Dorman Products (DORM) 10-Q 3 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 01, 2017	Jul. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 1, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	DORM
Entity Registrant Name	Dorman Products, Inc.
Entity Central Index Key	868,780
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		34,073,578

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jun. 25, 2016	Jul. 01, 2017	Jun. 25, 2016
Income Statement [Abstract]
Net sales	$ 229,262	$ 209,573	$ 450,887	$ 417,721
Cost of goods sold	138,410	127,409	271,292	254,963
Gross profit	90,852	82,164	179,595	162,758
Selling, general and administrative expenses	45,853	41,175	89,554	82,838
Income from operations	44,999	40,989	90,041	79,920
Interest income (expense), net	241	(62)	305	(119)
Income before income taxes	45,240	40,927	90,346	79,801
Provision for income taxes	16,803	14,945	32,722	29,148
Net income	$ 28,437	$ 25,982	$ 57,624	$ 50,653
Earnings Per Share:
Basic	$ 0.83	$ 0.75	$ 1.68	$ 1.46
Diluted	$ 0.83	$ 0.75	$ 1.68	$ 1.46
Weighted Average Shares Outstanding:
Basic	34,128	34,546	34,256	34,615
Diluted	34,225	34,626	34,350	34,669

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 01, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 129,208	$ 149,121
Accounts receivable, less allowance for doubtful accounts and customer credits of $99,723 and $99,995	230,414	230,526
Inventories	200,383	168,851
Prepaids and other current assets	5,048	3,116
Total current assets	565,053	551,614
Property, plant and equipment, net	90,216	88,436
Goodwill and intangible assets, net	32,642	29,788
Deferred tax asset, net	15,095	12,429
Other assets	42,028	29,525
Total	745,034	711,792
Current liabilities:
Accounts payable	90,611	72,629
Accrued compensation	7,134	11,899
Other accrued liabilities	13,924	19,320
Total current liabilities	111,669	103,848
Other long-term liabilities	8,724	6,302
Commitments and contingencies
Shareholders' Equity:
Common stock, par value $0.01; authorized 50,000,000 shares; issued and Outstanding 34,144,244 and 34,517,633 in 2017 and 2016, respectively	341	345
Additional paid-in capital	44,268	44,187
Retained earnings	580,032	557,110
Total shareholders' equity	624,641	601,642
Total	$ 745,034	$ 711,792

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 01, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts and customer credits	$ 99,723	$ 99,995
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	34,144,244	34,517,633
Common stock, shares outstanding	34,144,244	34,517,633

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2017	Jun. 25, 2016
Cash Flows from Operating Activities:
Net income	$ 57,624	$ 50,653
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, amortization and accretion	10,192	9,179
Provision for doubtful accounts	150	1,071
Benefit for deferred income taxes	(2,666)	(85)
Provision for non-cash stock compensation	1,478	1,048
Changes in assets and liabilities:
Accounts receivable	(38)	(13,932)
Inventories	(29,690)	14,753
Prepaids and other current assets	(1,932)	(1,172)
Other assets	(2,503)	(3,230)
Accounts payable	18,158	(11,408)
Accrued compensation and other liabilities	(8,850)	(10,333)
Cash provided by operating activities	41,923	36,544
Cash Flows from Investing Activities:
Property, plant and equipment additions	(11,932)	(10,118)
Purchase of investments	(13,127)
Cash used in investing activities	(25,059)	(10,118)
Cash Flows from Financing Activities:
Other stock related activity	(1,043)	(97)
Purchase and cancellation of common stock	(35,734)	(17,091)
Cash used in financing activities	(36,777)	(17,188)
Net Increase in Cash and Cash Equivalents	(19,913)	9,238
Cash and Cash Equivalents, Beginning of Period	149,121	78,659
Cash and Cash Equivalents, End of Period	129,208	87,897
Supplemental Cash Flow Information
Cash paid for interest expense	129	133
Cash paid for income taxes	$ 38,679	$ 32,053

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jul. 01, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation As used herein, unless the context otherwise requires, “Dorman”, the “Company”, “we”, “us”, or “our” refers to Dorman Products, Inc. and its subsidiaries. Our ticker symbol on the NASDAQ Global Select Market is “DORM”. The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. for interim financial information and in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). However, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the twenty-six 10-K

Acquisition

Acquisition	6 Months Ended
	Jul. 01, 2017
Business Combinations [Abstract]
Acquisition	2. Acquisition On January 6, 2017, we acquired certain assets of Ingalls Engineering Company, Inc., a chassis and suspension business, primarily to expand our product portfolio. The purchase price was $4.8 million, comprised of $3.1 million of cash and $1.7 million of estimated contingent payments. The contingent payment arrangement is based upon future net sales of the acquired business. In connection with this acquisition, we preliminarily recorded $2.9 million in goodwill and other intangible assets and $1.9 million of other net assets pending final valuation. All of the intangible assets resulting from the asset purchase are expected to be deductible for tax purposes. The financial results of the acquisition have been included in the Consolidated Financial Statements since the acquisition date.

