Dorman Products (DORM) 10-Q 1 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		33,722,426

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016
Income Statement [Abstract]
Net sales	$ 224,615	$ 212,786	$ 675,502	$ 630,507
Cost of goods sold	136,489	129,641	407,781	384,604
Gross profit	88,126	83,145	267,721	245,903
Selling, general and administrative expenses	45,336	41,512	134,890	124,350
Income from operations	42,790	41,633	132,831	121,553
Interest income (expense), net	168	(61)	472	(180)
Income before income taxes	42,958	41,572	133,303	121,373
Provision for income taxes	15,950	14,877	48,671	44,025
Net income	$ 27,008	$ 26,695	$ 84,632	$ 77,348
Earnings Per Share:
Basic	$ 0.80	$ 0.77	$ 2.48	$ 2.24
Diluted	$ 0.80	$ 0.77	$ 2.47	$ 2.23
Weighted Average Shares Outstanding:
Basic	33,822	34,572	34,111	34,560
Diluted	33,909	34,672	34,202	34,626

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 116,789	$ 149,121
Accounts receivable, less allowance for doubtful accounts and customer credits of $98,896 and $99,995	231,094	230,526
Inventories	201,805	168,851
Prepaids and other current assets	4,348	3,116
Total current assets	554,036	551,614
Property, plant and equipment, net	89,897	88,436
Goodwill and intangible assets, net	32,489	29,788
Deferred tax asset, net	16,427	12,429
Other assets	45,169	29,525
Total	738,018	711,792
Current liabilities:
Accounts payable	72,661	72,629
Accrued compensation	10,316	11,899
Other accrued liabilities	17,584	19,320
Total current liabilities	100,561	103,848
Other long-term liabilities	9,357	6,302
Commitments and contingencies
Shareholders’ Equity:
Common stock, par value $0.01; authorized 50,000,000 shares; issued and Outstanding 33,800,763 and 34,517,633 in 2017 and 2016, respectively	338	345
Additional paid-in capital	44,492	44,187
Retained earnings	583,270	557,110
Total shareholders’ equity	628,100	601,642
Total	$ 738,018	$ 711,792

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts and customer credits	$ 98,896	$ 99,995
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	33,800,763	34,517,633
Common stock, shares outstanding	33,800,763	34,517,633

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016
Cash Flows from Operating Activities:
Net income	$ 84,632	$ 77,348
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, amortization and accretion	15,968	13,890
Provision for doubtful accounts	225	1,146
Benefit for deferred income taxes	(3,998)	(24)
Provision for non-cash stock compensation	2,282	1,718
Changes in assets and liabilities:
Accounts receivable	(793)	(42,229)
Inventories	(30,990)	25,480
Prepaids and other current assets	(1,232)	(911)
Other assets	(5,644)	(4,639)
Accounts payable	310	(11,646)
Accrued compensation and other liabilities	(1,398)	(4,627)
Cash provided by operating activities	59,362	55,506
Cash Flows from Investing Activities:
Property, plant and equipment additions	(17,436)	(14,890)
Purchase of investments	(13,128)	(6,195)
Cash used in investing activities	(30,564)	(21,085)
Cash Flows from Financing Activities:
Other stock related activity	(997)	(109)
Purchase and cancellation of common stock	(60,133)	(17,829)
Cash used in financing activities	(61,130)	(17,938)
Net (Decrease) Increase in Cash and Cash Equivalents	(32,332)	16,483
Cash and Cash Equivalents, Beginning of Period	149,121	78,659
Cash and Cash Equivalents, End of Period	116,789	95,142
Supplemental Cash Flow Information
Cash paid for interest expense	218	200
Cash paid for income taxes	$ 55,713	$ 46,121

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 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 thirty-nine weeks ended September 30, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending December 30, 2017. We may experience significant fluctuations from quarter to quarter in our results of operations due to the timing of orders placed by our customers. The introduction of new products and product lines to customers may cause significant fluctuations from quarter to quarter. These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016.

