimated useful lives, which range from three to thirty-nine years, using the straight-line method for financial statement reporting purposes and accelerated methods for income tax purposes. The costs of maintenance and repairs are expensed as incurred. Renewals and betterments are capitalized. Gains and losses on disposals are included in operating results. | |||||
Estimated useful lives by major asset category are as follows: | |||||
Buildings and building improvements | 10 to 39 years | ||||
Machinery, equipment and tooling | 3 to 10 years | ||||
Software and computer equipment | 3 to 10 years | ||||
Furniture, fixtures and leasehold improvements | 3 to 15 years | ||||
Long-lived assets, including property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The impairment review is a two-step process. First, recoverability is measured by comparing the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount exceeds the estimated undiscounted future cash flows, the second step of the impairment test is performed and an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds its fair value. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. | |||||
Goodwill. Goodwill is reviewed for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value of the goodwill may be impaired. In regards to the annual test, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. During fiscal 2014 and fiscal 2013, we assessed the qualitative factors which could affect the fair values of our reporting units and determined that it was not more likely than not that the fair values of each reporting unit was less than its carrying amount. | |||||
Other Assets. Other assets include primarily long-term core inventory, deposits, and an equity method investment in a joint venture. | |||||
Long-term core inventory of $10.2 million and $4.0 million as of December 27, 2014 and December 28, 2013, respectively, represents products used in remanufacturing processes, and consists of used cores purchased and held in our facilities, used cores that are in the process of being returned from our customers and end-users, and remanufactured cores held in finished goods inventory at our facilities. A used core is reconditioned and sold to the customer as a replacement for a unit inside a vehicle. Our products that utilize a core primarily include instrument clusters and hybrid batteries. Customers and end-users that purchase remanufactured products will generally return the used core to us, which we then use in the remanufacturing process to make another finished good. Long-term core inventory is recorded at the lower of cost or market value. Cost is determined based on actual purchases of core inventory. We believe that the most appropriate classification of core inventory is a long-term asset. According to guidance provided under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), current assets are defined as “assets or resources commonly identified as those which are reasonably expected to be realized in cash or sold or consumed during the normal operating cycle of the business.” The determination of the long-term classification is based on our view that the value of the cores is not consumed or realized in cash during our normal operating cycle. | |||||
Other Accrued Liabilities. Other accrued liabilities include primarily accrued customer rebates which we expect to settle in cash of $14.3 million and $13.7 million as of December 27, 2014 and December 28, 2013, respectively. Also included are accrued commissions, accrued income taxes, insurance liabilities, product warranties, and other current liabilities. We warrant our products against certain defects in material and workmanship when used as designed on the vehicle on which it was originally installed. We offer a limited lifetime warranty on most of our products. Our warranty limits the end-user’s remedy to the repair or replacement of the part that is defective. Product warranty reserves, which are $0.1 million as of both December 27, 2014 and December 28, 2013, are based upon actual experience and forecasts using the best historical and current claim information available. Provisions and payments related to product warranty reserves were not material in fiscal 2014, fiscal 2013 or fiscal 2012. | |||||
Revenue Recognition and Allowance for Customer Credits. Revenue is recognized from product sales when goods are shipped, title and risk of loss have been transferred to the customer and collection is reasonably assured. We record estimates for cash discounts, product returns, promotional rebates, core returns, and other discounts in the period of the sale (“Customer Credits”). The provision for Customer Credits is recorded as a reduction from gross sales and reserves for Customer Credits are shown as a reduction of accounts receivable. Accrued customer credits which we expect to settle in cash are classified as other accrued liabilities. Actual Customer Credits have not differed materially from estimated amounts for each period presented. Amounts billed to customers for shipping and handling are included in net sales. Costs associated with shipping and handling are included in cost of goods sold. | |||||
Research and Development. Research and development costs are expensed as incurred. Research and development costs totaling $15.8 million in fiscal 2014, $13.4 million in fiscal 2013 and $10.5 million in fiscal 2012 have been recorded in selling, general and administrative expenses in the Consolidated Statements of Operations. | |||||
Stock-Based Compensation. At December 27, 2014 and December 28, 2013, we had one stock-based employee compensation plan, which is described more fully in Note 12, Capital Stock. We record equity-classified compensation expense for all awards granted. The value of restricted stock issued is based on the fair value of our common stock on the grant date. The fair value of stock options granted was determined using the Black-Scholes option valuation model. | |||||
Income Taxes. We follow the asset and liability method of accounting for deferred income taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities. Deferred tax assets or liabilities at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. | |||||
Foreign Currency Translation. Assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at the rate of exchange prevailing at the end of the year. Income statement accounts are translated at the average exchange rate prevailing during the year. Translation adjustments resulting from this process are recorded directly in shareholders’ equity. | |||||
Comprehensive Income. Comprehensive income includes all changes to shareholders’ equity during a period, except those resulting from investment by and distributions to shareholders. Components of comprehensive income include net income and foreign currency translation adjustments. | |||||
Concentrations of Risk. Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents and accounts receivable. All cash equivalents are managed within established guidelines which limit the amount which may be invested with one issuer. A significant percentage of our accounts receivable have been, and will continue to be, concentrated among a relatively small number of automotive retailers and warehouse distributors in the United States. Our five largest customers accounted for 81% of net accounts receivable as of December 27, 2014 and December 28, 2013. We continually monitor the credit terms and credit limits to these and other customers. In fiscal 2014, approximately 73% of our products were purchased from suppliers located in a variety of foreign countries, with the largest portion coming from China. | |||||
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. We did not hold any foreign currency forward contracts at December 27, 2014 or December 28, 2013. | |||||
New_and_Recently_Adopted_Accou
New and Recently Adopted Accounting Pronouncements | 12 Months Ended | |
Dec. 27, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ||
New and Recently Adopted Accounting Pronouncements | 2 | New and Recently Adopted Accounting Pronouncements |
In May 2014, the 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. |
Acquisition
Acquisition | 12 Months Ended | |
Dec. 27, 2014 | ||
Business Combinations [Abstract] | ||
Acquisition | 3 | 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 December 2014, we reduced our liability for the contingent payment arrangement by $1.0 million based upon our estimates of future earnings. In connection with this acquisition, we recorded $3.6 million in goodwill and other intangible assets, all of which we expect 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. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Discontinued Operations | 4 | Discontinued Operations | |||||||||||
In fiscal 2012, we exited the international portion of our ScanTech business due to continued operating losses and to focus on growing our North American business. ScanTech was headquartered outside Stockholm, Sweden and distributed a line of Volvo and Saab replacement parts throughout the world. | |||||||||||||
The following table summarizes ScanTech’s net sales and income before taxes which have been presented as a discontinued operation in the Consolidated Statements of Operations: | |||||||||||||