Sales of Accounts Receivable

Sales of Accounts Receivable	6 Months Ended
	Jul. 01, 2017
Receivables [Abstract]
Sales of Accounts Receivable	3. Sales of Accounts Receivable We have entered into several customer sponsored programs administered by unrelated financial institutions that permit us to sell certain accounts receivable at discounted rates to the financial institutions. Transactions under these agreements were accounted for as sales of accounts receivable and were removed from our Consolidated Balance Sheet at the time of the sales transactions. Pursuant to these agreements, we sold $299.1 million and $257.8 million of accounts receivable during the twenty-six twenty-six

Inventories

Inventories	6 Months Ended
	Jul. 01, 2017
Inventory Disclosure [Abstract]
Inventories	4. Inventories Inventories include the cost of material, freight, direct labor and overhead utilized in the processing of our products, and are stated at the lower of cost or net realizable value. Inventories were as follows: (in thousands) July 1, December 31, Bulk product $ 75,523 $ 72,833 Finished product 122,047 93,223 Packaging materials 2,813 2,795 Total $ 200,383 $ 168,851

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jul. 01, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	5. Stock-Based Compensation Our 2008 Stock Option and Stock Incentive Plan (the “Plan”) was approved by our shareholders on May 20, 2009. Under the terms of the Plan, our Board of Directors may grant up to 2,000,000 shares of common stock in the form of shares of restricted stock, incentive stock options and non-qualified 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 and, in certain circumstances, the attainment of financial goals. We retain the restricted stock, and any dividends paid thereon, until the vesting conditions have been met. For awards with a service condition only, compensation cost related to the stock is recognized on a straight-line basis over the vesting period. For awards that have a service condition and require the attainment of financial goals, compensation cost related to the stock is calculated based upon the probable outcome of the performance conditions and is recognized over the performance period. Compensation cost related to restricted stock was $1.3 million and $1.0 million for the twenty-six The following table summarizes our restricted stock activity for the twenty-six Shares Weighted Balance at December 31, 2016 145,363 $ 49.22 Granted 60,356 $ 78.32 Vested (45,942 ) $ 53.35 Cancelled (276 ) $ 52.19 Balance at July 1, 2017 159,501 $ 59.04 As of July 1, 2017, there was approximately $8.1 million of unrecognized compensation cost related to nonvested restricted stock, which is expected to be recognized over a weighted-average period of approximately 2.7 years. Cash flows resulting from tax deductions in excess of the tax effect of compensation cost recognized in the financial statements are classified as operating cash flows. In accordance with ASU No. 2016-09 twenty-six twenty-six paid-in 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 for which related services are performed. The compensation cost charged against income for the twenty-six twenty-six We use 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 was based on a U.S. Treasury security with terms equal to the expected time of exercise as of the grant date. During the twenty-six The following table summarizes our stock option activity for the twenty-six Shares Weighted Weighted Aggregate Balance at December 31, 2016 101,084 $ 29.52 Granted 58,024 $ 78.58 Exercised (32,000 ) $ 6.90 Balance at July 1, 2017 127,108 $ 57.61 4.0 $ 3,198,087 Options exercisable at July 1, 2017 23,271 $ 31.41 3.1 $ 1,195,152 There were 32,000 options exercised during the twenty-six twenty-six non-vested The cash received from stock option exercises was less than $0.1 million in the twenty-six twenty-six In accordance with ASU No. 2016-09 twenty-six twenty-six