Acquisition

Acquisition	9 Months Ended
	Sep. 30, 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 have completed our purchase price allocation procedures and recorded $2.8 million in goodwill and other intangible assets and $2.0 million of other net assets. 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	9 Months Ended
	Sep. 30, 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 $442.5

Inventories

Inventories	9 Months Ended
	Sep. 30, 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) September 30, 2017 December 31, 2016 Bulk product $ 71,406 $ 72,833 Finished product 127,626 93,223 Packaging materials 2,773 2,795 Total $ 201,805 $ 168,851

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	5. Stock-Based Compensation Our 2008 Stock Option and Stock Incentive Plan (the “Plan”) was approved by our shareholders on May 20, 2009. Under the terms of the Plan, our Board of Directors may grant up to 2,000,000 shares of common stock in the form of shares of restricted stock, incentive stock options and non-qualified stock options or combinations thereof to officers, directors, employees, consultants and advisors. Grants under the Plan must be made within ten years of the date the Plan was approved and stock options are exercisable upon the terms set forth in the grant agreement approved by the Board of Directors, but in no event more than ten years from the date of grant. Restricted stock vests in accordance with the terms set forth in each restricted stock agreement. At September 30, 2017, 1,400,009 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 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 $2.1 million and $1.6 million for the thirty-nine weeks ended September 30, 2017 and September 24, 2016, respectively. The following table summarizes our restricted stock activity for the thirty-nine weeks ended September 30, 2017: Shares Weighted Average Price Balance at December 31, 2016 145,363 $ 49.22 Granted 69,708 $ 78.42 Vested (49,107 ) $ 53.57 Cancelled (5,294 ) $ 51.56 Balance at September 30, 2017 160,670 $ 60.48 As of September 30, 2017, there was approximately $7.1 million of unrecognized compensation cost related to nonvested restricted stock, which is expected to be recognized over a weighted-average period of approximately 2.3 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 (see Note 11), the excess tax benefit generated from restricted shares which vested in the thirty-nine weeks ended September 30, 2017 was $0.3 million and was credited to income tax expense. The excess tax benefit generated from restricted shares which vested in the thirty-nine weeks ended September 24, 2016 was $0.2 million 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 for which related services are performed. The compensation cost charged against income was $0.2 million and $0.1 million for the thirty-nine weeks ended September 30, 2017 and September 24, 2016, respectively. The compensation costs were classified as selling, general and administrative expense in the Consolidated Statements of Income. No cost was capitalized during the thirty-nine weeks ended September 30, 2017 and September 24, 2016. 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 thirty-nine weeks ended September 30, 2017 and September 24, 2016, we granted 58,024 and 61,084 stock options, respectively. The following table summarizes our stock option activity for the thirty-nine weeks ended September 30, 2017: Shares Weighted Average Exercise Price Weighted Average Remaining Term (In years) Aggregate Intrinsic Value Balance at December 31, 2016 101,084 $ 29.52 Granted 58,024 $ 78.58 Cancelled (3,810 ) $ 56.72 Exercised (32,751 ) $ 7.69 Balance at September 30, 2017 122,547 $ 57.74 3.8 $ 2,098,758 Options exercisable at September 30, 2017 22,520 $ 31.07 2.8 $ 913,128 There were 32,751 options exercised during the thirty-nine weeks ended September 30, 2017. There were no options exercised in the thirty-nine weeks ended September 24, 2016. As of September 30, 2017, there was $1.1 million of unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over a weighted-average period of 3.2 years. The cash received from stock option exercises was $0.1 million in the thirty-nine weeks ended September 30, 2017. There was no cash generated from stock option exercises in the thirty-nine weeks ended September 24, 2016. In accordance with ASU No. 2016-09 (see Note 11), the excess tax benefit generated from stock options exercised in the thirty-nine weeks ended September 30, 2017 was $0.6 million and was credited to income tax expense. There was no excess tax benefit generated from stock option exercises in the thirty-nine weeks ended September 24, 2016.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 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 15,413 shares and 15,680 shares were excluded from the calculation of diluted earnings per share as of September 30, 2017 and September 24, 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 Thirty-Nine Weeks Ended (in thousands, except per share data) September 30, 2017 September 24, 2016 September 30, 2017 September 24, 2016 Numerator Net income $ 27,008 $ 26,695 $ 84,632 $ 77,348 Denominator: Weighted average basic shares outstanding 33,822 34,572 34,111 34,560 Effect of stock-based compensation awards 87 100 91 66 Weighted average diluted shares outstanding 33,909 34,672 34,202 34,626 Earnings Per Share: Basic $ 0.80 $ 0.77 $ 2.48 $ 2.24 Diluted $ 0.80 $ 0.77 $ 2.47 $ 2.23