(in thousands) | December 27, | December 28, | December 29, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | $ | — | $ | — | $ | 2,907 | |||||||
Income before taxes | — | — | 3,203 | ||||||||||
During fiscal 2012, we reclassified approximately $3.0 million of previously recorded currency translation adjustments from accumulated other comprehensive income to net income as a result of the substantial liquidation of our investment and recorded a deferred tax asset of $1.4 million related to foreign tax credits. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 27, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 5 | Inventories | |||||||
Inventories include the cost of material, freight, direct labor and overhead utilized in the processing of our products. Inventories were as follows: | |||||||||
(in thousands) | December 27, | December 28, | |||||||
2014 | 2013 | ||||||||
Bulk product | $ | 65,603 | $ | 59,881 | |||||
Finished product | 105,117 | 97,382 | |||||||
Packaging materials | 2,803 | 3,124 | |||||||
Total | $ | 173,523 | $ | 160,387 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 27, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment | 6 | Property, Plant and Equipment | |||||||
Property, plant and equipment include the following: | |||||||||
(in thousands) | December 27, | December 28, | |||||||
2014 | 2013 | ||||||||
Buildings | $ | 29,185 | $ | 26,859 | |||||
Machinery, equipment and tooling | 66,441 | 58,620 | |||||||
Furniture, fixtures and leasehold improvements | 3,974 | 3,833 | |||||||
Software and computer equipment | 65,525 | 53,915 | |||||||
Total | 165,125 | 143,227 | |||||||
Less-accumulated depreciation and amortization | (82,855 | ) | (78,441 | ) | |||||
Property, plant and equipment, net | $ | 82,270 | $ | 64,786 | |||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |
Dec. 27, 2014 | ||
Debt Disclosure [Abstract] | ||
Long-Term Debt | 7 | Long-Term Debt |
Our revolving credit facility, which provides for borrowings up to $30.0 million, will expire in June 2015. Borrowings under the facility are on an unsecured basis with interest at rates ranging from LIBOR plus 75 basis points to LIBOR plus 250 basis points based upon the achievement of certain benchmarks related to the ratio of funded debt to EBITDA. The interest rate at December 27, 2014 was LIBOR plus 75 basis points (0.92 %). There were no borrowings under the revolving credit facility at December 27, 2014 or December 28, 2013. We did not borrow under the revolving credit facility during fiscal 2014 or fiscal 2013. As of December 27, 2014, we had two letters of credit outstanding for approximately $1.0 million in the aggregate which were issued to secure ordinary course of business transactions. We had approximately $29.0 million available under the facility at December 27, 2014, net of these letters of credit. The loan agreement also contains covenants, the most restrictive of which pertain to net worth and the ratio of debt to EBITDA. We are in compliance with all financial covenants contained in the revolving credit facility as of December 27, 2014. | ||
Operating_Lease_Commitments_an
Operating Lease Commitments and Rent Expense | 12 Months Ended | ||||
Dec. 27, 2014 | |||||
Leases [Abstract] | |||||
Operating Lease Commitments and Rent Expense | 8 | Operating Lease Commitments and Rent Expense | |||
We lease certain equipment and operating facilities, including our primary operating facility which is leased from a partnership described in Note 9, Related Party Transactions, under non-cancelable operating leases. Approximate future minimum rental payments as of December 27, 2014 under these leases are summarized as follows: | |||||
(in thousands) | |||||
2015 | $ | 3,828 | |||
2016 | 3,702 | ||||
2017 | 3,691 | ||||
2018 | 1,625 | ||||
2019 | 72 | ||||
Thereafter | — | ||||
Total | $ | 12,918 | |||
Rent expense, including payments for short-term equipment and storage rentals, was $4.1 million in fiscal 2014, $3.7 million in fiscal 2013 and $3.5 million in fiscal 2012. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 27, 2014 | ||
Related Party Transactions [Abstract] | ||
Related Party Transactions | 9 | Related Party Transactions |
We have a non-cancelable operating lease for our primary operating facility from a partnership in which Steven L. Berman, our Chairman and Chief Executive Officer, and his family members are partners. Total rental payments each year to the partnership under the lease arrangement were $1.5 million in each of fiscal 2014, fiscal 2013 and fiscal 2012. During 2012, we entered into a new lease with the partnership which 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. | ||
We are a partner in a joint venture with one of our suppliers. Purchases from this joint venture were $9.3 million, $5.6 million and $5.4 million in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 10 | Income Taxes | |||||||||||
The components of the income tax provision (benefit) are as follows: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 48,293 | $ | 42,458 | $ | 37,192 | |||||||
State | 2,882 | 3,105 | 2,895 | ||||||||||
51,175 | 45,563 | 40,087 | |||||||||||
Deferred: | |||||||||||||
Federal | (597 | ) | 249 | (2,214 | ) | ||||||||
State | (35 | ) | 18 | (170 | ) | ||||||||
(632 | ) | 267 | (2,384 | ) | |||||||||
Total | $ | 50,543 | $ | 45,830 | $ | 37,703 | |||||||
Also, the income tax benefit related to our discontinued operations was $1.4 million for the year ended December 29, 2012. | |||||||||||||
The following is a reconciliation of income taxes at the statutory tax rate to the Company’s effective tax rate: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal taxes at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal tax benefit | 1.2 | 1.6 | 1.7 | ||||||||||
Research and development tax credit | (0.4 | ) | (0.7 | ) | (0.3 | ) | |||||||
Other | 0.2 | — | (0.2 | ) | |||||||||
Effective tax rate | 36 | % | 35.9 | % | 36.2 | % | |||||||
At December 27, 2014, we have $1.2 million of unrecognized tax benefits, $0.9 million of which would affect our effective tax rate if recognized. | |||||||||||||
The following table summarizes the change in uncertain tax benefits for the three years ended December 27, 2014: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 1,201 | $ | 1,785 | $ | 2,161 | |||||||
Reductions due to lapses in statutes of limitations | (301 | ) | (30 | ) | (44 | ) | |||||||
Reductions due to payments for tax positions settled | — | (271 | ) | (379 | ) | ||||||||
Reductions due to reversals of prior year positions | (38 | ) | (736 | ) | (651 | ) | |||||||
Additions based on tax positions taken during the current period | 301 | 453 | 698 | ||||||||||
Balance at end of year | $ | 1,163 | $ | 1,201 | $ | 1,785 | |||||||
We recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 27, 2014, we have approximately $0.2 million of accrued interest related to uncertain tax positions. | |||||||||||||
Deferred income taxes result from timing differences in the recognition of revenue and expense for tax and financial statement purposes. The sources of temporary differences are as follows: | |||||||||||||
(in thousands) | December 27, | December 28, | |||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Inventories | $ | 7,989 | $ | 6,546 | |||||||||
Accounts receivable | 15,652 | 12,390 | |||||||||||
Accrued expenses | 1,780 | 1,928 | |||||||||||
Other | 197 | 417 | |||||||||||
Gross deferred tax assets | 25,618 | 21,281 | |||||||||||
Liabilities: | |||||||||||||
Depreciation | 13,406 | 9,136 | |||||||||||
Goodwill | 9,761 | 9,343 | |||||||||||
Other | — | 484 | |||||||||||
Gross deferred tax liabilities | 23,167 | 18,963 | |||||||||||
Net deferred tax assets | $ | 2,451 | $ | 2,318 | |||||||||
Based on our history of taxable income and our projection of future earnings, we believe that it is more likely than not that sufficient taxable income will be generated in the foreseeable future to realize the remaining net deferred tax assets. | |||||||||||||
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 2011 and 2012 tax years. In regard to state taxes, we are currently under examination by one state tax authority for years 2009-2012. Tax years before 2010 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. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |
Dec. 27, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 11 | Commitments and Contingencies |
Shareholders’ Agreement. A shareholders’ agreement was entered into in September 1990 and amended and restated on July 1, 2006. Under the agreement, each of the late Richard Berman, Steven Berman, Jordan Berman, Marc Berman, Fred Berman, Deanna Berman and additional shareholders named in the agreement has, among other things, granted the others of them rights of first refusal, exercisable on a pro rata basis or in such other proportions as the exercising shareholders may agree, to purchase shares of our common stock which any of them, or upon their deaths their respective estates, proposes to sell to third parties. We have agreed with these shareholders that, upon their deaths, to the extent that any of their shares are not purchased by any of these surviving shareholders and may not be sold without registration under the Securities Act of 1933, as amended (the “1933 Act”), we will use our best efforts to cause those shares to be registered under the 1933 Act. The expenses of any such registration will be borne by the estate of the deceased shareholder. The additional shareholders that are a party to the agreement are trusts affiliated with the late Richard Berman, Steven Berman, Jordan Berman, Marc Berman or Fred Berman, or each person’s respective spouse or children. | ||