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 01, 2017
Earnings Per Share [Abstract]
Earnings Per Share	6. Earnings Per Share Basic earnings per share is calculated by dividing our net income by the weighted average number of common shares outstanding during the period, excluding nonvested restricted stock which is considered to be contingently issuable. To calculate diluted earnings per share, common share equivalents are added to the weighted average number of common shares outstanding. Common share equivalents are calculated using the treasury stock method and are computed based on outstanding stock-based awards. Stock-based awards of 17,226 shares and 15,710 shares were excluded from the calculation of diluted earnings per share as of July 1, 2017 and June 25, 2016, respectively, as their effect would have been anti-dilutive. The following table sets forth the computation of basic earnings per share and diluted earnings per share: Thirteen Weeks Ended Twenty-six Weeks Ended (in thousands, except per share data) July 1, June 25, July 1, June 25, Numerator Net income $ 28,437 $ 25,982 $ 57,624 $ 50,653 Denominator: Weighted average basic shares outstanding 34,128 34,546 34,256 34,615 Effect of stock-based compensation awards 97 80 94 54 Weighted average diluted shares outstanding 34,225 34,626 34,350 34,669 Earnings Per Share: Basic $ 0.83 $ 0.75 $ 1.68 $ 1.46 Diluted $ 0.83 $ 0.75 $ 1.68 $ 1.46

Common Stock Repurchases

Common Stock Repurchases	6 Months Ended
	Jul. 01, 2017
Text Block [Abstract]
Common Stock Repurchases	7. Common Stock Repurchases We periodically repurchase, at the then current market price, and cancel common stock issued to the Dorman Products, Inc. 401(k) Retirement Plan and Trust (the “401(k) Plan”). Shares are generally purchased from the 401(k) Plan when participants sell units as permitted by the 401(k) Plan or elect to leave the 401(k) Plan upon retirement, termination or other reasons. For the twenty-six Our Board of Directors authorized a share repurchase program of up to $250 million through December 31, 2018. Under this program, share repurchases may be made from time to time depending on market conditions, share price, share availability and other factors at our discretion. The share repurchase program does not obligate us to acquire any specific number of shares. For the twenty-six

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jul. 01, 2017
Related Party Transactions [Abstract]
Related-Party Transactions	8. Related-Party Transactions We have a non-cancelable We are partner in a joint venture with one of our suppliers and own minority interests in three other suppliers. Each of these investments is accounted for according to the equity method. This includes a 33% minority equity interest in a supplier, which we purchased on January 27, 2017 for $10.0 million.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 01, 2017
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes At July 1, 2017, we had $4.6 million of net unrecognized tax benefits, $3.1 million of which would affect our effective tax rate if recognized. We recognize interest and penalties related to uncertain tax positions in income tax expense. As of July 1, 2017, we had approximately $0.2 million of accrued interest related to uncertain tax positions. We file income tax returns in the United States, China, India and Mexico. All years before 2013 are closed for federal tax purposes. We are currently under examination by one state tax authority for years 2011-2012. Tax years before 2011 are closed for the remaining states in which we file. We filed tax returns in Sweden through 2012 and all years prior to 2009 are closed. It is reasonably possible that audit settlements, the conclusion of current examinations or the expiration of the statute of limitations could impact the Company’s unrecognized tax benefits.

Fair Value Disclosures

Fair Value Disclosures	6 Months Ended
	Jul. 01, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosures	10. Fair Value Disclosures The carrying value of financial instruments such as cash, accounts receivable, accounts payable, and other current assets and liabilities approximate their fair value based on the short-term nature of these instruments.

New and Recently Adopted Accoun

New and Recently Adopted Accounting Pronouncements	6 Months Ended
	Jul. 01, 2017
Accounting Changes and Error Corrections [Abstract]
New and Recently Adopted Accounting Pronouncements	11. New and Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory last-in, first-out first-in, first-out In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall In February 2016, the FASB issued ASU No. 2016-02, Leases right-of-use In March 2016, the FASB issued ASU No. 2016-09, Compensation – Improvement to Employee Share-Based Payment Accounting twenty-six In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 2016-15 In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment 2017-04

New and Recently Adopted Acco17

New and Recently Adopted Accounting Pronouncements (Policies)	6 Months Ended
	Jul. 01, 2017
Accounting Changes and Error Corrections [Abstract]
New and Recently Adopted Accounting Pronouncements	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory last-in, first-out first-in, first-out In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall In February 2016, the FASB issued ASU No. 2016-02, Leases right-of-use In March 2016, the FASB issued ASU No. 2016-09, Compensation – Improvement to Employee Share-Based Payment Accounting twenty-six In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 2016-15 In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment 2017-04