Common Stock Repurchases

Common Stock Repurchases	9 Months Ended
	Sep. 30, 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 thirty-nine weeks ended September 30, 2017, we repurchased and cancelled 15,130 shares of common stock for $1.1 million at an average price of $75.28 per share. During the fifty-three weeks ended December 31, 2016, we repurchased and cancelled 38,970 shares of common stock for $2.2 million at an average price of $56.66 per share. 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 thirty-nine weeks ended September 30, 2017, we repurchased and cancelled 782,425 shares of common stock for $59.0 million at an average price of $75.41 per share under this program. For the fifty-three weeks ended December 31, 2016, we repurchased and cancelled 430,866 shares of common stock for $22.5 million at an average price of $52.15 per share under this program.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related-Party Transactions	8. Related-Party Transactions We have a non-cancelable operating lease for our primary operating facility with a partnership in which Steven L. Berman, our Executive Chairman, and his family members, are partners. One member of Mr. Berman’s family also beneficially owns more than 5% of Dorman’s outstanding common stock. Based upon the terms of the lease, payments will be $1.6 million in fiscal 2017 and were $1.6 million in fiscal 2016. The lease with the partnership expires December 31, 2022. 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 when the lease was renewed in fiscal 2016. We are a 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	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes At September 30, 2017, we had $5.1 million of net unrecognized tax benefits, $3.5 million of which would affect our effective tax rate if recognized. We recognize interest and penalties related to uncertain tax positions in income tax expense. As of September 30, 2017, we had approximately $0.3 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 2014 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	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Compensation – Improvement to Employee Share-Based Payment Accounting In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment In May 2017, the FASB issued Accounting Standards Update No. 2017-09, "Scope of Modification Accounting" ("ASU 2017-09"), which provides guidance on changes to share based payment awards requiring application of modification accounting under FASB Accounting Standards Codification Topic 718, "Compensation - Stock Compensation". Under this ASU, modification accounting for awards will not be required if the fair value, vesting conditions, and classifications of awards both prior to and after the modification are the same. ASU 2017-09 is effective for fiscal years and interim periods beginning after December 15, 2017; early adoption is permitted with amendments resulting from the ASU applied prospectively to awards modified after the effective date. We are evaluating the impact that the new guidance will have on our consolidated financial statements and related disclosures.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	12. Subsequent Events On October 27, 2017, the Company announced that it has closed on the acquisition of MAS Automotive Distribution Inc., (“MAS Industries”), a privately held manufacturer of premium chassis and control arms based in Montreal, Canada, for approximately $60 million in cash at the time of closing. This payment does not include any contingent consideration or other customary purchase price adjustments which have not yet been determined. MAS Industries is expected to generate approximately $40 million of net sales for the twelve months ended December 30, 2017. The Company financed the acquisition with cash on hand.