Legal Proceedings. 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, competitive practices, patent rights, trademark rights, 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, would likely have a material financial impact on us and we believe the range of reasonably possible losses from current matters is immaterial. |
Capital_Stock
Capital Stock | 12 Months Ended | ||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Capital Stock | 12 | Capital Stock | |||||||||||||||||||
Controlling Interest by Officers, Directors and Family Members. As of February 19, 2015, the estate of the late Richard Berman, Sharyn Berman, Steven Berman, who is Chairman and Chief Executive Officer and director of the Company, his father and his brothers beneficially own approximately 24% of the outstanding shares of our common stock and have a controlling influence over the election of our Board of Directors, the outcome of most corporate actions requiring shareholder approval (including certain fundamental transactions) and the affairs of the Company. | |||||||||||||||||||||
Undesignated Stock. We have 50,000,000 shares authorized of undesignated capital stock for future issuance. The designation, rights and preferences of such shares will be determined by our Board of Directors. | |||||||||||||||||||||
Dividend. On December 5, 2012, we announced a special cash dividend of $1.50 per share payable on December 28, 2012 to shareholders of record at the close of business on December 17, 2012. This dividend resulted in a cash payment of $54.7 million to our shareholders. | |||||||||||||||||||||
Incentive Stock Plan. 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. At December 27, 2014, 1,719,766 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 issued 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. Compensation cost related to the stock is recognized on a straight-line basis over the vesting period. We retain the restricted stock, and any dividends paid thereon, until the vesting provisions have been met. Compensation cost related to restricted stock was $1.1 million, $0.8 million and $0.8 million before taxes in fiscal 2014, fiscal 2013, and fiscal 2012, respectively. The compensation costs were classified as selling, general and administrative expense in the Consolidated Statements of Operations. No cost was capitalized during fiscal 2014, fiscal 2013 or fiscal 2012. | |||||||||||||||||||||
The following table summarizes our restricted stock activity for the three years ended December 27, 2014: | |||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||
Average | |||||||||||||||||||||
Price | |||||||||||||||||||||
Balance at December 31, 2011 | 204,800 | $ | 17.12 | ||||||||||||||||||
Granted | 15,000 | $ | 26.7 | ||||||||||||||||||
Vested | (45,646 | ) | $ | 16.84 | |||||||||||||||||
Balance at December 29, 2012 | 174,154 | $ | 18.02 | ||||||||||||||||||
Granted | 25,500 | $ | 45.06 | ||||||||||||||||||
Vested | (47,069 | ) | $ | 17.38 | |||||||||||||||||
Cancelled | (43,126 | ) | $ | 18.28 | |||||||||||||||||
Balance at December 28, 2013 | 109,459 | $ | 24.47 | ||||||||||||||||||
Granted | 26,347 | $ | 51.41 | ||||||||||||||||||
Vested | (41,619 | ) | $ | 23.44 | |||||||||||||||||
Cancelled | (21,287 | ) | $ | 48.29 | |||||||||||||||||
Balance at December 27, 2014 | 72,900 | $ | 27.82 | ||||||||||||||||||
As of December 27, 2014, there was approximately $1.4 million of unrecognized compensation cost related to nonvested restricted stock, which is expected to be recognized over a weighted-average period of approximately 2.5 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 activities. The excess tax benefit generated from vested restricted shares was $0.5 million, $0.3 million, and $0.3 million in fiscal 2014, fiscal 2013, and fiscal 2012, respectively, and was credited to additional paid in capital. | |||||||||||||||||||||
We grant stock options to certain employees and members of our 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, during which related services are performed. Compensation cost charged against income was $0.1 million, $0.1 million and $0.2 million before taxes in fiscal 2014, fiscal 2013, and fiscal 2012, respectively. The compensation costs were classified as selling, general and administrative expense in the Consolidated Statements of Operations. No cost was capitalized during fiscal 2014, fiscal 2013 or fiscal 2012. | |||||||||||||||||||||
No stock options were granted in fiscal 2014 or fiscal 2013. In fiscal 2012, we used the Black-Scholes option valuation model to estimate the fair value of stock options granted. Expected volatility and expected dividend yield are 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 is based on the U.S. Treasury security with terms equal to the expected time of exercise as of the grant date. The weighted-average grant-date fair value of options granted during fiscal 2012 was $11.05 per option. We included a forfeiture assumption of 5.4% in the calculation of expense in fiscal 2014, fiscal 2013 and fiscal 2012. | |||||||||||||||||||||
The following table summarizes the valuation assumptions used to calculate the fair value of options granted: | |||||||||||||||||||||
2012 | |||||||||||||||||||||
Expected dividend yield | 0 | % | |||||||||||||||||||
Expected stock price volatility | 59 | % | |||||||||||||||||||
Risk-free interest rate | 0.9 | % | |||||||||||||||||||
Expected life of options | 4.7 years | ||||||||||||||||||||
The following table summarizes our stock option activity for the three years ended December 27, 2014: | |||||||||||||||||||||
Shares | Option Price per | Weighted | Weighted | Aggregate | |||||||||||||||||
Share | Average | Average | Intrinsic | ||||||||||||||||||
Price | Remaining | Value | |||||||||||||||||||
Terms (years) | |||||||||||||||||||||
Balance at December 31, 2011 | 692,800 | $ | 2.00 – $19.37 | $ | 5.46 | ||||||||||||||||
Granted | 20,000 | $22.71 | $ | 22.71 | |||||||||||||||||
Exercised | (438,800 | ) | $ | 2.00 – $ 7.74 | $ | 4.27 | |||||||||||||||
Balance at December 29, 2012 | 274,000 | $ | 2.54 – $22.71 | $ | 8.62 | ||||||||||||||||
Exercised | (96,500 | ) | $ | 2.54 – $22.71 | $ | 7.21 | |||||||||||||||
Cancelled | (36,000 | ) | $ | 7.74 – $22.71 | $ | 16.98 | |||||||||||||||
Balance at December 28, 2013 | 141,500 | $ | 5.05 – $19.37 | $ | 7.13 | ||||||||||||||||
Exercised | (66,500 | ) | $ | 5.67 – $19.37 | $ | 6.97 | |||||||||||||||
Balance at December 27, 2014 | 75,000 | $ | 5.05 – $19.37 | $ | 7.28 | 3.5 | $ | 3,119,000 | |||||||||||||
Options exercisable at December 27, 2014 | 73,000 | $ | 5.05 – $19.37 | $ | 6.95 | 3.5 | $ | 3,060,000 | |||||||||||||
The total intrinsic value of stock options exercised during fiscal 2014 was $2.8 million. As of December 27, 2014, there was approximately $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. | |||||||||||||||||||||
The following table summarizes information concerning currently outstanding and exercisable options at December 27, 2014: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Price | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||
Remaining | Exercise Price | Exercise Price | |||||||||||||||||||
Contractual | |||||||||||||||||||||
Life (years) | |||||||||||||||||||||
$ 5.05 – $5.67 | 21,000 | 3.9 | $ | 5.64 | 21,000 | $ | 5.64 | ||||||||||||||
$ 6.90 | 44,000 | 3 | $ | 6.9 | 44,000 | $ | 6.9 | ||||||||||||||
$ 7.74 | 6,000 | 5 | $ | 7.74 | 6,000 | $ | 7.74 | ||||||||||||||
$19.37 | 4,000 | 6 | $ | 19.37 | 2,000 | $ | 19.37 | ||||||||||||||
Balance at December 27, 2014 | 75,000 | 3.5 | $ | 7.28 | 73,000 | $ | 6.95 | ||||||||||||||
Cash received from option exercises was $0.5 million, $0.6 million, and $1.6 million during fiscal 2014, fiscal 2013, and fiscal 2012, respectively. The excess tax benefit generated from option exercises was $0.3 million, $0.8 million and $2.4 million during fiscal 2014, fiscal 2013 and fiscal 2012, respectively, and was credited to additional paid in capital. | |||||||||||||||||||||
Performance-Based Long Term Award Program. In December 2012, the Compensation Committee of our Board of Directors approved the Performance-Based Long Term Award Program which connects compensation for certain of our executives to the compounded annual growth in our pre-tax income, as defined in the program, over our most recent three fiscal years. At the discretion of the Compensation Committee, the Performance-Based Long Term Award will be paid in either cash or equity. If the award is paid in equity, it will be paid under the 2008 Stock Option and Stock Incentive Plan. This is a liability-classified award. For fiscal 2014 and fiscal 2013, the Compensation Committee elected to settle the award in cash. | |||||||||||||||||||||