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 01, 2017
Inventory Disclosure [Abstract]
Inventories	Inventories include the cost of material, freight, direct labor and overhead utilized in the processing of our products, and are stated at the lower of cost or net realizable value. Inventories were as follows: (in thousands) July 1, December 31, Bulk product $ 75,523 $ 72,833 Finished product 122,047 93,223 Packaging materials 2,813 2,795 Total $ 200,383 $ 168,851

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jul. 01, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Restricted Stock Activity	The following table summarizes our restricted stock activity for the twenty-six Shares Weighted Balance at December 31, 2016 145,363 $ 49.22 Granted 60,356 $ 78.32 Vested (45,942 ) $ 53.35 Cancelled (276 ) $ 52.19 Balance at July 1, 2017 159,501 $ 59.04
Summary of Stock Option Activity	The following table summarizes our stock option activity for the twenty-six Shares Weighted Weighted Aggregate Balance at December 31, 2016 101,084 $ 29.52 Granted 58,024 $ 78.58 Exercised (32,000 ) $ 6.90 Balance at July 1, 2017 127,108 $ 57.61 4.0 $ 3,198,087 Options exercisable at July 1, 2017 23,271 $ 31.41 3.1 $ 1,195,152

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 01, 2017
Earnings Per Share [Abstract]
Schedule of Computation of Basic Earnings per Share and Diluted Earnings per Share	The following table sets forth the computation of basic earnings per share and diluted earnings per share: Thirteen Weeks Ended Twenty-six Weeks Ended (in thousands, except per share data) July 1, June 25, July 1, June 25, Numerator Net income $ 28,437 $ 25,982 $ 57,624 $ 50,653 Denominator: Weighted average basic shares outstanding 34,128 34,546 34,256 34,615 Effect of stock-based compensation awards 97 80 94 54 Weighted average diluted shares outstanding 34,225 34,626 34,350 34,669 Earnings Per Share: Basic $ 0.83 $ 0.75 $ 1.68 $ 1.46 Diluted $ 0.83 $ 0.75 $ 1.68 $ 1.46

Acquisition - Additional Inform

Acquisition - Additional Information (Detail) - Ingalls Engineering Company, Inc., [Member] - USD ($) $ in Millions	Jan. 06, 2017	Jul. 01, 2017
Business Acquisition [Line Items]
Business acquisition date		Jan. 6, 2017
Business acquisition, total purchase price consideration	$ 4.8
Business acquisition, portion of purchase consideration paid in cash	3.1
Business acquisition, estimated contingent payments	1.7
Business acquisition of goodwill and other intangible assets	2.9
Business acquisition of other net assets	$ 1.9

Sales of Accounts Receivable -

Sales of Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2017	Jun. 25, 2016	Dec. 31, 2016
Receivables [Abstract]
Sale of accounts receivable	$ 299.1	$ 257.8
Additional receivables outstanding if receivables had not been sold	373.3		$ 338.3
Factoring costs associated with the sales of accounts receivable	$ 5.6	$ 4.4

Inventories - Inventories (Deta

Inventories - Inventories (Detail) - USD ($) $ in Thousands	Jul. 01, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Bulk product	$ 75,523	$ 72,833
Finished product	122,047	93,223
Packaging materials	2,813	2,795
Total	$ 200,383	$ 168,851

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	6 Months Ended
	Jul. 01, 2017	Jun. 25, 2017	Jun. 25, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized number of common stock shares for grant	2,000,000
Date of plan approval	May 20, 2009
Maximum grant period from date of plan approval	10 years
Shares available for grant under the plan	1,400,533
Compensation cost related to restricted stock	$ 1,300,000		$ 1,000,000
Compensation cost related to stock options	$ 100,000		100,000
Stock options granted	58,024
Stock options exercised	32,000
Cash received from stock option exercises under the plan			0
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received from stock option exercises under the plan	$ 100,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested stock options	$ 8,100,000
Unrecognized compensation cost related to nonvested stock options, weighted-average period	2 years 8 months 12 days
Tax benefit generated from compensation cost and credited	$ 300,000		200,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested stock options	$ 1,200,000
Unrecognized compensation cost related to nonvested stock options, weighted-average period	3 years 4 months 24 days
Tax benefit generated from compensation cost and credited	$ 600,000	$ 0
Capitalized compensation cost	$ 0		$ 0
Stock options granted	58,204		61,084
Stock options exercised	32,000		0