New and Recently Adopted Acco18

New and Recently Adopted Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 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 In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Compensation – Improvement to Employee Share-Based Payment Accounting In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment In May 2017, the FASB issued Accounting Standards Update No. 2017-09, "Scope of Modification Accounting" ("ASU 2017-09"), which provides guidance on changes to share based payment awards requiring application of modification accounting under FASB Accounting Standards Codification Topic 718, "Compensation - Stock Compensation". Under this ASU, modification accounting for awards will not be required if the fair value, vesting conditions, and classifications of awards both prior to and after the modification are the same. ASU 2017-09 is effective for fiscal years and interim periods beginning after December 15, 2017; early adoption is permitted with amendments resulting from the ASU applied prospectively to awards modified after the effective date. We are evaluating the impact that the new guidance will have on our consolidated financial statements and related disclosures.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2017 December 31, 2016 Bulk product $ 71,406 $ 72,833 Finished product 127,626 93,223 Packaging materials 2,773 2,795 Total $ 201,805 $ 168,851

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Restricted Stock Activity	The following table summarizes our restricted stock activity for the thirty-nine weeks ended September 30, 2017: Shares Weighted Average Price Balance at December 31, 2016 145,363 $ 49.22 Granted 69,708 $ 78.42 Vested (49,107 ) $ 53.57 Cancelled (5,294 ) $ 51.56 Balance at September 30, 2017 160,670 $ 60.48
Summary of Stock Option Activity	The following table summarizes our stock option activity for the thirty-nine weeks ended September 30, 2017: Shares Weighted Average Exercise Price Weighted Average Remaining Term (In years) Aggregate Intrinsic Value Balance at December 31, 2016 101,084 $ 29.52 Granted 58,024 $ 78.58 Cancelled (3,810 ) $ 56.72 Exercised (32,751 ) $ 7.69 Balance at September 30, 2017 122,547 $ 57.74 3.8 $ 2,098,758 Options exercisable at September 30, 2017 22,520 $ 31.07 2.8 $ 913,128

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 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 Thirty-Nine Weeks Ended (in thousands, except per share data) September 30, 2017 September 24, 2016 September 30, 2017 September 24, 2016 Numerator Net income $ 27,008 $ 26,695 $ 84,632 $ 77,348 Denominator: Weighted average basic shares outstanding 33,822 34,572 34,111 34,560 Effect of stock-based compensation awards 87 100 91 66 Weighted average diluted shares outstanding 33,909 34,672 34,202 34,626 Earnings Per Share: Basic $ 0.80 $ 0.77 $ 2.48 $ 2.24 Diluted $ 0.80 $ 0.77 $ 2.47 $ 2.23

Acquisition - Additional Inform

Acquisition - Additional Information (Detail) - Ingalls Engineering Company, Inc., [Member] - USD ($) $ in Millions	Jan. 06, 2017	Sep. 30, 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	2.8
Business acquisition of other net assets	$ 2

Sales of Accounts Receivable -

Sales of Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Dec. 31, 2016
Receivables [Abstract]
Sale of accounts receivable	$ 442.5	$ 366.6
Additional receivables outstanding if receivables had not been sold	371.7		$ 338.3
Factoring costs associated with the sales of accounts receivable	$ 8.4	$ 6.3

Inventories - Inventories (Deta

Inventories - Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Bulk product	$ 71,406	$ 72,833
Finished product	127,626	93,223
Packaging materials	2,773	2,795
Total	$ 201,805	$ 168,851

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 24, 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	1,400,009
Compensation cost related to restricted stock	$ 2,100,000	$ 1,600,000
Compensation cost related to stock options	$ 200,000	100,000
Stock options granted	58,024
Stock options exercised	32,751
Cash received from stock option exercises under the plan	$ 100,000	0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested stock options	$ 7,100,000
Unrecognized compensation cost related to nonvested stock options, weighted-average period	2 years 3 months 19 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	$ 1,100,000
Unrecognized compensation cost related to nonvested stock options, weighted-average period	3 years 2 months 13 days
Tax benefit generated from compensation cost and credited	$ 600,000	0
Capitalized compensation cost	$ 0	$ 0
Stock options granted	58,024	61,084
Stock options exercised	32,751	0