401(k) Retirement Plan. The Dorman Products, Inc. 401(k) Retirement Plan and Trust (the “401(k) Plan”) is a defined contribution profit sharing and 401(k) plan covering substantially all of our employees as of December 27, 2014. Annual contributions under the 401(k) Plan are determined by the Compensation Committee of our Board of Directors. Total expense related to the 401(k) Plan was $2.5 million, $1.9 million and $2.0 million in fiscal 2014, fiscal 2013 and fiscal 2012, respectively. At December 27, 2014, the 401(k) Plan held 361,138 shares of our common stock. | |||||||||||||||||||||
Common Stock Repurchases. We periodically repurchase, at the then current market price, and cancel common stock issued to 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. During fiscal 2014, our Board of Directors approved the repurchase and cancellation of 61,830 shares of our common stock for $3.1 million at an average price of $50.71 per share. During fiscal 2013, our Board of Directors approved the repurchase and cancellation of 78,580 shares of our common stock for $3.5 million at an average price of $44.39 per share. | |||||||||||||||||||||
Share Repurchase Program. On December 12, 2013 we announced that our Board of Directors authorized a share repurchase program, authorizing the repurchase of up to $10 million of our outstanding common stock by the end of 2014. We announced that our Board of Directors increased the share repurchase program authorization to $30 million on May 20, 2014, to $50 million on July 30, 2014 and to $100 million on October 28, 2014. In addition, on May 20, 2014, we announced that our Board of Directors extended the share repurchase program through May 31, 2015, and on October 28, 2014, we announced that our Board of Directors further extended the share repurchase program through December 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. We repurchased 855,600 common shares for $40.4 million at an average price of $47.20 under this program during fiscal 2014. No repurchases were made under this program during fiscal year ended December 28, 2013. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | 13 | Earnings Per Share | |||||||||||
Basic earnings per share was 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. Stock-based awards of 5,000 shares and 20,000 shares were excluded from the calculation of diluted earnings per share as of December 27, 2014 and December 29, 2012, respectively, as their effect would have been anti-dilutive. No stock-based awards were considered anti-dilutive in the fiscal year ended December 28, 2013. | |||||||||||||
The following table sets forth the computation of basic earnings per share and diluted earnings per share: | |||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 89,987 | $ | 81,920 | $ | 66,405 | |||||||
Income from discontinued operations | — | — | 4,557 | ||||||||||
Net income | $ | 89,987 | $ | 81,920 | $ | 70,962 | |||||||
Denominator: | |||||||||||||
Weighted average basic shares outstanding | 36,052 | 36,347 | 36,124 | ||||||||||
Effect of compensation awards | 138 | 277 | 370 | ||||||||||
Weighted average diluted shares outstanding | 36,190 | 36,624 | 36,494 | ||||||||||
Earnings Per Share: | |||||||||||||
Basic: | |||||||||||||
Income from continuing operations | $ | 2.5 | $ | 2.25 | $ | 1.84 | |||||||
Income from discontinued operations | — | — | 0.12 | ||||||||||
Net income | $ | 2.5 | $ | 2.25 | $ | 1.96 | |||||||
Diluted: | |||||||||||||
Income from continuing operations | $ | 2.49 | $ | 2.24 | $ | 1.82 | |||||||
Income from discontinued operations | — | — | 0.12 | ||||||||||
Net income | $ | 2.49 | $ | 2.24 | $ | 1.94 | |||||||
Business_Segments
Business Segments | 12 Months Ended | |
Dec. 27, 2014 | ||
Segment Reporting [Abstract] | ||
Business Segments | 14 | Business Segments |
We have determined that our business comprises a single reportable operating segment, namely, the sale of replacement parts for the automotive aftermarket. | ||
During fiscal 2014, fiscal 2013 and fiscal 2012, four of our customers (Advance Auto Parts, AutoZone, Genuine Parts Co. - NAPA and O’Reilly Auto Parts) each accounted for more than 10% of net sales and in the aggregate accounted for 60% of net sales in fiscal 2014 and 57% of net sales in each of fiscal 2013 and fiscal 2012. Net sales to countries outside the United States, primarily to Europe, Mexico, the Middle East, Asia and Canada in fiscal 2014, fiscal 2013 and fiscal 2012 were $39.1 million, $33.2 million and $23.5 million, respectively. |
Quarterly_Results_of_Operation
Quarterly Results of Operations | 12 Months Ended | ||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Results of Operations | 15 | Quarterly Results of Operations (Unaudited) | |||||||||||||||
The following is a summary of the unaudited quarterly Results of Operations for the fiscal years ended December 27, 2014 and December 28, 2013: | |||||||||||||||||
(in thousands, except per share amounts) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2014 | |||||||||||||||||
Net sales | $ | 183,512 | $ | 196,187 | $ | 197,796 | $ | 173,981 | |||||||||
Income from operations | 36,947 | 36,700 | 38,476 | 28,611 | |||||||||||||
Net income | 23,551 | 23,244 | 24,536 | 18,656 | |||||||||||||
Diluted earnings per share | 0.64 | 0.64 | 0.68 | 0.52 | |||||||||||||
(in thousands, except per share amounts) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2013 | |||||||||||||||||
Net sales | $ | 154,443 | $ | 162,261 | $ | 177,953 | $ | 169,809 | |||||||||
Income from operations | 29,908 | 30,754 | 35,670 | 31,607 | |||||||||||||
Net income | 19,072 | 19,342 | 22,887 | 20,619 | |||||||||||||
Diluted earnings per share | 0.52 | 0.53 | 0.62 | 0.56 |
Schedule_II_Valuation_and_Qual
Schedule II: Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||
Schedule II: Valuation and Qualifying Accounts | SCHEDULE II: Valuation and Qualifying Accounts | ||||||||||||
(in thousands) | For the Year Ended | ||||||||||||
December | December | December | |||||||||||
27, 2014 | 28, 2013 | 29, 2012 | |||||||||||
Allowance for doubtful accounts: | |||||||||||||
Balance, beginning of period | $ | 1,281 | $ | 1,120 | $ | 1,397 | |||||||
Provision | 308 | 194 | 266 | ||||||||||
Charge-offs | (81 | ) | (33 | ) | (228 | ) | |||||||
Discontinued operations | — | — | (315 | ) | |||||||||
Balance, end of period | $ | 1,508 | $ | 1,281 | $ | 1,120 | |||||||
Allowance for customer credits: | |||||||||||||
Balance, beginning of period | $ | 64,598 | $ | 55,392 | $ | 46,491 | |||||||
Provision | 182,219 | 141,559 | 127,597 | ||||||||||
Credits issued | (169,146 | ) | (132,353 | ) | (118,527 | ) | |||||||
Discontinued operations | — | — | (169 | ) | |||||||||
Balance, end of period | $ | 77,671 | $ | 64,598 | $ | 55,392 | |||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Dec. 27, 2014 | |||||
Accounting Policies [Abstract] | |||||
Principles of Consolidation | Principles of Consolidation. The Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation. | ||||
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||
Reclassifications | Reclassifications. Certain prior year amounts have been reclassified to conform with current-year presentation. | ||||
Cash and Cash Equivalents | Cash and Cash Equivalents. We consider all highly liquid short-term investments with original maturities of three months or less to be cash equivalents. | ||||
Sales of Accounts Receivable | 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. During fiscal 2014, fiscal 2013 and fiscal 2012, we sold $477.9 million, $406.4 million and $312.7 million, respectively, pursuant to these agreements. If receivables had not been sold, $298.9 million and $267.8 million of additional receivables would have been outstanding at December 27, 2014 and December 28, 2013, respectively, based on standard payment terms. Selling, general and administrative expenses include $6.2 million, $5.2 million and $4.4 million in fiscal 2014, fiscal 2013 and fiscal 2012, respectively, of financing costs associated with these accounts receivable sales programs. | ||||
Inventories | Inventories. Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out method. We provide reserves for discontinued and excess inventory based upon historical demand, forecasted usage, estimated customer requirements and product line updates. | ||||
Property and Depreciation | Property and Depreciation. Property, plant and equipment are recorded at cost and depreciated over their estimated useful lives, which range from three to thirty-nine years, using the straight-line method for financial statement reporting purposes and accelerated methods for income tax purposes. The costs of maintenance and repairs are expensed as incurred. Renewals and betterments are capitalized. Gains and losses on disposals are included in operating results. | ||||
Estimated useful lives by major asset category are as follows: | |||||
Buildings and building improvements | 10 to 39 years | ||||
Machinery, equipment and tooling | 3 to 10 years | ||||
Software and computer equipment | 3 to 10 years | ||||
Furniture, fixtures and leasehold improvements | 3 to 15 years | ||||