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail)	6 Months Ended
	Jul. 01, 2017$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Beginning Balance, Shares | shares	145,363
Granted, Shares | shares	60,356
Vested, Shares | shares	(45,942)
Cancelled, Shares | shares	(276)
Ending Balance, Shares | shares	159,501
Beginning Balance, Weighted Average Price | $ / shares	$ 49.22
Granted, Weighted Average Price | $ / shares	78.32
Vested, Weighted Average Price | $ / shares	53.35
Cancelled, Weighted Average Price | $ / shares	52.19
Ending Balance, Weighted Average Price | $ / shares	$ 59.04

Stock-Based Compensation - Su26

Stock-Based Compensation - Summary of Stock Option Activity (Detail)	6 Months Ended
	Jul. 01, 2017USD ($)$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Beginning Balance, Shares | shares	101,084
Granted, Shares | shares	58,024
Exercised, Shares | shares	(32,000)
Ending Balance, Shares | shares	127,108
Options Exercisable, Shares | shares	23,271
Beginning Balance, Weighted Average Exercise Price | $ / shares	$ 29.52
Granted, Weighted Average Exercise Price | $ / shares	78.58
Exercised, Weighted Average Exercise Price | $ / shares	6.90
Ending Balance, Weighted Average Exercise Price | $ / shares	57.61
Options Exercisable, Weighted Average Exercise Price | $ / shares	$ 31.41
Ending Balance, Weighted Average Remaining Terms (years)	4 years
Options Exercisable, Weighted Average Remaining Terms (years)	3 years 1 month 6 days
Ending Balance, Aggregate Intrinsic Value | $	$ 3,198,087
Options Exercisable, Aggregate Intrinsic Value | $	$ 1,195,152

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	6 Months Ended
	Jul. 01, 2017	Jun. 25, 2016
Earnings Per Share [Abstract]
Stock-based awards considered as anti-dilutive	17,226	15,710

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Computation of Basic Earnings per Share and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jun. 25, 2016	Jul. 01, 2017	Jun. 25, 2016
Numerator
Net income	$ 28,437	$ 25,982	$ 57,624	$ 50,653
Denominator:
Weighted average basic shares outstanding	34,128	34,546	34,256	34,615
Effect of stock-based compensation awards	97	80	94	54
Weighted average diluted shares outstanding	34,225	34,626	34,350	34,669
Earnings Per Share:
Basic	$ 0.83	$ 0.75	$ 1.68	$ 1.46
Diluted	$ 0.83	$ 0.75	$ 1.68	$ 1.46

Common Stock Repurchases - Addi

Common Stock Repurchases - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jul. 01, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchased and cancelled shares	9,290	38,970
Common stock repurchased, value	$ 700,000	$ 2,200,000
Common stock repurchased, average price	$ 79.07	$ 56.66
Share Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchased and cancelled shares	439,485	430,866
Common stock repurchased, value	$ 35,000,000	$ 22,500,000
Common stock repurchased, average price	$ 79.64	$ 52.15
Share repurchase program shares authorized to be repurchased	$ 250,000,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jul. 01, 2017	Dec. 30, 2017	Dec. 31, 2016	Jan. 27, 2017
Related Party Transaction [Line Items]
Rental payments based upon the terms of the lease			$ 1.6
Lease expiration date	Dec. 31, 2022
Scenario, Forecast [Member]
Related Party Transaction [Line Items]
Rental payments based upon the terms of the lease		$ 1.6
Equity Method Investee [Member]
Related Party Transaction [Line Items]
Equity method investment, ownership percentage				33.00%
Equity method investment, cost				$ 10

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) $ in Millions	6 Months Ended
	Jul. 01, 2017USD ($)
Income Tax Contingency [Line Items]
Net unrecognized tax benefits	$ 4.6
Unrecognized tax benefits which would impact effective tax rate if recognized	3.1
Accrued interest related to uncertain tax positions	$ 0.2
Earliest Tax Year [Member] | State Tax Authority [Member]
Income Tax Contingency [Line Items]
Income tax years under examination	2,011
Latest Tax Year [Member] | State Tax Authority [Member]
Income Tax Contingency [Line Items]
Income tax years under examination	2,012

New and Recently Adopted Acco32

New and Recently Adopted Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2017	Jun. 25, 2016	Jul. 01, 2017	Jun. 25, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax benefit	$ 16,803	$ 14,945	$ 32,722	$ 29,148
ASU 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax benefit			$ 900