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail)	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Beginning Balance, Shares | shares	145,363
Granted, Shares | shares	69,708
Vested, Shares | shares	(49,107)
Cancelled, Shares | shares	(5,294)
Ending Balance, Shares | shares	160,670
Beginning Balance, Weighted Average Price | $ / shares	$ 49.22
Granted, Weighted Average Price | $ / shares	78.42
Vested, Weighted Average Price | $ / shares	53.57
Cancelled, Weighted Average Price | $ / shares	51.56
Ending Balance, Weighted Average Price | $ / shares	$ 60.48

Stock-Based Compensation - Su27

Stock-Based Compensation - Summary of Stock Option Activity (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Beginning Balance, Shares | shares	101,084
Granted, Shares | shares	58,024
Cancelled, Shares | shares	(3,810)
Exercised, Shares | shares	(32,751)
Ending Balance, Shares | shares	122,547
Options Exercisable, Shares | shares	22,520
Beginning Balance, Weighted Average Exercise Price | $ / shares	$ 29.52
Granted, Weighted Average Exercise Price | $ / shares	78.58
Cancelled, Weighted Average Exercise Price | $ / shares	56.72
Exercised, Weighted Average Exercise Price | $ / shares	7.69
Ending Balance, Weighted Average Exercise Price | $ / shares	57.74
Options Exercisable, Weighted Average Exercise Price | $ / shares	$ 31.07
Ending Balance, Weighted Average Remaining Terms (years)	3 years 9 months 18 days
Options Exercisable, Weighted Average Remaining Terms (years)	2 years 9 months 18 days
Ending Balance, Aggregate Intrinsic Value | $	$ 2,098,758
Options Exercisable, Aggregate Intrinsic Value | $	$ 913,128

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016
Earnings Per Share [Abstract]
Stock-based awards considered as anti-dilutive	15,413	15,680

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		9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016
Numerator
Net income	$ 27,008	$ 26,695	$ 84,632	$ 77,348
Denominator:
Weighted average basic shares outstanding	33,822	34,572	34,111	34,560
Effect of stock-based compensation awards	87	100	91	66
Weighted average diluted shares outstanding	33,909	34,672	34,202	34,626
Earnings Per Share:
Basic	$ 0.80	$ 0.77	$ 2.48	$ 2.24
Diluted	$ 0.80	$ 0.77	$ 2.47	$ 2.23

Common Stock Repurchases - Addi

Common Stock Repurchases - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchased and cancelled shares	15,130	38,970
Common stock repurchased, value	$ 1,100,000	$ 2,200,000
Common stock repurchased, average price	$ 75.28	$ 56.66
Share Repurchase Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchased and cancelled shares	782,425	430,866
Common stock repurchased, value	$ 59,000,000	$ 22,500,000
Common stock repurchased, average price	$ 75.41	$ 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	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 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
One Member of Mr. Berman's Family [Member]
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	5.00%
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	9 Months Ended
	Sep. 30, 2017USD ($)
Income Tax Contingency [Line Items]
Net unrecognized tax benefits	$ 5.1
Unrecognized tax benefits which would impact effective tax rate if recognized	3.5
Accrued interest related to uncertain tax positions	$ 0.3
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 Acco33

New and Recently Adopted Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax expense (benefit)	$ 15,950	$ 14,877	$ 48,671	$ 44,025
ASU 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax expense (benefit)			$ (900)

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 27, 2017	Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016	Dec. 31, 2017
Subsequent Event [Line Items]
Net sales		$ 224,615	$ 212,786	$ 675,502	$ 630,507
Scenario, Forecast [Member]
Subsequent Event [Line Items]
Net sales						$ 40,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash payments for business acquisition at the time of closing	$ 60,000