Long-lived assets, including property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. The impairment review is a two-step process. First, recoverability is measured by comparing the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount exceeds the estimated undiscounted future cash flows, the second step of the impairment test is performed and an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds its fair value. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of a disposal group classified as held for sale would be presented separately in the appropriate asset and liability sections of the balance sheet. | |||||
Goodwill | Goodwill. Goodwill is reviewed for impairment on an annual basis or whenever events or changes in circumstances indicate the carrying value of the goodwill may be impaired. In regards to the annual test, we have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. During fiscal 2014 and fiscal 2013, we assessed the qualitative factors which could affect the fair values of our reporting units and determined that it was not more likely than not that the fair values of each reporting unit was less than its carrying amount. | ||||
Other Assets | Other Assets. Other assets include primarily long-term core inventory, deposits, and an equity method investment in a joint venture. | ||||
Long-term core inventory of $10.2 million and $4.0 million as of December 27, 2014 and December 28, 2013, respectively, represents products used in remanufacturing processes, and consists of used cores purchased and held in our facilities, used cores that are in the process of being returned from our customers and end-users, and remanufactured cores held in finished goods inventory at our facilities. A used core is reconditioned and sold to the customer as a replacement for a unit inside a vehicle. Our products that utilize a core primarily include instrument clusters and hybrid batteries. Customers and end-users that purchase remanufactured products will generally return the used core to us, which we then use in the remanufacturing process to make another finished good. Long-term core inventory is recorded at the lower of cost or market value. Cost is determined based on actual purchases of core inventory. We believe that the most appropriate classification of core inventory is a long-term asset. According to guidance provided under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), current assets are defined as “assets or resources commonly identified as those which are reasonably expected to be realized in cash or sold or consumed during the normal operating cycle of the business.” The determination of the long-term classification is based on our view that the value of the cores is not consumed or realized in cash during our normal operating cycle. | |||||
Other Accrued Liabilities | Other Accrued Liabilities. Other accrued liabilities include primarily accrued customer rebates which we expect to settle in cash of $14.3 million and $13.7 million as of December 27, 2014 and December 28, 2013, respectively. Also included are accrued commissions, accrued income taxes, insurance liabilities, product warranties, and other current liabilities. We warrant our products against certain defects in material and workmanship when used as designed on the vehicle on which it was originally installed. We offer a limited lifetime warranty on most of our products. Our warranty limits the end-user’s remedy to the repair or replacement of the part that is defective. Product warranty reserves, which are $0.1 million as of both December 27, 2014 and December 28, 2013, are based upon actual experience and forecasts using the best historical and current claim information available. Provisions and payments related to product warranty reserves were not material in fiscal 2014, fiscal 2013 or fiscal 2012. | ||||
Revenue Recognition and Allowance for Customer Credits | Revenue Recognition and Allowance for Customer Credits. Revenue is recognized from product sales when goods are shipped, title and risk of loss have been transferred to the customer and collection is reasonably assured. We record estimates for cash discounts, product returns, promotional rebates, core returns, and other discounts in the period of the sale (“Customer Credits”). The provision for Customer Credits is recorded as a reduction from gross sales and reserves for Customer Credits are shown as a reduction of accounts receivable. Accrued customer credits which we expect to settle in cash are classified as other accrued liabilities. Actual Customer Credits have not differed materially from estimated amounts for each period presented. Amounts billed to customers for shipping and handling are included in net sales. Costs associated with shipping and handling are included in cost of goods sold. | ||||
Research and Development | Research and Development. Research and development costs are expensed as incurred. Research and development costs totaling $15.8 million in fiscal 2014, $13.4 million in fiscal 2013 and $10.5 million in fiscal 2012 have been recorded in selling, general and administrative expenses in the Consolidated Statements of Operations. | ||||
Stock-Based Compensation | Stock-Based Compensation. At December 27, 2014 and December 28, 2013, we had one stock-based employee compensation plan, which is described more fully in Note 12, Capital Stock. We record equity-classified compensation expense for all awards granted. The value of restricted stock issued is based on the fair value of our common stock on the grant date. The fair value of stock options granted was determined using the Black-Scholes option valuation model. | ||||
Income Taxes | Income Taxes. We follow the asset and liability method of accounting for deferred income taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities. Deferred tax assets or liabilities at the end of each period are determined using the tax rate expected to be in effect when taxes are actually paid or recovered. | ||||
Foreign Currency Translation | Foreign Currency Translation. Assets and liabilities of our foreign subsidiaries are translated into U.S. dollars at the rate of exchange prevailing at the end of the year. Income statement accounts are translated at the average exchange rate prevailing during the year. Translation adjustments resulting from this process are recorded directly in shareholders’ equity. | ||||
Comprehensive Income | Comprehensive Income. Comprehensive income includes all changes to shareholders’ equity during a period, except those resulting from investment by and distributions to shareholders. Components of comprehensive income include net income and foreign currency translation adjustments. | ||||
Concentrations of Risk | Concentrations of Risk. Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents and accounts receivable. All cash equivalents are managed within established guidelines which limit the amount which may be invested with one issuer. A significant percentage of our accounts receivable have been, and will continue to be, concentrated among a relatively small number of automotive retailers and warehouse distributors in the United States. Our five largest customers accounted for 81% of net accounts receivable as of December 27, 2014 and December 28, 2013. We continually monitor the credit terms and credit limits to these and other customers. In fiscal 2014, approximately 73% of our products were purchased from suppliers located in a variety of foreign countries, with the largest portion coming from China. | ||||
Fair Value Disclosures | 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. We did not hold any foreign currency forward contracts at December 27, 2014 or December 28, 2013. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 27, 2014 | |||||
Accounting Policies [Abstract] | |||||
Estimated Useful Lives by Major Asset | Estimated useful lives by major asset category are as follows: | ||||
Buildings and building improvements | 10 to 39 years | ||||
Machinery, equipment and tooling | 3 to 10 years | ||||
Software and computer equipment | 3 to 10 years | ||||
Furniture, fixtures and leasehold improvements | 3 to 15 years |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Schedule of Net Sales and Income Before Taxes from Discontinued Operations | The following table summarizes ScanTech’s net sales and income before taxes which have been presented as a discontinued operation in the Consolidated Statements of Operations: | ||||||||||||
(in thousands) | December 27, | December 28, | December 29, | ||||||||||
2014 | 2013 | 2012 | |||||||||||
Net sales | $ | — | $ | — | $ | 2,907 | |||||||
Income before taxes | — | — | 3,203 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 27, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventories include the cost of material, freight, direct labor and overhead utilized in the processing of our products. Inventories were as follows: | ||||||||
(in thousands) | December 27, | December 28, | |||||||
2014 | 2013 | ||||||||
Bulk product | $ | 65,603 | $ | 59,881 | |||||
Finished product | 105,117 | 97,382 | |||||||
Packaging materials | 2,803 | 3,124 | |||||||
Total | $ | 173,523 | $ | 160,387 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 27, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment | Property, plant and equipment include the following: | ||||||||
(in thousands) | December 27, | December 28, | |||||||
2014 | 2013 | ||||||||
Buildings | $ | 29,185 | $ | 26,859 | |||||
Machinery, equipment and tooling | 66,441 | 58,620 | |||||||
Furniture, fixtures and leasehold improvements | 3,974 | 3,833 | |||||||
Software and computer equipment | 65,525 | 53,915 | |||||||
Total | 165,125 | 143,227 | |||||||
Less-accumulated depreciation and amortization | (82,855 | ) | (78,441 | ) | |||||
Property, plant and equipment, net | $ | 82,270 | $ | 64,786 | |||||
Operating_Lease_Commitments_an1
Operating Lease Commitments and Rent Expense (Tables) | 12 Months Ended | ||||
Dec. 27, 2014 | |||||
Leases [Abstract] | |||||
Summary of Future Minimum Rental Payments under Leases | Approximate future minimum rental payments as of December 27, 2014 under these leases are summarized as follows: | ||||
(in thousands) | |||||
2015 | $ | 3,828 | |||
2016 | 3,702 | ||||
2017 | 3,691 | ||||
2018 | 1,625 | ||||
2019 | 72 | ||||
Thereafter | — | ||||
Total | $ | 12,918 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 27, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Income Tax Provision (Benefit) | The components of the income tax provision (benefit) are as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 48,293 | $ | 42,458 | $ | 37,192 | |||||||
State | 2,882 | 3,105 | 2,895 | ||||||||||
51,175 | 45,563 | 40,087 | |||||||||||
Deferred: | |||||||||||||
Federal | (597 | ) | 249 | (2,214 | ) | ||||||||
State | (35 | ) | 18 | (170 | ) | ||||||||
(632 | ) | 267 | (2,384 | ) | |||||||||
Total | $ | 50,543 | $ | 45,830 | $ | 37,703 | |||||||
Reconciliation of Income Taxes at Statutory Tax Rate to Company's Effective Tax Rate | The following is a reconciliation of income taxes at the statutory tax rate to the Company’s effective tax rate: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal taxes at statutory rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal tax benefit | 1.2 | 1.6 | 1.7 | ||||||||||
Research and development tax credit | (0.4 | ) | (0.7 | ) | (0.3 | ) | |||||||
Other | 0.2 | — | (0.2 | ) | |||||||||
Effective tax rate | 36 | % | 35.9 | % | 36.2 | % | |||||||
Change in Uncertain Tax Benefits | The following table summarizes the change in uncertain tax benefits for the three years ended December 27, 2014: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of year | $ | 1,201 | $ | 1,785 | $ | 2,161 | |||||||
Reductions due to lapses in statutes of limitations | (301 | ) | (30 | ) | (44 | ) | |||||||
Reductions due to payments for tax positions settled | — | (271 | ) | (379 | ) | ||||||||
Reductions due to reversals of prior year positions | (38 | ) | (736 | ) | (651 | ) | |||||||
Additions based on tax positions taken during the current period | 301 | 453 | 698 | ||||||||||
Balance at end of year | $ | 1,163 | $ | 1,201 | $ | 1,785 | |||||||
Reconciliation of Deferred Tax Assets and Liabilities | Deferred income taxes result from timing differences in the recognition of revenue and expense for tax and financial statement purposes. The sources of temporary differences are as follows: | ||||||||||||
(in thousands) | December 27, | December 28, | |||||||||||
2014 | 2013 | ||||||||||||
Assets: | |||||||||||||
Inventories | $ | 7,989 | $ | 6,546 | |||||||||
Accounts receivable | 15,652 | 12,390 | |||||||||||
Accrued expenses | 1,780 | 1,928 | |||||||||||
Other | 197 | 417 | |||||||||||
Gross deferred tax assets | 25,618 | 21,281 | |||||||||||
Liabilities: | |||||||||||||
Depreciation | 13,406 | 9,136 | |||||||||||
Goodwill | 9,761 | 9,343 | |||||||||||
Other | — | 484 | |||||||||||
Gross deferred tax liabilities | 23,167 | 18,963 | |||||||||||
Net deferred tax assets | $ | 2,451 | $ | 2,318 | |||||||||
Capital_Stock_Tables
Capital Stock (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Summary of Restricted Stock Activity | The following table summarizes our restricted stock activity for the three years ended December 27, 2014: | ||||||||||||||||||||
Shares | Weighted | ||||||||||||||||||||
Average | |||||||||||||||||||||
Price | |||||||||||||||||||||
Balance at December 31, 2011 | 204,800 | $ | 17.12 | ||||||||||||||||||
Granted | 15,000 | $ | 26.7 | ||||||||||||||||||
Vested | (45,646 | ) | $ | 16.84 | |||||||||||||||||
Balance at December 29, 2012 | 174,154 | $ | 18.02 | ||||||||||||||||||
Granted | 25,500 | $ | 45.06 | ||||||||||||||||||
Vested | (47,069 | ) | $ | 17.38 | |||||||||||||||||
Cancelled | (43,126 | ) | $ | 18.28 | |||||||||||||||||
Balance at December 28, 2013 | 109,459 | $ | 24.47 | ||||||||||||||||||
Granted | 26,347 | $ | 51.41 | ||||||||||||||||||
Vested | (41,619 | ) | $ | 23.44 | |||||||||||||||||
Cancelled | (21,287 | ) | $ | 48.29 | |||||||||||||||||
Balance at December 27, 2014 | 72,900 | $ | 27.82 | ||||||||||||||||||
Summary of Valuation Assumptions Used to Calculate Fair Value of Options Granted | The following table summarizes the valuation assumptions used to calculate the fair value of options granted: | ||||||||||||||||||||
2012 | |||||||||||||||||||||
Expected dividend yield | 0 | % | |||||||||||||||||||
Expected stock price volatility | 59 | % | |||||||||||||||||||
Risk-free interest rate | 0.9 | % | |||||||||||||||||||
Expected life of options | 4.7 years | ||||||||||||||||||||
Summary of Stock Option Activity | The following table summarizes our stock option activity for the three years ended December 27, 2014: | ||||||||||||||||||||
Shares | Option Price per | Weighted | Weighted | Aggregate | |||||||||||||||||
Share | Average | Average | Intrinsic | ||||||||||||||||||
Price | Remaining | Value | |||||||||||||||||||
Terms (years) | |||||||||||||||||||||
Balance at December 31, 2011 | 692,800 | $ | 2.00 – $19.37 | $ | 5.46 | ||||||||||||||||
Granted | 20,000 | $22.71 | $ | 22.71 | |||||||||||||||||
Exercised | (438,800 | ) | $ | 2.00 – $ 7.74 | $ | 4.27 | |||||||||||||||
Balance at December 29, 2012 | 274,000 | $ | 2.54 – $22.71 | $ | 8.62 | ||||||||||||||||
Exercised | (96,500 | ) | $ | 2.54 – $22.71 | $ | 7.21 | |||||||||||||||
Cancelled | (36,000 | ) | $ | 7.74 – $22.71 | $ | 16.98 | |||||||||||||||
Balance at December 28, 2013 | 141,500 | $ | 5.05 – $19.37 | $ | 7.13 | ||||||||||||||||
Exercised | (66,500 | ) | $ | 5.67 – $19.37 | $ | 6.97 | |||||||||||||||
Balance at December 27, 2014 | 75,000 | $ | 5.05 – $19.37 | $ | 7.28 | 3.5 | $ | 3,119,000 | |||||||||||||
Options exercisable at December 27, 2014 | 73,000 | $ | 5.05 – $19.37 | $ | 6.95 | 3.5 | $ | 3,060,000 | |||||||||||||
Summary of Information Concerning Currently Outstanding and Exercisable Options | The following table summarizes information concerning currently outstanding and exercisable options at December 27, 2014: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Price | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||
Remaining | Exercise Price | Exercise Price | |||||||||||||||||||
Contractual | |||||||||||||||||||||
Life (years) | |||||||||||||||||||||
$ 5.05 – $5.67 | 21,000 | 3.9 | $ | 5.64 | 21,000 | $ | 5.64 | ||||||||||||||
$ 6.90 | 44,000 | 3 | $ | 6.9 | 44,000 | $ | 6.9 | ||||||||||||||
$ 7.74 | 6,000 | 5 | $ | 7.74 | 6,000 | $ | 7.74 | ||||||||||||||
$19.37 | 4,000 | 6 | $ | 19.37 | 2,000 | $ | 19.37 | ||||||||||||||
Balance at December 27, 2014 | 75,000 | 3.5 | $ | 7.28 | 73,000 | $ | 6.95 | ||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 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: | ||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 89,987 | $ | 81,920 | $ | 66,405 | |||||||
Income from discontinued operations | — | — | 4,557 | ||||||||||
Net income | $ | 89,987 | $ | 81,920 | $ | 70,962 | |||||||
Denominator: | |||||||||||||
Weighted average basic shares outstanding | 36,052 | 36,347 | 36,124 | ||||||||||
Effect of compensation awards | 138 | 277 | 370 | ||||||||||
Weighted average diluted shares outstanding | 36,190 | 36,624 | 36,494 | ||||||||||
Earnings Per Share: | |||||||||||||
Basic: | |||||||||||||
Income from continuing operations | $ | 2.5 | $ | 2.25 | $ | 1.84 | |||||||
Income from discontinued operations | — | — | 0.12 | ||||||||||
Net income | $ | 2.5 | $ | 2.25 | $ | 1.96 | |||||||
Diluted: | |||||||||||||
Income from continuing operations | $ | 2.49 | $ | 2.24 | $ | 1.82 | |||||||
Income from discontinued operations | — | — | 0.12 | ||||||||||
Net income | $ | 2.49 | $ | 2.24 | $ | 1.94 | |||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 27, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary of Quarterly Results of Operations | The following is a summary of the unaudited quarterly Results of Operations for the fiscal years ended December 27, 2014 and December 28, 2013: | ||||||||||||||||
(in thousands, except per share amounts) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2014 | |||||||||||||||||
Net sales | $ | 183,512 | $ | 196,187 | $ | 197,796 | $ | 173,981 | |||||||||
Income from operations | 36,947 | 36,700 | 38,476 | 28,611 | |||||||||||||
Net income | 23,551 | 23,244 | 24,536 | 18,656 | |||||||||||||
Diluted earnings per share | 0.64 | 0.64 | 0.68 | 0.52 | |||||||||||||
(in thousands, except per share amounts) | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
2013 | |||||||||||||||||
Net sales | $ | 154,443 | $ | 162,261 | $ | 177,953 | $ | 169,809 | |||||||||
Income from operations | 29,908 | 30,754 | 35,670 | 31,607 | |||||||||||||
Net income | 19,072 | 19,342 | 22,887 | 20,619 | |||||||||||||
Diluted earnings per share | 0.52 | 0.53 | 0.62 | 0.56 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Customer | Customer | ||
Contract | Contract | ||
Summary Of Significant Accounting Policies Textual [Abstract] | |||
Highly liquid short-term investments maturity date | Three months or less | ||
Sale of accounts receivable | $477.90 | $406.40 | $312.70 |
Additional receivables outstanding if receivables had not been sold | 298.9 | 267.8 | |
Factoring costs associated with the sales of accounts receivable | 6.2 | 5.2 | 4.4 |
Long-term core inventory | 10.2 | 4 | |
Accrued customer rebates | 14.3 | 13.7 | |
Product warranty reserves | 0.1 | 0.1 | |
Research and development costs | $15.80 | $13.40 | $10.50 |
Number of largest customers | 5 | 5 | |
Net accounts receivable from five largest customers | 81.00% | 81.00% | |
Percentage of products purchased from foreign suppliers | 73.00% | ||
Number of foreign exchange forward contracts outstanding | 0 | 0 | |
Minimum [Member] | |||
Summary Of Significant Accounting Policies Textual [Abstract] | |||
Estimated useful life of Property, Plant and Equipment | 3 years | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies Textual [Abstract] | |||
Estimated useful life of Property, Plant and Equipment | 39 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Estimated Useful Lives by Major Asset (Detail) | 12 Months Ended |
Dec. 27, 2014 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of Property, Plant and Equipment | 3 years |
Minimum [Member] | Buildings and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of Property, Plant and Equipment | 10 years |
Minimum [Member] | Machinery, Equipment and Tooling [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of Property, Plant and Equipment | 3 years |
Minimum [Member] | Software and Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of Property, Plant and Equipment | 3 years |
Minimum [Member] | Furniture, Fixtures and Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of Property, Plant and Equipment | 3 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of Property, Plant and Equipment | 39 years |
Maximum [Member] | Buildings and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of Property, Plant and Equipment | 39 years |
Maximum [Member] | Machinery, Equipment and Tooling [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of Property, Plant and Equipment | 10 years |
Maximum [Member] | Software and Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of Property, Plant and Equipment | 10 years |
Maximum [Member] | Furniture, Fixtures and Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of Property, Plant and Equipment | 15 years |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 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 | 3.6 | |
Reduction in contingent payment liability | $1 |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of Net Sales and Income Before Taxes from Discontinued Operations (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 29, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | |
Net sales | $2,907 |
Income before taxes | $3,203 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 29, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | |
Currency translation adjustments | $3 |
Deferred tax asset related to foreign tax credits | $1.40 |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Bulk product | $65,603 | $59,881 |
Finished product | 105,117 | 97,382 |
Packaging materials | 2,803 | 3,124 |
Total | $173,523 | $160,387 |
Property_Plant_and_Equipment_P
Property, Plant and Equipment - Property, Plant and Equipment (Detail) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Total | $165,125 | $143,227 |
Less-accumulated depreciation and amortization | -82,855 | -78,441 |
Property, plant and equipment, net | 82,270 | 64,786 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 29,185 | 26,859 |
Machinery, Equipment and Tooling [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 66,441 | 58,620 |
Furniture, Fixtures and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 3,974 | 3,833 |
Software and Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $65,525 | $53,915 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 27, 2014 | Dec. 28, 2013 | |
LetterOfCredit | ||
Debt Instrument [Line Items] | ||
Credit facility maximum borrowing capacity | $30,000,000 | |
Expiration date of credit facility | 2015-06 | |
Interest rate of credit facility | 0.92% | |
Borrowings under credit facility | 0 | 0 |
Amount available under line of credit | 29,000,000 | |
Number of letters of credit outstanding | 2 | |
Letters of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings under credit facility | $1,000,000 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR basis points | 0.75% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
LIBOR basis points | 2.50% |
Operating_Lease_Commitments_an2
Operating Lease Commitments and Rent Expense - Summary of Future Minimum Rental Payments under Leases (Detail) (USD $) | Dec. 27, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | |
2015 | $3,828 |
2016 | 3,702 |
2017 | 3,691 |
2018 | 1,625 |
2019 | 72 |
Thereafter | 0 |
Total | $12,918 |
Operating_Lease_Commitments_an3
Operating Lease Commitments and Rent Expense - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Leases [Abstract] | |||
Rent expense, including payments for short-term equipment and storage rentals | $4.10 | $3.70 | $3.50 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Related Party Transaction [Line Items] | |||
Lease expiration date | 31-Dec-17 | ||
Total annual rental payments to the partnership under the lease arrangement | $1.50 | $1.50 | $1.50 |
Joint Venture [Member] | |||
Related Party Transaction [Line Items] | |||
Purchases from joint ventures | $9.30 | $5.60 | $5.40 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Provision (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Current: | |||
Federal | $48,293 | $42,458 | $37,192 |
State | 2,882 | 3,105 | 2,895 |
Current, Total | 51,175 | 45,563 | 40,087 |
Deferred: | |||
Federal | -597 | 249 | -2,214 |
State | -35 | 18 | -170 |
Deferred, Total | -632 | 267 | -2,384 |
Total | $50,543 | $45,830 | $37,703 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 29, 2012 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ||||
Income tax benefit | $1,400,000 | |||
Net unrecognized tax benefits | 1,785,000 | 1,163,000 | 1,201,000 | 2,161,000 |
Unrecognized tax benefits which would impact effective tax rate if recognized | 900,000 | |||
Accrued interest related to uncertain tax positions | 200,000 | |||
Minimum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax examination by the Internal Revenue Service | 2011 | |||
Minimum [Member] | State Tax Authority [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax years under examination | 2009 | |||
Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax examination by the Internal Revenue Service | 2012 | |||
Maximum [Member] | State Tax Authority [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax years under examination | 2012 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Taxes at Statutory Tax Rate to Company's Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal taxes at statutory rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal tax benefit | 1.20% | 1.60% | 1.70% |
Research and development tax credit | -0.40% | -0.70% | -0.30% |
Other | 0.20% | -0.20% | |
Effective tax rate | 36.00% | 35.90% | 36.20% |
Income_Taxes_Change_in_Uncerta
Income Taxes - Change in Uncertain Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $1,201 | $1,785 | $2,161 |
Reductions due to lapses in statutes of limitations | -301 | -30 | -44 |
Reductions due to payments for tax positions settled | -271 | -379 | |
Reductions due to reversals of prior year positions | -38 | -736 | -651 |
Additions based on tax positions taken during the current period | 301 | 453 | 698 |
Balance at end of year | $1,163 | $1,201 | $1,785 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 27, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Inventories | $7,989 | $6,546 |
Accounts receivable | 15,652 | 12,390 |
Accrued expenses | 1,780 | 1,928 |
Other | 197 | 417 |
Gross deferred tax assets | 25,618 | 21,281 |
Liabilities: | ||
Depreciation | 13,406 | 9,136 |
Goodwill | 9,761 | 9,343 |
Other | 484 | |
Gross deferred tax liabilities | 23,167 | 18,963 |
Net deferred tax assets | $2,451 | $2,318 |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||||
Dec. 05, 2012 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | Oct. 28, 2014 | Jul. 30, 2014 | 20-May-14 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of outstanding shares owned by controlling family | 24.00% | ||||||
Shares authorized of undesignated capital stock for future issuance | 50,000,000 | ||||||
Cash dividend, per share | $1.50 | ||||||
Dividends paid | $54,716,000 | ||||||
Cash dividend, Announcement date | 5-Dec-12 | ||||||
Cash dividend, Payable date | 28-Dec-12 | ||||||
Cash dividend, Record date | 17-Dec-12 | ||||||
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 | 1,719,766 | ||||||
Compensation cost related to restricted stock | 1,100,000 | 800,000 | 800,000 | ||||
Compensation cost related to stock options | 100,000 | 100,000 | 200,000 | ||||
Cash received from option exercises under the plan | 463,000 | 551,000 | 1,606,000 | ||||
Total 401(K) expense | 2,500,000 | 1,900,000 | 2,000,000 | ||||
Common stock, shares held by 401(K) plan | 361,138 | ||||||
Repurchase and cancellation of shares | 61,830 | 78,580 | |||||
Common stock repurchased, average price | $50.71 | $44.39 | |||||
Common stock repurchased, value | 3,100,000 | 3,500,000 | |||||
Incentive Stock Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average grant-date fair value of options granted | $11.05 | ||||||
Share Repurchase Program [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock repurchased, average price | $47.20 | ||||||
Common stock repurchased, value | 40,400,000 | ||||||
Share repurchase program shares authorized to be repurchased | 10,000,000 | 100,000,000 | 50,000,000 | 30,000,000 | |||
Shares repurchased under share repurchase program | 855,600 | 0 | |||||
Authorized date of repurchase of outstanding common stock | 12-Dec-13 | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Capitalized compensation cost | 0 | 0 | 0 | ||||
Unrecognized compensation cost related to non-vested stock options | 1,400,000 | ||||||
Unrecognized compensation cost related to non-vested stock options, weighted-average period | 2 years 6 months | ||||||
Tax benefit generated from compensation cost and credited to additional paid in capital | 500,000 | 300,000 | 300,000 | ||||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Capitalized compensation cost | 0 | 0 | 0 | ||||
Unrecognized compensation cost related to non-vested stock options | 100,000 | ||||||
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 | 300,000 | 800,000 | 2,400,000 | ||||
Stock options granted | 0 | 0 | |||||
Percentage of forfeiture assumption in calculation of compensation cost | 5.40% | 5.40% | 5.40% | ||||
Intrinsic value of stock options exercised | $2,800,000 |
Capital_Stock_Summary_of_Restr
Capital Stock - Summary of Restricted Stock Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Beginning Balance, Shares | 109,459 | 174,154 | 204,800 |
Granted, Shares | 26,347 | 25,500 | 15,000 |
Vested, Shares | -41,619 | -47,069 | -45,646 |
Cancelled, Shares | -21,287 | -43,126 | |
Ending Balance, Shares | 72,900 | 109,459 | 174,154 |
Beginning Balance, Weighted Average Price | $24.47 | $18.02 | $17.12 |
Granted, Weighted Average Price | $51.41 | $45.06 | $26.70 |
Vested, Weighted Average Price | $23.44 | $17.38 | $16.84 |
Cancelled, Weighted Average Price | $48.29 | $18.28 | |
Ending Balance, Weighted Average Price | $27.82 | $24.47 | $18.02 |
Capital_Stock_Summary_of_Valua
Capital Stock - Summary of Valuation Assumptions Used to Calculate Fair Value of Options Granted (Detail) | 12 Months Ended |
Dec. 29, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Expected dividend yield | 0.00% |
Expected stock price volatility | 59.00% |
Risk-free interest rate | 0.90% |
Expected life of options | 4 years 8 months 12 days |
Capital_Stock_Summary_of_Stock
Capital Stock - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance, Shares | 141,500 | 274,000 | 692,800 |
Options Exercisable, Shares | 73,000 | ||
Granted, Shares | 20,000 | ||
Exercised, Shares | -66,500 | -96,500 | -438,800 |
Cancelled, Shares | -36,000 | ||
Ending Balance, Shares | 75,000 | 141,500 | 274,000 |
Beginning Balance, Weighted Average Price | $7.13 | $8.62 | $5.46 |
Granted, Weighted Average Price | $22.71 | ||
Exercised, Weighted Average Price | $6.97 | $7.21 | $4.27 |
Cancelled, Weighted Average Price | $16.98 | ||
Ending Balance, Weighted Average Price | $7.28 | $7.13 | $8.62 |
Option Price per Share, Granted | $22.71 | ||
Options Exercisable, Option Price per Share | $6.95 | ||
Ending Balance, Weighted Average Remaining Terms (years) | 3 years 6 months | ||
Options Exercisable, Weighted Average Remaining Terms (years) | 3 years 6 months | ||
Ending Balance, Aggregate Intrinsic Value | $3,119,000 | ||
Options Exercisable, Aggregate Intrinsic Value | $3,060,000 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance, Option Price per Share | $5.05 | $2.54 | $2 |
Option Price per Share, Exercised | $5.67 | $2.54 | $2 |
Option Price per Share, Cancelled | $7.74 | ||
Ending Balance, Option Price per Share | $5.05 | $5.05 | $2.54 |
Options Exercisable, Option Price per Share | $5.05 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning Balance, Option Price per Share | $19.37 | $22.71 | $19.37 |
Option Price per Share, Exercised | $19.37 | $22.71 | $7.74 |
Option Price per Share, Cancelled | $22.71 | ||
Ending Balance, Option Price per Share | $19.37 | $19.37 | $22.71 |
Options Exercisable, Option Price per Share | $19.37 |
Capital_Stock_Summary_of_Infor
Capital Stock - Summary of Information Concerning Currently Outstanding and Exercisable Options (Detail) (USD $) | 12 Months Ended |
Dec. 27, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding | 75,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years 6 months |
Weighted Average Exercise Price | $7.28 |
Number Exercisable | 73,000 |
Options Exercisable, Weighted Average Exercise Price | $6.95 |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Option Price per share, Minimum | $5.05 |
Option Price per share, maximum | $5.67 |
Number Outstanding | 21,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years 10 months 24 days |
Weighted Average Exercise Price | $5.64 |
Number Exercisable | 21,000 |
Options Exercisable, Weighted Average Exercise Price | $5.64 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Option Price per share, Minimum | $6.90 |
Number Outstanding | 44,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years |
Weighted Average Exercise Price | $6.90 |
Number Exercisable | 44,000 |
Options Exercisable, Weighted Average Exercise Price | $6.90 |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Option Price per share, Minimum | $7.74 |
Number Outstanding | 6,000 |
Weighted Average Remaining Contractual Life (Years) | 5 years |
Weighted Average Exercise Price | $7.74 |
Number Exercisable | 6,000 |
Options Exercisable, Weighted Average Exercise Price | $7.74 |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Option Price per share, Minimum | $19.37 |
Number Outstanding | 4,000 |
Weighted Average Remaining Contractual Life (Years) | 6 years |
Weighted Average Exercise Price | $19.37 |
Number Exercisable | 2,000 |
Options Exercisable, Weighted Average Exercise Price | $19.37 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive stock-based awards excluded from calculation of earnings per share | 5,000 | 0 | 20,000 |
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 | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Numerator: | |||||||||||
Income from continuing operations | $89,987 | $81,920 | $66,405 | ||||||||
Income from discontinued operations | 4,557 | ||||||||||
Net income | $18,656 | $24,536 | $23,244 | $23,551 | $20,619 | $22,887 | $19,342 | $19,072 | $89,987 | $81,920 | $70,962 |
Denominator: | |||||||||||
Weighted average basic shares outstanding | 36,052 | 36,347 | 36,124 | ||||||||
Effect of compensation awards | 138 | 277 | 370 | ||||||||
Weighted average diluted shares outstanding | 36,190 | 36,624 | 36,494 | ||||||||
Basic: | |||||||||||
Income from continuing operations | $2.50 | $2.25 | $1.84 | ||||||||
Income from discontinued operations | $0.12 | ||||||||||
Net income | $2.50 | $2.25 | $1.96 | ||||||||
Diluted: | |||||||||||
Income from continuing operations | $2.49 | $2.24 | $1.82 | ||||||||
Income from discontinued operations | $0.12 | ||||||||||
Net income | $0.52 | $0.68 | $0.64 | $0.64 | $0.56 | $0.62 | $0.53 | $0.52 | $2.49 | $2.24 | $1.94 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Customer | |||
Product Information [Line Items] | |||
Number of customers exceeding 10% of net sales | 4 | ||
Total percentage of sales to customers exceeding 10% of sales | 60.00% | 57.00% | 57.00% |
Net sales outside of the U.S. | $39.10 | $33.20 | $23.50 |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Percentage of net sales | 10.00% | 10.00% | 10.00% |
Quarterly_Results_of_Operation2
Quarterly Results of Operations - Summary of Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $173,981 | $197,796 | $196,187 | $183,512 | $169,809 | $177,953 | $162,261 | $154,443 | $751,476 | $664,466 | $570,420 |
Income from operations | 28,611 | 38,476 | 36,700 | 36,947 | 31,607 | 35,670 | 30,754 | 29,908 | 140,734 | 127,939 | 104,231 |
Net income | $18,656 | $24,536 | $23,244 | $23,551 | $20,619 | $22,887 | $19,342 | $19,072 | $89,987 | $81,920 | $70,962 |
Diluted earnings per share | $0.52 | $0.68 | $0.64 | $0.64 | $0.56 | $0.62 | $0.53 | $0.52 | $2.49 | $2.24 | $1.94 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 27, 2014 | Dec. 28, 2013 | Dec. 29, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts | |||
Balance, beginning of period | $1,281 | $1,120 | $1,397 |
Provision | 308 | 194 | 266 |
Charge-offs / Credits issued | -81 | -33 | -228 |
Discontinued operations | -315 | ||
Balance, end of period | 1,508 | 1,281 | 1,120 |
Allowance for Customer Credits [Member] | |||
Valuation and Qualifying Accounts | |||
Balance, beginning of period | 64,598 | 55,392 | 46,491 |
Provision | 182,219 | 141,559 | 127,597 |
Charge-offs / Credits issued | -169,146 | -132,353 | -118,527 |
Discontinued operations | -169 | ||
Balance, end of period | $77,671 | $64,598 | $55,392 |